KGI Research Singapore

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

Technical Analysis – 6 February 2024

United States | Singapore | Hong Kong | Earnings

Salesforce, Inc. (CRM US)

  • Shares closed at a 52-week high with constructive volume.  
  • MACD is positive, RSI is constructive. 
  • Long – Entry 285, Target 305, Stop 275 

Oracle Corp. (ORCL US) 

  • Shares closed higher above the 5dEMA. 
  • MACD is positive, RSI is constructive. 
  • Long – Entry 115, Target 121, Stop 112 

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China Aviation Oil Singapore Corp Ltd (CAO SP)

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  • Shares closed above the 200dEMA with rising volume. The 5dEMA crossed the 200dEMA.
  • Both MACD and RSI are constructive.
  • Long – Entry 0.88, Target 0.92, Stop 0.86

Geo Energy Resources Ltd (GERL SP)

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  • Shares closed at a high since November 2022, above the 5dEMA with an increase in volume.
  • MACD is positive while RSI is at an “overbought” level.
  • Long – Entry 0.390, Target 0.420, Stop 0.375

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ASMPT Ltd (522 HK)

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  • Shares closed at a high since March 2022, above the 5wEMA.
  • RSI is constructive and MACD is positive.
  • Long – Entry 85.7, Target 91.5, Stop 82.8

Zoomlion Heavy Industry Science and Technology Co Ltd (1157 HK)

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  • Shares closed at a high since May 2023, above the 5dEMA.
  • Both MACD and RSI are constructive.
  • Long – Entry 4.44, Target 4.72, Stop 4.30

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Exxon Mobil Corp (XOM)

  • 4Q23 Revenue: $84.34B, -11.6% YoY, miss estimates by $4.48B
  • 4Q23 Non-GAAP EPS: $2.48, beat estimates by $0.27
  • FY24 Guidance: No Guidance provided.
  • 4Q23 Dividend: Exxon Mobil declares $0.95/share quarterly dividend, in line with previous; Forward yield 3.71%; Payable March 11; for shareholders of record Feb. 14; ex-div Feb. 13.
  • Comment: The company posted earnings surpassing expectations, driven by robust fuels trading and increased oil and gas output. However, year-over-year earnings saw a significant decline due to weakened oil prices. Profits were also adversely affected by a $2 billion impairment charge in California, stemming from regulatory issues hindering production and distribution. In its effort to streamline profits, the company exceeded its 2019 $9bn cost-cutting goal by $700mn. In October, the company also announced a $60bn all-stock acquisition of shale rival Pioneer Natural Resources, set to conclude in the first half of this year. Looking ahead, oil prices remain volatile amidst ongoing global geopolitical tensions. 1Q24 recommended trading range: $90 to $110. Neutral Outlook.

波音(BA)

  • 23财年第四季营收：220.2亿美元, 同比增幅10.2%，超预期9.4亿美元
  • 23财年第四季Non-GAAP每股亏损：0.47美元，超预期0.32美元
  • 24财年指引：由于737 Max 9危机，暂无指引。2025年至2026年目标实现1,000亿美元的营收，每年交付约800架飞机，自由现金流达到100亿美元。
  • 短评：波音报告的季度亏损比预期小，营收和自由现金流均好于预期。公司高管重申了2025-2026年的财务目标，力争自由现金流约100亿美元和每月737生产50架飞机。最近涉及737 MAX飞机的空中舱板爆炸事件引起了更多监管审查，影响了生产和市场份额。尽管面临挑战，波音将继续要求其737供应商保持较高产能，并愿意持有更多的库存，以帮助一些供应商赶上当前的产能提升。公司首席执行官强调了公司对质量的承诺，并表示在需要时愿意减缓以解决问题。MAX飞机安全问题继续给波音的复苏带来不确定性。投资者应密切关注国家运输安全委员会对MAX安全问题的调查，以获取进一步更新。24财年第一季度建议交易区间：190美至230美元。中性前景。

Chevron Corp (CVX)

  • 4Q23 Revenue: $47.18B, -16.5% YoY, miss estimates by $6.02B
  • 4Q23 Non-GAAP EPS: $3.45 beat estimates by $0.23
  • FY24 Guidance: No revenue guidance. Expect Permian Basin production to be down in 1H24 before rising to about 900,000bpd. Kazakhstan output to decline by 50,000bpd this year on maintenance. Predicts a 4% to 7% increase in its global output to 3.25mn bpd of oil and gas or more.
  • Dividend: Announced an 8% increase in quarterly dividend to $1.63/share
  • Comment: Despite revenue declining, Chevron’s earnings surpassed analysts’ targets and increased dividends on higher oil and gas production. FY23 profits sank 40% due to challenges in the oil and gas production and refining sectors, however, Chevron expressed confidence by raising dividends by 8%. The company returned a record $26.3bn to shareholders through dividends and buybacks in FY23. Chevron reported increased oil and gas production, reaching 3.12mn bpd in FY23, with a 10% projected increase in output from the Permian basin in FY24. The company aims for a 4%-7% global output increase to 3.25mn bpd. Despite volume gains, lower prices, foreign currency impacts, and one-time charges affected Q4 earnings. Chevron’s cash flow and return on capital employed declined, influenced by lower commodity prices and refined product sales margins. The company acknowledged underperformance in a major Kazakhstan oil project and faced higher costs. Chevron’s acquisitions, including PDC Energy, contributed to a 32% rise in full-year capital spending to $15.8bn. Even with an expected increase in production volume, Chevron’s FY24 profitability will be subjected to the volatility of oil and gas prices. 1Q24 recommended trading range: $150 to $160. Neutral Outlook.

诺和诺德(NVO)

  • 23财年第四季营收：658.6亿丹麦克朗, 同比增幅37.0%
  • 23财年第四季GAAP每股盈利：4.91丹麦克朗美元
  • 24财年指引：预计销售额将以不变汇率（CER）增长18%至26%，运营利润预计以CER增长21%至29%。财务项目（净额）约为丹麦克朗13亿，资本支出（PPE）约为丹麦克朗450亿。折旧、摊销和减值损失约为丹麦克朗100亿，而自由现金流（不包括业务发展的影响）预计在丹麦克朗640亿至740亿之间。
  • 短评：诺和诺德报告了2023年强劲的营收和盈利，销售额同比增长31%（在不变汇率下增长36%）达到丹麦克朗2,323亿。公司的减肥药Wegovy和糖尿病药Ozempic对销售增长有着显著的贡献。全年运营利润在克朗计算增长了37%，在不变汇率下增长了44%。诺和诺德预计2024年销售额在不变汇率下将增长18%至26%，主要受到Wegovy和Ozempic强劲需求的推动。首席执行官对肥胖市场的竞争表示欢迎，预计随着每周注射量的增加，Wegovy的价格将下降，并强调公司对患者护理的承诺。公司承认其供应链面临增加的压力，但仍在投资扩大生产能力以满足不断增长的需求。24财年第一季度建议交易区间：105美至125美元。积极前景。

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