{"id":84410,"date":"2026-01-21T08:00:00","date_gmt":"2026-01-21T00:00:00","guid":{"rendered":"https:\/\/www.kgieworld.sg\/research\/?p=84410"},"modified":"2026-01-21T16:12:30","modified_gmt":"2026-01-21T08:12:30","slug":"technical-analysis-21-january-2026","status":"publish","type":"post","link":"https:\/\/www.kgieworld.sg\/research\/technical-analysis-21-january-2026\/","title":{"rendered":"Technical Analysis &#8211; 21 January 2026"},"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\" title=\"\"> Earnings<\/a><\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"us\"><a id=\"post-76998-_5ifytjpamge8\"><\/a><figure><img fetchpriority=\"high\" decoding=\"async\" width=\"637\" height=\"135\" class=\"wp-image-77026\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/09\/word-image-76998-1.png\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/09\/word-image-76998-1.png 637w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/09\/word-image-76998-1-300x64.png 300w\" sizes=\"(max-width: 637px) 100vw, 637px\" \/><\/figure><\/h3>\n\n\n\n<h3 class=\"wp-block-heading\">Tamboran\u00a0Resources Corporation.\u00a0(TBN\u00a0US)<\/h3>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" width=\"903\" height=\"516\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/01\/image-369.png\" alt=\"\" class=\"wp-image-84452\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/01\/image-369.png 903w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/01\/image-369-300x171.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/01\/image-369-768x439.png 768w\" sizes=\"(max-width: 903px) 100vw, 903px\" \/><\/figure>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Shares closed\u00a0above the 5dEMA.\u00a0<\/li>\n\n\n\n<li>Both RSI and MACD are constructive.\u00a0<\/li>\n\n\n\n<li><strong>Long \u2013 Entry\u00a026,\u00a0Target\u00a030,\u00a0Stop\u00a024<\/strong>\u00a0<\/li>\n<\/ul>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" width=\"864\" height=\"181\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/01\/image-31.png\" alt=\"\" class=\"wp-image-83664\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/01\/image-31.png 864w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/01\/image-31-300x63.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/01\/image-31-768x161.png 768w\" sizes=\"(max-width: 864px) 100vw, 864px\" \/><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\">Core Natural Resources, Inc.\u00a0(CNR\u00a0US)\u00a0<\/h3>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"903\" height=\"516\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/01\/image-370.png\" alt=\"\" class=\"wp-image-84453\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/01\/image-370.png 903w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/01\/image-370-300x171.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/01\/image-370-768x439.png 768w\" sizes=\"(max-width: 903px) 100vw, 903px\" \/><\/figure>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Shares closed\u00a0on\u00a0the\u00a05dEMA with rising volume.\u00a0<\/li>\n\n\n\n<li>Both RSI and MACD are constructive.\u00a0<\/li>\n\n\n\n<li><strong>Long \u2013 Entry\u00a093,\u00a0Target\u00a0103,\u00a0Stop\u00a088<\/strong>\u00a0<\/li>\n<\/ul>\n\n\n\n<p class=\"has-text-align-right wp-block-paragraph\"><a href=\"#top\" title=\"\">^ Back To Top<\/a><\/p>\n\n\n\n<figure class=\"wp-block-image\"><img loading=\"lazy\" decoding=\"async\" width=\"637\" height=\"135\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/01\/word-image-83412-4.png\" alt=\"\" class=\"wp-image-83465\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/01\/word-image-83412-4.png 637w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/01\/word-image-83412-4-300x64.png 300w\" sizes=\"(max-width: 637px) 100vw, 637px\" \/><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"sg\"><a id=\"post-83412-_q3z2pzaup3mw\"><\/a><figure><img loading=\"lazy\" decoding=\"async\" width=\"637\" height=\"135\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/01\/word-image-83412-5.png\" class=\"wp-image-83466\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/01\/word-image-83412-5.png 637w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/01\/word-image-83412-5-300x64.png 300w\" sizes=\"(max-width: 637px) 100vw, 637px\" \/><\/figure><\/h3>\n\n\n\n<h3 class=\"wp-block-heading\">Wilmar International\u00a0Limited. (WIL\u00a0SP)\u00a0<\/h3>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"903\" height=\"516\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/01\/image-353.png\" alt=\"\" class=\"wp-image-84414\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/01\/image-353.png 903w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/01\/image-353-300x171.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/01\/image-353-768x439.png 768w\" sizes=\"(max-width: 903px) 100vw, 903px\" \/><\/figure>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Shares closed above the 5dEMA\u00a0with rising volume.\u00a0<\/li>\n\n\n\n<li>Both RSI and MACD are constructive\u00a0<\/li>\n\n\n\n<li><strong>Buy\u00a0\u2013 Entry\u00a03.11, Target\u00a03.37,\u00a0Stop\u00a02.98<\/strong>\u00a0<\/li>\n<\/ul>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"864\" height=\"181\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/01\/image-30.png\" alt=\"\" class=\"wp-image-83663\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/01\/image-30.png 864w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/01\/image-30-300x63.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/01\/image-30-768x161.png 768w\" sizes=\"(max-width: 864px) 100vw, 864px\" \/><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\">ValueMax\u00a0Group Ltd.\u00a0(VMAX\u00a0SP)\u00a0<\/h3>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"903\" height=\"516\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/01\/image-354.png\" alt=\"\" class=\"wp-image-84415\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/01\/image-354.png 903w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/01\/image-354-300x171.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/01\/image-354-768x439.png 768w\" sizes=\"(max-width: 903px) 100vw, 903px\" \/><\/figure>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Shares closed above\u00a05dEMA\u00a0with elevated volume.\u00a0<\/li>\n\n\n\n<li>Both\u00a0RSI\u00a0and\u00a0MACD\u00a0are constructive.\u00a0<\/li>\n\n\n\n<li><strong>Buy \u2013 Entry\u00a00.98, Target\u00a01.10,\u00a0Stop\u00a00.92<\/strong>\u00a0<\/li>\n<\/ul>\n\n\n\n<p class=\"has-text-align-right wp-block-paragraph\"><a href=\"#top\" title=\"\">^ Back To Top<\/a><\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"602\" height=\"128\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/01\/image-32.png\" alt=\"\" class=\"wp-image-83665\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/01\/image-32.png 602w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/01\/image-32-300x64.png 300w\" sizes=\"(max-width: 602px) 100vw, 602px\" \/><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"hk\"><a id=\"post-83412-_ox2yqx6nkukc\"><\/a><figure><img loading=\"lazy\" decoding=\"async\" width=\"637\" height=\"135\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/01\/word-image-83412-10.png\" class=\"wp-image-83471\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/01\/word-image-83412-10.png 637w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/01\/word-image-83412-10-300x64.png 300w\" sizes=\"(max-width: 637px) 100vw, 637px\" \/><\/figure><\/h3>\n\n\n\n<h3 class=\"wp-block-heading\">KunLun\u00a0Energy Co.\u00a0Ltd.\u00a0(135\u00a0HK) \u00a0<\/h3>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"903\" height=\"516\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/01\/image-355.png\" alt=\"\" class=\"wp-image-84416\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/01\/image-355.png 903w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/01\/image-355-300x171.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/01\/image-355-768x439.png 768w\" sizes=\"(max-width: 903px) 100vw, 903px\" \/><\/figure>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Shares closed above the\u00a05dEMA\u00a0with rising volume.\u00a0<\/li>\n\n\n\n<li>RSI\u00a0is slightly\u00a0overbought,\u00a0but\u00a0MACD\u00a0is\u00a0constructive.\u00a0<\/li>\n\n\n\n<li><strong>Long\u00a0<\/strong>\u2013\u00a0<strong>Entry\u00a07.6,\u00a0Target\u00a08.4,\u00a0Stop\u00a07.2<\/strong>\u00a0<\/li>\n<\/ul>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"864\" height=\"181\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/01\/image-29.png\" alt=\"\" class=\"wp-image-83662\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/01\/image-29.png 864w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/01\/image-29-300x63.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/01\/image-29-768x161.png 768w\" sizes=\"(max-width: 864px) 100vw, 864px\" \/><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\">China Resources Land\u00a0Limited\u00a0(1109\u00a0HK)\u00a0<\/h3>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"903\" height=\"516\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/01\/image-356.png\" alt=\"\" class=\"wp-image-84417\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/01\/image-356.png 903w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/01\/image-356-300x171.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/01\/image-356-768x439.png 768w\" sizes=\"(max-width: 903px) 100vw, 903px\" \/><\/figure>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Shares closed above the 5dEMA with\u00a0elevated\u00a0volume.\u00a0<\/li>\n\n\n\n<li>Both RSI and MACD are constructive.\u00a0<\/li>\n\n\n\n<li><strong>Long \u2013 Entry\u00a029, Target\u00a033, Stop\u00a027<\/strong>\u00a0<\/li>\n<\/ul>\n\n\n\n<p class=\"has-text-align-right wp-block-paragraph\"><a href=\"#top\" title=\"\">^ Back To Top<\/a><\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"602\" height=\"128\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/01\/image-33.png\" alt=\"\" class=\"wp-image-83666\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/01\/image-33.png 602w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/01\/image-33-300x64.png 300w\" sizes=\"(max-width: 602px) 100vw, 602px\" \/><\/figure>\n\n\n\n<figure class=\"wp-block-image\" id=\"ea\"><img loading=\"lazy\" decoding=\"async\" width=\"601\" height=\"108\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/01\/word-image-83412-15.png\" alt=\"\" class=\"wp-image-83476\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/01\/word-image-83412-15.png 601w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/01\/word-image-83412-15-300x54.png 300w\" sizes=\"(max-width: 601px) 100vw, 601px\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>3M Company (MMM)<\/strong>\u00a0<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>4Q25\u00a0Revenue:\u00a0<\/strong>$6B,\u00a0+2.1% YoY,\u00a0miss\u00a0estimates\u00a0by\u00a0$10M\u00a0<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>4Q25\u00a0Non-GAAP EPS<\/strong>:\u00a0$1.83,\u00a0beat\u00a0estimates by $0.03\u00a0<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>FY26 Guidance<\/strong>:\u00a0FY26 adjusted EPS $8.50 to $8.70. Adjusted total sales growth about 4%, reflecting adjusted organic sales growth about 3%. Adjusted operating cash flow $5.6B to $5.8B, with adjusted operating margin expansion of 70 bps to 80 bps\u00a0<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Dividends:\u00a0<\/strong>Returned $0.9B to shareholders via dividends and share repurchases in 4Q. Returned $4.8B in FY25.\u00a0\u00a0\u00a0<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Comment:\u00a0<\/strong>Operationally, the quarter was solid on the metrics that matter for the equity story. Adjusted operating margin improved to 21.1% and adjusted EPS rose to $1.83, while adjusted organic sales growth was 2.2%, consistent with management\u2019s emphasis on operating rigor and commercial execution.\u00a0GAAP remained noisy. GAAP EPS was $1.07 and GAAP operating margin was 13.0%, pressured by special items including significant litigation costs and PFAS related items, which continues to cap the quality of reported earnings even as adjusted profitability improves.\u00a0Demand picture was mixed by end market. Consumer remained weak with another sales decline, while industrial oriented lines were more resilient.\u00a0The stock sold off sharply on January 20,\u00a02026\u00a0despite the beat, as investors anchored on a slightly light FY26 EPS midpoint versus consensus and incremental tariff uncertainty. Management flagged a potential $30M to $40M earnings headwind from newly threatened tariffs that is not yet embedded in guidance, which widened the range of outcomes for 2026 execution. What to watch next is whether adjusted organic growth sustains around the low single digit level without further consumer deterioration, and whether margin expansion stays on track as pricing, productivity, and mix offset inflation and any tariff pass through. Key swing factors are the cadence of litigation and PFAS cash outflows, the realized tariff regime, and the slope of end demand in Consumer and Electronics exposed lines.\u00a0<strong>1Q26\u00a0recommended trading range: $140\u00a0to $170.\u00a0Neutral\u00a0Outlook.<\/strong>\u00a0<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>3M\u516c\u53f8\uff08MMM)<\/strong>\u00a0<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>25<\/strong><strong>\u8d22\u5e74\u7b2c\u56db\u5b63\u5ea6\u8425\u6536\uff1a<\/strong>60\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f2.1%\uff0c\u4f4e\u4e8e\u9884\u671f1000\u4e07\u7f8e\u5143\u00a0<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>25\u8d22\u5e74\u7b2c\u56db\u5b63\u5ea6\u975e\u516c\u8ba4\u4f1a\u8ba1\u51c6\u5219\u6bcf\u80a1\u6536\u76ca\uff1a<\/strong>1.83\u7f8e\u5143\uff0c\u8d85\u51fa\u9884\u671f0.03\u7f8e\u5143\u00a0<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>26\u8d22\u5e74\u5168\u5e74\u6307\u5f15\uff1a<\/strong>\u8c03\u6574\u540e\u6bcf\u80a1\u6536\u76ca8.50\u81f38.70\u7f8e\u5143\uff1b\u8c03\u6574\u540e\u603b\u9500\u552e\u989d\u589e\u957f\u7ea64%\uff08\u5176\u4e2d\u6709\u673a\u9500\u552e\u989d\u589e\u957f\u7ea63%\uff09\uff1b\u8c03\u6574\u540e\u7ecf\u8425\u6d3b\u52a8\u73b0\u91d1\u6d4156\u4ebf\u81f358\u4ebf\u7f8e\u5143\uff1b\u8c03\u6574\u540e\u8425\u4e1a\u5229\u6da6\u7387\u6269\u5f2070\u81f380\u4e2a\u57fa\u70b9\u00a0<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>\u80a1\u606f\u4e0e\u8d44\u672c\u8fd4\u8fd8\uff1a<\/strong>\u7b2c\u56db\u5b63\u5ea6\u901a\u8fc7\u80a1\u606f\u548c\u80a1\u7968\u56de\u8d2d\u5411\u80a1\u4e1c\u8fd4\u8fd89\u4ebf\u7f8e\u5143\uff1b25\u8d22\u5e74\u5168\u5e74\u7d2f\u8ba1\u8fd4\u8fd848\u4ebf\u7f8e\u5143\u00a0<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>\u77ed\u8bc4\uff1a<\/strong>\u4ece\u652f\u6491\u80a1\u6743\u4ef7\u503c\u7684\u6838\u5fc3\u8fd0\u8425\u6307\u6807\u770b\uff0c\u672c\u5b63\u5ea6\u8868\u73b0\u7a33\u5065\u3002\u8c03\u6574\u540e\u8425\u4e1a\u5229\u6da6\u7387\u63d0\u5347\u81f321.1%\uff0c\u8c03\u6574\u540e\u6bcf\u80a1\u6536\u76ca\u8fbe1.83\u7f8e\u5143\uff0c\u8c03\u6574\u540e\u6709\u673a\u9500\u552e\u989d\u589e\u957f2.2%\uff0c\u7b26\u5408\u7ba1\u7406\u5c42\u5f3a\u8c03\u7684\u8fd0\u8425\u7eaa\u5f8b\u4e0e\u5546\u4e1a\u5316\u6267\u884c\u529b\u3002\u4f46\u516c\u8ba4\u4f1a\u8ba1\u51c6\u5219\uff08GAAP\uff09\u6570\u636e\u4ecd\u53d7\u5e72\u6270\uff1aGAAP\u6bcf\u80a1\u6536\u76ca\u4e3a1.07\u7f8e\u5143\uff0cGAAP\u8425\u4e1a\u5229\u6da6\u7387\u4ec5\u4e3a13.0%\uff0c\u4e3b\u56e0\u5305\u62ec\u91cd\u5927\u8bc9\u8bbc\u8d39\u7528\u53caPFAS\u76f8\u5173\u4e8b\u9879\u5728\u5185\u7684\u7279\u6b8a\u9879\u76ee\u6301\u7eed\u62d6\u7d2f\uff0c\u5373\u4fbf\u8c03\u6574\u540e\u76c8\u5229\u80fd\u529b\u6539\u5584\uff0c\u6574\u4f53\u8d22\u62a5\u8d28\u91cf\u4ecd\u53d7\u9650\u3002\u7ec8\u7aef\u5e02\u573a\u9700\u6c42\u5206\u5316\u660e\u663e\uff1a\u6d88\u8d39\u54c1\u677f\u5757\u5ef6\u7eed\u75b2\u8f6f\uff0c\u518d\u5ea6\u5f55\u5f97\u9500\u552e\u4e0b\u6ed1\uff1b\u800c\u5de5\u4e1a\u5bfc\u5411\u4e1a\u52a1\u7ebf\u66f4\u5177\u97e7\u6027\u3002\u5c3d\u7ba1\u76c8\u5229\u8d85\u9884\u671f\uff0c\u80a1\u4ef7\u57282026\u5e741\u670820\u65e5\u4ecd\u5927\u5e45\u4e0b\u8dcc\uff0c\u4e3b\u56e0\u6295\u8d44\u8005\u805a\u7126\u4e8e26\u8d22\u5e74\u6bcf\u80a1\u6536\u76ca\u6307\u5f15\u4e2d\u503c\u7565\u4f4e\u4e8e\u5e02\u573a\u5171\u8bc6\uff0c\u4ee5\u53ca\u65b0\u589e\u5173\u7a0e\u4e0d\u786e\u5b9a\u6027\u3002\u7ba1\u7406\u5c42\u63d0\u793a\uff0c\u65b0\u8fd1\u5a01\u80c1\u52a0\u5f81\u7684\u5173\u7a0e\u53ef\u80fd\u5e26\u67653000\u4e07\u81f34000\u4e07\u7f8e\u5143\u7684\u76c8\u5229\u538b\u529b\uff0c\u8be5\u5f71\u54cd\u5c1a\u672a\u7eb3\u5165\u5f53\u524d\u6307\u5f15\uff0c\u6269\u5927\u4e862026\u5e74\u4e1a\u7ee9\u5151\u73b0\u7684\u6f5c\u5728\u6ce2\u52a8\u533a\u95f4\u3002\u540e\u7eed\u9700\u91cd\u70b9\u5173\u6ce8\uff1a\u8c03\u6574\u540e\u6709\u673a\u589e\u957f\u80fd\u5426\u7ef4\u6301\u5728\u4f4e\u4e2a\u4f4d\u6570\u6c34\u5e73\uff0c\u4e14\u4e0d\u56e0\u6d88\u8d39\u54c1\u9700\u6c42\u8fdb\u4e00\u6b65\u6076\u5316\u800c\u627f\u538b\uff1b\u4ee5\u53ca\u5728\u901a\u80c0\u4e0e\u6f5c\u5728\u5173\u7a0e\u6210\u672c\u4f20\u5bfc\u4e0b\uff0c\u5b9a\u4ef7\u3001\u751f\u4ea7\u6548\u7387\u4e0e\u4ea7\u54c1\u7ed3\u6784\u4f18\u5316\u80fd\u5426\u6301\u7eed\u63a8\u52a8\u5229\u6da6\u7387\u6269\u5f20\u3002\u5173\u952e\u53d8\u91cf\u5305\u62ec\uff1a\u8bc9\u8bbc\u4e0ePFAS\u76f8\u5173\u73b0\u91d1\u6d41\u51fa\u8282\u594f\u3001\u5b9e\u9645\u843d\u5730\u7684\u5173\u7a0e\u653f\u7b56\uff0c\u4ee5\u53ca\u6d88\u8d39\u54c1\u4e0e\u7535\u5b50\u76f8\u5173\u4e1a\u52a1\u7ec8\u7aef\u9700\u6c42\u7684\u659c\u7387\u53d8\u5316\u3002<strong>26\u8d22\u5e74\u7b2c\u4e00\u5b63\u5ea6\u5efa\u8bae\u4ea4\u6613\u533a\u95f4\uff1a140\u7f8e\u5143\u81f3170\u7f8e\u5143\u3002\u4e2d\u6027\u524d\u666f\u3002<\/strong>\u00a0<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>D.R. Horton, Inc. (DHI)<\/strong>\u00a0<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>1Q26\u00a0Revenue:\u00a0<\/strong>$6.89B,\u00a0-9.3% YoY,\u00a0beat\u00a0estimates\u00a0by\u00a0$240M\u00a0<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>1Q26\u00a0GAAP EPS<\/strong>:\u00a0$2.03,\u00a0beat\u00a0estimates\u00a0by $0.11\u00a0<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>FY26 Guidance:\u00a0<\/strong>Reiterated FY26\u00a0consolidated\u00a0revenue $33.5B to $35.0B and homebuilding closings 86,000 to 88,000. Tax rate about 24.5%. Operating cash flow at least $3.0B. Planned share repurchases about $2.5B and dividend payments about $500M\u00a0<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Dividends<\/strong>:\u00a0Declared quarterly dividend of $0.45 per share payable February 12, 2026. Repurchased 4.4M shares for $669.7M in 1Q and paid $131.5M of dividends\u00a0<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Comment:\u00a0<\/strong>The quarter showed resilient demand response to incentives, but at the cost of margin compression. Net sales orders rose 3% to 18,300 homes and cancellation rate held at 18%, while order value stayed at $6.7B, which suggests the company is defending pace with affordability support rather than price led growth. Volume and revenue were down YoY. Home sales revenue fell to $6.5B on 17,818 closings versus $7.1B on 19,059 closings last year, and\u00a0consolidated\u00a0revenue was $6.9B, consistent with a softer demand backdrop despite the order growth. Gross margin is the key swing factor. Home sales gross margin was 20.4% and management framed incentives as increasing through the quarter, with 2Q home sales gross margin guided to 19% to 19.5% alongside 2Q\u00a0consolidated\u00a0revenue of $7.3B to $7.8B and 2Q closings of 19,700 to 20,200. Balance sheet capacity\u00a0remains\u00a0a differentiator. Operating cash flow was $854.0M, liquidity was $6.6B, and debt to total capital was 18.8%, which supports continued buybacks even if margin pressure persists. The print was an EPS and revenue beat with FY guidance reaffirmed, but the market focus shifted quickly to the forward margin setup and incentives. Shares were volatile post print and are down about 2% on the latest session data, consistent with investors discounting the 2Q margin guide and still cautious buyer\u00a0behavior. What to watch next is the spring selling season elasticity, the slope of incentives, and whether DHI can stabilize gross margin near 19% to 19.5% while scaling starts and closing volume. The upside case needs rate relief and better demand conversion without incremental incentive intensity, while the downside case is a longer period of elevated incentives that caps\u00a0return\u00a0despite strong scale and liquidity.\u00a0<strong>2Q26 recommended trading range: $140\u00a0to $180.\u00a0Neutral\u00a0Outlook.<\/strong>\u00a0<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>D.R.\u00a0Horton\u516c\u53f8\uff08DHI)<\/strong>\u00a0<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>26\u8d22\u5e74\u7b2c\u4e00\u5b63\u5ea6\u8425\u6536\uff1a<\/strong>68.9\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u4e0b\u964d9.3%\uff0c\u8d85\u51fa\u9884\u671f2.4\u4ebf\u7f8e\u5143\u00a0<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>26\u8d22\u5e74\u7b2c\u4e00\u5b63\u5ea6\u516c\u8ba4\u4f1a\u8ba1\u51c6\u5219\u6bcf\u80a1\u6536\u76ca\uff1a<\/strong>2.03\u7f8e\u5143\uff0c\u8d85\u51fa\u9884\u671f0.11\u7f8e\u5143\u00a0<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>26\u8d22\u5e74\u5168\u5e74\u6307\u5f15\uff1a<\/strong>\u91cd\u7533\u5168\u5e74\u5408\u5e76\u8425\u6536335\u4ebf\u81f3350\u4ebf\u7f8e\u5143\uff0c\u623f\u5c4b\u4ea4\u4ed8\u91cf86,000\u81f388,000\u5957\uff1b\u6709\u6548\u7a0e\u7387\u7ea624.5%\uff1b\u7ecf\u8425\u6d3b\u52a8\u73b0\u91d1\u6d41\u81f3\u5c1130\u4ebf\u7f8e\u5143\uff1b\u8ba1\u5212\u80a1\u7968\u56de\u8d2d\u7ea625\u4ebf\u7f8e\u5143\uff0c\u80a1\u606f\u652f\u4ed8\u7ea65\u4ebf\u7f8e\u5143\u00a0<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>\u80a1\u606f\u4e0e\u8d44\u672c\u8fd4\u8fd8\uff1a<\/strong>\u5ba3\u5e03\u5b63\u5ea6\u80a1\u606f\u6bcf\u80a10.45\u7f8e\u5143\uff0c\u5c06\u4e8e2026\u5e742\u670812\u65e5\u6d3e\u53d1\uff1b\u7b2c\u4e00\u5b63\u5ea6\u56de\u8d2d440\u4e07\u80a1\u80a1\u7968\uff0c\u8017\u8d446.697\u4ebf\u7f8e\u5143\uff0c\u5e76\u652f\u4ed8\u80a1\u606f1.315\u4ebf\u7f8e\u5143\u00a0<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>\u77ed\u8bc4\uff1a<\/strong>\u672c\u5b63\u5ea6\u663e\u793a\u9700\u6c42\u5bf9\u4fc3\u9500\u6fc0\u52b1\u53cd\u5e94\u5177\u97e7\u6027\uff0c\u4f46\u4ee5\u6bdb\u5229\u7387\u538b\u7f29\u4e3a\u4ee3\u4ef7\u3002\u51c0\u9500\u552e\u8ba2\u5355\u540c\u6bd4\u589e\u957f3%\u81f318,300\u5957\uff0c\u53d6\u6d88\u7387\u7a33\u5b9a\u572818%\uff0c\u8ba2\u5355\u603b\u503c\u7ef4\u6301\u572867\u4ebf\u7f8e\u5143\uff0c\u8868\u660e\u516c\u53f8\u4e3b\u8981\u901a\u8fc7\u63d0\u5347\u53ef\u8d1f\u62c5\u6027\uff08\u800c\u975e\u63d0\u4ef7\uff09\u6765\u7ef4\u6301\u9500\u552e\u8282\u594f\u3002\u9500\u91cf\u4e0e\u6536\u5165\u540c\u6bd4\u4e0b\u6ed1\uff1a\u623f\u5c4b\u9500\u552e\u6536\u5165\u4ece\u53bb\u5e74\u540c\u671f\u768471\u4ebf\u7f8e\u5143\uff0819,059\u5957\u4ea4\u4ed8\uff09\u964d\u81f365\u4ebf\u7f8e\u5143\uff0817,818\u5957\u4ea4\u4ed8\uff09\uff0c\u5408\u5e76\u8425\u6536\u4e3a68.9\u4ebf\u7f8e\u5143\uff0c\u53cd\u6620\u5c3d\u7ba1\u8ba2\u5355\u589e\u957f\uff0c\u6574\u4f53\u9700\u6c42\u73af\u5883\u4ecd\u504f\u5f31\u3002\u6bdb\u5229\u7387\u662f\u6838\u5fc3\u53d8\u91cf\uff1a\u623f\u5c4b\u9500\u552e\u6bdb\u5229\u7387\u4e3a20.4%\uff0c\u7ba1\u7406\u5c42\u6307\u51fa\u4fc3\u9500\u529b\u5ea6\u5728\u5b63\u5ea6\u5185\u6301\u7eed\u52a0\u5927\uff1b\u5e76\u6307\u5f15\u7b2c\u4e8c\u8d22\u5b63\u623f\u5c4b\u9500\u552e\u6bdb\u5229\u7387\u5c06\u964d\u81f319%\u81f319.5%\uff0c\u540c\u671f\u5408\u5e76\u8425\u6536\u9884\u8ba173\u4ebf\u81f378\u4ebf\u7f8e\u5143\uff0c\u4ea4\u4ed8\u91cf19,700\u81f320,200\u5957\u3002\u8d44\u4ea7\u8d1f\u503a\u8868\u5b9e\u529b\u4ecd\u662f\u5dee\u5f02\u5316\u4f18\u52bf\uff1a\u7ecf\u8425\u6d3b\u52a8\u73b0\u91d1\u6d418.54\u4ebf\u7f8e\u5143\uff0c\u6d41\u52a8\u6027\u8fbe66\u4ebf\u7f8e\u5143\uff0c\u51c0\u8d1f\u503a\u5360\u603b\u8d44\u672c\u6bd4\u4f8b\u4ec518.8%\uff0c\u652f\u6491\u516c\u53f8\u5728\u5229\u6da6\u7387\u627f\u538b\u73af\u5883\u4e0b\u7ee7\u7eed\u6267\u884c\u56de\u8d2d\u3002\u5c3d\u7ba1\u672c\u5b63\u76c8\u5229\u4e0e\u8425\u6536\u5747\u8d85\u9884\u671f\u4e14\u5168\u5e74\u6307\u5f15\u7ef4\u6301\u4e0d\u53d8\uff0c\u5e02\u573a\u7126\u70b9\u8fc5\u901f\u8f6c\u5411\u524d\u77bb\u6bdb\u5229\u7387\u6307\u5f15\u53ca\u6fc0\u52b1\u5f3a\u5ea6\u3002\u8d22\u62a5\u53d1\u5e03\u540e\u80a1\u4ef7\u6ce2\u52a8\uff0c\u6700\u65b0\u4ea4\u6613\u65e5\u4e0b\u8dcc\u7ea62%\uff0c\u53cd\u6620\u6295\u8d44\u8005\u5bf9\u7b2c\u4e8c\u8d22\u5b63\u6bdb\u5229\u7387\u6307\u5f15\u7684\u6298\u4ef7\u4ee5\u53ca\u5bf9\u8d2d\u623f\u8005\u884c\u4e3a\u4ecd\u6301\u8c28\u614e\u6001\u5ea6\u3002\u540e\u7eed\u9700\u91cd\u70b9\u5173\u6ce8\uff1a\u6625\u5b63\u9500\u552e\u65fa\u5b63\u7684\u9700\u6c42\u5f39\u6027\u3001\u4fc3\u9500\u529b\u5ea6\u7684\u53d8\u5316\u659c\u7387\uff0c\u4ee5\u53ca\u516c\u53f8\u80fd\u5426\u5728\u6269\u5927\u5f00\u5de5\u4e0e\u4ea4\u4ed8\u89c4\u6a21\u7684\u540c\u65f6\uff0c\u5c06\u6bdb\u5229\u7387\u7a33\u5b9a\u572819%\u81f319.5%\u533a\u95f4\u3002\u4e0a\u884c\u60c5\u666f\u9700\u5229\u7387\u7f13\u89e3\u53ca\u9700\u6c42\u8f6c\u5316\u6539\u5584\uff08\u65e0\u9700\u8fdb\u4e00\u6b65\u52a0\u7801\u4fc3\u9500\uff09\uff1b\u4e0b\u884c\u60c5\u666f\u5219\u4e3a\u9ad8\u6fc0\u52b1\u5468\u671f\u5ef6\u957f\uff0c\u5373\u4fbf\u89c4\u6a21\u4e0e\u6d41\u52a8\u6027\u5f3a\u52b2\uff0c\u56de\u62a5\u7387\u4ecd\u53d7\u538b\u5236\u3002<strong>26\u8d22\u5e74\u7b2c\u4e8c\u5b63\u5ea6\u5efa\u8bae\u4ea4\u6613\u533a\u95f4\uff1a140\u7f8e\u5143\u81f3180\u7f8e\u5143\u3002\u4e2d\u6027\u524d\u666f\u3002<\/strong>\u00a0<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Netflix, Inc. (NFLX)<\/strong>\u00a0<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>4Q25\u00a0Revenue:\u00a0<\/strong>$12.05B,\u00a0+17.6% YoY,\u00a0beat\u00a0estimates\u00a0by\u00a0$80M\u00a0<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>4Q25\u00a0GAAP EPS<\/strong>:\u00a0$0.56,\u00a0beat\u00a0estimates\u00a0by $0.01\u00a0<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>1Q26 Guidance:\u00a0<\/strong>1Q26 revenue $12.16B and diluted EPS $0.76, with operating margin 32.1%\u00a0<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>FY26 Guidance:\u00a0<\/strong>FY26 revenue $50.7B to $51.7B and operating margin 31.5%\u00a0<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Dividends<\/strong>:\u00a0Repurchased 18.9M shares for $2.1B in 4Q and had $8.0B\u00a0remaining\u00a0under authorization, but plans to pause buybacks to accumulate cash for the pending Warner Bros. transaction\u00a0<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Comment:\u00a0<\/strong>Q4 delivered a clean beat with revenue up 18% YoY and operating income up 30% YoY, while operating margin expanded to 24.5%. Net income was $2.42B and free cash flow was $1.87B in the quarter. Scale and monetization both contributed. Netflix crossed 325M paid memberships, and advertising revenue grew more than 2.5x in 2025 to over $1.5B, with management projecting a rough doubling again in 2026. Regional growth stayed broad based. UCAN revenue rose 18% YoY to $5.34B, EMEA rose 18% to $3.87B, LATAM rose 15% to $1.42B, and APAC rose 17% to $1.42B. Cash generation\u00a0remains\u00a0strong. FY25 free cash flow was $9.5B, and FY26 free cash flow is guided to\u00a0roughly $11B, with operating margin targeted at 31.5% despite ~ $275M of acquisition related expenses embedded in the plan. Shares traded lower after the print as the 1Q outlook came in slightly below consensus on EPS despite the Q4 beat. What to watch next is the pace of advertising monetization, the sustainability of margin expansion given the step up in 1Q operating margin, and the degree to which capital allocation shifts away from buybacks while the pending transaction is funded. Key swing factors are pricing power, ad load and CPM trajectory, and content\u00a0amortization timing that can back end operating income growth through 2026.\u00a0<strong>1Q26 recommended trading range: $60\u00a0to $100.\u00a0Negative\u00a0Outlook.<\/strong>\u00a0<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u5948\u98de\u516c\u53f8\uff08NFLX<\/strong><strong>)<\/strong>\u00a0<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>25\u8d22\u5e74\u7b2c\u56db\u5b63\u5ea6\u8425\u6536\uff1a<\/strong>120.5\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f17.6%\uff0c\u8d85\u51fa\u9884\u671f8000\u4e07\u7f8e\u5143\u00a0<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>25\u8d22\u5e74\u7b2c\u56db\u5b63\u5ea6\u516c\u8ba4\u4f1a\u8ba1\u51c6\u5219\u6bcf\u80a1\u6536\u76ca\uff1a<\/strong>0.56\u7f8e\u5143\uff0c\u8d85\u51fa\u9884\u671f0.01\u7f8e\u5143\u00a0<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>26\u8d22\u5e74\u7b2c\u4e00\u5b63\u5ea6\u6307\u5f15\uff1a<\/strong>\u8425\u6536121.6\u4ebf\u7f8e\u5143\uff0c\u644a\u8584\u6bcf\u80a1\u6536\u76ca0.76\u7f8e\u5143\uff0c\u8425\u4e1a\u5229\u6da6\u738732.1%\u00a0<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>26\u8d22\u5e74\u5168\u5e74\u6307\u5f15\uff1a<\/strong>\u8425\u6536507\u4ebf\u81f3517\u4ebf\u7f8e\u5143\uff0c\u8425\u4e1a\u5229\u6da6\u738731.5%\u00a0<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>\u80a1\u606f\u4e0e\u8d44\u672c\u8fd4\u8fd8\uff1a<\/strong>\u7b2c\u56db\u5b63\u5ea6\u56de\u8d2d1890\u4e07\u80a1\u80a1\u7968\uff0c\u8017\u8d4421\u4ebf\u7f8e\u5143\uff1b\u622a\u81f3\u5b63\u672b\uff0c\u5269\u4f59\u6388\u6743\u56de\u8d2d\u989d\u5ea6\u4e3a80\u4ebf\u7f8e\u5143\uff1b\u4f46\u516c\u53f8\u8ba1\u5212\u6682\u505c\u80a1\u7968\u56de\u8d2d\uff0c\u4ee5\u79ef\u7d2f\u73b0\u91d1\u7528\u4e8e\u5373\u5c06\u5b8c\u6210\u7684\u534e\u7eb3\u5144\u5f1f\uff08Warner Bros.\uff09\u4ea4\u6613\u00a0<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>\u77ed\u8bc4\uff1a<\/strong>\u7b2c\u56db\u5b63\u5ea6\u8868\u73b0\u7a33\u5065\u2014\u2014\u8425\u6536\u540c\u6bd4\u589e\u957f18%\uff0c\u8425\u4e1a\u5229\u6da6\u540c\u6bd4\u589e\u957f30%\uff0c\u8425\u4e1a\u5229\u6da6\u7387\u6269\u5927\u81f324.5%\uff1b\u51c0\u5229\u6da6\u8fbe24.2\u4ebf\u7f8e\u5143\uff0c\u81ea\u7531\u73b0\u91d1\u6d41\u4e3a18.7\u4ebf\u7f8e\u5143\u3002\u589e\u957f\u7531\u89c4\u6a21\u6269\u5f20\u4e0e\u53d8\u73b0\u80fd\u529b\u53cc\u8f6e\u9a71\u52a8\uff1a\u4ed8\u8d39\u4f1a\u5458\u6570\u7a81\u78343.25\u4ebf\uff1b\u5e7f\u544a\u6536\u5165\u57282025\u5e74\u589e\u957f\u903e2.5\u500d\uff0c\u8d85\u8fc715\u4ebf\u7f8e\u5143\uff0c\u7ba1\u7406\u5c42\u9884\u8ba12026\u5e74\u5c06\u518d\u5ea6\u7ffb\u500d\u3002\u533a\u57df\u589e\u957f\u4fdd\u6301\u5747\u8861\uff1a\u5317\u7f8e\u53ca\u62c9\u7f8e\uff08UCAN\uff09\u6536\u5165\u540c\u6bd4\u589e\u957f18%\u81f353.4\u4ebf\u7f8e\u5143\uff0c\u6b27\u6d32\u3001\u4e2d\u4e1c\u548c\u975e\u6d32\uff08EMEA\uff09\u589e\u957f18%\u81f338.7\u4ebf\u7f8e\u5143\uff0c\u62c9\u4e01\u7f8e\u6d32\uff08LATAM\uff09\u589e\u957f15%\u81f314.2\u4ebf\u7f8e\u5143\uff0c\u4e9a\u592a\uff08APAC\uff09\u589e\u957f17%\u81f314.2\u4ebf\u7f8e\u5143\u3002\u73b0\u91d1\u6d41\u6301\u7eed\u5f3a\u52b2\uff1a25\u8d22\u5e74\u81ea\u7531\u73b0\u91d1\u6d41\u8fbe95\u4ebf\u7f8e\u5143\uff0c26\u8d22\u5e74\u6307\u5f15\u7ea6\u4e3a110\u4ebf\u7f8e\u5143\uff0c\u5c3d\u7ba1\u5168\u5e74\u5df2\u5305\u542b\u7ea62.75\u4ebf\u7f8e\u5143\u4e0e\u6536\u8d2d\u76f8\u5173\u7684\u8d39\u7528\u3002\u5c3d\u7ba1\u7b2c\u56db\u5b63\u5ea6\u4e1a\u7ee9\u8d85\u9884\u671f\uff0c\u80a1\u4ef7\u4ecd\u4e0b\u8dcc\uff0c\u4e3b\u56e0\u7b2c\u4e00\u5b63\u5ea6\u6bcf\u80a1\u6536\u76ca\u6307\u5f15\u7565\u4f4e\u4e8e\u5e02\u573a\u5171\u8bc6\u3002\u540e\u7eed\u9700\u91cd\u70b9\u5173\u6ce8\uff1a\u5e7f\u544a\u53d8\u73b0\u52a0\u901f\u8282\u594f\u3001\u5728\u7b2c\u4e00\u5b63\u5ea6\u8425\u4e1a\u5229\u6da6\u7387\u663e\u8457\u8dc3\u5347\u540e\u5229\u6da6\u7387\u6269\u5f20\u7684\u53ef\u6301\u7eed\u6027\uff0c\u4ee5\u53ca\u5728\u4e3a\u91cd\u5927\u4ea4\u6613\u50a8\u5907\u73b0\u91d1\u671f\u95f4\uff0c\u8d44\u672c\u914d\u7f6e\u91cd\u5fc3\u4ece\u56de\u8d2d\u5411\u6218\u7565\u6295\u8d44\u7684\u8f6c\u79fb\u7a0b\u5ea6\u3002\u5173\u952e\u53d8\u91cf\u5305\u62ec\uff1a\u5b9a\u4ef7\u80fd\u529b\u3001\u5e7f\u544a\u52a0\u8f7d\u91cf\u4e0eCPM\uff08\u6bcf\u5343\u6b21\u5c55\u793a\u6210\u672c\uff09\u8d70\u52bf\uff0c\u4ee5\u53ca\u5185\u5bb9\u644a\u9500\u8282\u594f\u53ef\u80fd\u4f7f2026\u5e74\u8425\u4e1a\u5229\u6da6\u589e\u957f\u5448\u73b0\u540e\u7f6e\u7279\u5f81\u3002<strong>26\u8d22\u5e74\u7b2c\u4e00\u5b63\u5ea6\u5efa\u8bae\u4ea4\u6613\u533a\u95f4\uff1a60\u7f8e\u5143\u81f3100\u7f8e\u5143\u3002\u8d1f\u9762\u524d\u666f\u3002<\/strong>\u00a0<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>United Airlines Holdings, Inc. (UAL)<\/strong>\u00a0<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>4Q25\u00a0Revenue:\u00a0<\/strong>$15.4B,\u00a0+5.0% YoY,\u00a0beat\u00a0estimates\u00a0by\u00a0$60M\u00a0<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>4Q25\u00a0Non-GAAP EPS<\/strong>:\u00a0$3.10,\u00a0beat estimates by $0.16\u00a0<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>1Q26 Guidance<\/strong>:\u00a01Q26 adjusted EPS $1.00 to $1.50\u00a0<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>FY26 Guidance<\/strong>:\u00a0FY26 adjusted EPS $12.00 to $14.00\u00a0<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Comment:\u00a0<\/strong>United printed record quarterly revenue despite a\u00a0roughly $250M\u00a0pre-tax\u00a0hit tied to the government shutdown impact. Net income was $1.0B and adjusted\u00a0pre-tax\u00a0margin was 8.5%. Mix and monetisation continued to skew premium. Premium revenue rose 9% YoY and loyalty revenue rose 10% YoY in 4Q, while Basic Economy revenue grew 7%. Unit economics were a bit noisy given growth. Capacity rose 6.5% YoY and TRASM fell 1.6% YoY, while CASM ex fuel rose 0.4% YoY. Average fuel price was $2.49 per gallon.\u00a0Cash generation and leverage were stable at the full year level. FY25\u00a0operating cash flow was $8.4B and free cash flow was $2.7B, with net leverage at 2.2x. Management expects a similar level of free cash flow in 2026.\u00a0The 2026 setup leans constructive on demand and capacity optionality. Management flagged record passenger revenue from flown tickets in the week ending Jan 4 and guided 1Q26 EPS above consensus, with planned fleet deliveries (100 plus narrowbodies and about 20 787s) supporting network flexibility. Shares moved up about 4% after hours on the profit beat and above consensus 1Q guide, with the\u00a0read through\u00a0that premium and loyalty momentum is still doing the heavy lifting. Near term debate should centre on whether TRASM pressure is transitory (capacity growth and mix) versus signalling softer price realisation in the main cabin, and whether cost control stays tight as the fleet ramps. Execution risk also sits around operational investments and any renewed policy or macro shocks that hit demand or system reliability.\u00a0<strong>1Q26 recommended trading range: $95\u00a0to $125.\u00a0Neutral\u00a0Outlook.<\/strong>\u00a0<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u7f8e\u56fd\u8054\u5408\u822a\u7a7a\u63a7\u80a1\u516c\u53f8\uff08UAL<\/strong><strong>)<\/strong>\u00a0<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>25<\/strong><strong>\u8d22\u5e74\u7b2c\u56db\u5b63\u5ea6\u8425\u6536\uff1a<\/strong>154\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f5.0%\uff0c\u8d85\u51fa\u9884\u671f6000\u4e07\u7f8e\u5143\u00a0<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>25\u8d22\u5e74\u7b2c\u56db\u5b63\u5ea6\u975e\u516c\u8ba4\u4f1a\u8ba1\u51c6\u5219\u6bcf\u80a1\u6536\u76ca\uff1a<\/strong>3.10\u7f8e\u5143\uff0c\u8d85\u51fa\u9884\u671f0.16\u7f8e\u5143\u00a0<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>26\u8d22\u5e74\u7b2c\u4e00\u5b63\u5ea6\u6307\u5f15\uff1a<\/strong>\u8c03\u6574\u540e\u6bcf\u80a1\u6536\u76ca1.00\u81f31.50\u7f8e\u5143\u00a0<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>26\u8d22\u5e74\u5168\u5e74\u6307\u5f15\uff1a<\/strong>\u8c03\u6574\u540e\u6bcf\u80a1\u6536\u76ca12.00\u81f314.00\u7f8e\u5143\u00a0<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>\u77ed\u8bc4\uff1a<\/strong>\u5c3d\u7ba1\u53d7\u653f\u5e9c\u505c\u6446\u5f71\u54cd\u5bfc\u81f4\u7a0e\u524d\u5229\u6da6\u51cf\u5c11\u7ea62.5\u4ebf\u7f8e\u5143\uff0c\u516c\u53f8\u4ecd\u521b\u4e0b\u5355\u5b63\u8425\u6536\u5386\u53f2\u65b0\u9ad8\u3002\u51c0\u5229\u6da6\u8fbe10\u4ebf\u7f8e\u5143\uff0c\u8c03\u6574\u540e\u7a0e\u524d\u5229\u6da6\u7387\u4e3a8.5%\u3002\u6536\u5165\u7ed3\u6784\u6301\u7eed\u5411\u9ad8\u4ef7\u503c\u5ba2\u7fa4\u503e\u659c\uff1a\u7b2c\u56db\u5b63\u5ea6\u9ad8\u7aef\u8231\u4f4d\u6536\u5165\u540c\u6bd4\u589e\u957f9%\uff0c\u5fe0\u8bda\u5ea6\u8ba1\u5212\u6536\u5165\u589e\u957f10%\uff0c\u57fa\u7840\u7ecf\u6d4e\u8231\u6536\u5165\u4ea6\u589e\u957f7%\u3002\u5355\u4f4d\u7ecf\u6d4e\u6548\u76ca\u56e0\u8fd0\u529b\u6269\u5f20\u7565\u663e\u6ce2\u52a8\uff1a\u53ef\u7528\u5ea7\u4f4d\u91cc\u7a0b\uff08ASK\uff09\u540c\u6bd4\u589e\u957f6.5%\uff0c\u6bcf\u53ef\u7528\u5ea7\u4f4d\u91cc\u7a0b\u603b\u6536\u5165\uff08TRASM\uff09\u540c\u6bd4\u4e0b\u964d1.6%\uff1b\u5254\u9664\u71c3\u6cb9\u540e\u7684\u6bcf\u53ef\u7528\u5ea7\u4f4d\u91cc\u7a0b\u6210\u672c\uff08CASM ex fuel\uff09\u5fae\u53470.4%\uff1b\u5e73\u5747\u71c3\u6cb9\u4ef7\u683c\u4e3a\u6bcf\u52a0\u4ed12.49\u7f8e\u5143\u3002\u5168\u5e74\u73b0\u91d1\u6d41\u4e0e\u6760\u6746\u6c34\u5e73\u4fdd\u6301\u7a33\u5065\uff1a25\u8d22\u5e74\u7ecf\u8425\u6d3b\u52a8\u73b0\u91d1\u6d4184\u4ebf\u7f8e\u5143\uff0c\u81ea\u7531\u73b0\u91d1\u6d4127\u4ebf\u7f8e\u5143\uff0c\u51c0\u6760\u6746\u7387\u7ef4\u6301\u57282.2\u500d\uff1b\u7ba1\u7406\u5c42\u9884\u8ba12026\u5e74\u81ea\u7531\u73b0\u91d1\u6d41\u5c06\u7ef4\u6301\u76f8\u8fd1\u6c34\u5e73\u30022026\u5e74\u524d\u666f\u6574\u4f53\u504f\u79ef\u6781\uff0c\u9700\u6c42\u4e0e\u8fd0\u529b\u8c03\u914d\u5177\u5907\u5f39\u6027\uff1a\u7ba1\u7406\u5c42\u6307\u51fa\u622a\u81f31\u67084\u65e5\u5f53\u5468\u5df2\u5b9e\u73b0\u521b\u7eaa\u5f55\u7684\u673a\u7968\u6536\u5165\uff0c\u5e76\u7ed9\u51fa\u9ad8\u4e8e\u5e02\u573a\u5171\u8bc6\u7684\u7b2c\u4e00\u5b63\u5ea6\u6bcf\u80a1\u6536\u76ca\u6307\u5f15\uff1b\u5e74\u5185\u8ba1\u5212\u4ea4\u4ed8\u8d85100\u67b6\u7a84\u4f53\u673a\u53ca\u7ea620\u67b6\u6ce2\u97f3787\u5bbd\u4f53\u673a\uff0c\u5c06\u589e\u5f3a\u7f51\u7edc\u7075\u6d3b\u6027\u3002\u53d7\u76c8\u5229\u8d85\u9884\u671f\u53ca\u4e00\u5b63\u5ea6\u6307\u5f15\u4f18\u4e8e\u9884\u671f\u63a8\u52a8\uff0c\u76d8\u540e\u80a1\u4ef7\u4e0a\u6da8\u7ea64%\uff0c\u53cd\u6620\u5e02\u573a\u8ba4\u53ef\u9ad8\u7aef\u5ba2\u6e90\u4e0e\u5fe0\u8bda\u5ea6\u4e1a\u52a1\u4ecd\u662f\u5f53\u524d\u589e\u957f\u6838\u5fc3\u9a71\u52a8\u529b\u3002\u77ed\u671f\u7126\u70b9\u5728\u4e8e\uff1aTRASM\u538b\u529b\u662f\u6682\u65f6\u6027\u56e0\u7d20\uff08\u7531\u8fd0\u529b\u589e\u901f\u4e0e\u5ba2\u6e90\u7ed3\u6784\u53d8\u5316\u6240\u81f4\uff09\uff0c\u6291\u6216\u9884\u793a\u4e3b\u8231\u4f4d\u5b9a\u4ef7\u80fd\u529b\u8d70\u5f31\uff1b\u4ee5\u53ca\u5728\u673a\u961f\u5feb\u901f\u6269\u5f20\u80cc\u666f\u4e0b\uff0c\u6210\u672c\u63a7\u5236\u80fd\u5426\u7ef4\u6301\u7eaa\u5f8b\u3002\u6267\u884c\u98ce\u9669\u4ea6\u9700\u5173\u6ce8\uff1a\u8fd0\u8425\u6295\u8d44\u6548\u7387\u3001\u4ee5\u53ca\u6f5c\u5728\u653f\u7b56\u53d8\u52a8\u6216\u5b8f\u89c2\u51b2\u51fb\u5bf9\u9700\u6c42\u6216\u7cfb\u7edf\u53ef\u9760\u6027\u7684\u6270\u52a8\u3002<strong>26\u8d22\u5e74\u7b2c\u4e00\u5b63\u5ea6\u5efa\u8bae\u4ea4\u6613\u533a\u95f4\uff1a95\u7f8e\u5143\u81f3125\u7f8e\u5143\u3002\u4e2d\u6027\u524d\u666f\u3002<\/strong>\u00a0<\/li>\n<\/ul>\n\n\n\n<div class=\"wp-block-uagb-separator uagb-block-ed4e1152\"><div class=\"wp-block-uagb-separator__inner\" style=\"--my-background-image:\"><\/div><\/div>\n\n\n\n<div class=\"wp-block-uagb-separator uagb-block-075e5b76\"><div class=\"wp-block-uagb-separator__inner\" style=\"--my-background-image:\"><\/div><\/div>\n\n\n\n<div class=\"wp-block-uagb-separator uagb-block-0ad8dd24\"><div class=\"wp-block-uagb-separator__inner\" style=\"--my-background-image:\"><\/div><\/div>\n\n\n\n<div class=\"wp-block-uagb-buttons uagb-buttons__outer-wrap uagb-btn__default-btn uagb-btn-tablet__default-btn uagb-btn-mobile__default-btn uagb-block-dc1bd65c\"><div class=\"uagb-buttons__wrap uagb-buttons-layout-wrap \">\n<div class=\"wp-block-uagb-buttons-child uagb-buttons__outer-wrap uagb-block-2f4e392f wp-block-button\"><div class=\"uagb-button__wrapper\"><a class=\"uagb-buttons-repeater wp-block-button__link\" aria-label=\"\" href=\"https:\/\/www.kgieworld.sg\/securities\/contact-us\" rel=\"follow noopener\" 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(WIL\u00a0SP)\u00a0 ValueMax\u00a0Group Ltd.\u00a0(VMAX\u00a0SP)\u00a0 ^ Back To Top KunLun\u00a0Energy Co.\u00a0Ltd.\u00a0(135\u00a0HK) \u00a0 China Resources Land\u00a0Limited\u00a0(1109\u00a0HK)\u00a0 ^ Back To Top 3M Company (MMM)\u00a0 3M\u516c\u53f8\uff08MMM)\u00a0 D.R. Horton, Inc. (DHI)\u00a0 D.R.\u00a0Horton\u516c\u53f8\uff08DHI)\u00a0 Netflix, Inc. (NFLX)\u00a0 \u5948\u98de\u516c\u53f8\uff08NFLX)\u00a0 United Airlines Holdings, Inc. [&hellip;]<\/p>\n","protected":false},"author":17,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_eb_attr":"","_uag_custom_page_level_css":"","footnotes":""},"categories":[30],"tags":[],"class_list":["post-84410","post","type-post","status-publish","format-standard","hentry","category-technical-analysis"],"aioseo_notices":[],"uagb_featured_image_src":{"full":false,"thumbnail":false,"medium":false,"medium_large":false,"large":false,"1536x1536":false,"2048x2048":false},"uagb_author_info":{"display_name":"Enya Tan","author_link":"https:\/\/www.kgieworld.sg\/research\/author\/enya-tankgi-com\/"},"uagb_comment_info":0,"uagb_excerpt":"United States | Singapore | Hong Kong | Earnings Tamboran\u00a0Resources Corporation.\u00a0(TBN\u00a0US) Core Natural Resources, Inc.\u00a0(CNR\u00a0US)\u00a0 ^ Back To Top Wilmar International\u00a0Limited. (WIL\u00a0SP)\u00a0 ValueMax\u00a0Group Ltd.\u00a0(VMAX\u00a0SP)\u00a0 ^ Back To Top KunLun\u00a0Energy Co.\u00a0Ltd.\u00a0(135\u00a0HK) \u00a0 China Resources Land\u00a0Limited\u00a0(1109\u00a0HK)\u00a0 ^ Back To Top 3M Company (MMM)\u00a0 3M\u516c\u53f8\uff08MMM)\u00a0 D.R. Horton, Inc. (DHI)\u00a0 D.R.\u00a0Horton\u516c\u53f8\uff08DHI)\u00a0 Netflix, Inc. (NFLX)\u00a0 \u5948\u98de\u516c\u53f8\uff08NFLX)\u00a0 United Airlines Holdings, Inc.&hellip;","_links":{"self":[{"href":"https:\/\/www.kgieworld.sg\/research\/wp-json\/wp\/v2\/posts\/84410","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.kgieworld.sg\/research\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.kgieworld.sg\/research\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.kgieworld.sg\/research\/wp-json\/wp\/v2\/users\/17"}],"replies":[{"embeddable":true,"href":"https:\/\/www.kgieworld.sg\/research\/wp-json\/wp\/v2\/comments?post=84410"}],"version-history":[{"count":4,"href":"https:\/\/www.kgieworld.sg\/research\/wp-json\/wp\/v2\/posts\/84410\/revisions"}],"predecessor-version":[{"id":84458,"href":"https:\/\/www.kgieworld.sg\/research\/wp-json\/wp\/v2\/posts\/84410\/revisions\/84458"}],"wp:attachment":[{"href":"https:\/\/www.kgieworld.sg\/research\/wp-json\/wp\/v2\/media?parent=84410"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.kgieworld.sg\/research\/wp-json\/wp\/v2\/categories?post=84410"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.kgieworld.sg\/research\/wp-json\/wp\/v2\/tags?post=84410"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}