KGI Research Singapore

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

Technical Analysis – 6 September 2023

United States | Singapore | Hong Kong | Earnings

Occidental Petroleum Corp. (OXY US)

  • Shares closed at a high since Feb 2023 with a surge in volume.
  • MACD just turned positive, RSI is constructive.
  • Long – Entry 65.70, Target 69.70, Stop 63.70

Chevron Corp. (CVX US)

  • Shares closed at a high since May 2023. The 20dEMA just crossed the 200dEMA.
  • MACD just turned positive, RSI is constructive.
  • Long – Entry 166, Target 176, Stop 161

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Rex International. (REXI SP)

  • Shares closed higher above the 5dEMa with a surge in volume. The 5dEMA is about to cross the 20dEMA.
  • MACD is about to turn positive, RSI is turning constructive.
  • Long – Entry 0.156, Target 0.170 Stop 0.149

Aztech Global Ltd. (AZTECH SP)

  • Shares closed higher above the 5dEMA with a surge in volume. 
  • MACD is positive, RSI is at an “overbought” level.
  • Long – Entry 0.810 Target 0.870, Stop 0.780

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China Oilfield Services Ltd (2883 HK)

  • Shares closed above the 20dEMA with rising volume. The 5dEMA crossed the 20dEMA. 
  • RSI is constructive, while MACD is about to turn positive.
  • Long – Entry 9.3, Target 9.9, Stop 9.0

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

  • Shares closed above the 200dEMA with rising volume. The 5dEMA is about to cross the 50dEMA.
  • RSI is constructive and MACD is positive.
  • Long – Entry 4.08, Target 4.36, Stop 3.94

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Zscaler Inc (ZS)

  • 4Q23 Revenue: $455.01M, +43.1% YoY, beat estimates by $24.42M
  • 4Q23 Non-GAAP EPS: $0.64, beat estimates by $0.15
  • 1Q24 Guidance: Revenue of $472mn to $474mn, Non-GAAP income from operations of $70mn to $72mn, Non-GAAP net income per share of approximately $0.48 to $0.49, assuming approximately 159mn fully diluted shares outstanding using the “if-converted” method for the convertible senior notes. FY24 Guidance: Revenue of approximately $2.050bn to $2.065bn, calculated billings of $2.52bn to $2.56bn, Non-GAAP income from operations of $330mn to $340mn, Non-GAAP net income per share of $2.20 to $2.25, assuming approximately 161mn fully diluted shares outstanding using the “if-converted” method for the convertible senior notes.
  • Comment: The company reported a better than expected results, but mentioned that the current global macro environment remains uncertain, and that closing deals within 90 days remains challenging. With high inflation rate remaining sticky and interest rates staying high, clients are still looking to optimize costs for their companies, and as a result, these clients continues to scrutinize deals before committing to it. These cost optimizing strategies by clients are likely to continue for the rest of 2023, with expectations that the Federal Reserve will only start to cut rates at the beginning of 2024.  3Q23 recommended trading range: $150 to $180. Neutral Outlook. 

Zscaler (ZS)

  • 23财年第四季营收：4.5501亿美元, 同比增幅43.1%，超预期2,442万美元 
  • 23财年第四季Non-GAAP每股盈利：0.64美元，超预期0.15美元  
  • 24财年第一季指引：营收4.72亿美元至4.74亿美元，Non-GAAP运营收入7,000万美元至7,200万美元，Non-GAAP每股净收入约为0.48美元至0.49美元，假设可转换优先票据完全转换，约有1.59亿股完全稀释在外股票。24财年指引：营收约20.5亿至20.65亿美元，计算账单为25.2亿至25.6亿美元，Non-GAAP运营收入为3.3亿至3.4亿美元，Non-GAAP每股净收入为2.20至2.25美元，假设可转换优先票据完全转换，约有完全稀释后的流通股约为1.61亿股。
  • 短评：该公司报告了好于预期的业绩，但提到目前的全球宏观环境仍然不确定，在90天内完成交易仍然具有挑战性。由于居高不下的通货膨胀率和居高不下的利率，客户仍在寻求为公司优化成本，因此，这些客户在承诺交易之前会继续仔细审查。客户的这些成本优化策略可能会持续到2023年的剩余时间，预计美联储将在2024年初开始降息。24财年第一季度建议交易区间：150美元至180美元。中性前景。

GitLab Inc (GTLB)

  • 2Q24 Revenue: $139.6M, +38.2% YoY, beat estimates by $9.81M
  • 2Q24 Non-GAAP EPS: $0.01, beat estimates by $0.04
  • 3Q24 Guidance: Total revenue of $140mn to $141mn, representing a growth rate of 24% to 25% YoY. It expects a non-GAAP operating loss of $6mn to $5mn and we expect a non-GAAP net loss per share of $0.02 to $0.01, assuming 155mn weighted average shares outstanding. FY24 Guidance: total revenue of $555mn to $557mn, representing a growth rate of approximately 31% YoY. It expects a non-GAAP operating loss of $30mn to $33mn, and it expects non-GAAP net loss per share of $0.08 to $0.05, assuming 154mn weighted average shares outstanding. It remains on track to achieve free cash flow breakeven for FY25.
  • Comment: GitLab delivered a strong quarter and was recently named a leader in the Gartner Magic Quadrant for DevOps platforms and the Forrester Wave integrated software delivery platforms. GitLab is innovating to create further differentiation for its DevSecOps platform, including new compliance capabilities and AI-powered features. The company is capturing the large DevSecOps market opportunity with a strong go-to-market motion, including strategic partnerships with Google Cloud and AWS. GitLab is also driving responsible growth by optimising its pricing and packaging while continuing to invest in key product areas. As it continues to introduce its DevSecOps to the world, we anticipate that it will gain more partners and customers in 2H24. 3Q24 recommended trading range: $50 to $60. Positive Outlook. 

GitLab (GTLB)

  • 24财年第二季营收：1.396亿美元, 同比增幅38.2%，超预期981万美元 
  • 24财年第二季Non-GAAP每股盈利：0.01美元，超预期0.04美元  
  • 24财年第三季指引：总营收为1.4亿至1.41亿美元，同比增长率为24%至25%。Non-GAAP经营亏损为600万美元至500万美元，假设1.55亿加权平均流通股，公司预计每股Non-GAAP净亏损为0.02美元至0.01美元。24财年指引：总营收为5.55亿至5.57亿美元，同比增长率约为31%。公司预计Non-GAAP经营亏损为3,000万美元至3,300万美元，假设1.54亿加权平均流通股，公司预计每股Non-GAAP净亏损为0.08美元至0.05美元。该公司仍有望在25财年实现自由现金流盈亏平衡。
  • 短评：公司发布了一个强劲的季度，最近还被评为Gartner魔力象限DevOps平台和Forrester Wave集成软件交付平台的领导者。GitLab正在创新，为其DevSecOps平台创造进一步的差异化，包括新的合规功能和人工智能功能。通过与Google Cloud和AWS的战略合作，该公司正在抓住DevSecOps市场的巨大机遇。GitLab还通过优化定价和包装来推动负责任的增长，同时继续在关键产品领域进行投资。随着它继续向世界推出其DevSecOps，我们预计它将在下半年获得更多的合作伙伴和客户。24财年第三季度建议交易区间：50美元至60美元。积极前景。

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