{"id":34686,"date":"2023-10-25T07:34:00","date_gmt":"2023-10-24T23:34:00","guid":{"rendered":"https:\/\/www.kgieworld.sg\/research\/?p=34686"},"modified":"2023-10-26T07:36:43","modified_gmt":"2023-10-25T23:36:43","slug":"technical-analysis-25-october-2023","status":"publish","type":"post","link":"https:\/\/www.kgieworld.sg\/research\/technical-analysis-25-october-2023\/","title":{"rendered":"Technical Analysis &#8211; 25 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\">Netflix Inc (NFLX US)<\/h3>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh7-us.googleusercontent.com\/oiWQyse7e5Mc0Ri38pWbAWt6Yh5Kjssk9Wv0SAartGkjykbNwtRMnhAYg99AP_xJIqM_j-Y2TgxlryOzTWPAvZZxr3b1X3_rKOaXUgQf5B3GCbOg8ble3LwSLZVS60jlhWrpd49ycNRd3C7n4VlCXI8\" alt=\"\"\/><\/figure>\n\n\n\n<ul class=\"wp-block-list\"><li>Shares closed higher above the 5dEMA. The 5dEMA crossed the 50dEMA.<\/li><li>MACD is positive, RSI is constructive.<\/li><li><strong>Long <\/strong>\u2013 <strong>Entry 412, Target 438, Stop 399<\/strong><\/li><\/ul>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh7-us.googleusercontent.com\/_5rvW12EobtFCQTg8O1xAxw1_zhp5mr5eMvntpnsUbvdCRenRyi8XRbVP3IiISxBHRViNlFxzrCPFIuP7RKLU827uGh47-cRwhudAHJwoi4IDvIFKM-KHZVFADZ5vmP7FfXiwKHb8FlPYvypYsJhCmA\" alt=\"\"\/><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\">Spotify Technology SA (SPOT US)<\/h3>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh7-us.googleusercontent.com\/LZrssuzMYYKQ1z77XSdpuiEgp2GzlHj4vFh_isxInUhKBlnBQEhKyHsGa8i6xkYjhYRjWAsc1qL83WXVM0pzMj9TUn-or6ZPqzBNTxtye_mvQLyChoHL1FVzIVHsW7IcMIlDA7M1DeY6yTDFPG6YULU\" alt=\"\"\/><\/figure>\n\n\n\n<ul class=\"wp-block-list\"><li>Shares closed above the 5dEMA with a jump in volume. The 5dEMA crossed the 20dEMA and 50dEMA.<\/li><li>RSI is constructive and MACD turned positive.<\/li><li><strong>Long <\/strong>\u2013 <strong>Entry 167.0, Target 180.0, Stop 160.5<\/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\">Singtel Ltd. (ST SP)<\/h3>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh7-us.googleusercontent.com\/bUAVQSfNcFuFIpVS_wAFiO2jrBlXoGhpNKFGWyzwAiBov4qwagP4T-spXrk1w7ASSc49uPThZrsAJcAfCl4YAQ1YCaSTakPAFtlJi-pho5Q4NYFomLSbJG_c0VrTa-LGp5rx4BIfAWEXJ-XninXNdmA\" alt=\"\"\/><\/figure>\n\n\n\n<ul class=\"wp-block-list\"><li>Shares closed at the 20dEMA with a surge in volume.\u00a0<\/li><li>MACD is about to turn positive, RSI is turning constructive.<\/li><li><strong>Long <\/strong>\u2013 <strong>Entry 2.37, Target 2.51 Stop 2.30<\/strong><\/li><\/ul>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh7-us.googleusercontent.com\/r-bP40H5YbUMt_VkcgmBSblvE0l3nSdZmkECPZkGQq2U19zF1p7hVGCs3sNU34mTQJ_dSpXvbvhhpiHSPok3AbYOAVrejmpsWr_7nT69eTZ32yJ5MIKA3SWGISvQwLKoQqr9D3jALK8lnX2Zf96UBk0\" alt=\"\"\/><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\">Frencken Group Ltd. (FRKN SP)<img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/lh7-us.googleusercontent.com\/-jv9lAKKXJoWh3VTjCAj_sVdmn35Gd4FjZaNI5Nm20pbsQv3tK4LewjP9_hqYZvxkJVDkVZEW1Akk0Fx9TohLEJvq5O_wSJaaDlKHQQEjzT_biVaiIvGVKqFcioBfE8bOi64IiXobt0I_Ft8Lt5u8wU\" width=\"602\" height=\"345\"><\/h3>\n\n\n\n<ul class=\"wp-block-list\"><li>Shares closed higher above the 20dEMA with constructive volume.\u00a0<\/li><li>MACD is about to turn positive, RSI is constructive.<\/li><li><strong>Long <\/strong>\u2013 <strong>Entry 1.08 Target 1.20 Stop 1.02<\/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\">China Traditional Chinese Medicine Holdings Co Ltd (570 HK)<\/h3>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh7-us.googleusercontent.com\/M4Ierr0ar9MN4sdw9dwbgK8mNUTtcch1ZpP6t8B0kzHszIHABt7wAlF6nPqIJl4qWy3nOJ7BaDpl_ofxbDxJmgfh0O1ZkwbHcJsIKuubBM5ugSld4KkgxEWqtjoxvTRRELVxa3dp6WN77UJwWdKPqEU\" alt=\"\"\/><\/figure>\n\n\n\n<ul class=\"wp-block-list\"><li>Shares closed above the 200dEMA with rising volume. The 5dEMA crossed the 20dEMA.<\/li><li>RSI is constructive, while MACD is negative.\u00a0<\/li><li><strong>Long \u2013 Entry 3.50, Target 3.80, Stop 3.35<\/strong><\/li><\/ul>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh7-us.googleusercontent.com\/kWOjiPIXhZN7G0gdhnD1W__hHg9fIq56Oc2EcWZ3jcsT4Ufwzv0QEn4pVTsmo1WmBLONnRL0oTbEwKQFZtgvZ51SU02HciSp0uQWHw27Bu5iV1JuxdIL74BQehXzaUsrBy3wefrsX0u3ZTCXnZ7enzA\" alt=\"\"\/><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\">China Hongqiao Group Ltd (1378 HK)<\/h3>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh7-us.googleusercontent.com\/ejV4Q_3EtrPZ2ub6Qhy9t0j2XzaEfLOgqs6g0CCyv5tev-ZsffQiLEGkRBJoos_zS0tsHqg7lT6QnyRaCiiwnN5bw7uk7pk9GPefTJhEQsmWo59g6z1lR81NvoMxvJzS6OdJdzMS1j-v3G3TCvmOL1c\" alt=\"\"\/><\/figure>\n\n\n\n<ul class=\"wp-block-list\"><li>Shares closed above the 5dEMA with an increase in volume.\u00a0<\/li><li>RSI is constructive, while MACD is negative.<\/li><li><strong>Long \u2013 Entry 6.65, Target 7.35, Stop 6.30<\/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>Coca-Cola Co (KO)<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>3Q23 Revenue: <\/strong>$12B, +8.1% YoY, beat estimates by $580M<\/li><li><strong>3Q23 Non-GAAP EPS:<\/strong> $1.09, beat estimates by $0.45<\/li><li><strong>FY23 Guidance:<\/strong> Organic revenue growth of 10% to 11%; Effective tax rate is estimated to be 19.0%; Comparable currency neutral EPS growth of 13% to 14% and comparable EPS growth of 7% to 8%, versus $2.48 in 2022; Free cash flow of approximately $9.5bn through cash flow from operations of approximately $11.4bn, less capital expenditures of approximately $1.9bn.<\/li><li><strong>Comment: <\/strong>Coca-Cola raised its annual sales and profit forecasts for the second time this year due to strong consumer demand for its beverages and higher prices. The company reported Q3 results that exceeded expectations. Coca-Cola\u2019s average selling prices rose by 9% in Q3, while overall unit case volumes increased by 2%. The company\u2019s CEO mentioned monitoring the impact of weight-loss drugs but believes Coca-Cola may see the effects later than others. With consumers continuing to be willing to spend on goods sold by Coca-Cola despite the price increases, we anticipate sales to remain strong in the last quarter, especially with the holiday season coming. <strong>4Q23 recommended trading range<\/strong><strong>: $53 to $58. Positive Outlook.\u00a0\u00a0<\/strong><\/li><\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u53ef\u53e3\u53ef\u4e50 (KO)\u00a0<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>23\u8d22\u5e74\u7b2c\u4e09\u5b63\u8425\u6536\uff1a<\/strong>120\u4ebf\u7f8e\u5143, \u540c\u6bd4\u589e\u5e458.1%\uff0c\u8d85\u9884\u671f5.8\u4ebf\u7f8e\u5143<\/li><li><strong>23\u8d22\u5e74\u7b2c\u4e09\u5b63Non-GAAP\u6bcf\u80a1\u76c8\u5229<\/strong>\uff1a1.09\u7f8e\u5143\uff0c\u8d85\u9884\u671f0.45\u7f8e\u5143\u00a0\u00a0<\/li><li><strong>23\u8d22\u5e74\u6307\u5f15\uff1a<\/strong>\u6709\u673a\u6536\u5165\u589e\u957f10%\u81f311%\uff1b\u5b9e\u9645\u7a0e\u7387\u4f30\u8ba1\u4e3a19.0%\uff1b\u53ef\u6bd4\u8f83\u8d27\u5e01\u4e2d\u6027\u6bcf\u80a1\u6536\u76ca\u589e\u957f13%\u81f314%\uff0c\u53ef\u6bd4\u8f83\u6bcf\u80a1\u6536\u76ca\u589e\u957f7%\u81f38%\uff0c2022\u5e74\u4e3a2.48\u7f8e\u5143\uff1b\u81ea\u7531\u73b0\u91d1\u6d41\u7ea695\u4ebf\u7f8e\u5143\uff0c\u5176\u4e2d\u7ecf\u8425\u73b0\u91d1\u6d41\u7ea6114\u4ebf\u7f8e\u5143\uff0c\u8d44\u672c\u652f\u51fa\u51cf\u5c11\u7ea619\u4ebf\u7f8e\u5143\u3002<\/li><li><strong>\u77ed\u8bc4\uff1a<\/strong>\u7531\u4e8e\u6d88\u8d39\u8005\u5bf9\u5176\u996e\u6599\u7684\u5f3a\u52b2\u9700\u6c42\u548c\u4ef7\u683c\u4e0a\u6da8\uff0c\u53ef\u53e3\u53ef\u4e50\u4eca\u5e74\u7b2c\u4e8c\u6b21\u4e0a\u8c03\u4e86\u5e74\u5ea6\u9500\u552e\u548c\u5229\u6da6\u9884\u671f\u3002\u8be5\u516c\u53f8\u516c\u5e03\u7684\u7b2c\u4e09\u5b63\u5ea6\u4e1a\u7ee9\u8d85\u51fa\u9884\u671f\u3002\u53ef\u53e3\u53ef\u4e50\u7b2c\u4e09\u5b63\u5ea6\u7684\u5e73\u5747\u552e\u4ef7\u4e0a\u6da8\u4e869%\uff0c\u800c\u6574\u4f53\u5355\u4f4d\u7bb1\u9500\u91cf\u589e\u957f\u4e862%\u3002\u8be5\u516c\u53f8\u7684\u9996\u5e2d\u6267\u884c\u5b98\u63d0\u5230\u4e86\u76d1\u6d4b\u51cf\u80a5\u836f\u7684\u5f71\u54cd\uff0c\u4f46\u4ed6\u8ba4\u4e3a\u53ef\u53e3\u53ef\u4e50\u53ef\u80fd\u6bd4\u5176\u4ed6\u516c\u53f8\u66f4\u4e45\u770b\u5230\u6548\u679c\u3002\u5c3d\u7ba1\u4ef7\u683c\u4e0a\u6da8\uff0c\u4f46\u6d88\u8d39\u8005\u4ecd\u7136\u613f\u610f\u5728\u53ef\u53e3\u53ef\u4e50\u9500\u552e\u7684\u5546\u54c1\u4e0a\u6d88\u8d39\uff0c\u6211\u4eec\u9884\u8ba1\u4e0a\u4e00\u5b63\u5ea6\u7684\u9500\u552e\u5c06\u4fdd\u6301\u5f3a\u52b2\uff0c\u5c24\u5176\u662f\u968f\u7740\u5047\u65e5\u5b63\u8282\u7684\u5230\u6765\u3002<strong>23\u8d22\u5e74\u7b2c\u56db\u5b63\u5ea6\u5efa\u8bae\u4ea4\u6613\u533a\u95f4\uff1a53\u7f8e\u5143\u81f358\u7f8e\u5143\u3002\u79ef\u6781\u524d\u666f\u3002<\/strong><\/li><\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>General Electric Co (GE)<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>3Q23 Revenue: <\/strong>$17.3B, +19.6% YoY, beat estimates by $1.61B<\/li><li><strong>3Q23 Non-GAAP EPS:<\/strong> $0.82, beat estimates by $0.26<\/li><li><strong>FY23 Guidance:<\/strong> Organic revenue growth in low teens prior guidance of Low-double-digit; Adjusted EPS of $2.55 to $2.65 vs. the consensus of $2.34 and prior guidance of $2.10 to $2.30; Free cash flow of $4.7 to $5.1bn vs. prior guidance of $4.1 to $4.6bn.<\/li><li><strong>Comment: <\/strong>General Electric delivered strong quarterly results, beating estimates. For FY23 it raised profit and free cash flow forecasts, driven by growth in its aerospace business. GE\u2019s aerospace operations continue to experience rapid growth driven by robust demand and solid execution. The company is well positioned for continued healthy results, thanks to the durable positive momentum in the aerospace unit and improvements in the renewable energy business. GE is also spinning off its power-generation and renewable-energy units into a standalone business called GE Vernova, which is planned for 2Q24. This will leave GE Aerospace as a standalone business that the company expects will see higher sales and profits through FY25 as air travel continues to rebound after the pandemic. However, there may be some issues hindering the supply of its LEAP jet engine deliveries due to a shortage of both parts as well as labour. <strong>4Q23 recommended trading range<\/strong><strong>: $110 to $120. Neutral Outlook.\u00a0\u00a0<\/strong><\/li><\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u901a\u7528\u7535\u6c14 (GE)\u00a0<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>23\u8d22\u5e74\u7b2c\u4e09\u5b63\u8425\u6536\uff1a<\/strong>173\u4ebf\u7f8e\u5143, \u540c\u6bd4\u589e\u5e4519.6%\uff0c\u8d85\u9884\u671f16.1\u4ebf\u7f8e\u5143<\/li><li><strong>23\u8d22\u5e74\u7b2c\u4e09\u5b63Non-GAAP\u6bcf\u80a1\u76c8\u5229<\/strong>\uff1a0.82\u7f8e\u5143\uff0c\u8d85\u9884\u671f0.26\u7f8e\u5143\u00a0\u00a0<\/li><li><strong>23\u8d22\u5e74\u6307\u5f15\uff1a<\/strong>\u6709\u673a\u6536\u5165\u589e\u957f\u4f4e\u4e8e10%\uff0c\u4e4b\u524d\u7684\u6307\u5bfc\u662f\u4f4e\u4e24\u4f4d\u6570\uff1b\u8c03\u6574\u540e\u6bcf\u80a1\u6536\u76ca\u4e3a2.55\u7f8e\u5143\u81f32.65\u7f8e\u5143\uff0c\u5e02\u573a\u9884\u671f\u4e3a2.34\u7f8e\u5143\uff0c\u6b64\u524d\u6307\u5f15\u4e3a2.10\u7f8e\u5143\u81f32.30\u7f8e\u5143\uff1b\u81ea\u7531\u73b0\u91d1\u6d41\u4e3a47\u4ebf\u81f351\u4ebf\u7f8e\u5143\uff0c\u6b64\u524d\u6307\u5f15\u4e3a41\u4ebf\u81f346\u4ebf\u7f8e\u5143\u3002<\/li><li><strong>\u77ed\u8bc4\uff1a<\/strong>\u901a\u7528\u7535\u6c14\u53d1\u5e03\u4e86\u5f3a\u52b2\u7684\u5b63\u5ea6\u4e1a\u7ee9\uff0c\u8d85\u51fa\u9884\u671f\u3002\u5728\u822a\u7a7a\u4e1a\u52a1\u589e\u957f\u7684\u63a8\u52a8\u4e0b\uff0c\u8be5\u516c\u53f8\u4e0a\u8c03\u4e8623\u8d22\u5e74\u7684\u5229\u6da6\u548c\u81ea\u7531\u73b0\u91d1\u6d41\u9884\u6d4b\u3002\u5728\u5f3a\u52b2\u9700\u6c42\u548c\u7a33\u5065\u6267\u884c\u7684\u63a8\u52a8\u4e0b\uff0c\u516c\u53f8\u7684\u822a\u7a7a\u4e1a\u52a1\u7ee7\u7eed\u5feb\u901f\u589e\u957f\u3002\u7531\u4e8e\u822a\u7a7a\u822a\u5929\u90e8\u95e8\u7684\u6301\u7eed\u79ef\u6781\u52bf\u5934\u548c\u53ef\u518d\u751f\u80fd\u6e90\u4e1a\u52a1\u7684\u6539\u5584\uff0c\u8be5\u516c\u53f8\u5df2\u7ecf\u4e3a\u6301\u7eed\u5065\u5eb7\u7684\u4e1a\u7ee9\u505a\u597d\u4e86\u51c6\u5907\u3002\u901a\u7528\u7535\u6c14\u8fd8\u5c06\u5176\u53d1\u7535\u548c\u53ef\u518d\u751f\u80fd\u6e90\u90e8\u95e8\u5206\u62c6\u4e3a\u4e00\u4e2a\u540d\u4e3aGE Vernova\u7684\u72ec\u7acb\u4e1a\u52a1\uff0c\u8ba1\u5212\u4e8e24\u5e74\u7b2c\u4e8c\u5b63\u5ea6\u8fdb\u884c\u3002\u8fd9\u5c06\u4f7f\u901a\u7528\u7535\u6c14\u822a\u7a7a\u822a\u5929\u516c\u53f8\u6210\u4e3a\u4e00\u4e2a\u72ec\u7acb\u7684\u4e1a\u52a1\uff0c\u8be5\u516c\u53f8\u9884\u8ba1\uff0c\u968f\u7740\u822a\u7a7a\u65c5\u884c\u5728\u75ab\u60c5\u540e\u7ee7\u7eed\u53cd\u5f39\uff0c\u523025\u8d22\u5e74\uff0c\u8be5\u516c\u53f8\u7684\u9500\u552e\u989d\u548c\u5229\u6da6\u5c06\u4f1a\u589e\u52a0\u3002\u7136\u800c\uff0c\u7531\u4e8e\u96f6\u4ef6\u548c\u52b3\u52a8\u529b\u77ed\u7f3a\uff0c\u53ef\u80fd\u4f1a\u6709\u4e00\u4e9b\u95ee\u9898\u963b\u788d\u5176LEAP\u55b7\u6c14\u53d1\u52a8\u673a\u7684\u4f9b\u5e94\u3002<strong>23\u8d22\u5e74\u7b2c\u56db\u5b63\u5ea6\u5efa\u8bae\u4ea4\u6613\u533a\u95f4\uff1a110\u7f8e\u5143\u81f3120\u7f8e\u5143\u3002\u4e2d\u6027\u524d\u666f\u3002<\/strong><\/li><\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u00a03M Co (MMM)<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>3Q23 Revenue: <\/strong>$8.31B, -3.6% YoY, beat estimates by $280M<\/li><li><strong>3Q23 Non-GAAP EPS:<\/strong> $2.68, beat estimates by $0.33<\/li><li><strong>FY23 Guidance:<\/strong> Raise adjusted EPS to be in the range of $8.95 to $9.15 ($8.88 consensus) versus $8.60 to $9.10 prior. Adjusted operating cash flow is estimated in the range of $6.5 to $6.9 billion, contributing to 100 to 110% adjusted free cash flow conversion. Adjusted full-year total sales growth is forecasted to decline by approximately -5% versus a decline of -5 to -1 % prior.<\/li><li><strong>Comment: <\/strong>3M reported strong Q3 earnings and raised its full-year adjusted profit forecast. The company faced slow demand in some sectors but managed to counteract it through price increases and cost savings. 3M\u2019s financial strategy includes managing inflation through price hikes, although this approach could be challenging amid the current economic uncertainty. Operating margins saw improvements, especially in segments like Safety and Industrial, Transportation and Electronics, and Health Care. The company noted weak demand for consumer electronics, especially in China and Europe alongside a soft back-to-school season and the impact of rising interest rates. 3M also incurred a significant $4.2bn charge to settle lawsuits related to earplugs used by US military personnel. Litigation liabilities continue to be a key factor affecting the company\u2019s performance. Despite these challenges, 3M returned $828mn to shareholders through dividends and reduced its net debt. Furthermore, 3M raised its FY23 adjusted earnings per share outlook and is working on a healthcare business spin-off. <strong>4Q23 recommended trading range<\/strong><strong>: $85to $95. Neutral Outlook.\u00a0\u00a0<\/strong><\/li><\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>3M\u516c\u53f8 (MMM)\u00a0<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>23\u8d22\u5e74\u7b2c\u4e09\u5b63\u8425\u6536\uff1a<\/strong>83.1\u4ebf\u7f8e\u5143, \u540c\u6bd4\u8dcc\u5e453.6%\uff0c\u8d85\u9884\u671f2.8\u4ebf\u7f8e\u5143<\/li><li><strong>23\u8d22\u5e74\u7b2c\u4e09\u5b63Non-GAAP\u6bcf\u80a1\u76c8\u5229<\/strong>\uff1a2.68\u7f8e\u5143\uff0c\u8d85\u9884\u671f0.33\u7f8e\u5143\u00a0\u00a0<\/li><li><strong>23\u8d22\u5e74\u6307\u5f15\uff1a<\/strong>\u5c06\u8c03\u6574\u540e\u7684\u6bcf\u80a1\u6536\u76ca\u63d0\u9ad8\u81f38.95\u7f8e\u5143\u81f39.15\u7f8e\u5143\uff0c\u5e02\u573a\u5171\u8bc6\u4e3a8.88\u7f8e\uff0c\u800c\u4e4b\u524d\u7684\u9884\u671f\u4e3a8.60\u7f8e\u5143\u81f39.10\u7f8e\u5143\u3002\u8c03\u6574\u540e\u7684\u7ecf\u8425\u73b0\u91d1\u6d41\u4f30\u8ba1\u572865\u4ebf\u81f369\u4ebf\u7f8e\u5143\u4e4b\u95f4\uff0c\u8c03\u6574\u540e\u7684\u81ea\u7531\u73b0\u91d1\u6d41\u8f6c\u5316\u7387\u4e3a100\u81f3110%\u3002\u8c03\u6574\u540e\u7684\u5168\u5e74\u603b\u9500\u552e\u589e\u957f\u9884\u8ba1\u5c06\u4e0b\u964d\u7ea65%\uff0c\u800c\u4e4b\u524d\u7684\u4e0b\u964d\u5e45\u5ea6\u4e3a1%\u81f35%\u3002<\/li><li><strong>\u77ed\u8bc4\uff1a<\/strong>3M\u516c\u5e03\u4e86\u5f3a\u52b2\u7684\u7b2c\u4e09\u5b63\u5ea6\u6536\u76ca\uff0c\u5e76\u4e0a\u8c03\u4e86\u5168\u5e74\u8c03\u6574\u540e\u5229\u6da6\u9884\u671f\u3002\u8be5\u516c\u53f8\u5728\u67d0\u4e9b\u884c\u4e1a\u9762\u4e34\u9700\u6c42\u653e\u7f13\uff0c\u4f46\u901a\u8fc7\u63d0\u4ef7\u548c\u8282\u7ea6\u6210\u672c\u6210\u529f\u62b5\u6d88\u4e86\u8fd9\u4e00\u5f71\u54cd\u30023M\u7684\u8d22\u52a1\u7b56\u7565\u5305\u62ec\u901a\u8fc7\u4ef7\u683c\u4e0a\u6da8\u6765\u63a7\u5236\u901a\u8d27\u81a8\u80c0\uff0c\u5c3d\u7ba1\u8fd9\u79cd\u65b9\u6cd5\u5728\u5f53\u524d\u7ecf\u6d4e\u4e0d\u786e\u5b9a\u7684\u60c5\u51b5\u4e0b\u53ef\u80fd\u5177\u6709\u6311\u6218\u6027\u3002\u8425\u4e1a\u5229\u6da6\u7387\u6709\u6240\u63d0\u9ad8\uff0c\u5c24\u5176\u662f\u5728\u5b89\u5168\u548c\u5de5\u4e1a\u3001\u4ea4\u901a\u548c\u7535\u5b50\u4ee5\u53ca\u533b\u7597\u4fdd\u5065\u7b49\u9886\u57df\u3002\u8be5\u516c\u53f8\u6307\u51fa\uff0c\u6d88\u8d39\u7535\u5b50\u4ea7\u54c1\u9700\u6c42\u75b2\u8f6f\uff0c\u5c24\u5176\u662f\u5728\u4e2d\u56fd\u548c\u6b27\u6d32\uff0c\u518d\u52a0\u4e0a\u5f00\u5b66\u5b63\u75b2\u8f6f\u548c\u5229\u7387\u4e0a\u5347\u7684\u5f71\u54cd\u30023M\u8fd8\u652f\u4ed8\u4e8642\u4ebf\u7f8e\u5143\u7684\u5de8\u989d\u8d39\u7528\uff0c\u4ee5\u4e86\u7ed3\u4e0e\u7f8e\u56fd\u519b\u4e8b\u4eba\u5458\u4f7f\u7528\u8033\u585e\u6709\u5173\u7684\u8bc9\u8bbc\u3002\u8bc9\u8bbc\u8d23\u4efb\u4ecd\u662f\u5f71\u54cd\u516c\u53f8\u4e1a\u7ee9\u7684\u5173\u952e\u56e0\u7d20\u3002\u5c3d\u7ba1\u9762\u4e34\u8fd9\u4e9b\u6311\u6218\uff0c3M\u8fd8\u662f\u901a\u8fc7\u80a1\u606f\u5411\u80a1\u4e1c\u8fd4\u8fd8\u4e868.28\u4ebf\u7f8e\u5143\uff0c\u5e76\u51cf\u5c11\u4e86\u51c0\u503a\u52a1\u3002\u6b64\u5916\uff0c3M\u4e0a\u8c03\u4e8623\u8d22\u5e74\u8c03\u6574\u540e\u6bcf\u80a1\u6536\u76ca\u9884\u671f\uff0c\u5e76\u6b63\u5728\u7740\u624b\u5265\u79bb\u4e00\u9879\u533b\u7597\u4fdd\u5065\u4e1a\u52a1\u3002<strong>23\u8d22\u5e74\u7b2c\u56db\u5b63\u5ea6\u5efa\u8bae\u4ea4\u6613\u533a\u95f4\uff1a85\u7f8e\u5143\u81f395\u7f8e\u5143\u3002\u4e2d\u6027\u524d\u666f\u3002<\/strong><\/li><\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Microsoft Corp (MSFT)<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>1Q24 Revenue: <\/strong>$56.5B, +12.8% YoY, beat estimates by $1.95B<\/li><li><strong>1Q24 GAAP EPS:<\/strong> $2.99, beat estimates by $0.34<\/li><li><strong>2Q24 Guidance:<\/strong> COGS between $19.4bn to $19.6bn, including approximately $500mn of amortisation of acquired intangible assets from the Activision acquisition. It expects operating expense of $15.bn to $15.6bn, including approximately $400mn from purchase accounting adjustments, integration and transaction-related cost from the Activision acquisition. Other income and expense should be roughly negative $500mn, as interest income will be more than offset by interest expense, primarily due to a reduction in its investment portfolio balance and the issuance of short-term debt, both for the Activision acquisition. The company expects its Q2 effective tax rate to be between 19% and 20%.\u00a0<\/li><li><strong>Comment: <\/strong>Microsoft reported a strong fiscal first quarter beating both revenue and EPS estimates. The Azure cloud services sales grew by 29%, indicating a rise in demand. Microsoft\u2019s CEO has been reinvigorating the company\u2019s product lineup with OpenAI-based features in Office, Windows, search, and security software. Azure sales were boosted by the cloud service that allows customers to use OpenAI products. Microsoft has invested heavily in AI, and its results demonstrate the effectiveness of its strategy. Microsoft\u2019s focus on AI-driven technologies is attracting corporate customers and enhancing its financial performance. It will soon release the corporate version of Microsoft 365 Copilot which will be available for an extra monthly fee. Microsoft is looking to bolster its ad sales, compete with Google, and expand its cloud offerings with AI tools. Additionally, the acquisition of Activision Blizzard for $69bn is expected to contribute to future growth, particularly in mobile gaming. Looking ahead, with all the AI investments, we expect to see more progress in Microsoft\u2019s financials in the coming quarters. <strong>2Q24 recommended trading range<\/strong><strong>: $335 to $355. Positive Outlook.\u00a0\u00a0<\/strong><\/li><\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u5fae\u8f6f (MSFT)\u00a0<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>24\u8d22\u5e74\u7b2c\u4e00\u5b63\u8c03\u6574\u540e\u8425\u6536\uff1a<\/strong>565\u4ebf\u7f8e\u5143, \u540c\u6bd4\u589e\u5e4512.8%\uff0c\u8d85\u9884\u671f19.5\u4ebf\u7f8e\u5143<\/li><li><strong>24\u8d22\u5e74\u7b2c\u4e00\u5b63Non-GAAP\u6bcf\u80a1\u76c8\u5229<\/strong>\uff1a2.99\u7f8e\u5143\uff0c\u8d85\u9884\u671f0.34\u7f8e\u5143<\/li><li><strong>24\u8d22\u5e74\u7b2c\u4e8c\u5b63\u6307\u5f15\uff1a<\/strong>\u9500\u552e\u6210\u672c\u5728194\u4ebf\u81f3196\u4ebf\u7f8e\u5143\u4e4b\u95f4\uff0c\u5176\u4e2d\u5305\u62ec\u6536\u8d2d\u52a8\u89c6\u6240\u83b7\u5f97\u7684\u7ea65\u4ebf\u7f8e\u5143\u65e0\u5f62\u8d44\u4ea7\u644a\u9500\u3002\u516c\u53f8\u9884\u8ba1\u8425\u4e1a\u8d39\u7528\u4e3a15\u7f8e\u5143\u3002\u5176\u4e2d\u7ea64\u4ebf\u7f8e\u5143\u6765\u81ea\u6536\u8d2d\u52a8\u89c6\u7684\u4f1a\u8ba1\u8c03\u6574\u3001\u6574\u5408\u548c\u4ea4\u6613\u76f8\u5173\u6210\u672c\u3002\u5176\u4ed6\u6536\u5165\u548c\u652f\u51fa\u5c06\u5927\u81f4\u4e3a\u8d1f5\u4ebf\u7f8e\u5143\uff0c\u56e0\u4e3a\u5229\u606f\u6536\u5165\u5c06\u88ab\u5229\u606f\u652f\u51fa\u6240\u62b5\u6d88\uff0c\u8fd9\u4e3b\u8981\u662f\u7531\u4e8e\u5176\u6295\u8d44\u7ec4\u5408\u4f59\u989d\u7684\u51cf\u5c11\u548c\u53d1\u884c\u77ed\u671f\u503a\u52a1\uff0c\u4e24\u8005\u90fd\u662f\u4e3a\u4e86\u6536\u8d2d\u52a8\u89c6\u3002\u8be5\u516c\u53f8\u9884\u8ba1\u7b2c\u4e8c\u5b63\u5ea6\u7684\u6709\u6548\u7a0e\u7387\u5c06\u572819%\u81f320%\u4e4b\u95f4\u3002<\/li><li><strong>\u77ed\u8bc4\uff1a<\/strong>\u5fae\u8f6f\u516c\u5e03\u7684\u7b2c\u4e00\u8d22\u5b63\u4e1a\u7ee9\u5f3a\u52b2\uff0c\u8d85\u8fc7\u4e86\u6536\u5165\u548c\u6bcf\u80a1\u6536\u76ca\u9884\u671f\u3002Azure\u4e91\u670d\u52a1\u9500\u552e\u989d\u589e\u957f\u4e8629%\uff0c\u8868\u660e\u9700\u6c42\u6709\u6240\u4e0a\u5347\u3002\u8fd9\u4f4d\u5fae\u8f6f\u7684\u9996\u5e2d\u6267\u884c\u5b98\u5728Office\u3001Windows\u3001\u641c\u7d22\u548c\u5b89\u5168\u8f6f\u4ef6\u4e2d\u63a8\u51fa\u4e86\u57fa\u4e8eOpenAI\u7684\u529f\u80fd\uff0c\u91cd\u632f\u4e86\u516c\u53f8\u7684\u4ea7\u54c1\u7ebf\u3002Azure\u7684\u9500\u552e\u53d7\u5230\u4e91\u670d\u52a1\u7684\u63a8\u52a8\uff0c\u8be5\u670d\u52a1\u5141\u8bb8\u5ba2\u6237\u4f7f\u7528OpenAI\u4ea7\u54c1\u3002\u5fae\u8f6f\u5728\u4eba\u5de5\u667a\u80fd\u65b9\u9762\u6295\u5165\u4e86\u5927\u91cf\u8d44\u91d1\uff0c\u5176\u7ed3\u679c\u8bc1\u660e\u4e86\u5176\u6218\u7565\u7684\u6709\u6548\u6027\u3002\u5fae\u8f6f\u5bf9\u4eba\u5de5\u667a\u80fd\u9a71\u52a8\u6280\u672f\u7684\u5173\u6ce8\u6b63\u5728\u5438\u5f15\u4f01\u4e1a\u5ba2\u6237\uff0c\u5e76\u63d0\u9ad8\u5176\u8d22\u52a1\u4e1a\u7ee9\u3002\u5b83\u5c06\u5f88\u5feb\u53d1\u5e03\u5fae\u8f6f365 Copilot\u7684\u4f01\u4e1a\u7248\uff0c\u8fd9\u5c06\u9700\u8981\u989d\u5916\u7684\u6708\u8d39\u3002\u5fae\u8f6f\u6b63\u5728\u5bfb\u6c42\u63d0\u632f\u5176\u5e7f\u544a\u9500\u552e\uff0c\u4e0e\u8c37\u6b4c\u7ade\u4e89\uff0c\u5e76\u901a\u8fc7\u4eba\u5de5\u667a\u80fd\u5de5\u5177\u6269\u5c55\u5176\u4e91\u670d\u52a1\u3002\u6b64\u5916\uff0c\u4ee5690\u4ebf\u7f8e\u5143\u6536\u8d2d\u52a8\u89c6\u66b4\u96ea\u9884\u8ba1\u5c06\u4e3a\u672a\u6765\u7684\u589e\u957f\u505a\u51fa\u8d21\u732e\uff0c\u5c24\u5176\u662f\u5728\u79fb\u52a8\u6e38\u620f\u9886\u57df\u3002\u5c55\u671b\u672a\u6765\uff0c\u968f\u7740\u6240\u6709\u7684\u4eba\u5de5\u667a\u80fd\u6295\u8d44\uff0c\u6211\u4eec\u9884\u8ba1\u5fae\u8f6f\u7684\u8d22\u52a1\u72b6\u51b5\u5c06\u5728\u672a\u6765\u51e0\u4e2a\u5b63\u5ea6\u53d6\u5f97\u66f4\u591a\u8fdb\u5c55\u3002<strong>24\u8d22\u5e74\u7b2c\u4e8c\u5b63\u5ea6\u5efa\u8bae\u4ea4\u6613\u533a\u95f4\uff1a335\u7f8e\u5143\u81f3355\u7f8e\u5143\u3002\u79ef\u6781\u524d\u666f\u3002<\/strong><\/li><\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Alphabet Inc (GOOG)<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>3Q23 Revenue: <\/strong>$76.79B, +11.1% YoY, beat estimates by $980M<\/li><li><strong>3Q23 GAAP EPS:<\/strong> $1.55, beat estimates by $0.10<\/li><li><strong>4Q23 Guidance:<\/strong> No guidance.<\/li><li><strong>Comment: <\/strong>Alphabet\u2019s cloud business, Google Cloud, experienced slower growth in Q3, with revenues rising by 22.5%, down from 28% in the previous quarter. This slowdown led to a decline in Alphabet\u2019s stock price, even though the company exceeded profit and sales expectations. Google Cloud\u2019s operating income improved from a $440mn loss to $266mn in Q3. The disappointing performance of Google Cloud raised concerns about its ability to compete with Azure and AWS. Cloud growth has been affected by a global economic slowdown and reduced spending on cloud-related services, including AI tools. Google\u2019s advertising business remains robust, driven by strength in some sectors like retail and travel. Google is working on embedding AI capabilities into search and other applications. <strong>4Q23 recommended trading range<\/strong><strong>: $130 to $145. Neutral Outlook.\u00a0\u00a0<\/strong><\/li><\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u8c37\u6b4c (GOOG)\u00a0<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>23\u8d22\u5e74\u7b2c\u4e09\u5b63\u8c03\u6574\u540e\u8425\u6536\uff1a<\/strong>767.9\u4ebf\u7f8e\u5143, \u540c\u6bd4\u589e\u5e4511.1%\uff0c\u8d85\u9884\u671f9.8\u4ebf\u7f8e\u5143<\/li><li><strong>23\u8d22\u5e74\u7b2c\u4e09\u5b63Non-GAAP\u6bcf\u80a1\u76c8\u5229<\/strong>\uff1a1.55\u7f8e\u5143\uff0c\u8d85\u9884\u671f0.1\u7f8e\u5143<\/li><li><strong>23\u8d22\u5e74\u7b2c\u56db\u5b63\u6307\u5f15\uff1a<\/strong>\u4e0d\u63d0\u4f9b\u6307\u5f15\u3002<\/li><li><strong>\u77ed\u8bc4\uff1a<\/strong>Alphabet\u7684\u4e91\u4e1a\u52a1\u8c37\u6b4ccloud\u5728\u7b2c\u4e09\u5b63\u5ea6\u589e\u957f\u653e\u7f13\uff0c\u6536\u5165\u589e\u957f22.5%\uff0c\u4f4e\u4e8e\u4e0a\u4e00\u5b63\u5ea6\u768428%\u3002\u8fd9\u79cd\u653e\u7f13\u5bfc\u81f4Alphabet\u80a1\u4ef7\u4e0b\u8dcc\uff0c\u5c3d\u7ba1\u8be5\u516c\u53f8\u7684\u5229\u6da6\u548c\u9500\u552e\u90fd\u8d85\u51fa\u4e86\u9884\u671f\u3002\u8c37\u6b4cCloud\u7b2c\u4e09\u5b63\u5ea6\u7684\u8425\u4e1a\u6536\u5165\u4ece\u4e8f\u635f4.4\u4ebf\u7f8e\u5143\u6539\u5584\u81f32.66\u4ebf\u7f8e\u5143\u3002\u8c37\u6b4cCloud\u4ee4\u4eba\u5931\u671b\u7684\u8868\u73b0\u5f15\u53d1\u4e86\u4eba\u4eec\u5bf9\u5176\u4e0eAzure\u548cAWS\u7ade\u4e89\u80fd\u529b\u7684\u62c5\u5fe7\u3002\u4e91\u589e\u957f\u53d7\u5230\u5168\u7403\u7ecf\u6d4e\u653e\u7f13\u548c\u4e91\u76f8\u5173\u670d\u52a1(\u5305\u62ec\u4eba\u5de5\u667a\u80fd\u5de5\u5177)\u652f\u51fa\u51cf\u5c11\u7684\u5f71\u54cd\u3002\u8c37\u6b4c\u7684\u5e7f\u544a\u4e1a\u52a1\u4f9d\u7136\u5f3a\u52b2\uff0c\u4e3b\u8981\u53d7\u96f6\u552e\u548c\u65c5\u6e38\u7b49\u884c\u4e1a\u7684\u5f3a\u52b2\u63a8\u52a8\u3002\u8c37\u6b4c\u6b63\u81f4\u529b\u4e8e\u5c06\u4eba\u5de5\u667a\u80fd\u529f\u80fd\u5d4c\u5165\u641c\u7d22\u548c\u5176\u4ed6\u5e94\u7528\u7a0b\u5e8f\u3002<strong>23\u8d22\u5e74\u7b2c\u56db\u5b63\u5ea6\u5efa\u8bae\u4ea4\u6613\u533a\u95f4\uff1a130\u7f8e\u5143\u81f3145\u7f8e\u5143\u3002\u4e2d\u6027\u524d\u666f\u3002<\/strong><\/li><\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Visa Inc (V)<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>4Q23 Revenue: <\/strong>$8.6B, -10.3% YoY, beat estimates by $50M<\/li><li><strong>4Q23Non-GAAP EPS:<\/strong> $2.33, beat estimates by $009<\/li><li><strong>1Q24 Guidance:<\/strong> Non-GAAP EPS of $2.33, exceeding the average analyst estimate of $2.24, rose from $2.16 in the previous quarter and $1.93 a year ago. Total operating expenses of $3.06B declined from $3.10B in the prior quarter and climbed from $2.70B in the year-ago period.<\/li><li><strong>Dividend: <\/strong>Visa declares $0.52 quarterly dividend, up 15.6% QoQ<\/li><li><strong>Share buyback: <\/strong>The board of directors authorized a new $25.0 billion multi-year class A common stock share repurchase program.<\/li><li><strong>Comment: <\/strong>Visa believes that FY24 will be as close to a normal year. Overall inflation continues to moderate is many of its markets. New flows and value-added services will continue to grow faster than consumer payments. Consumer spending remains resilient, and cross-boarder transactions continue to recover. <strong>3Q24 recommended trading range<\/strong><strong>: $225 to $240. Neutral Outlook.\u00a0\u00a0<\/strong><\/li><\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u5a01\u58eb (V)\u00a0<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>23\u8d22\u5e74\u7b2c\u4e09\u5b63\u8c03\u6574\u540e\u8425\u6536\uff1a<\/strong>45.3\u4ebf\u7f8e\u5143, \u540c\u6bd4\u8dcc\u5e4513.5%\uff0c\u900a\u9884\u671f6,000\u4e07\u7f8e\u5143<\/li><li><strong>23\u8d22\u5e74\u7b2c\u4e09\u5b63Non-GAAP\u6bcf\u80a1\u76c8\u5229<\/strong>\uff1a1.85\u7f8e\u5143\uff0c\u8d85\u9884\u671f0.03\u7f8e\u5143<\/li><li><strong>23\u8d22\u5e74\u7b2c\u56db\u5b63\u6307\u5f15\uff1a<\/strong>Non-GAAP\u6bcf\u80a1\u6536\u76ca\u4e3a2.33\u7f8e\u5143\uff0c\u9ad8\u4e8e\u5206\u6790\u5e08\u5e73\u5747\u9884\u671f\u76842.24\u7f8e\u5143\uff0c\u9ad8\u4e8e\u4e0a\u4e00\u5b63\u5ea6\u76842.16\u7f8e\u5143\u548c\u4e00\u5e74\u524d\u76841.93\u7f8e\u5143\u3002\u603b\u8fd0\u8425\u8d39\u7528\u4e3a30.6\u4ebf\u7f8e\u5143\uff0c\u4f4e\u4e8e\u4e0a\u4e00\u5b63\u5ea6\u768430.1\u4ebf\u7f8e\u5143\uff0c\u4f46\u9ad8\u4e8e\u53bb\u5e74\u540c\u671f\u768427.7\u4ebf\u7f8e\u5143\u3002<\/li><li><strong>\u80a1\u606f\uff1a<\/strong>\u516c\u53f8\u5ba3\u5e03\u5b63\u5ea6\u80a1\u606f0.52\u7f8e\u5143\uff0c\u73af\u6bd4\u589e\u957f15.6%<\/li><li><strong>\u80a1\u7968\u56de\u8d2d\uff1a<\/strong>\u8463\u4e8b\u4f1a\u6279\u51c6\u4e86\u4e00\u9879\u65b0\u7684250\u4ebf\u7f8e\u5143\u7684\u591a\u5e74\u671fA\u7c7b\u666e\u901a\u80a1\u56de\u8d2d<\/li><li><strong>\u77ed\u8bc4\uff1a<\/strong>\u516c\u53f8\u8ba4\u4e3a\uff0c24\u8d22\u5e74\u5c06\u63a5\u8fd1\u6b63\u5e38\u5e74\u4efd\u3002\u8bb8\u591a\u5e02\u573a\u7684\u6574\u4f53\u901a\u80c0\u7ee7\u7eed\u653e\u7f13\u3002\u65b0\u6d41\u91cf\u548c\u589e\u503c\u670d\u52a1\u7684\u589e\u957f\u901f\u5ea6\u5c06\u7ee7\u7eed\u5feb\u4e8e\u6d88\u8d39\u8005\u652f\u4ed8\u3002\u6d88\u8d39\u8005\u652f\u51fa\u4fdd\u6301\u5f39\u6027\uff0c\u8de8\u5883\u4ea4\u6613\u7ee7\u7eed\u590d\u82cf\u3002<strong>23\u8d22\u5e74\u7b2c\u56db\u5b63\u5ea6\u5efa\u8bae\u4ea4\u6613\u533a\u95f4\uff1a225\u7f8e\u5143\u81f3240\u7f8e\u5143\u3002\u4e2d\u6027\u524d\u666f\u3002<\/strong><\/li><\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Texas Instruments Inc (TXN)<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>3Q23 Revenue: <\/strong>$4.53B, -13.5% YoY, miss estimates by $60M<\/li><li><strong>3Q23 GAAP EPS:<\/strong> $1.85, beat estimates by $0.03<\/li><li><strong>4Q23 Guidance:<\/strong> Revenue in the range of $3.93 billion to $4.27 billion and earnings per share between $1.35 and $1.57.\u00a0 Expect 2023 effective tax rate to be about 13% to 14%.<\/li><li><strong>Comment:<\/strong> Its 3Q23 revenue by market in the third quarter was mixed, with automotive and enterprise systems growing, while communications equipment and industrial declined. Personal electronics was up significantly, but off of a low base. The company\u2019s continued growth in the automotive market is a positive sign, as it is a large and growing market for semiconductors. The weakness in the industrial market is more concerning, as it is a cyclical market that is often sensitive to economic downturns. Texas Instruments is confident in the long-term growth of semiconduct demand, especially in industrial and automotive markets. It is investing in 300 millimeter manufacturing to provide customers with geopolitically dependable capacity. The company expects to spend $5 billion per year on capital expenditures through 2026 to support growth, and it is replenishing its inventory to support growth and provide high levels of customer service. <strong>4Q23 recommended trading range<\/strong><strong>: $130 to $150. Negative Outlook.\u00a0\u00a0<\/strong><\/li><\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u5fb7\u5dde\u4eea\u5668 (TXN)\u00a0<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>23\u8d22\u5e74\u7b2c\u4e09\u5b63\u8c03\u6574\u540e\u8425\u6536\uff1a<\/strong>45.3\u4ebf\u7f8e\u5143, \u540c\u6bd4\u8dcc\u5e4513.5%\uff0c\u900a\u9884\u671f6,000\u4e07\u7f8e\u5143<\/li><li><strong>23\u8d22\u5e74\u7b2c\u4e09\u5b63Non-GAAP\u6bcf\u80a1\u76c8\u5229<\/strong>\uff1a1.85\u7f8e\u5143\uff0c\u8d85\u9884\u671f0.03\u7f8e\u5143<\/li><li><strong>23\u8d22\u5e74\u7b2c\u56db\u5b63\u6307\u5f15\uff1a<\/strong>\u8425\u6536\u572839.3\u4ebf\u7f8e\u5143\u81f342.7\u4ebf\u7f8e\u5143\u4e4b\u95f4\uff0c\u6bcf\u80a1\u6536\u76ca\u57281.35\u7f8e\u5143\u81f31.57\u7f8e\u5143\u4e4b\u95f4\u3002\u9884\u8ba12023\u5e74\u7684\u6709\u6548\u7a0e\u7387\u7ea6\u4e3a13%\u81f314%\u3002<\/li><li><strong>\u77ed\u8bc4\uff1a<\/strong>\u8be5\u516c\u53f8\u7b2c\u4e09\u5b63\u5ea6\u6309\u5e02\u573a\u5212\u5206\u7684\u8425\u6536\u559c\u5fe7\u53c2\u534a\uff0c\u6c7d\u8f66\u548c\u4f01\u4e1a\u7cfb\u7edf\u8425\u6536\u589e\u957f\uff0c\u800c\u901a\u4fe1\u8bbe\u5907\u548c\u5de5\u4e1a\u8bbe\u5907\u8425\u6536\u4e0b\u6ed1\u3002\u4e2a\u4eba\u7535\u5b50\u4ea7\u54c1\u9500\u552e\u5927\u5e45\u589e\u957f\uff0c\u4f46\u57fa\u6570\u8f83\u4f4e\u3002\u8be5\u516c\u53f8\u5728\u6c7d\u8f66\u5e02\u573a\u7684\u6301\u7eed\u589e\u957f\u662f\u4e00\u4e2a\u79ef\u6781\u7684\u4fe1\u53f7\uff0c\u56e0\u4e3a\u6c7d\u8f66\u5e02\u573a\u662f\u4e00\u4e2a\u5de8\u5927\u4e14\u4e0d\u65ad\u589e\u957f\u7684\u534a\u5bfc\u4f53\u5e02\u573a\u3002\u5de5\u4e1a\u5e02\u573a\u7684\u75b2\u8f6f\u66f4\u4ee4\u4eba\u62c5\u5fe7\uff0c\u56e0\u4e3a\u8fd9\u662f\u4e00\u4e2a\u5468\u671f\u6027\u5e02\u573a\uff0c\u5f80\u5f80\u5bf9\u7ecf\u6d4e\u4e0b\u6ed1\u5f88\u654f\u611f\u3002\u5fb7\u5dde\u4eea\u5668\u5bf9\u534a\u5bfc\u4f53\u9700\u6c42\u7684\u957f\u671f\u589e\u957f\u5145\u6ee1\u4fe1\u5fc3\uff0c\u7279\u522b\u662f\u5728\u5de5\u4e1a\u548c\u6c7d\u8f66\u5e02\u573a\u3002\u5b83\u6b63\u5728\u6295\u8d44300\u6beb\u7c73\u5236\u9020\uff0c\u4e3a\u5ba2\u6237\u63d0\u4f9b\u5730\u7f18\u653f\u6cbb\u4e0a\u53ef\u9760\u7684\u4ea7\u80fd\u3002\u8be5\u516c\u53f8\u9884\u8ba1\uff0c\u52302026\u5e74\uff0c\u6bcf\u5e74\u5c06\u5728\u8d44\u672c\u652f\u51fa\u4e0a\u6295\u516550\u4ebf\u7f8e\u5143\uff0c\u4ee5\u652f\u6301\u589e\u957f\uff0c\u5e76\u6b63\u5728\u8865\u5145\u5e93\u5b58\uff0c\u4ee5\u652f\u6301\u589e\u957f\uff0c\u5e76\u63d0\u4f9b\u9ad8\u6c34\u5e73\u7684\u5ba2\u6237\u670d\u52a1\u3002<strong>23\u8d22\u5e74\u7b2c\u56db\u5b63\u5ea6\u5efa\u8bae\u4ea4\u6613\u533a\u95f4\uff1a130\u7f8e\u5143\u81f3150\u7f8e\u5143\u3002\u8d1f\u9762\u524d\u666f\u3002<\/strong><\/li><\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>RTX Corp (RTX)<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>3Q23 Adjusted Revenue: <\/strong>$19.0B, +11.8% YoY, beat estimates by $800M<\/li><li><strong>3Q23 Non-GAAP EPS:<\/strong> $1.25, beat estimates by $0.03<\/li><li><strong>FY23 Guidance:<\/strong> Reported sales of c.$68.5B, up from $67.5B-$68.5B. Adjusted sales of c.$74B vs. $72.98B, up from $73.0B-$74.0B. Adjusted EPS of $4.98 \u2013 $5.02 vs. $5.02 consensus from $4.95 \u2013 $5.05<\/li><li><strong>Share repurchase:<\/strong> Full year share buyback spending of approximately $12.8 billion of RTX shares, up from $3.0 billion. Board of directors has approved a $10 billion accelerated share repurchase program commencing almost immediately.<\/li><li><strong>Comment: <\/strong>As of 3Q23, the company backlog was $190 billion, including $115 billion of commercial and $75 billion of defense. For the remainder of the year, Raytheon expects strong demand for holiday and business travel, supporting continued aftermarket strength for both wide-body and narrow-body aircraft. On the defense side, the elevated threat environment is continuing to drive increased defense spending globally. <strong>4Q23 recommended trading range<\/strong><strong>: $75 to $85. Neutral Outlook.\u00a0\u00a0<\/strong><\/li><\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u96f7\u795e\u79d1\u6280 (RTX)\u00a0<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>23\u8d22\u5e74\u7b2c\u4e09\u5b63\u8c03\u6574\u540e\u8425\u6536\uff1a<\/strong>190\u4ebf\u7f8e\u5143, \u540c\u6bd4\u589e\u5e4511.8%\uff0c\u8d85\u9884\u671f8\u4ebf\u7f8e\u5143<\/li><li><strong>23\u8d22\u5e74\u7b2c\u4e09\u5b63Non-GAAP\u6bcf\u80a1\u76c8\u5229<\/strong>\uff1a1.25\u7f8e\u5143\uff0c\u8d85\u9884\u671f0.03\u6b27\u5143<\/li><li><strong>23\u8d22\u5e74\u7b2c\u56db\u5b63\u6307\u5f15\uff1a<\/strong>\u62a5\u544a\u9500\u552e\u989d685\u4ebf\u52a0\u5143\uff0c\u9ad8\u4e8e675\u4ebf\u81f3685\u4ebf\u7f8e\u5143\u3002\u8c03\u6574\u540e\u9500\u552e\u989d\u7ea6\u4e3a740\u4ebf\u7f8e\u5143\uff0c\u9ad8\u4e8e729.8\u4ebf\u7f8e\u5143\u5e02\u573a\u5171\u8bc6\uff0c\u6b64\u524d\u533a\u95f4\u4e3a730\u4ebf\u81f3740\u4ebf\u7f8e\u5143\u3002\u8c03\u6574\u540e\u6bcf\u80a1\u6536\u76ca\u4e3a4.98\u81f3 5.02\u7f8e\u5143\uff0c\u5e02\u573a\u9884\u671f\u4e3a4.95\u81f35.05\u7f8e\u5143\uff0c\u6bcf\u80a1\u6536\u76ca\u4e3a5.02\u7f8e\u5143<\/li><li><strong>\u80a1\u7968\u56de\u8d2d\uff1a<\/strong>\u5168\u5e74\u80a1\u7968\u56de\u8d2d\u652f\u51fa\u7ea6\u4e3a128\u4ebf\u7f8e\u5143\uff0c\u9ad8\u4e8e\u4e4b\u524d\u768430\u4ebf\u7f8e\u5143\u3002\u8463\u4e8b\u4f1a\u5df2\u7ecf\u6279\u51c6\u4e86\u4e00\u9879100\u4ebf\u7f8e\u5143\u7684\u52a0\u901f\u80a1\u7968\u56de\u8d2d\u8ba1\u5212\uff0c\u8be5\u8ba1\u5212\u5c06\u7acb\u5373\u542f\u52a8\u3002<\/li><li><strong>\u77ed\u8bc4\uff1a\u622a<\/strong>\u81f323\u5e74\u7b2c\u4e09\u5b63\u5ea6\uff0c\u8be5\u516c\u53f8\u7684\u79ef\u538b\u8ba2\u5355\u4e3a1,900\u4ebf\u7f8e\u5143\uff0c\u5176\u4e2d\u5305\u62ec1150\u4ebf\u7f8e\u5143\u7684\u5546\u4e1a\u8ba2\u5355\u548c750\u4ebf\u7f8e\u5143\u7684\u56fd\u9632\u8ba2\u5355\u3002\u5728\u4eca\u5e74\u4f59\u4e0b\u7684\u65f6\u95f4\u91cc\uff0c\u96f7\u795e\u516c\u53f8\u9884\u8ba1\u5047\u65e5\u548c\u5546\u52a1\u65c5\u884c\u7684\u9700\u6c42\u5c06\u4f1a\u5f3a\u52b2\uff0c\u8fd9\u5c06\u652f\u6301\u5bbd\u4f53\u548c\u7a84\u4f53\u98de\u673a\u7684\u552e\u540e\u5e02\u573a\u6301\u7eed\u8d70\u5f3a\u3002\u5728\u56fd\u9632\u65b9\u9762\uff0c\u65e5\u76ca\u52a0\u5267\u7684\u5a01\u80c1\u73af\u5883\u7ee7\u7eed\u63a8\u52a8\u5168\u7403\u56fd\u9632\u5f00\u652f\u7684\u589e\u52a0\u3002<strong>23\u8d22\u5e74\u7b2c\u56db\u5b63\u5ea6\u5efa\u8bae\u4ea4\u6613\u533a\u95f4\uff1a75\u7f8e\u5143\u81f385\u7f8e\u5143\u3002\u4e2d\u6027\u524d\u666f\u3002<\/strong><\/li><\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Spotify Technology SA (SPOT)<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>3Q23 Revenue: <\/strong>\u20ac3.4B, +10.6% YoY<\/li><li><strong>3Q23 Non-GAAP EPS:<\/strong> \u20ac0.33<\/li><li><strong>4Q23 Guidance:<\/strong> Total MAUs of 601 million;\u00a0 Total Premium Subscribers of 235 million;\u00a0 Total Revenue of \u20ac3.7 billion.<\/li><li><strong>Comment: <\/strong>In 3Q23, Spotify\u2019s MAUs grew by 26% YoY to 574mn, 2mn above the previous guidance. The number of subscribers grew by 16% YoY to 226mn, 2mn above the previous guidance. The company has a second largest quarter for MAU net addition and remains upbeat for its 1bn MAU target by 2030. Spotify is seeing strong momentum in its advertising business across both music and podcasting. It will launch audiobooks offering in the US soon. It will also plan to use generative AI tools to improve its advertising products. Its leading position in the music streaming market is intact. <strong>4Q23 recommended trading range<\/strong><strong>: $65 to $75. Neutral Outlook.\u00a0\u00a0<\/strong><\/li><\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Spotify (SPOT)\u00a0<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>23\u8d22\u5e74\u7b2c\u4e09\u5b63\u8425\u6536\uff1a<\/strong>34.0\u4ebf\u7f8e\u5143, \u540c\u6bd4\u589e\u5e4510.6%<\/li><li><strong>23\u8d22\u5e74\u7b2c\u4e09\u5b63Non-GAAP\u6bcf\u80a1\u76c8\u5229<\/strong>\uff1a0.33\u6b27\u5143<\/li><li><strong>23\u8d22\u5e74\u7b2c\u56db\u5b63\u6307\u5f15\uff1a<\/strong>\u603b\u6bcf\u6708\u6d3b\u8dc3\u7528\u6237\u6570\u4e3a6.01\u4ebf\uff1b\u603b\u4ed8\u8d39\u7528\u62372.35\u4ebf\uff1b\u603b\u8425\u6536\u4e3a37\u4ebf\u6b27\u5143\u3002<\/li><li><strong>\u77ed\u8bc4\uff1a<\/strong>\u572823\u5e74\u7b2c\u4e09\u5b63\u5ea6\uff0cSpotify\u7684\u6bcf\u6708\u6d3b\u8dc3\u7528\u6237\u6570\u540c\u6bd4\u589e\u957f26%\uff0c\u8fbe\u52305.74\u4ebf\uff0c\u6bd4\u4e4b\u524d\u7684\u6307\u5bfc\u503c\u9ad8\u51fa200\u4e07\u3002\u7528\u6237\u6570\u91cf\u540c\u6bd4\u589e\u957f16%\uff0c\u8fbe\u52302.26\u4ebf\uff0c\u6bd4\u4e4b\u524d\u7684\u9884\u6d4b\u9ad8\u51fa200\u4e07\u3002\u8be5\u516c\u53f8\u5728\u7b2c\u4e09\u5b63\u5ea6\u7684\u6bcf\u6708\u6d3b\u8dc3\u7528\u6237\u6570\u51c0\u589e\u989d\u4f4d\u5c45\u7b2c\u4e8c\uff0c\u5e76\u5bf9\u52302030\u5e74\u5b9e\u73b010\u4ebfMAU\u7684\u76ee\u6807\u4fdd\u6301\u4e50\u89c2\u3002Spotify\u5728\u97f3\u4e50\u548c\u64ad\u5ba2\u9886\u57df\u7684\u5e7f\u544a\u4e1a\u52a1\u53d1\u5c55\u52bf\u5934\u5f3a\u52b2\u3002\u5b83\u5c06\u5f88\u5feb\u5728\u7f8e\u56fd\u63a8\u51fa\u6709\u58f0\u8bfb\u7269\u3002\u5b83\u8fd8\u8ba1\u5212\u4f7f\u7528\u751f\u6210\u5f0f\u4eba\u5de5\u667a\u80fd\u5de5\u5177\u6765\u6539\u8fdb\u5176\u5e7f\u544a\u4ea7\u54c1\u3002\u5b83\u5728\u97f3\u4e50\u6d41\u5a92\u4f53\u5e02\u573a\u7684\u9886\u5148\u5730\u4f4d\u6ca1\u6709\u52a8\u6447\u3002<strong>23\u8d22\u5e74\u7b2c\u56db\u5b63\u5ea6\u5efa\u8bae\u4ea4\u6613\u533a\u95f4\uff1a165\u7f8e\u5143\u81f3190\u7f8e\u5143\u3002\u79ef\u6781\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 Netflix Inc (NFLX US) Shares closed higher above the 5dEMA. The 5dEMA crossed the 50dEMA. MACD is positive, RSI is constructive. Long \u2013 Entry 412, Target 438, Stop 399 Spotify Technology SA (SPOT US) Shares closed above the 5dEMA with a jump in volume. The 5dEMA [&hellip;]<\/p>\n","protected":false},"author":10,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_eb_attr":"","_uag_custom_page_level_css":"","footnotes":""},"categories":[30],"tags":[],"class_list":["post-34686","post","type-post","status-publish","format-standard","hentry","category-technical-analysis"],"aioseo_notices":[],"aioseo_head":"\n\t\t<!-- All in One SEO 4.9.8 - aioseo.com -->\n\t<meta name=\"description\" content=\"United States | Singapore | Hong Kong | Earnings Shares closed higher above the 5dEMA. The 5dEMA crossed the 50dEMA. MACD is positive, RSI is constructive. Long \u2013 Entry 412, Target 438, Stop 399 Spotify Technology SA (SPOT US) Shares closed above the 5dEMA with a jump in volume. The 5dEMA crossed the 20dEMA and\" \/>\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-25-october-2023\/\" \/>\n\t<meta name=\"generator\" content=\"All in One SEO (AIOSEO) 4.9.8\" \/>\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 25 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. The 5dEMA crossed the 50dEMA. 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The 5dEMA crossed the 50dEMA. MACD is positive, RSI is constructive. Long \u2013 Entry 412, Target 438, Stop 399 Spotify Technology SA (SPOT US) Shares closed above the 5dEMA with a jump in volume. The 5dEMA crossed the 20dEMA and","og:url":"https:\/\/www.kgieworld.sg\/research\/technical-analysis-25-october-2023\/","og:image":"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/04\/KGI-Logo_\u255b\u03b5ai\u252c\u253carRGB_PNG.png?wsr","og:image:secure_url":"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/04\/KGI-Logo_\u255b\u03b5ai\u252c\u253carRGB_PNG.png?wsr","article:published_time":"2023-10-24T23:34:00+00:00","article:modified_time":"2023-10-25T23:36:43+00:00","twitter:card":"summary","twitter:title":"Technical Analysis \u2013 25 October 2023 \u2022 KGI Singapore Research","twitter:description":"United States | Singapore | Hong Kong | Earnings Shares closed higher above the 5dEMA. The 5dEMA crossed the 50dEMA. MACD is positive, RSI is constructive. 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