{"id":35715,"date":"2023-11-23T07:12:00","date_gmt":"2023-11-22T23:12:00","guid":{"rendered":"https:\/\/www.kgieworld.sg\/research\/?p=35715"},"modified":"2023-11-23T17:10:18","modified_gmt":"2023-11-23T09:10:18","slug":"technical-analysis-23-november-2023","status":"publish","type":"post","link":"https:\/\/www.kgieworld.sg\/research\/technical-analysis-23-november-2023\/","title":{"rendered":"Technical Analysis &#8211; 23 November 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\">Burlington Stores Inc (BURL US)<\/h3>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh7-us.googleusercontent.com\/aqohf8O2Ib1IKBjr58zpEHxFNasaukXWUm3N9ATfGSMDYjjWOe_A81lgPkXZttWSupuA_Ybtbttp9HFqCBPrbUXLZIoMer3cDdl_bNBBhUm8mm-wEkIcqtffqaJt5Mf_YHUZQowDNSao_YwVQL6t1ko\" alt=\"\"\/><\/figure>\n\n\n\n<ul class=\"wp-block-list\"><li>Shares closed higher above the 200dEMA with constructive volume. 20dEMA just crossed the 50dEMA and 5dEMA is about to cross the 200dEMA.<\/li><li>MACD is positive, RSI is at an \u201coverbought\u201d level.<\/li><li><strong>Long \u2013 Entry 170, Target 180, Stop 165<\/strong><\/li><\/ul>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh7-us.googleusercontent.com\/QKaIXokMpf6llgCdpWbiIDIKtjNg-sRS337IDKXFTy5nPwiBQv75ydtdTVQhKaoqWBfTtsitJ5HM0dcixqhRoZndmmSuRlEN5lTstoS_3TW-Ynh-SR-SlWV4qtJ0CB5uAzcUsZ_SL58acyG9mjChgdM\" alt=\"\"\/><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\">eBay Inc. (EBAY US)<\/h3>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh7-us.googleusercontent.com\/qOnDp1DDMCkZJcvCiEcqvz2vyVUTGsZFoU-DMH6E-yiCctDq_5x78DtxV2rHaqi1CMLdZrPoxJsG3B3kUPYsZCi5oZLUtcKVt2c6L5iP1qQfTkO_KT8m-vfYW2XfEyqcyQpIbQd17xN1kM2zXYrP-sI\" alt=\"\"\/><\/figure>\n\n\n\n<ul class=\"wp-block-list\"><li>Shares closed higher above the 50dEMA with constructive volume. 5dEMA just crossed the 20dEMA.<\/li><li>MACD is positive, RSI is constructive.<\/li><li><strong>Long \u2013 Entry 41.0, Target 44.0, Stop 39.5<\/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\">Top Glove Corp. (TOPG SP)<\/h3>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh7-us.googleusercontent.com\/p6uMZvUcTByndbKgA7__fxoKD26nnAyvzQnDI-wBKAmTJ5sTox8xVruR6WS_sAYusTusyG2j-2h-bPG3VDKwrLXe5P6K_lU4UjJM7y-4RGw2cinPq1PeCdt0WkfRYH1ClgsCxFZJAj9AjDAVBz0oX80\" alt=\"\"\/><\/figure>\n\n\n\n<ul class=\"wp-block-list\"><li>Shares closed higher above the 5dEMA with a surge in volume. 5dEMA just crossed the 50dEMA and the 20dEMA is about to cross the 50dEMA.<\/li><li>MACD is positive, RSI is constructive.<\/li><li><strong>Long \u2013 Entry 0.235, Target 0.255, Stop 0.225<\/strong><\/li><\/ul>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh7-us.googleusercontent.com\/lSoO1NbginNTxTXyV6pgdCQgamGmr409W0ay81Yzf43wg6gO-VEbywIV7isATqP2xA6gzllQMoyDfMGZ0SNO6jzrrieCp4jgYRFUzD9Qu8EAsZIVZzQUL8BgxjMjRKP2j3xJn0rHo1yS9m7My4FUD1o\" alt=\"\"\/><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\">OUE Ltd. (OUE SP)<img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/lh7-us.googleusercontent.com\/i1qzsSkL6KgFZPRWxBNgk90mwFedi8DTP_MbFdybfJlNXTw096DLgZq409dcE6FIAWm3hEJ_RV9OJnt2U4ZE3RGAtrNb2znpTOcDOP7oRuWVd5TYCfGoczODLVt-w4CGBP5xoIRsW-sUXIRgTU-g3iU\" width=\"602\" height=\"329\"><\/h3>\n\n\n\n<ul class=\"wp-block-list\"><li>Shares closed higher above the 200dEMA with a surge in volume. 5dEMA is about to cross the 200dEMA.<\/li><li>MACD is positive, RSI is at an \u201coverbought\u201d level.<\/li><li><strong>Long \u2013 Entry 1.12, Target 1.20, Stop 1.08<\/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\">Zijin Mining Group Co Ltd (2899 HK)<\/h3>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh7-us.googleusercontent.com\/XldnkX4QT5i90kydoxEdm0ZeIV2P-AFSJkYPSprdjOGY0VQT4xOQWK8F5ZPpTvBjWkTQ7-vg_f8KbLSqTtneueJHVXVqIz1ebu7QUQZV5uu0771jAX0dlDRNsDdfTpmHg-0UbD4EhFZxNHIMHmsom9I\" alt=\"\"\/><\/figure>\n\n\n\n<ul class=\"wp-block-list\"><li>Shares closed above the 50dEMA. The 5dEMA crossed the 50dEMA.<\/li><li>Both RSI and MACD are constructive.<\/li><li><strong>Long <\/strong>\u2013 <strong>Entry 12.14, Target 12.88, Stop 11.77<\/strong><\/li><\/ul>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh7-us.googleusercontent.com\/MY87Sqq8iIUVDN1RBJfbIQGilbGpjxOVEapezhXXB7Oe103yeKyTIv0pCCo9HkLzpjUQh0Kq54ti1S85eZFGhALhEFcDetWY1X_lg5oVIdgo1G3M65dlYW1hOE4Ko6sDMb3h2tdkdPlIz24rflUOEbg\" alt=\"\"\/><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\">Shandong Gold Mining Co Ltd (1787 HK)<\/h3>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh7-us.googleusercontent.com\/D519K38z1bHLP1vVuT6fceYt6fjufLZh9KDqq81uhQzfeTfABqD_S_g2lYbBSBy7VRACRO_288aYzVaoHXNn8kcd6pI0qrhcRh1oA3qT6AG7Z8tLfrASKl1H__kQxtR6P7uNk2hM-OezzXhJiC2q0lU\" alt=\"\"\/><\/figure>\n\n\n\n<ul class=\"wp-block-list\"><li>Shares rose and closed above the 200dEMA. The 5dEMA is about to cross the 50dEMA.<\/li><li>RSI is constructive and MACD is positive.<\/li><li><strong>Long \u2013 Entry 14.90, Target 16.00, Stop 14.35<\/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>Lowe\u2019s Companies Inc (LOW)<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>3Q23 Revenue: <\/strong>$20.47B, -12.8% YoY, misses estimates by $390M<\/li><li><strong>3Q23 GAAP EPS:<\/strong> $3.06, beat estimates by $0.04<\/li><li><strong>FY23 Guidance:<\/strong> Total sales of approximately $86bn (previously $87bn\u2013 $89bn), Comparable sales expected to be down approximately -5% as compared to prior year (previously down -2% to -4%), Adjusted operating income as a percentage of sales (adjusted operating margin) of approximately 13.3% (previously 13.4% to 13.6%), Interest expense of approximately $1.4bon (previously $1.5bn), Adjusted effective income tax rate of approximately 25%, Adjusted diluted earnings per share of approximately $13.00 (previously $13.20 to $13.60), Capital expenditures of up to $2bn.<\/li><li><strong>Comment: <\/strong>Lowe\u2019s has revised its full-year sales forecast after a significant 13% YoY dip in Q3 sales, primarily linked to reduced spending on DIY projects. The CEO highlighted an unexpected pullback in customer spending on discretionary and high-value projects. Although sales to home professionals rose, the overall demand for home improvement is showing signs of cooling. Comparable sales saw a 7.4% decline, driven by reduced spending on discretionary DIY projects, partially offset by increased professional customer sales. Online sales also fell by 4%, reflecting price pressures on discretionary spending. In response, Lowe\u2019s aims to enhance its appeal to price-sensitive customers during the holiday season by emphasising value and savings. The company\u2019s outlet stores, offering discounted items like scratched or dented patio furniture and appliances, have proven popular, with a new outlet opening in Q3, marking the 15th location. Looking ahead, with inflationary pressures still relatively high, it is anticipated that customers will continue to remain cautious about discretionary spending. <strong>4Q23 recommended trading range<\/strong><strong>: $185 to $205. Neutral Outlook.\u00a0\u00a0<\/strong><\/li><\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u52b3\u6c0f (LOW)\u00a0<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>23\u8d22\u5e74\u7b2c\u4e09\u5b63\u8425\u6536\uff1a<\/strong>204.7\u4ebf\u7f8e\u5143, \u540c\u6bd4\u8dcc\u5e4512.8%\uff0c\u900a\u9884\u671f3.9\u4ebf\u7f8e\u5143<\/li><li><strong>23\u8d22\u5e74\u7b2c\u4e09\u5b63GAAP\u6bcf\u80a1\u76c8\u5229<\/strong>\uff1a3.06\u7f8e\u5143\uff0c\u8d85\u9884\u671f0.04\u7f8e\u5143\u00a0<\/li><li><strong>23\u8d22\u5e74\u6307\u5f15\uff1a<\/strong>\u603b\u9500\u552e\u989d\u7ea6\u4e3a860\u4ebf\u7f8e\u5143(\u4e4b\u524d\u4e3a870\u4ebf\u81f3890\u4ebf\u7f8e\u5143)\uff0c\u53ef\u6bd4\u9500\u552e\u989d\u9884\u8ba1\u6bd4\u53bb\u5e74\u4e0b\u964d\u7ea65%(\u4e4b\u524d\u4e3a\u4e0b\u964d2%\u81f34%)\uff0c\u8c03\u6574\u540e\u8425\u4e1a\u6536\u5165\u5360\u9500\u552e\u989d\u7684\u767e\u5206\u6bd4(\u8c03\u6574\u540e\u8425\u4e1a\u5229\u6da6\u7387)\u7ea6\u4e3a13.3%(\u4e4b\u524d\u4e3a13.4%\u81f313.6%)\uff0c\u5229\u606f\u8d39\u7528\u7ea6\u4e3a14\u4ebf\u7f8e\u5143(\u4e4b\u524d\u4e3a15\u4ebf\u7f8e\u5143)\uff0c\u8c03\u6574\u540e\u6709\u6548\u6240\u5f97\u7a0e\u7a0e\u7387\u7ea6\u4e3a25%\u3002\u8c03\u6574\u540e\u7684\u644a\u8584\u6bcf\u80a1\u6536\u76ca\u7ea6\u4e3a13.00\u7f8e\u5143(\u4e4b\u524d\u4e3a13.20\u7f8e\u5143\u81f313.60\u7f8e\u5143)\uff0c\u8d44\u672c\u652f\u51fa\u9ad8\u8fbe20\u4ebf\u7f8e\u5143\u3002<\/li><li><strong>\u77ed\u8bc4\uff1a<\/strong>\u5728\u7b2c\u4e09\u5b63\u5ea6\u9500\u552e\u989d\u540c\u6bd4\u5927\u5e45\u4e0b\u964d13%\u4e4b\u540e\uff0c\u52b3\u6c0f\u4fee\u6b63\u4e86\u5168\u5e74\u9500\u552e\u9884\u6d4b\uff0c\u8fd9\u4e3b\u8981\u4e0eDIY\u9879\u76ee\u7684\u652f\u51fa\u51cf\u5c11\u6709\u5173\u3002\u8fd9\u4f4d\u9996\u5e2d\u6267\u884c\u5b98\u5f3a\u8c03\uff0c\u5ba2\u6237\u5728\u53ef\u81ea\u7531\u652f\u914d\u548c\u9ad8\u4ef7\u503c\u9879\u76ee\u4e0a\u7684\u652f\u51fa\u610f\u5916\u51cf\u5c11\u3002\u5c3d\u7ba1\u5bf9\u4e13\u4e1a\u4eba\u58eb\u7684\u9500\u552e\u6709\u6240\u4e0a\u5347\uff0c\u4f46\u5bf9\u5bb6\u5c45\u88c5\u4fee\u7684\u603b\u4f53\u9700\u6c42\u5374\u663e\u793a\u51fa\u964d\u6e29\u7684\u8ff9\u8c61\u3002\u7531\u4e8e\u53ef\u81ea\u7531\u652f\u914d\u7684DIY\u9879\u76ee\u652f\u51fa\u51cf\u5c11\uff0c\u53ef\u6bd4\u9500\u552e\u989d\u4e0b\u964d\u4e867.4%\uff0c\u90e8\u5206\u88ab\u4e13\u4e1a\u5ba2\u6237\u9500\u552e\u989d\u7684\u589e\u52a0\u6240\u62b5\u6d88\u3002\u7f51\u4e0a\u9500\u552e\u4e5f\u4e0b\u964d\u4e864%\uff0c\u53cd\u6620\u4e86\u53ef\u81ea\u7531\u652f\u914d\u652f\u51fa\u7684\u4ef7\u683c\u538b\u529b\u3002\u4f5c\u4e3a\u56de\u5e94\uff0c\u52b3\u6c0f\u7684\u76ee\u6807\u662f\u901a\u8fc7\u5f3a\u8c03\u4ef7\u503c\u548c\u8282\u7701\uff0c\u5728\u5047\u671f\u671f\u95f4\u63d0\u9ad8\u5bf9\u4ef7\u683c\u654f\u611f\u7684\u5ba2\u6237\u7684\u5438\u5f15\u529b\u3002\u8be5\u516c\u53f8\u7684\u76f4\u9500\u5e97\u63d0\u4f9b\u6709\u5212\u75d5\u6216\u51f9\u9677\u7684\u9732\u53f0\u5bb6\u5177\u548c\u7535\u5668\u7b49\u6298\u6263\u5546\u54c1\uff0c\u4e8b\u5b9e\u8bc1\u660e\uff0c\u8fd9\u4e9b\u5546\u54c1\u5f88\u53d7\u6b22\u8fce\uff0c\u7b2c\u4e09\u5b63\u5ea6\u65b0\u5f00\u4e86\u4e00\u5bb6\u76f4\u9500\u5e97\uff0c\u8fd9\u662f\u7b2c15\u5bb6\u5206\u5e97\u3002\u5c55\u671b\u672a\u6765\uff0c\u7531\u4e8e\u901a\u80c0\u538b\u529b\u4ecd\u7136\u76f8\u5bf9\u8f83\u9ad8\uff0c\u9884\u8ba1\u5ba2\u6237\u5c06\u7ee7\u7eed\u5bf9\u53ef\u81ea\u7531\u652f\u914d\u7684\u652f\u51fa\u4fdd\u6301\u8c28\u614e\u3002<strong>23\u8d22\u5e74\u7b2c\u56db\u5b63\u5ea6\u5efa\u8bae\u4ea4\u6613\u533a\u95f4\uff1a185\u7f8e\u5143\u81f3205\u7f8e\u5143\u3002\u4e2d\u6027\u524d\u666f\u3002<\/strong><\/li><\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Best Buy Co Inc (BBY)<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>3Q24 Revenue: <\/strong>$9.76B, -7.8% YoY, miss estimates by $140M<\/li><li><strong>3Q24 Non-GAAP EPS:<\/strong> $1.29, beat estimates by $0.09<\/li><li><strong>4Q24 Guidance:<\/strong> Expect comparable sales to decline in the range of 3.0% to 7.0%, Q4 FY24 non-GAAP operating income rate to be in a range of 4.7% to 5.0%, which compares to a rate of 4.8% last year. <strong>FY24 Guidance: <\/strong>Revenue of $43.1bn to $43.7bn, which compares to prior guidance of $43.8bn to $44.5bn, Comparable sales decline of 6.0% to 7.5%, which compares to prior guidance of a decline of 4.5% to 6.0%, Enterprise non-GAAP operating income rate of 4.0% to 4.1%, which compares to prior guidance of 3.9% to 4.1%, Non-GAAP effective income tax rate of approximately 24.0%, which compares to prior guidance of approximately 24.5%, Non-GAAP diluted EPS of $6.00 to $6.30, which compares to prior guidance of $6.00 to $6.40, Capital expenditures of approximately $825mn, which compares to prior guidance of approximately $850mn.<\/li><li><strong>Comment: <\/strong>In Q3,<strong> <\/strong>Best Buy beat earnings estimates but fell short on revenue. The company lowered its full-year sales outlook, citing softer consumer electronics demand and the unpredictable nature of consumer spending amidst inflation and interest rate increases. Its CEO noted the company\u2019s readiness for the holiday season, emphasising promotions for budget-conscious shoppers. Due to softening demand from customers, the company faced a drop in net income to $263mn, with a 6.9% YoY decline in comparable sales. Despite lower merchandise demand, Best Buy achieved higher profitability through its membership program and improved service margins. Demand for home goods has moderated from the previous year, customers are spending less money on discretionary purchases due to inflationary pressures and are choosing to spend on necessities and experiences instead. However, with the holiday season coming up, we expect the higher-income customers to spend more which may offset the lack of spending from the general population. <strong>4Q24 recommended trading range<\/strong><strong>: $60 to $75. Neutral Outlook.\u00a0\u00a0<\/strong><\/li><\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u767e\u601d\u4e70 (BBY)\u00a0<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>24\u8d22\u5e74\u7b2c\u4e09\u5b63\u8425\u6536\uff1a<\/strong>97.6\u4ebf\u7f8e\u5143, \u540c\u6bd4\u8dcc\u5e457.8%\uff0c\u900a\u9884\u671f1.4\u4ebf\u7f8e\u5143<\/li><li><strong>24\u8d22\u5e74\u7b2c\u4e09\u5b63Non-GAAP\u6bcf\u80a1\u76c8\u5229<\/strong>\uff1a1.29\u7f8e\u5143\uff0c\u8d85\u9884\u671f0.09\u7f8e\u5143\u00a0<\/li><li><strong>24\u8d22\u5e74\u7b2c\u56db\u5b63\u6307\u5f15\uff1a<\/strong>\u9884\u8ba1\u53ef\u6bd4\u9500\u552e\u989d\u5c06\u4e0b\u964d3.0%\u81f37.0%\uff0c24\u8d22\u5e74\u7b2c\u56db\u5b63\u5ea6Non-GAAP\u8425\u4e1a\u5229\u6da6\u7387\u5c06\u57284.7%\u81f35.0%\u4e4b\u95f4\uff0c\u800c\u53bb\u5e74\u7684\u6bd4\u7387\u4e3a4.8%\u3002<strong>24\u8d22\u5e74\u6307\u5f15\uff1a<\/strong>\u8425\u6536431\u4ebf\u7f8e\u5143\u81f3437\u4ebf\u7f8e\u5143\uff0c\u6b64\u524d\u9884\u671f\u4e3a438\u4ebf\u7f8e\u5143\u81f3445\u4ebf\u7f8e\u5143\uff1b\u53ef\u6bd4\u9500\u552e\u989d\u4e0b\u964d6.0%\u81f37.5%\uff0c\u6b64\u524d\u9884\u671f\u4e3a\u4e0b\u964d4.5%\u81f36.0%\uff1b\u4f01\u4e1aNon-GAAP\u8425\u4e1a\u5229\u6da6\u7387\u4e3a4.0%\u81f34.1%\uff0c\u6b64\u524d\u9884\u671f\u4e3a3.9%\u81f34.1%\uff1bNon-GAAP\u6709\u6548\u6240\u5f97\u7a0e\u7a0e\u7387\u7ea6\u4e3a24.0%\uff0c\u6b64\u524d\u9884\u671f\u4e3a24.5%\uff1bNon-GAAP\u644a\u8584\u6bcf\u80a1\u6536\u76ca\u4e3a6.00\u7f8e\u5143\u81f36.30\u7f8e\u5143\uff1b\u8d44\u672c\u652f\u51fa\u7ea6\u4e3a8.25\u4ebf\u7f8e\u5143\uff0c\u800c\u4e4b\u524d\u7684\u6307\u5bfc\u7ea6\u4e3a8.5\u4ebf\u7f8e\u5143<\/li><li><strong>\u77ed\u8bc4\uff1a<\/strong>\u7b2c\u4e09\u5b63\u5ea6\uff0c\u767e\u601d\u4e70\u7684\u6536\u76ca\u8d85\u8fc7\u9884\u671f\uff0c\u4f46\u6536\u5165\u4e0d\u53ca\u9884\u671f\u3002\u8be5\u516c\u53f8\u4e0b\u8c03\u4e86\u5168\u5e74\u9500\u552e\u9884\u671f\uff0c\u7406\u7531\u662f\u6d88\u8d39\u7535\u5b50\u4ea7\u54c1\u9700\u6c42\u75b2\u8f6f\uff0c\u4ee5\u53ca\u5728\u901a\u8d27\u81a8\u80c0\u548c\u5229\u7387\u4e0a\u5347\u7684\u60c5\u51b5\u4e0b\uff0c\u6d88\u8d39\u8005\u652f\u51fa\u7684\u4e0d\u53ef\u9884\u6d4b\u6027\u3002\u8be5\u516c\u53f8\u9996\u5e2d\u6267\u884c\u5b98\u6307\u51fa\uff0c\u8be5\u516c\u53f8\u5df2\u7ecf\u4e3a\u5047\u65e5\u5b63\u8282\u505a\u597d\u4e86\u51c6\u5907\uff0c\u5e76\u5f3a\u8c03\u4e86\u9488\u5bf9\u9884\u7b97\u7d27\u5f20\u7684\u8d2d\u7269\u8005\u7684\u4fc3\u9500\u6d3b\u52a8\u3002\u7531\u4e8e\u5ba2\u6237\u9700\u6c42\u75b2\u8f6f\uff0c\u516c\u53f8\u51c0\u6536\u5165\u4e0b\u964d\u81f32.63\u4ebf\u7f8e\u5143\uff0c\u53ef\u6bd4\u9500\u552e\u989d\u540c\u6bd4\u4e0b\u964d6.9%\u3002\u5c3d\u7ba1\u5546\u54c1\u9700\u6c42\u4e0b\u964d\uff0c\u4f46\u767e\u601d\u4e70\u901a\u8fc7\u5176\u4f1a\u5458\u8ba1\u5212\u548c\u63d0\u9ad8\u7684\u670d\u52a1\u5229\u6da6\u7387\u5b9e\u73b0\u4e86\u66f4\u9ad8\u7684\u76c8\u5229\u80fd\u529b\u3002\u5bb6\u5ead\u7528\u54c1\u7684\u9700\u6c42\u8f83\u4e0a\u5e74\u6709\u6240\u653e\u7f13\uff0c\u7531\u4e8e\u901a\u80c0\u538b\u529b\uff0c\u6d88\u8d39\u8005\u5728\u53ef\u81ea\u7531\u652f\u914d\u7684\u8d2d\u4e70\u4e0a\u7684\u652f\u51fa\u51cf\u5c11\uff0c\u8f6c\u800c\u9009\u62e9\u5728\u5fc5\u9700\u54c1\u548c\u4f53\u9a8c\u4e0a\u82b1\u94b1\u3002\u7136\u800c\uff0c\u968f\u7740\u5047\u65e5\u5b63\u8282\u7684\u5230\u6765\uff0c\u6211\u4eec\u9884\u8ba1\u9ad8\u6536\u5165\u7684\u5ba2\u6237\u4f1a\u82b1\u66f4\u591a\u7684\u94b1\uff0c\u8fd9\u53ef\u80fd\u4f1a\u62b5\u6d88\u666e\u901a\u4eba\u7fa4\u6d88\u8d39\u7684\u4e0d\u8db3\u3002<strong>24\u8d22\u5e74\u7b2c\u56db\u5b63\u5ea6\u5efa\u8bae\u4ea4\u6613\u533a\u95f4\uff1a60\u7f8e\u5143\u81f375\u7f8e\u5143\u3002\u4e2d\u6027\u524d\u666f\u3002<\/strong><\/li><\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Baidu Inc (BIDU)<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>3Q23 Revenue: <\/strong>$4.72B, +3.3% YoY, vs estimates of $4.71B<\/li><li><strong>3Q23 Non-GAAP EPADS:<\/strong> $2.80, vs estimates of $2.34<\/li><li><strong>4Q23 Guidance:<\/strong> No guidance provided. Expect its AI-centric business and product strategy to set the stage for sustained multi-year revenue and profit expansion within its ERNIE and ERNIE Bot ecosystem.<\/li><li><strong>Comment: <\/strong>Baidu reported better-than-expected third-quarter revenue, reaching 34.45bn yuan (US$4.72bn). Its net income rose to 6.68bn yuan from 5.21 bn yuan in the previous quarter. The company\u2019s CEO stated that Baidu has sufficient AI chips stockpiled to navigate current US technology export restrictions for up to two years, minimising immediate impact. Although Baidu\u2019s AI cloud revenue declined by 2%, it anticipates positive growth in Q4 due to increased demand for generative AI services. Baidu\u2019s Ernie large language model (LLM) is expected to receive progressive upgrades, and the company is exploring alternative chip sources to counter US export restrictions. Despite macroeconomic challenges, Baidu remains resilient, with online marketing revenue up 5%. The company\u2019s Apollo Go robotaxi business achieved 821,000 rides in Q3, contributing to the evolving landscape of autonomous taxis in China. Moreover, we expect additional revenue growth from the Ernie bot, benefiting from the company\u2019s significant reserve of AI chips. This reserve enables the continuous evolution of the bot, further reinforced by the recent launch of a paid version of the Ernie bot in November. <strong>4Q23 recommended trading range<\/strong><strong>: $110 to $125. Positive Outlook.\u00a0\u00a0<\/strong><\/li><\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u767e\u5ea6 (BIDU)\u00a0<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>23\u8d22\u5e74\u7b2c\u4e09\u5b63\u8425\u6536\uff1a<\/strong>47.2\u4ebf\u7f8e\u5143, \u540c\u6bd4\u589e\u5e453.3%\uff0c\u9884\u671f\u4e3a47.1\u4ebf\u7f8e\u5143<\/li><li><strong>23\u8d22\u5e74\u7b2c\u4e09\u5b63Non-GAAP\u6bcf\u80a1\u76c8\u5229<\/strong>\uff1a2.80\u7f8e\u5143\uff0c\u8d85\u9884\u671f2.34\u7f8e\u5143\u00a0<\/li><li><strong>23\u8d22\u5e74\u7b2c\u56db\u5b63\u6307\u5f15\uff1a<\/strong>\u6ca1\u6709\u63d0\u4f9b\u6307\u5bfc\u3002\u9884\u8ba1\u5176\u4ee5\u4eba\u5de5\u667a\u80fd\u4e3a\u4e2d\u5fc3\u7684\u4e1a\u52a1\u548c\u4ea7\u54c1\u6218\u7565\u5c06\u4e3a\u5176\u6587\u5fc3\u4e00\u8a00\u751f\u6001\u7cfb\u7edf\u5185\u6301\u7eed\u591a\u5e74\u7684\u6536\u5165\u548c\u5229\u6da6\u6269\u5f20\u5960\u5b9a\u57fa\u7840\u3002<\/li><li><strong>\u77ed\u8bc4\uff1a<\/strong>\u767e\u5ea6\u516c\u5e03\u7684\u7b2c\u4e09\u5b63\u5ea6\u6536\u5165\u597d\u4e8e\u9884\u671f\uff0c\u8fbe\u5230344.5\u4ebf\u5143\u4eba\u6c11\u5e01(\u540847.2\u4ebf\u7f8e\u5143)\u3002\u5176\u51c0\u6536\u5165\u4ece\u4e0a\u4e00\u5b63\u5ea6\u768452.1\u4ebf\u5143\u4e0a\u5347\u81f366.8\u4ebf\u5143\u3002\u8be5\u516c\u53f8\u9996\u5e2d\u6267\u884c\u5b98\u8868\u793a\uff0c\u767e\u5ea6\u6709\u8db3\u591f\u7684\u4eba\u5de5\u667a\u80fd\u82af\u7247\u5e93\u5b58\uff0c\u53ef\u4ee5\u5e94\u5bf9\u76ee\u524d\u7f8e\u56fd\u6280\u672f\u51fa\u53e3\u9650\u5236\u957f\u8fbe\u4e24\u5e74\uff0c\u6700\u5927\u9650\u5ea6\u5730\u51cf\u5c11\u76f4\u63a5\u5f71\u54cd\u3002\u5c3d\u7ba1\u767e\u5ea6\u7684\u4eba\u5de5\u667a\u80fd\u4e91\u6536\u5165\u4e0b\u964d\u4e862%\uff0c\u4f46\u7531\u4e8e\u5bf9\u751f\u6210\u5f0f\u4eba\u5de5\u667a\u80fd\u670d\u52a1\u7684\u9700\u6c42\u589e\u52a0\uff0c\u767e\u5ea6\u9884\u8ba1\u7b2c\u56db\u5b63\u5ea6\u5c06\u51fa\u73b0\u6b63\u589e\u957f\u3002\u767e\u5ea6\u7684\u6587\u5fc3\u4e00\u8a00\u5927\u578b\u8bed\u8a00\u6a21\u578b(LLM)\u9884\u8ba1\u5c06\u5f97\u5230\u9010\u6b65\u5347\u7ea7\uff0c\u8be5\u516c\u53f8\u6b63\u5728\u63a2\u7d22\u66ff\u4ee3\u82af\u7247\u6765\u6e90\uff0c\u4ee5\u5e94\u5bf9\u7f8e\u56fd\u7684\u51fa\u53e3\u9650\u5236\u3002\u5c3d\u7ba1\u9762\u4e34\u5b8f\u89c2\u7ecf\u6d4e\u6311\u6218\uff0c\u767e\u5ea6\u4ecd\u7136\u4fdd\u6301\u5f39\u6027\uff0c\u5176\u5728\u7ebf\u8425\u9500\u6536\u5165\u589e\u957f\u4e865%\u3002\u8be5\u516c\u53f8\u7684Apollo Go\u81ea\u52a8\u9a7e\u9a76\u51fa\u79df\u8f66\u4e1a\u52a1\u5728\u7b2c\u4e09\u5b63\u5ea6\u5b9e\u73b0\u4e8682.1\u4e07\u6b21\u4e58\u5750\uff0c\u4e3a\u4e2d\u56fd\u81ea\u52a8\u9a7e\u9a76\u51fa\u79df\u8f66\u7684\u53d1\u5c55\u505a\u51fa\u4e86\u8d21\u732e\u3002\u6b64\u5916\uff0c\u6211\u4eec\u9884\u8ba1\u6587\u5fc3\u4e00\u8a00\u7684\u989d\u5916\u6536\u5165\u5c06\u589e\u957f\uff0c\u53d7\u76ca\u4e8e\u8be5\u516c\u53f8\u5927\u91cf\u7684\u4eba\u5de5\u667a\u80fd\u82af\u7247\u50a8\u5907\u3002\u8fd9\u79cd\u50a8\u5907\u4f7f\u6587\u5fc3\u4e00\u8a00\u80fd\u591f\u4e0d\u65ad\u53d1\u5c55\uff0c\u6700\u8fd111\u6708\u63a8\u51fa\u7684\u6587\u5fc3\u4e00\u8a00\u4ed8\u8d39\u7248\u672c\u8fdb\u4e00\u6b65\u52a0\u5f3a\u4e86\u8fd9\u4e00\u70b9\u3002<strong>23\u8d22\u5e74\u7b2c\u56db\u5b63\u5ea6\u5efa\u8bae\u4ea4\u6613\u533a\u95f4\uff1a110\u7f8e\u5143\u81f3125\u7f8e\u5143\u3002\u79ef\u6781\u524d\u666f\u3002<\/strong><\/li><\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>NVIDIA Corp (NVDA)<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>3Q24 Revenue: <\/strong>$18.12B, +205.6% YoY, beat estimates by $2.01B<\/li><li><strong>3Q24 Non-GAAP EPS:<\/strong> $4.02, beat estimates by $0.63<\/li><li><strong>4Q24 Guidance:<\/strong> Revenue is expected to be $20.00bn, plus or minus 2% vs $17.82B consensus, GAAP and non-GAAP gross margins are expected to be 74.5% and 75.5%, respectively, plus or minus 50 basis points. GAAP and non-GAAP operating expenses are expected to be approximately $3.17bn and $2.20bn, respectively. GAAP and non-GAAP other income and expense are expected to be an income of approximately $200mn, excluding gains and losses from non-affiliated investments. GAAP and non-GAAP tax rates are expected to be 15.0%, plus or minus 1%, excluding any discrete items.<\/li><li><strong>Comment: <\/strong>Nvidia posted a solid set of results for the quarter. However, the company highlighted headwinds in the current quarter due to export restrictions affecting sales to organisations in China and other countries. While the company expects sales in these regions to decline, it will be offset by stronger growth in other regions. As more companies seek to incorporate AI capabilities into their businesses or platforms, they will continue to see strong demand for their GPUs, with demand outpacing supply as Gen AI adoption broadens across industry verticals. However, the uncertain macroeconomic conditions may also see some companies cutting back on costs, which may impact the demand for Nvidia\u2019s products in the near term. <strong>4Q24 recommended trading range: $450 to $550. Neutral Outlook.<\/strong><\/li><\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u82f1\u4f1f\u8fbe (NVDA)\u00a0<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>24\u8d22\u5e74\u7b2c\u4e09\u5b63\u8425\u6536\uff1a<\/strong>181.2\u4ebf\u7f8e\u5143, \u540c\u6bd4\u589e\u5e45205.6%\uff0c\u8d85\u9884\u671f20.1\u4ebf\u7f8e\u5143<\/li><li><strong>24\u8d22\u5e74\u7b2c\u4e09\u5b63Non-GAAP\u6bcf\u80a1\u76c8\u5229<\/strong>\uff1a4.02\u7f8e\u5143\uff0c\u8d85\u9884\u671f0.63\u7f8e\u5143\u00a0<\/li><li><strong>24\u8d22\u5e74\u7b2c\u56db\u5b63\u6307\u5f15\uff1a<\/strong>\u8425\u6536\u9884\u8ba1\u4e3a200\u4ebf\u7f8e\u5143\uff0c\u4e0a\u4e0b\u6d6e\u52a82%\uff0c\u800c\u5e02\u573a\u9884\u671f\u4e3a178.2\u4ebf\u7f8e\u5143\uff0cGAAP\u548cNon-GAAP\u6bdb\u5229\u7387\u9884\u8ba1\u5206\u522b\u4e3a74.5%\u548c75.5%\uff0c\u4e0a\u4e0b\u6d6e\u52a850\u4e2a\u57fa\u70b9\u3002GAAP\u548cNon-GAAP\u8fd0\u8425\u8d39\u7528\u9884\u8ba1\u5206\u522b\u7ea6\u4e3a31.7\u4ebf\u7f8e\u5143\u548c22\u4ebf\u7f8e\u5143\u3002GAAP\u548cNon-GAAP\u5176\u4ed6\u6536\u5165\u548c\u8d39\u7528\u9884\u8ba1\u6536\u5165\u7ea6\u4e3a2\u4ebf\u7f8e\u5143\uff0c\u4e0d\u5305\u62ec\u975e\u5173\u8054\u6295\u8d44\u7684\u635f\u76ca\u3002GAAP\u548cNon-GAAP\u7a0e\u7387\u9884\u8ba1\u4e3a15.0%\uff0c\u6b63\u8d1f1%\uff0c\u4e0d\u5305\u62ec\u4efb\u4f55\u79bb\u6563\u9879\u76ee\u3002<\/li><li><strong>\u77ed\u8bc4\uff1a<\/strong>\u82f1\u4f1f\u8fbe\u516c\u5e03\u4e86\u672c\u5b63\u5ea6\u7684\u7a33\u5b9a\u4e1a\u7ee9\u3002\u7136\u800c\uff0c\u8be5\u516c\u53f8\u5f3a\u8c03\u4e86\u5f53\u524d\u5b63\u5ea6\u7684\u4e0d\u5229\u56e0\u7d20\uff0c\u539f\u56e0\u662f\u51fa\u53e3\u9650\u5236\u5f71\u54cd\u4e86\u5bf9\u4e2d\u56fd\u548c\u5176\u4ed6\u56fd\u5bb6\u7ec4\u7ec7\u7684\u9500\u552e\u3002\u867d\u7136\u8be5\u516c\u53f8\u9884\u8ba1\u8fd9\u4e9b\u5730\u533a\u7684\u9500\u552e\u989d\u5c06\u4e0b\u964d\uff0c\u4f46\u5176\u4ed6\u5730\u533a\u7684\u5f3a\u52b2\u589e\u957f\u5c06\u62b5\u6d88\u8fd9\u4e00\u5f71\u54cd\u3002\u968f\u7740\u8d8a\u6765\u8d8a\u591a\u7684\u516c\u53f8\u5bfb\u6c42\u5c06\u4eba\u5de5\u667a\u80fd\u529f\u80fd\u6574\u5408\u5230\u4ed6\u4eec\u7684\u4e1a\u52a1\u6216\u5e73\u53f0\u4e2d\uff0c\u8be5\u516c\u53f8\u5c06\u7ee7\u7eed\u770b\u5230\u5bf9\u5176GPU\u7684\u5f3a\u52b2\u9700\u6c42\uff0c\u968f\u7740\u901a\u7528\u4eba\u5de5\u667a\u80fd\u5728\u5404\u4e2a\u5782\u76f4\u884c\u4e1a\u7684\u666e\u53ca\uff0c\u9700\u6c42\u5c06\u8d85\u8fc7\u4f9b\u5e94\u3002\u7136\u800c\uff0c\u4e0d\u786e\u5b9a\u7684\u5b8f\u89c2\u7ecf\u6d4e\u73af\u5883\u4e5f\u53ef\u80fd\u4f1a\u770b\u5230\u4e00\u4e9b\u516c\u53f8\u524a\u51cf\u6210\u672c\uff0c\u8fd9\u53ef\u80fd\u4f1a\u5f71\u54cd\u77ed\u671f\u5185\u5bf9\u82f1\u4f1f\u8fbe\u4ea7\u54c1\u7684\u9700\u6c42\u3002<strong>23\u8d22\u5e74\u7b2c\u56db\u5b63\u5ea6\u5efa\u8bae\u4ea4\u6613\u533a\u95f4\uff1a450\u7f8e\u5143\u81f3550\u7f8e\u5143\u3002\u4e2d\u6027\u524d\u666f\u3002<\/strong><\/li><\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>HP Inc. (HPQ)<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>4Q23 Revenue: <\/strong>$13.82B, -6.6% YoY, miss estimates by $40M<\/li><li><strong>4Q23 Non-GAAP EPS:<\/strong> $0.90, in-line with estimates<\/li><li><strong>1Q24 Guidance:<\/strong> HP estimates GAAP diluted net EPS to be in the range of $0.60 to $0.70 and non-GAAP diluted net EPS to be in the range of $0.76 to $0.86 vs $0.85 consensus. Fiscal 2024 first quarter non-GAAP diluted net EPS estimates exclude $0.16 per diluted share, primarily related to restructuring and other charges, acquisition and divestiture charges, amortisation of intangible assets, non-operating retirement-related credits, tax adjustments and the related tax impact on these items. <strong>FY24 Guidance: <\/strong>HP estimates GAAP diluted net EPS to be in the range of $2.68 to $3.08 and non-GAAP diluted net EPS to be in the range of $3.25 to $3.65 vs $3.30 consensus. Fiscal 2024 non-GAAP diluted net EPS estimates exclude $0.57 per diluted share, primarily related to restructuring and other charges, acquisition and divestiture charges, amortisation of intangible assets, non-operating retirement-related credits, tax adjustments and the related tax impact on these items. For fiscal 2024, HP anticipates generating free cash flow in the range of $3.1 to $3.6bn.<\/li><li><strong>Comment: <\/strong>HP\u2019s weaker-than-expected revenue showcases the weakness of the demand for PCs and printers. However, the company remains optimistic for FY2024, seeing a rebound in demand going forward. CEO Enrique Lores sees PC demand getting a boost from Microsoft\u2019s termination of support for Windows 10 in 2025, as well as from the debut of AI PCs, which he expects next summer. The company also expects to resume their share buyback plans in the current quarter. The company was also one of the 27 companies that have just been granted approval to manufacture tech hardware in India. However, consumer demand still remains uncertain in the near term as consumers cut back on spending amidst macroeconomic uncertainties. <strong>1Q24 recommended trading range: $25 to $30. Neutral Outlook.<\/strong><\/li><\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u60e0\u666e (HPQ)\u00a0<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>23\u8d22\u5e74\u7b2c\u56db\u5b63\u8425\u6536\uff1a<\/strong>138.2\u4ebf\u7f8e\u5143, \u540c\u6bd4\u8dcc\u5e456.6%\uff0c\u900a\u9884\u671f4,000\u4e07\u7f8e\u5143<\/li><li><strong>23\u8d22\u5e74\u7b2c\u56db\u5b63Non-GAAP\u6bcf\u80a1\u76c8\u5229<\/strong>\uff1a0.9\u7f8e\u5143\uff0c\u7b26\u5408\u9884\u671f<\/li><li><strong>24\u8d22\u5e74\u7b2c\u4e00\u5b63\u6307\u5f15\uff1a<\/strong>\u60e0\u666e\u9884\u8ba1GAAP\u644a\u8584\u540e\u6bcf\u80a1\u51c0\u6536\u76ca\u57280.60\u7f8e\u5143\u81f30.70\u7f8e\u5143\u4e4b\u95f4\uff0cNon-GAAP\u644a\u8584\u540e\u6bcf\u80a1\u51c0\u6536\u76ca\u57280.76\u7f8e\u5143\u81f30.86\u7f8e\u5143\u4e4b\u95f4\uff0c\u800c\u5e02\u573a\u9884\u671f\u4e3a0.85\u7f8e\u5143\u30022024\u8d22\u5e74\u7b2c\u4e00\u5b63\u5ea6Non-GAAP\u644a\u8584\u51c0\u6bcf\u80a1\u6536\u76ca\u9884\u4f30\u4e0d\u5305\u62ec\u6bcf\u80a1\u644a\u85840.16\u7f8e\u5143\uff0c\u4e3b\u8981\u6d89\u53ca\u91cd\u7ec4\u548c\u5176\u4ed6\u8d39\u7528\u3001\u6536\u8d2d\u548c\u5265\u79bb\u8d39\u7528\u3001\u65e0\u5f62\u8d44\u4ea7\u644a\u9500\u3001\u975e\u7ecf\u8425\u6027\u9000\u4f11\u76f8\u5173\u62b5\u514d\u3001\u7a0e\u6536\u8c03\u6574\u4ee5\u53ca\u5bf9\u8fd9\u4e9b\u9879\u76ee\u7684\u76f8\u5173\u7a0e\u6536\u5f71\u54cd\u3002<strong>24\u8d22\u5e74\u6307\u5f15\uff1a<\/strong>\u60e0\u666e\u9884\u8ba1GAAP\u644a\u8584\u51c0\u6bcf\u80a1\u6536\u76ca\u57282.68\u7f8e\u5143\u81f33.08\u7f8e\u5143\u4e4b\u95f4\uff0cNon-GAAP\u644a\u8584\u51c0\u6bcf\u80a1\u6536\u76ca\u57283.25\u7f8e\u5143\u81f33.65\u7f8e\u5143\u4e4b\u95f4\uff0c\u800c\u5e02\u573a\u9884\u671f\u4e3a3.30\u7f8e\u5143\u30022024\u8d22\u5e74Non-GAAP\u644a\u8584\u51c0\u6bcf\u80a1\u6536\u76ca\u9884\u4f30\u4e0d\u5305\u62ec\u6bcf\u80a1\u644a\u85840.57\u7f8e\u5143\uff0c\u4e3b\u8981\u6d89\u53ca\u91cd\u7ec4\u548c\u5176\u4ed6\u8d39\u7528\u3001\u6536\u8d2d\u548c\u5265\u79bb\u8d39\u7528\u3001\u65e0\u5f62\u8d44\u4ea7\u644a\u9500\u3001\u975e\u7ecf\u8425\u6027\u9000\u4f11\u76f8\u5173\u62b5\u514d\u3001\u7a0e\u6536\u8c03\u6574\u4ee5\u53ca\u5bf9\u8fd9\u4e9b\u9879\u76ee\u7684\u76f8\u5173\u7a0e\u6536\u5f71\u54cd\u3002\u5bf9\u4e8e2024\u8d22\u5e74\uff0c\u60e0\u666e\u9884\u8ba1\u5c06\u4ea7\u751f31\u4ebf\u81f336\u4ebf\u7f8e\u5143\u7684\u81ea\u7531\u73b0\u91d1\u6d41\u3002<\/li><li><strong>\u77ed\u8bc4\uff1a<\/strong>\u60e0\u666e\u4f4e\u4e8e\u9884\u671f\u7684\u8425\u6536\u663e\u793a\u51fa\u4e2a\u4eba\u7535\u8111\u548c\u6253\u5370\u673a\u9700\u6c42\u7684\u75b2\u8f6f\u3002\u7136\u800c\uff0c\u8be5\u516c\u53f8\u5bf92024\u8d22\u5e74\u4ecd\u6301\u4e50\u89c2\u6001\u5ea6\uff0c\u8ba4\u4e3a\u672a\u6765\u9700\u6c42\u5c06\u51fa\u73b0\u53cd\u5f39\u3002\u9996\u5e2d\u6267\u884c\u5b98\u6069\u91cc\u514b\u00b7\u6d1b\u96f7\u65af(Enrique Lores)\u8ba4\u4e3a\uff0c\u5fae\u8f6f\u5c06\u57282025\u5e74\u7ec8\u6b62\u5bf9Windows 10\u7684\u652f\u6301\uff0c\u4ee5\u53ca\u4eba\u5de5\u667a\u80fd\u4e2a\u4eba\u7535\u8111\u7684\u9996\u6b21\u4eae\u76f8\uff08\u9884\u8ba1\u660e\u5e74\u590f\u5929\uff09\uff0c\u5c06\u63d0\u632f\u4e2a\u4eba\u7535\u8111\u9700\u6c42\u3002\u8be5\u516c\u53f8\u8fd8\u9884\u8ba1\u5c06\u5728\u672c\u5b63\u5ea6\u6062\u590d\u80a1\u7968\u56de\u8d2d\u8ba1\u5212\u3002\u8be5\u516c\u53f8\u4e5f\u662f\u521a\u521a\u83b7\u51c6\u5728\u5370\u5ea6\u751f\u4ea7\u79d1\u6280\u786c\u4ef6\u768427\u5bb6\u516c\u53f8\u4e4b\u4e00\u3002\u7136\u800c\uff0c\u6d88\u8d39\u8005\u9700\u6c42\u5728\u77ed\u671f\u5185\u4ecd\u7136\u4e0d\u786e\u5b9a\uff0c\u56e0\u4e3a\u5728\u5b8f\u89c2\u7ecf\u6d4e\u4e0d\u786e\u5b9a\u7684\u60c5\u51b5\u4e0b\uff0c\u6d88\u8d39\u8005\u524a\u51cf\u4e86\u652f\u51fa\u3002<strong>24\u8d22\u5e74\u7b2c\u4e00\u5b63\u5ea6\u5efa\u8bae\u4ea4\u6613\u533a\u95f4\uff1a25\u7f8e\u5143\u81f330\u7f8e\u5143\u3002\u4e2d\u6027\u524d\u666f\u3002<\/strong><\/li><\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Nordstrom Inc (JWN)<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>3Q23 Revenue: <\/strong>$3.32B, -6.5% YoY, miss estimates by $100M<\/li><li><strong>3Q23 Non-GAAP EPS:<\/strong> $0.25, beat estimates by $0.12<\/li><li><strong>FY23 Guidance:<\/strong> Revenue decline, including retail sales and credit card revenues vs. consensus of $14.75B, of 4.0% to 6.0% versus fiscal 2022, including an approximately 250 basis point negative impact from the wind-down of Canadian operations and an approximately 130 basis point positive impact from the 53rd week. EBIT margin (including the negative impact of charges related to the wind-down of Canadian operations) of 1.8 to 2.1% of sales. Adjusted EBIT margin (excluding charges related to the wind-down of Canadian operations) of 3.8 to 4.1% of sales. Income tax rate of approximately 21%, including an approximately 800 basis point favourable impact primarily from the one-time Canada charges. EPS (including the negative impact of charges related to the wind-down of Canadian operations) of $0.74 to $0.94, excluding the impact of share repurchase activity, if any. Adjusted EPS (excluding charges related to the wind-down of Canadian operations) of $1.90 to $2.10 vs. consensus of $1.98, excluding the impact of share repurchase activity, if any.<\/li><li><strong>Comment: <\/strong>Nordstrom Inc. delivered a stronger than expected earnings, and saw improvements in its gross margins. Active, beauty and accessories segments were leading sales growth. However, the company experienced headwinds from lower consumer demand. Consumers remain picky about their shopping habits, postponing large purchases and prioritising necessities. While the upcoming holidays might see an increase in consumer demand, many retailers still highlight cautious consumer spending amidst macroeconomic uncertainties. <strong>4Q23 recommended trading range: $13 to $18. Neutral Outlook.\u00a0\u00a0<\/strong><\/li><\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u8bfa\u5fb7\u65af\u7279\u9f99 (JWN)\u00a0<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>23\u8d22\u5e74\u7b2c\u4e09\u5b63\u8425\u6536\uff1a<\/strong>33.2\u4ebf\u7f8e\u5143, \u540c\u6bd4\u8dcc\u5e456.5%\uff0c\u900a\u9884\u671f1\u4ebf\u7f8e\u5143<\/li><li><strong>23\u8d22\u5e74\u7b2c\u4e09\u5b63Non-GAAP\u6bcf\u80a1\u76c8\u5229<\/strong>\uff1a0.25\u7f8e\u5143\uff0c\u8d85\u9884\u671f0.12\u7f8e\u5143<\/li><li><strong>23\u8d22\u5e74\u6307\u5f15\uff1a<\/strong>\u4e0e2022\u8d22\u5e74\u76f8\u6bd4\uff0c\u5305\u62ec\u96f6\u552e\u9500\u552e\u548c\u4fe1\u7528\u5361\u6536\u5165\u5728\u5185\u7684\u6536\u5165\u4e0b\u964d\u5e45\u5ea6\u4e3a4.0%\u81f36.0%\uff0c\u800c\u5e02\u573a\u9884\u671f\u4e3a147.5\u4ebf\u7f8e\u5143\uff0c\u5176\u4e2d\u5305\u62ec\u52a0\u62ff\u5927\u4e1a\u52a1\u9010\u6b65\u5173\u95ed\u5e26\u6765\u7684\u7ea6250\u4e2a\u57fa\u70b9\u7684\u8d1f\u9762\u5f71\u54cd\uff0c\u4ee5\u53ca\u7b2c53\u5468\u5e26\u6765\u7684\u7ea6130\u4e2a\u57fa\u70b9\u7684\u79ef\u6781\u5f71\u54cd\u3002\u606f\u7a0e\u524d\u5229\u6da6\u7387\uff08\u5305\u62ec\u52a0\u62ff\u5927\u4e1a\u52a1\u7f29\u51cf\u76f8\u5173\u8d39\u7528\u7684\u8d1f\u9762\u5f71\u54cd\uff09\u4e3a\u9500\u552e\u989d\u76841.8%\u81f32.1%\u3002\u8c03\u6574\u540e\u606f\u7a0e\u524d\u5229\u6da6\u7387\uff08\u4e0d\u5305\u62ec\u4e0e\u52a0\u62ff\u5927\u4e1a\u52a1\u7f29\u51cf\u76f8\u5173\u7684\u8d39\u7528\uff09\u4e3a\u9500\u552e\u989d\u76843.8%\u81f34.1%\u3002\u6240\u5f97\u7a0e\u7a0e\u7387\u7ea6\u4e3a21%\uff0c\u5176\u4e2d\u5305\u62ec\u4e3b\u8981\u6765\u81ea\u4e00\u6b21\u6027\u52a0\u62ff\u5927\u8d39\u7528\u7684\u7ea6800\u4e2a\u57fa\u70b9\u7684\u6709\u5229\u5f71\u54cd\u3002\u6bcf\u80a1\u6536\u76ca\uff08\u5305\u62ec\u4e0e\u52a0\u62ff\u5927\u4e1a\u52a1\u7f29\u51cf\u76f8\u5173\u7684\u8d39\u7528\u7684\u8d1f\u9762\u5f71\u54cd\uff09\u4e3a0.74\u7f8e\u5143\u81f30.94\u7f8e\u5143\uff0c\u4e0d\u5305\u62ec\u80a1\u7968\u56de\u8d2d\u6d3b\u52a8\uff08\u5982\u6709\uff09\u7684\u5f71\u54cd\u3002\u8c03\u6574\u540e\u6bcf\u80a1\u6536\u76ca\uff08\u4e0d\u5305\u62ec\u4e0e\u52a0\u62ff\u5927\u4e1a\u52a1\u7f29\u51cf\u76f8\u5173\u7684\u8d39\u7528\uff09\u4e3a1.90\u7f8e\u5143\u81f32.10\u7f8e\u5143\uff0c\u800c\u5e02\u573a\u9884\u671f\u4e3a1.98\u7f8e\u5143\uff0c\u4e0d\u5305\u62ec\u80a1\u7968\u56de\u8d2d\u6d3b\u52a8\u7684\u5f71\u54cd\uff08\u5982\u679c\u6709\u7684\u8bdd\uff09\u3002<\/li><li><strong>\u77ed\u8bc4\uff1a<\/strong>\u8bfa\u5fb7\u65af\u7279\u9f99\u516c\u53f8\u516c\u5e03\u4e86\u597d\u4e8e\u9884\u671f\u7684\u4e1a\u7ee9\uff0c\u6bdb\u5229\u7387\u4e5f\u6709\u6240\u63d0\u9ad8\u3002\u6d3b\u52a8\u3001\u7f8e\u5bb9\u548c\u914d\u9970\u9886\u57df\u7684\u9500\u552e\u589e\u957f\u9886\u5148\u3002\u7136\u800c\uff0c\u8be5\u516c\u53f8\u906d\u9047\u4e86\u6d88\u8d39\u8005\u9700\u6c42\u4e0b\u964d\u7684\u963b\u529b\u3002\u6d88\u8d39\u8005\u4ecd\u7136\u5bf9\u81ea\u5df1\u7684\u8d2d\u7269\u4e60\u60ef\u5f88\u6311\u5254\uff0c\u4ed6\u4eec\u63a8\u8fdf\u5927\u4ef6\u8d2d\u7269\uff0c\u4f18\u5148\u8d2d\u4e70\u5fc5\u9700\u54c1\u3002\u867d\u7136\u5373\u5c06\u5230\u6765\u7684\u5047\u671f\u53ef\u80fd\u4f1a\u589e\u52a0\u6d88\u8d39\u8005\u9700\u6c42\uff0c\u4f46\u5728\u5b8f\u89c2\u7ecf\u6d4e\u4e0d\u786e\u5b9a\u7684\u60c5\u51b5\u4e0b\uff0c\u8bb8\u591a\u96f6\u552e\u5546\u4ecd\u5f3a\u8c03\u8c28\u614e\u7684\u6d88\u8d39\u8005\u652f\u51fa\u3002<strong>23\u8d22\u5e74\u7b2c\u56db\u5b63\u5ea6\u5efa\u8bae\u4ea4\u6613\u533a\u95f4\uff1a13\u7f8e\u5143\u81f318\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 Burlington Stores Inc (BURL US) Shares closed higher above the 200dEMA with constructive volume. 20dEMA just crossed the 50dEMA and 5dEMA is about to cross the 200dEMA. MACD is positive, RSI is at an \u201coverbought\u201d level. Long \u2013 Entry 170, Target 180, Stop 165 eBay Inc. [&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-35715","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 200dEMA with constructive volume. 20dEMA just crossed the 50dEMA and 5dEMA is about to cross the 200dEMA. MACD is positive, RSI is at an &quot;overbought&quot; level. Long \u2013 Entry 170, Target 180, Stop 165 eBay Inc. (EBAY US) Shares closed higher\" \/>\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-23-november-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 23 November 2023 \u2022 KGI Singapore Research\" \/>\n\t\t<meta property=\"og:description\" content=\"United States | Singapore | Hong Kong | Earnings Shares closed higher above the 200dEMA with constructive volume. 20dEMA just crossed the 50dEMA and 5dEMA is about to cross the 200dEMA. 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