Technical Analysis – 24 July 2023

Shares closed higher above the 5dEMA with a rise in volume. The 5dEMA recently crossed the 200dEMA.
Both MACD and RSI are constructive.
Long – Entry 25.0, Target 27.0, Stop 24.0

Shares closed above the 20dEMA and 50dEMA with a surge in volume. 5dEMA is about to cross 20dEMA.
MACD just turned positive, RSI is constructive.
Long – Entry 18.0, Target 20.0, Stop 17.0

American Express Company (AXP)

2Q23 Revenue: $15.05B, 12.3% YoY, miss estimates by $310M
2Q23 GAAP EPS: $2.89, beat estimates by $0.08
FY23 Guidance: Expects revenue growth of 15% to 17% and EPS of $11.00 to $11.40.
Comment: American Express maintained its annual profit forecast despite a record increase in credit card spending by consumers in the second quarter. The company’s cautious forecast suggests a potential slowdown, although consumer spending on travel and entertainment remains resilient. AmEx reported strong results for the quarter, with spending reaching $426.6bn, driven in part by the growth of its Millennial and Gen Z customer base. However, rising borrowing costs prompted the company to increase provisions for credit losses, anticipating potential defaults in debt repayments. 3Q23 recommended trading range: $165 to $180. Neutral Outlook.

美国运通 (AXP)

23财年第二季营收：150.5亿美元, 同比增幅12.3%，逊预期3.1亿美元
23财年第二季GAAP每股盈利：2.89美元，超预期0.08美元
23财年指引：预计营收增长15%至17%，每股收益为11.00美元至11.40美元。
短评：美国运通维持其年度获利预估，尽管消费者第二季信用卡支出创纪录增长。该公司的谨慎预测表明，尽管旅游和娱乐支出仍保持弹性，但增长可能放缓。美国运通公布了强劲的季度业绩，消费者支出达到4,266亿美元，部分原因是其千禧一代和Z世代客户群的增长。然而，不断上升的借贷成本促使该公司增加了信贷损失拨备，预计可能出现债务偿还违约。由于支出前景乐观，我们预计该公司将继续表现良好，尽管潜在的信贷损失正在增加。第三季度建议交易区间：165美元至180美元。中性前景。

Schlumberger NV (SLB)

2Q23 Revenue: $8.1B, +19.6% YoY, miss estimates by $110M
2Q23 Non-GAAP EPS: $0.72, beat estimates by $0.01
3Q23 Guidance: Expects a mid-single digit percentage growth in revenue from international markets. In FY23, SLB maintains its previous guidance, projecting revenue growth to exceed 15% and expecting adjusted EBITDA growth in the mid-20s.
Comment: SLB reported a rebound in offshore and international drilling, leading to a Q2 profit that surpassed analysts’ estimates. The company witnessed significant growth in international markets, leading to its highest international incremental operating margin in three years. Emphasising its focus on digital technologies and operations, including cloud computing and data analytics, SLB aims to drive efficiency and sustainability in the industry. However, the company faced weakening activity in North America, in line with industry forecasts. It expects a slight decline in North America revenue for the current quarter due to moderating activity. Nonetheless, SLB foresees growth in 3Q23 revenue from international markets, supported by a resurgence in offshore and Middle East drilling, which may partially offset the weaker demand in North America. 3Q23 recommended trading range: $52 to $60. Neutral Outlook.

斯伦贝谢 (SLB)

23财年第二季营收：81.0亿美元, 同比增幅19.6%，逊预期1.1亿美元
23财年第二季Non-GAAP每股盈利：0.72美元，超预期0.01美元
23财年第三季度指引：预计来自国际市场的收入将有中等个位数的增长。在23财年，公司维持其先前的指引，预计收入增长将超过15%，并预计调整后的EBITDA增长为20%-30%中位数。
短评：公司报告称，海上和国际钻井业务出现反弹导致第二季度利润超过分析师预期。该公司在国际市场上取得了显著增长，实现了三年来最高的国际增量营业利润率。公司强调其专注于数字技术和运营，包括云计算和数据分析，旨在提高行业的效率和可持续性。然而，该公司在北美的业务活动正在减弱，这与行业预测相符。该公司预计，由于活动放缓，本季度北美地区的收入将略有下降。尽管如此，公司预计，在海上和中东钻井业务复苏的支持下，国际市场的收入将有所增长，这可能部分抵消北美需求的疲软。第三季度建议交易区间：52美元至60美元。中性前景。