KGI Research Singapore

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

Technical Analysis – 7 September 2023

United States | Singapore | Hong Kong | Earnings

Unity Software Inc. (U US)

  • Shares closed above the 200dEMA. 5dEMA just crossed the 50dEMA and is about to cross the 200dEMA.
  • MACD is positive, RSI is constructive.
  • Long – Entry 38.50, Target 42.50, Stop 36.50

UiPath, Inc. (PATH US)

  • Shares closed higher above the 50dEMA with a surge in volume. The 20dEMA is about to cross the 50dEMA.
  • MACD is positive, RSI is constructive.
  • Long – Entry 16.0, Target 17.2, Stop 15.4

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Propnex Ltd. (PROP SP)

  • Shares closed higher above the 5dEMa with a surge in volume.
  • MACD is about to turn positive, RSI is turning constructive.
  • Long – Entry 0.92, Target 1.00 Stop 0.88

Dyna-Mac Holdings Ltd. (DMHL SP)

  • Shares closed higher above the 20dEMA with constructive volume. 5dEMA just crossed the 50dEMA and is about to cross the 20dEMA.  
  • MACD is about to turn positive, RSI is constructive.
  • Long – Entry 0.390 Target 0.420, Stop 0.375

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China Taiping Insurance Holdings Co Ltd (966 HK)

  • Shares closed above the 200dEMA with rising volume. The 20dEMA crossed the 50dEMA. 
  • RSI is constructive and MACD is positive.
  • Long – Entry 8.52, Target 9.22, Stop 8.17

PICC Property and Casualty Co Ltd (2328 HK)

  • Shares closed above the 5dEMA with an increase in volume. 
  • Both RSI and MACD are constructive.
  • Long – Entry 9.4, Target 10.0, Stop 9.1

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C3.ai Inc (AI)

  • 1Q24 Revenue: $72.36M, +10.8% YoY, beat estimates by $0.76M
  • 1Q24 Non-GAAP EPS: -$0.09, beat estimates by $0.08
  • 2Q24 Guidance: Total revenue $72.0 – $76.5M; Non-GAAP loss from operations ($27.0) – ($40.0)M. FY24 Guidance: Total revenue $295.0 – $320.0M; Non-GAAP loss from operations ($70.0) – ($100.0)M.
  • Comment: C3.ai had a strong start to FY24, however, it said it would not be profitable on a non-GAAP basis by the end of fiscal year 2024 as it had previously planned. The company cited its investment in lead generation, branding, market awareness, and customer success related to its Generative AI solutions as the reason for the delay in profitability. Despite the delay, C3.ai (AI) still expects to be cash positive in Q4 FY 2024 and in FY 2025. The company also announced the immediate availability of a new C3 Generative AI Suite, which includes 28 new domain-specific generative AI solutions for industries, business processes, and enterprise systems. C3.ai’s federal business is showing significant strength, with federal bookings up 39% YoY. The company is expanding its work with the US Department of Defense with new and expanded projects with the Chief Digital and AI Office, the US Marine Corps, US Air Force, the Missile Defense Agency, and the Defense Counterintelligence Security Agency. C3.ai’s commercial customers, including Shell, Georgia-Pacific, Koch Industries, Bank of America, and others, are continuing to expand their C3 application footprints, increasingly now including C3 Generative AI. C3.ai is seeing strong demand for C3 Generative AI, and the company believes that it has the potential to be a major growth driver in the future. 2Q24 recommended trading range: $28 to $30. Neutral Outlook. 

Zscaler (AI)

  • 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。

UIPath, Inc. (PATH)

  • 2Q24 Revenue: $287.3M, +18.6% YoY, beat estimates by $5.23M
  • 2Q24 Non-GAAP EPS: $0.09, beat estimates by $0.06
  • 3Q24 Guidance: Revenue in the range of $313mn to $318mn, vs. consensus of $315.16M, ARR in the range of $1.359bn to $1.364bn as of October 31, 2023
  • Non-GAAP operating income of approximately $32mn. FY24 Guidance: Revenue in the range of $1.273bn to $1.278bn, vs. consensus of $1.27B, ARR in the range of $1.432bn to $1.437bn as of January 31, 2024, Non-GAAP operating income of approximately $188mn
  • Share buyback: board of directors has authorised a $500mn stock repurchase program
  • Comment: UiPath delivered strong results in 2Q24, with ARR increasing 25% YoY and net new ARR of 59mn. The company is investing to extend its market leadership, and its board of directors has authorised a $500mn stock repurchase program. UiPath is excited about its next evolution with AI, and believes that Generative AI (Gen AI) will be a tailwind to the business. Gen AI is a new technology that can be used to enhance automation creation, improve UiPath’s products, and allow customers to identify and enable more advanced automation. UiPath is enhancing developer productivity by reducing barriers to development with co-pilot-like experiences and the project “Wingman”. Wingman is a new feature in UiPath’s automation platform that uses Gen AI to make automation creation easier for both business users and developers. The company had officially launched its Gen AI platform at the Ai4 Conference in mid-August and saw strong demand from customers. UiPath is inviting customers to its user conference, Forward VI, next month in Las Vegas. At the conference, UiPath will be showcasing its latest platform release 23.10, which introduces new Gen AI developer and end-user experiences. Overall, UiPath is well-positioned for continued growth in the future. The company has a strong track record of innovation, a deep customer base, and a clear vision for the future of automation. 3Q24 recommended trading range: $17 to $19. 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。

GameStop Corp. (GME)

  • 2Q23 Revenue: $1.16B, +38.2% YoY, beat estimates by $20M
  • 2Q23 Non-GAAP EPS: -$0.03, beat estimates by $0.11
  • 3Q23 Guidance: No guidance provided.
  • Comment: GameStop reported a slight increase in sales and a narrower loss for the quarter. The company continues to operate without a CEO since its last quarter, and its CFO, Diana, resigned on August 11. The company has been shifting its business model towards a more online focused model, as its physical store sales faces difficulties in capturing gaming demand. Some videogames saw strong demand over the quarter such as Activision Blizzard’s “Diablo IV” and Electronic Arts’ “F1 23”. However, as more consumers shift their preferences to playing games on smartphones and tablets, alongside the availability of free games, the company will continue to face difficulties in capturing the demand for physical games and consoles in its physical stores, and would also need to continue creating a more competitive edge in the online gaming space. 3Q24 recommended trading range: $16 to $22. Neutral Outlook. 

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