Technical Analysis – 30 May 2024

United States | Singapore | Hong Kong | Earnings

Levi Strauss & Co. (LEVI US)

• Shares closed higher above the 5dEMA.
• MACD is about to turn positive, RSI is constructive.
• Long – Entry 22.60, Target 24.60, Stop 21.60

Turtle Beach Corp. (HEAR US)

• Shares closed at a one-month high above the 5dEMA.
• MACD is positive, RSI is constructive.
• Long – Entry 16.70, Target 18.10, Stop 16.00

^ Back To Top

Seatrium Ltd. (STM SP)

• Shares closed higher above the 50dEMA with constructive volume. 5dEMA just crossed the 20dEMA and 50dEMA.
• MACD just turned positive, RSI is constructive.
• Long – Entry 1.82, Target 1.96, Stop 1.75

COSCO Shipping International (Singapore) Co. Ltd. (COS SP)

• Shares closed at a high since Jan 2024 with a surge in volume. 20DEMA just crossed the 200dEMA, 50dEMA is about to cross the 200dEMA.
• MACD is positive, RSI is at an “overbought” level.
• Long – Entry 0.156, Target 0.170, Stop 0.149

^ Back To Top

BYD Co. Ltd. (1211 HK)

• Shares closed higher above the 200dEMA with a surge in volume.
• MACD is about to turn positive, RSI is constructive.
• Long – Entry 214, Target 230, Stop 206

Xinte Energy Co. Ltd. (1799 HK)

• Shares closed higher above the 50dEMA with a surge in volume.
• MACD is positive, RSI is constructive.
• Long – Entry 9.50, Target 10.50, Stop 9.00

^ Back To Top

Salesforce Inc. (CRM)

• 1Q25 Revenue: $9.13B, +10.7% YoY, miss estimates by $20M
• 1Q25 Non-GAAP EPS: $2.44, beat estimates by $0.07
• 2Q25 Guidance: Initiate 2Q25 guidance of $9.20bn to $9.25bn vs consensus of $9.34bn, representing a YoY growth of around 7%-8%.
• FY25 Guidance: Maintains FY25 revenue guidance of $37.7bn to $38.0bn vs consensus of $38.01bn, representing a growth of 8% – 9% YoY; Lowers FY25 Subscription & Support revenue growth guidance to slightly below 10% YoY; Lowers FY25 GAAP operating margin guidance to 19.9% and maintains non-GAAP operating margin guidance of 32.5%; Maintains FY25 operating cash flow growth guidance of 21% to 24% YoY.
• Comment: Salesforce reported mixed results and issued weak guidance. Although earnings per share met market expectations, revenue and bookings fell short. The company warned that sales growth in the current quarter would be the slowest in its history, raising concerns about its relevance amid the industry’s shift toward AI tools. As Salesforce has focused on improving profit, sales growth has declined over the year, with the first-ever single-digit projected revenue growth for 2Q25. Additionally, budget scrutiny and prolonged deal cycles have persisted, with customers cautious about spending in the uncertain economy. 2Q25 recommended trading range: $210 to $250. Neutral Outlook.

赛富时 (CRM)

• 25财年第一季营收：91.3亿美元，同比增幅10.7%，逊预期2,000万美元
• 25财年第一季GAAP每股盈利：2.44美元，超预期0.07美元
• 25财年第二季指引：上调25年第二季度的指引为9200亿美元至92.5亿美元，而市场预期为93.4亿美元，同比增长约7%至8%。
• 25财年指引：维持25财年收入指引为377亿至380亿美元，而市场预期为380.1亿美元，同比增长8%至9%；下调25财年订阅和支持收入同比增长预期至略低于10%；将25财年GAAP营业利润率指引下调至19.9%，维持Non-GAAP营业利润率指引32.5%；维持25财年营业现金流同比增长21%至24%的指引。
• 短评：赛富时公布了喜忧参半的业绩，并发布了疲弱的指引。尽管每股收益达到了市场预期，但收入和预订量却低于市场预期。该公司警告称，当前季度的销售增长将是其历史上最慢的，这引发了人们对该行业转向人工智能工具之际其相关性的担忧。由于公司一直专注于提高利润，销售增长在过去一年中有所下降，预计25年第二季度的收入增长将首次达到个位数。此外，预算审查和延长的交易周期持续存在，消费者在不确定的经济环境下对支出持谨慎态度。25财年第二季度建议交易区间：210美至250美元。中性前景。

C3.ai Inc. (AI)

• 4Q24 Revenue: $86.6M, +19.6% YoY, beat estimates by $2.2M
• 4Q24 GAAP EPADS: –$0.11, beat estimates by $0.19
• 1Q25 Guidance: Expect total revenue between $84.0mn – $89.0mn vs consensus of $85.89mn; Non-GAAP loss from operations between $22.0mn to $30.0mn. FY25 Guidance: Expects total revenue between $370mn – $395mn vs consensus of $367.53 consensus; Non-GAAP loss from operation between $95.0mn to $125.0mn.
• Comment: C3.ai reported robust results, marking its fifth consecutive quarter of accelerating revenue growth, with subscription revenue up 41% year-over-year. The company’s focus on enterprise AI applications and its unique GenAI offerings have positioned it to capitalize on the growing AI market. C3.ai is optimistic about its enterprise AI focus, particularly in the federal defense and aerospace sector, which accounted for about 50% of its bookings in Q4 2024. The company’s GenAI products continue to attract strong customer interest, positioning it well to capture AI industry growth. Looking ahead, C3.ai expects revenue growth to accelerate to approximately 23% in FY25 and plans to continue investing in development to establish market leadership and build a profitable enterprise software business. However, in an increasingly competitive landscape and with tighter consumer spending, the company must demonstrate the tangible benefits of its offerings to maintain its growth trajectory. 2Q24 recommended trading range: $23 to $32. Positive Outlook.

C3.ai Inc. (AI)

• 24财年第四季营收：8,660万美元，同比增幅19.6%，超预期200万美元
• 24财年第四季GAAP每股亏损：0.11美元，超预期0.19美元
• 25财年第一季指引：预计总收入在8,440万美元至8,990万美元之间，而市场预期为8,589万美元；Non-GAAP运营亏损在2,200万美元至3,000万美元之间。25财年指引：预计总收入在3.7亿美元至3.95亿美元之间，而市场预期为367.53美元；Non-GAAP运营亏损在9,550万美元至1.25亿美元之间。
• 短评：C3.ai公布了强劲的业绩，这是其连续第五个季度收入加速增长，订阅收入同比增长41%。该公司专注于企业人工智能应用及其独特的GenAI产品，使其能够利用不断增长的人工智能市场。C3.ai对其企业人工智能重点持乐观态度，特别是在联邦国防和航空航天领域，这占其2024年第四季度预订的50%左右。该公司的GenAI产品继续吸引着强烈的客户兴趣，使其能够很好地抓住人工智能行业的增长。展望未来，C3.ai预计收入增长将在25财年加速至约23%，并计划继续投资于开发，以建立市场领导地位，并建立一个盈利的企业软件业务。然而，在竞争日益激烈的环境中，随着消费者支出的紧缩，公司必须展示其产品的切实好处，以保持其增长轨迹。24财年第二季度建议交易区间：23美至32美元。积极前景。

UiPath Inc. (PATH)

• 1Q25 Revenue: $335M, +15.7% YoY, beat estimates by $1.99M
• 1Q25 Non-GAAP EPS: $0.13, beat estimates by $0.01
• 2Q25 Guidance: Expect revenue to be in the range of $300M to $305M vs consensus of $342.07M, ARR to range between $1.543B to $1.548B as of 31 July 2024 and non-GAAP operating income to approximately breakeven.
• FY25 Guidance: Expect revenue to range between $1.405B to $1.410B vs $1.56B consensus, ARR to range between $1.405B to $1.410B vs $1.56B consensus and non-GAAP operating income of approximately $145M.
• Comment: UiPath reported a 16% YoY increase in first-quarter revenue to US$335mn and beat earnings estimates. ARR grew 21% YoY to US$1/508bn, driven by a net new ARR of US$44mn. The company experienced a strong start in the quarter but saw a slowdown in March and April due to challenging economic conditions. This led to changes in customer behaviour and impacted its expansion opportunities. Furthermore, it was announced that its CEO Rob Enslin would resign effective 1 June, to be replaced by co-founder Daniel Dines. This leadership change and lowered revenue guidance have significantly impacted investor confidence. The company’s full-year revenue forecast was reduced from US$1.55bn to US$1.56bn to US$1.405bn to US$1.41bn due to longer sales cycles and increased deal scrutiny. 2Q25 recommended trading range: $11 to $15. Negative Outlook.

UiPath (PATH)

• 25财年第一季营收：3.35亿美元，同比增幅15.7%，超预期199万美元
• 25财年第一季Non-GAAP每股盈利：0.13美元，超预期0.01美元
• 25财年第二季指引：预计收入在3亿美元至3.05亿美元之间，而市场预期为3.4207亿美元，截止2024年7月31日，年化经常性收入在15.43亿美元至15.48亿美元之间，Non-GAAP营业收入约为盈亏平衡。
• 25财年指引：预计收入在14.5亿美元至14.01亿美元之间，而市场预期为15.6亿美元；年化经常性收入在14.5亿美元至14.01亿美元之间，而市场预期为15.6亿美元；Non-GAAP营业收入约为1.45亿美元。
• 短评：UiPath报告第一季度收入同比增长16%，达到3.35亿美元，超出盈利预期。年化经常性收入同比增长21%至1.5080亿美元，其中新增净年化经常性收入为4,400万美元。该公司在本季度经历了强劲的开局，但由于经济形势严峻，3月和4月出现放缓。这导致了客户行为的变化，并影响了其扩张机会。此外，该公司还宣布，首席执行官Rob Enslin将于6月1日辞职，由联合创始人Daniel Dines接替。领导层的变动和营收指引的下调严重影响了投资者的信心。由于销售周期延长和交易审查加强，该公司全年收入预测从15.5亿美元至15.6亿美元区间下调至14.05亿美元至14.1亿美元区间。25财年第二季度建议交易区间：11美至15美元。负面前景。

HP Inc. (HPQ)

• 2Q24 Revenue: $12.8B, -0.8% YoY, beat estimates by $190M
• 2Q24 Non-GAAP EPS: $0.82, beat estimates by $0.01
• 3Q24 Guidance: Expect non-GAAP EPS of $0.78 to $0.92 vs consensus of $0.85.
• FY24 Guidance: Narrow its FY24 non-GAAP EPS to $3.30 to $3.60, from the previous range of $3.25 to $3.65, vs consensus of $3.43. Anticipates generating free cash flow in the range of $3.1B to $3.6B.
• Comment: HP reported quarterly revenue that exceeded analysts’ expectations, driven by the first increase in personal computer (PC) sales in two years. Revenue from the computer unit rose 3% YoY to US$8.4bn in Q2, surpassing the US$8.3bn expected by analysts. This growth was attributed to a 6% rise in commercial sales, while consumer sales declined by 3%. The PC market had experienced a significant decline over the past two years, but a recent 1.5% increase in shipments suggests a potential rebound. HP’s CEO highlighted the future impact of AI-enabled PCs, predicting they will make up about 10% of shipments in the 2H24 and grow to 50% within three years. HP’s total sales slightly declined to US$12.8bn, with profit meeting Wall Street estimates at US$0.82 per share. Sales in HP’s printing business fell 8%, but a new subscription plan for printers showed promise. HP projected Q3 non-GAAP EPS of US$0.78 to US$0.92 aligning with analysts’ expectations. Additionally, it narrowed its full-year 2024 non-GAAP EPS range to be between US$3.30 to US$3.60. Looking ahead, with PC sales expected to continue to grow we anticipate similar growth in its top-lines. 3Q24 recommended trading range: $32 to $35. Positive Outlook.

惠普 (HPQ)

• 24财年第二季营收：128亿美元，同比跌幅0.8%，超预期1.9亿美元
• 24财年第二季GAAP每股盈利：0.82美元，超预期0.01美元
• 24财年第三季指引：Non-GAAP每股收益预计为0.78美元至0.92美元，而市场预期为0.85美元。
• 24财年指引：将其24财年Non-GAAP每股收益从之前的3.25美元至3.65美元区间收窄至3.30美元至3.60美元，而市场预期为3.43美元。预计将产生31亿至36亿美元的自由现金流。
• 评：由于个人电脑(PC)销量两年来首次出现增长，惠普公布的季度营收超出了分析师的预期。第二季度来自电脑部门的收入同比增长3%，达到84亿美元，超过了分析师预期的83亿美元。这一增长归因于商业销售增长了6%，而消费者销售下降了3%。个人电脑市场在过去两年经历了大幅下滑，但最近出货量增长了1.5%，表明可能出现反弹。惠普首席执行官强调了人工智能对个人电脑未来的影响，预测它们将在下半年占出货量的10%左右，并在三年内增长到50%。惠普总销售额小幅下降至128亿美元，每股利润达到华尔街预期的0.82美元。惠普打印业务的销售额下降了8%，但一项新的打印机订阅计划显示出了希望。惠普预计第三季度Non-GAAP每股收益为0.78美元至0.92美元，与分析师预期一致。此外，该公司还将2024年全年Non-GAAP每股收益范围缩小至3.30美元至3.60美元之间。展望未来，随着个人电脑销售预计将继续增长，我们预计其收入也会有类似的增长。24财年第三季度建议交易区间：32美至35美元。积极前景。

Back To Top