KGI Research Singapore

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

Technical Analysis – 3 April 2025

United States | Singapore | Hong Kong | Earnings

Newmont Corp. (NEM US)

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  • Shares closed at a high since October 2024.
  • MACD is positive, RSI is constructive.
  • Long – Entry 48.0, Target 52.0, Stop 46.0
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First Majestic Silver Corp. (AG US)

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  • Shares closed higher above the 20dEMA.
  • MACD is negative, RSI is constructive.
  • Long – Entry 6.60, Target 7.60, Stop 6.10

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Valuetronics Holdings Ltd. (VALUE SP)

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  • Shares closed higher above the 5dEMA.
  • MACD is positive, RSI is constructive.
  • Long – Entry 0.690, Target 0.730, Stop 0.670
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China Sunsine Chemical Holdings Ltd. (CSSC SP)

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  • Shares closed higher above the 5dEMA with a surge in volume.
  • MACD is positive, RSI is at an overbought level.
  • Long – Entry 0.540 Target 0.580, Stop 0.520

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Tsingtao Brewery Co Ltd (168 HK)

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  • Share closed at a 5-month high above the 5dEMA.
  • RSI is constructive and MACD is positive.
  • Long Entry 58.6, Target 64.0, Stop 55.9
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Blue Moon Group Holdings Ltd (6993 HK)
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  • Shares closed at a 1-month high above the 5dEMA with rising volume. The 20dEMA is about to cross the 50dEMA.
  • Both RSI and MACD are constructive.
  • Long – Entry 3.48, Target 3.80, Stop 3.32

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RH (RH)

  • 4Q24 Revenue: $812.41M, +10.0% YoY, miss estimates by $17.12M
  • 4Q24 Non-GAAP EPS: $1.58, miss estimates by $0.33
  • 1Q25 Guidance: Expect revenue growth of 12.5% to 13.5%, adjusted operating margin of 6.5% to 7.0% and adjusted EBITDA margin of 12.5% to 13.0%.
  • FY25 Guidance: Expect revenue growth of 10% to 13%, adjusted operating margin of 14% to 15% and adjusted EBITDA margin of 20% to 21%.
  • Comment: RH delivered Q4 revenue of US$812.4mn and EPS of US$1.58, missing analysts’ expectations. The company’s full year sales outlook also fell short of expectations. Despite the tariffs expected to kick in early this month, its CEO Gary Friedman remained cautious about immediate price increases, noting that RH is well-stocked and prefers to wait and see how trade conditions evolve. RH has been gradually shifting production away from China and Mexico, increasing its domestic manufacturing capacity, with nearly half of its upholstered furniture set to be made in the U.S. by year-end. The company has also expanded its product offerings, with demand rising 17% in Q4. The company expects higher-risk business environment due to tariffs, market volatility, and inflation but remained optimistic about RH’s ability to outperform competitors by leveraging its inventory and strategic moves. We anticipate that the near-term uncertainty from tariffs and economic volatility will continue to negatively impact RH top and bottom lines. 1Q25 recommended trading range: $170 to $200. Negative Outlook.

RH(RH)

  • 24财年第四季度营收:8.1241亿美元,同比增长10.0%,低于预期1,712万美元。
  • 24财年第四季度Non-GAAP每股收益:1.58美元,低于预期0.33美元。
  • 25财年第一季度指引:预计营收增长12.5%至13.5%,调整后营业利润率为6.5%至7.0%,调整后EBITDA利润率为12.5%至13.0%。
  • 25财年全年指引:预计营收增长10%至13%,调整后营业利润率为14%至15%,调整后EBITDA利润率为20%至21%。
  • 短评:RH公布的第四季度营收为8.124亿美元,每股收益为1.58美元,均低于分析师预期。该公司全年销售额展望也低于预期。尽管预计本月初将实施关税,但其首席执行官加里·弗里德曼(Gary Friedman)对立即提价持谨慎态度,并指出RH库存充足,更倾向于观望贸易条件的演变。RH一直在逐步将生产从中国和墨西哥转移,提高其国内制造能力,预计到年底,其近一半的软垫家具将在美国生产。该公司还扩大了产品范围,第四季度需求增长17%。该公司预计,由于关税、市场波动和通货膨胀,商业环境风险较高,但对RH通过利用其库存和战略举措超越竞争对手的能力保持乐观。我们预计,关税和经济波动带来的近期不确定性将继续对RH的营收和利润产生负面影响。25财年第一季度建议交易区间:170美元至200美元。负面前景。