KGI Research Singapore

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

Technical Analysis – 29 October 2024

United States | Singapore | Hong Kong | Earnings

MARA Holdings Inc. (MARA US) A graph of stock market Description automatically generated

  • Shares closed higher above the 5EMA with more volume. 20dEMA is about to cross the 200dEMA.
  • MACD is positive, RSI is constructive.
  • Long – Entry 18.50 Target 20.50, Stop 17.50
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Riot Platforms, Inc. (RIOT US)

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  • Shares closed at a high since July 2024 with more volume.
  • MACD is positive, RSI is at an overbought level.
  • Long – Entry 10.3 Target 12.3, Stop 9.3

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ComfortDelGro Corp Ltd. (CD SP)

  • Shares closed higher above the 5dEMA. 5dEMA is about to cross the 20dEMA.
  • MACD is about to turn positive, RSI is about to turn constructive.
  • Long – Entry 1.45, Target 1.55, Stop 1.40
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Digital Core REIT. (DCREIT SP)

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  • Shares closed at a high since September 2024 with a surge in volume. 5dEMA just crossed the 200dEMA.
  • MACD is positive, RSI is constructive.
  • Long – Entry 0.610 Target 0.650, Stop 0.590

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Vitasoy International Holdings Ltd. (345 HK)

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  • Shares closed at a high since December 2023 with more volume. 5dEMA recently crossed the 200dEMA, and 20dEMA is about to cross the 200dEMA.
  • MACD is positive, RSI is at an overbought level.
  • Long – Entry 8.0, Target 9.0, Stop 7.5
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Yue Yuen Industrial Holdings Ltd. (551 HK) A graph of stock market Description automatically generated

  • Shares closed at a 52-week high with a surge in volume.
  • MACD is positive, RSI is at an overbought level.
  • Long – Entry 16.6, Target 18.6, Stop 15.6

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ON Semiconductor Corp. (ON)

  • 3Q24 Revenue: $1.76B, -19.3% YoY, beat estimates by $10M
  • 3Q24 Non-GAAP EPS: $0.99, beat estimates by $0.02
  • 4Q24 Guidance: Expect revenue to be between the range of $1.71bn to $1.81bn, vs consensus of $1.75bn; expects non-GAAP gross margin to be between 44.0% to 46.0%; Expect operating expenses to be between $300mn to $315mn; Expect non-GAAP diluted EPS to be between $0.92 to $1.04, vs consensus of $0.97.
  • Comment: On Semiconductor reported stronger-than-expected earnings; however, the company’s financial forecasts fell short of market expectations. Automotive revenue declined by 18%, and industrial revenue dropped 29% year-over-year to $440 million. Management noted ongoing softness in the automotive market, particularly in the slowing EV sector. While the industrial segment, which initially saw a slowdown, has largely recovered, some weakness remains in utility-scale solar and aerospace and defence. Regionally, China and Japan are showing signs of recovery, whereas North America and Europe continue to face challenges in both automotive and industrial sectors. Looking ahead, management anticipates growing demand for EVs, with electrification positioned as a key megatrend. As power demands intensify across the company’s core markets, and efficiency becomes increasingly critical, ON Semiconductor is committed to investments across the power spectrum. This strategy aims to strengthen its market position in automotive, industrial, and AI data centres. 4Q24 recommended trading range: $62 to $82. Neutral Outlook.

安森美半导体 (ON)

  • 24财年第三季营收：17.6亿美元，同比跌幅19.3%，超预期1,000万美元
  • 24财年第三季Non-GAAP每股盈利：0.99美元，超预期0.02美元
  • 24财年第四季指引：预计营收将在17.1亿美元至18.1亿美元之间，而市场预期为17.5亿美元；预计Non-GAAP毛利率将在44.0%至46.0%之间；预计运营费用将在3亿至3.15亿美元之间；预计Non-GAAP摊薄每股收益将在0.92美元至1.04美元之间，而市场预期为0.97美元。
  • 短评：安森美半导体公布了强于预期的收益；然而，该公司的财务预测低于市场预期。汽车收入同比下降18%，工业收入同比下降29%，至4.4亿美元。管理层指出，汽车市场持续疲软，尤其是正在放缓的电动汽车行业。虽然最初出现放缓的工业部门已基本复苏，但公用事业规模的太阳能、航空航天和国防领域仍存在一些疲软。从地区来看，中国和日本显示出复苏的迹象，而北美和欧洲在汽车和工业领域继续面临挑战。展望未来，管理层预计电动汽车的需求将不断增长，电气化被定位为一个关键的大趋势。随着公司核心市场的电力需求日益增加，效率变得越来越重要，安森美半导体致力于在整个功率范围内进行投资。这一战略旨在加强其在汽车、工业和人工智能数据中心的市场地位。24财年第四季度建议交易区间：62至82美元。中性前景。

Ford Motor Co. (F)

  • 3Q24 Revenue: $43.07B, +4.6% YoY, beat estimates by $1.12B
  • 3Q24 Non-GAAP EPS: $0.49, beat estimates by $0.02
  • FY24 Guidance: Expect adjusted EBIT of about $10bn with adjusted FCF between $7.5bn and $8.5bn; Expect capital expenditures to be between $8.0bn to $8.5bn; Expect full year EBIT for Ford Pro to be about $9.0bn, Ford Blue to be about $5.0bn, and Model e with a FY24 loss of about $5.0bn; Expect earnings before taxes from Ford Credit to be about $1.6bn.
  • Comment: Ford reported stronger-than-expected results, but its full-year 2024 operating profit guidance suggests a weaker-than-anticipated fourth quarter. The company’s traditional automotive business delivered an operating profit of $1.6 billion in Q3, an improvement from $1.2 billion in Q2. Meanwhile, Ford Pro, the commercial business segment, generated $1.8 billion in operating profit, down from $2.6 billion in the previous quarter. In its EV division, Ford reported a loss of $1.2 billion on sales of approximately 32,000 vehicles in the third quarter, widening from a $1.1 billion loss on about 26,000 sales in Q2. Additionally, Ford incurred a $1 billion charge to write down certain EV-related manufacturing assets. Looking ahead, the company intends to remain “laser-focused” on cost reductions. However, the EV segment continues to face pressures from an intense price war and overcapacity, with volume gains offset by declining prices amid heightened competition. 4Q24 recommended trading range: $9.5 to $11.5. Negative Outlook.

福特汽车 (F)

  • 24财年第三季营收：430.7亿美元，同比增幅4.6%，超预期11.2亿美元
  • 24财年第三季Non-GAAP每股盈利：0.49美元，超预期0.02美元
  • 24财年指引：预计调整后息税前利润约为100亿美元，调整后现金流在75亿至85亿美元之间；预计资本支出将在80亿美元至85亿美元之间；预计福特Pro的全年息税前利润约为90亿美元，福特Blue的全年息税前利润约为50亿美元，Model e的全年亏损约为50亿美元；预计福特信贷的税前利润将达到16亿美元左右。
  • 短评：福特公布了强于预期的业绩，但其2024年全年营业利润指引显示，第四季度的业绩将低于预期。该公司的传统汽车业务在第三季度实现了16亿美元的营业利润，较第二季度的12亿美元有所改善。与此同时，商业业务部门Ford Pro的营业利润为18亿美元，低于上一季度的26亿美元。在电动汽车部门，福特第三季度销售了约3.2万辆电动汽车，亏损12亿美元，较第二季度销售约2.6万辆电动汽车亏损11亿美元有所扩大。此外，福特还对某些电动汽车相关的制造资产进行了10亿美元的减记。展望未来，该公司打算继续“专注于”降低成本。然而，电动汽车领域继续面临来自激烈价格战和产能过剩的压力，在竞争加剧的情况下，销量增长被价格下降所抵消。24财年第四季度建议交易区间：9.5至11.5美元。负面前景。

Waste Management, Inc. (WM)

  • 3Q24 Revenue: $5.61B, +7.9% YoY, beat estimates by $100M
  • 3Q24 Non-GAAP EPS: $1.96, beat estimates by $0.08
  • FY24 Guidance: Expect FY24 revenue growth to be about 6%, above the high end of prior guidance of 5.75%; Remain on track to deliver about $6.5bn in adjusted operating EBITDA in 2024
  • Comment: Waste Management reported strong results, driven by its core collection and disposal business. Focused efforts on frontline retention, cost structure optimization, and differentiated customer service contributed to earnings growth. Revenue gains were further supported by additional price increases of 6.5% during the period. In addition to effective pricing execution, revenue exceeded expectations due to higher market prices for recyclable commodities and a significant rise in landfill volumes. The company also made progress on its sustainability-focused growth initiatives and is preparing for the successful integration of the Stericycle business. Management remains optimistic about maintaining strong momentum through year-end, setting the company up for another year of robust growth in 2025. 4Q24 recommended trading range: $205 to $225. Positive Outlook.

废物管理公司 (WM)

  • 24财年第三季营收：56.1亿美元，同比增幅7.9%，超预期1亿美元
  • 24财年第三季Non-GAAP每股盈利：1.96美元，超预期0.08美元
  • 24财年指引：预计24财年收入增长约6%，高于此前指引的5.75%的高端；保持在2024年实现约65亿美元调整EBITDA。
  • 短评：在其核心收集和处理业务的推动下，废物管理公司报告了强劲的业绩。专注于一线员工保留、成本结构优化和差异化客户服务的努力有助于盈利增长。在此期间，价格上涨6.5%进一步支撑了收入增长。除了有效的定价执行外，由于可回收商品的市场价格上涨和垃圾填埋量的显著增加，收入超出了预期。该公司还在其以可持续发展为重点的增长计划上取得了进展，并正在准备成功整合Stericycle业务。管理层仍然乐观地认为，到年底将保持强劲的增长势头，并为公司在2025年再次实现强劲增长做好准备。24财年第四季度建议交易区间：205至225美元。积极前景。