KGI Research Singapore

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

Technical Analysis – 30 April 2024

United States | Singapore | Hong Kong | Earnings

Deere & Co. (DE US) A graph of stock market Description automatically generated

  • Shares closed higher above the 20dEMA. 5dEMA is about to cross the 20dEMA.
  • MACD is about to turn positive, RSI is constructive.
  • Long – Entry 398, Target 428, Stop 383

Caterpillar, Inc. (CAT US)

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  • Shares closed higher above the 50dEMA.
  • MACD is about to turn positive, RSI is turning constructive.
  • Long – Entry 348, Target 378, Stop 333

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AEM Holdings Ltd. (AEM SP)

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  • Shares closed higher above the 50dEMA with higher volume. 5dEMA is about to cross the 50dEMA.
  • MACD is positive, RSI is constructive.
  • Long – Entry 2.45, Target 2.65, Stop 2.35

iFast Corp Ltd. (IFAST SP)

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  • Shares closed higher above the 5dEMA with a surge in volume. 5dEMA just crossed the 50dEMA.
  • MACD is positive, RSI is constructive.
  • Long – Entry 7.40, Target 8.00, Stop 7.10

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Baidu Inc (9888 HK)

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  • Shares closed above the 50dEMA with a jump in volume.
  • RSI is constructive and MACD is positive.
  • Long – Entry 101.00, Target 110.70, Stop 96.15
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Kuaishou Technology (1024 HK)

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  • Shares closed above the 5dEMA with rising volume. The 5dEMA crossed the 200dEMA.
  • MACD is positive, while RSI is at an overbought level.
  • Long – Entry 56.6, Target 61.0, Stop 54.4

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ON Semiconductor Corp (ON)

  • 1Q24 Revenue: $1.86B, -5.1% YoY, beat estimates by $10M
  • 1Q24 Non-GAAP EPS: $1.08, beat estimates by $0.03
  • 2Q24 Guidance: Expect revenue of $1.68bn to $1.780bn, gross margin of 44.1% to 46.1%, operating expenses of $327 to $342mn and other income and expense of -$12mn. Expect diluted earnings per share of $0.82 to $0.94.
  • Comment: On Semiconductor Corporation reported strong first-quarter results, exceeding expectations with revenue of US$1.86bn, driven by 30% QoQ growth in new design-win acquisitions and increased market share in silicon and silicon carbide technologies. The company’s focus on intelligent power and sensing technologies has fuelled platform wins, particularly in the automotive and industrial sectors. It is strategically positioned to capitalize on the growing demand for high-bandwidth memory, crucial for AI applications, which aligns well with its silicon carbide solutions. Despite market challenges, On Semiconductor remains optimistic, investing in high-growth megatrends like automotive electrification and cloud computing. With its commitment to operational excellence and strategic investments, the company is well-positioned for sustained growth and capacity expansion in its technologies, such as its silicon carbide modules, and increase its competitive advantage in the long term. 2Q24 recommended trading range: $68 to $80. Positive Outlook.

安森美半导体(ON)

  • 24财年第一季营收：18.6亿美元，同比跌幅5.1%，超预期1,000万美元
  • 24财年第一季Non-GAAP每股盈利：1.08美元，超预期0.03美元
  • 24财年第二季指引：预计营收为16.8亿至17.8亿美元，毛利率为44.1%至46.1%，运营费用为3.27亿至3.42亿美元，其他收入和费用为-1,200万美元。预计摊薄后每股收益为0.82美元至0.94美元。
  • 短评：安森美半导体公司公布了强劲的第一季度业绩，收入超过预期，达到18.6亿美元，这得益于新设计赢得收购的环比增长30%，以及硅和碳化硅技术的市场份额增加。该公司专注于智能电源和传感技术，推动了平台的成功，特别是在汽车和工业领域。它的战略定位是利用对高带宽内存日益增长的需求，这对人工智能应用至关重要，这与碳化硅解决方案非常吻合。尽管面临市场挑战，安森美半导体仍然保持乐观，投资于汽车电气化和云计算等高增长大趋势。凭借对卓越运营和战略投资的承诺，该公司在其技术(如碳化硅模块)的持续增长和产能扩张方面处于有利地位，并在长期内提高其竞争优势。24财年第二季度建议交易区间：68美至80美元。积极前景。

NXP Semiconductors NV (NXPI)

  • 1Q24 Revenue: $3.13B, +0.3% YoY, in-line with estimates
  • 1Q24 Non-GAAP EPS: $3.24, beat estimates by $0.06
  • 2Q24 Guidance: Expect revenue to be between $3.025B and $3.225B and non-GAAP earnings per share of between $3.00 and $3.41, vs expectations of $3.11B in revenue and adjusted EPS of $3.07. Adjusted gross margins are expected to be between 58% and 59% while adjusted operating margin is expected to be between 33.1% and 35%.
  • Comment: NXP Semiconductors reported first-quarter revenue of US$3.13bn in line with estimates and EPS of US$3.24 exceeding analysts’ expectations. The company anticipates second-quarter profits to surpass expectations as inventory corrections ease in industrial and mobile sectors, offsetting automotive revenue slowdowns due to declining EV demand. Industrial and mobile sectors rebounded, with revenue growth of 14% and 34%, respectively, in the first quarter. However, the automotive market faces inventory build-up, affecting demand for NXP’s chips used in advanced driver-assistance systems. It expects its pricing to remain flat in this year, after it previously increased prices by about 8% in 2023 to maintain margins due to higher costs. Despite challenges, NXP’s outlook is optimistic, with forecasted adjusted earnings and gross margin exceeding analysts’ estimates for the second quarter. 2Q24 recommended trading range: $240 to $265. Positive Outlook.

恩智浦半导体(NXPI)

  • 24财年第一季营收：31.3亿美元，同比增幅0.3%，符合预期
  • 24财年第一季Non-GAAP每股盈利：3.24美元，超预期0.06美元
  • 24财年指引：预计收入在30.25亿美元至32.25亿美元之间，Non-GAAP每股收益在3.00美元至3.41美元之间，而预期收入为31.1亿美元，调整后每股收益为3.07美元。调整后的毛利率预计在58%至59%之间，调整后的营业利润率预计在33.1%至35%之间。
  • 短评：恩智浦半导体报告第一季度收入为31.3亿美元，符合预期，每股收益为3.24美元，超出分析师预期。该公司预计，随着工业和移动行业库存调整的缓解，第二季度利润将超过预期，抵消了电动汽车需求下降导致的汽车收入放缓。工业和移动行业出现反弹，第一季度收入分别增长14%和34%。然而，汽车市场面临库存增加的问题，这影响了对用于高级驾驶辅助系统的恩智浦芯片的需求。该公司预计今年的定价将保持不变。此前，由于成本上升，该公司曾在2023年将价格上调了约8%，以保持利润率。尽管面临挑战，恩智浦的前景是乐观的，预计调整后的收益和毛利率超过分析师的预期第二季度。24财年第二季度建议交易区间：240美至265美元。积极前景。

Logitech International SA (LOGI)

  • 4Q24 Revenue: $1.01B, +5% YoY, beat estimates by $51M
  • 4Q24 GAAP EPS: $1.07, beat estimates by $0.61
  • FY25 Guidance: Expect sales of $4.3bn to $4.4bn, representing a sales growth of between 0% – 2%; Non-GAAP operating income of $685mn to $715mn, representing a Non-GAAP operating income growth of -2% to 2%.
  • Comment: Logitech International announced robust financial performance marked by a return to growth and expanded gross margins. This growth was widespread across all regions and key product categories, indicating the resilience of the company’s operations despite challenges encountered during the normalization phase and reduced demand resulting from the recovery from the COVID-19 pandemic. Management emphasized a strategic focus on sustainable and profitable growth, leveraging long-term trends such as evolving work patterns, gaming, and transformative AI technologies. Consumer sentiment has remained stable since 2024, potentially translating into strong sales volumes for Logitech. However, a persistently high-interest-rate environment may prompt consumers to exercise caution in their spending habits in the short term. 1Q25 recommended trading range: $70 to $90. Neutral Outlook.

罗技(LOGI)

  • 24财年第四季营收：10.1亿美元，同比增幅5.0%，超预期5,100万美元
  • 24财年第四季GAAP每股盈利：1.07美元，超预期0.61美元
  • 25财年指引：预计销售额为43亿至44亿美元，销售额增长率在0%至2%之间；Non-GAAP营业收入为6.85亿美元至7.15亿美元，即Non-GAAP营业收入增长为-2%至2%。
  • 短评：罗技宣布了强劲的财务业绩，标志着恢复增长和扩大的毛利率。这一增长遍及所有地区和主要产品类别，表明尽管在正常化阶段遇到了挑战，并且由于COVID-19大流行的恢复导致需求减少，但公司的运营仍具有弹性。管理层强调了可持续和盈利增长的战略重点，利用长期趋势，如不断发展的工作模式、游戏和变革性人工智能技术。自2024年以来，消费者情绪一直保持稳定，这可能转化为罗技的强劲销量。然而，持续的高利率环境可能会促使消费者在短期内谨慎消费。25财年第一季度建议交易区间：70美至90美元。中性前景。

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