Technical Analysis – 26 November 2024

United States | Singapore | Hong Kong | Earnings

Affirm Holdings, Inc. (AFRM US)

• Shares closed at a 52-week high with more volume. 20dEMA is about to cross the 200wEMA.
  
• MACD is positive, RSI is at an overbought level.
  
• Long – Entry 66 Target 76, Stop 61
  

Docusign, Inc. (DOCU US)

• Shares closed at a 52-week high with more volume. 5wEMA recently crossed the 200wEMA.
  
• MACD is positive, RSI is at an overbought level.
  
• Long – Entry 83 Target 95 Stop 77
  

^ Back To Top

iFAST Corp Ltd. (IFAST SP)

• Shares closed higher above the 50dEMA with a surge in volume. 5dEMA just crossed the 200dEMA and is about to cross the 20dEMA.
  
• MACD just turned positive, RSI is constructive.
  
• Long – Entry 7.30, Target 7.90, Stop 7.00
  

Jardine Matheson Holdings Ltd (JM SP)

• Shares closed at a high since February 2024 with a surge in volume. 50dEMA recently crossed the 200dEMA.
  
• MACD is positive, RSI is at an overbought level.
  
• Long – Entry 43.40 Target 47.40, Stop 41.40
  

^ Back To Top

Sunny Optical Technology Group Co Ltd (2382 HK)

• Shares closed above the 5dEMA.
  
• Both RSI and MACD are constructive.
  
• Long – Entry 58.6, Target 64.0, Stop 55.9
  

Goldwind Science & Technology Co Ltd (2208 HK)

• Shares formed a bullish engulfing pattern and closed above the 5dEMA with an increase in volume.
  
• RSI is constructive, MACD is about to turn positive.
  
• Long – Entry 6.0, Target 6.6, Stop 5.7
  

^ Back To Top

Zoom Video Communications Inc (ZM)

• 3Q24 Revenue: $1.18B, +3.6% YoY, beat estimates by $17.5M
  
• 3Q24 Non-GAAP EPS: $1.38, beat estimates by $0.07
  
• 4Q24 Guidance: Expect revenue of $1.18B vs consensus of $1.17B and non-GAAP income from operations between $443M and $448M. Expect non-GAAP diluted EPS of $1.29 to $1.30 above consensus of $1.28.
  
• FY25 Guidance: Raise revenue forecast to $4.65B to $4.66B and non-GAAP diluted EPS of $5.41 to $5.43 above consensus of $4.64B and $5.35 respectively. Non-GAAP income from operations to be between $1.81B and $1.82B and full fiscal flow of $1.58B to $1.62B.
  
• Share buyback: Plan to expand its share repurchase plan by $1.2B, raising its total repurchase authorisation to $2B.
  
• Comment: In the third quarter, Zoom Communications delivered revenue growth of 3.6% YoY amounting to US$1.18bn and adjusted earnings of US$1.38 per share, surpassing expectations. Enterprise revenue rose 5.8% to US$699mn, with 3,995 customers contributing over US$100,000 annually. Consumer and small business churn improved to a record low of 2.7%, though revenue from the segment remained flat at US$479mn, reflecting ongoing challenges in retaining higher-margin customers. Zoom provided a Q4 sales forecast of US$1.18bn and adjusted earnings of US$1.29 to US$1.30 per share, slightly above analyst estimates. The company continues to expand its offerings for business customers, including phone systems, a contact center application, and AI assistants, with 59% growth in monthly active AI assistant users in Q3 and 1,250 customers adopting its contact center application. The company also announced a US$1.2bn increase to its share buyback program, bringing the total authorization to US$2bn. Zoom raised its FY25 revenue and profit forecasts, reflecting strong demand for its video conferencing software amid the shift to hybrid work and its integration of artificial intelligence. The company now projects revenue between US$4.65bn and US$4.66bn, slightly up from its prior estimate, and increased its adjusted earnings per share forecast to US$5.41 to US$5.43 from US$5.29 to US$5.32. Despite stiff competition from Microsoft Teams and Cisco Webex, Zoom continues to benefit from its enterprise client base and AI-driven features like meeting insights and task automation, introduced in an upgraded AI companion in October. While challenges remain in the consumer segment, the company’s focus on high-value enterprise clients, that adopted hybrid working models and expanding its product offerings should support steady long-term growth. 4Q24 recommended trading range: $80 to $95. Neutral Outlook.
  

Zoom视频通讯 (ZM)

• 24财年第三季营收：11.8亿美元，同比增幅3.6%，超预期1,750万美元
  
• 24财年第三季Non-GAAP每股盈利：1.38美元，超预期0.07美元。
  
• 24财年第四季指引：预计收入为11.8亿美元，而市场预期为11.7亿美元，非Non-GAAP运营收入在4.43亿美元至4.48亿美元之间。预计Non-GAAP摊薄每股收益为1.29美元至1.30美元，高于市场预期的1.28美元。
  
• 25财年指引：将收入预测上调至46.5亿美元至46.6亿美元，Non-GAAP摊薄每股收益为5.41美元至5.43美元，高于46.4亿美元和5.35美元的共识。Non-GAAP运营收入在18.1亿美元至18.2亿美元之间，完整财政流量为15.8亿美元至16.2亿美元。
  
• 股票回购：计划将其股票回购计划扩大12亿美元，将其总回购授权提高至20亿美元。
  
• 短评：在第三季度，Zoom实现收入同比增长3.6%，达到11.8亿美元，调整后每股收益为1.38美元，超出预期。企业收入增长5.8%，达到6.99亿美元，3,995家客户每年贡献超过10万美元。消费者和小企业的流失率降至2.7%的历史最低水平，但该部门的收入保持在4.79亿美元，反映出在留住高利润客户方面面临的持续挑战。Zoom预计第四季度销售额为11.8亿美元，调整后每股收益为1.29美元至1.30美元，略高于分析师预期。该公司继续扩大其为企业客户提供的产品，包括电话系统、联络中心应用程序和人工智能助理，第三季度月度活跃人工智能助理用户增长59%，1,250名客户采用其联络中心应用程序。该公司还宣布将其股票回购计划增加12亿美元，使授权总额达到20亿美元。Zoom上调了其25财年收入和利润预测，反映出在企业转向混合工作和整合人工智能的背景下，对其视频会议软件的强劲需求。该公司目前预计收入在46.5亿美元至46.6亿美元之间，略高于此前的预期，并将调整后每股收益预期从5.29美元至5.32美元上调至5.41美元至5.43美元。尽管来自微软Teams和思科Webex的激烈竞争，Zoom仍继续受益于其企业客户群和人工智能驱动的功能，如会议洞察和任务自动化，这是10月份升级的人工智能伴侣中引入的。尽管消费者市场仍然存在挑战，但该公司对高价值企业客户的关注，采用混合工作模式和扩大其产品供应，应该会支持稳定的长期增长。24财年第四季度建议交易区间：80至95美元。中性前景。