Technical Analysis – 6 June 2025

United States | Singapore | Hong Kong | Earnings

First Majestic Silver Corp. (AG US)

• Shares closed at a 52-week high with a surge in volume. 50dEMA just crossed the 200dEMA.
  
• MACD is positive, RSI is at an overbought level.
  
• Long – Entry 8.30, Target 9.50, Stop 7.70
  

Endeavour Silver Corp. (EXK US)

• Shares closed at a high since March 2025 with a surge in volume. 5dEMA just crossed the 200dEMA, the 20dEMA just crossed the 50dEMA and is about to cross the 200dEMA.
  
• MACD is positive, RSI is at an overbought level.
  
• Long – Entry 4.40, Target 5.00, Stop 4.10
  

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City Development Ltd. (CDL SP)

• Shares closed at a high since January 2025 above the 200dEMA, with a surge in volume. 20dEMA is about to cross the 50dEMA.
  
• MACD is positive, RSI is at an overbought level.
  
• Buy – Entry 5.10, Target 5.50, Stop 4.90
  

CSE Global Ltd. (CSE SP)

• Shares closed at a high since December 2024 above the 200dEMA with a surge in volume. 5dEMA just crossed the 200dEMA and the 20dEMA is about to cross the 50dEMA.
  
• MACD just turned positive, RSI is constructive.
  
• Buy – Entry 0.460 Target 0.490, Stop 0.445
  

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Kuaishou Technology (1024 HK)

• Shares closed above the 5dEMA with rising volume.
  
• RSI is constructive and MACD is positive.
  
• Long – Entry 53.6 Target 58.0, Stop 51.4
  
  
  
  
  

  

  
  

Alibaba Group Holding Ltd (9988 HK)

• Shares closed at the 50dEMA with rising volume.
  
• RSI is constructive, while MACD is about to turn positive.
  
• Long – Entry 118, Target 128, Stop 113
  
  
  

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Ciena Corp. (CIEN)

• 2Q25 Revenue: $1.13B, +24.1% YoY, beat estimates by $40M
  
• 2Q25 Non-GAAP EPS: $0.42, miss estimates by $0.10
  
• 3Q25 Guidance: Expect revenue to be between $1.13bn to $1.21bn; Expect adjusted gross margin to be in the low 40s%; Expect adjusted operating expenses to be between $370mn to $375mn.
  
• FY25 Guidance: Expect revenue growth to be approx. 14%; Expect adjusted gross margin to be at the lower end of 42% to 44% range; Expect adjusted operating expense to be around an average of $360mn to $370mn per quarter.
  
• Comment: While Ciena delivered strong revenue growth, earnings fell short of expectations, primarily due to higher-than-anticipated incentive-based compensation. Adjusted operating expenses reached $369 million, exceeding the company’s prior forecast of $355 million. Looking ahead, Ciena expects incentive compensation to continue rising in line with strong sales performance. The company also projects a decline in gross margin to 42–44% in the coming quarter, down from 50.4% in Q2 FY25. Despite sustained demand from cloud providers and AI infrastructure, Ciena may face headwinds from macroeconomic uncertainty, which could lead customers to reduce or delay capital expenditures. 3Q25 recommended trading range: $65 to $85. Neutral Outlook.
  

Ciena Corp. (CIEN)

• 25财年第二季营收：11.3亿美元，同比增长24.1%，超出预期4,000万美元
  
• 25财年第二季Non-GAAP每股收益：0.42美元，低于预期0.10美元
  
• 25财年第三季指引：预计营收在11.3亿至12.1亿美元之间；预计调整后的毛利率在40%低位；预计调整后的营业费用在3.7亿至3.75亿美元之间。
  
• 25财年指引：预计营收增长约14%；预计调整后的毛利率在42%至44%范围的下限；预计调整后的营业费用在每季度3,600万至3,700万美元之间。
  
• 短评： 尽管Ciena实现了强劲的营收增长，但收益未达到预期，主要是由于激励性薪酬高于预期。调整后的营业费用达到3.69亿美元，超过公司之前预测的3.55亿美元。展望未来，Ciena预计激励性薪酬将根据强劲的销售表现继续上升。公司还预计在下个季度毛利率将降至42%至44%，低于25财年第二季度的50.4%。尽管云服务提供商和AI基础设施的需求持续强劲，Ciena可能面临宏观经济不确定性带来的压力，这可能导致客户减少或推迟资本支出。25财年第三季建议交易区间：65美元至85美元。中性前景。
  

Broadcom Inc. (AVGO)

• 2Q25 Revenue: $15.0B, +20.1% YoY, beat estimates by $30M
  
• 2Q25 Non-GAAP EPS: $1.58, beat estimates by $0.01
  
• 2Q25 Dividend: Broadcom declared $0.59/share quarterly dividend, in line with previous; Forward yield 0.91%; Payable June 30; for shareholders of record June 20; ex-div June 20.
  
• 3Q25 Guidance: Expect revenue to be $15.8bn, above consensus of $15.77bn; expects adjusted EBITDA to be at least 66% of projected revenue
  
• Comment: Broadcom delivered better-than-expected results and guided 3Q25 revenue slightly above market expectations. In 2Q25, the semiconductor solutions segment generated $8.4bn in revenue, while the infrastructure software segment contributed $6.6bn. The company also began shipping its next-generation networking chip, Tomahawk 6, which is designed to accelerate AI workloads. The chip doubles the performance of its predecessor and significantly enhances data center network efficiency. Looking ahead, management expects AI semiconductor revenue to accelerate to $5.1bn in 3Q25, marking the tenth consecutive quarter of growth, driven by continued investment from hyperscale customers. Demand for AI chips is also projected to pick up further in the second half of 2026, fueled by strong inference-related needs. The market continues to view Broadcom favorably, supported by robust AI fundamentals and ongoing synergy and value creation in its software business. 3Q25 recommended trading range: $240 to $280. Positive Outlook.
  

博通(AVGO)

• 25财年第二季营收：150亿美元，同比增长20.1%，超出预期3,000万美元
  
• 25财年第二季Non-GAAP每股收益：1.58美元，超出预期0.01美元
  
• 25财年第二季股息：博通宣布每股0.59美元的季度股息，与之前一致；前瞻收益0.91%；6月30日支付；截至6月20日的股东；6月20日除息。
  
• 25财年第三季指引：预计营收为158亿美元，高于共识预期的157.7亿美元；预计调整后的EBITDA至少占预计营收的66%。
  
• 短评： 博通发布了超出预期的业绩，并对25财年第三季营收的指导略高于市场预期。在25财年第二季，半导体解决方案部门产生了84亿美元的营收，而基础设施软件部门贡献了66亿美元。公司还开始发运其下一代网络芯片Tomahawk 6，该芯片旨在加速AI工作负载。该芯片的性能是其前身的两倍，并显著提升了数据中心网络效率。展望未来，管理层预计AI半导体营收将在25财年第三季加速至51亿美元，标志着连续第十个季度的增长，得益于超大规模客户的持续投资。预计在2026年下半年，对AI芯片的需求将进一步上升，受到强烈推理相关需求的推动。市场继续对公司持积极态度，支持其强劲的AI基本面以及在软件业务中的持续协同和价值创造。25财年第三季建议交易区间：240美元至280美元。积极前景。
  

DocuSign, Inc. (DOCU)

• 1Q26 Revenue: $763.65M, +7.6% YoY, beat estimates by $14.73M
  
• 1Q26 Non-GAAP EPS: $0.90, beat estimates by $0.09
  
• 2Q26 Guidance: Expect revenue to be between $777mn to $781mn, midpoint of $779mn above consensus of $775.58; Expect subscription revenue to be between $760mn to $764mn; Expect billings to be between $757mn to $767mn.
  
• FY26 Guidance: Expect revenue to be between $3.15bn to $3.16bn, above consensus of $3.14; Expect subscription revenue of $3.08 to $3.08; Expect billings to be between $3.285bn to $3.339bn, compared to between $3.3bn to $3.354bn previously.
  
• Comment: DocuSign delivered solid quarterly results, with subscription revenue rising 8% YoY to $746.2mn. However, professional services revenue declined 40% to $17.5mn. Total billings grew modestly by 4% to $739.6mn. The company ended the quarter with over 1.7mn customers and more than 1bn users globally. In 1Q26, DocuSign introduced several key product innovations. It launched Iris, an AI engine designed to streamline agreement workflows by enabling faster drafting, clearer commitments, and improved post-signature management. The company also unveiled Workspaces, a centralized hub that brings together agreements, participants, and supporting content. Additionally, enhancements to integrations with Salesforce and Microsoft Dynamics 365 were introduced to improve data flow between CRM platforms and DocuSign’s agreement tools. Going forward, while revenue guidance came in ahead of expectations, management lowered full-year FY26 billings guidance, raising concerns about the company’s near-term growth trajectory. 2Q26 recommended trading range: $70 to $85. Neutral Outlook.
  

DocuSign, Inc. (DOCU)

• 26财年第一季营收： 7.6365亿美元，同比增长7.6%，超出预期1,473万美元
  
• 26财年第一季Non-GAAP每股收益： 0.90美元，超出预期0.09美元
  
• 26财年第二季指引： 预计营收在7.77亿美元至7.81亿美元之间，中点7.79亿美元高于市场普遍预期的7.7558亿美元；预计订阅收入在7.6亿美元至7.64亿美元之间；预计账单收入在7.57亿美元至7.67亿美元之间。
  
• 26财年全年指引： 预计营收在31.5亿美元至31.6亿美元之间，高于市场普遍预期的31.4亿美元；预计订阅收入在30.8亿美元至30.8亿美元之间；预计账单收入在32.85亿美元至33.39亿美元之间，此前预期为33亿美元至33.54亿美元。
  
• 短评： DocuSign公布了稳健的季度业绩，订阅收入同比增长8%至7.462亿美元。然而，专业服务收入下降40%至1,750万美元。总账单收入温和增长4%至7.396亿美元。截至本季度末，公司在全球拥有超过170万客户和超过10亿用户。在26财年第一季度，DocuSign推出了几项关键产品创新。它发布了Iris，一个旨在通过实现更快的起草、更清晰的承诺和改进的签署后管理来简化协议工作流程的人工智能引擎。公司还推出了Workspaces，一个将协议、参与者和支持内容汇集在一起的集中式枢纽。此外，还增强了与Salesforce和Microsoft Dynamics 365的集成，以改善CRM平台与DocuSign协议工具之间的数据流。展望未来，虽然营收指引超出预期，但管理层下调了26财年全年账单收入指引，引发了对其近期增长轨迹的担忧。26财年第二季建议交易区间：70美元至85美元。中性前景。
  

Lululemon Athletica Inc. (LULU)

• 1Q25 Revenue: $2.37B, +7.2% YoY, in line with estimates
  
• 1Q25 GAAP EPS: $2.60, beat estimates by $0.01
  
• 2Q25 Guidance: Expect net revenue to be in the range of $2.535B to $2.560B, representing growth of 7% to 8%. Diluted earnings per share are expected to be in the range of $2.85 to $2.90 for the quarter. This assumes a tax rate of approximately 30%.
  
• FY25 Guidance: Reaffirmed net revenue to be in the range of $11.15B to $11.30B, representing growth of 5% to 7%, or 7% to 8% excluding the 53rd week of 2024. Lowered expectations for diluted earnings per share to be in the range of $14.58 to $14.78 for the year. This assumes a tax rate of approximately 30%.
  
• Comment: Lululemon reported first-quarter revenue of US$2.37bn, in line with estimates, and earnings per share of US$2.60, slightly ahead of expectations. However, the company issued softer than expected guidance for the current quarter and trimmed its full-year earnings outlook, raising investor concerns about its ability to sustain growth amid intensifying competition, evolving consumer preferences, and newly imposed tariffs. Sales declined in the Americas, with cautious U.S. consumer behaviour further challenging Lululemon’s 2025 growth ambitions. Elevated input costs, particularly from a projected 30% tariff on Chinese imports, are compressing margins and prompting modest price increases. While new product categories like running and golf apparel have shown early promise, they have yet to offset broader macroeconomic and competitive headwinds. Despite these near-term challenges, Lululemon remains focused on long-term brand resilience, product innovation, and global expansion. If supply chain disruptions ease and consumer confidence rebounds, the company’s diversified portfolio and international growth initiatives could help it regain momentum and drive sustainable growth beyond 2025. In the meantime, tariffs and cautious spending will continue to weigh on performance. 2Q25 recommended trading range: $225 to $300. Negative Outlook.
  

露露柠檬 (LULU)

• 25财年第一季营收：23.7亿美元，同比增长7.2%，符合预期
  
• 25财年第一季GAAP每股收益：2.60美元，超出预期0.01美元
  
• 25财年第二季指引：预计净营收在25.35亿至25.60亿美元之间，增长7%至8%。每股摊薄收益预计在2.85至2.90美元之间。这假设税率约为30%。
  
• 25财年指引：重申净营收在111.5亿至113亿美元之间，增长5%至7%，或不包括2024年第53周时增长7%至8%。将每股摊薄收益的预期下调至14.58至14.78美元。这假设税率约为30%。
  
• 短评： 公司报告第一季度营收为23.7亿美元，符合预期，每股收益为2.60美元，略高于预期。然而，公司对当前季度的指引较预期疲软，并下调了全年收益展望，这引发了投资者对其在竞争加剧、消费者偏好变化和新实施的关税下维持增长能力的担忧。美洲的销售出现下降，美国消费者行为谨慎，进一步挑战了公司的2025年增长目标。由于对中国进口征收的预计30%关税，输入成本上升压缩了利润，并促使小幅涨价。尽管新的产品类别如跑步和高尔夫服装初显潜力，但尚未抵消更广泛的宏观经济和竞争压力。尽管面临这些短期挑战，公司仍专注于长期品牌韧性、产品创新和全球扩展。如果供应链干扰减轻，消费者信心回升，公司多样化的产品组合和国际增长计划可能帮助其恢复势头，推动2025年以后的可持续增长。与此同时，关税和谨慎支出将继续对业绩施加压力。25财年第二季度建议交易区间：225美元至300美元。负面前景。
  

Samsara Inc. (IOT)

• 1Q26 Revenue: $366.9M, +30.7% YoY, beat estimates by $15.46M
  
• 1Q26 Non-GAAP EPS: $0.11, beat estimates by $0.05
  
• 2Q26 Guidance: Expect revenue to be between $371M and $373M and non-GAAP net income per share of $0.06-$0.07.
  
• FY26 Guidance: Expect revenue between $1.547B and $1.555B and non-GAAP net income per share of $0.39-$0.41.
  
• Comment: Samsara reported a strong first quarter with US$1.54bn in revenue, a 31% YoY increase, driven by large enterprise wins and expanded multi-product adoption. The company is gaining momentum in key sectors such as transportation, construction, and public infrastructure, and continues to grow its base of high-value customers. Major new partnerships with organizations like 7-Eleven and Dallas Fort Worth Airport underscore its increasing relevance in digitizing physical operations for improved safety and efficiency. New AI-powered safety and maintenance features, including tools for driver coaching and predictive asset servicing, are delivering tangible results. For instance, a propane distributor saw a 75% drop in safety incidents, while Sterling Crane saved over US$3mn annually through reduced downtime and maintenance costs. Samsara is also scaling through integrations with major OEMs, Hyundai, Stellantis, and Rivian, allowing customers to connect assets directly to its platform without additional hardware. International markets contributed 18% of new business, with Europe seeing record growth. For FY2026, Samsara projects 24%-25% revenue growth and expects to maintain strong operating leverage, targeting a 13% non-GAAP operating margin and EPS of US$0.39-US$0.41. With deepening product adoption, growing global reach, and a focus on AI-driven operational intelligence, Samsara is well positioned for durable, efficient long-term growth. 2Q26 recommended trading range: $40 to $50. Neutral Outlook.
  

Samsara Inc. (IOT)

• 26财年第一季营收：3.669亿美元，同比增长30.7%，超出预期1,546万美元
  
• 26财年第一季Non-GAAP每股收益：0.11美元，超出预期0.05美元
  
• 26财年第二季指引：预计营收在3.71亿至3.73亿美元之间，Non-GAAP每股净收入为0.06至0.07美元。
  
• 26财年指引：预计营收在15.47亿至15.55亿美元之间，Non-GAAP每股净收入为0.39至0.41美元。
  
• 短评： Samsara报告了强劲的第一季度业绩，营收达到15.4亿美元，同比增长31%，得益于大型企业的成功和多产品的扩展采用。公司在运输、建筑和公共基础设施等关键领域获得了动力，并继续扩大高价值客户基础。与7-Eleven和达拉斯沃斯堡机场等组织的主要新合作关系强调了其在数字化实体运营以提高安全性和效率方面的日益重要性。新的AI驱动的安全和维护功能，如驾驶员指导和预测资产服务工具，正在带来实质性成果。例如，一家丙烷分销商的安全事故减少了75%，而Sterling Crane通过减少停机时间和维护成本每年节省超过300万美元。Samsara还通过与主要原始设备制造商（如现代、Stellantis和Rivian）的整合实现了规模扩大，使客户能够无需额外硬件即可将资产直接连接到其平台。国际市场贡献了18%的新业务，欧洲的增长创下新纪录。对于2026财年，Samsara预计营收增长24%至25%，并希望保持强劲的经营杠杆，目标是13%的非GAAP营业利润率和0.39至0.41美元的每股收益。随着产品采用的加深、全球影响力的扩大以及对AI驱动的运营智能的关注，Samsara在实现持久高效的长期增长方面处于良好位置。26财年第二季度建议交易区间：40美元至50美元。中性前景。