Technical Analysis – 5 September 2024

United States | Singapore | Hong Kong | Earnings

NextEra Energy Inc (NEE US)

• Shares closed at a 52-week high above the 5wEMA.
• RSI is constructive and MACD is positive.
• Long – Entry 80.8 Target 88.0, Stop 77.2

Xcel Energy Inc (XEL US)

• Shares closed at an 8-month high above the 200wEMA.
• Both MACD and RSI are constructive.
• Long – Entry 63, Target 69, Stop 60

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ComfortDelGro Corp Ltd (CD SP)

• Shares closed above the 5dEMA with rising volume.
• RSI is constructive and MACD is positive.
• Long – Entry 1.41, Target 1.47, Stop 1.38

Thai Beverage PCL (THBEV SP)

• Shares closed above the 5dEMA with rising volume. The 20dEMA crossed the 200dEMA.
• Both RSI and MACD are constructive.
• Long – Entry 0.52 Target 0.56, Stop 0.50

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Goldwind Science & Technology Co Ltd (2208 HK)

• Shares closed above the 5dEMA with rising volume.
• RSI and MACD are constructive.
• Long – Entry 4.56, Target 4.90, Stop 4.39

Geely Automobile Holdings Ltd (175 HK)

• Shares closed at a 2-month high above the 200dEMA with rising volume. The 20dEMA is about to cross the 50dEMA.
• MACD is constructive, while RSI is at an overbought level.
• Long – Entry 8.90, Target 9.60, Stop 8.55

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DICK’S Sporting Goods Inc (DKS)

• 2Q24 Revenue: $3.47B, +7.8% YoY, beat estimates by $40M, including the expected benefit from the calendar shift of approximately $95M
• 2Q24 Non-GAAP EPS: $4.37, beat estimates by $0.51
• 2Q24 Dividend: Declared a $1.10 per share quarterly dividend, in-line with previous quarter
• FY24 Guidance: Expect net sales to be between $13.1B to $13.2B. Raised comparable sales growth to a range of 2.5% to 3.5%, up from 2.0% to 3.0% previously and earnings per diluted share guidance to a range of $13.55 to $13.90, up from the previous $13.35 to $13.75.
• Comment: Dick’s Sporting Goods delivered second-quarter revenue of US$3.47bn and earnings of US$4.37 per share which exceeded exceeding Wall Street’s expectations. The company reported strong growth in comparable sales, up 4.5%, driven by higher transaction volumes and spending. Despite the positive performance, Dick’s, like many retailers, issued cautious guidance for the remainder of the year due to concerns over the upcoming presidential election and potential consumer spending slowdowns. However, the company raised its full-year earnings forecast to US$13.55 to US$13.90 per share, though this fell slightly short of analysts’ expectations of US$13.79. Sales guidance remained unchanged at US$13.1bn to US$13.2bn, also falling flat compared to analysts’ hopes of US13.24bn. Recently, Dick’s disclosed a cyberattack but said it had no significant impact on operations. Additionally, the company’s past concerns about theft and inventory markdowns have eased, with shrinkage appearing to moderate across the retail sector. The current macroeconomic environment continues to influence consumer spending on discretionary goods. Until interest rates decrease and consumer confidence improves, Dick’s may face continued challenges in maintaining its momentum. 3Q24 recommended trading range: $200 to $240. Neutral Outlook.

迪克体育用品 (DKS)

• 24财年第二季营收：34.7亿美元，同比增幅7.8%，超预期4,000万美元，包括大约9,500万美元的预期收益
• 24财年第二季Non-GAAP每股盈利：4.37美元，超预期0.51美元
• 24财年第二季股息：宣布每股1.10美元的季度股息，与上一季度一致
• 24财年指引：预计净销售额将在131亿美元至132亿美元之间。将可比销售额增长率从之前的2.0%至3.0%上调至2.5%至3.5%，摊薄后每股收益预期从之前的13.35至 13.75美元上调至13.55至13.90美元。
• 短评：迪克体育用品公司第二季度营收34.7亿美元，每股收益4.37美元，超出了华尔街的预期。该公司公布，受交易量和支出增加的推动，同店销售额强劲增长4.5%。尽管表现良好，但由于担心即将到来的总统大选和潜在的消费者支出放缓，迪克和许多零售商一样，对今年剩余时间发布了谨慎的指引。然而，该公司将其全年收益预测上调至每股13.55美元至13.90美元，尽管这略低于分析师预期的13.79美元。销售指引维持在131亿美元至132亿美元不变，与分析师预期的132.4亿美元相比也持平。最近，迪克披露了一次网络攻击，但表示对运营没有重大影响。此外，该公司过去对盗窃和库存降价的担忧已经缓解，整个零售行业的萎缩似乎有所缓和。当前的宏观经济环境继续影响消费者在可自由支配商品上的支出。在利率下降和消费者信心改善之前，迪克在保持其发展势头方面可能会面临持续的挑战。24年第三季度建议交易区间：200至240美元。中性前景。

Dollar Tree Inc (DLTR)

• 2Q24 Revenue: $7.38B, +0.7% YoY, miss estimates by $100M
• 2Q24 Non-GAAP EPS: $0.67, miss estimates by $0.37
• 3Q24 Guidance: Expect consolidated net sales to range from $7.4B to $7.6B and adjusted EPS to be in the range of $1.05 to $1.15.
• FY24 Guidance: Expect reduced net sales to range from $30.6B to $30.9B and adjusted diluted EPS to be $5.20 to $5.60. Consolidated net sales outlook to range from $30.6B to $30.9B. The company expects to deliver comparable store net sales growth in the low-single-digits for the enterprise and both the Dollar Tree and Family Dollar segments.
• Comment: Dollar Tree delivered disappointing second-quarter results, missing both revenue and earnings estimates, citing increased competition and challenges attracting price-sensitive shoppers. Major competitors like Walmart, Target, and e-commerce platform Temu have attracted more shoppers with lower prices. Dollar Tree’s CFO noted that shoppers are focusing more on essentials and cutting back on discretionary spending. Dollar Tree lowered its annual sales and profit forecasts. It now expects annual sales between US$30.6bn and US$30.9bn, down from the previous US$31bn to US$32bn, and adjusted earnings per share between US$5.20 and US$5.60, lower than the prior forecast of US$6.50 to US$7. The company also reported second-quarter net sales of US$7.37bn, below analysts’ estimates of US$7.49bn, and a profit of US$0.67 per share, significantly missing the expected US$1.04 per share. Dollar Tree is restructuring, with plans to close more Family Dollar stores. It has already shut down 655 stores and expects to close 45 more by the year’s end. The company faces ongoing headwinds from economic pressures, restructuring costs, and rising litigation expenses. These factors will likely continue to impact Dollar Tree’s sales and profitability. 3Q24 recommended trading range: $55 to $75. Negative Outlook.

美元树 (DLTR)

• 24财年第二季营收：73.8亿美元，同比增幅0.7%，逊预期1亿美元
• 24财年第二季Non-GAAP每股盈利：0.67美元，逊预期0.37美元
• 24财年第三季指引：预计合并净销售额将在74亿美元至76亿美元之间，调整后每股收益将在1.05美元至1.15美元之间。
• 24财年指引：预计净销售额将减少306亿美元至309亿美元，调整后稀释每股收益为5.20美元至5.60美元。合并净销售额预期在306亿至309亿美元之间。该公司预计，企业、Dollar Tree和Family Dollar部门的可比门店净销售额将实现低个位数的增长。
• 短评：美元树公布了令人失望的第二季度业绩，营收和盈利均低于预期，原因是竞争加剧，以及吸引对价格敏感的消费者面临的挑战。沃尔玛、塔吉特和电商平台天猫等主要竞争对手以更低的价格吸引了更多的购物者。美元树的首席财务官指出，消费者更加关注必需品，减少了可自由支配的支出。美元树下调了年度销售和利润预期。该公司目前预计年销售额在306亿美元至309亿美元之间，低于此前的310亿美元至320亿美元，调整后每股收益在5.20美元至5.60美元之间，低于此前6.50美元至7美元的预期。该公司还公布第二季度净销售额为73.7亿美元，低于分析师预期的74.9亿美元，每股利润为0.67美元，远低于预期的1.04美元。美元树正在重组，计划关闭更多的Family Dollar门店。该公司已经关闭了655家门店，预计到今年年底将再关闭45家。该公司面临着持续的经济压力、重组成本和不断上升的诉讼费用。这些因素可能会继续影响美元树的销售和盈利能力。24年第三季度建议交易区间：55至75美元。负面前景。

Hewlett Packard Enterprise Co (HPE)

• 3Q24 Revenue: $7.71B, +10.1% YoY, beat estimates by $40M
• 3Q24 Non-GAAP EPS: $0.50, beat estimates by $0.03
• 3Q24 Dividend: Declared $0.13 per share quarterly dividend in line with previous quarter
• 4Q24 Guidance: Expect revenue to be in the range of $8.1B to $8.4B and GAAP diluted net EPS to be in the range of $0.76 to $0.81 and non-GAAP diluted net EPS to be in the range of $0.52 to $0.57.
  FY24 Guidance: Expect revenue growth of 1% to 3% in constant currency vs consensus of $29.72B, GAAP operating profit growth to be in the range of 2% to 6% and non-GAAP operating profit growth to be flat at 2%. GAAP diluted net EPS to be in the range of $1.68 and $1.73 and non-GAAP diluted net EPS to be in the range of $1.92 and $1.97 vs $1.92 consensus.
• Comment: Hewlett Packard Enterprise Co delivered third-quarter revenue of US$7.71B and earnings of US$0.50 per share that surpassed expectations, due to growing demand for AI servers, driven by increased business investments in AI infrastructure. There was a decline in its quarterly revenue from its intelligent edge and hybrid cloud segments declining 23% YoY and 7% YoY to US$1.1bn and US$1.3bn respectively. HPE’s AI server business, supported by Nvidia-powered servers, saw strong growth, with third-quarter server revenue rising 35% to US$4.3bn. For the fourth quarter, HPE expects revenue of US$8.1bn to US$8.4bn and adjusted earnings per share of US$0. 52 to US$0.57, in line with analyst expectations. Despite facing competition from Dell Technologies, HPE raised its annual adjusted earnings forecast to US$1.92 to US$1.97 per share, up from US$1.85 to US$1.95. However, the company maintained its full-year revenue forecast, which may disappoint investors with high expectations for AI-linked companies. While HPE’s AI server business is poised for continued growth, driven by the increasing interest in generative AI and machine learning, the company’s overall revenue forecast may disappoint investors seeking substantial growth in AI-linked companies. 4Q24 recommended trading range: $17 to $20. Neutral Outlook.

惠与 (HPE)

• 24财年第三季营收：34.7亿美元，同比增幅7.8%，超预期4,000万美元，包括大约9,500万美元的预期收益
• 24财年第三季Non-GAAP每股盈利：4.37美元，超预期0.51美元
• 24财年第三季股息：宣布每股0.13美元的季度股息与上一季度一致
• 24财年第四季指引：预计营收将在81亿美元至84亿美元之间，GAAP摊薄净每股收益将在0.76美元至0.81美元之间，Non-GAAP摊薄净每股收益将在0.52美元至0.57美元之间。
• 24财年指引：按固定汇率计算，预计收入增长1%至3%，而市场普遍预期为297.2亿美元，GAAP营业利润增长在2%至6%之间，Non-GAAP营业利润增长持平于2%。GAAP摊薄后每股净收益在1.68美元至1.73美元之间，Non-GAAP摊薄后每股净收益在1.92美元至1.97美元之间，而市场预期为1.92美元。
• 短评：由于对人工智能基础设施的商业投资增加，对人工智能服务器的需求不断增长，惠与公司第三季度收入为77.1亿美元，每股收益为0.50美元，超出预期。其智能边缘和混合云部门的季度收入下降，分别为11亿美元和13亿美元，同比下降23%和7%。在英伟达服务器的支持下，惠与的人工智能服务器业务增长强劲，第三季度服务器收入增长35%，达到43亿美元。惠与预计第四季度营收为81亿至84亿美元，调整后每股收益为0美元。52至0.57美元，与分析师预期相符。尽管面临来自戴尔科技公司的竞争，惠与将调整后的年度每股收益预期从1.85美元上调至1.95美元，至1.92美元至1.97美元。然而，该公司维持了全年收入预测，这可能会让对人工智能相关公司抱有很高期望的投资者感到失望。尽管在对生成式人工智能和机器学习的兴趣日益浓厚的推动下，惠与的人工智能服务器业务有望持续增长，但该公司的整体收入预测可能会让寻求人工智能相关公司大幅增长的投资者失望。24年第四季度建议交易区间：17至20美元。中性前景。