Technical Analysis – 6 February 2025

United States | Singapore | Hong Kong | Earnings

Newmont Corp. (NEM US)

• Shares closed at a high since November 2024 with more volume. 5dEMA is about to cross the 200dEMA and the 20dEMA is about to cross the 50dEMA.
  
• MACD is positive, RSI is at an overbought level.
  
• Long – Entry 44.5 Target 48.5 Stop 42.5
  

Sandstorm Gold Ltd. (SAND US)

• Shares closed at a high since November 2024 with more volume.
  
• MACD is positive, RSI is at an overbought level.
  
• Long – Entry 6.25 Target 6.85 Stop 5.95
  

^ Back To Top

Wilmar International Ltd. (WIL SP)

• Shares closed higher above the 200dEMA with constructive volume. 20dEMA just crossed the 50dEMA, 5dEMA is about to cross the 200dEMA.
  
• MACD is positive, RSI is at an overbought level.
  
• Long – Entry 3.22, Target 3.42, Stop 3.12
  

Rex International Holdings Ltd. (REXI SP)

• Shares closed at a 52-week high with a surge in volume.
  
• MACD just turned positive, RSI is at an overbought level.
  
• Long – Entry 0.148 Target 0.168, Stop 0.138
  

^ Back To Top

Shandong Gold Mining Co Ltd (1787 HK)

• Shares closed at a 3-month high above the 200dEMA with a jump in volume. The 5dEMA crossed the 50dEMA.
  
• RSI is constructive and MACD turned positive.
  
• Long – Entry 15.3, Target 16.5, Stop 14.7
  

Zijin Mining Group Co Ltd (2899 HK)

• Shares closed at a one-month high above the 200dEMA.
  
• RSI is constructive and MACD is positive.
  
• Long – Entry 15.4 Target 16.4, Stop 14.9
  

^ Back To Top

Uber Technologies Inc. (UBER)

• 4Q24 Revenue: $11.96B, +20.3% YoY, beat estimates by $190M
  
• 4Q24 adjusted GAAP EPS: $0.23, miss estimates by $0.27
  
• 1Q25 Guidance: Expects gross bookings to be between $42.0bn to $43.50bn; expects adjusted EBITDA to be between $1.79bn to $1.89bn, midpoint of $1.84bn in-line with consensus.
  
• Comment: Uber Technologies delivered mixed 4Q24 results, with revenue surpassing expectations, driven by steady ride-hailing demand for office commutes and a strong holiday season for its delivery services. Adjusted EBITDA grew over 40% YoY, reflecting operational strength. However, total costs and expenses climbed 20.5% YoY to $11.9bn, weighing on profitability. For 1Q24, Uber guided to bookings below estimates, citing headwinds from a strong dollar, disruptions caused by Los Angeles wildfires, and unusual weather patterns in the South. Despite these challenges, the company continues expanding its global mobility and delivery businesses, introducing more affordable options like shuttle rides in New York and pooled rides at airports, while forging brand partnerships to drive user growth. Additionally, Uber executed a $1.5bn accelerated share repurchase in January, part of its previously announced $7bn buyback program. 1Q25 recommended trading range: $58 to $70. Neutral Outlook.
  

优步科技(UBER)

• 24财年第四季营收：119.6亿美元，同比增长20.3%，超出预期1.9亿美元
  
• 24财年第四季调整后GAAP每股盈利：0.23美元，低于预期0.27美元
  
• 25财年第一季指引：预计总订单额在420亿至435亿美元之间；预计调整后EBITDA在17.9亿至18.9亿美元之间，中值18.4亿美元与市场预期一致。
  
• 短评：优步科技24财年第四季业绩喜忧参半，营收超出预期，这得益于办公室通勤的稳定网约车需求以及外卖服务的强劲假日季表现。调整后EBITDA同比增长超过40%，反映出运营实力。然而，总成本和支出同比增长20.5%至119亿美元，对盈利能力构成压力。25财年第一季度，优步预计订单额低于预期，理由是美元走强、洛杉矶野火造成的中断以及南方地区异常的天气模式带来的不利因素。尽管存在这些挑战，该公司继续扩大其全球出行和外卖业务，在纽约推出更实惠的选择，如班车，并在机场推出拼车服务，同时建立品牌合作伙伴关系以推动用户增长。此外，优步1月份执行了15亿美元的加速股票回购，这是此前宣布的70亿美元回购计划的一部分。25财年第一季建议交易区间：58美元至70美元。中性前景。
  

Walt Disney Co. (DIS)

• 1Q25 Revenue: $24.7B, +5.1% YoY, beat estimates by $150M
  
• 1Q25 Non-GAAP EPS: $1.76, beat estimates by $0.33
  
• FY25 Guidance: Reaffirms FY25 guidance. Expects adjusted EPS growth target to be in high-single digit, vs consensus of 8.91%; expects cash provided by operations to be approximately $15.0bn, compared to consensus of $15.09bn.
  
• Comment: Walt Disney delivered strong results, driven by the holiday box office success of Moana 2. The animated sequel surpassed $1 billion in global ticket sales in January, becoming the studio’s fourth film to reach that milestone. This performance helped boost operating income at Disney’s entertainment unit to $1.7 billion, nearly doubling YoY. Gains in entertainment helped offset weaker results at Disney’s domestic theme parks, which were impacted by hurricanes Helene and Milton in Florida. However, the company warned that Disney+ would see a modest subscriber decline next quarter following its recent price increase—a sharp contrast to Netflix’s record 19 million subscriber gains. Looking ahead, Disney expects to incur $50 million in costs related to its exit from the Venu Sports joint venture with Warner Bros. and Fox. 2Q25 recommended trading range: $100 to $120. Neutral Outlook.
  

迪士尼(DIS)

• 25财年第一季营收： 247亿美元，同比增长5.1%，超出预期1.5亿美元
  
• 25财年第一季Non-GAAP每股盈利： 1.76美元，超出预期0.33美元
  
• 25财年全年指引： 重申25财年全年指引。预计调整后每股盈利增长目标为高个位数，而市场预期为8.91%；预计运营产生的现金约为150亿美元，而市场预期为150.9亿美元。
  
• 短评： 迪士尼公布了强劲的业绩，这得益于《海洋奇缘2》在假日档期的票房成功。这部动画续集在1月份全球票房突破10亿美元，成为该公司第四部达到这一里程碑的电影。这一表现帮助迪士尼娱乐部门的营业收入增至17亿美元，几乎同比增长了一倍。娱乐部门的增长抵消了迪士尼国内主题公园的疲弱业绩，后者受到佛罗里达州飓风Helene和Milton的影响。然而，该公司警告称，Disney+在最近一次涨价后，下个季度可能会出现用户小幅下降——这与Netflix创纪录的1900万用户增长形成鲜明对比。展望未来，迪士尼预计将因退出与华纳兄弟和Fox的Venu Sports合资企业而产生5000万美元的成本。25财年第二季建议交易区间：100美元至120美元。中性前景。
  

Boston Scientific Corp. (BSX)

• 4Q24 Revenue: $4.56B, +22.3% YoY, beat estimates by $140M
  
• 4Q24 Non-GAAP EPS: $0.70, beat estimates by $0.04
  
• 1Q25 Guidance: Revenue growth is projected in the range of approximately 17-19% on a reported basis (up 14-16% organically). Adjusted earnings are expected in the range of 66-68 cents per share.
  
• FY25 Guidance: Expects net sales to grow approximately 12.5-14.5% on a reported basis and nearly 10-12% on an organic basis. Full-year adjusted EPS is expected in the range of $2.80-$2.87.
  
• Comment: Boston Scientific reported stronger-than-expected results, capping one of its most successful years. Performance was driven by its innovative portfolio, the launch of the FARAPULSE Pulsed Field Ablation System, key clinical milestones, and strong commercial execution across multiple businesses and regions. During the quarter, the company completed the acquisitions of Cortex and Axonics and announced a deal to acquire Intera Oncology. While revenue exceeded expectations, gross margin contracted 138 basis points YoY to 67.9%, as the cost of products sold surged 27.9% to $1.47 billion. This underscored ongoing cost pressures. Looking ahead, Boston Scientific guided for annual profit above estimates, citing steady demand for its heart devices. Medical device manufacturers also continue to benefit from sustained demand for elective procedures in the U.S., particularly among older adults. 1Q25 recommended trading range: $100 to $115. Positive Outlook.
  

波士顿科学 (BSX)

• 24财年第四季营收：45.6亿美元，同比增长22.3%，超出预期1.4亿美元
  
• 24财年第四季Non-GAAP每股盈利：0.70美元，超出预期0.04美元
  
• 25财年第一季指引：预计营收增长率按报告基准计算约为17-19%（按内生性计算增长14-16%）。调整后盈利预计在每股0.66-0.68美元之间。
  
• 25财年全年指引：预计净销售额按报告基准计算增长约12.5-14.5%，按内生性计算接近10-12%。全年调整后每股盈利预计在2.80-2.87美元之间。
  
• 短评：波士顿科学公布了强于预期的业绩，为其最成功的一年画上了句号。业绩增长得益于其创新产品组合、FARAPULSE脉冲电场消融系统的推出、关键临床里程碑以及多个业务和地区的强劲商业执行。本季度，公司完成了对Cortex和Axonics的收购，并宣布了一项收购Intera Oncology的交易。虽然营收超出预期，但由于销售成本飙升27.9%至14.7亿美元，毛利率同比下降138个基点至67.9%。这突显了持续的成本压力。展望未来，波士顿科学预计年度利润将高于预期，理由是其心脏设备的需求稳定。医疗设备制造商还继续受益于美国，尤其是老年人对择期手术的持续需求。25财年第一季建议交易区间：100美元至115美元。积极前景。
  

Qualcomm Inc. (QCOM)

• 1Q25 Revenue: $11.67B, +17.6% YoY, beat estimates by $770M
  
• 1Q25 Non-GAAP EPS: $3.41, beat estimates by $0.44
  
• 2Q25 Guidance: Expects revenue to be in the range of $10.2B-$11.0B vs $10.36B consensus, Non-GAAP EPS of $2.70-$2.90 vs $2.71 consensus.
  
• Comment: Qualcomm delivered strong results and guided for sales and profits above analyst expectations, driven by growing demand for AI-powered smartphones. However, investor sentiment was tempered by the company’s outlook for flat revenue in its patent licensing business. Qualcomm noted that licensing revenue—which comes from fees paid by 5G device makers—will remain flat this year following the expiration of its agreement with Huawei. Discussions with Huawei are ongoing. Meanwhile, Qualcomm secured a major deal with Samsung Electronics to supply chips for its flagship smartphones globally and is also collaborating with Microsoft and PC manufacturers to expand its presence in the laptop market. Looking ahead, AI is expected to remain a key growth driver in the smartphone industry as AI-powered features become more integrated, further benefiting Qualcomm. 1Q25 recommended trading range: $145 to $185. Neutral Outlook.
  

高通 (QCOM)

• 25财年第一季营收： 116.7亿美元，同比增长17.6%，超出预期7.7亿美元
  
• 25财年第一季Non-GAAP每股盈利： 3.41美元，超出预期0.44美元
  
• 25财年第二季指引： 预计营收在102亿美元至110亿美元之间，市场预期为103.6亿美元；Non-GAAP每股盈利为2.70美元至2.90美元，市场预期为2.71美元。
  
• 短评： 高通发布了强劲的业绩，并发布了超出分析师预期的销售额和利润指引，这得益于市场对人工智能智能手机的需求不断增长。然而，投资者情绪受到该公司对其专利授权业务营收持平的预期所影响。高通指出，来自5G设备制造商的授权费收入今年将保持不变，此前与华为的协议已经到期。与华为的讨论仍在进行中。与此同时，高通与三星电子达成了一项重要协议，为三星的旗舰智能手机在全球范围内供应芯片，并与微软和PC制造商合作，扩大其在笔记本电脑市场的业务。展望未来，随着人工智能功能变得更加集成，预计人工智能将继续成为智能手机行业的主要增长动力，这将进一步利好高通。25财年第一季建议交易区间：145美元至185美元。中性前景。
  

Ford Motor Co. (F)

• 4Q24 Revenue: $48.2B, +4.8% YoY, beat estimates by $5.37B
  
• 4Q24 Non-GAAP EPS: $0.39, beat estimates by $0.07
  
• FY25 Guidance: Projected up to $5.5B in losses on its electric vehicle and software operations this year, a loss similar to last year and a sign of the severe difficulties in cutting costs on battery-powered models. Ford expects EBIT of $7.5B to $8Bfrom Ford Pro; $3.5B to $4B for Ford Blue; and a loss of $5B to $5.5B for Ford Model e. Its Ford Credit arm is expected to post earnings of $2B.
  
• Comment: Ford Motor exceeded Wall Street’s Q4 expectations, reporting revenue of US$48.2bn and earnings of US$0.39 per share. While its EV division incurred a loss of US$5.08bn in 2024, profitability was maintained in traditional vehicles and fleet sales. Despite this EV loss, Ford is pursuing cost-cutting measures, including a US$1bn reduction in material and warranty expenses, and is ramping up EV production. In 2023, hybrid vehicle sales nearly doubled those of EVs, a strategy potentially mitigating the impact of lost federal EV tax credits. However, Ford issued a cautious outlook for 2025, projecting EBIT of US$7bn to US$8.5bn, a decline from US$10.2bn in 2024. Tariff concerns persist, particularly regarding potential tariffs on Canadian and Mexican imports, which could impact production costs and be passed on to consumers. While not factored into the current outlook, Ford executives are actively engaged in discussions with policymakers on this issue. Its CEO has emphasized improving vehicle quality to address warranty claims that impacted earnings last year. Looking ahead, Ford faces a challenging 2025 as it navigates the complexities of the EV transition, rising costs, and potential trade tensions. While the company demonstrates a commitment to cost reduction and quality improvement, the success of its EV strategy and the impact of external factors like tariffs will be crucial in determining its future performance. 1Q25 recommended trading range: $9 to $11. Neutral Outlook.
  

福特汽车 (F)

• 24财年第四季营收： 482亿美元，同比增长4.8%，超出预期53.7亿美元
  
• 24财年第四季Non-GAAP每股盈利： 0.39美元，超出预期0.07美元
  
• 25财年指引： 预计电动汽车和软件业务亏损高达55亿美元，与去年亏损额相似，表明其在降低电池动力车型成本方面面临严峻挑战。福特预计Ford Pro的息税前利润为75亿至80亿美元；Ford Blue为35亿至40亿美元；Ford Model e亏损50亿至55亿美元。其信贷部门预计盈利20亿美元。
  
• 短评： 福特汽车第四季度业绩超出华尔街预期，营收为482亿美元，每股盈利0.39美元。虽然其电动汽车部门在2024年亏损50.8亿美元，但传统汽车和车队销售保持盈利。尽管电动汽车业务亏损，福特仍在采取成本削减措施，包括削减10亿美元的材料和保修费用，并扩大电动汽车生产。2023年，混合动力汽车销量几乎是电动汽车的两倍，这一策略可能会减轻失去联邦电动汽车税收减免的影响。然而，福特对2025年发布了谨慎的展望，预计息税前利润为70亿至85亿美元，低于2024年的102亿美元。关税问题依然存在，特别是关于对加拿大和墨西哥进口商品征收潜在关税的问题，这可能会影响生产成本并转嫁给消费者。虽然这尚未纳入目前的展望，但福特高管正积极与政策制定者就此问题进行讨论。其首席执行官强调提高汽车质量，以解决去年影响盈利的保修索赔问题。展望未来，福特在应对电动汽车转型、成本上升和潜在贸易紧张局势的复杂性之际，面临着充满挑战的2025年。虽然该公司表现出致力于成本削减和质量改进，但其电动汽车战略的成功以及关税等外部因素的影响将对其未来业绩起着至关重要的作用。25财年第一季建议交易区间：9美元至11美元。中性前景。
  

Arm Holdings plc (ARM)

• 3Q25 Revenue: $983M, +19.3% YoY, beat estimates by $35M
  
• 3Q25 Non-GAAP EPS: $0.39, beat estimates by $0.05
  
• 4Q25 Guidance: Expect revenue in a range between $1.18B and $1.28B, with a midpoint of $1.23B , compared with an average analyst estimate of $1.22B. Arm forecast earnings per share between $0.48 and $0.56, compared with analysts’ average estimate of $0.53.
  
• FY25 Guidance: Expect revenue guidance to a range of $3.94B to $4.04B from $3.8B to $4.1B. The company also narrowed its adjusted earnings per share guidance for the full year to between $1.56 and $1.64.
  
• Comment: Arm Holdings reported strong Q3 results, with revenue rising 19% to US$983mn and earnings per share exceeding estimates at US$0.39. The company also slightly surpassed Q4 expectations, forecasting revenue between US$1.18bn and US$1.28bn, with a midpoint of $1.23bn. However, it disappointed investors by narrowing its full-year guidance to US$3.94bn to US$4.04bn, leading to a decline in its share price as markets had expected a more optimistic outlook driven by AI adoption. Arm continues to raise royalty rates, particularly for its Armv9 technology, which powers Apple’s latest iPhones. The company is also expanding its presence in AI computing, partnering with SoftBank and Oracle in the US-backed US$500bn Stargate AI initiative. While Arm remains a dominant force in mobile chips, it is pushing further into data centers and high-performance computing. Despite strong demand, investors remain cautious about its pricing strategies and competitive positioning in a rapidly evolving AI-driven semiconductor market. 4Q25 recommended trading range: $160 to $180. Neutral Outlook.
  

Arm Holdings (ARM)

• 25财年第三季营收：9.83亿美元，同比增长19.3%，超出预期3500万美元
  
• 25财年第三季Non-GAAP每股盈利：0.39美元，超出预期0.05美元
  
• 25财年第四季指引：预计营收在11.8亿美元至12.8亿美元之间，中值为12.3亿美元，相比之下，分析师的平均预期为12.2亿美元。Arm预测每股盈利在0.48美元至0.56美元之间，相比之下，分析师的平均预期为0.53美元。
  
• 25财年全年指引：预计营收指引为39.4亿美元至40.4亿美元，此前的预期为38亿美元至41亿美元。该公司还将全年调整后每股盈利指引缩窄至1.56美元至1.64美元之间。
  
• 短评：Arm Holdings公布了强劲的第三季度业绩，营收增长19%至9.83亿美元，每股盈利超出预期，为0.39美元。该公司还略微超出了第四季度预期，预测营收在11.8亿至12.8亿美元之间，中值为12.3亿美元。然而，由于将全年指引缩窄至39.4亿至40.4亿美元，令投资者感到失望，导致其股价下跌，因为市场原本预期在人工智能普及的推动下，会出现更乐观的前景。Arm继续提高特许权使用费率，尤其是为其Armv9技术，该技术为苹果最新的iPhone提供动力。该公司还在人工智能计算领域扩大影响力，与软银和甲骨文在美国支持的5000亿美元星际之门人工智能计划中合作。虽然Arm在移动芯片领域仍然占据主导地位，但它正在进一步进军数据中心和高性能计算领域。尽管需求强劲，但投资者对其定价策略以及在快速发展的人工智能驱动的半导体市场中的竞争地位仍持谨慎态度。25财年第四季建议交易区间：160美元至180美元。中性前景。