KGI Research Singapore

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

Technical Analysis – 25 April 2024

United States | Singapore | Hong Kong | Earnings

General Mills, Inc. (GIS US)

  • Shares closed higher above the 5dEMA with increased volume. 5dEMA and 20dEMA recently crossed the 200dEMA.
  • MACD is positive, RSI is constructive.
  • Long – Entry 71.0, Target 75.0, Stop 69.0

Phillip Morris International Inc. (PM US)

A graph of stock market Description automatically generated
  • Shares closed at a high since July 2023 with a surge in volume.
  • MACD is positive, RSI at an overbought level.
  • Long – Entry 98.0, Target 104.0, Stop 95.0

^ Back To Top

Singapore Post Ltd. (SPOST SP)

A graph of stock market Description automatically generated
  • Shares closed at a high since Jan 2024 above the 200dEMA with a surge in volume. 5dEMA just crossed the 20dEMA and 50dEMA.
  • MACD just turned positive, RSI is at an overbought level.
  • Long – Entry 0.440, Target 0.480, Stop 0.420

DFI Retail Group Holdings Ltd (DFI SP)

A graph of stock market Description automatically generated
  • Shares closed higher above the 5dEMA with constructive volume.
  • MACD is about to turn positive, RSI is turning constructive.
  • Long – Entry 1.90, Target 2.06, Stop 1.82

^ Back To Top

Baidu Inc (9888 HK)

A graph of stock market Description automatically generated with medium confidence
  • Shares tested the 20dEMA and closed slightly below it.
  • RSI is constructive, while MACD is about to turn positive.
  • Long – Entry 97, Target 105, Stop 93
A line in a white background Description automatically generated

Alibaba Group Holding Ltd (9988 HK)

A graph of stock market Description automatically generated
  • Shares closed above the 50dEMA with rising volume. The 5dEMA is about to cross the 20dEMA.
  • RSI is constructive, while MACD is about to turn positive.
  • Long – Entry 71.8, Target 77.0, Stop 69.2

^ Back To Top

Boeing Co. (BA)

  • 1Q24 Revenue: $16.6B, -7.5% YoY, miss estimates by $620M
  • 1Q24 Non-GAAP EPS: -$1.13, beat estimates by $0.30
  • FY24 Guidance: No guidance provided, but expect slower production increases and deliveries of its 787 Dreamliners because of parts shortages.
  • Comment: Boeing’s financial results for the quarter presented a mixed picture. Following the incidents involving the 737 Max aircraft on January 5th, the company incurred a cash burn of nearly $4 billion in the first quarter of 2024. It anticipates continued cash burn in the second quarter as efforts to stabilize production lines persist. The Federal Aviation Administration’s restrictions on production increases, coupled with findings of noncompliance across Boeing’s supply chain post-Max incidents, have added to the challenges. Production of the 737 Max has decreased to below 38 jets per month, with this rate expected to continue through at least the first half of 2024. Deliveries have also slowed sharply in 1Q24, and are expected to slow in 2Q24, with the company focusing more on the safety and quality of their planes. Additionally, Boeing highlighted the impending finalization of the deal to acquire fuselage maker Spirit AeroSystems in the second quarter of 2024. 2Q24 recommended trading range: $135 to $175. Negative Outlook.

波音(BA)

  • 24财年第一季营收：166亿美元，同比跌幅7.5%，逊预期6.2亿美元
  • 24财年第一季Non-GAAP每股亏损：1.13美元，超预期0.30美元
  • 24财年指引：该公司没有提供指导，但由于零部件短缺，预计787梦想客机的产量增长和交付速度将放缓。
  • 短评：波音公司本季度的财务业绩喜忧参半。在1月5日涉及737 Max飞机的事件发生后，该公司在2024年第一季度消耗了近40亿美元的现金。该公司预计，由于稳定生产线的努力仍在继续，第二季度将继续烧钱。美国联邦航空管理局，加上Max事件后波音供应链发现的违规行为，都增加了挑战。737 Max的产量已降至每月38架以下，预计这一速度将至少持续到2024年上半年。由于该公司更加关注飞机的安全和质量，交付量在24年第一季度也大幅放缓，预计在24年第二季度也将放缓。此外，波音还强调了即将在2024年第二季度完成收购机身制造商Spirit AeroSystems的交易。24财年第二季度建议交易区间：135美至175美元。负面前景。

Meta Platforms, Inc (META)

  • 1Q24 Revenue: $36.46B, +27.3% YoY, beat estimates by $240M
  • 1Q24 GAAP EPS: $4.71, beat estimates by $0.39
  • 2Q24 Guidance: Expect revenue between $36.5bn and $39bn. FY24 Guidance: Anticipate FY2024 capital expenditures will be in the range of $35bn-40bn, increased from a prior range of $30bn-37bn; Expect total expenses this year of between $96bn and $99bn, tightening its previous forecast range of $94bn to $99bn.
  • Comment: Meta reported robust financial results but cautioned that expenses are anticipated to rise in FY24 due to substantial investments in artificial intelligence. The company witnessed a 7% YoY increase in “daily active people,” reaching 3.24bn, while ad impressions surged by 20% and ad revenue by nearly 27%, underscoring the resilience of its business model. However, the aggressive spending on AI contradicts the cost-cutting initiatives emphasized in FY23, as AI infrastructure and talent remain costly. Meta has been enhancing its ad-buying products with AI tools to drive earnings growth and integrating more AI features into its social media platforms, such as chat assistants. Nevertheless, it may take some time before Meta realizes any new revenue streams from its AI endeavors. The company’s shareprice is also currently bolstered by major tailwinds from TikTok, which might allow Meta to capture an estimated 22.5% to 27.5% of TikTok’s U.S. ad revenue. 2Q24 recommended trading range: $400 to $500. Neutral Outlook.

Meta平台(META)

  • 24财年第一季营收：364.6亿美元，同比增幅27.3%，超预期2.4亿美元
  • 24财年第一季GAAP每股盈利：4.71美元，超预期0.39美元
  • 24财年第二季指引：预计2024财年收入在365亿美元至390亿美元之间。24财年指引：预计2024财年资本支出将在350亿美元至400亿美元之间，高于之前的300亿美元至370亿美元；预计今年的总支出将在960亿美元至990亿美元之间，调高其此前940亿美元至990亿美元的预测范围。
  • 短评：Meta报告了强劲的财务业绩，但警告称，由于对人工智能的大量投资，预计24财年的支出将增加。该公司的“日活跃人数”同比增长7%，达到32.4亿人，而广告展示量飙升了20%，广告收入增长了近27%，突显了其商业模式的弹性。然而，在人工智能上的激进支出与23财年强调的成本削减计划相矛盾，因为人工智能基础设施和人才成本仍然很高。Meta一直在用人工智能工具增强其广告购买产品，以推动收益增长，并将更多人工智能功能整合到其社交媒体平台中，如聊天助手。然而，Meta可能需要一段时间才能从其人工智能的努力中实现任何新的收入来源。该公司的股价目前也受到TikTok的主要有利因素的提振，这可能使Meta获得TikTok美国广告收入的22.5%至27.5%。24财年第二季度建议交易区间：400美至500美元。中性前景。

International Business Machines Corp. (IBM)

  • 1Q24 Revenue: $14.46B, +1.5% YoY, miss estimates by $80M
  • 1Q24 Non-GAAP EPS: $1.68, beat estimates by $0.09
  • FY24 Guidance: Expect constant currency revenue growth consistent with its mid-single digit model; Expect about $12 billion in free cash flow in FY24.
  • Comment: International Business Machines Corp (IBM) reported a combination of results. Additionally, the company unveiled its plans to acquire cloud software provider HashiCorp for $35 per share in cash, marking a deal with an enterprise value of $6.4 billion, expected to be finalized by the end of FY24. HashiCorp, known for its expertise in assisting clients in managing the complexities of modern infrastructure and application sprawl, is poised to significantly enhance IBM’s offerings for customers operating hybrid clouds. The company’s performance in WatsonX and generative AI segments demonstrated strong momentum, with IBM committed to leveraging client enthusiasm and demand for enterprise AI solutions. However, consulting revenue fell short of expectations, attributed to a prolonged backlog duration due to extensive digital transformations and reduced revenue realization as clients exercise caution in discretionary spending amid prevailing high interest rates. 2Q24 recommended trading range: $160 to $185. Neutral Outlook.

国际商用机器(IBM)

  • 24财年第一季营收：144.6亿美元，同比增幅1.5%，逊预期8,000万美元
  • 24财年第一季Non-GAAP每股盈利：1.68美元，超预期0.09美元
  • 24财年指引：预计按货币计算的收入将保持中等个位数的增长模式；预计24财年自由现金流约为120亿美元。
  • 短评：IBM公布了一系列业绩。此外，该公司还公布了以每股35美元现金收购云软件提供商HashiCorp的计划，这意味着该交易的企业价值为64亿美元，预计将在24财年末完成。HashiCorp以其在帮助客户管理现代基础设施和应用程序扩展的复杂性方面的专业知识而闻名，它将显著增强IBM为运营混合云的客户提供的产品。该公司在沃森X和生成式人工智能领域的表现表现出强劲的势头，IBM致力于利用客户对企业人工智能解决方案的热情和需求。然而，咨询收入低于预期，原因是由于广泛的数字化转型导致积压时间延长，以及由于客户在当前的高利率下对可自由支配的支出持谨慎态度，导致收入实现减少。24财年第二季度建议交易区间：160美至185美元。中性前景。

Ford Motor Co. (F)

  • 1Q24 Revenue: $42.78B, +3.2% YoY, beat estimates by $1.31B
  • 1Q24 Non-GAAP EPS: $0.49, beat estimates by $0.05
  • FY24 Guidance: Expect EBIT in the higher end between the range of $10bn to $12bn; Expects FCF of $6.5bn to $7.5bn, compared with a previous figure of $6bn to $7bn; plans to achieve $2bn in cost reductions in areas like materials, freight, and manufacturing.
  • 1Q24 Dividend: Ford Motor declares $0.15/share quarterly dividend, in line with previous; Forward yield 4.63%; Payable June 3; for shareholders of record May 8; ex-div May 7.
  • Comment: Ford reported a strong set of results, bolstered by a strong performance in its commercial vehicle division and an increase in its hybrid vehicle sales. Ford’s commercial business, Ford Pro, generated an operating profit of $3.0bn, up from $1.4 billion a year earlier. With operating profit margin coming in at 16.7% for 1Q24, up 6.4pp YoY, it shows a sign that Ford’s telematics and service business is growing inside its new business segment. While the company saw improvements across its commercial business, the company recorded a US$1.3bn operating loss for its EV and software division as the EV industry saw a slowdown in demand. Hybrids will remain a top priority for Ford to ease customers into a battery-powered future, and the company aims to increase hybrid sales by 40% this year. The company’s cost cutting strategy is also likely to streamline Ford to better profitability going forward as well. 2Q24 recommended trading range: $12 to $15.0. Positive Outlook.

福特汽车(F)

  • 24财年第一季营收：427.8亿美元，同比增幅3.2%，超预期13.1亿美元
  • 24财年第一季Non-GAAP每股盈利：0.49美元，超预期0.05美元
  • 24财年指引：预计息税前利润将在100亿美元至120亿美元之间的高端区间；预计自由现金流为65亿至75亿美元，而此前的数据为60亿至70亿美元；计划在材料、货运和制造等领域实现20亿美元的成本削减。
  • 24财年第一季度股息：福特汽车宣布每股0.15美元的季度股息，与之前一致；远期收益率4.63%；6月3日为付息日；5月8日为股东登记日；5月7日为除息日。
  • 短评：福特公布了一系列强劲的业绩，这得益于其商用车部门的强劲表现和混合动力汽车销量的增长。福特的商业业务Ford Pro产生了30亿美元的营业利润，高于去年同期的14亿美元。福特第一季度的营业利润率为16.7%，同比增长6.4个百分点，这表明福特的远程信息处理和服务业务在其新业务领域正在增长。虽然该公司的商业业务有所改善，但由于电动汽车行业需求放缓，该公司的电动汽车和软件部门录得13亿美元的运营亏损。混合动力汽车仍将是福特的首要任务，以便让消费者轻松进入电池驱动的未来，该公司的目标是今年将混合动力汽车的销量提高40%。该公司的成本削减战略也可能使福特精简，以提高未来的盈利能力。24财年第二季度建议交易区间：12美至15美元。积极前景。

Lam Research Corp. (LRCX)

  • 3Q24 Revenue: $3.79B, -2.1% YoY, beat estimates by $60M
  • 3Q24 Non-GAAP EPS: $7.79, beat estimates by $0.49
  • 4Q24 Guidance: Revenue $3.8B vs. consensus of $3.78B, EPS $7.20 vs. consensus of $7.31.
  • Comment: Lam Research reported robust financial results, driven by heightened demand for its semiconductor manufacturing equipment tailored for artificial intelligence applications. The company emphasized its commitment to fortifying its leadership position and readiness to capitalize on substantial opportunities as its customers tackle the complexities of scaling semiconductors to meet the demanding power and speed specifications essential for AI advancement. However, given that a significant portion of the company’s revenue originates from the Chinese market, Lam Research may encounter challenges in its sales operations as the United States enforces stricter trade restrictions with China. 2Q24 recommended trading range: $800 to $950. Neutral Outlook.

拉姆研究(LRCX)

  • 24财年第三季营收：37.9亿美元，同比跌幅2.1%，超预期6,000万美元
  • 24财年第三季Non-GAAP每股盈利：7.79美元，超预期0.49美元
  • 24财年第四季指引：营收38亿美元，预期为37.8亿美元；每股收益7.20美元，预期为7.31美元。
  • 短评：拉姆研究公布了强劲的财务业绩，这得益于为人工智能应用量身定制的半导体制造设备需求增加。该公司强调，将致力于巩固其领导地位，并准备利用大量机会，因为其客户正在解决缩放半导体的复杂性，以满足人工智能发展所必需的苛刻的功率和速度规格。然而，鉴于该公司收入的很大一部分来自中国市场，随着美国对中国实施更严格的贸易限制，拉姆研究的销售业务可能会遇到挑战。24财年第二季度建议交易区间：800美至950美元。中性前景。

Back To Top