Technical Analysis – 24 August 2023

United States | Singapore | Hong Kong | Earnings

Netflix, Inc. (NFLX US)

Shares closed higher above the 20dEMA and 50dEMA with a surge in volume. 5dEMA is about to cross the 20dEMA and 50dEMA.
MACD is about to turn positive, RSI is constructive.
Long – Entry 420, Target 460, Stop 400

Alphabet Inc. (GOOG US)

Shares closed higher above the 5dEMA with constructive volume.
MACD is about to turn positive, RSI is constructive.
Long – Entry 132, Target 142, Stop 127

Nanofilm Technologies (NANO SP)

Shares closed higher below the 20dEMA with constructive volume. 5dEMA is about to cross the 20dEMA.
MACD is positive, RSI is turning constructive.
Long – Entry 1.05, Target 1.15 Stop 1.00

Best World International (BEST SP)

Shares closed higher above the 20dEMA with a surge in volume. 5dEMA just crossed the 20dEMA.
MACD is positive, RSI is constructive.
Long – Entry 1.70 Target 1.86, Stop 1.62

Tongcheng Travel Holdings Ltd (780 HK)

Shares closed above the 20dEMA with a surge in volume. The 5dEMA crossed the 50dEMA.
RSI is constructive, while MACD is negative.
Long – Entry 17.9 , Target 19.3, Stop 17.2

Trip.com Group Ltd (9961 HK)

Shares tested the 20dEMA and closed above the 5dEMA with rising volume.
RSI is positive, while MACD is negative.
Long – Entry 301.4, Target 320.0, Stop 292.1

Kohls Corp. (KSS)

2Q23 Revenue: $3.9B, -4.8% YoY, beat estimates by $190M.
2Q23 GAAP EPS: $0.52, beat estimates by $0.30.
FY23 Guidance: Reaffirm net sales: A decrease of (2%) to (4%), includes the impact of the 53rd week which is worth approximately 1% year-over-year; Operating margin: Approximately 4.0%; Diluted earnings per share: In the range of $2.10 to $2.70, excluding any non-recurring charges vs. consensus of $2.38; Capital Expenditures: $600M to $650M, including expansion of its Sephora partnership and store refresh activity.
Comment: The company maintained strong sales momentum in Sephora at Kohl’s, reduced inventory by 14%, and managed expenses tightly. Solid cashflows also allowed the company to reduce their borrowings in 2Q23. Under the leadership of new CEO Kingsbury who was appointed his position last November, the company expanded into new categories, remodelled stores, and built on the company’s partnership with Sephora to attract younger shoppers, with the company recently opening 200 additional Sephora stores at Kohl’s shops. With consumer confidence recovering in July and August, this is bound to boost the company’s sales level as well, despite the current uncertainties in the macroeconomic environment. 3Q23 recommended trading range: $25 to $32. Positive Outlook.

柯尔百货 (KSS)

23财年第二季营收：39亿美元, 同比跌幅4.8%，超预期1.9亿美元
23财年第二季GAAP每股盈利：0.52美元，超预期0.30美元
23财年第三季指引：重申净销售额：下降2%至4%，包括第53周的影响，同比下降约1%；营业利润率：约4.0%；摊薄后每股收益:在2.10美元至2.70美元之间，不包括任何非经常性费用，而市场预期为2.38美元；资本支出:6亿至6.5亿美元，包括扩大丝芙兰合作伙伴关系和门店更新活动。
短评：丝芙兰在该公司的门店保持了强劲的销售势头，减少了14%的库存，并严格管理了费用。稳健的现金流也使该公司在23年第二季度减少了借款。在去年11月上任的新任首席执行官金斯伯里的领导下，该公司拓展了新的品类，改造了门店，并加强了与丝芙兰的合作关系，以吸引更年轻的购物者。最近，公司新开了200家丝芙兰门店。随着7月和8月消费者信心的恢复，尽管目前宏观经济环境存在不确定性，但这也必然会提振公司的销售水平。23财年第三季度建议交易区间：25美元至32美元。积极前景。

Grab Holdings Ltd. (GRAB)

2Q23 Revenue: $567M,+76.6% YoY, beat estimates by $20.21M.
2Q23 GAAP EPS: -$0.03, beat estimates by $0.03.
FY23 Guidance: FY23 Revenue of $2.20 billion – $2.30 billion vs. consensus of $2.28 billion. Revising adjusted EBITDA guidance range up by $165 million to $195 million, to -$30 million to -$40 million on track to achieve Group Adjusted EBITDA breakeven in the third quarter of 2023, ahead of the company’s prior target of the fourth quarter of 2023.
Comment: The company reported that its losses fell 74% YoY to $148mn in 2Q23, compared to $572mn in 2Q22. The company saw deliveries GMV hitting record-highs and also saw the highest monthly transacting users to date. Looking forward, the company plans to continue to expand its user base and provide its users with tools and services to become more productive and engaged. The company mainly focused on capturing the rebound in mobility demand and optimizing costs within the quarter, allowing the company to reduce its losses, and as a result forward its breakeven timeline. 3Q23 recommended trading range: $3.40 to $4.20. Positive Outlook.

Grab控股 (GRAB)

23财年第二季营收：5.67亿美元, 同比增幅76.6%，超预期2,021万美元
23财年第二季GAAP每股亏损：0.03美元，超预期0.03美元
23财年指引：23财年营收22亿至23亿美元，预期为22.8亿美元。将调整后息税折旧摊销前利润指导范围上调1.65亿美元至1.95亿美元，至3,000万美元至4,000万美元，有望在2023年第三季度实现集团调整后息税折旧摊销前利润盈亏平衡，提前于公司此前设定的2023年第四季度目标。
短评：该公司报告称，其第二季度亏损同比下降74%，至1.48亿美元，而去年第二季度亏损为5.72亿美元。该公司的配送GMV创下历史新高，月度交易用户也达到了迄今为止的最高水平。展望未来，该公司计划继续扩大其用户基础，并为用户提供工具和服务，以提高生产力和参与度。该公司主要专注于抓住移动需求的反弹，并在本季度优化成本，使公司能够减少损失，从而提前实现盈亏平衡。23财年第三季度建议交易区间：3.4美元至4.2美元。积极前景。

NVIDIA Corp. (NVDA)

2Q24 Revenue: $13.51B, +101.6% YoY, beat estimates by $2.43B.
2Q24 Non-GAAP EPS: $2.70, beat estimates by $0.61.
3Q24 Guidance: Revenue is expected to be $16.00 billion vs. consensus of $12.42B, plus or minus 2%. GAAP and non-GAAP gross margins are expected to be 71.5% and 72.5%, respectively, plus or minus 50 basis points.
Share buyback: approved $25B share buyback
Comment: Nvidia reported strong earnings and revenue for Q2, driven by the growing demand for artificial intelligence (AI) chips. The company’s data center business was the main driver of growth, with sales of AI chips, including A100 and H100 needed to build and run AI applications, increasing 171% YoY. Nvidia also reported an adjusted gross margin of 71.2% due to growth in profit-rich data center sales. Nvidia is well-positioned to benefit from the growing importance of AI in the tech industry. Furthermore, with its guidance suggesting that sales in 3Q24 will grow 170% YoY, we believe that the AI development will continue to drive sales for Nvidia. 3Q24 recommended trading range: $480 to $530. Positive Outlook.

英伟达 (NVDA)

24财年第二季营收：135.1亿美元, 同比增幅101.6%，超预期24.3亿美元
24财年第二季GAAP每股盈利：2.70美元，超预期0.61美元
24财年第三季指引：营收预计为160亿美元，市场预期为124.2亿美元，上下浮动2%。GAAP和非GAAP毛利率预计分别为71.5%和72.5%，上下浮动50个基点。
股票回购：批准250亿美元股票回购
短评：受人工智能芯片需求不断增长的推动，英伟达公布了强劲的第二季度收益和收入。该公司的数据中心业务是增长的主要动力，包括构建和运行人工智能应用所需的A100和H100在内的人工智能芯片的销售额同比增长了171%。由于利润丰厚的数据中心销售的增长，英伟达还公布了调整后的毛利率为71.2%。英伟达处于有利地位，可以从人工智能在科技行业日益重要的地位中获益。此外，英伟达的指引显示，其第三季度的销售额将同比增长170%，我们相信人工智能的发展将继续推动英伟达的销售额。积极的前景。24财年第三季度建议交易区间：480美元至530美元。积极前景。

Snowflake Inc. (SNOW)

2Q24 Revenue: $674.02M, +35.5% YoY, beat estimates by $11.74M.
2Q24 Non-GAAP EPS: $0.22, beat estimates by $0.12.
3Q24 Guidance: Product revenue $670M – $675M growth of 28 – 29%; Operating income margin 4%. FY24 guidance: Product revenue $2,600M growth of 34%; Product gross profit margin 76%; Operating income margin 5%; Adjusted free cash flow margin 26%.
Comment: Snowflake beat Q2 revenue and profit estimates, driven by the rising demand for data management and storage services amid the growing use of artificial intelligence. As businesses move their data and infrastructure to the cloud, Snowflake is well-positioned to benefit. The company provides a platform for storing, processing, and analysing data, which is essential for AI and ML applications. In June, Snowflake announced a partnership with Nvidia to allow customers to build AI models using their own data. This partnership is a significant step forward for Snowflake as it expands its reach into new markets and helps customers take advantage of the latest AI technologies. 3Q24 recommended trading range: $160 to $180. Positive Outlook.

Snowflake (SNOW)

24财年第二季营收：6.7402亿美元, 同比增幅35.5%，超预期1,174万美元
24财年第二季Non-GAAP每股盈利：0.22美元，超预期0.12美元
24财年第三季指引：产品收入为6.7亿至6.75亿美元，同比增长率为28%至29%；营业利润率4%。24财年指引：产品收入26亿美元，同比增长34%；产品毛利率为76%；营业利润率5%；调整后自由现金流利润率为26%。
短评：由于人工智能的使用越来越多，对数据管理和存储服务的需求不断增长，雪花公司第二季度的收入和利润超过了预期。随着企业将数据和基础设施迁移到云端，雪花处于有利地位。该公司提供了一个存储、处理和分析数据的平台，这对人工智能和机器学习应用程序至关重要。今年6月，公司宣布与英伟达(Nvidia)建立合作伙伴关系，允许客户使用自己的数据构建人工智能模型。这种合作关系是雪花公司向前迈出的重要一步，它将扩大其在新市场的影响力，并帮助客户利用最新的人工智能技术。24财年第三季度建议交易区间：160美元至180美元。积极前景。