Technical Analysis – 27 July 2023

United States | Singapore | Hong Kong | Earnings

Gaotu Techedu Inc. (GOTU US)

Shares closed at a high since Apr 23 with a surge in volume. 50dEMA is about to cross the 200dEMA.
MACD is positive, RSI is constructive.
Long – Entry 3.80, Target 4.10, Stop 3.65

KE Holdings Inc. (BEKE US)

Shares closed higher above the 200dEMA with constructive volume. The 5dEMA just crossed the 50dEMA.
Both MACD and RSI are constructive.
Long – Entry 17.2, Target 19.0, Stop 16.3

iFAST Corporation Ltd (AIY SP)

Shares closed at a 4-month high with a jump in volume. The 5dEMA is about to cross the 200dEMA.
RSI is constructive, and MACD is about to turn positive.
Long – Entry 4.85, Target 5.10 Stop 4.70

City Developments Limited (C09 SP)

Shares closed at a 3-month high with an increase in volume. The 20dEMA was about to cross the 50dEMA.
Both MACD and RSI are constructive.
Long – Entry 7.15 Target 7.35, Stop 7.05

Maanshan Iron & Steel Co. (323 HK)

Shares closed above the 50dEMA with constructive volume. 5dEMA just crossed the 20dEMA.
MACD is positive, RSI is constructive.
Long – Entry 1.48, Target 1.60, Stop 1.42

Angang Steel Co. Ltd. (347 HK)

Shares closed higher above the 50dEMA. 5dEMA just crossed the 20dEMA and is about to cross the 50dEMA.
MACD is positive, RSI is constructive.
Long – Entry 2.15, Target 2.35, Stop 2.05

Boeing Co. (BA)

2Q23 Revenue: $19.75B, +18.4% YoY, beat estimates by $1.16B
2Q23 Non-GAAP EPS: -$0.82, beat estimates by $0.07
FY23 Guidance: Expect $4.5B – $6.5B operating cash flow and $3.0B – $5.0Bon-GAAP free cash flow
Comment: The company stated that it would increase the production of its popular 737 MAX narrow-body jet to 38 per month from the previous 31. This increase signals the planemaker’s recovery from a supplier error that had hindered its earlier ramp-up plans. The decision to produce 38 MAXs each month aligns with the current surge in travel demand, as airlines are looking to expand their fleets in the post-pandemic period. Many countries have seen tourist levels close to pre-pandemic levels in recent months and tourism levels are set to rise even further for 2H23 despite sticky inflation and high interest rates. 3Q23 recommended trading range: $220 to $260. Positive Outlook.

波音 (BA)

23财年第二季营收：197.5亿美元, 同比增幅18.4%，超预期11.6亿美元
23财年第二季Non-GAAP每股亏损：0.82美元，超预期0.07美元
23财年指引：预期45亿至65亿美元的经营现金流和non-GAAP30亿至50亿美元的自由现金流
短评：公司表示将把其广受欢迎的737 MAX窄体客机的产量从之前的每月31架增加到38架。这一增长标志着这家飞机制造商已经从供应商失误中恢复过来，而供应商失误曾阻碍了该公司早先的产能增加计划。每个月生产38架MAX客机的决定符合当前旅行需求的激增，因为航空公司希望在疫情后扩大机队。近几个月来，许多国家的旅游水平接近大流行前的水平，尽管通胀居高不下，利率居高不下，但今年下半年的旅游水平将进一步上升。第三季度建议交易区间：220美元至260美元。中性前景。

The Coca-Cola Company (KO)

2Q23 Revenue: $2.0B, +6.2% YoY, beat estimates by $250M
2Q23 Non-GAAP EPS: $0.78, beat estimates by $0.06
FY23 Guidance: Non-GAAP organic revenue growth of 8% to 9%; Comparable non-GAAP currency neutral EPS growth of 9% to 11% and comparable non-GAAP EPS growth of 5% to 6%; Non-GAAP free cash flow of approximately $9.5B through cash flow from operations of approximately $11.4B, less capital expenditures of approximately $1.9B.
Comment: The company highlighted that consumers globally were getting increasingly cost-conscious as inflation weighs on pocketbooks and economists debate the likelihood of a recession ahead. However, the company’s business remained very resilient amidst a harsh macroeconomic environment. Demand for the company’s product also remained sticky and the company is able to pass on the higher costs to consumers. With inflation showing signs of slowing, and consumer confidence improving, demand for the company’s products is bound to increase in the near term. 3Q23 recommended trading range: $60 to $67. Neutral Outlook.

可口可乐 (KO)

23财年第二季营收：20亿美元, 同比增幅6.2%，超预期2.5亿美元
23财年第二季Non-GAAP每股盈利：0.78美元，超预期0.06美元
23财年指引：Non-GAAP有机收入增长8%至9%;可比non-GAAP货币中性每股收益增长9%至11%，可比non-GAAP每股收益增长5%至6%；Non-GAAP自由现金流约为95亿美元，其中经营现金流约为114亿美元，资本支出约为19亿美元。
短评：该公司强调，全球消费者的成本意识日益增强，因通胀令他们的钱包承压，且经济学家就未来经济衰退的可能性展开辩论。然而，在严峻的宏观经济环境下，该公司的业务仍然非常有弹性。对该公司产品的需求也保持了粘性，该公司能够将更高的成本转嫁给消费者。随着通货膨胀显示出放缓的迹象，以及消费者信心的增强，短期内对该公司产品的需求必然会增加。第三季度建议交易区间：60美元至67美元。中性前景。

Meta Platforms Inc. (META)

2Q23 Revenue: $32.0B, +11.0% YoY, beat estimates by $970M
2Q23 Non-GAAP EPS: $2.98, beat estimates by $0.07
3Q23 Guidance: Revenue of $32B to $34.5B, above the analyst consensus of $31.2B, including a projected three percentage point tailwind from currency. FY2023 total expenses of $88B to $91B, up from a prior forecast of $86B to $90B due to legal expenses recorded in the second quarter; FY23 capital expenditures of $27B to $30B, down from a previous forecast of $30B to $33B.
Comment: The company saw an improvement in usage metrics across its different platforms, with some of its platforms topping expectations. As a result, Meta’s ad impressions jumped 34% YoY, as the price per ad went down by 16% in that same period. The company is also “quite optimistic” about Threads, the company’s Twitter competitor, with a focus now on user retention and improving basics. The company also still see losses continuing for its VR division Reality Labs, but unit losses will continue to “increase meaningfully YoY due to their ongoing product development efforts in augmented reality/virtual reality and investments to further scale its ecosystem. 3Q23 recommended trading range: $300 to $360. Positive Outlook.

Meta平台 (META)

23财年第二季营收：320亿美元, 同比增幅11.0%，超预期9.7亿美元
23财年第二季Non-GAAP每股盈利：2.98美元，超预期0.07美元
23财年第三季指引：营收为320亿美元至345亿美元，高于分析师预期的312亿美元，其中包括汇率上涨3个百分点。由于第二季度法律费用支出，2023财年总费用为880亿至910亿美元，高于此前预测的860亿至900亿美元；23财年资本支出为270至300亿美元，低于此前预期的300至330亿美元。
短评：该公司发现其不同平台的业绩指标有所改善，其中一些平台超出了预期。结果，Meta的广告印象同比增长了34%，而同期每个广告的价格却下降了16%。该公司对Twitter的竞争对手Threads也“相当乐观”，目前将重点放在用户留存和基础设施的改进上。该公司的虚拟现实部门Reality Labs仍在继续亏损，但由于他们在增强现实/虚拟现实方面的持续产品开发努力以及进一步扩大其生态系统的投资，单位亏损将继续“逐年显著增加”。第三季度建议交易区间：300美元至360美元。积极前景。

Lam Research Corp. (LRCX)

4Q23 Revenue: $3.21B, -30.8% YoY, beat estimates by $60M
4Q23 Non-GAAP EPS: $5.98, beat estimates by $0.85
1Q24 Guidance: Revenue between $3.1B and $3.7B for the fiscal first quarter; adjusted EPS between $5.30 and $6.80.
Comment: Management thinks that more complicated artificial intelligence servers are “fundamental” to the growth of foundry customers over the next several years, with emerging growth drivers such as generative AI only being in their initial stages of adoption. With many more and more companies putting more investments into AI, the company would be able to ride on the higher demand for machinery used by foundries would increase in the near term. 1Q24 recommended trading range: $620 to $720. Positive Outlook.

拉姆研究 (LRCX)

23财年第四季营收：32.1亿美元, 同比跌幅30.8%，超预期6,000万美元
23财年第四季Non-GAAP每股盈利：5.98美元，超预期0.85美元
24财年第一季度指引：第一财季营收在31亿至37亿美元之间；调整后每股收益在5.30美元至6.80美元之间。
短评：管理层认为，更复杂的人工智能服务器是未来几年代工客户增长的“基础”，而生成式人工智能等新兴增长动力仅处于采用的初始阶段。随着越来越多的公司在人工智能领域投入更多资金，该公司将能够在短期内利用对圆晶代工厂使用的机器的更高需求。第三季度建议交易区间：620美元至740美元。积极前景。

eBay Inc. (EBAY)

2Q23 Revenue: $2.54B, +5.0% YoY, beat estimates by $30M
2Q23 Non-GAAP EPS: $1.03, beat estimates by $0.04
3Q23 Guidance: Q3 revenue expected of $2.46B – $2.52B, vs. consensus of $2.47B; Non-GAAP EPS of $0.96 – $1.01, vs. consensus of $1.02.
Comment: The company is spending more to bolster categories such as auto parts, refurbished goods and collectables for its current quarter, and provided a 3Q profit forecast which is below market expectations, bringing about concerns from investors. Improving consumer confidence would drive up sales volume but the company would still need to manage its costs more effectively to bring more value to investors. 3Q23 recommended trading range: $43 to $48. Neutral Outlook.

易趣 (EBAY)

23财年第二季营收：25.4亿美元, 同比增幅5.0%，超预期3,000万美元
23财年第二季Non-GAAP每股盈利：1.03美元，超预期0.04美元
23财年第三季指引：营收预期为24.6亿至25.2亿美元，市场预期为24.7亿美元；Non-GAAP每股收益为0.96至1.01美元，市场预期为1.02美元。
短评：该公司正在加大支出，以提振当前季度的汽车零部件、翻新商品和收藏品等类别，并提供了低于市场预期的第三季度利润预测，这引发了投资者的担忧。消费者信心的增强将推高销量，但该公司仍需更有效地管理成本，为投资者带来更多价值。第三季度建议交易区间：43美元至48美元。中性前景。

Hilton Hotels Corp. (HLT)

2Q23 Revenue: $2.66B, +18.8% YoY, beat estimates by $100M
2Q23 GAAP EPS: $1.63, beat estimates by $0.05
FY23 Guidance: FY23 system-wide RevPAR is expected to increase between 10%-12% on a comparable and currency-neutral basis compared to FY22; Net income is projected between $1,387M and $1,422M; Adjusted EBITDA projected between $2,975M and $3,025M. Diluted EPS is projected between $5.18 and $5.86. 3Q23 Outlook: Adjusted EBITDA is projected between $790M and $810M; Net Income is projected between $395M and $409M; Diluted EPS is projected between $1.49 and $1.54.
Comment: The company has benefited from a rebound in international travel post-pandemic despite domestic demand faltering as U.S. travellers take advantage of a stronger dollar and vacation in Europe. Management thinks that there is still a lot of pent-up demand that has yet to be released, and guided a better annual outlook for 2023. Many countries have seen tourist levels close to pre-pandemic levels in recent months and tourism levels are set to rise even further for 2H23 despite sticky inflation and high interest rates. Hilton is likely to see an uptick in its occupancy rate in the near term as tourism improves. 3Q23 recommended trading range: $144 to $160. Positive Outlook.

希尔顿酒店 (HLT)

23财年第二季营收：26.6亿美元, 同比增幅18.8%，超预期1.0亿美元
23财年第二季GAAP每股盈利：1.63美元，超预期0.05美元
23财年指引：与22财年相比，在可比和货币中性的基础上，预计23财年全系统每间可用房收益将增长10%至12%；净利润预计在13.87亿美元至14.22亿美元之间；调整后的EBITDA预计在29.75亿美元至30.25亿美元之间。稀释后每股收益预计在5.18美元至5.86美元之间。23年第三季度展望；调整后EBITDA预计在7.9亿美元至8.1亿美元之间；净利润预计在3.95亿美元至4.09亿美元之间；稀释后每股收益预计在1.49美元至1.54美元之间。
短评：该公司受益于疫情后国际旅行的反弹，尽管由于美国游客利用美元走强和在欧洲度假的机会，但国内需求疲软。管理层认为，仍有大量被压抑的需求尚未释放，并对2023年的年度前景给出了更好的预测。近几个月来，许多国家的旅游水平接近大流行前的水平，尽管通胀居高不下，利率居高不下，但今年下半年的旅游水平将进一步上升。随着旅游业的改善，希尔顿酒店的入住率在短期内可能会有所上升。第三季度建议交易区间：144美元至160美元。积极前景。