Technical Analysis – 24 October 2024

United States | Singapore | Hong Kong | Earnings

Dominion Energy Inc. (D US)

• Shares closed at a 52-week high.
  
• MACD is positive, RSI is constructive.
  
• Long – Entry 60.5 Target 64.5, Stop 58.5
  

United States Steel Corp. (X US)

• Shares closed at a high since August 2024. 5dEMA just crossed the 200dEMA and the 20dEMA just crossed the 50dEMA.
  
• MACD is positive, RSI is constructive.
  
• Long – Entry 39.0 Target 42.0, Stop 37.5
  

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Propnex Ltd. (PROP SP)

• Shares closed at a high since August 2024 with a surge in volume. 5dEMA just crossed the 20dEMA and 50dEMA.
  
• MACD is positive, RSI is constructive.
  
• Long – Entry 0.810, Target 0.870, Stop 0.780
  

Bumitama Agri Ltd. (BAL SP)

• Shares closed at a high since April 2024 with a surge in volume.
  
• MACD just turned positive, RSI is at an overbought level.
  
• Long – Entry 0.770 Target 0.830, Stop 0.740
  

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China Longyuan Power Group Corp Ltd (916 HK)

• Shares closed higher above the 5dEMA with a surge in volume. 20dEMA just crossed the 200dEMA.
  
• MACD just turned positive, RSI is constructive.
  
• Long – Entry 7.10, Target 7.90, Stop 6.70
  

Goldwind Science & Technology Co Ltd (2208 HK)

• Shares closed above the 5dEMA with a surge in volume.
  
• MACD just turned positive, RSI is constructive.
  
• Long – Entry 7.10, Target 7.90, Stop 6.70
  

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The Boeing Co. (BA)

• 3Q24 Revenue: $17.84B, -1.4% YoY, miss estimates by $100M
  
• 3Q24 Non-GAAP EPS: -10.44$, miss estimates by $1.62
  
• FY24 Guidance: No guidance provided.
  
• Comment: Boeing delivered disappointing results, marking its largest quarterly loss since 2020. The company had previously warned of multi-billion-dollar charges related to problematic projects. Management acknowledged that Boeing is expected to continue burning cash over the next three quarters, with plans to turn cashflow positive by the second half of 2025. In the first nine months of 2024 alone, the company burned through over $10 billion. Boeing is also awaiting a crucial vote from its machinists union, which could either end or prolong the strike that has halted most production. Even if the strike ends, restarting production will take time, and it remains uncertain when Boeing will reach its target of producing 38 737 jets per month. 4Q24 recommended trading range: $140 to $165. Negative Outlook.
  

波音 (BA)

• 24财年第三季营收：178.4亿美元，同比跌幅1.4%，逊预期1.0亿美元
  
• 24财年第三季Non-GAAP每股亏损：10.44美元，逊预期1.62美元
  
• 24财年指引：不提供指引。
  
• 短评：波音公司公布了令人失望的业绩，这是自2020年以来最大的季度亏损。该公司此前曾警告称，与问题项目有关的费用高达数十亿美元。管理层承认，预计波音将在未来三个季度继续烧钱，并计划在2025年下半年之前实现现金流为正。仅在2024年的前9个月，该公司就烧掉了100多亿美元。波音公司还在等待其机械师工会的关键投票，这可能会结束或延长导致大部分生产停止的罢工。即使罢工结束，重新开始生产也需要时间，波音公司何时能达到每月生产38架737飞机的目标仍不确定。24财年第四季度建议交易区间：140至165美元。负面前景。
  

Coca-Cola Co. (KO)

• 3Q24 Revenue: $11.9B, -0.8% YoY, beat estimates by $290M
  
• 3Q24 Non-GAAP EPS: $0.77, beat estimates by $0.02
  
• 4Q24 Guidance: Expect comparable Non-GAAP net revenue to include an approximate 4% currency headwind and including the impact of hedged positions, in addition to a 4% to 5% headwind from acquisitions, divestitures and structural changes. FY24 Guidance: Expect a 4% to 5% headwind from acquisitions, divestitures and structural changes; expects comparable Non-GAAP EPS growth of 5% to 6% vs $2.69 in 2023; expects to generate free cash flow excluding the IRS tax litigation deposit of approx. $9.2bn.
  
• Comment: Coca-Cola delivered stronger-than-expected results and is now targeting the upper end of its 2024 organic sales forecast, driven by robust demand for its premium-priced sodas and juices in the U.S. North American revenue surged by 12%, while the Asia-Pacific region saw a 4% decline due to weak demand in China and the ongoing conflict in the Middle East, which contributed to a 7% drop in revenue across Europe, the Middle East, and Africa. The company raised its average selling price by 10% in the third quarter, and saw unit case volumes decreased by 1%. To attract consumers and spur growth, Coca-Cola has been experimenting with different packaging sizes. The company expects to continue raising prices, albeit at a slower pace as inflation eases, which could further pressure volumes as consumers’ budgets are stretched. On the contrary, rival company PepsiCo noted previously that price hikes and higher borrowing costs are weighing on consumer spending. 4Q24 recommended trading range: $64 to $72. Neutral Outlook.
  

可口可乐 (KO)

• 24财年第三季营收：119亿美元，同比跌幅0.8%，超预期2.9亿美元
  
• 24财年第三季Non-GAAP每股盈利：0.77美元，超预期0.02美元
  
• 24财年第四季指引：预计可比Non-GAAP净收入将包括约4%的汇率不利因素和对冲头寸的影响，以及收购、资产剥离和结构变化带来的4%至5%的利空因素。24财年指引：预计收购、资产剥离和结构变化将带来4%至5%的阻力；预计Non-GAAP每股收益将增长5%至6%，而23财年为2.69美元；预计将产生自由现金流，不包括国税局税务诉讼存款约92亿美元。
  
• 短评：可口可乐的业绩好于预期，目前正将2024年有机销售预测的上限定为目标，这得益于美国对其高端苏打水和果汁的强劲需求。北美地区的收入增长了12%，而亚太地区的收入下降了4%，原因是中国需求疲软以及中东地区持续的冲突，导致欧洲、中东和非洲的收入下降了7%。该公司在第三季度将其平均售价提高了10%，而单位箱销量下降了1%。为了吸引消费者和刺激增长，可口可乐一直在尝试不同的包装尺寸。该公司预计将继续提高价格，尽管随着通胀缓解，提价速度会放缓。由于消费者预算紧张，这可能会进一步给销量带来压力。相反，其竞争对手百事可乐此前指出，价格上涨和借贷成本上升正在给消费者支出带来压力。24财年第四季度建议交易区间：64至72美元。中性前景。
  

Boston Scientific Corp. (BSX)

• 3Q24 Revenue: $4.21B, +19.3% YoY, beat estimates by $170M
  
• 3Q24 Non-GAAP EPS: $0.63, beat estimates by $0.04
  
• 4Q24 Guidance: Expect net sales growth to be in the range of approx. 16.5% to 18.5% on a reported basis, and 14% to 16% on an organic basis; expects GAAP EPS to be in a range of $0.41 to $0.43 and adjusted EPS to be in a range of $0.64 to $0.66 vs consensus of $0.64. FY24 Guidance: Expect net sales growth to be approx. 16.5% on a reported basis and 15% on an organic basis; Expect GAAP EPS to be in a range of $1.28 to $1.30 and adjusted EPS to be in a range of $2.45 to $2.47 vs consensus of $2.41.
  
• Comment: Boston Scientific delivered strong results, driven by robust demand for its cardiac implants, and provided optimistic guidance for the rest of the year. The company achieved solid sales growth across key markets, with U.S. sales surging by 23.5%, and EMEA and APAC regions reporting growth of 15.2% and 12.1%, respectively. During the quarter, Boston Scientific received FDA approval for the FARAWAVE™ NAV Ablation Catheter and a CE mark for the ACURATE Prime™ Aortic Valve System, further strengthening its product portfolio. The company also completed the acquisition of Silk Road Medical, Inc., enhancing its capabilities in stroke prevention technologies. Momentum continues to build, supported by a strong product pipeline, clinical evidence, and effective commercial execution, positioning Boston Scientific well for long-term success. Separately, the company the company also temporarily paused a key heart equipment study due to unexpected events. 4Q24 recommended trading range: $82 to $97. Positive Outlook.
  

波士顿科学 (BSX)

• 24财年第三季营收：42.1亿美元，同比增幅19.3%，超预期1.7亿美元
  
• 24财年第三季Non-GAAP每股盈利：0.63美元，超预期0.04美元
  
• 24财年指引：在报告基础上预计净销售增长将在大约16.5%至18.5%，在有机基础上增长为14%至16%；预计GAAP每股收益将在0.41美元至0.43美元之间，调整后每股收益将在0.64美元至0.66美元之间，而市场预期为0.64美元。24财年指引：按报告基础计算预计净销售增长约为16.5%，按有机基础计算增长为15%；预计GAAP每股收益将在1.28美元至1.30美元之间，调整后的每股收益将在2.45美元至2.47美元之间，而市场预期为2.41美元。
  
• 短评：由于市场对其心脏植入物的强劲需求，波士顿科学公司发布了强劲的业绩，并对今年剩余时间提供了乐观的指导。该公司在主要市场实现了稳健的销售增长，其中美国销售额飙升23.5%，EMEA和APAC地区分别增长15.2%和12.1%。在本季度，波士顿科学公司获得了FDA批准的FARAWAVE™ NAV消融导管和ACURATE Prime™主动脉瓣系统的CE标志，进一步加强了其产品组合。该公司还完成了对丝绸之路医疗公司的收购，增强了其在中风预防技术方面的能力。在强大的产品线、临床证据和有效的商业执行的支持下，势头继续增强，波士顿科学公司将取得长期成功。另外，公司还因突发事件暂时暂停了公司一项关键心脏设备的研究。24财年第四季度建议交易区间：82至97美元。积极前景。
  

General Dynamics Corp. (GD)

• 3Q24 Revenue: $11.7B, +10.4% YoY, miss estimates by $60M
  
• 3Q24 GAAP EPS: $3.35, miss estimates by $0.16
  
• FY24 Guidance: No guidance provided.
  
• Comment: General Dynamics reported higher earnings and revenue for the third quarter of 2024, driven by strong demand for its Gulfstream aircraft and the defense segment’s combat systems. However, results still fell short of market expectations. Despite this, demand across the company’s portfolio remains robust. Gulfstream delivered 28 aircraft during the quarter, including 24 large-cabin models, four of which were G700s, compared to 27 deliveries in the same period last year, with 22 being large-cabin aircraft. The defense segment, particularly the combat-systems division, secured notable contracts, including $885mn for munitions and ordnance, and $465mn for two U.S. Army contracts to produce 155-millimeter artillery projectile metal parts. As global defense spending rises amid ongoing conflicts and geopolitical tensions, the company’s defense segment is well-positioned for continued growth. 4Q24 recommended trading range: $280 to $340. Positive Outlook.
  

通用动力 (GD)

• 24财年第三季营收：117亿美元，同比增幅10.4%，逊预期6,000万美元
  
• 24财年第三季GAAP每股盈利：3.35美元，逊预期0.16美元
  
• 24财年指引：不提供指引。
  
• 短评：通用动力公司公布了2024年第三季度更高的收益和收入，这得益于对其湾流飞机和国防部分作战系统的强劲需求。然而，业绩仍不及市场预期。尽管如此，该公司产品组合的需求依然强劲。湾流本季度交付了28架飞机，其中包括24架大客舱机型，其中4架是G700，而去年同期交付了27架飞机，其中22架是大客舱飞机。国防部门，特别是作战系统部门，获得了引人注目的合同，包括8.85亿美元的弹药和军械合同，以及4.65亿美元的两份美国陆军合同，生产155毫米火炮弹丸金属部件。在持续的冲突和地缘政治紧张局势中，全球国防开支不断上升，该公司的国防部门处于持续增长的有利地位。24财年第四季度建议交易区间：280至340美元。积极前景。
  

Tesla Inc. (TSLA)

• 3Q24 Revenue: $25.18B, +7.8% YoY, miss estimates by $490M
  
• 3Q24 Non-GAAP EPS: $0.72, beat estimates by $0.12
  
• FY24 Guidance: No financial guidance provided.
  
• Comment: Tesla posted earnings that exceeded expectations, though revenue fell slightly short. Automotive revenue rose 2% to $20bn, compared to $19.63bn in the same period last year, and has remained relatively flat since late 2022. Energy generation and storage revenue surged by 52% to $2.38bn, while services and other revenue, which includes non-warranty vehicle repairs, climbed 29% to $2.79bn. Profit margins benefited from $739 mn in automotive regulatory credit revenue for the quarter. Management indicated that vehicle growth could reach 20% to 30% next year, driven by “lower cost vehicles” and advancements in autonomous driving technology. The market had anticipated a 15% increase in deliveries to approximately 2.04mn vehicles in 2024. Tesla also outlined plans to eventually produce 2mn Cybertrucks annually and launch driverless ride-hailing services as early as 2025 in Texas, with California likely to follow. Despite macroeconomic challenges, the company expects modest growth in vehicle deliveries in 2024 and reaffirmed its goal of introducing more affordable models in the first half of 2025. Tesla also continues to face growing competition, particularly from Chinese automakers like BYD. 4Q24 recommended trading range: $225 to $270. Positive Outlook.
  

特斯拉 (TSLA)

• 24财年第三季营收：251.8亿美元，同比增幅7.8%，逊预期4.9亿美元
  
• 24财年第三季Non-GAAP每股盈利：0.72美元，超预期0.12美元
  
• 24财年指引：不提供财务指引。
  
• 短评：特斯拉公布的收益超出预期，但营收略低于预期。汽车收入增长2%，至200亿美元，而去年同期为196.3亿美元，自2022年底以来一直保持相对平稳。能源生产和存储收入增长52%，达到23.8亿美元，而服务和其他收入（包括非保修车辆维修）增长29%，达到27.9亿美元。利润率得益于本季度7.39亿美元的汽车监管信贷收入。管理层表示，在“低成本汽车”和自动驾驶技术进步的推动下，明年的汽车增长率可能达到20%至30%。市场预计到2024年交付量将增长15%，达到约204万辆。特斯拉还概述了最终每年生产200万辆赛博卡车的计划，并最早于2025年在德克萨斯州推出无人驾驶叫车服务，加州可能会紧随其后。尽管面临宏观经济挑战，但该公司预计2024年汽车交付量将适度增长，并重申其在2025年上半年推出更多经济实惠车型的目标。特斯拉还面临着日益激烈的竞争，尤其是来自比亚迪等中国汽车制造商的竞争。24财年第四季度建议交易区间：225至270美元。积极前景。
  

Lam Research Corp. (LRCX)

• 1Q25 Revenue: $4.17B, +19.8% YoY, beat estimates by $110M
  
• 1Q25 GAAP EPS: $0.86, beat estimates by $0.06
  
• 2Q25 Guidance: Expect revenue to be approx. $4.30bn (+- $300mn), vs consensus of $4.25bn; Expect gross margin as a pe4rcentage of revenue to be approx. 46.9% (+-1%); Expect Non-GAAP EPS to be approx. $0.87 (+-$0.10), vs consensus of $0.85.
  
• Comment: Lam Research reported a strong set of results and provided an optimistic outlook for 2Q25, as chipmakers ordered more of its equipment used to manufacture semiconductors for artificial intelligence applications. Businesses across sectors have been racing to incorporate AI capabilities after OpenAI’s ChatGPT caught the attention of consumers and investors alike, benefiting companies like Lam Research. The AI boom has also helped chipmakers cushion a post-pandemic downturn in demand for personal computers and smartphones. Management continues to be optimistic on the company’s strong execution. Looking forward, the company thinks that etch and deposition are fundamental to enabling the next generation of semiconductors. The commencement of interest rates cuts is also likely to spur consumption level and businesses who has yet to hop onto the AI trend starts adopting the use of AI, benefitting Lam Research. 2Q25 recommended trading range: $70 to $90. Positive Outlook.
  

拉姆研究 (LRCX)

• 25财年第一季营收：41.7亿美元，同比增幅19.8%，超预期1.1亿美元
  
• 25财年第一季GAAP每股盈利：0.86美元，超预期0.06美元
  
• 25财年第二季指引：预计收入约为43亿美元（正负3亿美元），而市场预期为42.5亿美元；预计毛利率占收入的百分比约为46.9% (正负1%)；预计Non-GAAP每股收益约为0.87美元（正负0.10美元），市场预期为0.85美元。
  
• 短评：拉姆研究公布了一系列强劲的业绩，并对25年第二季度的前景表示乐观，因为芯片制造商订购了更多用于制造用于人工智能应用的半导体的设备。在OpenAI的ChatGPT引起了消费者和投资者的注意之后，各行各业的企业都在竞相整合人工智能功能，这让拉姆研究等公司受益。人工智能的繁荣还帮助芯片制造商缓冲了疫情后个人电脑和智能手机需求的低迷。管理层继续对公司强大的执行力持乐观态度。展望未来，该公司认为蚀刻和沉积是实现下一代半导体的基础。随着利率下调的开始，消费水平也会上升，尚未进入人工智能趋势的企业也会开始使用人工智能，林氏研究将从中受益。25财年第二季度建议交易区间：70至90美元。积极前景。
  

International Business Machines Corp (IBM)

• 3Q24 Revenue: $14.97B, +1.5% YoY, miss estimates by $110M
  
• 3Q24 Non-GAAP EPS: $2.30, beat estimates by $0.07
  
• 4Q24 Guidance: Expect revenue growth to be consistent with 3Q24 in constant currency; at current foreign exchange rates, currency is expected to be about a half-point headwind to revenue growth in the quarter. The company continues to expect more than $12bn in free cash flow for FY24.
  
• Comment: IBM reported higher revenue for the third quarter of 2024, as strong demand for artificial intelligence helped offset weakness in its consulting business. The company’s generative AI book of business has surpassed $3bn, up over $1 bn from the previous quarter, with about 20% of that tied to software solutions and the rest driven by consulting services. Management remains optimistic about the growth potential of IBM’s AI division. However, software and AI gains were tempered by flat consulting revenue and lower sales in the infrastructure segment. The consulting environment has been pressured as clients reprioritize budgets and cut back on short-term discretionary projects. Looking ahead, IBM believes its early adoption of AI-based consulting will position the company for long-term success. 4Q24 recommended trading range: $205 to $245. Neutral Outlook.
  

国际商用机器 (IBM)

• 24财年第三季营收：149.7亿美元，同比增幅1.5%，逊预期1.1亿美元
  
• 24财年第三季Non-GAAP每股盈利：2.30美元，超预期0.07美元
  
• 24财年第四季指引：按固定汇率计算，预计收入增长与第三季度保持一致；按照目前的汇率，预计汇率将对该季度营收增长造成约0.5个百分点的不利影响。该公司继续预计2024财年自由现金流将超过120亿美元。
  
• 短评：由于对人工智能的强劲需求帮助抵消了其咨询业务的疲软，IBM公布了2024年第三季度的收入增长。该公司的生成式人工智能业务已超过30亿美元，比上一季度增加了10多亿美元，其中约20%与软件解决方案有关，其余则由咨询服务驱动。管理层对IBM人工智能部门的增长潜力仍持乐观态度。然而，软件和人工智能的增长受到咨询收入持平和基础设施部门销售额下降的影响。随着客户重新调整预算的优先顺序，减少短期可自由支配的项目，咨询环境受到了压力。展望未来，IBM相信尽早采用基于人工智能的咨询将使公司取得长期成功。24财年第四季度建议交易区间：205至245美元。中性前景。
  

Las Vegas Sands Corp. (LVS)

• 3Q24 Revenue: $2.68B, -4.3% YoY, miss estimates by $110M
  
• 3Q24 GAAP EPS: $0.44, miss estimates by $0.09
  
• 4Q24 Guidance: No guidance provided.
  
• Comment: Las Vegas Sands reported lower revenue for the third quarter, citing ongoing development at The Londoner Macao and weaker-than-expected performance in Singapore. Management noted that while Macao visitation remains below pre-pandemic levels, recovery is progressing. The company’s long-term investment strategy to boost Macao’s appeal as a global business and leisure tourism destination positions it well as travel and tourism spending rebounds. In Singapore, results at Marina Bay Sands (MBS) were impacted by low hold, but the property continues to deliver strong financial and operational performance. MBS’s new suite offerings and enhanced services are expected to drive growth as tourism spending in Asia increases. Looking ahead, Las Vegas Sands is set to invest $8bn in the expansion of Marina Bay Sands, called “Marina Bay Sands IR2.” This expansion aims to establish a new ultra-luxury resort destination, further enhancing Singapore’s appeal as a hub for high-value leisure and business tourism. The company plans to cover 25-35% of the project cost, with the remaining 65-75% funded through project financing. 4Q24 recommended trading range: $46 to $58. Neutral Outlook.
  

金沙集团 (LVS)

• 24财年第三季营收：26.8亿美元，同比跌幅4.3%，逊预期1.1亿美元
  
• 24财年第三季GAAP每股盈利：0.44美元，逊预期0.09美元
  
• 24财年第四季指引：不提供指引。
  
• 短评：拉斯维加斯金沙集团公布第三季度营收下降，原因是澳门伦敦人酒店（the Londoner Macao）正在进行开发，而新加坡的业绩低于预期。管理层指出，虽然澳门的游客人数仍低于大流行前的水平，但复苏正在取得进展。该公司的长期投资战略是提升澳门作为全球商业和休闲旅游目的地的吸引力，使其在旅游和旅游支出反弹之际处于有利地位。在新加坡，滨海湾金沙（MBS）的业绩受到低持有量的影响，但该物业继续提供强劲的财务和运营业绩。随着亚洲旅游消费的增长，MBS的新套房产品和增强的服务预计将推动增长。展望未来，拉斯维加斯金沙集团将投资80亿美元扩建滨海湾金沙集团，名为“滨海湾金沙IR2”。此次扩建旨在建立一个新的超豪华度假胜地，进一步提升新加坡作为高价值休闲和商务旅游中心的吸引力。该公司计划承担项目成本的25-35%，其余65-75%通过项目融资提供资金。24财年第四季度建议交易区间：46至58美元。中性前景。