{"id":87147,"date":"2026-03-26T07:14:00","date_gmt":"2026-03-25T23:14:00","guid":{"rendered":"https:\/\/www.kgieworld.sg\/research\/?p=87147"},"modified":"2026-03-26T11:03:16","modified_gmt":"2026-03-26T03:03:16","slug":"technical-analysis-26-march-2026","status":"publish","type":"post","link":"https:\/\/www.kgieworld.sg\/research\/technical-analysis-26-march-2026\/","title":{"rendered":"Technical Analysis &#8211; 26 March 2026"},"content":{"rendered":"\n<p class=\"has-cyan-bluish-gray-background-color has-background wp-block-paragraph\" id=\"top\"><strong><a href=\"#us\">United States<\/a> | <a href=\"#sg\">Singapore<\/a> | <a href=\"#hk\">Hong Kong<\/a> | <a href=\"#ea\" title=\"\">Earnings<\/a><\/strong><\/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\">Warrior Met Coal, Inc. (HCC US)<\/h3>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" width=\"904\" height=\"540\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/03\/image-348.png\" alt=\"\" class=\"wp-image-87194\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/03\/image-348.png 904w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/03\/image-348-300x179.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/03\/image-348-768x459.png 768w\" sizes=\"(max-width: 904px) 100vw, 904px\" \/><\/figure>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Shares closed above the 5dEMA with elevated volume for the week.<\/li>\n\n\n\n<li>Both RSI and MACD are constructive.<\/li>\n\n\n\n<li><strong>Long \u2013 Entry 95, Target 105, Stop 90<\/strong><\/li>\n<\/ul>\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\/2026\/03\/a-line-in-a-white-background-description-automati-9.png\" alt=\"A line in a white background\n\nDescription automatically generated\" class=\"wp-image-87138\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/03\/a-line-in-a-white-background-description-automati-9.png 637w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/03\/a-line-in-a-white-background-description-automati-9-300x64.png 300w\" sizes=\"(max-width: 637px) 100vw, 637px\" \/><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\">Comstock Resources, Inc. (CRK US)<\/h3>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"904\" height=\"540\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/03\/image-349.png\" alt=\"\" class=\"wp-image-87195\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/03\/image-349.png 904w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/03\/image-349-300x179.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/03\/image-349-768x459.png 768w\" sizes=\"(max-width: 904px) 100vw, 904px\" \/><\/figure>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Shares closed above the 5dEMA with elevated volume for the week.<\/li>\n\n\n\n<li>Both RSI and MACD are constructive.<\/li>\n\n\n\n<li><strong>Long \u2013 Entry 21, Target 27, Stop 18<\/strong><\/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\/03\/word-image-87084-4-1.png\" alt=\"\" class=\"wp-image-87140\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/03\/word-image-87084-4-1.png 637w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/03\/word-image-87084-4-1-300x64.png 300w\" sizes=\"(max-width: 637px) 100vw, 637px\" \/><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"sg\"><a id=\"post-86958-_q3z2pzaup3mw\"><\/a><figure><img loading=\"lazy\" decoding=\"async\" width=\"637\" height=\"135\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/03\/word-image-86958-5.png\" class=\"wp-image-87044\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/03\/word-image-86958-5.png 637w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/03\/word-image-86958-5-300x64.png 300w\" sizes=\"(max-width: 637px) 100vw, 637px\" \/><\/figure><\/h3>\n\n\n\n<h3 class=\"wp-block-heading\">\n  Sheng Siong Group Ltd. (SSG SP)\n<\/h3>\n\n\n\n<figure class=\"wp-block-image\"><img loading=\"lazy\" decoding=\"async\" width=\"1534\" height=\"917\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/03\/a-screen-shot-of-a-graph-ai-generated-content-may.png\" alt=\"A screen shot of a graph\n\nAI-generated content may be incorrect.\" class=\"wp-image-87158\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/03\/a-screen-shot-of-a-graph-ai-generated-content-may.png 1534w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/03\/a-screen-shot-of-a-graph-ai-generated-content-may-300x179.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/03\/a-screen-shot-of-a-graph-ai-generated-content-may-1024x612.png 1024w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/03\/a-screen-shot-of-a-graph-ai-generated-content-may-768x459.png 768w\" sizes=\"(max-width: 1534px) 100vw, 1534px\" \/><\/figure>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Shares closed above the 5dEMA with elevated volume for the week.<\/li>\n\n\n\n<li>Both RSI and MACD are constructive.<\/li>\n\n\n\n<li><strong>Buy \u2013 Entry 2.67, Target 2.97, Stop 2.52<\/strong><\/li>\n<\/ul>\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\/03\/a-line-in-a-white-background-description-automati-10.png\" alt=\"A line in a white background\n\nDescription automatically generated\" class=\"wp-image-87159\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/03\/a-line-in-a-white-background-description-automati-10.png 637w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/03\/a-line-in-a-white-background-description-automati-10-300x64.png 300w\" sizes=\"(max-width: 637px) 100vw, 637px\" \/><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\">Food Empire Holdings Limited (FEH SP)<\/h3>\n\n\n\n<figure class=\"wp-block-image\"><img loading=\"lazy\" decoding=\"async\" width=\"1534\" height=\"917\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/03\/a-screenshot-of-a-graph-ai-generated-content-may.png\" alt=\"A screenshot of a graph\n\nAI-generated content may be incorrect.\" class=\"wp-image-87160\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/03\/a-screenshot-of-a-graph-ai-generated-content-may.png 1534w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/03\/a-screenshot-of-a-graph-ai-generated-content-may-300x179.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/03\/a-screenshot-of-a-graph-ai-generated-content-may-1024x612.png 1024w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/03\/a-screenshot-of-a-graph-ai-generated-content-may-768x459.png 768w\" sizes=\"(max-width: 1534px) 100vw, 1534px\" \/><\/figure>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Shares closed above the 5dEMA with elevated volume for the week.<\/li>\n\n\n\n<li>Both RSI and MACD are constructive.<\/li>\n\n\n\n<li><strong>Buy \u2013 Entry 3.0, Target 3.4, Stop 2.8<\/strong><\/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\/03\/word-image-87147-4.png\" alt=\"\" class=\"wp-image-87161\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/03\/word-image-87147-4.png 637w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/03\/word-image-87147-4-300x64.png 300w\" sizes=\"(max-width: 637px) 100vw, 637px\" \/><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"hk\"><a id=\"post-87147-_ox2yqx6nkukc\"><\/a><figure><img loading=\"lazy\" decoding=\"async\" width=\"637\" height=\"135\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/03\/word-image-87147-5.png\" class=\"wp-image-87162\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/03\/word-image-87147-5.png 637w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/03\/word-image-87147-5-300x64.png 300w\" sizes=\"(max-width: 637px) 100vw, 637px\" \/><\/figure><\/h3>\n\n\n\n<h3 class=\"wp-block-heading\">ASMPT Limited (522 HK)\t<\/h3>\n\n\n\n<figure class=\"wp-block-image\"><img loading=\"lazy\" decoding=\"async\" width=\"1553\" height=\"917\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/03\/word-image-87147-6.png\" alt=\"\" class=\"wp-image-87163\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/03\/word-image-87147-6.png 1553w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/03\/word-image-87147-6-300x177.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/03\/word-image-87147-6-1024x605.png 1024w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/03\/word-image-87147-6-768x453.png 768w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/03\/word-image-87147-6-1536x907.png 1536w\" sizes=\"(max-width: 1553px) 100vw, 1553px\" \/><\/figure>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Shares closed above the 20dEMA with rising volume.<\/li>\n\n\n\n<li>RSI is constructive and MACD is positive.<\/li>\n\n\n\n<li><strong>Long <\/strong>\u2013 <strong>Entry 108, Target 116, Stop 10<\/strong>4<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><figure><img loading=\"lazy\" decoding=\"async\" width=\"752\" height=\"160\" class=\"wp-image-87164\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/03\/a-line-in-a-white-background-description-automati-6.jpeg\" alt=\"A line in a white background\n\nDescription automatically generated\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/03\/a-line-in-a-white-background-description-automati-6.jpeg 752w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/03\/a-line-in-a-white-background-description-automati-6-300x64.jpeg 300w\" sizes=\"(max-width: 752px) 100vw, 752px\" \/><\/figure><\/p>\n\n\n\n<h3 class=\"wp-block-heading\">AAC Technologies Holdings Inc. (2018 HK)  <figure><img loading=\"lazy\" decoding=\"async\" width=\"1553\" height=\"917\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/03\/word-image-87147-8.png\" class=\"wp-image-87165\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/03\/word-image-87147-8.png 1553w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/03\/word-image-87147-8-300x177.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/03\/word-image-87147-8-1024x605.png 1024w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/03\/word-image-87147-8-768x453.png 768w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/03\/word-image-87147-8-1536x907.png 1536w\" sizes=\"(max-width: 1553px) 100vw, 1553px\" \/><\/figure>  <\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Shares closed above the 20dEMA. The 5dEMA is about to cross the 20dEMA.<\/li>\n\n\n\n<li>Both RSI and MACD are constructive.<\/li>\n\n\n\n<li><strong>Long \u2013 Entry 34.8, Target 37.2, Stop 33.6<\/strong><\/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\/03\/word-image-86958-14.png\" alt=\"\" class=\"wp-image-87053\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/03\/word-image-86958-14.png 637w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/03\/word-image-86958-14-300x64.png 300w\" sizes=\"(max-width: 637px) 100vw, 637px\" \/><\/figure>\n\n\n\n<figure class=\"wp-block-image\" id=\"er\"><img loading=\"lazy\" decoding=\"async\" width=\"601\" height=\"108\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/03\/word-image-86958-15.png\" alt=\"\" class=\"wp-image-87054\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/03\/word-image-86958-15.png 601w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/03\/word-image-86958-15-300x54.png 300w\" sizes=\"(max-width: 601px) 100vw, 601px\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Ondas Inc. (ONDS)<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>4Q25 Revenue: <\/strong>$30.1M, +629% YoY<\/li>\n\n\n\n<li><strong>4Q25 Non-GAAP EPS<\/strong>: -$0.37, miss estimates by $0.33<\/li>\n\n\n\n<li><strong>FY<\/strong><strong>26 Guidance:<\/strong> Raised FY26 revenue target to at least $375M. Set Q1\u201926 revenue target of $38M to $40M.<\/li>\n\n\n\n<li><strong>Comment: <\/strong>4Q showed a step change in scale driven by Ondas Autonomous Systems. OAS revenue was $29.6M, while Ondas Networks remained small at $0.5M, reflecting longer customer deployment timelines. Gross margin expanded to 42% from 21% last year on higher volume and mix. Profitability remains the key debate. Operating loss widened to $23.3M as operating expenses stepped up to support rapid growth and the acquired businesses, and net loss was $101.0M, largely driven by an $82.2M noncash warrant valuation charge. Adjusted EBITDA loss was ($9.9M), worse YoY. Backlog and liquidity are the bullish offsets. Management highlighted backlog of $68.3M exiting 2025 and positioned the balance sheet as well funded to support the 2026 ramp. Shares rose about 8% in the same day session after the earnings update, reflecting the revenue inflection and the step up in the FY26 revenue target, before giving back some gains the next day. What to watch next is conversion of backlog into quarterly revenue, evidence that gross margin stays in the 40% range as deliveries scale, and whether operating expense growth moderates relative to revenue into 2H26. The key swing factors are timing of large program shipments, integration execution across acquired assets, and whether adjusted EBITDA trajectory improves meaningfully through 2026 as management has framed. <strong>1Q26 recommended trading range: $9 to $13. Neutral Outlook.<\/strong><\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Ondas Inc.<\/strong><strong>\uff08<\/strong><strong>ONDS<\/strong><strong>)<\/strong><\/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>3010\u4e07\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f629%<\/li>\n\n\n\n<li><strong>25<\/strong><strong>\u8d22\u5e74\u7b2c\u56db\u5b63\u5ea6\u975e\u516c\u8ba4\u4f1a\u8ba1\u51c6\u5219\u6bcf\u80a1\u4e8f\u635f\uff1a<\/strong>0.37\u7f8e\u5143\uff0c\u4f4e\u4e8e\u9884\u671f\uff08\u5373\u4e8f\u635f\u66f4\u5927\uff090.33\u7f8e\u5143<\/li>\n\n\n\n<li><strong>26<\/strong><strong>\u8d22\u5e74\u6307\u5f15\uff1a<\/strong>\u4e0a\u8c0326\u8d22\u5e74\u8425\u6536\u76ee\u6807\u81f3\u81f3\u5c113.75\u4ebf\u7f8e\u5143\uff1b\u8bbe\u5b9a\u7b2c\u4e00\u5b63\u5ea6\u8425\u6536\u76ee\u6807\u4e3a3800\u4e07\u81f34000\u4e07\u7f8e\u5143<\/li>\n\n\n\n<li><strong>\u77ed\u8bc4\uff1a<\/strong>\u672c\u5b63\u5ea6\u6807\u5fd7\u7740\u516c\u53f8\u8fdb\u5165\u89c4\u6a21\u5316\u4ea4\u4ed8\u65b0\u9636\u6bb5\uff0c\u4e3b\u8981\u7531Ondas Autonomous Systems\uff08OAS\uff09\u4e1a\u52a1\u9a71\u52a8\u3002OAS\u8d21\u732e\u8425\u65362960\u4e07\u7f8e\u5143\uff0c\u800cOndas Networks\u4ec550\u4e07\u7f8e\u5143\uff0c\u53cd\u6620\u540e\u8005\u5ba2\u6237\u90e8\u7f72\u5468\u671f\u4ecd\u8f83\u957f\u3002\u6bdb\u5229\u7387\u663e\u8457\u6539\u5584\uff0c\u4ece\u53bb\u5e74\u540c\u671f21%\u63d0\u5347\u81f342%\uff0c\u53d7\u76ca\u4e8e\u9ad8\u6bdb\u5229\u4ea7\u54c1\u5360\u6bd4\u63d0\u5347\u53ca\u89c4\u6a21\u6548\u5e94\u3002\u7136\u800c\uff0c\u76c8\u5229\u80fd\u529b\u4ecd\u662f\u6838\u5fc3\u6311\u6218\uff1a\u8fd0\u8425\u4e8f\u635f\u6269\u5927\u81f32330\u4e07\u7f8e\u5143\uff0c\u4e3b\u56e0\u516c\u53f8\u52a0\u901f\u6295\u5165\u4ee5\u652f\u6301\u5feb\u901f\u589e\u957f\u53ca\u5e76\u8d2d\u6574\u5408\uff1b\u51c0\u4e8f\u635f\u8fbe1.01\u4ebf\u7f8e\u5143\uff0c\u5176\u4e2d8220\u4e07\u7f8e\u5143\u4e3a\u975e\u73b0\u91d1\u8ba4\u80a1\u6743\u8bc1\u4f30\u503c\u635f\u5931\uff1b\u8c03\u6574\u540eEBITDA\u4e8f\u635f990\u4e07\u7f8e\u5143\uff0c\u540c\u6bd4\u6076\u5316\u3002\u79ef\u6781\u56e0\u7d20\u5728\u4e8e\u8ba2\u5355\u53ef\u89c1\u6027\u4e0e\u8d44\u91d1\u72b6\u51b5\uff1a\u622a\u81f32025\u5e74\u5e95\uff0c\u79ef\u538b\u8ba2\u5355\u8fbe6830\u4e07\u7f8e\u5143\uff1b\u7ba1\u7406\u5c42\u5f3a\u8c03\u8d44\u4ea7\u8d1f\u503a\u8868\u201c\u8d44\u91d1\u5145\u8db3\u201d\uff0c\u53ef\u652f\u649126\u8d22\u5e74\u5927\u5e45\u6269\u5f20\u8ba1\u5212\u3002\u8d22\u62a5\u53d1\u5e03\u5f53\u65e5\u80a1\u4ef7\u4e0a\u6da8\u7ea68%\uff08\u6b21\u65e5\u90e8\u5206\u56de\u5410\uff09\uff0c\u53cd\u6620\u5e02\u573a\u5bf9\u6536\u5165\u62d0\u70b9\u53ca\u5168\u5e74\u8425\u6536\u76ee\u6807\u4e0a\u8c03\u7684\u8ba4\u53ef\u3002\u540e\u7eed\u5173\u952e\u53d8\u91cf\u5305\u62ec\uff1a\uff081\uff09\u79ef\u538b\u8ba2\u5355\u80fd\u5426\u987a\u5229\u8f6c\u5316\u4e3a\u5b63\u5ea6\u6536\u5165\uff1b\uff082\uff09\u5728\u4ea4\u4ed8\u653e\u91cf\u8fc7\u7a0b\u4e2d\uff0c\u6bdb\u5229\u7387\u80fd\u5426\u7a33\u5b9a\u572840%\u5de6\u53f3\uff1b\uff083\uff092026\u5e74\u4e0b\u534a\u5e74\u8fd0\u8425\u652f\u51fa\u589e\u901f\u662f\u5426\u76f8\u5bf9\u4e8e\u6536\u5165\u6709\u6240\u653e\u7f13\u3002\u6838\u5fc3\u89c2\u5bdf\u70b9\u5728\u4e8e\u5927\u578b\u9879\u76ee\u53d1\u8d27\u8282\u594f\u3001\u5e76\u8d2d\u8d44\u4ea7\u6574\u5408\u6548\u7387\uff0c\u4ee5\u53ca\u8c03\u6574\u540eEBITDA\u80fd\u5426\u5982\u7ba1\u7406\u5c42\u9884\u671f\u57282026\u5e74\u5b9e\u73b0\u5b9e\u8d28\u6027\u6539\u5584\u3002<strong>26<\/strong><strong>\u8d22\u5e74\u7b2c\u4e00\u5b63\u5ea6\u5efa\u8bae\u4ea4\u6613\u533a\u95f4\uff1a<\/strong><strong>9<\/strong><strong>\u7f8e\u5143\u81f3<\/strong><strong>13<\/strong><strong>\u7f8e\u5143\u3002\u4e2d\u6027\u524d\u666f\u3002<\/strong><\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>PDD Holdings Inc. (PDD)<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>4Q25 Revenue: <\/strong>$17.72B, +12.0% YoY, miss estimates by $390M<\/li>\n\n\n\n<li><strong>4Q25 Non-GAAP EPADS<\/strong>: $2.53, miss estimates by $0.52<\/li>\n\n\n\n<li><strong>FY<\/strong><strong>26 Guidance:<\/strong> No formal guidance raised.<\/li>\n\n\n\n<li><strong>Comment: <\/strong>The quarter showed continued growth, but the market focused on the profitability reset from heavier ecosystem investment and a more intense domestic competitive environment. Revenue rose 12% YoY to RMB123.9B, driven by transaction services revenue up 19% and online marketing services up 5%. Profitability compressed despite higher scale. Non-GAAP net income attributable to ordinary shareholders declined 12% YoY to RMB26.3B, and non-GAAP diluted EPS per ADS fell to RMB17.69 from RMB20.15 last year. Operating expenses increased 10% YoY, led by higher sales and marketing spend. Balance sheet strength remains a strategic buffer. Cash, cash equivalents and short-term investments increased to RMB422.3B at year end, which supports continued investment despite weaker near-term earnings optics. Shares rose about 4.6% in the same day session after the earnings release. What to watch next is whether management can stabilize profitability while sustaining Temu\u2019s overseas momentum under tighter cross border rules, and whether domestic competition intensity eases enough to reduce the need for incremental subsidies and marketing. Key swing factors are the pace of spend in sales and marketing, regulatory changes affecting low value parcel economics, and the trajectory of take rate and fulfillment costs as PDD invests in supply chain capability. <strong>1Q26 recommended trading range: $95 to $120. Neutral Outlook.<\/strong><\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>PDD Holdings Inc.<\/strong><strong>\uff08<\/strong><strong>PDD<\/strong><strong>)<\/strong><\/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>177.2\u4ebf\u7f8e\u5143\uff08\u7ea6\u54081239\u4ebf\u5143\u4eba\u6c11\u5e01\uff09\uff0c\u540c\u6bd4\u589e\u957f12.0%\uff0c\u4f4e\u4e8e\u9884\u671f3.9\u4ebf\u7f8e\u5143<\/li>\n\n\n\n<li><strong>25<\/strong><strong>\u8d22\u5e74\u7b2c\u56db\u5b63\u5ea6\u975e\u516c\u8ba4\u4f1a\u8ba1\u51c6\u5219\u6bcf\u80a1\u7f8e\u56fd\u5b58\u6258\u80a1\u6536\u76ca\uff08<\/strong><strong>EPADS<\/strong><strong>\uff09\uff1a<\/strong>2.53\u7f8e\u5143\uff08\u7ea6\u540817.69\u5143\u4eba\u6c11\u5e01\uff09\uff0c\u4f4e\u4e8e\u9884\u671f0.52\u7f8e\u5143<\/li>\n\n\n\n<li><strong>26<\/strong><strong>\u8d22\u5e74\u6307\u5f15\uff1a<\/strong>\u672a\u63d0\u4f9b\u6b63\u5f0f\u8d22\u52a1\u6307\u5f15<\/li>\n\n\n\n<li><strong>\u77ed\u8bc4\uff1a<\/strong>\u672c\u5b63\u5ea6\u5ef6\u7eed\u589e\u957f\u6001\u52bf\uff0c\u4f46\u5e02\u573a\u66f4\u5173\u6ce8\u76c8\u5229\u9636\u6bb5\u6027\u627f\u538b\u3002\u8425\u6536\u540c\u6bd4\u589e\u957f12%\u81f31239\u4ebf\u5143\u4eba\u6c11\u5e01\uff0c\u5176\u4e2d\u4ea4\u6613\u670d\u52a1\u6536\u5165\u5927\u589e19%\uff08\u4e3b\u8981\u6765\u81eaTemu\u56fd\u9645\u6269\u5f20\uff09\uff0c\u5728\u7ebf\u8425\u9500\u670d\u52a1\u6536\u5165\u589e\u957f5%\u3002\u7136\u800c\uff0c\u5c3d\u7ba1\u89c4\u6a21\u6269\u5927\uff0c\u76c8\u5229\u80fd\u529b\u660e\u663e\u6536\u7f29\uff1a\u5f52\u5c5e\u4e8e\u666e\u901a\u80a1\u80a1\u4e1c\u7684\u975eGAAP\u51c0\u5229\u6da6\u540c\u6bd4\u4e0b\u964d12%\u81f3263\u4ebf\u5143\u4eba\u6c11\u5e01\uff0c\u975eGAAP EPADS\u4ece\u53bb\u5e74\u540c\u671f20.15\u5143\u964d\u81f317.69\u5143\u3002\u8fd0\u8425\u652f\u51fa\u540c\u6bd4\u589e\u957f10%\uff0c\u4e3b\u56e0\u9500\u552e\u4e0e\u8425\u9500\u8d39\u7528\u589e\u52a0\uff0c\u53cd\u6620\u516c\u53f8\u5728\u56fd\u5185\u5916\u7ade\u4e89\u52a0\u5267\u80cc\u666f\u4e0b\u52a0\u5927\u8865\u8d34\u4e0e\u7528\u6237\u83b7\u53d6\u6295\u5165\u3002\u8d44\u4ea7\u8d1f\u503a\u8868\u4f9d\u7136\u5f3a\u52b2\uff1a\u622a\u81f3\u5e74\u672b\uff0c\u73b0\u91d1\u53ca\u77ed\u671f\u6295\u8d44\u8fbe4223\u4ebf\u5143\u4eba\u6c11\u5e01\uff0c\u4e3a\u6301\u7eed\u6218\u7565\u6295\u8d44\uff08\u5c24\u5176\u662fTemu\u5168\u7403\u4f9b\u5e94\u94fe\u5efa\u8bbe\uff09\u63d0\u4f9b\u5145\u8db3\u7f13\u51b2\u3002\u8d22\u62a5\u53d1\u5e03\u5f53\u65e5\u80a1\u4ef7\u9006\u52bf\u4e0a\u6da84.6%\uff0c\u663e\u793a\u6295\u8d44\u8005\u805a\u7126\u957f\u671f\u751f\u6001\u5e03\u5c40\u800c\u975e\u77ed\u671f\u76c8\u5229\u6ce2\u52a8\u3002\u540e\u7eed\u5173\u952e\u53d8\u91cf\u5305\u62ec\uff1a\uff081\uff09\u5728\u8de8\u5883\u76d1\u7ba1\u8d8b\u4e25\uff08\u5982\u4f4e\u503c\u5305\u88f9\u514d\u7a0e\u653f\u7b56\u8c03\u6574\uff09\u73af\u5883\u4e0b\uff0cTemu\u6d77\u5916\u589e\u957f\u80fd\u5426\u7ef4\u6301\u52a8\u80fd\uff1b\uff082\uff09\u56fd\u5185\u7ade\u4e89\u5f3a\u5ea6\u662f\u5426\u7f13\u548c\uff0c\u4ece\u800c\u51cf\u5c11\u5bf9\u989d\u5916\u8865\u8d34\u4e0e\u8425\u9500\u652f\u51fa\u7684\u4f9d\u8d56\uff1b\uff083\uff09\u5c65\u7ea6\u6210\u672c\u4e0e\u5e73\u53f0\u53d8\u73b0\u7387\uff08take rate\uff09\u7684\u6f14\u53d8\u8def\u5f84\u3002\u6838\u5fc3\u89c2\u5bdf\u70b9\u5728\u4e8e\u9500\u552e\u4e0e\u8425\u9500\u652f\u51fa\u8282\u594f\u3001\u8de8\u5883\u7269\u6d41\u76d1\u7ba1\u53d8\u5316\u5bf9\u5355\u4f4d\u7ecf\u6d4e\u7684\u5f71\u54cd\uff0c\u4ee5\u53ca\u4f9b\u5e94\u94fe\u91cd\u6295\u5165\u671f\u4f55\u65f6\u8f6c\u5316\u4e3a\u66f4\u53ef\u6301\u7eed\u7684\u76c8\u5229\u7ed3\u6784\u3002<strong>26<\/strong><strong>\u8d22\u5e74\u7b2c\u4e00\u5b63\u5ea6\u5efa\u8bae\u4ea4\u6613\u533a\u95f4\uff1a<\/strong><strong>95<\/strong><strong>\u7f8e\u5143\u81f3<\/strong><strong>120<\/strong><strong>\u7f8e\u5143\u3002\u4e2d\u6027\u524d\u666f\u3002<\/strong><\/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\" target=\"_self\" role=\"button\"><div class=\"uagb-button__link\">Contact us to find out more<\/div><\/a><\/div><\/div>\n<\/div><\/div>\n\n\n\n<div class=\"wp-block-uagb-separator uagb-block-4467fd1f\"><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-fdd2c8c4\"><div class=\"wp-block-uagb-separator__inner\" style=\"--my-background-image:\"><\/div><\/div>\n\n\n\n<h3 class=\"wp-block-heading\"><a id=\"post-56747-_fginbsn8cd1z\"><\/a><\/h3>\n\n\n\n<div class=\"wp-block-uagb-separator uagb-block-27ad8851\"><div class=\"wp-block-uagb-separator__inner\" style=\"--my-background-image:\"><\/div><\/div>\n\n\n\n<div class=\"wp-block-uagb-image uagb-block-62b24b08 wp-block-uagb-image--layout-default wp-block-uagb-image--effect-static wp-block-uagb-image--align-none\"><figure class=\"wp-block-uagb-image__figure\"><a class=\"\" href=\"https:\/\/www.whatsapp.com\/channel\/0029VayhkxMChq6JN6qO8x0B\" target=\"\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/06\/1-1.png ,https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/06\/1-1.png 780w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/06\/1-1.png 360w\" sizes=\"auto, (max-width: 480px) 150px\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/06\/1-1.png\" alt=\"\" class=\"uag-image-69995\" width=\"760\" height=\"208\" title=\"1\" loading=\"lazy\" role=\"img\"\/><\/a><\/figure><\/div>\n\n\n\n<div class=\"wp-block-uagb-image uagb-block-82e9f322 wp-block-uagb-image--layout-default wp-block-uagb-image--effect-static wp-block-uagb-image--align-none\"><figure class=\"wp-block-uagb-image__figure\"><a class=\"\" href=\"https:\/\/t.me\/kgisg\" target=\"\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/06\/2.png ,https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/06\/2.png 780w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/06\/2.png 360w\" sizes=\"auto, (max-width: 480px) 150px\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/06\/2.png\" alt=\"\" class=\"uag-image-69996\" width=\"760\" height=\"208\" title=\"2\" loading=\"lazy\" role=\"img\"\/><\/a><\/figure><\/div>\n","protected":false},"excerpt":{"rendered":"<p>United States | Singapore | Hong Kong | Earnings Warrior Met Coal, Inc. (HCC US) Comstock Resources, Inc. (CRK US) ^ Back To Top Sheng Siong Group Ltd. (SSG SP) Food Empire Holdings Limited (FEH SP) ^ Back To Top ASMPT Limited (522 HK) AAC Technologies Holdings Inc. (2018 HK) ^ Back To Top Ondas [&hellip;]<\/p>\n","protected":false},"author":10,"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-87147","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":"Keith Tan","author_link":"https:\/\/www.kgieworld.sg\/research\/author\/keithtan\/"},"uagb_comment_info":0,"uagb_excerpt":"United States | Singapore | Hong Kong | Earnings Warrior Met Coal, Inc. (HCC US) Comstock Resources, Inc. (CRK US) ^ Back To Top Sheng Siong Group Ltd. (SSG SP) Food Empire Holdings Limited (FEH SP) ^ Back To Top ASMPT Limited (522 HK) AAC Technologies Holdings Inc. (2018 HK) ^ Back To Top Ondas&hellip;","_links":{"self":[{"href":"https:\/\/www.kgieworld.sg\/research\/wp-json\/wp\/v2\/posts\/87147","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\/10"}],"replies":[{"embeddable":true,"href":"https:\/\/www.kgieworld.sg\/research\/wp-json\/wp\/v2\/comments?post=87147"}],"version-history":[{"count":8,"href":"https:\/\/www.kgieworld.sg\/research\/wp-json\/wp\/v2\/posts\/87147\/revisions"}],"predecessor-version":[{"id":87202,"href":"https:\/\/www.kgieworld.sg\/research\/wp-json\/wp\/v2\/posts\/87147\/revisions\/87202"}],"wp:attachment":[{"href":"https:\/\/www.kgieworld.sg\/research\/wp-json\/wp\/v2\/media?parent=87147"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.kgieworld.sg\/research\/wp-json\/wp\/v2\/categories?post=87147"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.kgieworld.sg\/research\/wp-json\/wp\/v2\/tags?post=87147"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}