Technical Analysis – 23 August 2024

United States | Singapore | Hong Kong | Earnings

Crocs, Inc. (CROX US)

• Shares closed at a one-month high. 5dEMA just crossed the 50dEMA and 20dEMA is about to cross the 50dEMA.
• MACD is positive, RSI is constructive.
• Long – Entry 140 Target 160, Stop 130

Clorox Co. (CLX US)

• Shares closed higher above the 5dEMA.
• MACD is positive, RSI is at an overbought level.
• Long – Entry 150, Target 158, Stop 146

^ Back To Top

Seatrium Ltd. (STM SP)

• Shares closed higher above the 20dEMA with more volume. 5dEMA is about to cross the 20dEMA.
• MACD just turned positive, RSI is constructive.
• Long – Entry 1.48, Target 1.60, Stop 1.42

First Resources Ltd. (FR SP)

• Shares closed higher above the 5dEMA. 5dEMA just crossed the 200dEMA and 20dEMA is about to cross the 200dEMA.
• MACD just turned positive, RSI is constructive.
• Long – Entry 1.45 Target 1.55, Stop 1.40

^ Back To Top

AAC Technologies Holdings Inc (2018 HK)

• Shares closed at a one-month high above the 5dEMA with an increase in volume. The 20dEMA is about to cross the 50dEMA.
• Both RSI and MACD are constructive.
• Long – Entry 30.6, Target 33.2, Stop 29.3

Fuyao Glass Industry Group Co Ltd (3606 HK)

• Shares closed above the 50dEMA with rising volume. The 5dEMA is about to cross the 50dEMA.
• Both RSI and MACD are constructive.
• Long – Entry 43.9, Target 47.5, Stop 42.1

^ Back To Top

Baidu Inc (BIDU)

• 2Q24 Revenue: $4.67B, flat YoY, miss estimates by $70M
• 2Q24 Non-GAAP EPADS: $2.89, beat estimates by $0.29
• FY24 Guidance: No guidance provided.
• Comment: Baidu reported flat quarterly revenue as its online marketing business, the primary source of its income, experienced a 2% decline to 19.2bn yuan due to a sluggish economy. The cautious spending behaviour of advertisers, particularly small and medium-sized enterprises dependent on offline activities, reflects ongoing weak consumer spending in China. This trend is especially evident in sectors like real estate, franchising, and automobiles. Despite these challenges, Baidu has introduced an upgraded, paid version of its Ernie-powered chatbot recently, which has gained over 300 million users, and is selling API services through its cloud computing offerings. As part of its AI strategy, Baidu is also investing heavily in autonomous vehicles, with its Apollo Go robotaxis now operating in multiple Chinese cities, including a fleet of 500 vehicles in Wuhan. Although this business segment has yet to make a significant impact on revenue, Baidu expects its Wuhan operations to break even by the end of the year. 3Q24 recommended trading range: $75 to $95. Neutral Outlook.

百度 (BIDU)

• 24财年第二季营收：46.7亿美元，同比持平，逊预期2.4亿美元
• 24财年第二季Non-GAAP每股盈利：2.89美元，超预期0.29美元
• 24财年指引：不提供指引。
• 短评：由于经济低迷，百度的主要收入来源——在线营销业务下降2%，至192亿元。广告客户(尤其是依赖线下活动的中小企业)谨慎的支出行为，反映出中国消费者支出持续疲软。这一趋势在房地产、特许经营和汽车等行业尤为明显。尽管面临这些挑战，百度最近还是推出了升级版的付费版文心一言聊天机器人，获得了超过3亿用户，并通过其云计算产品销售API服务。作为其人工智能战略的一部分，百度还在自动驾驶汽车上大举投资，其Apollo Go机器人出租车目前在中国多个城市运营，其中包括在武汉的500辆汽车车队。虽然该业务尚未对收入产生重大影响，但百度预计其武汉业务将在年底前实现收支平衡。24年第三季度建议交易区间：75至95美元。中性前景。

NetEase Inc (NTES)

• 2Q24 Revenue: $3.5B, +6.1% YoY, miss estimates by $150M
• 2Q24 Non-GAAP EPADS: $1.66, miss estimates by $0.01
• FY24 Guidance: No guidance provided.
• 2Q24 Dividend: The board of directors has approved a dividend of $0.4350 per ADS for 2Q24 for shareholders as of the close of business on 6^th September 2024.
• Comment: NetEase reported weaker-than-expected results despite maintaining strong gross profit margins across its business. The gaming segment performed well, with revenues from games and related value-added services increasing by 6.7% YoY to $2.8bn. The segment’s gross margin also rose by 260 bps to 70.0%, primarily due to changes in the product mix. Other segments similarly exceeded expectations in terms of gross profit margins. Looking ahead, the approval of more games for the Chinese market is likely to continue benefiting NetEase. However, investors were more focused on the company’s top and bottom lines, which fell short of expectations. Meanwhile, its top competitor, Tencent, captured significant market attention by releasing several games that generated massive demand. Notably, Tencent-backed startup’s recent launch of *Black Myth: Wukong* quickly topped Steam’s most-played games chart with 1.4mn concurrent players just hours after its release. 3Q24 recommended trading range: $75 to $90. Neutral Outlook.

网易 (NTES)

• 24财年第二季营收：35.0亿美元，同比增幅6.1%，逊预期1.5亿美元
• 24财年第二季Non-GAAP每股盈利：1.66美元，逊预期0.01美元
• 24财年指引：不提供指引。
• 24财年第二季股息：董事会已批准截至2024年9月6日营业结束时，向股东派发第二季度每股美国存托凭证0.4350美元的股息。
• 短评：网易公布的业绩低于预期，尽管其各项业务的毛利率保持强劲。游戏部门表现良好，游戏和相关增值服务的收入同比增长6.7%，达到28亿美元。该部门的毛利率也上升了260个基点，达到70.0%，主要是由于产品组合的变化。其他部门的毛利率也同样超出预期。展望未来，中国市场对更多游戏的批准可能会继续让网易受益。然而，投资者更关注的是该公司的收入和利润，这低于预期。与此同时，它的主要竞争对手腾讯通过发布几款产生巨大需求的游戏，吸引了大量市场关注。值得注意的是，腾讯支持的初创公司最近发布的《黑色神话:悟空》在发布几小时后就以140万并发玩家迅速登顶Steam最受欢迎游戏排行榜。24年第三季度建议交易区间：75至90美元。中性前景。

Ross Stores Inc (ROST)

• 2Q24 Revenue: $5.29B, +7.3% YoY, beat estimates by $40M
• 2Q24 GAAP EPS: $1.59, beat estimates by $0.10
• 3Q24 Guidance: Expect 3Q24 EPS to be in the range of $1.35 to $1.41, vs consensus of $1.39, and expect 4Q24 EPS to be in the range of $1.60 to $1.67, compared to consensus of $1.66. FY24 Guidance: Expect FY24 EPS to be in the range of $6.00 to $6.13, compared to the consensus of $6.01.
• Comment: Ross Stores reported stronger-than-expected results, with improved year-over-year profitability driven by higher sales and lower distribution and incentive costs. The company raised its FY24 outlook but remains cautious, noting that low-to-moderate-income customers continue to grapple with persistently high costs for necessities. Off-price retailers like Ross Stores have been performing exceptionally well recently, gaining market share as inflation-weary consumers seek more affordable shopping options amid economic uncertainty. Looking ahead, Ross Stores plans to continue offering quality branded bargains to maximize its potential for further market share gains. Additionally, a more favourable rate cut outlook could boost consumer spending, likely benefiting Ross Stores. The company is also on track to complete a $1.05 billion share buyback for FY24. 3Q24 recommended trading range: $155 to $175. Positive Outlook.

罗斯百货 (ROST)

• 24财年第二季营收：52.9亿美元，同比增幅7.3%，超预期4,000万美元
• 24财年第二季GAAP每股盈利：1.59美元，超预期0.10美元
• 24财年第三季指引：预计24年第三季度每股收益将在1.35美元至1.41美元之间，而市场预期为1.39美元；预计24年第四季度每股收益将在1.60美元至1.67美元之间，而市场预期为1.66美元。24财年指引：预计24财年每股收益在6.00美元至6.13美元之间，而市场预期为6.01美元。
• 短评：罗斯百货公布了强于预期的业绩，由于销售额增加、分销和激励成本降低，盈利能力较上年同期有所改善。该公司上调了对24财年的预期，但仍持谨慎态度，指出中低收入客户仍在努力应对必需品的持续高成本。罗斯百货等折扣零售商最近表现异常出色，市场份额不断扩大，因为在经济不确定的情况下，对通胀感到厌倦的消费者寻求更实惠的购物选择。展望未来，罗斯百货计划继续提供高质量的品牌便宜货，以最大限度地提高其进一步获得市场份额的潜力。此外，更有利的降息前景可能会提振消费者支出，这可能使罗斯百货公司受益。该公司还计划在24财年完成10.5亿美元的股票回购。24年第三季度建议交易区间：150至175美元。积极前景。

Viking Holdings Ltd (VIK)

• 2Q24 Revenue: $1.59B, +9.1% YoY, miss estimates by $10M
• 2Q24 GAAP EPS: $0.37, miss estimates by $0.30
• 3Q24 Guidance: No guidance provided.
• Comment: Viking Holdings reported a weak set of results as one-time charges weighed on its profits. Revenue saw a gain YoY, coming from higher passenger spending and an increase in the number of ships in its fleet, but was still below market expectations. The larger fleet size also contributed to a 1.3% rise in vessel operating expenses. Regardless, the company mentioned that it has been increasing its share of the luxury leisure travel market through capacity growth. The company also saw its advance bookings running ahead of year-ago levels, with its advance bookings being 14% and 20% higher in comparison to the 2023 and 2024 seasons. As of 11^th Aug, the company has sold 95% of its core capacity for 2024 and 55% of its capacity for 2025. The strong advanced bookings also indicated that the company’s core consumer demographic continues to show resiliency, prioritizing travel and actively seeking enriching, memorable experiences. A better rate cut expectation is also likely to boost consumption level as well. 3Q24 recommended trading range: $30 to $37. Neutral Outlook.

维京控股 (VIK)

• 24财年第二季营收：15.9亿美元，同比增幅9.1%，逊预期1,000万美元
• 24财年第二季GAAP每股盈利：0.37美元，逊预期0.30美元
• 24财年第三季指引：不提供指引。
• 短评：维京控股公布了一系列疲软的业绩，一次性费用拖累了其利润。由于乘客支出增加和船队数量增加，收入同比有所增长，但仍低于市场预期。船队规模的扩大也使船舶运营费用增加了1.3%。尽管如此，该公司表示，通过增加运力，一直在增加豪华休闲旅游市场的份额。该公司的预订量也高于去年同期水平，与2023年和2024年季节相比，预订量分别增长了14%和20%。截至8月11日，该公司已经出售了2024年95%的核心产能和2025年55%的产能。强劲的预订量也表明，该公司的核心消费者群体继续表现出弹性，他们优先考虑旅行，并积极寻求丰富、难忘的体验。如果下调利率的预期得到改善，消费水平也会得到提高。24年第三季度建议交易区间：30至37美元。中性前景。