Technical Analysis – 20 June 2024

Shares closed higher above the 50dEMA. 5dEMA is about to cross the 50dEMA and 20dEMA is about to cross the 200dEMA.
MACD is positive, RSI is constructive.
Long – Entry 227, Target 247, Stop 217

Shares closed at a 2-month high above the 5dEMA. 20dEMA just crossed the 200dEMA.
MACD is positive, RSI is constructive.
Long – Entry 352, Target 372, Stop 342

Shares closed above the 20dEMA with rising volume. The 5dEMA crossed the 20dEMA.
RSI is constructive, while MACD is about to turn positive.
Long – Entry 4.48, Target 4.80, Stop 4.32

Lennar Corp. (LEN)

2Q24 Revenue: $8.77B, +8.9% YoY, beat estimates by $220M
2Q24 Non-GAAP EPS: $3.38, beat estimates by $0.15
3Q24 Guidance: Expect new orders between 20,500 and 21,000, vs consensus of 20,910; Expect deliveries of 20,500 to 21,000 vs consensus of 20,910. Expect average sales price to be in the range of $420,000 – $425,000; Expect gross margin on home sales to be about 23.0%; SG&A as a % of home sales at around 7.3% to 7.5%. FY24 Guidance: The company continues to target delivery of 80,000 homes and expects a gross margin consistent with last year’s 20.3%.
Comment: Lennar reported stronger-than-expected results for the quarter. The company delivered 19,690 homes, a 15% increase YoY, and recorded 21,293 new orders, up 19% YoY. Although the number of units sold rose, home prices decreased. The average sale price of homes delivered was $426,000, down about 5% YoY, while the average price of newly ordered homes was $432,000, down about 5.5% YoY. High mortgage rates continued to challenge affordability, but sales incentives supported the increase in orders and deliveries. Lennar remains focused on maintaining a consistent production pace to drive sales, leveraging pricing strategies, incentives, marketing spending, and margin adjustments to sustain sales volume amid fluctuating interest rates. Improved interest rates in the long term may also boost new orders for the company. 3Q24 recommended trading range: $140 to $170. Neutral Outlook.

莱纳建筑 (LEN)

24财年第二季营收：87.7亿美元，同比增幅8.9%，超预期2.2亿美元
24财年第二季Non-GAAP每股盈利：3.38美元，超预期0.15美元
24财年第三季指引：预计新订单在20,500至21,000套之间，而市场预期为20,910；预计交付量为20,500至21,000套，而市场预期为20,910套。预计平均售价在42万至42.5万美元之间；预计房屋销售毛利率约为23.0%；销售费用占房屋销售的比例在7.3%至7.5%左右。24财年指引：公司继续以交付8万套房屋为目标，预计毛利率与去年的20.3%保持一致。
短评：莱纳公布了强于预期的季度业绩。该公司交付了19,690套房屋，同比增长15%，新订单21,293套，同比增长19%。虽然销售量上升，但房价却下降了。交付房屋的平均售价为42.6万美元，同比下降约5%；新订购房屋的平均售价为43.2万美元，同比下降约5.5%。高抵押贷款利率继续挑战人们的负担能力，但销售激励措施支持了订单和交付量的增长。莱纳仍然专注于保持稳定的生产速度来推动销售，利用定价策略、激励措施、营销支出和利润率调整来维持利率波动的销量。长期来看，利率的改善也可能会增加该公司的新订单。24财年第三季度建议交易区间：140美元至170美元。中性前景。