KGI Research Singapore

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

Technical Analysis – 9 December 2024

United States | Singapore | Hong Kong | Earnings

Unity Software Inc (U US) A graph of stock market Description automatically generated

  • Shares closed above the 5dEMA with an increase in volume.
  • Both RSI and MACD are constructive.
  • Long – Entry 27.0 Target 30.0, Stop 25.5
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Roblox Corp (RBLX US)

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  • Shares closed above the 5wEMA with rising volume.
  • MACD is positive, while RSI is at an overbought level.
  • Long – Entry 57 Target 65 Stop 53

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Top Glove Corp Bhd (TOPG SP)

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  • Shares closed at a 52-week high above the 5wEMA with rising volume.
  • Both RSI and MACD are constructive.
  • Long – Entry 0.38, Target 0.42, Stop 0.36
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iFAST Corp Ltd (IFAST SP)

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  • Shares closed at a 2-month high above the 5dEMA.
  • MACD is constructive, while RSI is at an overbought level.
  • Long – Entry 7.86 Target 8.40, Stop 7.59

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JD.com Inc (9618 HK)

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  • Shares closed above the 5dEMA with rising volume. The 5dEMA crossed the 20dEMA.
  • Both RSI and MACD is constructive.
  • Long – Entry 145, Target 157, Stop 139
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Tencent Holdings Ltd (700 HK) A screenshot of a graph Description automatically generated

  • Shares closed above the 5dEMA with rising volume. The 5dEMA crossed the 20dEMA.
  • RSI is constructive and MACD is positive.
  • Long – Entry 410, Target 440, Stop 395

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Dollar General Corp (DG)

  • 3Q24 Revenue: $10.18B, +5.1% YoY, beat estimates by $40M
  • 3Q24 GAAP EPS: $0.89, miss estimates by $0.06
  • FY24 Guidance: Expect full-year guidance to reflect hurricane-related costs and now expects sales to rise 4.8% to 5.1%, compared with prior guidance of 4.7% to 5.3%. Lowered EPS of $5.50 to $5.90, compared with prior guidance of $5.50 to $6.20.
  • Dividend: Declared $0.59/share quarterly dividend, in line with previous.
  • Comment: In the third quarter, Dollar General posted better-than-expected net sales and improved store traffic but fell short of earnings expectations, reporting US$0.89 per share versus the consensus of US$0.94. The company warned of profit margin pressures for the holiday quarter, driven by increased promotions and discounts as shoppers prioritize essential items like groceries. To compete with major players like Walmart and Amazon, Dollar General is offering daily 50% discounts throughout the holiday season. Despite trimming its annual profit forecast due to unexpected hurricane-related expenses, Dollar General slightly raised its net sales growth outlook to 4.8%-5.1% and announced plans to remodel 2,000 stores and incrementally upgrade another 2,250 by FY26. It also launched a same-day delivery service, DG Delivery, in September, which is currently available at 75 stores and expected to expand significantly. This service, offering convenient app-based ordering with no fees or minimums, underscores the company’s strategy to stay competitive and attract convenience-focused shoppers. It also builds on the retailer’s experience with DoorDash deliveries, available at 16,000 stores, and aims to enhance advertising revenue through increased app engagement. However, the company faces ongoing challenges, including fines for safety violations and losing market share to Walmart, particularly among middle-income customers. While the same-day delivery initiative is still in its early stages, covering a small fraction of Dollar General’s 20,000+ stores, it highlights the company’s commitment to leveraging e-commerce and delivery to remain competitive. Looking ahead, Dollar General’s success will depend on its ability to execute these strategic initiatives while navigating competitive pressures and operational challenges. During the holiday season, we anticipate Dollar General to see a boost in sales, but its profit remains a challenge. 4Q24 recommended trading range: $70 to $85. Neutral Outlook.

达乐公司 (DG)

  • 24财年第三季营收：101.8亿美元，同比增幅5.1%，超预期4,000万美元
  • 24财年第三季GAAP每股盈利：0.89美元，逊预期0.06美元。
  • 24财年指引：预计全年业绩预期将反映飓风相关成本，目前预计销售额将增长4.8%至5.1%，而此前的预期为4.7%至5.3%。每股收益下调5.50美元至5.90美元，此前指引为5.50美元至6.20美元。
  • 股息：宣布每股0.59美元的季度股息，与之前一致。
  • 短评：第三季度，达乐公司净销售额好于预期，门店客流量也有所改善，但收益低于预期，每股收益为0.89美元，而市场普遍预期为0.94美元。该公司警告称，由于消费者优先购买杂货等必需品，促销和折扣增加，假日季度的利润率将面临压力。为了与沃尔玛和亚马逊等主要商家竞争，达乐公司在整个假期期间每天都提供50%的折扣。尽管由于意外的飓风相关费用而下调了年度利润预测，但达乐公司将其净销售额增长前景略微上调至4.8%-5.1%，并宣布计划在26财年之前改造2,000家门店，并逐步升级另外2,250家门店。今年9月，该公司还推出了“DG delivery”当日送达服务，目前在75家门店提供服务，预计将大幅扩张。这项服务提供方便的基于应用程序的订购，不收取任何费用或最低费用，突显了该公司保持竞争力并吸引注重便利的购物者的战略。它还建立在零售商在DoorDash配送方面的经验基础上，该服务可在1.6万家商店使用，并旨在通过提高应用粘性来提高广告收入。然而，该公司面临着持续的挑战，包括因违反安全规定而被罚款，以及市场份额被沃尔玛抢走，尤其是在中等收入客户中。虽然当日送达计划仍处于早期阶段，只覆盖了达乐公司2万多家门店中的一小部分，但它突显了该公司致力于利用电子商务和配送来保持竞争力的承诺。展望未来，达乐的成功将取决于其在应对竞争压力和运营挑战的同时执行这些战略举措的能力。在假期期间，我们预计达乐公司的销售额将会增加，但其利润仍然是一个挑战。24财年第四季度建议交易区间：70至85美元。中性前景。

Kroger Co (KR)

  • 3Q24 Revenue: $33.63B, -1.0% YoY, miss estimates by $570M
  • 3Q24 Non-GAAP EPS: $0.98, in-line with estimates
  • FY24 Guidance: Expect sales growth of 1.2% to 1.5%, compared with prior forecast of 0.75% to 1.75%, with a continued focus on digital engagement and customer loyalty. Adjusted FIFO operating profit to be in the range of $4.6 billion to $4.7 billion, and adjusted net earnings per diluted share is expected to be in the range of $4.35 to $4.45.
  • Comment: In the third quarter, Kroger exceeded quarterly same-store sales expectations, with identical sales (excluding fuel) rising 2.3% compared to the forecasted 1.77%, driven by increased customer demand for its affordable, freshly sourced groceries both in-store and online. The grocer matched Walmart’s aggressive holiday deals, offering Thanksgiving meals for under US$5 and launching a 12-day coupon program in December to attract shoppers. Adjusted earnings per share of US$0.98 met analyst expectations, however, revenue of US$33.63bn missed estimates. Kroger also narrowed its annual forecast following the sale of its specialty pharmacy unit, which is expected to reduce annualized sales by US$3bn. Quarterly sales were also impacted by a meat recall from Boar’s Head, creating short-term challenges. For fiscal 2024, Kroger projects identical sales growth (excluding fuel) of 1.20%-1.50%, slightly narrowing its previous range, and adjusted earnings per share between US$4.35 and US$4.45. In the current quarter, we anticipate that its competitive pricing strategy will lead to increased revenue during this holiday season. However, its commitment to closing its US$25bn merger with Albertsons, pending regulatory approval after an anti-trust trial in September, suggests further uncertainty in the long term. 4Q24 recommended trading range: $55 to $70. Neutral Outlook.

克罗格 (KR)

  • 24财年第三季营收：336.3亿美元，同比跌幅1.0%，逊预期5.7亿美元
  • 24财年第三季Non-GAAP每股盈利：0.98美元，符合预期。
  • 24财年指引：预计销售额增长1.2%至1.5%，而之前的预测为0.75%至1.75%，并继续关注数字参与度和客户忠诚度。调整后的FIFO营业利润在46亿美元至47亿美元之间，调整后的每股摊薄净收益预计在4.35美元至4.45美元之间。
  • 短评：第三季度，克罗格的同店销售额（不含燃料）超出了季度销售预期，同店销售额（不含燃料）增长2.3%，高于预期的1.77%，这是由于消费者对店内和网上物美价廉的新鲜食品的需求不断增加。这家食品杂货商与沃尔玛一样，积极开展假日促销活动，提供低于5美元的感恩节餐，并在12月推出了为期12天的优惠券计划，以吸引购物者。调整后每股收益为0.98美元，符合分析师预期，但收入为336.3亿美元，低于预期。克罗格还在出售其专业药房部门后下调了年度预测，预计该部门将使年化销售额减少30亿美元。季度销售也受到了猪头肉召回的影响，带来了短期挑战。对于2024财年，克罗格预计销售增长率（不含燃料）将保持在1.20%-1.50%，略微收窄之前的区间，调整后每股收益将在4.35美元至4.45美元之间。在本季度，我们预计其有竞争力的定价策略将导致在这个假期期间增加收入。然而，该公司承诺完成与艾伯森（Albertsons） 250亿美元的并购案，目前尚待监管机构在9月份的反垄断审判后批准，这表明长期来看存在进一步的不确定性。24财年第四季度建议交易区间：55至70美元。中性前景。

Lululemon Athletica Inc (LULU)

  • 3Q24 Revenue: $2.4B, +9.1% YoY, beat estimates by $40M
  • 3Q24 GAAP EPS: $2.87, beat estimates by $0.15
  • 4Q24 Guidance: Expect revenue of $3.48 billion-$3.51 billion, compared to consensus estimates of $3.5 billion. Earnings per share between $5.56 and $5.64, below estimates of $5.70.
  • FY24 Guidance: Boosted its net revenue guidance to between $10.45 billion and $10.49 billion, up from the prior $10.38 billion-$10.48 billion range. Its forecast for earnings per share was also boosted to a range of $14.08-$14.16 for the year, higher than the prior $13.95-$14.15.
  • Share buyback: Board approved a $1B increase in stock repurchase program.
  • Comment: Lululemon’s targeted strategy in China, including partnerships with fitness influencers and health events, fuelled a 36% revenue increase in the third quarter on a constant-currency basis. The company also saw improved gross margins, which rose by 150 basis points, and posted Q3 earnings of US$2.87 per share, surpassing estimates of US$2.69. Lululemon raised its full-year revenue and earnings forecasts, driven by strong demand for its athletic wear in the US and robust growth in its international business, particularly in China. The company now expects fiscal 2024 revenue between US$10.45bn and US$10.49bn, up from its previous forecast. Annual diluted earnings per share are projected at US$14.08 to US$14.16, an increase from the prior range of US$13.95 to US$14.15. Additionally, the company approved a US$1bn increase to its stock repurchase program. Despite heightened competition, Lululemon continues to attract consumers with fresh designs and strong global performance, reinforcing its growth momentum. With its strategic initiatives and the holiday season underway, the company is well-positioned to achieve further sales growth, even as consumers remain mindful of inflationary pressures. 4Q24 recommended trading range: $355 to $400. Positive Outlook.

露露柠檬 (LULU)

  • 24财年第三季营收：24亿美元，同比增幅9.1%，超预期4,000万美元
  • 24财年第三季Non-GAAP每股盈利：2.87美元，超预期0.15美元。
  • 24财年第四季指引：预计营收34.8亿至35.1亿美元，市场普遍预期为35亿美元。每股收益在5.56美元至5.64美元之间，低于5.70美元的预期。
  • 24财年指引：将净营收预期上调至104.5亿至104.9亿美元，高于此前的103.8亿至104.8亿美元区间。该公司还将今年的每股收益预期上调至14.08美元至14.16美元，高于此前的13.95美元至14.15美元。
  • 股息：董事会批准了一项10亿美元的股票回购计划。
  • 短评：露露柠檬在中国的目标战略，包括与健身网红和健康活动合作，推动该公司第三季度按固定汇率计算的收入增长了36%。该公司的毛利率也有所提高，上升了150个基点，第三季度每股收益为2.87美元，超过了预期的2.69美元。露露柠檬上调了全年收入和盈利预期，原因是美国对其运动服装的强劲需求，以及其国际业务（尤其是中国业务）的强劲增长。该公司目前预计2024财年收入在104.5亿美元至104.9亿美元之间，高于此前的预测。预计每股摊薄后的年度收益为14.08美元至14.16美元，较之前的13.95美元至14.15美元有所增加。此外，公司还批准了一项10亿美元的股票回购计划。尽管竞争加剧，露露柠檬继续以新颖的设计和强劲的全球表现吸引消费者，加强了其增长势头。随着其战略举措和假日销售旺季的到来，即使消费者仍然担心通胀压力，该公司也有能力实现进一步的销售增长。24财年第四季度建议交易区间：355至400美元。积极前景。

Gitlab Inc (GTLB)

  • 3Q25 Revenue: $196M, +31.0% YoY, beat estimates by $7.75M
  • 3Q25 Non-GAAP EPS: $0.23, beat estimates by $0.07
  • 4Q25 Guidance: Expect diluted earnings per share in the range of $0.22 to $0.23 and revenue of $205M to $206M, vs analysts estimates of $0.15 a share and revenue of $204.83M.
  • FY25 Guidance: Expect EPS in a range of $0.63 to $0.64 and net revenue to be between $753M and $754M.
  • Comment: GitLab Inc reported strong financial performance in the third quarter, with revenue rising 31% YoY to US$196mn. The company achieved a remarkable turnaround in profitability, posting a GAAP net income of US$29.6mn compared to a US$285.2mn loss a year ago. Non-GAAP net income also grew significantly to US$39.1mn, up from US$14.4mn. Customer growth was robust, with a 16% increase in customers generating over US$5,000 in annual recurring revenue and a 31% rise for those exceeding US$100,000. Bill Staples was appointed as CEO, with co-founder Sid Sijbrandij transitioning to Executive Chair. GitLab was again recognized as a leader in the Gartner Magic Quadrant for DevOps Platforms and strengthened its offerings with an integrated AWS solution and the release of Advanced SAST for enhanced security. In the fourth quarter, GitLab projects revenue between US$205mn and US$206mn and FY25 revenue to be between US$753mn to US$754mn, reflecting confidence in sustained growth and continued innovation in its platform. GitLab’s net revenue retention rate of 127% highlights high customer satisfaction and increased spending by existing clients. Looking ahead, we anticipate healthy demand for GitLab’s AI-driven software development tools, underscoring its position as a leader in the DevOps space, supported by its ability to retain and expand its customer base while scaling its operations effectively. 4Q25 recommended trading range: $66 to $75. Positive Outlook.

Gitlab (GTLB)

  • 25财年第三季营收：1.96亿美元，同比增幅31.0%，超预期775万美元
  • 25财年第三季Non-GAAP每股盈利：0.23美元，超预期0.07美元。
  • 25财年第四季指引：预计摊薄后每股收益在0.22美元至0.23美元之间，营收为2.05亿美元至2.06亿美元，而分析师预计每股收益为0.15美元，营收为2.083亿美元。
  • 25财年指引：预计每股收益在0.63美元至0.64美元之间，净收入在7.53亿美元至7.54亿美元之间。
  • 短评：GitLab公司公布第三季度财务表现强劲，收入同比增长31%，达到1.96亿美元。该公司实现了盈利能力的显著转变，公布的GAAP净收入为2,960万美元，而去年同期为亏损2.852亿美元。Non-GAAP净利润也从1,440万美元大幅增长至3,910万美元。客户增长强劲，年经常性收入超过5000美元的客户增长16%，超过10万美元的客户增长31%。比尔·斯台普斯被任命为首席执行官，联合创始人Sid Sijbrandij将过渡为执行主席。GitLab再次被认可为Gartner开发运营平台魔力象限的领导者，并通过集成AWS解决方案和发布Advanced SAST来增强其产品安全性。第四季度，GitLab预计收入在2.05亿美元至2.06亿美元之间，25财年收入在7.53亿美元至7.54亿美元之间，反映出对其平台持续增长和持续创新的信心。GitLab的净收入保留率为127%，这凸显了客户的高满意度和现有客户支出的增加。展望未来，我们预计GitLab的人工智能驱动的软件开发工具将会有健康的需求，这突显了其在DevOps领域的领导者地位，并得到了其在有效扩展运营的同时保留和扩大客户群的能力的支持。25财年第四季度建议交易区间：66至75美元。积极前景。

Hewlett Packard Enterprise Co (HPE)

  • 4Q24 Revenue: $8.5B, +15.6% YoY, beat estimates by $240M
  • 4Q24 Non-GAAP EPS: $0.58, beat estimates by $0.02
  • 1Q25 Guidance: Expect sales growth in the mid-teens, compared with an average analyst estimate of 15%. Earnings, excluding some items is expected to be US$0.47 a share to US$0.52 a share, vs estimates of US$0.48.
  • FY25 Guidance: Plan to acquire Juniper Networks for about US$14B in the early part of 2025.
  • Comment: Hewlett Packard Enterprise (HPE) reported strong 4Q24 results, with revenue increasing 15% YoY to US$8.5bn, exceeding analyst expectations of US$8.3bn. Adjusted earnings per share came in at US$0.58, above the US$0.56 consensus. Growth was driven by a 16% rise in AI system revenue to US$1.5bn and a 32% jump in server unit sales to US$4.7bn, reflecting strong demand for hardware supporting AI workloads. HPE also highlighted progress on its US$14bn acquisition of Juniper Networks, expected to close in early 2025, pending regulatory approval. Its CEO emphasized collaboration with the US Department of Justice while noting unconditional approvals from several jurisdictions, including the EU, UK, and Australia. However, HPE’s Intelligent Edge business saw a 20% revenue decline to US$1.1bn, aligning with estimates. Looking ahead, HPE forecasts mid-teen sales growth in 1Q25, with analyst expectations of 15%, and adjusted earnings of US$0.47-US$0.52 per share, compared to the US$0.48 consensus. As artificial intelligence adoption accelerates, demand for high-powered computing systems continues to surge, benefiting hardware makers like HPE. This trend is expected to drive further growth in HPE’s top-line performance, though investor sentiment may continue to be impacted by its acquisition strategy. 1Q25 recommended trading range: $20 to $25. Neutral Outlook.

惠与 (HPE)

  • 24财年第四季营收：85亿美元，同比增幅15.6%，超预期2.4亿美元
  • 24财年第四季Non-GAAP每股盈利：0.58美元，超预期0.02美元。
  • 25财年第一季指引：预计销售额将增长15%左右，而分析师的平均预期为15%。不包括某些项目的收益预计为每股0.47美元至0.52美元，而预期为0.48美元。
  • 25财年指引：计划在2025年初以约140亿美元收购瞻博网络。
  • 短评：惠与公布了强劲的24年第四季度业绩，收入同比增长15%，达到85亿美元，超过分析师预期的83亿美元。调整后每股收益为0.58美元，高于0.56美元的普遍预期。人工智能系统收入增长16%，达到15亿美元，服务器单位销售额增长32%，达到47亿美元，这反映了对支持人工智能工作负载的硬件的强劲需求。惠普还强调了其以140亿美元收购瞻博网络（Juniper Networks）的进展，该交易预计将于2025年初完成，目前尚待监管部门批准。该公司首席执行官强调了与美国司法部的合作，同时指出，包括欧盟、英国和澳大利亚在内的多个司法管辖区都无条件批准了该交易。然而，惠普的智能边缘业务收入下降了20%，降至11亿美元，与预期相符。展望未来，惠普预计第一季度销售额将增长15%左右，分析师预期为15%，调整后每股收益为0.47- 0.52美元，而市场预期为0.48美元。随着人工智能应用的加速，对高性能计算系统的需求持续激增，惠普等硬件制造商因此受益。这一趋势预计将推动惠普的营收进一步增长，尽管投资者情绪可能会继续受到其收购策略的影响。25财年第一季度建议交易区间：20至25美元。中性前景。

DocuSign Inc (DOCU)

  • 3Q25 Revenue: $754.82M, +7.8% YoY, beat estimates by $9.49M
  • 3Q25 Non-GAAP EPS: $0.90, beat estimates by $0.03
  • 4Q25 Guidance: Expect revenue between $758 million and $762 million, above analyst projections of $756.2 million.
  • FY25 Guidance: Expect revenue of $2.959 billion to $2.963 billion, exceeding the consensus estimate of $2.947 billion.
  • Comment: DocuSign reported strong 3Q25 results, with revenue rising 8% YoY to US$754.8mn, surpassing analyst expectations of US$745mn. Adjusted earnings per share reached US$0.90, beating forecasts of US$0.87, while GAAP EPS increased to US$0.30 from US$0.19 a year ago. Subscription revenue and billings both grew by 8% and 9%, respectively, and new customers increased by 11% YoY, bringing the total to 1.6 million. Its CEO highlighted the company’s progress in its multi-year transformation, emphasizing improvements in the core business and profitability. DocuSign attributed its success to faster product releases and operational efficiency. For Q4, DocuSign expects revenue between US$758mn and US$762mn, exceeding analyst projections of US$756.2mn. For FY25, it forecasts revenue of US$2.959bn to US$2.963bn, above the consensus estimate of US$2.947bn. With its strong Q3 performance, enhanced profitability, and ongoing innovation in the Intelligent Agreement Management (IAM) platform, bolstered by strategic partnerships and AI-driven solutions, DocuSign is well-positioned to sustain its growth trajectory and strengthen its leadership in the digital agreement market. 4Q25 recommended trading range: $90 to $115. Positive Outlook.

DocuSign (DOCU)

  • 25财年第三季营收：7.5482亿美元，同比增幅7.8%，超预期949万美元
  • 25财年第三季Non-GAAP每股盈利：0.9美元，超预期0.03美元。
  • 25财年第四季指引：预计营收在7.58亿至7.62亿美元之间，高于分析师预期的7.562亿美元。
  • 25财年指引：预计营收为29.59亿至29.63亿美元，超过市场普遍预期的29.47亿美元。
  • 短评：DocuSign公布了强劲的第三季度业绩，收入同比增长8%，达到7.548亿美元，超过分析师预期的7.45亿美元。调整后每股收益达到0.90美元，超过0.87美元的预期，而GAAP每股收益从一年前的0.19美元增加到0.30美元。订阅收入和账单分别增长了8%和9%，新客户同比增长了11%，总数达到160万。其首席执行官强调了公司在多年转型中取得的进展，强调了核心业务和盈利能力的改善。DocuSign将其成功归功于更快的产品发布和运营效率。DocuSign预计第四季度营收在7.58亿美元至7.62亿美元之间，超过分析师预期的7.562亿美元。该公司预计25财年营收为29.59亿至29.63亿美元，高于市场普遍预期的29.47亿美元。DocuSign第三季度业绩强劲，盈利能力增强，智能协议管理（IAM）平台不断创新，再加上战略合作伙伴关系和人工智能驱动解决方案的支持，DocuSign有能力维持其增长轨迹，并加强其在数字协议市场的领导地位。25财年第四季度建议交易区间：90至115美元。积极前景。

Samsara Inc (IOT)

  • 3Q25 Revenue: $322M, +35.6% YoY, beat estimates by $11.44M
  • 3Q25 Non-GAAP EPS: $0.07, beat estimates by $0.03
  • 4Q25 Guidance: Expect adjusted earnings per share of $0.07 to $0.08 on revenue of $334 million to $336 million. At the midpoint, the revenue outlook is short of the $335.8 million expected by analysts.
  • FY25 Guidance: Raised its adjusted EPS guidance to $0.22-$0.23, up from its previous outlook of $0.17-$0.19 and above analyst expectations of $0.17. The company also lifted its full-year revenue forecast to $1.237billion-$1.239 billion, compared to the consensus estimate of $1.23 billion.
  • Comment: Samsara Inc. reported better-than-expected 3Q25 earnings but issued slightly weaker-than-anticipated revenue guidance for Q4. The company posted adjusted earnings per share of US$0.07, beating analyst estimates of US$0.04 and revenue of US$322mn, a 36% YoY increase that exceeded the US$310.57mn consensus. The growth was driven by customer expansion, with Samsara adding over 1,000 core customers and increasing customers with US$100,000+ in annual recurring revenue to 2,303, up from 1,663 last year. Annual recurring revenue rose 35% YoY to US$1.349bn. During the quarter the company launched an AI-powered Drowsiness Detection, integration with Esri’s ArcGIS Velocity for real-time fleet data analysis, and the introduction of Asset Tag, a Bluetooth-enabled tracking device for nonpowered assets. Samsara also achieved a record 10% adjusted free cash flow margin, reflecting durable and efficient growth. For Q4, Samsara projects revenue of US$334mn-US$336mn and adjusted EPS of US$0.07-US$0.08, with revenue slightly below analyst expectations at the midpoint. Full-year guidance includes revenue of US$1.237bn-US$1.239bn and adjusted EPS of US$0.22-US$0.23. While the cautious Q4 revenue outlook weighs on investor sentiment, we believe that Samsara’s consistent growth and innovative product development position it well for sustained success across its business segments. 4Q25 recommended trading range: $45 to $60. Positive Outlook.

Samsara (IOT)

  • 25财年第三季营收：3.22亿美元，同比增幅35.6%，超预期1,144万美元
  • 25财年第三季Non-GAAP每股盈利：0.07美元，超预期0.03美元。
  • 25财年第四季指引：预计调整后每股收益为0.07至0.08美元，营收为3.34亿至3.36亿美元。按中值计算，营收前景低于分析师预期的3.358亿美元。
  • 24财年指引：将调整后每股收益预期上调至0.22至0.23美元，高于此前0.17至0.19美元的预期，也高于分析师预期的0.17美元。该公司还将其全年收入预期上调至12.37亿至12.39亿美元，而市场普遍预期为12.3亿美元。
  • 短评：Samsara Inc.公布的25年第三季度收益好于预期，但发布的第四季度收入指引略低于预期。该公司公布调整后每股收益为0.07美元，超过分析师预期的0.04美元，收入为3.22亿美元，同比增长36%，超过了预期的3.1057亿美元。Samsara的增长主要受客户扩张的推动，其中核心客户增加了1000多家，年经常性收入在10万美元以上的客户从去年的1663家增加到2303家。年度经常性收入同比增长35%至13.49亿美元。在本季度，公司推出了人工智能驱动的睡意检测，与Esri的ArcGIS Velocity集成，用于实时车队数据分析，并引入了资产标签（Asset Tag），这是一种用于无动力资产的蓝牙跟踪设备。Samsara还实现了创纪录的10%调整后自由现金流利润率，反映了持续和高效的增长。Samsara预计第四季度营收为3.34亿美元至3.36亿美元，调整后每股收益为0.07美元至0.08美元，营收略低于分析师预期的中值。全年预期收入包括12.37亿至12.39亿美元，调整后每股收益为0.22至0.23美元。尽管谨慎的第四季度收入前景影响了投资者的情绪，但我们相信Samsara的持续增长和创新产品开发将使其在各业务领域取得持续成功。25财年第四季度建议交易区间：45至60美元。积极前景。