Technical Analysis – 4 September 2024
United States | Singapore | Hong Kong | Earnings
Campbell Soup Co (CPB US) 
- Shares closed at a 52-week high above the 5dEMA.
- RSI is constructive, while MACD is about to turn positive.
- Long – Entry 50.6 Target 54.6, Stop 48.6
General Mills Inc (GIS US)
- Shares closed at a 52-week high above the 5dEMA with rising volume.
- MACD is constructive, while RSI is at an overbought level.
- Long – Entry 72.4, Target 77.6, Stop 69.8
Genting Singapore Ltd (GENS SP)
- Shares closed at a one-month high above the 5dEMA with rising volume. The 5dEMA is about to cross the 20dEMA.
- Both RSI and MACD are positive.
- Long – Entry 0.825, Target 0.865, Stop 0.805
SIA Engineering Co Ltd (SIE SP)
- Shares closed at a one-month high above the 5dEMA with rising volume. The 20dEMA crossed the 50dEMA.
- Both RSI and MACD are constructive.
- Long – Entry 2.35 Target 2.45, Stop 2.30
Meituan (3690 HK)
- Shares closed at a 1-month high above the 5dEMA. The 20dEMA is about to cross the 50dEMA.
- RSI and MACD are constructive.
- Long – Entry 118, Target 128, Stop 113
JD Logistics Inc (2618 HK) 
- Shares closed above the 5dEMA with rising volume.
- RSI is constructive, while MACD is about to turn positive.
- Long – Entry 9.46, Target 10.22, Stop 9.08
Zscaler Inc (ZS)
- 4Q24 Revenue: $592.9M, +30.3% YoY, beat estimates by $25.29M
- 4Q24 Non-GAAP EPS: $0.88, beat estimates by $0.19
- 1Q25 Guidance: Expect revenue of $604M to $606M vs $602.1M consensus. Non-GAAP income from operations of $114M to $116M, non-GAAP net income per share of approximately $0.62 to $0.63 vs $0.72 consensus and a non-GAAP tax rate of 23%.
- FY25 Guidance: Expect revenue of approximately $2.60B to $2.62B vs consensus of $2.14B. Calculated billings of $3.110B to $3.135B, non-GAAP income from operations of $530M to $540M and non-GAAP net income per share of $2.81 to $2.87 vs $3.0 consensus.
- Comment: Zscaler Inc delivered fourth quarter results that exceeded estimates, with US$592.9mn in revenue and US$0.88 per share in adjusted earnings, driven by customer adaptation and demand for its Zero Trust Exchange platform. However, the company forecasted lower-than-expected revenue and profit for fiscal 2025, due to anticipated weak spending on its cybersecurity products. As enterprise clients cut back on security expenses amidst economic uncertainty and high interest rates, Zscaler’s outlook contrasted with stronger forecasts from competitors like Palo Alto Networks and SentinelOne. For the year, Zscaler projected revenue between US$2.60bn and US$2.62bn and adjusted net income of US$2.81 to US$2.87 per share, both below analyst expectations. In the current quarter, it expects revenue to be between US$604mn to US$606mn above consensus of US$602.1mn and adjusted net income to be between US$0.62 to US$0.63 per share below consensus of US$0.72. Despite the prevalence of cybercrimes, client’s technology budgets have been impacted which would in turn result in Zscaler’s revenue growth slowing down. 1Q25 recommended trading range: $155 to $190. Neutral Outlook.
Zscaler (ZS)
- 24财年第四季营收：5.929亿美元，同比增幅30.3%，超预期2,529万美元
- 24财年第四季Non-GAAP每股盈利：0.88美元，超预期0.19美元
- 25财年第一指引：预计收入为6.04亿美元至6.06亿美元，而预期为6.021亿美元。Non-GAAP经营收入为1.14亿美元至1.16亿美元，每股Non-GAAP净收入约为0.62美元至0.63美元，而市场预期为0.72美元，Non-GAAP税率为23%。
- 25财年指引：预计营收约为26.6亿至26.2亿美元，市场预期为21.4亿美元。计算账单为31.1亿美元至313.5亿美元，Non-GAAP运营收入为5.3亿美元至5.4亿美元，Non-GAAP每股净收入为2.81美元至2.87美元，而市场预期为3.0美元。
- 短评：Zscaler公司公布的第四季度业绩超出预期，收入为5.929亿美元，调整后每股收益为0.88美元，这主要得益于客户对其零信任交易平台的适应和需求。然而，由于预计网络安全产品支出疲软，该公司预计2025财年的收入和利润将低于预期。随着企业客户在经济不确定性和高利率的情况下削减安全开支，Zscaler的前景与派拓网络和SentinelOne等竞争对手的预测形成了鲜明对比。Zscaler预计全年营收在26亿至26.2亿美元之间，调整后每股净收入为2.81至2.87美元，均低于分析师预期。本季度，该公司预计营收将在6.04亿美元至6.06亿美元之间，高于6.021亿美元的预期，调整后的每股净收入将在0.62美元至0.63美元之间，低于0.72美元的预期。尽管网络犯罪普遍存在，但客户的技术预算受到了影响，这反过来又会导致Zscaler的收入增长放缓。25年第一季度建议交易区间：155至190美元。中性前景。
