Technical Analysis – 22 August 2023

United States | Singapore | Hong Kong | Earnings

Uranium Royalty Corp. (UROY US)

Shares closed higher above the 200dEMA with a surge in volume.
MACD is about to turn positive, RSI is constructive.
Long – Entry 2.30, Target 2.50, Stop 2.20

Energy Fuels Inc. (UUUU US)

Shares closed ata high since Feb 23 with a surge in volume. 50dEMA is about to cross the 200dEMA.
MACD is positive, RSI is constructive.
Long – Entry 6.80, Target 7.40, Stop 6.50

Frencken Group Ltd. (FRKN SP)

Shares closed at the 200dEMA with constructive volume. 20dEMA is about to cross the 50dEMA.
MACD is positive, RSI is at an “overbought” level.
Long – Entry 0.98, Target 1.08 Stop 0.93

UMS (UMSH SP)

Shares closed above the 200dEMA. 5dEMA recently crossed the 200dEMA.
MACD is positive, RSI is constructive.
Long – Entry 1.10 Target 1.18, Stop 1.06

BYD Electronic International Co Ltd (285 HK)

Shares closed above the 5dEMA with a jump in volume.
RSI is constructive, while MACD is negative.
Long – Entry 29.8 , Target 32.4, Stop 28.5

Giant Biogene Holding Co Ltd (2367 HK)

Shares closed above the 50dEMA with an increase in volume. The 5dEMA is about to cross the 20dEMA.
RSI is constructive, while MACD is negative.
Long – Entry 35.0, Target 38.0, Stop 33.5

Walmart Inc (WMT)

2Q23 Revenue: $161.63B, +5.9% YoY, beat estimates by $2.35B.
2Q23 Non-GAAP EPS: $1.84, beat estimates by $0.13.
3Q23 Guidance: expects Q3 sales to increase 3% Y/Y and adjusted EPS in the range of $1.45 and $1.50 vs. consensus of $1.49. FY23 sales to increase by 4% to 4.5% and adjusted EPS to be in the range of $6.36 and $6.46 vs. consensus of $6.27.
Comment: The company reported a good set of results and raised its full-year forecast as the company’s low pricing strategy had managed to draw grocery customers and drive online spending. Walmart U.S. comp sales were above expectations at 6.4%, while Sam’s Club U.S. comp sales were 5.5%, and international sales grew by 11%, led by Walmex and China. While the macroeconomic environment remains uncertain, consumers are also more likely to only purchase goods that provide more value to them, which Walmart strives in. Consumer confidence appears to remain high for July and August, bringing more positives for the company. 3Q23 recommended trading range: $150 to $170. Positive Outlook.

沃尔玛 (WMT)

23财年第二季营收：1616.3亿美元, 同比跌幅5.9%，超预期23.5亿美元
23财年第二季Non-GAAP每股盈利：1.84美元，超预期0.13美元
23财年第三季指引：预计第三季度销售额将同比增长3%，调整后每股收益在1.45美元至1.50美元之间，而市场预期为1.49美元。23财年销售额将增长4%至4.5%，调整后每股收益将在6.36美元至6.46美元之间，而市场预期为6.27美元。
短评：该公司公布了一系列良好的业绩，并上调了全年预期，因为该公司的低价策略成功吸引了杂货客户，并推动了在线消费。沃尔玛美国零售额增长6.4%，高于预期，山姆会员店美国零售额增长5.5%，在沃尔玛和中国市场的带动下，国际零售额增长11%。虽然宏观经济环境仍然不确定，但消费者也更有可能只购买能为他们提供更多价值的商品，这是沃尔玛努力的方向。7月和8月消费者信心似乎保持在高位，为公司带来更多积极因素。23财年第三季度建议交易区间：150美元至170美元。积极前景。

Bilibili Inc (BILI)

2Q23 Revenue: $731.5M, +8.0% YoY, beat estimates by $8.84M.
2Q23 Non-GAAP EPS: -$0.32, beat estimates by $0.04.
FY23 Guidance: expects total net revenues to be between RMB22.5bn and RMB23.5bn. This compares with total net revenues expected between RMB24.0bn and RMB26.0bn as previously stated.
Comment: The company reported a worse than expected net loss partially as a result of weaker game revenue. While the company saw an uptick in the average daily active users, new game launches have been slower. The China market is currently facing deflation and consumption still remains weak. Stimulus to boost China’s consumption has shown limited effectiveness as well. Investors should keep a lookout for potential stimulus which could potentially lift the economy more. 3Q23 recommended trading range: $13 to $18. Neutral Outlook.

哔哩哔哩 (BILI)

23财年第二季营收：7.315亿美元, 同比增幅8.0%，超预期884万美元
23财年第二季Non-GAAP每股亏损：0.32美元，超预期0.04美元
23财年第三季指引：预计总净收入将在人民币225亿元至235亿元之间。相比之下，此前预计的总净收入在240亿至260亿元之间。
短评：该公司公布了比预期更糟糕的净亏损，部分原因是游戏收入疲软。虽然该公司的平均日活跃用户有所增加，但新游戏的发布速度却有所放缓。中国市场目前面临通货紧缩，消费依然疲软。促进中国消费的刺激措施也显示出有限的效果。投资者应密切关注可能进一步提振经济的潜在刺激措施。23财年第三季度建议交易区间：13美元至18美元。中性前景。

Applied Materials Inc (AMAT)

3Q23 Revenue: $6.43B, -1.4% YoY, beat estimates by $250M.
3Q23 Non-GAAP EPS: $1.90, beat estimates by $0.15.
4Q23 Guidance: expects net sales to be approximately $6.51 billion, plus or minus $400 million vs. consensus of $5.87B. Non-GAAP adjusted diluted EPS is expected to be in the range of $1.82 to $2.18 vs. consensus of $1.60.
Comment: Applied has recognised industry trends and adjusted its strategy, resulting in positive outcomes, it focused on the ICAPS market, introducing over 20 new products and establishing co-optimised solutions for advanced logic and memory. This enabled it to strengthen customer relationships, yield differentiated products, and increased its market share. Its DRAM technology portfolio contributed to gains in the DRAM market, while its leadership in heterogeneous integration and advanced packaging was solidified. The company’s success in the ICAPS sector aligns with sustained IoT and AI-driven growth, positioning it for continued outperformance. Despite low memory maker investments, its value delivery and focus on IoT and AI-related shifts have led to strong performance. Advanced DRAM technology, ICAPS, and service expansion constitute key growth drivers, while the company’s initiatives for collaboration, innovation acceleration, and carbon emission reduction reinforce its future trajectory. Amidst positive market potential, Applied is well-positioned to capitalise on semiconductor growth trends and maintain a strong performance trajectory. 4Q23 recommended trading range: $135 to $150. Positive Outlook.

应用材料 (AMAT)

23财年第三季营收：64.3亿美元, 同比跌幅1.4%，超预期2.5亿美元
23财年第三季GAAP每股盈利：1.90美元，超预期0.15美元
23财年第四季指引：预计净销售额约为65.1亿美元（正增减4亿美元），而市场预期为58.7亿美元。Non-GAAP调整后的稀释每股收益预计在1.82美元至2.18美元之间，而市场预期为1.60美元。
短评：应用材料公司认识到行业趋势并调整战略，取得了积极成果，专注于ICAPS市场，推出了20多种新产品，并为先进的逻辑和存储器建立了共同优化的解决方案。这使它能够加强客户关系，生产差异化的产品，并增加其市场份额。其DRAM技术组合为DRAM市场的增长做出了贡献，而其在异构集成和先进封装方面的领导地位也得到了巩固。该公司在ICAPS领域的成功与持续的物联网和人工智能驱动的增长相一致，使其持续表现优异。尽管内存制造商的投资较少，但其价值交付以及对物联网和人工智能相关转变的关注带来了强劲的业绩。先进的DRAM技术、ICAPS和服务扩展是主要的增长动力，而公司在合作、加速创新和减少碳排放方面的举措将加强其未来的发展轨迹。在积极的市场潜力中，应用材料公司处于有利地位，可以利用半导体增长趋势并保持强劲的业绩轨迹。23财年第四季度建议交易区间：135美元至150美元。积极前景。

Ross Stores Inc (ROST)

2Q23 Revenue: $4.93B, +7.6% YoY, beat estimates by $180M.
2Q23 GAAP EPS: $1.32, beat estimates by $0.16.
2H23 Guidance: guided for comparable sales to increase 2% to 3% in Q3 vs. +1.0% consensus and be 1% to 2% higher in Q4. EPS for Q3 is projected to be $1.16 to $1.21 vs. $1.17 consensus, and Q4 EPS is projected to be $1.58 to $1.64 vs. $1.56 consensus.
Comment: In 2Q23 the company showed strong sales and earnings surpassing expectations. Sales totaled $4.9bn, up from $4.6bn last year, with a 5% rise in comparable store sales. Notably, improved value offerings and easing inflationary pressures contributed to this success. Cosmetics and accessories were strong performers, and dd’s discounts showed better results due to improved assortments and moderating inflation. The company plans to open around 100 stores this year. Despite uncertainties in the economic and retail landscapes, the company remains focused on offering compelling bargains and efficient expense and inventory management for sustained growth. 3Q23 recommended trading range: $116 to $126. Positive Outlook.

罗斯百货 (ROST)

23财年第二季营收：49.3亿美元, 同比增幅7.6%，超预期1.8亿美元
23财年第二季GAAP每股盈利：1.32美元，逊预期0.16美元
23财年下半年指引：预计第三季度可比销售额将增长2%至3%，而市场预期为增长1.0%，第四季度预期增长1%至2%。第三季度每股收益预计为1.16美元至1.21美元，市场预期为1.17美元；第四季度每股收益预计为1.58美元至1.64美元，市场预期为1.56美元。
短评：在2023年第二季度，该公司表现出强劲的销售和超出预期的收益。销售额总计49亿美元，高于去年的46亿美元，可比门店销售额增长了5%。值得注意的是，增值产品的改善和通胀压力的缓解促成了这一成功。化妆品和配饰表现强劲，由于分类改善和通货膨胀缓和，折扣百货店的折扣表现更好。该公司计划今年开设约100家门店。尽管经济和零售环境存在不确定性，但该公司仍然专注于提供令人信服的便宜货，以及有效的费用和库存管理，以实现持续增长。23财年第三季度建议交易区间：116美元至126美元。积极前景。

Sociedad Quimica y Minera de Chile SA (SQM)

2Q23 Revenue: $2.05B, -21.2% YoY, miss estimates by $80M.
2Q23 GAAP EPS: $2.03, miss estimates by $0.48.
2H23 Guidance: expects H2 sales volumes will surpass H1 but it lowered full-year production volume guidance to 180K-190K tons from its March outlook for 200K-210K tons, due to start-up delays at its China refinery.
Comment: In 2Q23 the company achieved record-high quarterly sales in its Lithium business, driven by demand recovery and positive market outlook. With it anticipating higher 2H23 sales volumes, its strategy of aligning contracts with market prices enabled effective capture of premiums. Despite a Q1 price dip, Q2 exhibited recovery, with ongoing price alignment expected. Strong lithium demand from global EV sales growth further supports its positive projections. Key partnerships with Ford and LG highlight the company’s sustainable production capabilities. In Iodine operations, high market performance and successful capacity integration persisted, while its contribution to the Chilean treasury reached $1.7bn. However, the decline in average selling prices for lithium led to lower than expected earnings. Looking ahead, it is expected that prices of lithium will stabilise while demand is expected to continue on an upward trend. 3Q23 recommended trading range: $55to $70. Neutral Outlook.

智利矿业化工 (SQM)

23财年第二季营收：20.5亿美元, 同比跌幅21.2%，逊预期8,000万美元
23财年第二季GAAP每股盈利：2.03美元，逊预期0.48美元
23财年下半年指引：预计下半年销量将超过上半年，但由于其中国炼矿厂的启动延迟，该公司将全年产量指导从3月份的20万吨至21万吨下调至18万吨至19万吨。
短评：在需求复苏和积极的市场前景的推动下，公司的锂业务在2013年第二季度实现了创纪录的高季度销售额。由于该公司预计2013年下半年的销量会更高，其将合同与市场价格挂钩的策略使其能够有效地获取溢价。尽管第一季度价格下跌，但第二季度表现出复苏，预计价格将持续调整。全球电动汽车销售增长带来的强劲锂需求进一步支持了该公司的积极预测。与福特和LG的重要合作凸显了该公司的可持续生产能力。在碘业的业务中，高市场表现和成功的产能整合持续存在，对智利财政的贡献达到17亿美元。然而，锂平均销售价格的下降导致收益低于预期。展望未来，预计锂的价格将企稳，而需求预计将继续呈上升趋势。23财年第三季度建议交易区间：55美元至70美元。中性前景。