KGI Research Singapore

Singapore's leading broker offering Futures, FX, Equities and Wealth Management.

Technical Analysis – 21 March 2024

United States | Singapore | Hong Kong | Earnings

DraftKings, Inc. (DKNG US)

  • Shares closed at a 52-week high with constructive volume.
  • MACD just turned positive, RSI is constructive.
  • Long – Entry 45.5, Target 49.5, Stop 43.5

Walt Disney Co. (DIS US)

  • Shares closed at a 52-week high with constructive volume.
  • MACD is about to turn positive, RSI is at an overbought level.
  • Long – Entry 115.6, Target 123.6, Stop 111.6

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Marco Polo Marine Ltd. (MPM SP)

  • Shares closed at a high since Jul 2023 with a surge in volume.
  • MACD just turned positive, RSI is constructive.
  • Long – Entry 0.58, Target 0.62, Stop 0.56

Riverstone Holdings Ltd. (RSTON SP)

  • Shares closed at a 52-week high with a surge in volume. 5dEMA just crossed the 20dEMA and 50dEMA.
  • MACD is positive, RSI is constructive.
  • Long – Entry 0.750, Target 0.790, Stop 0.730

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China Oilfield Services Ltd (2883 HK)

  • Shares closed at a three-month high above the 5dEMA with rising volume.
  • MACD is constructive, while RSI is at an overbought level.
  • Long – Entry 7.90, Target 8.40, Stop 7.65

China Telecom Corp Ltd (728 HK)

  • Shares closed above the 50dEMA with an increase in volume.
  • RSI is constructive, while MACD is negative.
  • Long – Entry 3.97, Target 4.27, Stop 3.82

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PDD Holdings Inc. (PDD)

  • 4Q23 Revenue: $12.52B, +123% YoY, beat estimates by $1.68B
  • 4Q23 Non-GAAP EPADS: $2.40, beat estimates by $0.75
  • 1Q24 Guidance: No Guidance provided.
  • Comment: PDD Holdings delivered strong financial results, buoyed by robust consumer demand and a commitment to its high-quality development strategy. The company underscored its dedication to providing exceptional value and service to customers, as evidenced by increased investments in sales and marketing. Moreover, PDD emphasized its efforts to enhance supply chain insights and technological capabilities, aimed at reducing costs, boosting efficiency, and fostering the creation of consumer-centric products. Outperforming rivals like Alibaba and JD.com, PDD capitalized on its budget-friendly Pinduoduo platform, leveraging a weaker consumer environment amidst China’s economic slowdown. Despite its first-mover advantage, PDD faces intensified competition as competitors pivot towards aggressive pricing strategies to capture market share. Against the backdrop of economic uncertainty in China, PDD remains vigilant in navigating the evolving landscape. 1Q24 recommended trading range: $115 to $150. Neutral Outlook.

拼多多(PDD)

  • 23财年第四季营收：125.2亿美元，同比增幅123.0%，超预期16.8亿美元
  • 23财年第四季Non-GAAP每股盈利：2.40美元，超预期0.75美元
  • 24财年第一季指引：不提供指引。
  • 短评：拼多多交出了强劲的财务业绩报告，得益于强劲的消费者需求以及对高质量发展战略的承诺。该公司强调其致力于为客户提供卓越价值和服务的决心，这体现在增加对销售和营销的投资上。此外,拼多多强调了其努力增强供应链洞察力和技术能力,旨在降低成本,提高效率,并促进消费者中心产品的创造。在超过阿里巴巴和京东等竞争对手的表现中,拼多多利用其价格实惠的拼多多平台,充分利用中国经济放缓背景下的较弱消费环境。尽管拥有先发优势，但拼多多面临着竞争加剧的局面，因为竞争对手转向了激进的定价策略来争夺市场份额。在中国经济不确定性的背景下，拼多多保持警惕，不断适应不断变化的环境。24财年第一季度建议交易区间：115美至150美元。中性前景。

General Mills Inc. (GIS)

  • 3Q24 Revenue: $5.1B, -1.0% YoY, beat estimates by $130M
  • 3Q24 GAAP EPS: $1.17, beat estimates by $0.1
  • FY24 Guidance: Organic net sales are expected to range between down 1% to flat; Adjusted operating profit and adjusted diluted EPS are expected to increase 4% to 5% in constant currency; FCF conversion is expected to be at least 95% o fadjusted after-tax earnings.
  • Comment: General Mills announced strong quarterly results, surpassing expectations, although sales volumes remained under pressure due to inflationary pressures. While the cost of raw materials has stabilized somewhat, consumers remain price-sensitive and prioritize value. The company has redirected its strategic efforts towards brand enhancement, innovation, and optimizing in-store execution, exemplified by heightened investments in media and advertising. Consequently, General Mills observed positive trends in volume and market share growth throughout the quarter. Despite inflation persisting longer than anticipated, recent indicators suggest a cooling trend, coupled with improving consumer sentiments, which are poised to drive increased sales volumes for General Mills in the foreseeable future. 1Q24 recommended trading range: $65 to $75. Positive Outlook.

通用磨坊(GIS)

  • 23财年第四季营收：51.0亿美元，同比跌幅1.0%，超预期1.3亿美元
  • 23财年第四季GAAP每股盈利：1.17美元，超预期0.10美元
  • 24财年指引：有机净销售额预计将下降1%至持平;按固定汇率计算，调整后营业利润和调整后摊薄每股收益预计将增长4%至5%；预计自由现金流转换至少为调整后税后收益的95%。
  • 短评：通用磨坊公布了强劲的季度业绩，超出预期，尽管由于通胀压力，销量仍面临压力。虽然原材料成本有所稳定，但消费者仍然对价格敏感，并优先考虑价值。该公司已将其战略努力转向品牌提升、创新和优化店内执行，例如加大对媒体和广告的投资。因此，通用磨坊在整个季度的销量和市场份额增长趋势都是积极的。尽管通胀持续的时间比预期的要长，但最近的指标显示出一种降温趋势，再加上消费者信心的改善，这将在可预见的未来推动通用磨坊的销量增长。24财年第一季度建议交易区间：65美至75美元。积极前景。

Micron Technology Inc. (MU)

  • 2Q24 Revenue: $5.82B, +57.7% YoY, beat estimates by $470M
  • 2Q24 Non-GAAP EPS: $0.42, beat estimates by $0.66
  • 3Q24 Guidance: Expect revenue of $6.6bn ± $200bn vs consensus of $6B, Gross margin 26.5% ± 1.5%, EPS $0.45 ± $0.07 vs. consensus of $0.21.
  • Comment: Micron Technology surpassed expectations with a surprise quarterly profit and forecasted third-quarter revenue above estimates, driven by increased adoption of artificial intelligence. The company’s adjusted per-share profit marks a significant turnaround after five consecutive quarters of losses. Micron’s high bandwidth memory (HBM) chips, crucial for AI applications, are in high demand, with most of the supply allocated through 2025. Analysts anticipate Micron’s share of the high-margin HBM market to expand. Micron expects HBM revenues to boost gross margins in the third quarter, with adjusted gross margin projections exceeding market estimates. Additionally, the company anticipates improving pricing across all memory and storage markets throughout 2024. This positive outlook follows a rebound in memory chip pricing after a pandemic-induced supply glut. 3Q24 recommended trading range: $105 to $125. Positive Outlook.

美光科技(MU)

  • 24财年第二季营收：58.2亿美元，同比增幅57.7%，超预期4.7亿美元
  • 24财年第二季Non-GAAP每股盈利：0.42美元，超预期0.66美元
  • 24财年第三季指引：预计营收为66亿美元±2000亿美元，市场预期为60亿美元；毛利率为26.5%±1.5%；每股收益为0.45美元±0.07美元，市场预期为0.21美元。
  • 短评：美光科技出人意料地公布了季度利润，并预计第三季度收入高于预期，这主要得益于人工智能的普及。该公司调整后的每股利润标志着连续五个季度亏损后的重大转机。对人工智能应用至关重要的美光公司的高带宽内存(HBM)芯片需求量很大，大部分供应将分配到2025年。分析师预计，美光在高利润HBM市场的份额将扩大。美光预计，HBM营收将在第三季度提振毛利率，调整后的毛利率预期将超过市场预期。此外，该公司预计到2024年，所有内存和存储市场的价格都会有所提高。这一乐观前景是在疫情导致供应过剩后内存芯片价格反弹之后出现的。24财年第三季度建议交易区间：105美至125美元。积极前景。

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