Technical Analysis – 30 July 2024

Shares closed at a 52-week high with more volume. The 50wEMA is about to cross the 200wEMA.
MACD is positive, RSI is at an overbought level.
Long – Entry 3.07 Target 3.27, Stop 2.97

McDonald’s Corp (MCD)

2Q24 Revenue: $6.5B, flat YoY, miss estimates by $130M
2Q24 Non-GAAP EPS: $2.97, miss estimates by $0.10
FY24 Guidance: Expect to open approximately 2,100 restaurants in 2024, contributing nearly 2% to systemwide sales growth; expect approximately 5% net restaurant growth till 2027.
Comment: McDonald’s reported a weak set of results, with same-store sales falling for the first time since Q4 2020. The company continues to experience a decline in industry traffic across major markets and is being affected by the ongoing conflict in the Middle East. As consumers find McDonald’s meal prices too high, the company is focusing on value meals to attract customers amid a worsening consumer pullback. Management noted that the $5 value meal deals, introduced in June, have resonated particularly with low-income consumers, who are becoming more selective with their spending. The company recently extended this $5 value meal deal after seeing its effectiveness in bringing back customers, especially among lower-income diners. The deal has improved perceptions of McDonald’s affordability and increased guest counts, and the extension is expected to positively impact McDonald’s performance in the next quarter. 3Q24 recommended trading range: $245 to $290. Positive Outlook.

麦当劳 (MCD)

24财年第二季营收：65亿美元，同比持平，逊预期1.3亿美元
24财年第二季Non-GAAP每股盈利：2.97美元，逊预期0.1美元
24财年指引：预计到2024年将开设约2100家餐厅，为整个系统的销售增长贡献近2%；预计到2027年餐厅净增长率约为5%。
短评：麦当劳公布了一组疲弱的业绩，同店销售额自2020年第四季度以来首次下降。该公司在主要市场的运输量持续下降，并受到中东持续冲突的影响。由于消费者发现麦当劳的套餐价格过高，该公司正专注于超值套餐，以吸引消费者。管理层指出，6月份推出的5美元套餐特别引起了低收入消费者的共鸣，他们在消费方面变得更加挑剔。该公司最近延长了这项价值5美元的套餐优惠，因为它看到了回头客的效果，尤其是在低收入食客中。该协议改善了人们对麦当劳可负担性的看法，增加了客人数量，预计延长期限将对麦当劳下一季度的业绩产生积极影响。24年第三季度建议交易区间：245至290美元。积极前景。

Koninklijke Philips NV (PHG)

2Q24 Revenue: €4.46B, +0.2% YoY, beat estimates by €30M
2Q24 Non-GAAP EPS: €0.30
FY24 Guidance: Reaffirm FY24 outlook, expecting 3% to 5% comparable sales growth and an adjusted EBITA margin of 11% to 11.5%.
Comment: Philips reported second-quarter results that exceeded analysts’ expectations, driven by cost savings, including job cuts. Adjusted EBITA rose 9.3% to €495mn, surpassing the expected €433mn. Philips has implemented a significant cost-reduction program, cutting over 8,000 jobs since late 2022 and targeting a total of 10,000 by the end of 2024. These measures, along with broader productivity initiatives, generated €195mn in savings in the second quarter alone. Quarterly order intake grew by 9%, marking the first growth in two years, mainly due to the North American market. Sales rose 2% to €4.5bn, though growth was partially offset by a decline in China, due to increased geopolitical tensions. The company received €538mn in insurance income from liability claims related to recalled Respironics products and previously agreed to pay US$1.1bn to settle US personal injury claims related to these devices. Philips reiterated its full-year comparable sales target of 3% to 5%. With the major US litigation resolved, the company can now refocus on innovating new and improved products and address other ongoing legal matters outside the US. 3Q24 recommended trading range: $25 to $35. Positive Outlook.

飞利浦 (PHG)

24财年第二季营收：44.6亿欧元，同比增幅0.2%，超预期3,000万欧元
24财年第二季Non-GAAP每股盈利：0.3欧元
24财年指引：重申对24财年的展望，预计可比销售额将增长3%至5%，调整后息税前利润率为11%至11.5%。
短评：在包括裁员在内的成本节约的推动下，飞利浦公布的第二季度业绩超出了分析师的预期。调整后EBITA增长9.3%至4.95亿欧元，超过预期的4.33亿欧元。飞利浦实施了一项重大的成本削减计划，自2022年底以来削减了8000多个工作岗位，目标是到2024年底削减1万个工作岗位。这些措施，加上更广泛的生产力举措，仅在第二季度就节省了1.95亿欧元。季度订单量增长了9%，这是两年来的首次增长，主要归功于北美市场。销售额增长了2%，达到45亿欧元，但由于地缘政治紧张局势加剧，中国市场的增长部分抵消了销售额的下降。该公司从与召回的福隆产品相关的责任索赔中获得了5.38亿欧元的保险收入，并且此前同意支付11亿美元来解决与这些设备相关的美国人身伤害索赔。飞利浦重申其全年可比销售额目标为3%至5%。随着美国主要诉讼的解决，该公司现在可以重新专注于创新新的和改进的产品，并解决美国以外的其他正在进行的法律事务。24年第三季度建议交易区间：25至35美元。积极前景。