KGI Research Singapore

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

Technical Analysis – 24 April 2024

United States | Singapore | Hong Kong | Earnings

Morgan Stanley (MS US) A graph of stock market Description automatically generated

  • Shares closed higher above the 5dEMA. 5dEMA just crossed the 20dEMA.
  • MACD just turned positive, RSI is constructive.
  • Long – Entry 93.0, Target 100.0, Stop 89.5

Bank of America Corp. (BAC US)

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  • Shares closed at a 52-week high.
  • MACD just turned positive, RSI is constructive.
  • Long – Entry 38.0, Target 41.0, Stop 36.5

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United Overseas Bank (UOB SP)

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  • Shares closed at a 52-week high with a surge in volume.
  • MACD is positive, RSI is at an overbought level.
  • Long – Entry 30.90, Target 32.30, Stop 30.20

HongKong Land (HKL SP)

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  • Shares closed higher above the 20dEMA with constructive volume.
  • MACD is about to turn positive, RSI constructive.
  • Long – Entry 3.00, Target 3.20, Stop 2.90

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Yihai International Holding Ltd (1579 HK)

A graph of stock market Description automatically generated with medium confidence
  • Shares closed above the 5dEMA.
  • RSI is constructive, while MACD is negative.
  • Long – Entry 14.90, Target 16.08, Stop 14.31
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China Resources Beer Holdings Co Ltd (291HK)

A graph of stock market Description automatically generated with medium confidence
  • Shares closed above the 20dEMA. The 5dEMA is about to cross the 50dEMA.
  • RSI is constructive, while MACD is about to turn positive.
  • Long – Entry 34.4, Target 37.4, Stop 32.9

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General Motors Co. (GM)

  • 1Q24 Revenue: $43.0B, +7.5% YoY, beat estimates by $1.22B
  • 1Q24 Non-GAAP EPS: $2.62, beat estimates by $0.51
  • FY24 Guidance: Expect net income between $10.1bn to $11.5bn, compared to previous guidance of $9.8bn to $11.2bn; EBIT-adjusted between $12.5bn to $14.5bn, compared with previous guidance of $12.0bn to $14.0bn; Adjusted Automotive FCF between $8.5bn to $10.5bn, compared to $8.0bn to $10.0bn previously; EPS diluted between $8.94 to $9.94, compared with previous guidance of $8.50 – $9.50.
  • 1Q24 Dividend: General motors declares $0.12/share quarterly dividend, in line with previous; Forward yield 1.11%; Payable June 20; for shareholders of record June 7; ex-div June 7.
  • Comment: General Motors delivered robust financial results and raised its full-year 2024 outlook, buoyed by continued positive performance in its electric vehicle (EV) sector projected for the second half of the year. The company’s solid performance was primarily fueled by robust truck sales in North America. Despite facing a mixed vehicle lineup affecting prices, which remained relatively stable or slightly decreased, the results surpassed the company’s expectations, underscoring consumer resilience in a high-interest-rate environment. In the EV segment, sales of profitable pickups remained strong, while efforts to scale up production of all-electric vehicles persisted after overcoming production bottlenecks. General Motors remains committed to producing between 200,000 and 300,000 EVs in 2024, a testament to the anticipated demand and the company’s confidence in its EV offerings. 2Q24 recommended trading range: $42 to $52. Positive Outlook.

通用汽车(GM)

  • 24财年第一季营收：430亿美元，同比增幅7.5%，超预期12.2亿美元
  • 24财年第一季Non-GAAP每股收益：2.62美元，超预期0.51美元
  • 24财年指引：预计净利润将在101亿美元至115亿美元之间，而此前的指引为98亿美元至112亿美元；调整后息税前利润在125亿美元至145亿美元之间，而此前的指引为120亿美元至140亿美元；调整后的汽车自由现金流介于85亿美元至105亿美元之间，此前为80亿美元至100亿美元；摊薄后每股收益在8.94美元至9.94美元之间，而此前的指引为8.50美元至9.50美元。
  • 24财年一季度股息：通用汽车宣布每股0.12美元的季度股息，与之前一致；远期收益率为1.11%；6月20日为付息日；6月7日为股东登记登记日；6月7日为除息日。
  • 短评：通用汽车公布了强劲的财务业绩，并上调了2024年全年的预期，这得益于其电动汽车部门预计在今年下半年的持续积极表现。该公司强劲的业绩主要得益于北美强劲的卡车销售。尽管面临着影响价格的混合车型系列（价格保持相对稳定或略有下降），但业绩超出了公司的预期，突显出消费者在高利率环境下的韧性。在电动汽车领域，盈利的皮卡销售依然强劲，而在克服生产瓶颈后，全电动汽车的生产规模仍在继续。通用汽车仍承诺在2024年生产20万至30万辆电动汽车，这证明了预期的需求以及该公司对其电动汽车产品的信心。24财年第二季度建议交易区间：42美至52美元。积极前景。

United Parcel Service Inc (UPS)

  • 1Q24 Revenue: $21.7B, -5.2% YoY, miss estimates by $240M
  • 1Q24 Non-GAAP EPS: $1.43, beat estimates by $0.08
  • FY24 Guidance: Reaffirm FY24 outlook. Consolidated revenue to range from approximately $92.0bn to $94.5bn vs. $93.08bn consensus; Consolidated adjusted operating margin to range from approximately 10.0% to 10.6%; Capital expenditures of approximately $4.5bn.
  • Comment: United Parcel Service (UPS) announced better-than-expected earnings and reiterated its full-year 2024 outlook, underscoring the efficacy of its cost reduction initiatives. Despite persisting softness in package delivery demand, the company’s cost-saving measures have mitigated the impact. To counterbalance lower volumes, UPS is prioritizing higher-margin deliveries for small businesses and healthcare entities, aiming to double healthcare-related revenue to $20 billion by 2026. UPS still faces challenges with elevated labor expenses linked to its new Teamsters contract. UPS also recently secured a significant contract with the U.S. Postal Service, displacing FedEx as the agency’s primary air cargo service provider, a development expected to bolster volumes and revenue for UPS in the future. 2Q24 recommended trading range: $140 to $170. Positive Outlook.

联合包裹服务公司(UPS)

  • 24财年第一季营收：217.0亿美元，同比跌幅5.2%，逊预期2.4亿美元
  • 24财年第一季Non-GAAP每股盈利：1.43美元，超预期0.08美元
  • 24财年第二季指引：重申24财年展望。综合收入约为920亿美元至945亿美元，预期为930.8亿美元；综合调整后营业利润率约为10.0%至10.6%；资本支出约45亿美元。
  • 短评：联合包裹服务公司公布了好于预期的收益，并重申了其2024年全年展望，强调了其成本削减计划的有效性。尽管包裹递送需求持续疲软，但该公司的成本节约措施减轻了影响。为了抵消业务量下降的影响，联合包裹正在优先考虑为小企业和医疗保健实体提供利润率更高的快递服务，目标是到2026年将医疗保健相关收入翻一番，达到200亿美元。联合包裹仍然面临着与卡车司机新合同相关的劳动力成本上升的挑战。联合包裹最近还与美国邮政服务公司签订了一份重要合同，取代联邦快递成为美国邮政的主要航空货运服务提供商，这一进展预计将提振联合包裹未来的业务量和收入。24财年第二季度建议交易区间：140美至170美元。积极前景。

General Electric Co (GE)

  • 1Q24 Revenue: $16.1B, +11.0% YoY, beats estimates by $400M
  • 1Q24 Non-GAAP EPS: $0.82, beat estimates by $0.12
  • FY24 Guidance: Operating profit of $6.2B-$6.6B from $6.0B-$6.5B previously; Adj EPS of $3.80-$4.05; Commercial Engines & Services: Continue to expect revenue growth of mid-to-high teens and increasing operating profit to a range of $6.1bn to $6.4bn, up from $6.0bn to $6.3bn; Defense & Propulsion Technologies: Continue to expect revenue growth of mid-single-digits to high-single digits and operating profit of $1.0bn to $1.3bn
  • Comment: General Electric unveiled robust financial results and adjusted its full-year 2024 guidance upwards, propelled by heightened revenue from commercial aircraft engines and services. This performance encompasses the outcomes from GE Vernova, which underwent a spin-off on April 2nd. The spin-off of GE’s business has bolstered investor confidence, as it positions the company to concentrate on and pursue long-term growth and profitability opportunities tailored to each entity’s business. GE has experienced a surge in demand for aftermarket services due to a rebound in travel and aircraft scarcity resulting from production and engine issues, compelling carriers to extend the lifespan of older aircraft. Additionally, Boeing’s ongoing safety challenges are anticipated to benefit GE Aerospace in the short term, increasing demand for older engines and enabling the company to supply more LEAP engines in the aftermarket. 2Q24 recommended trading range: $155 to $185. Positive Outlook.

通用电气(GE)

  • 24财年第一季营收：161.0亿美元，同比增幅11.0%，超预期4亿美元
  • 24财年第一季Non-GAAP每股盈利：0.82美元，超预期0.12美元
  • 24财年指引：营业利润从原来的60亿至65亿美元区间增加到62亿至66亿美元区间；调整后每股收益3.80至4.05美元；商用发动机与服务：继续预计营收将增长15%至15%，营业利润将从60亿美元至63亿美元区间增至61亿至64亿美元区间;国防与推进技术：继续预计营收将实现中位数至高位数增长，营业利润将达到10亿至13亿美元。
  • 短评：通用电气公布了强劲的财务业绩，并上调了其2024年全年预期，这得益于商用飞机发动机和服务业务收入的增长。这一业绩包括了4月2日剥离的GE Vernova的业绩。通用电气业务的分拆增强了投资者的信心，因为它使公司能够专注于追求适合每个实体业务的长期增长和盈利机会。由于生产和发动机问题导致旅行和飞机短缺的反弹，通用电气对售后服务的需求激增，迫使航空公司延长旧飞机的使用寿命。此外，波音公司目前面临的安全挑战预计将在短期内使通用电气航空航天公司受益，增加对旧发动机的需求，并使公司能够在售后市场提供更多的LEAP发动机。24财年第二季度建议交易区间：155美至185美元。积极前景。

PepsiCo Inc. (PEP)

  • 1Q24 Revenue: $18.25B, +2.2% YoY, beat estimates by $140M
  • 1Q24 Non-GAAP EPS: $1.61, beat estimates by $0.09
  • FY24 Guidance: Expect At least 4% increase in organic revenue vs. 3.53% consensus; at least 8% increase in core constant currency EPS; A core annual effective tax rate of 20%; and Total cash returns to shareholders of approximately $8.2bn, comprised of dividends of $7.2bn and share repurchases of $1.0bn; 2024 core EPS of at least $8.15 vs. $8.15 consensus, a 7% increase compared to 2023 core EPS of $7.62.
  • Comment: PepsiCo reported strong financial results driven by higher product prices, particularly in the US market where multiple price increases prompted consumer resistance to sodas and juices amid persistent inflation concerns, resulting in a year-over-year decline in sales volume. However, the company experienced resilient consumption and demand for its products internationally. Challenges arose from food safety recalls, notably the recall of Quaker products, leading to a 22% decline in sales volume and reducing organic revenue growth by approximately 1 percentage point. Additionally, PepsiCo faced setbacks from boycotts related to the Israel-Hamas conflict, with stalled negotiations with Carrefour impacting sales during the quarter. 2Q24 recommended trading range: $160 to $180. Neutral Outlook.

百事公司(PEP)

  • 24财年第一季营收：182.5亿美元，同比增幅2.2%，超预期1.4亿美元
  • 24财年第一季Non-GAAP每股盈利：1.61美元，超预期0.09美元
  • 24财年指引：预计有机收入至少增长4%，而市场预期为3.53%；核心固定汇率每股收益至少增长8%；核心年度有效税率为20%；股东现金回报总额约为82亿美元，包括72亿美元的股息和10亿美元的股票回购；2024年核心每股收益至少为8.15美元，而市场预期为8.15美元，比2023年的核心每股收益7.62美元增长7%。
  • 短评：百事公司公布了强劲的财务业绩，受产品价格上涨的推动，尤其是在美国市场，由于持续的通胀担忧，多次提价促使消费者抵制苏打水和果汁，导致销量同比下降。然而，该公司的产品在国际上的消费和需求是有弹性的。食品安全召回带来了挑战，特别是桂格产品的召回，导致销售额下降22%，有机收入增长减少约1个百分点。此外，由于以色列和哈马斯冲突引发的抵制，百事公司面临挫折，与家乐福的谈判陷入僵局，影响了本季度的销售。24财年第二季度建议交易区间：160美至180美元。中性前景。

Lockheed Martin Corp (LMT)

  • 1Q24 Revenue: $17.19B, +13.7% YoY, beat estimates by $1.2B
  • 1Q24 Non-GAAP EPS: $6.33, beat estimates by $0.47
  • FY24 Guidance: Reaffirm FY24 outlook. Expect full-year net sales of $68.5bn to $70bn and a profit of $25.65 to $26.35 per share.
  • Comment: Lockheed Martin achieved impressive financial results driven by heightened global tensions prompting increased defense spending in certain countries, leading to a surge in demand for new weaponry. Sales within Lockheed’s missiles and fire control division soared by 25.3% to nearly $3bn, propelled by robust demand for key weapons such as the high mobility artillery rocket system (HIMARS) and guided multiple launch rocket system (GMLRS), prominently utilized by Ukraine in its conflict with Russia. The company’s aeronautics segment, its largest unit responsible for manufacturing F-35 fighter jets, experienced a 9.2% sales increase, reaching $6.85bn. Lockheed also observed robust labor and material throughput, signaling enhancements in its supply chain. Nevertheless, the company incurred a $100mn loss on a classified program within its missiles and fire control division and anticipates potential additional losses totaling $225mn by year-end. Despite these setbacks, Lockheed views the program as a longstanding investment with the potential for significant returns after the next 2-3 years. 2Q24 recommended trading range: $440 to $480. Neutral Outlook.

洛克希德马丁(LMT)

  • 24财年第一季营收：171.9亿美元，同比增幅13.7%，超预期12亿美元
  • 24财年第一季Non-GAAP每股盈利：6.33美元，超预期0.47美元
  • 24财年指引：重申24财年展望。预计全年净销售额为685亿美元至700亿美元，每股利润为25.65美元至26.35美元。
  • 短评：由于全球紧张局势加剧，促使某些国家的国防开支增加，导致对新武器的需求激增，洛克希德马丁公司取得了令人印象深刻的财务业绩。由于对高机动性火炮火箭系统(HIMARS)和制导多管火箭发射系统(GMLRS)等关键武器的强劲需求，洛克希德公司导弹和火控部门的销售额飙升25.3%，达到近30亿美元，乌克兰在与俄罗斯的冲突中突出使用了这些武器。该公司负责制造F-35战斗机的最大部门航空部门的销售额增长了9.2%，达到68.5亿美元。洛克希德还观察到强劲的劳动力和材料吞吐量，表明其供应链得到了增强。然而，该公司在其导弹和火控部门的一个机密项目上损失了1亿美元，预计到年底可能还会损失2.25亿美元。尽管有这些挫折，洛克希德公司认为该项目是一项长期投资，在未来2-3年后有可能获得可观的回报。24财年第二季度建议交易区间：440美至480美元。中性前景。

Spotify Technology SA (SPOT)

  • 1Q24 Revenue: €3.64B, +20.0% YoY, beat estimates by €30M
  • 1Q24 Non-GAAP EPS: €0.97, beat estimates by €0.32
  • FY24 Guidance: Expect revenue of €3.8bn; Expects net new MAUs of 16 million, for a total of 631 million monthly active users. The company also guided to an improved gross margin of 28.1%, driven by business wide cost improvements.
  • Comment: Spotify reported a strong set of results with record quarterly profit and strong margin improvements. The company saw its Monthly Average Users increased 19% YoY to 615mn, and premium subscribers rose 14% to 239mn. The strong results showcased the fruits of the company’s cost cutting efforts over the past year. Management also suggested that more price increases are to come as the company plans to offer various subscription plans to attract as many users as possible, at the same time allowing more flexibility for customers. This price increase also reflects the value-to-price ratio as the company provides its subscribers with more value such as access to audiobooks. 2Q24 recommended trading range: $270 to $360. Positive Outlook.

Spotify(SPOT)

  • 24财年第一季营收：36.4亿欧元，同比增幅20.0%，超预期3,000万欧元
  • 24财年第一季Non-GAAP每股盈利：0.97欧元，超预期0.32欧元
  • 24财年指引：预计营收38亿欧元；预计新增净每月活跃用户为1600万，月活跃用户总数为6.31亿。在全业务成本改善的推动下，该公司的毛利率也提高了28.1%。
  • 短评：Spotify公布了一系列强劲的业绩，季度利润创纪录，利润率大幅提高。该公司的月平均用户同比增长19%，达到6.15亿，付费用户增长14%，达到2.39亿。强劲的业绩显示了该公司过去一年削减成本努力的成果。管理层还表示，公司计划提供各种订阅计划，以吸引尽可能多的用户，同时为客户提供更大的灵活性，因此价格还会进一步上涨。价格的上涨也反映了价值与价格的比率，因为公司为其订阅者提供了更多的价值，例如获得有声读物。24财年第二季度建议交易区间：270美至360美元。积极前景。

RTX Corp (RTX)

  • 1Q24 Revenue: $19.3B, +12.2% YoY, beat estimates by $900M
  • 1Q24 Non-GAAP EPS: $1.34, beat estimates by $0.11
  • FY24 Guidance: Reaffirm its expectations for sales of $78.0bn to $79.0bn vs $78.69bn consensus, adjusted EPS of $5.25 to $5.40 vs $5.39 consensus and free cash flow of approximately $5.7bn.
  • Comment: RTX surpassed first-quarter earnings expectations, driven by demand for missile defence systems and growth in the commercial aftermarket business. Revenue reached US$19.3bn, with an earnings per share of US$1.34, beating analysts’ estimates. Pratt and Whitney, its subsidiary, experienced a 23% sales increase despite ongoing inspections related to flawed components in its jet engines. The company is navigating negotiations with customers affected by the quality crisis, approximately 350 aircrafts grounded annually from between 2024 to 2026. While Pratt’s operating profit declined, RTX’s Collins Aerospace unit saw a 9% sales rise, driven by strong demand for original equipment and aftermarket services. RTX’s defence arm, Raytheon, reported a 74% increase in operating profit, fuelled by demand for the Patriot defence system and recent contract wins, including a US$1.2bn order from Germany for Patriot air and missile defence systems. As global security continues to be threatened with various conflicts globally and the airline market rebounding, we anticipate that RTX top and bottom lines will continue to benefit. 2Q24 recommended trading range: $95to $115. Positive Outlook.

雷神技术(RTX)

  • 24财年第一季营收：193.0亿美元，同比增幅12.2%，超预期9.0亿美元
  • 24财年第一季Non-GAAP每股盈利：1.34美元，超预期0.11美元
  • 24财年指引：重申其对销售额的预期为780亿美元至790亿美元，而市场预期为786.9亿美元；调整后每股收益为5.25美元至5.40美元，而市场预期为5.39美元；自由现金流约为57亿美元。
  • 短评：受导弹防御系统需求和商用售后市场业务增长的推动，公司第一季度盈利超出预期。营收达到193亿美元，每股收益1.34美元，超出分析师预期。其子公司普惠公司(Pratt and Whitney)的销售额增长了23%，尽管该公司正在对其喷气发动机中存在缺陷的部件进行检查。该公司正在与受质量危机影响的客户进行谈判，从2024年到2026年，每年约有350架飞机停飞。在普拉特公司营业利润下降的同时，公司的柯林斯航空部门的销售额却增长了9%，这主要得益于对原始设备和售后服务的强劲需求。公司的国防部门雷声公司报告称，由于爱国者防御系统的需求和最近的合同赢得，包括德国爱国者防空和导弹防御系统的12亿美元订单，营业利润增长了74%。随着全球安全继续受到各种冲突的威胁，以及航空市场的反弹，我们预计公司的收入和利润将继续受益。24财年第二季度建议交易区间：95美至115美元。积极前景。

Tesla Inc (TSLA)

  • 1Q24 Revenue: $21.31B, -8.5% YoY, miss estimates by $950M
  • 1Q24 Non-GAAP EPS: $0.45, miss estimates by $0.05
  • 2Q24 Guidance: No guidance provided. Tesla plans to lay off more than 10% of its global workforce and reduce vehicle prices in markets such as the United States, China and Europe.
  • Comment: In the first quarter, Tesla saw a decline in both revenue and profit, due to lower deliveries impacted by lower subsidies and high interest rates as well as continued price cuts. The company announced plans to introduce “new models” by early 2025, utilizing existing platforms and production lines instead of pursuing the anticipated $25,000 all-new model. Despite underwhelming first-quarter results, investors welcomed the accelerated timeline for new offerings. Tesla’s CEO Elon Musk revealed plans for more affordable models without providing specific details, suggesting a departure from previous expectations. The company also aims to control capital expenditures amid uncertain times by leveraging its current manufacturing capabilities. Additionally, Tesla hinted at a purpose-built robotaxi product but did not specify a release timeline. Furthermore, Elon Musk emphasized Tesla’s transition into an AI robotics company, envisioning a fleet of autonomous vehicles operating similarly to Airbnb and Uber. While investors welcomed Tesla’s plans for more affordable cars, skepticism remains due to previous rollout delays. Tesla’s decision to focus on existing products aligns with similar moves by other automakers facing slowing EV demand and increasing competition. Despite a decline in quarterly revenue and profit, Tesla’s market capitalization received a boost from the positive investor response to its new strategy. 2Q24 recommended trading range: $150 to $200. Positive Outlook.

特斯拉(TSLA)

  • 24财年第一季营收：213.1亿美元，同比跌幅8.5%，逊预期9.5亿美元
  • 24财年第一季Non-GAAP每股盈利：0.45美元，逊预期0.05美元
  • 24财年第二季指引：不提供指导。特斯拉计划在全球裁员10%以上，并在美国、中国和欧洲等市场降低汽车价格。
  • 短评：在第一季度，特斯拉的收入和利润都有所下降，原因是补贴减少、高利率以及持续降价影响了交付量的减少。该公司宣布计划在2025年初推出“新车型”，利用现有的平台和生产线，而不是追求预期的2.5万美元的全新车型。尽管第一季度业绩平平，但投资者对新股发行时间表的加快表示欢迎。特斯拉首席执行官埃隆·马斯克透露了推出更实惠车型的计划，但没有提供具体细节，这似乎与此前的预期有所不同。该公司还打算利用现有的制造能力，在不确定时期控制资本支出。此外，特斯拉还暗示将推出一款专门制造的机器人出租车产品，但没有具体说明发布时间。此外，埃隆·马斯克(Elon Musk)强调了特斯拉向人工智能机器人公司的转型，设想了一个类似于Airbnb和优步(Uber)的自动驾驶车队。尽管投资者对特斯拉推出更实惠汽车的计划表示欢迎，但由于之前的推出延迟，人们仍然持怀疑态度。特斯拉专注于现有产品的决定与其他面临电动汽车需求放缓和竞争加剧的汽车制造商的类似举措一致。尽管季度收入和利润有所下降，但投资者对特斯拉新战略的积极反应提振了特斯拉的市值。24财年第二季度建议交易区间：150美至200美元。积极前景。

Visa Inc (V)

  • 2Q24 Revenue: $8.8B, +10.0% YoY, beat estimates by $180M
  • 2Q24 Non-GAAP EPS: $2.51, beat estimates by $0.08
  • 3Q24 Guidance: Expect net revenue growth to be in the low double digits.
  • Comment: Visa surpassed Wall Street expectations in its second-quarter results, driven by resilient consumer spending despite concerns of an economic slowdown. US consumer spending remained robust, especially on big-ticket items and international travel. While international travel, particularly in Asia-Pacific, showed weakness, strong e-commerce trends compensated for the decline. Payment volume increased by 8%, with cross-border volume rising by 16%, indicating international travel demand. Visa anticipates low double-digit net revenue growth for the current quarter and reaffirmed its 2024 revenue and profit forecasts. The company’s upbeat earnings follow a landmark settlement with Mastercard in March to limit card fees for merchants. Moving forward, Visa stands to gain from the ongoing robust consumer spending both domestically in the US and internationally, especially with the summer travel season in the current quarter. The company anticipates a gradual rebound in spending in Asian markets which would further contribute to its growth trajectory. 3Q24 recommended trading range: $270 to $300. Positive Outlook.

威士(V)

  • 24财年第二季营收：88.0亿美元，同比增幅10.0%，超预期1.8亿美元
  • 24财年第二季Non-GAAP每股盈利：2.51美元，超预期0.08美元
  • 24财年第三季指引：预计净收入增长将在低两位数。
  • 短评：威士第二季度业绩超出华尔街预期，这得益于消费者支出的弹性，尽管人们担心经济放缓。美国消费者支出依然强劲，尤其是在高价商品和国际旅游方面。尽管国际旅游，尤其是亚太地区表现疲软，但强劲的电子商务趋势弥补了这一下降。支付额增长8%，跨境支付额增长16%，显示出国际旅游需求。威士预计本季度的净收入将实现两位数的低增长，并重申了其2024年的收入和利润预测。今年3月，该公司与万事达(Mastercard)达成了一项具有里程碑意义的和解协议，限制了商户的信用卡费用。展望未来，威士将从美国国内外持续强劲的消费者支出中获益，尤其是本季度的夏季旅游旺季。该公司预计亚洲市场的支出将逐步反弹，这将进一步促进其增长轨迹。24财年第三季度建议交易区间：270美至300美元。积极前景。

Texas Instruments Inc (TXN)

  • 1Q24 Revenue: $3.66B, -16.4% YoY, beat estimates by $50M
  • 1Q24 Non-GAAP EPS: $1.10, beat estimates by $0.02
  • 2Q24 Guidance: Expect revenue to be in the range of $3.65bn to $3.95bn and earnings per share between $1.05 and $1.25. Additionally, the company expects its effective tax rate to be about 13%.
  • Comment: In the first quarter, Texas Instruments beat both revenue and earnings estimates despite a dip in profit due to reduced factory loadings. The company anticipates second-quarter revenue to surpass analysts’ expectations, indicating a rebound in demand for its analog semiconductors after a prolonged decline. Its semiconductors are utilized in industrial automation and automotive circuitry. The optimistic forecast and improving consumer electronics demand suggest a potential easing of analog chip inventory corrections. Texas Instrument’s chips facilitate electronic device functionality and interface digital processors with the physical world. While analog companies may still experience sales declines, the sector is expected to experience more typical seasonal demand in upcoming quarters. The company forecasts second-quarter revenue with a midpoint of US$3.8bn, exceeding analysts’ estimates. Looking ahead, we anticipate sales to improve alongside the recovering chip demand. 2Q24 recommended trading range: $170 to $195. Positive Outlook.

德州仪器(TXN)

  • 24财年第一季营收：36.6亿美元，同比跌幅16.4%，超预期5,000万美元
  • 24财年第一季Non-GAAP每股盈利：1.10美元，超预期0.02美元
  • 24财年第二季指引：预计营收在36.5亿美元至39.5亿美元之间，每股收益在1.05美元至1.25美元之间。此外，该公司预计其实际税率约为13%。
  • 短评：今年第一季度，尽管由于工厂装工量减少，利润有所下降，但德州仪器的收入和盈利都超过了预期。该公司预计第二季度营收将超过分析师预期，表明其模拟半导体需求在长期下滑后出现反弹。其半导体应用于工业自动化和汽车电路。乐观的预测和不断改善的消费电子产品需求表明，模拟芯片库存调整可能会缓解。德州仪器的芯片促进了电子设备的功能，并将数字处理器与物理世界连接起来。虽然模拟公司的销售可能仍会下降，但预计该行业将在未来几个季度经历更多典型的季节性需求。该公司预计第二季度营收中值为38亿美元，超出分析师预期。展望未来，我们预计销售将随着芯片需求的复苏而改善。24财年第二季度建议交易区间：170美至195美元。积极前景。

Seagate Technology Holdings PLC (STX)

  • 3Q24 Revenue: $1.66B, -10.8% YoY, in-line with estimates
  • 3Q24 Non-GAAP EPS: $0.33, beat estimates by $0.07
  • 4Q24 Guidance: Expect revenue of $1.85bn, plus or minus $150mn, vs. $1.82bn consensus and non-GAAP diluted EPS of $0.70, plus or minus $0.20, vs. $0.60 consensus. Guidance regarding non-GAAP diluted EPS excludes known pre-tax charges related to estimated share-based compensation expenses of $0.16 per share.
  • Dividend: The company declared cash dividend of $0.70 per share.
  • Comment: Seagate Technology delivered Q3 revenue in line with estimates and earnings surpassed expectations. The company projects fourth-quarter profits above Wall Street expectations, fuelled by increased demand for its memory chips from cloud customers. The forecasted adjusted earnings for Q4 are US$0.70 per share, with revenue estimates aligning with expectations at US$1.85bn. Its CEO attributes the positive outlook to growing cloud demand, operational efficiency, and pricing strategies. Seagate’s current performance contrasts with last year’s as challenges faced in the storage devices market are now buoyed by recovering sales and heightened demand driven by AI technology advancements. 4Q24 recommended trading range: $80 to $100. Positive Outlook.

希捷科技(STX)

  • 24财年第三季营收：16.6亿美元，同比跌幅10.8%，符合预期
  • 24财年第三季Non-GAAP每股盈利：0.33美元，超预期0.07美元
  • 24财年第四季指引：预计营收为18.5亿美元，上下浮动1.5亿美元，市场预期为18.2亿美元，Non-GAAP摊薄每股收益为0.70美元，上下浮动0.20美元，市场预期为0.60美元。关于Non-GAAP摊薄每股收益的指引不包括与每股0.16美元的估计股票补偿费用相关的已知税前费用。
  • 股息：公司宣布派发每股0.70美元的现金股息。
  • 短评：希捷科技第三季度的收入与预期相符，收益超出预期。由于云客户对其存储芯片的需求增加，该公司预计第四季度利润将高于华尔街的预期。第四季度调整后的预期收益为每股0.70美元，营收预期为18.5亿美元。该公司首席执行官将乐观的前景归功于不断增长的云需求、运营效率和定价策略。希捷目前的业绩与去年形成鲜明对比，因为目前存储设备市场面临的挑战受到销售复苏和人工智能技术进步推动的需求增加的提振。24财年第四季度建议交易区间：80美至100美元。积极前景。

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