Technical Analysis – 26 October 2023

United States | Singapore | Hong Kong | Earnings

Nordic American Tankers Ltd (NAT US)

Shares closed higher above the 5dEMA with a jump in volume.
MACD is constructive, while RSI is at an overbought level.
Long – Entry 4.42, Target 4.78, Stop 4.24

Teekay Tankers Ltd TNK US)

Shares closed above the 5wEMA with an incline in volume.
RSI is constructive and MACD is positive.
Long – Entry 47.0, Target 52.0, Stop 44.5

First Resources Ltd (FR SP)

Shares closed above the 20dEMA with an increase in volume.
RSI is constructive, while MACD is negative.
Long – Entry 1.46, Target 1.56 Stop 1.41

Genting Singapore Ltd (GENS SP)

Shares closed above the 20dEMA with a jump in volume. The 5dEMA is about to cross the 20dEMA.
Both MACD and RSI are constructive.
Long – Entry 0.84 Target 0.88 Stop 0.82

Wynn Macau Ltd (1128 HK)

Shares closed above the 5dEMA with rising volume.
RSI is constructive, while MACD is negative.
Long – Entry 7.0, Target 7.4, Stop 6.8

MGM China Holdings Ltd (2282 HK)

Shares closed above the 5dEMA with an increase in volume.
RSI is constructive, while MACD is negative.
Long – Entry 9.58, Target 10.06, Stop 9.34

Boeing Co (BA)

3Q23 Revenue: $18.1B, +13.4% YoY, miss estimates by $200M
3Q23 Non-GAAP EPS: -$3.26, miss estimates by $0.65
FY23 Guidance: Reaffirm guidance of $4.5bn-$6.5bn of operating cash flow and $3.0-$5.0bn of free cash flow (non-GAAP). Still expect to deliver 70-80 units of 787 and now expect to deliver 375-400 units of 737 airplanes.
Comment: Boeing announced that it will deliver fewer 737 Max aircraft than previously anticipated in 2023 due to production issues related to fuselage misdrilled holes. The company now expects to hand over between 375 and 400 of these planes, down from the earlier estimate of 400 to 450. Despite these problems, Boeing maintained its expectations for 2023 free cash flow at $3bn to $5bn. The production issues are due to misdrilled holes in fuselages, which are manufactured by Spirit AeroSystems. With a current total company backlog of $469bn, consisting of over 5,100 commercial planes, Boeing is working to increase plane output to meet post-pandemic air travel demand. Additionally Boeing Defence and Space (BDS) had noted a decline in margin due to additional costs incurred from deliveries. BDS has a backlog of $58bn and continued to book orders in Q3, as demand remains robust in this current threat environment, the company expects to stabalise its production system and continue to innovate. Boeing Global Services continued to deliver double digit margins with a mix of commercial and government businesses, received new orders and has a backlog of $18bn. We believe that the current quarter would be crucial to rectify Boeings bottlenecks in its production as well as supply issues in order to meet production expectations and improve customer confidence. 4Q23 recommended trading range: $165 to $185. Neutral Outlook.

波音 (BA)

23财年第三季营收：181亿美元, 同比增幅13.4%，逊预期2.0亿美元
23财年第三季Non-GAAP每股亏损：3.26美元，超预期0.65美元
23财年指引：重申经营现金流预期为45亿至65亿美元，Non-GAAP自由现金流预期为30亿至50亿美元。仍然预计交付70至80架787飞机，现在预计交付375至400架737飞机。
短评：波音公司宣布，由于与机身钻错孔有关的生产问题，2023年交付的737 Max飞机将少于此前的预期。该公司现在预计将交付375到400架这样的飞机，低于早先估计的400到450架。尽管存在这些问题，波音仍将2023年自由现金流预期维持在30亿至50亿美元。生产问题是由于机身上的钻孔错误，这是由Spirit航空系统公司制造的。波音公司目前的积压订单总额为4,690亿美元，包括5,100多架商用飞机，波音正在努力增加飞机产量，以满足疫情后的航空旅行需求。此外，波音防务与航天公司(BDS)指出，由于交付产生的额外成本，利润率有所下降。BDS积压了580亿美元的订单，并在第三季度继续获得订单，由于在当前威胁环境下需求仍然强劲，该公司预计将稳定其生产系统并继续创新。波音全球服务(Boeing Global Services)继续实现两位数的利润率，包括商业和政府业务，收到了新订单，积压订单达180亿美元。我们认为，当前季度对于纠正波音的生产瓶颈和供应问题至关重要，以满足生产预期并提高客户信心。23财年第四季度建议交易区间：165美元至185美元。中性前景。

Meta Platforms Inc (META)

3Q23 Revenue: $34.15B, +23.2% YoY, beat estimates by $700M
3Q23 GAAP EPS: $4.39, beat estimates by $0.76
4Q23 Guidance: Total revenue of $36.5B-$40B (vs. consensus for $38.87B), assuming a foreign currency tailwind of 2% based on current rates. And for FY23, it’s reducing its forecast for total expenses to $87B-$89B from a previous range of $88B-$91B. The company also expects Reality Labs operating losses to increase YoY in 2023.
Comment: Meta Platforms reported upbeat Q3 revenue but highlighted uncertainty in the macroeconomic environment that could impact revenue in 2024. In its family of apps the daily active people rose 7% to 3.14bn above expectations of 3.09bn and its family monthly active people rose 7% to 3.96bn. The company is facing challenges as it navigates between spending heavily on future technologies like artificial intelligence and virtual reality while ensuring its core digital advertising business continues to grow. Meta warned of potential macro uncertainties that could translate to softer spending which will affect revenue. It also announced plans for significant spending in 2024, primarily on AI infrastructure and talent. Despite incurring losses of over $37bn since 4Q20 when it became a separate reporting segment within Meta’s financials, the company is continuing to invest in its virtual reality division known as Reality Labs. With Apply releasing its mixed reality headset in FY24, Meta is positioning its Quest headsets at a more affordable price for people to experience VR. However, the success of its VR and AR are highly dependant on the public’s acceptance. 4Q23 recommended trading range: $280 to $320. Neutral Outlook.

META平台 (META)

23财年第三季营收：341.5亿美元, 同比增幅23.2%，超预期7.0亿美元
23财年第三季GAAP每股盈利：4.39美元，超预期0.76美元
23财年指引：假设基于当前汇率的2%的利好因素，总收营收为365亿至400亿美元（市场预期为388.7亿美元）。对于23财年，该公司将其总支出预测从此前的880亿至910亿美元下调至870亿至890亿美元。该公司还预计，到2023年Reality Labs的运营亏损将同比增加。
短评：Meta平台报告了乐观的第三季度收入，但强调了宏观经济环境的不确定性，这可能会影响2024年的收入。在其应用系列中，日活跃用户增长了7%，达到31.4亿人，高于预期的30.9亿人，而月活跃用户增长了7%，达到39.6亿人。该公司正面临挑战，一方面要在人工智能和虚拟现实等未来技术上大举投资，另一方面要确保其核心数字广告业务继续增长。Meta警告称，潜在的宏观不确定性可能导致支出疲软，从而影响收入。该公司还宣布了2024年的重大支出计划，主要用于人工智能基础设施和人才。尽管自20年第四季度成为Meta财务报告的一个独立部门以来，该公司已亏损超过370亿美元，但该公司仍在继续投资其名为reality Labs的虚拟现实部门。随着Apply在2024财年发布混合现实头显，Meta将其Quest头显定位为更实惠的价格，让人们体验VR。然而，其VR和AR的成功高度依赖于公众的接受程度。23财年第四季度建议交易区间：280美元至320美元。中性前景。

International Business Machines Corp (IBM)

3Q23 Revenue: $14.8B, +5.0% YoY, beat estimates by $70M
3Q23 Non-GAAP EPS: $2.20 beat estimates by $0.07
FY23 Guidance: Free cash flow at about $10.5B, above the $9.93B estimate and up $1B from a year ago. Revenue is expected to be up between 3% and 5% YoY in constant currency.
Comment: IBM reported better-than-expected third-quarter results with earnings and revenue beating expectations. Consulting revenue rose 6% YoY to $5bn, while infrastructure revenue fell 2.4% YoY to $3.3bn. Financing revenue rose 6.9% to $200mn. Despite some challenges in the consulting division due to cost-cutting measures by clients, IBM is confident in its consulting services and reiterated guidance for the full year, anticipating revenue growth and strong performance in the fourth quarter. During the quarter, IBM also made strides in artificial intelligence with the release of Granite generative AI models and investments in AI startup Hugging Face. With clients looking to reduce costs, they are spending less on discretionary consultancy projects. However, the introduction of generative AI into its systems, its clients will be able to better streamline processes and improve productivity. 4Q23 recommended trading range: $135 to $150. Positive Outlook.

国际商用机器 (IBM)

23财年第三季营收：148亿美元, 同比增幅5.0%，超预期7,000万美元
23财年第三季Non-GAAP每股盈利：2.20美元，超预期0.07美元
23财年指引：自由现金流约为105亿美元，高于99.3亿美元的预期，比去年同期增加了10亿美元。按固定汇率计算，营收预计将同比增长3%至5%。
短评：IBM公布了好于预期的第三季度业绩，收益和收入均超出预期。咨询收入同比增长6%至50亿美元，而基础设施收入同比下降2.4%至33亿美元。融资收入增长6.9%，至2亿美元。尽管由于客户削减成本的措施，咨询部门面临一些挑战，但IBM对其咨询服务充满信心，并重申了全年指导，预计第四季度的收入增长和强劲表现。本季度，IBM还在人工智能领域取得了长足进步，发布了Granite生成式人工智能模型，并投资了人工智能初创公司hugs Face。由于客户希望降低成本，他们减少了在可自由支配的咨询项目上的支出。然而，将生成式人工智能引入其系统后，其客户将能够更好地简化流程并提高生产率。23财年第四季度建议交易区间：135美元至150美元。积极前景。

KLA Corp (KLAC)

1Q24 Revenue: $2.4B, -11.8% YoY, beat estimates by $50M
1Q24 Non-GAAP EPS: $5.74, beat estimates by $0.37
2Q24 Guidance: Revenue to be $2.45B, plus or minus $125M. Adjusted gross margins are expected to be 61.5%, plus or minus 1%, while adjusted earnings per share are forecast to be $5.86, plus or minus 60 cents.
Comment: KLA Corporation reported strong third-quarter results with revenue and earnings exceeding expectations. The company demonstrated resilience in the marketplace despite some challenges. Revenue was driven by strength in legacy node investment globally and industry infrastructure investment. KLA’s focus on innovative solutions, AI adoption, and deep learning in its core technologies contributed to its success. The company also confirmed its strong free cash flow generation and capital return actions, highlighting confidence in its growth strategy. KLA maintains a positive long-term outlook, aligning with technology advancements and customer requirements. 2Q24 recommended trading range: $450 to $480. Positive Outlook.

科磊公司 (KLAC)

24财年第一季调整后营收：24.0亿美元, 同比跌幅11.8%，超预期5,000万美元
24财年第一季Non-GAAP每股盈利：5.74美元，超预期0.37美元
24财年第二季指引：营收为24.5亿美元，上下浮动1.25亿美元。调整后的毛利率预计为61.5%，上下浮动1%，调整后的每股收益预计为5.86美元，上下浮动60美分。
短评：科磊公司公布了强劲的第三季度业绩，收入和收益超出预期。尽管面临一些挑战，但该公司在市场上表现出了适应力。营收主要受到全球传统节点投资和行业基础设施投资的推动。公司专注于创新解决方案、人工智能应用和核心技术的深度学习，这是其成功的原因。该公司还确认了其强劲的自由现金流产生和资本回报行动，突显了对其增长战略的信心。公司保持积极的长期前景，与技术进步和客户需求保持一致。24财年第二季度建议交易区间：480美元至480美元。积极前景。

General Dynamics Corp (GD)

3Q23 Revenue: $10.6B, +6.0% YoY, beat estimates by $520M
3Q23 GAAP EPS: $3.04, beat estimates by $0.12
4Q23 Guidance: Lowered its year-end estimate to 135 to 137 deliveries, down from 139 to 140 it had forecast in July. Gulfstream awaits certification from aviation authorities on the G700 model.
Comment: General Dynamics reported strong performance in Q3, exceeding revenue and earnings estimates. While operating and net earnings experienced slight declines, all business segments delivered solid results. The Gulfstream and marine segments stood out, with impressive performance. Aerospace revenue reached $2.03bn, despite supply chain constraints impacting deliveries. The segment’s increased backlog highlights strong demand for aerospace products. Combat systems revenue surged by 24.4% YoY due to new international vehicle programs and artillery production, although operating margins dipped slightly. Marine systems also showed revenue growth but faced margin challenges due to supply chain delays. In the technologies sector, the company achieved an 8% YoY revenue increase, driven by GDIT and mission systems. The defense sector posted substantial revenue growth of 11.9% in the quarter, with strong orders leading to record backlog. The company maintained strong cash performance, with a net debt reduction and adherence to the 17% tax rate guidance. With uncertainty shrouding the environment due to the recent conflict, the company has begun to work more closely with its government customer and has had to accelerate production earlier than previously planned as there is demand for their products, hence, there is a need to speed up and expand its production. 4Q23 recommended trading range: $235 to $250. Positive Outlook.

通用动力 (GD)

23财年第三季调整后营收：106亿美元, 同比增幅6.0%，超预期5.2亿美元
23财年第三季Non-GAAP每股盈利：3.04美元，超预期0.12美元
23财年第四季指引：该公司将年底预估交付量下调至135至137辆，低于7月份预测的139至140辆。湾流正在等待航空当局对G700机型的认证。
短评：通用动力公司第三季度业绩强劲，超过收入和收益预期。虽然营业收入和净利润略有下降，但所有业务部门都取得了稳健的业绩。湾流和船用机型表现突出，令人印象深刻。尽管供应链限制影响了交付，但航空航天收入仍达到20.3亿美元。该部门积压订单的增加凸显了对航空航天产品的强劲需求。由于新的国际车辆项目和火炮生产，战斗系统收入同比增长24.4%，尽管营业利润率略有下降。船舶系统也显示出收入增长，但由于供应链延迟，面临利润率挑战。在技术领域，受GDIT和任务系统的推动，公司实现了8%的同比收入增长。国防部门第三季度收入大幅增长11.9%，强劲的订单导致了创纪录的积压订单。公司保持强劲的现金表现，净债务减少，并坚持17%的税率指导。由于最近的冲突给环境带来了不确定性，该公司已经开始与政府客户更密切地合作，并且由于对其产品的需求，不得不比以前计划的更早地加速生产，因此，有必要加快和扩大生产。23财年第四季度建议交易区间：435美元至450美元。积极前景。

Hilton Worldwide Holdings Inc (HLT)

3Q23 Revenue: $2.67B, +12.7% YoY, beat estimates by $50M
3Q23Non-GAAP EPS: $1.67, beat estimates by $0.01
4Q23 Guidance: System-wide comparable RevPAR, on a currency neutral basis, is expected to increase between 4.5 percent and 5.5 percent compared to the fourth quarter of 2022. Diluted EPS, adjusted for special items, is projected to be between $1.51 and $1.56 vs $1.66 consensus. FY23 guidance: system-wide RevPAR is expected to increase between 12.0 percent and 12.5 percent on a comparable and currency neutral basis compared to 2022. Diluted EPS, adjusted for special items, is projected to be between $6.04 and $6.09 vs $6.07 consensus.
Comment: In 3Q23, Hilton opened 107 new hotels totaling 15,700 rooms and achieved net unit growth of 14,300 rooms. There were 35,500 rooms added in the development pipeline last quarter. The pipeline totalled 3,190 hotels with 457,000 rooms. The strong earnings were driven by the ongoing recovery in International tourism. Global consumer spendings remain resilient amidst high inflation environment, and travelling spendings are more robust compared to other discretionary. The expansion plan clears fears over recession int the near term. 4Q23 recommended trading range: $145 to $165. Postive Outlook.

希尔顿酒店 (HLT)

23财年第三季调整后营收：26.7亿美元, 同比增幅12.7%，超预期5,000万美元
23财年第三季Non-GAAP每股盈利：1.67美元，超预期0.01美元
23财年第四季指引：在汇率中性的基础上，预计全系统可比较的平均每房收入将比2022年第四季度增长4.5%至5.5%。经特殊项目调整后的稀释每股收益预计在1.51美元至1.56美元之间，而市场预期为1.66美元。23财年指引:与2022年相比，在可比和货币中性的基础上，预计全系统平均每房收入将增长12.0%至12.5%。经特殊项目调整后的稀释每股收益预计在6.04美元至6.09美元之间，而市场预期为6.07美元。
短评：在第三季度，希尔顿新开了107家酒店，共计15,700间客房，实现了14,300间客房的净增长。上个季度新增了3.55万间客房。待售酒店总数为3190家，客房总数为45.7万间。强劲的收入是受到国际旅游业持续复苏的推动。在高通胀环境下，全球消费者支出仍保持弹性，与其他可自由支配的支出相比，旅游支出更为强劲。公司的扩张计划消除了人们对近期经济衰退的担忧。23财年第四季度建议交易区间：145美元至165美元。积极前景。