{"id":34439,"date":"2023-10-20T07:20:00","date_gmt":"2023-10-19T23:20:00","guid":{"rendered":"https:\/\/www.kgieworld.sg\/research\/?p=34439"},"modified":"2023-10-20T15:12:19","modified_gmt":"2023-10-20T07:12:19","slug":"technical-analysis-20-october-2023","status":"publish","type":"post","link":"https:\/\/www.kgieworld.sg\/research\/technical-analysis-20-october-2023\/","title":{"rendered":"Technical Analysis &#8211; 20 October 2023"},"content":{"rendered":"\n<p class=\"has-cyan-bluish-gray-background-color has-background wp-block-paragraph\" id=\"top\"><a href=\"#us\">United States<\/a> |<a href=\"#sg\"> Singapore<\/a> |<a href=\"#hk\"> Hong Kong<\/a> |<a href=\"#ea\"> Earnings<\/a><\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"us\"><img fetchpriority=\"high\" decoding=\"async\" width=\"637\" height=\"135\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2022\/05\/word-image-54.png\" class=\"wp-image-15016\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2022\/05\/word-image-54.png 637w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2022\/05\/word-image-54-300x64.png 300w\" sizes=\"(max-width: 637px) 100vw, 637px\" \/><\/h3>\n\n\n\n<h3 class=\"wp-block-heading\">Barrick Gold Corp. (GOLD US)<\/h3>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh7-us.googleusercontent.com\/ELwIvglevVKasfC2wmPf-mNZGL3he0OaUOywnaCfxototErLo9nYyeZEBoaZCr_eH2T4V84v26T0JbMUBGbcHUTfHgBpIurDDwQp_pjOjmBlo0phB4tHsKmuGXvLK69F4j3coLZ1Xl2SNPnLfqhP_2A\" alt=\"\"\/><\/figure>\n\n\n\n<ul class=\"wp-block-list\"><li>Shares closed higher above the 5dEMA with constructive volume. 5dEMA recently crossed 20dEMA.<\/li><li>MACD is positive, RSI is constructive.<\/li><li><strong>Long <\/strong>\u2013 <strong>Entry 16.4, Target 17.4, Stop 15.9<\/strong><\/li><\/ul>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh7-us.googleusercontent.com\/LHYp9lUz5wApoUzO18enAR9SM19G0v-wwjKMryf8zJVO8-4vFZlAxYGa2VKQBIp68FbT0vvr9cTyC_iNHWRlQf_DwVzWX-c1alZjdB0R_UCio1-zlX90i5kA5xR96Isk4EAnYGrRESBwNJtEowFp5YE\" alt=\"\"\/><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\">First Majestic Silver Corp. (AG US)<\/h3>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh7-us.googleusercontent.com\/xnUeQywxIbaSuHpC3qaykXmRWYkjqX7D17lcufh-m5x-8kSQDfTlub_7AGVr-q706gdJv3V7t5UVhh6k4QKi-sEKIe7MSCgPjMqeJjOd_jRI6VMiTFy_MJR0NiIjxoxKV2zvwzngICWfkFbfFmJYEfg\" alt=\"\"\/><\/figure>\n\n\n\n<ul class=\"wp-block-list\"><li>Shares closed higher above the 50dEMA. 5dEMA just crossed the 50dEMA.<\/li><li>MACD is positive, RSI is constructive.<\/li><li><strong>Long <\/strong>\u2013 <strong>Entry 5.60, Target 6.00, Stop 5.40<\/strong><\/li><\/ul>\n\n\n\n<p class=\"has-text-align-right wp-block-paragraph\"><a href=\"#top\">Back To Top<\/a> <\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" width=\"637\" height=\"135\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2022\/05\/word-image-58.png\" alt=\"\" class=\"wp-image-15020\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2022\/05\/word-image-58.png 637w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2022\/05\/word-image-58-300x64.png 300w\" sizes=\"(max-width: 637px) 100vw, 637px\" \/><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"sg\"><a id=\"post-15015-_q3z2pzaup3mw\"><\/a><img decoding=\"async\" width=\"637\" height=\"135\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2022\/05\/word-image-59.png\" class=\"wp-image-15021\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2022\/05\/word-image-59.png 637w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2022\/05\/word-image-59-300x64.png 300w\" sizes=\"(max-width: 637px) 100vw, 637px\" \/><\/h3>\n\n\n\n<h3 class=\"wp-block-heading\">Geo Energy Resources Ltd. (GERL SP)<\/h3>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh7-us.googleusercontent.com\/owUryZE0HqD9usYpvZ0wFJRROrPnWTD_1v-6v-aDuARD9mPKL3xi7DEoJxvzOdw7LQZexDgHUi6thfPONtoQ0-yjLZ8zJtxx2RnQhYLQkJK9JlDh0g0G_day41yW9ywFqM7LFUGh5mJ8xCLEqeTLegI\" alt=\"\"\/><\/figure>\n\n\n\n<ul class=\"wp-block-list\"><li>Shares closed higher above the 5dEMA with a surge in volume. 20dEMA recently crossed the 200dEMA.<\/li><li>MACD is about to turn positive, RSI is constructive.<\/li><li><strong>Long <\/strong>\u2013 <strong>Entry 0.290, Target 0.320, Stop 0.275<\/strong><\/li><\/ul>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh7-us.googleusercontent.com\/rg9bzggc9SuKRv8N-3OvikaJMOmYR-KHq4a9ksFeF86Av4oSsQgpxRs14fOugXfiPcsmXYY-GXv7qeJDS-Ivh8GbYkbOgS7TWOaP363_nECtLsNHBeovJNqPxQEBL7fOmjvYEIhMEPbRDbfSzT16-ks\" alt=\"\"\/><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\">AEM Holdings Ltd. (AEM SP)<img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/lh7-us.googleusercontent.com\/excwOLIDUHGNWFwCy-dGkyk6ORTKa49nthIa69dnu_mW5C1gCIThvKJQW9JyuPzNvQJdVFMVEW9vteM9bffQ9jNRiHyZJqFExGdL2tdGsAF56z85kDA4W3UaxWIhR5gs-qCF6P0TgAVThO6iPU22Cm4\" width=\"602\" height=\"332\"><\/h3>\n\n\n\n<ul class=\"wp-block-list\"><li>Shares closed higher above the 5dEMA with constructive volume. 20dEMA just crossed the 50dEMA.<\/li><li>MACD is positive, RSI is constructive.<\/li><li><strong>Long <\/strong>\u2013 <strong>Entry 3.55 Target 3.85 Stop 3.40<\/strong><\/li><\/ul>\n\n\n\n<p class=\"has-text-align-right wp-block-paragraph\"><a href=\"#top\">Back To Top<\/a><\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh5.googleusercontent.com\/yV_Xnu_hXUOGMgZDR8Bt-KVJqh7F0hJW67ub5pqQ3zcYS3XS4f2hy3ieQic3A_uEgVAduKTFu3L0lxFLm2-v2rI4ui56z4HbM8DS8t6VI6KKsr92Io5JE1U9Fxf_hfQ4QEr69osTUO3uDrylwKUsLlg\" alt=\"\"\/><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"hk\"><img loading=\"lazy\" decoding=\"async\" width=\"602\" height=\"128\" src=\"https:\/\/lh4.googleusercontent.com\/QMpvGCOCydiwQnXNAjEsreDHLysxjGGNj75eC5JRp1gQ5i4VgteJRMvCxBKXwZvPaiUG9gwfb7DQYrPe26Df9OTwKahXnQx1Kz4HWWXzhPQghxWg1UVJx-Y5bWLmbRUDMi79wyo5FadyUulHBrGvA9M\"><\/h3>\n\n\n\n<h3 class=\"wp-block-heading\">Sunny Optical Technology Group Co. Ltd. (2382 HK)<\/h3>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh7-us.googleusercontent.com\/hiVEtnNqqVQ7YPL6-61aEkocLc5I2L0zXW7Puj1HyUoM0l3p2BQuPvby8R1dL4Riwt0IxBP4Llo4B5uqMUymL-bH6QNK6Q9y6bdT2pAUx7XPY7gknCcl9Kvu_HGSVS1es071C1zmaT9UiNDVNZMgfUw\" alt=\"\"\/><\/figure>\n\n\n\n<ul class=\"wp-block-list\"><li>Shares closed higher above the 50dEMA with a surge in volume. 5dEMA is about to cross the 50dEMA.&nbsp;&nbsp;<\/li><li>Both RSI and MACD are constructive.<\/li><li><strong>Long \u2013 Entry 64.0, Target 70.0, Stop 61.0<\/strong><\/li><\/ul>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh7-us.googleusercontent.com\/_203Mz4R9Qz4bcgO2r-3SWPAk4evXcdbx5XdKGfF5EVzPHBOvpcO6YQYzZETzwz7A4HjWd6MaTGSVaHMEPjJr-YO7Qvl5tF8S8-X18ewepVbP0mISFrylGCEicKpb-TWYsnw_-pgNcCYHZJoaN7gOEE\" alt=\"\"\/><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\">Melco International Development Ltd. (200 HK)<\/h3>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh7-us.googleusercontent.com\/1J8nHBL3J9WV8x0j60U30nI3SWssJmJzhT72iE0Aan2sXLn7Xi68_0SnlQkjOaZlXcux9WJe4yC5sZmtUGnzV2KA4t4vDCKDnJ9MdMD_LVNn0p-_wv-riEIW6ac_5dMjfqfW-kBxUwTCskcAj7nO46c\" alt=\"\"\/><\/figure>\n\n\n\n<ul class=\"wp-block-list\"><li>Shares closed above the 5dEMA with rising volume.&nbsp;<\/li><li>RSI is turning constructive and MACD is turning positive.<\/li><li><strong>Long \u2013 Entry 5.60, Target 6.40, Stop 5.20<\/strong><\/li><\/ul>\n\n\n\n<p class=\"has-text-align-right wp-block-paragraph\"><a href=\"#top\">Back To Top<\/a> <\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh3.googleusercontent.com\/0lbu87C7Z1xDluPkJ4a_3PnUvgVbgBLRFqgJnJTT2i_3ZloXjWEjv3X1Gaf_6L-IEeo9eU2b_Q8eX5V08EwDl2iDePpPYrkgUSciNzAHbretE9sS6mf_-hmNhBIKuUTu5CQCFv1j7ahqxsl3HO05ycM\" alt=\"\"\/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\" id=\"ea\"><strong><img loading=\"lazy\" decoding=\"async\" width=\"601\" height=\"108\" src=\"https:\/\/lh4.googleusercontent.com\/Z0_IBt6WlF0wm5dAEE4psh4I_6pSghTaGP0Y_ZZAwegn7jopZCKQyTfuD0oEsUDDUKowD7fa1Ea2Qwx45kOknTimYAqpfRYuOw5fGhED3KM1EwZbJNUHzjY0ROwYmgHdMm0McVEGRZJCbcb5UDLi3jc\"><\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>American Airlines Group Inc (AAL)<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>3Q23 Revenue: <\/strong>$13.48B, +0.1% YoY, miss estimates by $60M<\/li><li><strong>3Q23 Non-GAAP EPS:<\/strong> $0.38, beat estimates by $0.12<\/li><li><strong>4Q23 Guidance:<\/strong> The company expects to earn between $2.25 and $2.50 a share, on an adjusted basis, for the year, down from an estimate in July. The company expects its 4Q2023 adjusted operating margin to be 2% to 4%. American now expects its FY2023 adjusted operating margin to be approximately 7%.<\/li><li><strong>Comment: <\/strong>The company\u2019s management is still bullish on the future, and highlights that Christmas holiday season bookings are stronger than this time last year and the company sees robust demand in 2024. They indicated that domestic demand remains steady, while international demand continues to drive revenue growth led by the Atlantic, Caribbean and Central America. However, the airline company lowered their forecast due to the adverse impacts of rising fuel prices which increased the company expenses, alongside softening consumer demand amidst the high interest rate environment. The University of Michigan consumer sentiment for the US fell to 63 in October 2023 from 68.1 in September, the lowest in five months, showcasing the weakness in consumption level. <strong>4Q23 recommended trading range<\/strong><strong>: $10 to $13. Neutral Outlook.&nbsp;&nbsp;<\/strong><\/li><\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u7f8e\u56fd\u822a\u7a7a (AAL)&nbsp;<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>23\u8d22\u5e74\u7b2c\u4e09\u5b63\u8425\u6536\uff1a<\/strong>134.8\u4ebf\u7f8e\u5143, \u540c\u6bd4\u589e\u5e450.1%\uff0c\u900a\u9884\u671f6,000\u4e07\u7f8e\u5143<\/li><li><strong>23\u8d22\u5e74\u7b2c\u4e09\u5b63GAAP\u6bcf\u80a1\u76c8\u5229<\/strong>\uff1a0.38\u7f8e\u5143\uff0c\u8d85\u9884\u671f0.12\u7f8e\u5143&nbsp;&nbsp;<\/li><li><strong>23\u8d22\u5e74\u7b2c\u56db\u5b63\u6307\u5f15\uff1a<\/strong>\u516c\u53f8\u9884\u8ba1\u4eca\u5e74\u7ecf\u8c03\u6574\u540e\u6bcf\u80a1\u6536\u76ca\u5c06\u57282.25\u7f8e\u5143\u81f32.50\u7f8e\u5143\u4e4b\u95f4\uff0c\u4f4e\u4e8e7\u6708\u4efd\u65f6\u7684\u9884\u671f\u3002\u8be5\u516c\u53f8\u9884\u8ba1\u51762023\u5e74\u7b2c\u56db\u5b63\u5ea6\u8c03\u6574\u540e\u7684\u8425\u4e1a\u5229\u6da6\u7387\u4e3a2%\u81f34%\u3002\u7f8e\u56fd\u822a\u7a7a\u76ee\u524d\u9884\u8ba1\u51762023\u8d22\u5e74\u8c03\u6574\u540e\u7684\u8425\u4e1a\u5229\u6da6\u7387\u7ea6\u4e3a7%\u3002<\/li><li><strong>\u77ed\u8bc4\uff1a<\/strong>\u8be5\u516c\u53f8\u7684\u7ba1\u7406\u5c42\u4ecd\u7136\u770b\u597d\u672a\u6765\uff0c\u5e76\u5f3a\u8c03\u5723\u8bde\u8282\u5047\u671f\u7684\u9884\u8ba2\u91cf\u6bd4\u53bb\u5e74\u540c\u671f\u66f4\u5f3a\u52b2\uff0c\u8be5\u516c\u53f8\u9884\u8ba12024\u5e74\u7684\u9700\u6c42\u5c06\u5f3a\u52b2\u3002\u4ed6\u4eec\u8868\u793a\uff0c\u56fd\u5185\u9700\u6c42\u4fdd\u6301\u7a33\u5b9a\uff0c\u800c\u56fd\u9645\u9700\u6c42\u7ee7\u7eed\u63a8\u52a8\u4ee5\u5927\u897f\u6d0b\u3001\u52a0\u52d2\u6bd4\u548c\u4e2d\u7f8e\u6d32\u4e3a\u9996\u7684\u6536\u5165\u589e\u957f\u3002\u7136\u800c\uff0c\u7531\u4e8e\u71c3\u6cb9\u4ef7\u683c\u4e0a\u6da8\u589e\u52a0\u4e86\u516c\u53f8\u8d39\u7528\u7684\u4e0d\u5229\u5f71\u54cd\uff0c\u4ee5\u53ca\u9ad8\u5229\u7387\u73af\u5883\u4e0b\u6d88\u8d39\u8005\u9700\u6c42\u75b2\u8f6f\uff0c\u8be5\u822a\u7a7a\u516c\u53f8\u4e0b\u8c03\u4e86\u4ed6\u4eec\u7684\u9884\u6d4b\u3002\u5bc6\u6b47\u6839\u5927\u5b66\u7684\u6d88\u8d39\u8005\u4fe1\u5fc3\u6307\u6570\u4ece9\u6708\u4efd\u768468.1\u964d\u81f32023\u5e7410\u6708\u768463\uff0c\u4e3a5\u4e2a\u6708\u6765\u7684\u6700\u4f4e\u6c34\u5e73\uff0c\u663e\u793a\u51fa\u6d88\u8d39\u6c34\u5e73\u7684\u75b2\u8f6f\u3002<strong>23\u8d22\u5e74\u7b2c\u56db\u5b63\u5ea6\u5efa\u8bae\u4ea4\u6613\u533a\u95f4\uff1a10\u7f8e\u5143\u81f313\u7f8e\u5143\u3002\u4e2d\u6027\u524d\u666f\u3002<\/strong><\/li><\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Taiwan Semiconductor Manufacturing Co Ltd (TSM)<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>3Q23 Revenue: <\/strong>$17.28B, -14.6% YoY, beating estimates by $580M<\/li><li><strong>3Q23 GAAP EPADR:<\/strong> $1.29, beat estimates by $0.13<\/li><li><strong>4Q23 Guidance:<\/strong> The company expects 4Q23 revenue to be between $18.8B and $19.6B; consensus revenue estimates for the coming quarter is $18.33B. The company expects the business to be supported by a continued strong ramp of its 3-nanometer technology, partially offset by customers\u2019 inventory adjustment.<\/li><li><strong>Comment: <\/strong>The company is still faced with a weak demand for consumer electronics, leading to the company\u2019s largest profit decline since 1Q19. Post-pandemic saw a plunge in demand for consumer electronics. Customers also remain cautious in their inventory control due to the persistent weaker overall macroeconomic conditions and slow demand recovery in China. Management highlights that recent AI demand is not enough to offset the weakening demand for chips in consumer electronics. However, the company still expect business in the fourth quarter to be supported by the continued strong ramp-up of their 3-nanometer technology, partially offset by customers\u2019 continued inventory adjustment on the inventory side. <strong>4Q23 recommended trading range<\/strong><strong>: $86 to $100. Neutral Outlook.&nbsp;<\/strong><\/li><\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u53f0\u79ef\u7535 (TSM)&nbsp;<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>23\u8d22\u5e74\u7b2c\u4e09\u5b63\u8425\u6536\uff1a<\/strong>172.8\u4ebf\u7f8e\u5143, \u540c\u6bd4\u8dcc\u5e4514.6%\uff0c\u8d85\u9884\u671f580\u4e07\u7f8e\u5143<\/li><li><strong>23\u8d22\u5e74\u7b2c\u4e09\u5b63Non-GAAP\u6bcf\u80a1\u76c8\u5229<\/strong>\uff1a1.29\u7f8e\u5143\uff0c\u8d85\u9884\u671f0.13\u7f8e\u5143&nbsp;&nbsp;<\/li><li><strong>24\u8d22\u5e74\u6307\u5f15\uff1a<\/strong>\u516c\u53f8\u9884\u8ba1\u7b2c\u56db\u5b63\u5ea6\u8425\u6536\u5c06\u5728188\u4ebf\u7f8e\u5143\u81f3196\u4ebf\u7f8e\u5143\u4e4b\u95f4\uff1b\u5bf9\u4e0b\u4e00\u5b63\u5ea6\u6536\u5165\u7684\u666e\u904d\u9884\u671f\u4e3a183.3\u4ebf\u7f8e\u5143\u3002\u516c\u53f8\u9884\u8ba1\u51763\u7eb3\u7c73\u6280\u672f\u7684\u6301\u7eed\u5f3a\u52b2\u589e\u957f\u5c06\u652f\u6301\u8be5\u4e1a\u52a1\uff0c\u90e8\u5206\u62b5\u6d88\u4e86\u5ba2\u6237\u5e93\u5b58\u8c03\u6574\u7684\u5f71\u54cd\u3002<\/li><li><strong>\u77ed\u8bc4\uff1a<\/strong>\u8be5\u516c\u53f8\u4ecd\u7136\u9762\u4e34\u6d88\u8d39\u7535\u5b50\u4ea7\u54c1\u9700\u6c42\u75b2\u8f6f\uff0c\u5bfc\u81f4\u8be5\u516c\u53f8\u81ea19\u5e74\u7b2c\u4e00\u5b63\u5ea6\u4ee5\u6765\u6700\u5927\u7684\u5229\u6da6\u4e0b\u6ed1\u3002\u75ab\u60c5\u7206\u53d1\u540e\uff0c\u6d88\u8d39\u7535\u5b50\u4ea7\u54c1\u7684\u9700\u6c42\u5927\u5e45\u4e0b\u964d\u3002\u7531\u4e8e\u6574\u4f53\u5b8f\u89c2\u7ecf\u6d4e\u72b6\u51b5\u6301\u7eed\u75b2\u8f6f\u4ee5\u53ca\u4e2d\u56fd\u9700\u6c42\u590d\u82cf\u7f13\u6162\uff0c\u5ba2\u6237\u5728\u5e93\u5b58\u63a7\u5236\u65b9\u9762\u4ecd\u6301\u8c28\u614e\u6001\u5ea6\u3002\u7ba1\u7406\u5c42\u5f3a\u8c03\uff0c\u6700\u8fd1\u7684\u4eba\u5de5\u667a\u80fd\u9700\u6c42\u4e0d\u8db3\u4ee5\u62b5\u6d88\u6d88\u8d39\u7535\u5b50\u4ea7\u54c1\u5bf9\u82af\u7247\u9700\u6c42\u7684\u51cf\u5f31\u3002\u7136\u800c\uff0c\u8be5\u516c\u53f8\u4ecd\u9884\u8ba1\u7b2c\u56db\u5b63\u5ea6\u7684\u4e1a\u52a1\u5c06\u53d7\u5230\u51763\u7eb3\u7c73\u6280\u672f\u6301\u7eed\u5f3a\u52b2\u589e\u957f\u7684\u652f\u6301\uff0c\u90e8\u5206\u88ab\u5ba2\u6237\u5e93\u5b58\u65b9\u9762\u7684\u6301\u7eed\u5e93\u5b58\u8c03\u6574\u6240\u62b5\u6d88\u3002<strong>23\u8d22\u5e74\u7b2c\u56db\u5b63\u5ea6\u5efa\u8bae\u4ea4\u6613\u533a\u95f4\uff1a86\u7f8e\u5143\u81f3100\u7f8e\u5143\u3002\u4e2d\u6027\u524d\u666f\u3002<\/strong><\/li><\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Blackstone Inc (BX)<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>3Q23 Revenue: <\/strong>$2.32B, -10.4% YoY, missing estimates by $260M<\/li><li><strong>3Q23 Non-GAAP EPS:<\/strong> $0.94, misses estimates by $0.08<\/li><li><strong>FY23 Guidance:<\/strong> No guidance provided.<\/li><li><strong>Dividend: <\/strong>$0.80 per share<\/li><li><strong>Comment: <\/strong>Blackstone Inc. reported a 12% YoY decline in its third-quarter distributable earnings, primarily due to high-interest rates impacting asset values and reducing incentives for cashing out. Although the firm&#8217;s holdings continued to generate earnings, the unfavourable environment for realisations prompted Blackstone to hold onto some assets for longer and sell less. Higher interest rates set by the Federal Reserve, coupled with geopolitical tensions, led to a 36% decrease in net profit from asset sales. The decline was most pronounced in Blackstone&#8217;s real estate division, with realised performance revenue plummeting by 88%. Despite these challenges, Blackstone saw gains in its private equity portfolio, infrastructure funds, and private credit funds, retaining a strong position with assets under management above $1 trillion. With US inflation staying high, there might be a possibility of even more upcoming interest rate hikes, which will continue to lead to a decline in its profit from asset sales, impacting its overall profitability. <strong>4Q23 recommended trading range<\/strong><strong>: $90 to $100. Neutral Outlook.&nbsp;<\/strong><\/li><\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u9ed1\u77f3\u96c6\u56e2 (MS)&nbsp;<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>23\u8d22\u5e74\u7b2c\u4e09\u5b63\u8425\u6536\uff1a<\/strong>23.2\u4ebf\u7f8e\u5143, \u540c\u6bd4\u8dcc\u5e4510.4%\uff0c\u900a\u9884\u671f2.6\u4ebf\u7f8e\u5143<\/li><li><strong>23\u8d22\u5e74\u7b2c\u4e09\u5b63GAAP\u6bcf\u80a1\u76c8\u5229<\/strong>\uff1a0.94\u7f8e\u5143\uff0c\u900a\u9884\u671f0.08\u7f8e\u5143&nbsp;&nbsp;<\/li><li><strong>23\u8d22\u5e74\u6307\u5f15\uff1a<\/strong>\u4e0d\u63d0\u4f9b\u6307\u5f15\u3002<\/li><li><strong>\u80a1\u606f\uff1a0.8\u7f8e\u5143<\/strong><\/li><li><strong>\u77ed\u8bc4\uff1a<\/strong>\u9ed1\u77f3\u96c6\u56e2\u516c\u5e03\u7b2c\u4e09\u5b63\u5ea6\u53ef\u5206\u914d\u6536\u76ca\u540c\u6bd4\u4e0b\u964d12%\uff0c\u4e3b\u8981\u539f\u56e0\u662f\u9ad8\u5229\u7387\u5f71\u54cd\u4e86\u8d44\u4ea7\u4ef7\u503c\uff0c\u5e76\u51cf\u5c11\u4e86\u5957\u73b0\u7684\u52a8\u529b\u3002\u5c3d\u7ba1\u8be5\u516c\u53f8\u6301\u6709\u7684\u8d44\u4ea7\u7ee7\u7eed\u4ea7\u751f\u6536\u76ca\uff0c\u4f46\u4e0d\u5229\u7684\u53d8\u73b0\u73af\u5883\u4fc3\u4f7f\u9ed1\u77f3\u5ef6\u957f\u6301\u6709\u90e8\u5206\u8d44\u4ea7\u7684\u65f6\u95f4\u5e76\u51cf\u5c11\u51fa\u552e\u3002\u7f8e\u8054\u50a8\u8bbe\u5b9a\u7684\u66f4\u9ad8\u5229\u7387\uff0c\u52a0\u4e0a\u5730\u7f18\u653f\u6cbb\u7d27\u5f20\u5c40\u52bf\uff0c\u5bfc\u81f4\u8d44\u4ea7\u51fa\u552e\u51c0\u5229\u6da6\u51cf\u5c11\u4e8636%\u3002\u8fd9\u79cd\u4e0b\u964d\u5728\u9ed1\u77f3\u7684\u623f\u5730\u4ea7\u90e8\u95e8\u6700\u4e3a\u660e\u663e\uff0c\u5b9e\u73b0\u4e1a\u7ee9\u6536\u5165\u66b4\u8dcc\u4e8688%\u3002\u5c3d\u7ba1\u9762\u4e34\u8fd9\u4e9b\u6311\u6218\uff0c\u4f46\u9ed1\u77f3\u7684\u79c1\u52df\u80a1\u6743\u6295\u8d44\u7ec4\u5408\u3001\u57fa\u7840\u8bbe\u65bd\u57fa\u91d1\u548c\u79c1\u4eba\u4fe1\u8d37\u57fa\u91d1\u4ecd\u6709\u6240\u589e\u957f\uff0c\u7ba1\u7406\u7684\u8d44\u4ea7\u89c4\u6a21\u8d85\u8fc71\u4e07\u4ebf\u7f8e\u5143\uff0c\u4fdd\u6301\u4e86\u5f3a\u52bf\u5730\u4f4d\u3002\u7531\u4e8e\u7f8e\u56fd\u7684\u901a\u8d27\u81a8\u80c0\u7387\u5c45\u9ad8\u4e0d\u4e0b\uff0c\u672a\u6765\u53ef\u80fd\u4f1a\u6709\u66f4\u591a\u7684\u52a0\u606f\uff0c\u8fd9\u5c06\u7ee7\u7eed\u5bfc\u81f4\u5176\u8d44\u4ea7\u51fa\u552e\u5229\u6da6\u4e0b\u964d\uff0c\u5f71\u54cd\u5176\u6574\u4f53\u76c8\u5229\u80fd\u529b\u3002<strong>23\u8d22\u5e74\u7b2c\u56db\u5b63\u5ea6\u5efa\u8bae\u4ea4\u6613\u533a\u95f4\uff1a90\u7f8e\u5143\u81f3100\u7f8e\u5143\u3002\u4e2d\u6027\u524d\u666f\u3002<\/strong><\/li><\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Intuitive Surgical Inc (ISRG)<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>3Q23 Revenue: <\/strong>$1.74B, +11.5% YoY, missing estimates by $30M<\/li><li><strong>3Q23 Non-GAAP EPS:<\/strong> $1.46, beats estimates by $0.04<\/li><li><strong>FY23 Guidance:<\/strong> gross profit margin to be within 68% and 68.5%, operating expense growth to be between 12% and 14%, estimate for noncash stock compensation expense to range between 600mn to 610mn, estimate for other income, which is comprised mostly of interest income, to total between 190mn and 200mn, capital expenditures estimated to range between $900mn to $1bn and income tax estimated to be to be between 22% and 23% of pre-tax income.<\/li><li><strong>Comment: <\/strong>Intuitive Surgical experienced strong growth in Q3 2023, with a 19% increase in Da Vinci procedures, driven by general surgery for benign conditions in the US. Ion platform growth was also significant. Recurring revenue grew by 21% and overall revenue by 12%, primarily due to procedure growth. The company is also conducting clinical trials to expand the use of its technology in complex colorectal and thoracic procedures, with promising results. Looking ahead with the company anticipating a full-year procedure growth of 21% to 22%, we believe that it will be able to deliver stable gross profit margins and revenue in the current quarter. This may however be impacted by the high inflationary and interest rate environment, whereby, patients which do not need urgent care right now will choose not to spend, possibly reducing hospital procedure volumes and inturn impacting the utilisation of their systems.Intuitive Surgical also currently faces pressure due to the potential impact of Novo Nordisk and Eli Lilly\u2019s suite of diabetes and weight-loss drugs on the bariatric surgery industry, which put down the demand for their procedures and impacted their sales. <strong>4Q23 recommended trading range<\/strong><strong>: $220 to $270. Neutral Outlook.&nbsp;&nbsp;<\/strong><\/li><\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u76f4\u89c9\u5916\u79d1\u516c\u53f8 (ISRG)&nbsp;<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>23\u8d22\u5e74\u7b2c\u4e09\u5b63\u8425\u6536\uff1a<\/strong>17.4\u4ebf\u7f8e\u5143, \u540c\u6bd4\u589e\u5e4511.5%\uff0c\u900a\u9884\u671f3,000\u4e07\u7f8e\u5143<\/li><li><strong>23\u8d22\u5e74\u7b2c\u4e09\u5b63Non-GAAP\u6bcf\u80a1\u76c8\u5229<\/strong>\uff1a1.46\u7f8e\u5143\uff0c\u8d85\u9884\u671f0.04\u7f8e\u5143&nbsp;&nbsp;<\/li><li><strong>23\u8d22\u5e74\u6307\u5f15\uff1a<\/strong>\u6bdb\u5229\u7387\u572868%\u81f368.5%\u4e4b\u95f4\uff0c\u8425\u4e1a\u8d39\u7528\u589e\u957f\u572812%\u81f314%\u4e4b\u95f4\uff0c\u975e\u73b0\u91d1\u80a1\u7968\u8865\u507f\u8d39\u7528\u4f30\u8ba1\u57286\u4ebf\u81f36.1\u4ebf\u7f8e\u5143\u4e4b\u95f4\uff0c\u5176\u4ed6\u6536\u5165\uff08\u4e3b\u8981\u7531\u5229\u606f\u6536\u5165\u7ec4\u6210\uff09\u4f30\u8ba1\u57281.9\u4ebf\u81f32\u4ebf\u7f8e\u5143\u4e4b\u95f4\uff0c\u8d44\u672c\u652f\u51fa\u4f30\u8ba1\u57289\u4ebf\u81f310\u4ebf\u7f8e\u5143\u4e4b\u95f4\uff0c\u6240\u5f97\u7a0e\u4f30\u8ba1\u5728\u7a0e\u524d\u6536\u5165\u768422%\u81f323%\u4e4b\u95f4\u3002<\/li><li><strong>\u77ed\u8bc4\uff1a<\/strong>\u76f4\u89c9\u5916\u79d1\u57282023\u5e74\u7b2c\u4e09\u5b63\u5ea6\u7ecf\u5386\u4e86\u5f3a\u52b2\u589e\u957f\uff0c\u5728\u7f8e\u56fd\u826f\u6027\u75be\u75c5\u7684\u666e\u901a\u5916\u79d1\u624b\u672f\u7684\u63a8\u52a8\u4e0b\uff0c\u8fbe\u82ac\u5947\u624b\u672f\u589e\u52a0\u4e8619%\u3002\u79bb\u5b50\u5e73\u53f0\u7684\u589e\u957f\u4e5f\u5f88\u663e\u8457\u3002\u7ecf\u5e38\u6027\u6536\u5165\u589e\u957f21%\uff0c\u6574\u4f53\u6536\u5165\u589e\u957f12%\uff0c\u4e3b\u8981\u662f\u7531\u4e8e\u4e1a\u52a1\u589e\u957f\u3002\u8be5\u516c\u53f8\u8fd8\u5728\u8fdb\u884c\u4e34\u5e8a\u8bd5\u9a8c\uff0c\u4ee5\u6269\u5927\u5176\u6280\u672f\u5728\u590d\u6742\u7684\u7ed3\u80a0\u76f4\u80a0\u548c\u80f8\u90e8\u624b\u672f\u4e2d\u7684\u5e94\u7528\uff0c\u5e76\u53d6\u5f97\u4e86\u53ef\u559c\u7684\u7ed3\u679c\u3002\u5c55\u671b\u672a\u6765\uff0c\u8be5\u516c\u53f8\u9884\u8ba1\u5168\u5e74\u589e\u957f21%\u81f322%\uff0c\u6211\u4eec\u76f8\u4fe1\u5b83\u5c06\u80fd\u591f\u5728\u672c\u5b63\u5ea6\u5b9e\u73b0\u7a33\u5b9a\u7684\u6bdb\u5229\u7387\u548c\u6536\u5165\u3002\u7136\u800c\uff0c\u8fd9\u53ef\u80fd\u4f1a\u53d7\u5230\u9ad8\u901a\u80c0\u548c\u5229\u7387\u73af\u5883\u7684\u5f71\u54cd\uff0c\u56e0\u6b64\uff0c\u73b0\u5728\u4e0d\u9700\u8981\u7d27\u6025\u62a4\u7406\u7684\u60a3\u8005\u5c06\u9009\u62e9\u4e0d\u82b1\u94b1\uff0c\u53ef\u80fd\u4f1a\u51cf\u5c11\u533b\u9662\u7684\u624b\u672f\u91cf\uff0c\u5e76\u53cd\u8fc7\u6765\u5f71\u54cd\u5176\u7cfb\u7edf\u7684\u5229\u7528\u7387\u3002\u516c\u53f8\u76ee\u524d\u4e5f\u9762\u4e34\u538b\u529b\uff0c\u56e0\u4e3a\u8bfa\u548c\u8bfa\u5fb7\u548c\u793c\u6765\u7684\u7cd6\u5c3f\u75c5\u548c\u51cf\u80a5\u836f\u7269\u5bf9\u51cf\u80a5\u624b\u672f\u884c\u4e1a\u7684\u6f5c\u5728\u5f71\u54cd\uff0c\u964d\u4f4e\u4e86\u5bf9\u5176\u624b\u672f\u7684\u9700\u6c42\uff0c\u5f71\u54cd\u4e86\u5176\u9500\u552e\u3002<strong>23\u8d22\u5e74\u7b2c\u56db\u5b63\u5ea6\u5efa\u8bae\u4ea4\u6613\u533a\u95f4\uff1a220\u7f8e\u5143\u81f3270\u7f8e\u5143\u3002\u4e2d\u6027\u524d\u666f\u3002<\/strong><\/li><\/ul>\n\n\n\n<p class=\"has-text-align-right wp-block-paragraph\"><a href=\"#top\">Back To Top<\/a> <\/p>\n\n\n\n<figure class=\"wp-block-image\"><a href=\"https:\/\/t.me\/kgisg\"><img loading=\"lazy\" decoding=\"async\" width=\"637\" height=\"135\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2022\/05\/word-image-69.png\" alt=\"\" class=\"wp-image-15031\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2022\/05\/word-image-69.png 637w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2022\/05\/word-image-69-300x64.png 300w\" sizes=\"(max-width: 637px) 100vw, 637px\" \/><\/a><\/figure>\n\n\n","protected":false},"excerpt":{"rendered":"<p>United States | Singapore | Hong Kong | Earnings Barrick Gold Corp. (GOLD US) Shares closed higher above the 5dEMA with constructive volume. 5dEMA recently crossed 20dEMA. MACD is positive, RSI is constructive. Long \u2013 Entry 16.4, Target 17.4, Stop 15.9 First Majestic Silver Corp. (AG US) Shares closed higher above the 50dEMA. 5dEMA just [&hellip;]<\/p>\n","protected":false},"author":10,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":true,"template":"","format":"standard","meta":{"footnotes":""},"categories":[30],"tags":[],"class_list":["post-34439","post","type-post","status-publish","format-standard","hentry","category-technical-analysis"],"aioseo_notices":[],"aioseo_head":"\n\t\t<!-- All in One SEO 5.0.4 - aioseo.com -->\n\t<meta name=\"description\" content=\"United States | Singapore | Hong Kong | Earnings Shares closed higher above the 5dEMA with constructive volume. 5dEMA recently crossed 20dEMA. MACD is positive, RSI is constructive. Long \u2013 Entry 16.4, Target 17.4, Stop 15.9 First Majestic Silver Corp. (AG US) Shares closed higher above the 50dEMA. 5dEMA just crossed the 50dEMA. MACD is\" \/>\n\t<meta name=\"robots\" content=\"max-image-preview:large\" \/>\n\t<meta name=\"author\" content=\"Keith Tan\"\/>\n\t<meta name=\"keywords\" content=\"technical analysis\" \/>\n\t<link rel=\"canonical\" href=\"https:\/\/www.kgieworld.sg\/research\/technical-analysis-20-october-2023\/\" \/>\n\t\t<meta name=\"generator\" content=\"All in One SEO (AIOSEO) 5.0.4\" \/>\n\t\t<meta property=\"og:locale\" content=\"en_US\" \/>\n\t\t<meta property=\"og:site_name\" content=\"KGI Singapore Research \u2022 Singapore&#039;s leading broker offering Futures, FX, Equities and Wealth Management.\" \/>\n\t\t<meta property=\"og:type\" content=\"article\" \/>\n\t\t<meta property=\"og:title\" content=\"Technical Analysis \u2013 20 October 2023 \u2022 KGI Singapore Research\" \/>\n\t\t<meta property=\"og:description\" content=\"United States | Singapore | Hong Kong | Earnings Shares closed higher above the 5dEMA with constructive volume. 5dEMA recently crossed 20dEMA. 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