Technical Analysis – 23 May 2025

United States | Singapore | Hong Kong | Earnings

Coinbase Global, Inc. (COIN US)

• Shares closed at a high since February 2025 with constructive volume. The 50dEMA is about to cross the 200dEMA.
  
• MACD is positive, RSI is constructive.
  
• Long – Entry 265, Target 305, Stop 245
  

Hut 8 Corp. (HUT US)

• Shares closed above the 5dEMA with rising volume. The 5dEMA recently crossed the 200dEMA.
  
• MACD is positive, RSI is constructive.
  
• Long – Entry 16.5, Target 19.5, Stop 15.0
  

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Singapore Telecommunications Ltd (ST SP)

• Shares closed at a 52-week high with rising volume above the 5wEMA.
  
• MACD is positive, RSI is at an overbought level.
  
• Buy – Entry 3.94, Target 4.18, Stop 3.82
  

Banyan Tree Holdings Ltd (BTH SP)

• Shares closed at a one-month high above the 5dEMA.
  
• Both RSI and MACD are constructive.
  
• Buy – Entry 0.36 Target 0.38, Stop 0.35
  

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Genscript Biotech Corp (1548 HK)

• Shares closed at a one-month high above the 200dEMA with a surge in volume.
  
• RSI is constructive and MACD is positive.
  
• Long – Entry 11.4 Target 12.6, Stop 10.8
  
  
  
  
  

  

  
  

WuXi AppTec Co Ltd (2359 HK)

• Shares closed at a one-month high above the 5dEMA with rising volume.
  
• Both RSI and MACD are constructive.
  
• Long – Entry 66.0, Target 71.8, Stop 63.1
  
  
  

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Analog Devices Inc. (ADI)

• 2Q25 Revenue: $2.64B, +22.2% YoY, beat estimates by $130M
  
• 2Q25 Non-GAAP EPS: $1.85, beat estimates by $0.15
  
• 3Q25 Guidance: Expect revenue of $2.75B, plus or minus $100M, with an expected operating margin of 41.5%. The adjusted EPS is anticipated to be $1.92, plus or minus $0.10.
  
• Dividend distributions: Declared $0.99/share quarterly dividend, in line with previous, payable June 18; for shareholders of record June 4.
  
• Comment: Analog Devices delivered strong second-quarter results, surpassing expectations with 22.2% YoY revenue growth and EPS of US$1.85. This strength was driven by the automotive, communications, and industrial sectors, underpinned by robust demand for ADI’s high-performance analog and mixed-signal solutions. Its operational efficiency improved, with gross and operating margins expanding sequentially, and free cash flow reaching US$3.3 billion over the trailing twelve months. The company continues to invest in capacity, technology, and customer engagement, ensuring supply chain resilience and supporting long-term innovation. For the third quarter, Analog devices expect revenue to range around US$2.75bn in revenue and adjusted EPS of approximately US$1.92, it also guided for continued recovery into fiscal 2025. With customer inventories lean and demand accelerating across key sectors, the company expects revenue to have bottomed in 2024 and anticipates a return to sustained growth in fiscal 2025. 3Q25 recommended trading range: $200 to $225. Neutral Outlook.
  

亚德诺 (ADI)

• 25财年第二季营收：26.4亿美元，同比增长22.2%，超出预期1.3亿美元
  
• 25财年第二季Non-GAAP每股收益：1.85美元，超出预期0.15美元
  
• 25财年第三季指引：预计营收为27.5亿美元（±1亿美元），预计运营利润率为41.5%。调整后的每股收益预计为1.92美元（±0.10美元）。
  
• 股息分配：宣布每股0.99美元的季度股息，与之前一致，将于6月18日支付；登记在册的股东为6月4日。
  
• 短评： 模拟设备公司公布了强劲的第二季度业绩，营收同比增长22.2%，每股收益为1.85美元，超出预期。这一增长得益于汽车、通信和工业领域的强劲需求，支撑了公司高性能模拟和混合信号解决方案的销售。其运营效率提高，毛利率和运营利润率均实现环比扩张，自由现金流在过去十二个月达到了33亿美元。公司持续投资于产能、技术和客户互动，确保供应链的韧性并支持长期创新。对于第三季度，模拟设备公司预计营收将在27.5亿美元左右，调整后的每股收益约为1.92美元，预计在2025财年将持续复苏。随着客户库存减少和关键领域需求加速，公司预计2024年的营收已触底，预期在2025财年恢复持续增长。25财年第三季度建议交易区间：200美元至225美元。中性前景。
  

Deckers Outdoor Corp. (DECK)

• 4Q25 Revenue: $1.02B, +6.3% YoY, beat estimates by $10M
  
• 4Q25 GAAP EPS: $1.00, beat estimates by $0.39
  
• 1Q26 Guidance: Expect net sales to be in the range of $890M to $910M and diluted earnings per share is expected to be in the range of $0.62 to $0.67, excluding any impact from additional share repurchases.
  
• Comment: Deckers reported strong fourth quarter and fiscal 2025 results, with revenue of US$1.02bn and EPS of US$1 for the quarter. Its annual net sales rose 16.3% to US$4.99bn and net income increased to US$966.09mn. Hoka led brand performance with a 23.6% sales jump, while Ugg posted a 13.1% increase. Despite this success, the company issued weaker-than-expected first quarter guidance for fiscal 2026 due to uncertainties surrounding U.S. trade policy under Trump. The company expects net sales to range between US$890mn to US$910mn and diluted EPS to be between US$0.62 and US$0.67. Despite a 6.5% increase in Q4 net sales and strong wholesale growth, direct-to-consumer sales dipped slightly. Deckers refrained from offering full-year guidance for 2026 but remains optimistic about its brand momentum and financial resilience. Near-term uncertainties remain due to macroeconomic challenges and evolving trade policies, which may negatively impact Hoka and Ugg sales. However, Decker’s robust product pipeline and strong balance sheet, positions the company to navigate near-term headwinds and continue expanding its global market presence in the medium-term. 1Q26 recommended trading range: $100 to $120. Neutral Outlook.
  

德克斯戶外公司(DECK)

• 25财年第四季营收：10.2亿美元，同比增长6.3%，超出预期1,000万美元
  
• 25财年第四季GAAP每股收益：1.00美元，超出预期0.39美元
  
• 26财年第一季指引：预计净销售在8.9亿美元至9.1亿美元之间，稀释后每股收益预计在0.62美元至0.67美元之间，不包括任何额外股票回购的影响。
  
• 短评： 德克斯戶外报告了强劲的第四季度业绩和2025财年结果，季度营收为10.2亿美元，每股收益为1.00美元。年度净销售增长16.3%至49.9亿美元，净利润增加至9.6609亿美元。Hoka品牌表现突出，销售增长23.6%，而Ugg品牌则增长13.1%。尽管取得成功，公司因特朗普政府的贸易政策不确定性发布了低于预期的2026财年第一季指引。公司预计净销售在8.9亿美元至9.1亿美元之间，稀释后每股收益在0.62美元至0.67美元之间。尽管第四季度净销售增长6.5%且批发增长强劲，直销渠道销售略有下降。公司未提供2026财年的全年指引，但对品牌势头和财务韧性保持乐观。短期的不确定性仍然存在，受宏观经济挑战和不断变化的贸易政策影响，这可能对Hoka和Ugg的销售产生负面影响。然而，公司强大的产品管道和健康的资产负债表使公司能够应对短期的阻力，并在中期继续扩展其全球市场份额。26财年第一季度建议交易区间：100美元至120美元。中性前景。
  

Ross Stores Inc. (ROST)

• 1Q25 Revenue: $4.98B, +2.5% YoY, beat estimates by $20M
  
• 1Q25 GAAP EPS: $1.47, beat estimates by $0.04
  
• 2Q25 Guidance: Expect earnings to be in the range of $1.40 to $1.55 per share, which includes a cost impact of $0.11 to $0.16 per share from announced tariffs, compared to analysts’ estimates of $1.65.
  
• FY26 Guidance: Withdrew guidance due to profitability uncertainty from tariff impact.
  
• Dividend distribution: Declared $0.405/share quarterly dividend, in line with previous, payable June 30; for shareholders of record June 10.
  
• Comment: Ross Stores reported modest first-quarter results with sales of US$4.98bn and earnings per share of US$1.47, both slightly above expectations. However, the company withdrew its fiscal 2025 forecast, citing uncertainty from President Trump’s tariff policies and persistent inflation. With over half its merchandise sourced from China, Ross warned of potential price increases and expects second-quarter earnings to be impacted by US$0.11 to US$0.16 per share due to tariffs, it expects earnings to range between US$1.40 to US$1.55 per share. Taking a cautious stance, the company emphasized a conservative approach amid volatile trade and economic conditions. In the short to medium term, macroeconomic headwinds and tariff pressures may weigh on performance, but Ross’ focus on disciplined inventory management and strategic pricing will help to sustain its competitiveness in the off-price retail sector. 2Q25 recommended trading range: $130 to $150. Neutral Outlook.
  

罗斯百货(ROST)

• 25财年第一季营收：49.8亿美元，同比增长2.5%，超出预期2,000万美元
  
• 25财年第一季GAAP每股收益：1.47美元，超出预期0.04美元
  
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  25财年第二季指引：预计每股收益在1.40美元至1.55美元之间，其中包括因关税导致的每股成本影响为0.11美元至0.16美元，低于分析师预期的1.65美元。
  
• 26财年指引：因关税影响的不确定性，撤回指引。
  
• 股息分配：宣布每股0.405美元的季度股息，与之前一致，将于6月30日支付；登记在册的股东为6月10日。
  
• 短评： 罗斯百货报告了温和的第一季度业绩，销售额为49.8亿美元，每股收益为1.47美元，均略高于预期。然而，公司撤回了2025财年的预期，理由是特朗普的关税政策和持续的通货膨胀带来的不确定性。由于超过一半的商品来自中国，公司警告可能会出现价格上涨，预计第二季度每股收益将受到0.11美元至0.16美元的关税影响，预计每股收益在1.40美元至1.55美元之间。采取谨慎姿态的公司在不稳定的贸易和经济环境中强调了保守的方法。在短期到中期，宏观经济逆风和关税压力可能会影响业绩，但公司专注于严格的库存管理和战略定价，将有助于维持其在折扣零售行业的竞争力。25财年第二季度建议交易区间：130美元至150美元。中性前景。
  

Workday Inc. (WDAY)

• 1Q26 Revenue: $2.24B, +12.6% YoY, beat estimates by $20M
  
• 1Q26 Non-GAAP EPS: $2.23, beat estimates by $0.22
  
• 2Q26 Guidance: Expect subscription revenue of $2.16bn; expects non-GAAP operating margin to be 28.0%. FY26 Guidance: Expect subscription revenue to be $8.80bn; expects non-GAAP operating margin to be 28.5%.
  
• Comment: Workday delivered better-than-expected results but issued cautious guidance for 2Q26, projecting modest growth in subscription revenue amid signs of weakening client spending on its human capital management (HCM) solutions. Management noted that economic uncertainty is leading enterprise customers to rein in tech budgets, putting pressure on demand across the HCM industry. To support shareholder returns, Workday also announced a new $1 billion share repurchase program. However, intensifying competition in both the HCM and financial management software markets may lead to pricing pressure and pose additional challenges. In a further setback, the U.S. Office of Personnel Management—central to Elon Musk’s push to significantly reduce the federal workforce—recently canceled a previously awarded contract with Workday. 2Q26 recommended trading range: $235 to $275. Neutral Outlook.
  

Workday Inc. (WDAY)

• 26财年第一季营收： 22.4亿美元，同比增长12.6%，超出预期2,000万美元
  
• 26财年第一季Non-GAAP每股收益： 2.23美元，超出预期0.22美元
  
• 26财年第二季指引： 预计订阅收入21.6亿美元；预计Non-GAAP运营利润率为28.0%。26财年指引：预计订阅收入88.0亿美元；预计Non-GAAP运营利润率为28.5%。
  
• 短评： Workday公布的业绩好于预期，但对26财年第二季度的指引持谨慎态度，预计订阅收入增长温和，因有迹象表明客户对其人力资本管理（HCM）解决方案的支出减弱。管理层指出，经济不确定性导致企业客户缩减技术预算，给整个HCM行业的需求带来压力。为支持股东回报，Workday还宣布了一项新的10亿美元股票回购计划。然而，HCM和财务管理软件市场竞争日益激烈，可能导致价格压力并带来额外挑战。此外，美国人事管理办公室最近取消了此前与Workday签订的合同，这对埃隆·马斯克大幅削减联邦员工的计划至关重要。26财年第二季建议交易区间：235美元至275美元。中性前景。
  

Intuit Inc. (INTU)

• 3Q25 Revenue: $7.75B, +15.0% YoY, beat estimates by $190M
  
• 3Q25 Non-GAAP EPS: $11.65, beat estimates by $0.74
  
• 4Q25 Guidance: Expect revenue to be in the range of $3.72B to $3.76B, midpoint of $3.74bn above consensus of $3.53bn; expects Non-GAAP EPS to be between $2.63 to $2.68, midpoint of $2.66 above consensus of $2.60.
  
• FY25 Guidance: Raised full year guidance. Expect revenue to be in the range of $18.72B to $18.76B, midpoint of $18.74bn above consensus of $18.37bn; expects Non-GAAP EPS to be between $20.07 to $20.12, midpoint of $20.10 above consensus of $19.36.
  
• Comment: Intuit delivered strong results, fueled by an exceptional tax season. The company continues to demonstrate robust momentum, with standout performance across its platform. Leveraging its AI-powered assistant, Intuit Assist, within TurboTax, the company has made tax filing faster and more user-friendly, successfully attracting more customers. Additionally, Intuit stands to benefit from improving business sentiment and easing tariff concerns in the U.S. Looking ahead, the company issued strong guidance for 4Q25, underscoring continued confidence in the industry’s outlook. 4Q25 recommended trading range: $690 to $780. Positive Outlook.
  

财捷 (INTU)

• 25财年第三季营收： 77.5亿美元，同比增长15.0%，超出预期1.9亿美元
  
• 25财年第三季Non-GAAP每股收益： 11.65美元，超出预期0.74美元
  
• 25财年第四季指引： 预计营收在37.2亿美元至37.6亿美元之间，中点37.4亿美元高于市场预期的35.3亿美元；预计Non-GAAP每股收益在2.63美元至2.68美元之间，中点2.66美元高于市场预期的2.60美元。
  
• 25财年指引： 上调全年指引。预计营收在187.2亿美元至187.6亿美元之间，中点187.4亿美元高于市场预期的183.7亿美元；预计Non-GAAP每股收益在20.07美元至20.12美元之间，中点20.10美元高于市场预期的19.36美元。
  
• 短评： Intuit业绩强劲，得益于出色的报税季表现。公司持续展现强劲势头，其平台表现突出。通过在TurboTax中利用其AI驱动助手Intuit Assist，公司使报税更快、更便捷，成功吸引了更多客户。此外，Intuit还将受益于美国商业信心的改善和关税担忧的缓解。展望未来，公司发布了强劲的25财年第四季度指引，凸显了对行业前景的持续信心。25财年第四季建议交易区间：690美元至780美元。积极前景。