Technical Analysis – 26 September 2024

United States | Singapore | Hong Kong | Earnings

Advanced Micro Devices, Inc. (AMD US)

• Shares closed at a high since Jul 2024. 20dEMA and 50dEMA just crossed the 200dEMA.
• MACD is positive, RSI is constructive.
• Long – Entry 160 Target 180, Stop 150

Nvidia Corp. (NVDA US)

• Shares closed higher above the 5dEMA.
• MACD is positive, RSI is constructive.
• Long – Entry 121 Target 131, Stop 116

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Bumitama Agri Ltd. (BAL SP)

• Shares closed at a high since Apr 2024 with constructive volume.
• MACD is positive, RSI is constructive.
• Long – Entry 0.740, Target 0.780, Stop 0.720

Haw Par Corp Ltd. (HPAR SP)

• Shares closed at a 52-week high with more volume.
• MACD is positive, RSI is at an overbought level.
• Long – Entry 10.90 Target 11.30, Stop 10.70

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Kunlun Energy Co Ltd (135 HK)

• Shares closed at a 2-month high above the 50dEMA with rising volume. The 5dEMA crossed the 50dEMA.
• RSI is constructive and MACD is positive.
• Long – Entry 7.90, Target 8.52, Stop 7.59

China State Construction International Holdings Ltd (3311 HK)

• Shares closed above the 52-week high above the 5wEMA with rising volume.
• RSI is constructive, while MACD is about to turn positive.
• Long – Entry 11.62, Target 12.50, Stop 11.18

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Micron Technology Inc. (MU)

• 4Q24 Revenue: $7.75B, +93.3% YoY, beat estimates by $100M
• 4Q24 Non-GAAP EPS: $1.18, beat estimates by $0.07
• 1Q25 Guidance: Expect revenue of between $8.7B ±$200M, above estimates of $8.28B, adjusted gross margin of 39.5% ±1.0%, above estimates of 37.7%, operating expenses of $1.085B ±$15M and Non-GAAP EPS of $1.74 ±$0.08, vs analysts’ estimates of $1.65.
• Comment: In the fourth quarter, Micron Technology Inc delivered revenue of US$7.75bn and adjusted earnings of US$1.18 per share above analysts’ estimates. Micron also forecasted a better-than-expected first-quarter revenue, driven by strong demand for its memory chips used in artificial intelligence (AI) computing. Micron, one of three key providers of high-bandwidth memory (HBM) chips alongside SK Hynix and Samsung, is benefiting from the AI boom, which has fuelled demand for its memory chips, especially in AI-focused data centers and computers infused with AI technologies. The company expects record revenue of about US$8.7bn and a 39.5% gross margin in the first quarter, surpassing analysts’ expectations. It also expects Q1 adjusted profit of US$1.74 per share above estimates of US$1.65 per share. Micron’s HBM chips are sold out through 2024 and 2025, reflecting robust demand. Additionally, AI-driven innovations in personal computers and data centers are expected to boost further growth in memory chip sales. Micron’s solid performance and sales outlook indicate optimism for the broader chip sector. With the continued development of AI computing, the demand for HBM chips is expected to grow, which bodes well for Micron’s long-term sales. 1Q25 recommended trading range: $100 to $135. Positive Outlook.

美光科技 (MU)

• 24财年第四季营收：77.5亿美元，同比增幅93.3%，超预期1亿美元
• 24财年第四季Non-GAAP每股盈利：1.18美元，超预期0.07美元
• 25财年第一季指引：预计营收在87亿美元±2亿美元之间，高于预期的82.8亿美元，调整后毛利率为39.5%±1.0%，高于预期的37.7%，运营费用为10.85亿美元±1500万美元，Non-GAAP每股收益为1.74±0.08美元，高于分析师预期的1.65美元。
• 短评：去年第四季度，美光科技公司实现营收77.5亿美元，调整后每股收益1.18美元，高于分析师预期。美光还预测，由于用于人工智能计算的存储芯片需求强劲，第一季度的收入将好于预期。美光与SK海力士和三星是高带宽内存(HBM)芯片的三大主要供应商之一。人工智能热潮推动了对其内存芯片的需求，尤其是在以人工智能为重点的数据中心和注入人工智能技术的计算机领域。该公司预计第一季度收入将达到创纪录的87亿美元，毛利率将达到39.5%，超过分析师的预期。它还预计第一季度调整后的每股利润为1.74美元，高于每股1.65美元的预期。美光的HBM芯片将在2024年和2025年售罄，反映出强劲的需求。此外，个人电脑和数据中心的人工智能驱动的创新预计将推动存储芯片销售的进一步增长。美光稳健的业绩和销售前景表明，市场对整个芯片行业持乐观态度。随着人工智能计算的持续发展，预计HBM芯片的需求将会增长，这对美光的长期销售来说是一个好兆头。25财年第一季度建议交易区间：100至135美元。积极前景。