KGI Research Singapore

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

Technical Analysis – 6 March 2024

United States | Singapore | Hong Kong | Earnings

Wells Fargo & Company. (WFC US) A graph of stock market Description automatically generated

  • Shares closed at a 52-week high with constructive volume.
  • MACD is positive, RSI is at an “overbought” level.
  • Long – Entry 56, Target 60, Stop 54

Bank of America Corp. (BAC US)

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  • Shares closed at a 52-week high with constructive volume.
  • MACD is positive, RSI is constructive.
  • Long – Entry 35.0, Target 37.4, Stop 33.8

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Centurion Corp. Ltd. (CENT SP)

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  • Shares closed higher above the 5dEMA with constructive volume.
  • MACD is positive, RSI is constructive.
  • Long – Entry 0.425, Target 0.455, Stop 0.410

Boustead Singapore Ltd. (BOCS SP)

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  • Shares closed at a 52-week high with a surge in volume.
  • MACD is positive, RSI is at an “overbought” level.
  • Long – Entry 0.900, Target 0.940, Stop 0.880

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Zijin Mining Group Co Ltd (2899 HK)

  • Shares closed above the 5dEMA with an increase in volume.
  • Both MACD and RSI are constructive.
  • Long – Entry 13.12, Target 13.78, Stop 12.79

Huaneng Power International Inc (902 HK)

  • Shares closed above the 5dEMA with rising volume.
  • Both RSI and MACD are constructive.
  • Long – Entry 4.46, Target 4.70, Stop 4.34

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Sea Ltd. (SE)

  • 4Q23 Revenue: $3.62B, +4.9% YoY, beat estimates by $70M
  • 4Q23 GAAP EPS: –$0.19, beat estimates by $0.07
  • FY24 Guidance: Expect FY2024 to be profitable; expect Shopee’s full-year Gross merchandise value, or GMV, growth to be in the high teens range and its adjusted EBITDA to turn positive in the second half of this year.
  • Comment: Sea Ltd. swung to profit since its market debut in 2017, showcasing signs of turnarounds. The company’s efforts in actively reducing its sales and marketing efforts to cut costs have proven to be effective, and the company could see sustainable growth going forward. The company gained back market share in the e-commerce space in 2023, despite increasing competition in Southeast Asia. Revenue from e-commerce grew 23.2% YoY to $2.6bn. However, the company saw a net loss of $112mn in 4Q as it ramped up sales and marketing spending to achieve an expanded market share. The competition will also remain tight with competitors in Southeast Asia going forward. The company would need to manage its expenses more effectively to drive profitability for the company. 1Q24 recommended trading range: $45 to $65. Neutral Outlook.

东海集团(SE)

  • 23财年第四季营收：36.2亿美元，同比增加4.9%，超预期7,000万美元
  • 23财年第四季Non-GAAP每股亏损：0.19美元，超预期0.07美元
  • 24财年指引：预计2024财年将实现盈利；预计Shopee全年的商品交易总值(GMV)增幅将在15%左右，调整后的息税折旧摊销前利润(EBITDA)将在今年下半年转为正值。
  • 短评：东海集团自2017年上市以来扭亏为盈，显示出好转迹象。该公司积极减少销售和营销努力以削减成本的努力已被证明是有效的，公司可以看到可持续的增长。尽管东南亚的竞争日益激烈，但该公司在2023年重新夺回了电子商务领域的市场份额。电子商务收入同比增长23.2%，至26亿美元。然而，该公司第四季度净亏损1.12亿美元，因为它加大了销售和营销支出，以扩大市场份额。与东南亚竞争对手的竞争也将继续激烈。该公司需要更有效地管理其费用，以提高公司的盈利能力。24财年第一季度建议交易区间：45美至65美元。中性前景。

Gitlab Inc. (GTLB)

  • 4Q24 Revenue: $163.8M, +33.3% YoY, beat estimates by $5.54M
  • 4Q24 Non-GAAP EPS: $0.15, beat estimates by $0.07
  • 1Q25 Guidance: Expect revenue of between $165M to $166M, non-GAAP diluted net loss per share of $0.04 to $0.05. FY25 Guidance: Expect revenue to be between $725M to $731M and non-GAAP diluted net income per share of $0.19 to $0.23.
  • Comment: GitLab Inc. reported robust Q4 performance, with a 33% revenue increase, reaching a total of US$580mn for FY24. The company expanded its customer base significantly, from 63 to 96 customers now generating annual recurring revenue exceeding US$1mn, showcasing continued adoption by major enterprises like Barclays and Blue Halo. GitLab made notable strides in enhancing security, AI integration with GitLab Duo, and expanding into Enterprise Agile Planning, underscoring its commitment to providing secure and efficient software development solutions. Despite these advancements, GitLab’s disappointing earnings guidance for the current quarter and fiscal year fell short of analyst expectations, with forecasts indicating challenges in achieving expected revenue and earnings per share figures. While GitLab has demonstrated strong YoY revenue growth and improved operating margins, concerns persist about its future growth trajectory and challenges like the ongoing JiHu joint venture. 1Q25 recommended trading range: $50 to $70. Negative Outlook.

GitLab (GTLB)

  • 24财年第四季营收：1.638亿美元，同比增加33.3%，超预期554万美元
  • 24财年第四季Non-GAAP每股盈利：0.15美元，超预期0.07美元
  • 25财年第一季指引：预计营收在1.65亿美元至1.66亿美元之间，Non-GAAP摊薄后每股净亏损为0.04美元至0.05美元。25财年指引：预计营收在7.25亿美元至7.31亿美元之间，Non-GAAP摊薄后每股净利润为0.19美元至0.23美元。
  • 短评：GitLab公司第四季度业绩强劲，收入增长33%，24财年总收入达到5.8亿美元。该公司的客户基础大幅扩大，从63个客户增加到96个，每年的经常性收入超过100万美元，显示出巴克莱和Blue Halo等大企业的持续采用。GitLab在增强安全性、与GitLab Duo集成人工智能以及扩展到企业敏捷规划方面取得了显著进展，强调了其提供安全高效软件开发解决方案的承诺。尽管取得了这些进步，但GitLab本季度和本财年的盈利指引令人失望，低于分析师的预期，预测表明实现预期收入和每股收益数据面临挑战。尽管GitLab的营收同比增长强劲，营业利润率也有所提高，但人们对其未来增长轨迹以及正在进行的JiHu合资企业等挑战的担忧仍然存在。25财年第一季度建议交易区间50美至70美元。负面前景。

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