Technical Analysis – 23 April 2024

United States | Singapore | Hong Kong | Earnings

Marathon Digital Holdings, Inc. (MARA US)

• Shares higher above the 200dEMA wit constructive volume. 5dEMA is about to cross the 200dEMA.
• MACD is about to turn positive, RSI is turning constructive.
• Long – Entry 17.0, Target 19.0, Stop 16.0

Riot Platforms, Inc. (RIOT US)

• Shares closed above the 20dEMA with a surge in volume. 5dEMA is about to cross the 20dEMA.
• MACD just turned positive, RSI is constructive.
• Long – Entry 11,0, Target 13.0, Stop 10.0

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City Developments Ltd (CIT SP)

• Shares closed above the 50dEMA with rising volume. The 5dEMA is about to cross the 20dEMA.
• RSI is constructive, while MACD is about to turn positive.
• Long – Entry 5.84, Target 6.20, Stop 5.66

Centurion Corp Ltd (CENT SP)

• Shares closed at a 52-week high above the 5dEMA with a jump in volume.
• MACD is constructive, while RSI is at an overbought level.
• Long – Entry 0.475, Target 0.505, Stop 0.460

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Sinopharm Group Co Ltd (1099 HK)

• Shares closed at a one-month high above the 200dEMA with rising volume. The 5dEMA crossed the 20dEMA.
• RSI is constructive and MACD is positive.
• Long – Entry 20.4, Target 22.4, Stop 19.4

Tencent Holdings Ltd (700 HK)

• Shares closed at a 4 month high above the 5dEMA with an increase in volume.
• RSI is constructive, while MACD is about to turn positive.
• Long – Entry 310.0, Target 329.6, Stop 300.2

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American Express Co (AXP)

• 1Q24 Revenue: $15.8B, +10.6% YoY, in-line with estimates
• 1Q24 GAAP EPS: $3.33, beat estimates by $0.37
• FY24 Guidance: Expect revenue growth of 9% to 11% and EPS of $12.65 to $13.15 vs consensus of $12.81.
• Comment: American Express surpassed Wall Street’s first-quarter profit expectations, driven by increased spending from affluent customers amid easing recession fears. The company reported a profit of US$3.33 per share, exceeding analysts’ average estimate of US$2.96 per share. Growth was particularly strong on the consumer side, with Gen Z and millennial customers contributing over 60% of new account acquisitions. US consumer spending rose by 8%, international spending increased 14% and US SME spending grew by a modest 1%. Net Interest Income grew by 26%, reaching US$3.77bn, while billed business rose by 6% to US$367bn in the quarter. Despite concerns over default risks due to Federal Reserve rate hikes, AmEx remained resilient, reporting provisions of US$1.3bn for the quarter. The company maintained its prior revenue growth expectations of 9% to 11% and a profit forecast of US$12.65 to US$13.15 per share for the full year. With plans to discuss its strategy for premium consumers and small businesses at its upcoming investor day, we believe that its strategic focus will continue to enable American Express to meet its top and bottom-line targets. 2Q24 recommended trading range: $220 to $270. Positive Outlook.

美国通用(AXP)

• 24财年第一季营收：158亿美元，同比增幅10.6%，符合预期
• 24财年第一季GAAP每股收益：3.33欧元，超预期0.37美元
• 24财年指引：预计营收将增长9%至11%，每股收益为12.65至13.15美元，而市场预期为12.81美元。
• 短评：美国运通一季度利润超出华尔街预期，这是由于富裕客户在经济衰退担忧缓解之际增加支出所致。该公司报告每股盈利3.33美元，超过分析师平均预期的每股2.96美元。消费者方面的增长尤为强劲，Z世代和千禧一代客户贡献了60%以上的新客户。美国消费者支出增长了8%，国际支出增长了14%，美国中小企业支出温和增长了1%。本季度净利息收入增长26%，达到37.7亿美元，而账单业务增长6%，达到3670亿美元。尽管人们担心美联储加息带来的违约风险，但美国运通仍保持弹性，当季拨备达13亿美元。该公司维持此前9%至11%的收入增长预期，全年每股盈利预期为12.65至13.15美元。美国运通计划在即将到来的投资者日上讨论其针对高端消费者和小型企业的战略，我们相信其战略重点将继续使其能够实现其最高和最低目标。24财年第二季度建议交易区间：220美至270美元。积极前景。

Procter & Gamble Co (PG)

• 3Q24 Revenue: $20.2B, +0.6% YoY, miss estimates by $240M
• 3Q24 Non-GAAP EPS: $1.52, beat estimates by $0.11
• FY24 Guidance: Raised its expected FY24 diluted net earnings per share growth to 1% to 2% and core net earnings per share growth to 10% to 11%. It also expects unfavourable foreign exchange rates to be approximately $600mn after tax and the net impact of interest expense and interest income to be about $100mn after tax.P&G expects its core effective tax rate of 20% to 21% and capital spending to be approximately 4% of FY24 net sales.
• Comment: Despite missing revenue estimates, Procter & Gamble delivered better-than-expected earnings due to the reduction in raw material prices. The company raised its annual profit forecast due to lower commodity costs and strong demand for products like Tide detergent and Dawn dish soap in the US and Europe. It also noted steady consumer loyalty in the US but faced challenges in China with weaker sales of its high-end SK-II skincare line. P&G expects a US$900mn after-tax benefit from favourable commodity costs for FY24 and anticipates core earnings per share to rise by 10% to 11%. While third-quarter net sales slightly missed expectations, P&G remains focused on increasing overall volumes amid softness in some international markets and the leveling off of price hikes. We believe that its bottom lines will continue to benefit from the reduced raw material prices in the current quarter. 4Q24 recommended trading range: $155 to $165. Positive Outlook.

保洁(PG)

• 24财年第三季营收：202美元，同比增幅0.6%，逊预期2.4亿美元
• 24财年第三季Non-GAAP每股盈利：1.52美元，超预期0.11美元
• 24财年指引：将预期的24财年摊薄后每股净收益增长上调至1%至2%，核心每股净收益增长上调至10%至11%。它还预计，不利的外汇汇率将在税后产生约6亿美元的影响，而利息支出和利息收入的净影响将在税后产生约1亿美元的影响。宝洁预计其核心有效税率为20%至21%，资本支出约占24财年净销售额的4%。
• 短评：尽管收入低于预期，但由于原材料价格下降，宝洁公司的收益好于预期。由于商品成本下降，以及美国和欧洲对汰渍洗涤剂和Dawn洗洁精等产品的强劲需求，该公司上调了年度利润预测。该公司还指出，美国消费者的忠诚度稳定，但在中国面临挑战，其高端护肤系列SK-II的销售疲软。宝洁公司预计，从有利的大宗商品成本中获得9亿美元的税后收益，并预计核心每股收益将增长10%至11%。尽管第三季度净销售额略低于预期，但在一些国际市场疲软、价格上涨趋于平稳的情况下，宝洁仍专注于提高整体销量。我们相信，该公司的利润将继续受益于本季度原材料价格的下降。24财年第四季度建议交易区间：155美至165美元。积极前景。

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