Technical Analysis – 24 June 2024

Shares closed higher above the 20dEMA with a surge in volume. 5dEMA just crossed the 20dEMA.
MACD is positive, RSI is constructive.
Long – Entry 45.5, Target 48.5, Stop 44.0

Shares closed higher above the 200dEMA with increased volume. 5dEMA just crossed the 200dEMA.
MACD is positive, RSI is constructive.
Long – Entry 126.5, Target 134.5, Stop 122.5

Shares closed higher above the 20dEMA with a surge in volume. 5dEMA is about to cross the 20dEMA.
MACD is positive, RSI is constructive.
Long – Entry 1.25, Target 1.35, Stop 1.20

Accenture Plc. (ACN)

3Q24 Revenue: $16.47B, -0.5% YoY, miss estimates by $70M
3Q24 Non-GAAP EPS: $3.13, miss estimates by $0.02
3Q24 Dividend: Accenture declares $1.29 per share quarterly dividend, in line with the previous. Forward yield 1.81%; Payable Aug. 15; for shareholders of record July 11; ex-div July 11.
4Q24 Guidance: Expect revenue to be in the range of $16.05B to $16.65B versus consensus of $16.65B. FY24 Guidance: Expect revenue growth to be in the range of 1.5% to 2.5% in local currency, compared to 1% to 3% previously, and a consensus of 1.64%; Expects FX impact on results in U.S. dollars to be -0.7% compared YoY.
Comment: Accenture reported weak results but issued a stronger-than-expected revenue guidance for 4Q24. The company has achieved $2bn in generative AI sales year-to-date and $500mn in revenue year-to-date, highlighting its early leadership in AI. The generative AI segment saw a 50% increase in new bookings quarter-over-quarter, and the optimistic outlook for 4Q24 suggests sustained strong demand for its AI offerings. This segment’s growth outpaced the company’s other core businesses, though market expectations indicate a potential slowdown in demand as corporate spending levels off. 4Q24 recommended trading range: $280 to $360. Positive Outlook.

埃森哲 (ACN)

24财年第三季营收：164.7亿美元，同比跌幅0.5%，逊预期7,000万美元
24财年第三季Non-GAAP每股盈利：3.13美元，逊预期0.02美元
24财年第三季股息：埃森哲宣布每股1.29美元的季度股息，与之前一致。远期收益率1.81%；8月15日付息日；7月11日为股东登记日；7月11日为除息日。
24财年第三季指引：预计营收在160.5亿美元至166.5亿美元之间，而市场预期为166.5亿美元。24财年指引：以当地货币计算，预计收入增长1.5%至2.5%，此前预期为1%至3%，市场普遍预期为1.64%；预计外汇对美元业绩的影响将同比下降0.7%。
短评：埃森哲报告了较弱的业绩，但发布了强于预期的24年第四季度收入指引。今年迄今，该公司在生成式人工智能领域的销售额达到20亿美元，营收达到5亿美元，突显出其在人工智能领域的早期领导地位。生成式人工智能部门的新预订量环比增长了50%，24年第四季度的乐观前景表明，对其人工智能产品的需求持续强劲。该部门的增长速度超过了该公司的其他核心业务，尽管市场预期表明，随着企业支出趋于平稳，需求可能会放缓。24财年第四季度建议交易区间：280美元至360美元。积极前景。

Kroger Co. (KR)

1Q24 Revenue: $45.3B, +0.3% YoY, beat estimates by $180M
1Q24 Non-GAAP EPS: $1.43, beat estimates by $0.06
FY24 Guidance: The company reaffirms its FY24 guidance; expects identical sales without fuel to rise between 0.25% – 1.75%; Adjusted FIFO operating profit of $4.6bn to $4.8bn; Adjusted net earnings per diluted share of $4.30 – $4.50 vs consensus of $4.43; Adjusted FCF of $2.5bn to $2.7bn; Capex of $3.4bn to $3.6bn; Adjusted effective tax rate of 23%.
Comment: Kroger reported strong results, driven by the exceptional performance of its grocery business, which delivered significant value through affordable prices and personalized promotions during a time of heightened customer need. The company is seeing positive momentum among its most budget-conscious households and higher spending from its premium customers. However, Kroger indicated in its earnings call that it expects profitability pressures in its pharmacy business to persist into Q2 2024, leading to a decline in adjusted earnings per share for 2Q24. Challenges include availability issues with GLP-1 drugs and unexpected regulatory restrictions on other medications, which have increased costs and weighed on margins. While Kroger plans to continue paying a quarterly dividend and expects to increase it over time, it has paused its share buyback program to prioritize deleveraging following its proposed merger with Albertsons. 2Q24 recommended trading range: $45 to $55. Neutral Outlook.

克罗格 (KR)

24财年第一季营收：453亿美元，同比增幅0.3%，超预期1.8亿美元
24财年第一季Non-GAAP每股盈利：1.43美元，超预期0.06美元
24财年指引：公司重申其24财年指引；预计不含燃料的同款汽车销量将增长0.25%至1.75%；调整后的FIFO营业利润为46亿至48亿美元；调整后的摊薄每股净收益为4.30至4.50美元，而市场预期为4.43美元；调整后的自由现金流为25亿至27亿美元；资本支出34亿至36亿美元；调整有效税率为23%。
短评：克罗格公布了强劲的业绩，这得益于其食品杂货业务的卓越表现，该业务通过可承受的价格和个性化的促销活动，在客户需求增加的时候创造了巨大的价值。该公司在最注重预算的家庭中看到了积极的势头，高端客户的支出也在增加。然而，克罗格在财报电话会议上表示，预计其制药业务的盈利压力将持续到2024年第二季度，导致24年第二季度调整后每股收益下降。挑战包括GLP-1药物的供应问题，以及对其他药物的意外监管限制，这些都增加了成本，压低了利润率。虽然克罗格计划继续支付季度股息，并预计随着时间的推移会增加股息，但它已经暂停了股票回购计划，以优先考虑与Albertsons合并后的去杠杆化。24财年第二季度建议交易区间：45美元至50美元。中性前景。