{"id":87945,"date":"2026-04-20T08:00:00","date_gmt":"2026-04-20T00:00:00","guid":{"rendered":"https:\/\/www.kgieworld.sg\/research\/?p=87945"},"modified":"2026-04-20T08:00:00","modified_gmt":"2026-04-20T00:00:00","slug":"technical-analysis-20-april-2026","status":"publish","type":"post","link":"https:\/\/www.kgieworld.sg\/research\/technical-analysis-20-april-2026\/","title":{"rendered":"Technical Analysis &#8211; 20 April 2026"},"content":{"rendered":"\n<p class=\"has-cyan-bluish-gray-background-color has-background wp-block-paragraph\" id=\"top\"><strong><a href=\"\/researchstg\/#us\">United States<\/a> | <a href=\"\/researchstg\/#sg\">Singapore<\/a> | <a href=\"\/researchstg\/#hk\">Hong Kong<\/a> | <a href=\"\/researchstg\/#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\">Apple\u00a0Inc\u00a0(AAPL\u00a0US)<\/h3>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" width=\"903\" height=\"540\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/04\/image-295.png\" alt=\"\" class=\"wp-image-87999\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/04\/image-295.png 903w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/04\/image-295-300x179.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/04\/image-295-768x459.png 768w\" sizes=\"(max-width: 903px) 100vw, 903px\" \/><\/figure>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Shares closed\u00a0above\u00a0the 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>Long \u2013 Entry\u00a0264,\u00a0Target\u00a0288,\u00a0Stop\u00a0252<\/strong>\u00a0<\/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\">Arm Holdings\u00a0plc.\u00a0(ARM\u00a0US)\u00a0<\/h3>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"903\" height=\"540\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/04\/image-296.png\" alt=\"\" class=\"wp-image-88000\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/04\/image-296.png 903w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/04\/image-296-300x179.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/04\/image-296-768x459.png 768w\" sizes=\"(max-width: 903px) 100vw, 903px\" \/><\/figure>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Shares closed\u00a0above the\u00a05dEMA\u00a0with 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\u00a0160,\u00a0Target\u00a0180,\u00a0Stop\u00a0150<\/strong>\u00a0<\/li>\n<\/ul>\n\n\n\n<p class=\"has-text-align-right wp-block-paragraph\"><a href=\"\/researchstg\/#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\">Valuemax\u00a0Group Ltd. (VMAX\u00a0SP)\u00a0<\/h3>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"903\" height=\"540\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/04\/image-281.png\" alt=\"\" class=\"wp-image-87948\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/04\/image-281.png 903w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/04\/image-281-300x179.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/04\/image-281-768x459.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\u00a0rising\u00a0volume.\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\u00a01.16,\u00a0Target\u00a01.30,\u00a0Stop\u00a01.09<\/strong>\u00a0<\/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\">iFAST\u00a0Corporation Ltd. (IFAST\u00a0SP)\u00a0<\/h3>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"903\" height=\"540\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/04\/image-282.png\" alt=\"\" class=\"wp-image-87949\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/04\/image-282.png 903w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/04\/image-282-300x179.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/04\/image-282-768x459.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\u00a09.6,\u00a0Target\u00a011.0,\u00a0Stop\u00a08.9<\/strong>\u00a0<\/li>\n<\/ul>\n\n\n\n<p class=\"has-text-align-right wp-block-paragraph\"><a href=\"\/researchstg\/#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\" class=\"wp-image-87162\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/03\/word-image-87147-5.png\" 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\" id=\"hk\">Yidu\u00a0Tech, Inc. (2158\u00a0HK) \u00a0<\/h3>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"903\" height=\"615\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/04\/image-283.png\" alt=\"\" class=\"wp-image-87950\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/04\/image-283.png 903w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/04\/image-283-300x204.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/04\/image-283-768x523.png 768w\" sizes=\"(max-width: 903px) 100vw, 903px\" \/><\/figure>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Shares closed at a one-month high above the\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\u00a0<\/strong>\u2013\u00a0<strong>Entry\u00a05.9,\u00a0Target\u00a06.5,\u00a0Stop\u00a05.6<\/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\">AAC Technologies Holdings Inc. (2018\u00a0HK)\u00a0<\/h3>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"903\" height=\"615\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/04\/image-284.png\" alt=\"\" class=\"wp-image-87951\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/04\/image-284.png 903w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/04\/image-284-300x204.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/04\/image-284-768x523.png 768w\" sizes=\"(max-width: 903px) 100vw, 903px\" \/><\/figure>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Shares closed at a one-month high above the 5dEMA 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\u00a037.4,\u00a0Target\u00a040.8, Stop\u00a035.7<\/strong>\u00a0<\/li>\n<\/ul>\n\n\n\n<p class=\"has-text-align-right wp-block-paragraph\"><a href=\"\/researchstg\/#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>Taiwan Semiconductor Manufacturing Company Limited (TSM)<\/strong>\u00a0<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>1Q26\u00a0Revenue:\u00a0<\/strong>\u202f\u202f$35.9B,\u00a0+40.6% YoY,\u00a0beat estimates by\u202f$410M\u00a0<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>1Q26\u00a0GAAP\u00a0EPADR<\/strong>:\u00a0$3.49,\u00a0beat\u00a0estimates by\u00a0$0.11\u00a0<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>2Q<\/strong><strong>26\u00a0Guidance:<\/strong>\u00a02Q26 revenue guided to US$28.4B to US$29.2B, with gross margin of 57% to 59% and operating margin of 47% to 49%.\u00a0<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Comment:\u00a0<\/strong>The quarter was exceptionally strong. TSMC reported record 1Q26 profit of NT$572.5B, supported by continued demand for advanced nodes and AI-related semiconductor volume. This marks another quarter of\u00a0very strong\u00a0double-digit earnings growth and confirms that the company\u00a0remains\u00a0the central manufacturing beneficiary of the current AI infrastructure cycle. The most important driver\u00a0remains\u00a0leading-edge mix. Reuters reported that 3nm now accounts for\u00a0roughly 25%\u00a0of revenue, versus just 6% two quarters earlier. That shift is critical because it supports both revenue growth and mix quality, while reinforcing TSMC\u2019s process leadership with customers such as Nvidia, Apple, AMD, and other high-performance computing clients. Guidance was the key positive surprise. Management raised full-year revenue growth to above 30% in U.S. dollar terms and pointed to extremely robust AI demand. The 2Q26 guide also implies another step-up in quarterly revenue, which suggests that current momentum is not merely a one-quarter spike but is carrying into the next leg of the year. Capex intensity is also increasing. TSMC now expects to spend at the high end of its US$52B to US$56B capex range,\u00a0largely to\u00a0expand 3nm capacity and support advanced packaging and overseas ramp-up. This is strategically supportive because it\u00a0indicates\u00a0customer commitments\u00a0remain\u00a0strong enough to justify continued large-scale investment, but it also means investors should\u00a0monitor\u00a0margin implications from overseas\u00a0fab\u00a0expansion over time. The principal risks\u00a0remain\u00a0geopolitics and capacity constraints. TSMC has flagged supply tightness in advanced packaging and\u00a0remains\u00a0exposed to regional concentration in Taiwan, while China and broader trade policy remain structural overhangs for the stock. Management has tried to mitigate supply-chain risk through safety stock and regional diversification, but these are still material variables for valuation. The market reaction was constructive on the results and guidance raise,\u00a0both TSMC and ASML as evidence that the AI spending boom\u00a0remains\u00a0intact. TSMC delivered a high-quality beat, stronger guidance, and higher capex, all of which reinforce its position as the core foundry enabler of AI compute demand. The near-term debate is no longer about demand strength. It is\u00a0about how much of that demand is already reflected in the valuation, whether advanced packaging bottlenecks cap upside conversion, and whether geopolitical discounting re-emerges. The variables to monitor are 2nm customer ramp visibility,\u00a0CoWoS\u00a0and packaging capacity expansion, gross margin resilience as overseas\u00a0fabs\u00a0scale, and whether cloud capex\u00a0remains\u00a0as aggressive into 2027.\u00a0<strong>2Q26\u00a0recommended trading range: $330\u00a0to $400.\u00a0Positive\u00a0Outlook.<\/strong>\u00a0<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u53f0\u79ef\u7535\uff08TSM)\u00a0<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>26\u8d22\u5e74\u7b2c\u4e00\u5b63\u5ea6\u8425\u6536\uff1a<\/strong>359\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f40.6%\uff0c\u8d85\u51fa\u9884\u671f4.1\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\u7f8e\u56fd\u5b58\u6258\u51ed\u8bc1\u6536\u76ca\uff08EPADR\uff09\uff1a<\/strong>3.49\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\u7b2c\u4e8c\u5b63\u5ea6\u6307\u5f15\uff1a<\/strong>\u8425\u6536284\u4ebf\u81f3292\u4ebf\u7f8e\u5143\uff1b\u6bdb\u5229\u738757%\u201359%\uff1b\u8425\u4e1a\u5229\u6da6\u738747%\u201349%\u00a0<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>\u77ed\u8bc4\uff1a<\/strong>\u672c\u5b63\u5ea6\u8868\u73b0\u5f02\u5e38\u5f3a\u52b2\u3002\u516c\u53f8\u5f55\u5f97\u521b\u7eaa\u5f55\u7684\u5355\u5b63\u51c0\u5229\u6da6\u65b0\u53f0\u5e015725\u4ebf\u5143\uff0c\u4e3b\u8981\u53d7\u76ca\u4e8e\u5148\u8fdb\u5236\u7a0b\u8282\u70b9\uff08\u5c24\u5176\u662fAI\u76f8\u5173\u82af\u7247\uff09\u9700\u6c42\u6301\u7eed\u9ad8\u6da8\uff0c\u518d\u6b21\u786e\u8ba4\u53f0\u79ef\u7535\u4e3a\u5f53\u524dAI\u57fa\u7840\u8bbe\u65bd\u5468\u671f\u4e2d\u6700\u6838\u5fc3\u7684\u5236\u9020\u53d7\u76ca\u8005\u3002\u5173\u952e\u9a71\u52a8\u529b\u6765\u81ea\u9886\u5148\u6280\u672f\u5360\u6bd4\u5feb\u901f\u63d0\u5347\uff1a\u636e\u8def\u900f\u62a5\u9053\uff0c3\u7eb3\u7c73\u5236\u7a0b\u8425\u6536\u5360\u6bd4\u5df2\u5347\u81f3\u7ea625%\uff08\u4e24\u4e2a\u5b63\u5ea6\u524d\u4ec5\u4e3a6%\uff09\uff0c\u8fd9\u4e00\u7ed3\u6784\u6027\u8f6c\u53d8\u4e0d\u4ec5\u63a8\u52a8\u6536\u5165\u589e\u957f\uff0c\u66f4\u5f3a\u5316\u5176\u5728\u9ad8\u7b97\u529b\u5ba2\u6237\uff08\u5982\u82f1\u4f1f\u8fbe\u3001\u82f9\u679c\u3001AMD\u7b49\uff09\u4e2d\u7684\u5de5\u827a\u9886\u5bfc\u5730\u4f4d\u3002\u6307\u5f15\u6210\u4e3a\u6700\u5927\u60ca\u559c\uff1a\u7ba1\u7406\u5c42\u5c06\u5168\u5e74\u7f8e\u5143\u8ba1\u4ef7\u8425\u6536\u589e\u957f\u9884\u671f\u4e0a\u8c03\u81f3\u8d8530%\uff0c\u5e76\u6307\u51faAI\u9700\u6c42\u201c\u6781\u4e3a\u5f3a\u52b2\u201d\uff1bQ2\u6307\u5f15\u9690\u542b\u73af\u6bd4\u8fdb\u4e00\u6b65\u589e\u957f\uff0c\u8868\u660e\u5f53\u524d\u52a8\u80fd\u975e\u77ed\u671f\u8109\u51b2\uff0c\u800c\u662f\u53ef\u6301\u7eed\u8d8b\u52bf\u3002\u8d44\u672c\u652f\u51fa\u4ea6\u540c\u6b65\u52a0\u7801\uff1a\u516c\u53f8\u9884\u8ba1\u5168\u5e74\u8d44\u672c\u5f00\u652f\u5c06\u843d\u5728520\u2013560\u4ebf\u7f8e\u5143\u533a\u95f4\u7684\u4e0a\u9650\uff0c\u4e3b\u8981\u7528\u4e8e\u6269\u59273\u7eb3\u7c73\u4ea7\u80fd\u3001\u5148\u8fdb\u5c01\u88c5\uff08\u5982CoWoS\uff09\u53ca\u6d77\u5916\u5de5\u5382\uff08\u7f8e\u56fd\u3001\u65e5\u672c\u3001\u6b27\u6d32\uff09\u5efa\u8bbe\u3002\u6b64\u4e3e\u5177\u6218\u7565\u610f\u4e49\u2014\u2014\u53cd\u6620\u5ba2\u6237\u627f\u8bfa\u8db3\u4ee5\u652f\u6491\u5927\u89c4\u6a21\u6295\u8d44\uff0c\u4f46\u4e5f\u9700\u5173\u6ce8\u672a\u6765\u6d77\u5916\u6676\u5706\u5382\u722c\u5761\u5bf9\u5229\u6da6\u7387\u7684\u6f5c\u5728\u7a00\u91ca\u3002\u4e3b\u8981\u98ce\u9669\u4ecd\u6765\u81ea\u5730\u7f18\u653f\u6cbb\u4e0e\u4ea7\u80fd\u74f6\u9888\uff1a\u5148\u8fdb\u5c01\u88c5\uff08\u5c24\u5176\u662fCoWoS\uff09\u4f9b\u5e94\u6301\u7eed\u7d27\u5f20\uff1b\u53f0\u6e7e\u5730\u533a\u96c6\u4e2d\u5ea6\u9ad8\uff0c\u4e2d\u7f8e\u79d1\u6280\u6469\u64e6\u53ca\u51fa\u53e3\u7ba1\u5236\u6784\u6210\u7ed3\u6784\u6027\u4f30\u503c\u6298\u4ef7\u3002\u5c3d\u7ba1\u516c\u53f8\u901a\u8fc7\u5b89\u5168\u5e93\u5b58\u4e0e\u533a\u57df\u591a\u5143\u5316\u7f13\u89e3\u4f9b\u5e94\u94fe\u98ce\u9669\uff0c\u8fd9\u4e9b\u56e0\u7d20\u4ecd\u662f\u957f\u671f\u4f30\u503c\u5173\u952e\u53d8\u91cf\u3002\u5e02\u573a\u53cd\u5e94\u79ef\u6781\uff0cTSMC\u4e0eASML\u8d22\u62a5\u5171\u540c\u5370\u8bc1AI\u8d44\u672c\u652f\u51fa\u6d6a\u6f6e\u4f9d\u7136\u5f3a\u52b2\u3002\u672c\u5b63\u4e3a\u9ad8\u8d28\u91cf\u8d85\u9884\u671f\uff1a\u6536\u5165\u3001\u5229\u6da6\u3001\u6307\u5f15\u3001\u8d44\u672c\u5f00\u652f\u5168\u9762\u4e0a\u4fee\uff0c\u5de9\u56fa\u5176\u4f5c\u4e3aAI\u7b97\u529b\u57fa\u77f3\u7684\u5730\u4f4d\u3002\u5f53\u524d\u7126\u70b9\u5df2\u4ece\u201c\u9700\u6c42\u662f\u5426\u5f3a\u52b2\u201d\u8f6c\u5411\uff1a\uff081\uff09\u4f30\u503c\u662f\u5426\u5df2\u5145\u5206\u53cd\u6620\u4e50\u89c2\u9884\u671f\uff1b\uff082\uff09\u5148\u8fdb\u5c01\u88c5\u74f6\u9888\u662f\u5426\u4f1a\u9650\u5236\u8ba2\u5355\u5411\u6536\u5165\u7684\u8f6c\u5316\uff1b\uff083\uff09\u5730\u7f18\u98ce\u9669\u6ea2\u4ef7\u662f\u5426\u518d\u5ea6\u4e0a\u5347\u3002\u540e\u7eed\u5173\u952e\u89c2\u5bdf\u70b9\u5305\u62ec\uff1a2\u7eb3\u7c73\u5ba2\u6237\u5bfc\u5165\u8fdb\u5ea6\u3001CoWoS\u5c01\u88c5\u4ea7\u80fd\u6269\u5f20\u8282\u594f\u3001\u6d77\u5916\u5de5\u5382\u89c4\u6a21\u6548\u5e94\u4e0b\u7684\u6bdb\u5229\u7387\u97e7\u6027\uff0c\u4ee5\u53ca\u4e91\u670d\u52a1\u55462027\u5e74\u8d44\u672c\u5f00\u652f\u662f\u5426\u7ef4\u6301\u6fc0\u8fdb\u3002<strong>26\u8d22\u5e74\u7b2c\u4e8c\u5b63\u5ea6\u5efa\u8bae\u4ea4\u6613\u533a\u95f4\uff1a330\u7f8e\u5143\u81f3400\u7f8e\u5143\u3002\u79ef\u6781\u524d\u666f\u3002<\/strong>\u00a0<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>The Charles Schwab Corporation (SCHW)<\/strong>\u00a0<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>1Q26\u00a0Revenue:\u00a0<\/strong>$6.48B,\u00a0+16.0% YoY,\u00a0miss\u00a0estimates by\u00a0$28M\u00a0<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>1Q26\u00a0Non-GAAP\u00a0EPS<\/strong>:\u00a0$1.43,\u00a0beat estimates by $0.04\u00a0<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Guidance:<\/strong>\u00a0Management did not\u00a0provide\u00a0formal full-year EPS guidance in the press release.\u00a0<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Dividend\/Share Buybacks:\u00a0<\/strong>Schwab repurchased $2.4B of common shares in 1Q26. The common stock dividend had previously been raised 19%.\u00a0\u00a0<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Comment:\u00a0<\/strong>The quarter was fundamentally strong. Schwab delivered record first quarter net revenues of $6.5B, net income of about $2.5B, and record client engagement metrics. The firm added 1.3M new brokerage accounts in the quarter, while total client assets rose 19% YoY to $11.8T.\u00a0Trading activity was a major driver. Daily average trades rose 34% YoY to a record 9.9M, and trading revenue increased 20% YoY to $1.09B. That reflects a materially more active retail environment, with clients repositioning during a volatile macro backdrop. Asset gathering was also\u00a0very strong. Core net new assets were $140B in the quarter, or $158B excluding the planned mutual fund clearing deconversion, and March core net new assets of $79.7B\u00a0represented\u00a0the second-highest month ever for the firm. Managed investing net flows rose 46%, which suggests that growth was not only transaction-led but also included deeper wallet-share capture. Net interest income improved, which is important because Schwab\u2019s earnings debate has often\u00a0centered\u00a0on cash sorting and balance sheet sensitivity. The principal issue was quality of the revenue beat versus expectations and the stock\u2019s setup into the print. Despite record results, total revenue came in just below consensus, and the stock had already rallied on expectations tied to deregulation and stronger retail activity. Schwab also announced it plans to launch spot cryptocurrency trading in the coming weeks, which is strategically relevant but\u00a0likely secondary\u00a0to the market\u2019s near-term focus on revenue conversion and sweep economics. Shares fell\u00a0about 6%\u00a0after the release despite the earnings beat\u00a0as investors focused on the slight revenue miss and broader concerns around cash management economics and valuation after the pre-results rally. The operating read-through is constructive. Client growth is strong, trading activity is elevated, net interest income is improving, and capital return\u00a0remains\u00a0meaningful. However, the market reaction\u00a0indicates\u00a0expectations had already moved higher, and Schwab still needs to prove that revenue growth can continue to compound without relying excessively on volatility-driven trading activity. The principal variables to monitor are sweep cash trends, the durability of net interest income expansion, managed investing flow momentum, and whether the planned crypto rollout contributes incremental engagement rather than only headline value.\u00a0<strong>2Q26 recommended trading range: $80 to $100. Neutral Outlook.<\/strong>\u00a0<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u5609\u4fe1\u7406\u8d22\uff08SCHW)\u00a0<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>26\u8d22\u5e74\u7b2c\u4e00\u5b63\u5ea6\u8425\u6536\uff1a<\/strong>64.8\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f16.0%\uff0c\u7565\u4f4e\u4e8e\u9884\u671f2800\u4e07\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\u975e\u516c\u8ba4\u4f1a\u8ba1\u51c6\u5219\u6bcf\u80a1\u6536\u76ca\uff1a<\/strong>1.43\u7f8e\u5143\uff0c\u8d85\u51fa\u9884\u671f0.04\u7f8e\u5143\u00a0<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>\u5168\u5e74\u6307\u5f15\uff1a<\/strong>\u672a\u5728\u8d22\u62a5\u65b0\u95fb\u7a3f\u4e2d\u63d0\u4f9b\u6b63\u5f0f\u5168\u5e74EPS\u6307\u5f15\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\u4e00\u5b63\u5ea6\u56de\u8d2d24\u4ebf\u7f8e\u5143\u666e\u901a\u80a1\uff1b\u6b64\u524d\u5df2\u5c06\u666e\u901a\u80a1\u80a1\u606f\u4e0a\u8c0319%\u00a0<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>\u77ed\u8bc4\uff1a<\/strong>\u672c\u5b63\u5ea6\u57fa\u672c\u9762\u5f3a\u52b2\u3002\u516c\u53f8\u521b\u4e0b\u4e00\u5b63\u5ea6\u5386\u53f2\u6700\u9ad8\u51c0\u8425\u653665\u4ebf\u7f8e\u5143\u3001\u51c0\u5229\u6da6\u7ea625\u4ebf\u7f8e\u5143\uff0c\u5e76\u5f55\u5f97\u591a\u9879\u5ba2\u6237\u53c2\u4e0e\u5ea6\u65b0\u9ad8\uff1a\u65b0\u589e130\u4e07\u4e2a\u7ecf\u7eaa\u8d26\u6237\uff0c\u5ba2\u6237\u603b\u8d44\u4ea7\u540c\u6bd4\u589e\u957f19%\u81f311.8\u4e07\u4ebf\u7f8e\u5143\u3002\u4ea4\u6613\u6d3b\u8dc3\u5ea6\u4e3a\u5173\u952e\u9a71\u52a8\u529b\uff1a\u65e5\u5747\u4ea4\u6613\u91cf\u540c\u6bd4\u5927\u589e34%\u81f3\u521b\u7eaa\u5f55\u7684990\u4e07\u7b14\uff0c\u4ea4\u6613\u6536\u5165\u589e\u957f20%\u81f310.9\u4ebf\u7f8e\u5143\uff0c\u53cd\u6620\u96f6\u552e\u5ba2\u6237\u5728\u5b8f\u89c2\u6ce2\u52a8\u73af\u5883\u4e0b\u79ef\u6781\u8c03\u4ed3\u3002\u8d44\u4ea7\u805a\u96c6\u540c\u6837\u51fa\u8272\uff1a\u6838\u5fc3\u51c0\u65b0\u589e\u8d44\u4ea7\u8fbe1400\u4ebf\u7f8e\u5143\uff08\u5254\u9664\u8ba1\u5212\u4e2d\u7684\u5171\u540c\u57fa\u91d1\u6e05\u7b97\u4e1a\u52a1\u5265\u79bb\u540e\u4e3a1580\u4ebf\u7f8e\u5143\uff09\uff1b3\u6708\u5355\u6708\u51c0\u65b0\u589e797\u4ebf\u7f8e\u5143\uff0c\u4e3a\u53f2\u4e0a\u7b2c\u4e8c\u9ad8\u6708\u5ea6\u8868\u73b0\uff1b\u7ba1\u7406\u578b\u6295\u8d44\u8d44\u91d1\u6d41\u5165\u589e\u957f46%\uff0c\u663e\u793a\u589e\u957f\u4e0d\u4ec5\u6765\u81ea\u4ea4\u6613\uff0c\u66f4\u4f53\u73b0\u94b1\u5305\u4efd\u989d\u6df1\u5316\u3002\u51c0\u5229\u606f\u6536\u5165\u4ea6\u6539\u5584\uff0c\u7f13\u89e3\u5e02\u573a\u5bf9\u5176\u201c\u73b0\u91d1\u5206\u5c42\u201d\uff08cash 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cash\uff09\u8d8b\u52bf\uff1b\uff082\uff09\u51c0\u5229\u606f\u6536\u5165\u6269\u5f20\u7684\u6301\u7eed\u6027\uff1b\uff083\uff09\u7ba1\u7406\u578b\u6295\u8d44\u8d44\u91d1\u6d41\u52a8\u80fd\u5426\u7ef4\u6301\uff1b\uff084\uff09\u52a0\u5bc6\u8d27\u5e01\u4ea4\u6613\u4e0a\u7ebf\u540e\u80fd\u5426\u5e26\u6765\u5b9e\u8d28\u6027\u7528\u6237\u53c2\u4e0e\u63d0\u5347\uff0c\u800c\u975e\u4ec5\u8425\u9500\u6548\u5e94\u3002<strong>26\u8d22\u5e74\u7b2c\u4e8c\u5b63\u5ea6\u5efa\u8bae\u4ea4\u6613\u533a\u95f4\uff1a80\u7f8e\u5143\u81f3100\u7f8e\u5143\u3002\u4e2d\u6027\u524d\u666f\u3002<\/strong>\u00a0<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>PepsiCo, Inc. (PEP)<\/strong>\u00a0<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>1Q26\u00a0Revenue:\u00a0<\/strong>$19.44B,\u00a0+8.5% YoY, beat estimates by $500M\u00a0<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>1Q26\u00a0Non-GAAP\u00a0EPS<\/strong>:\u00a0$1.61,\u00a0beat estimates by $0.06\u00a0<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>FY<\/strong><strong>26 Guidance:<\/strong>\u00a0Affirmed FY26 guidance for 2% to 4% organic revenue growth and core EPS growth of\u00a0approximately 5%\u00a0to 7% in fiscal 2026.\u00a0<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Dividend\/Share Buybacks:\u00a0<\/strong>Reaffirmed approximately $8.9B of shareholder returns in 2026, including about $7.9B in dividends and $1.0B in share repurchases.\u00a0\u00a0<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Comment:\u00a0<\/strong>The quarter was better than expected and, more importantly, the improvement was operationally credible. Revenue rose 8.5% YoY to $19.44B, while adjusted EPS reached $1.61. The headline beat was driven by a combination of affordability initiatives, product refreshes, and continued international strength. North America snacks were the key proof point. PepsiCo had cut prices on selected snack products by as much as 15%, and that appears to have worked. Reuters reported this helped drive the first volume growth in PepsiCo\u2019s North American food business in more than a year, while other coverage highlighted 2% volume growth in North American\u00a0snacks. That matters because the market had been increasingly\u00a0skeptical\u00a0that PepsiCo could restore volume without materially damaging the franchise. The company also\u00a0benefited\u00a0from product renovation and mix evolution. Management emphasized reformulations with fewer artificial ingredients, healthier positioning across key snack brands, and incremental traction from beverages such as Poppi and lower-sugar Gatorade. This supports the view that PepsiCo is not relying only on temporary\u00a0discounting, but\u00a0is also trying to reposition parts of the portfolio toward changing consumer preferences. The principal caution is margin durability. Price cuts helped demand, but they also create a higher burden on cost execution. Reuters noted that rising energy and raw material costs tied to geopolitical volatility, including the Iran conflict, remain a live risk. Investors will therefore need evidence over the next two quarters that volume recovery can persist without giving back too much on profitability. Shares reacted positively\u00a0rising\u00a02% after the release as the market responded to the beat and improving North America snack demand. The reaction was justified because this quarter directly addressed one of the core concerns on the stock, namely whether the U.S. snack turnaround was beginning to work. The setup has improved. PepsiCo delivered a better-than-expected quarter, North America snacks showed tangible volume recovery, and full-year guidance was\u00a0maintained\u00a0rather than cut. However, there is still a need to see whether the current recovery is durable once promotional comparisons normalize and input cost pressure feeds through. The key variables to monitor are North America volume progression, gross margin resilience under the lower-price strategy, beverage volume stabilization, and whether international growth continues to offset U.S. volatility.\u00a0<strong>2Q26 recommended trading range: $145\u00a0to $180. Neutral Outlook.<\/strong>\u00a0<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u767e\u4e8b\u516c\u53f8\uff08PEP)\u00a0<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>26\u8d22\u5e74\u7b2c\u4e00\u5b63\u5ea6\u8425\u6536\uff1a<\/strong>194.4\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f8.5%\uff0c\u8d85\u51fa\u9884\u671f5\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\u975e\u516c\u8ba4\u4f1a\u8ba1\u51c6\u5219\u6bcf\u80a1\u6536\u76ca\uff1a<\/strong>1.61\u7f8e\u5143\uff0c\u8d85\u51fa\u9884\u671f0.06\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\u6709\u673a\u6536\u5165\u589e\u957f2%\u20134%\uff1b\u6838\u5fc3\u6bcf\u80a1\u6536\u76ca\u589e\u957f\u7ea65%\u20137%\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>\u91cd\u75332026\u5e74\u5411\u80a1\u4e1c\u8fd4\u8fd8\u7ea689\u4ebf\u7f8e\u5143\uff0c\u5305\u62ec79\u4ebf\u7f8e\u5143\u80a1\u606f\u53ca10\u4ebf\u7f8e\u5143\u80a1\u7968\u56de\u8d2d\u00a0<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>\u77ed\u8bc4\uff1a<\/strong>\u672c\u5b63\u5ea6\u8868\u73b0\u4f18\u4e8e\u9884\u671f\uff0c\u4e14\u6539\u5584\u5177\u5907\u8fd0\u8425\u53ef\u4fe1\u5ea6\u3002\u8425\u6536\u540c\u6bd4\u589e\u957f8.5%\u81f3194.4\u4ebf\u7f8e\u5143\uff0c\u8c03\u6574\u540eEPS\u8fbe1.61\u7f8e\u5143\uff0c\u8d85\u9884\u671f\u4e3b\u56e0\u53ef\u8d1f\u62c5\u6027\u7b56\u7565\u3001\u4ea7\u54c1\u7115\u65b0\u53ca\u56fd\u9645\u5e02\u573a\u6301\u7eed\u5f3a\u52b2\u5171\u540c\u9a71\u52a8\u3002\u5317\u7f8e\u96f6\u98df\u4e1a\u52a1\u6210\u4e3a\u5173\u952e\u9a8c\u8bc1\u70b9\uff1a\u516c\u53f8\u5bf9\u90e8\u5206\u96f6\u98df\u4ea7\u54c1\u964d\u4ef7\u9ad8\u8fbe15%\uff0c\u6210\u6548\u663e\u73b0\u2014\u2014\u636e\u8def\u900f\u62a5\u9053\uff0c\u6b64\u4e3e\u63a8\u52a8\u5317\u7f8e\u98df\u54c1\u4e1a\u52a1\u5b9e\u73b0\u4e00\u5e74\u591a\u6765\u9996\u6b21\u9500\u91cf\u589e\u957f\uff0c\u5176\u4ed6\u4fe1\u6e90\u6307\u51fa\u5317\u7f8e\u96f6\u98df\u9500\u91cf\u540c\u6bd4\u589e\u957f2%\u3002\u8fd9\u4e00\u8fdb\u5c55\u81f3\u5173\u91cd\u8981\uff0c\u56e0\u5e02\u573a\u6b64\u524d\u9ad8\u5ea6\u6000\u7591\u767e\u4e8b\u80fd\u5426\u5728\u4e0d\u635f\u5bb3\u54c1\u724c\u4ef7\u503c\u7684\u524d\u63d0\u4e0b\u6062\u590d\u9500\u91cf\u3002\u540c\u65f6\uff0c\u516c\u53f8\u4ea6\u63a8\u8fdb\u4ea7\u54c1\u7ed3\u6784\u4f18\u5316\uff1a\u7ba1\u7406\u5c42\u5f3a\u8c03\u51cf\u5c11\u4eba\u5de5\u6dfb\u52a0\u5242\u3001\u5f3a\u5316\u5065\u5eb7\u5b9a\u4f4d\uff08\u5982Smartfood\u3001Off the\u00a0Eaten\u00a0Path\uff09\uff0c\u5e76\u5728\u996e\u6599\u7aef\u53d6\u5f97\u589e\u91cf\u7a81\u7834\uff08\u5982\u76ca\u751f\u5143\u82cf\u6253Poppi\u3001\u4f4e\u7cd6\u4f73\u5f97\u4e50\uff09\u3002\u8fd9\u8868\u660e\u5176\u7b56\u7565\u4e0d\u4ec5\u4f9d\u8d56\u77ed\u671f\u4fc3\u9500\uff0c\u66f4\u81f4\u529b\u4e8e\u987a\u5e94\u6d88\u8d39\u8005\u504f\u597d\u53d8\u8fc1\u3002\u4e3b\u8981\u8c28\u614e\u70b9\u5728\u4e8e\u5229\u6da6\u7387\u53ef\u6301\u7eed\u6027\uff1a\u964d\u4ef7\u867d\u523a\u6fc0\u9700\u6c42\uff0c\u4f46\u4e5f\u52a0\u91cd\u6210\u672c\u7ba1\u63a7\u538b\u529b\uff1b\u5730\u7f18\u51b2\u7a81\uff08\u5982\u4f0a\u6717\u5c40\u52bf\uff09\u63a8\u9ad8\u80fd\u6e90\u4e0e\u539f\u6750\u6599\u6210\u672c\uff0c\u6784\u6210\u6301\u7eed\u98ce\u9669\u3002\u6295\u8d44\u8005\u9700\u5728\u672a\u6765\u4e24\u5b63\u5ea6\u89c2\u5bdf\uff1a\u9500\u91cf\u590d\u82cf\u80fd\u5426\u5728\u4e0d\u663e\u8457\u4fb5\u8680\u76c8\u5229\u7684\u524d\u63d0\u4e0b\u5ef6\u7eed\u3002\u8d22\u62a5\u53d1\u5e03\u540e\u80a1\u4ef7\u4e0a\u6da82%\uff0c\u5e02\u573a\u8ba4\u53ef\u8d85\u9884\u671f\u8868\u73b0\u53ca\u5317\u7f8e\u96f6\u98df\u9700\u6c42\u56de\u6696\u2014\u2014\u6b64\u53cd\u5e94\u5408\u7406\uff0c\u56e0\u672c\u5b63\u76f4\u63a5\u56de\u5e94\u4e86\u5e02\u573a\u6838\u5fc3\u7591\u8651\uff1a\u201c\u7f8e\u56fd\u96f6\u98df\u4e1a\u52a1\u80fd\u5426\u771f\u6b63\u62d0\u5934\u5411\u4e0a\u201d\u3002\u5f53\u524d\u683c\u5c40\u5df2\u6539\u5584\uff1a\u4e1a\u7ee9\u8d85\u9884\u671f\u3001\u5317\u7f8e\u9500\u91cf\u5b9e\u8d28\u6062\u590d\u3001\u5168\u5e74\u6307\u5f15\u672a\u4e0b\u8c03\u3002\u4f46\u5c1a\u9700\u9a8c\u8bc1\u5f53\u524d\u590d\u82cf\u662f\u5426\u5177\u6301\u4e45\u6027\uff0c\u5c24\u5176\u5728\u4fc3\u9500\u57fa\u6570\u6b63\u5e38\u5316\u53ca\u6210\u672c\u538b\u529b\u4f20\u5bfc\u540e\u3002\u540e\u7eed\u5173\u952e\u53d8\u91cf\u5305\u62ec\uff1a\uff081\uff09\u5317\u7f8e\u9500\u91cf\u8d70\u52bf\uff1b\uff082\uff09\u5728\u964d\u4ef7\u7b56\u7565\u4e0b\u6bdb\u5229\u7387\u80fd\u5426\u4fdd\u6301\u97e7\u6027\uff1b\uff083\uff09\u996e\u6599\u9500\u91cf\u80fd\u5426\u4f01\u7a33\uff1b\uff084\uff09\u56fd\u9645\u589e\u957f\u662f\u5426\u7ee7\u7eed\u5bf9\u51b2\u7f8e\u56fd\u5e02\u573a\u6ce2\u52a8\u3002<strong>26\u8d22\u5e74\u7b2c\u4e8c\u5b63\u5ea6\u5efa\u8bae\u4ea4\u6613\u533a\u95f4\uff1a145\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\">\u00a0<br><strong>Netflix, Inc. (NFLX)<\/strong>\u00a0<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>1Q26\u00a0Revenue:\u00a0<\/strong>$12.25B,\u00a0+16.2% YoY, beat estimates by $80M\u00a0<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>1Q26\u00a0GAAP\u00a0EPS<\/strong>:\u00a0$1.23,\u00a0in line with estimates\u00a0<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Guidance:<\/strong>\u00a02Q26 revenue guided to $12.57B and EPS to $0.78, both below Street expectations cited in coverage. Netflix maintained FY26 revenue guidance of $50.7B to $51.7B.\u00a0<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Comment:\u00a0<\/strong>The headline quarter was strong. Revenue rose 16.2% YoY to $12.25B, while EPS of $1.23 came in well above expectations. However, the profit beat was not entirely organic. Coverage noted that results were helped by a $2.8B breakup fee tied to Netflix\u2019s abandoned attempt to\u00a0acquire\u00a0Warner Bros. Discovery assets, which materially boosted reported profitability. Underlying revenue drivers still look solid.\u00a0Recent price increases\u00a0continued membership growth, and higher ad revenue all contributed to top-line growth. Several reports also noted that Netflix expects advertising revenue to reach about $3B in 2026,\u00a0roughly double\u00a02025 levels, which\u00a0remains\u00a0a major medium-term monetization lever. The problem was guidance quality. Netflix\u2019s 2Q26 EPS guide of $0.78 came in below the\u00a0roughly $0.84\u00a0the Street was expecting, and revenue guidance of $12.57B also missed consensus. The company attributed weaker near-term profitability primarily to heavier content amortization in the second quarter, while\u00a0indicating\u00a0margins should improve in the back half of the year. There was also a governance overhang around the release. Reed Hastings announced he will not seek re-election to the board when his term ends in June 2026. This is not\u00a0a\u00a0fundamental earnings issue, but it added to the negative market reaction and reinforced the sense that this was a transitional quarter after the failed Warner Bros. transaction. Shares fell sharply\u00a0about 9%\u00a0after the release. The stock reaction was driven\u00a0mainly by\u00a0the soft 2Q26 outlook rather than the reported 1Q26 beat. The setup\u00a0remains\u00a0mixed. Netflix still has credible revenue growth drivers through pricing, ads, live content, and incremental engagement initiatives. However, the quarter did not deliver the clean operating upside that the headline EPS beat initially suggested, because the breakup fee distorted profit quality and management did not raise full-year guidance.\u00a0<strong>2Q26 recommended trading range: $90\u00a0to $130. Neutral Outlook.<\/strong>\u00a0<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Netflix,\u00a0Inc.\uff08NFLX)\u00a0<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>26\u8d22\u5e74\u7b2c\u4e00\u5b63\u5ea6\u8425\u6536\uff1a<\/strong>122.5\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f16.2%\uff0c\u8d85\u51fa\u9884\u671f8000\u4e07\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>1.23\u7f8e\u5143\uff0c\u4e0e\u9884\u671f\u57fa\u672c\u6301\u5e73\u00a0<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>26\u8d22\u5e74\u7b2c\u4e8c\u5b63\u5ea6\u6307\u5f15\uff1a<\/strong>\u8425\u6536125.7\u4ebf\u7f8e\u5143\u3001\u6bcf\u80a1\u6536\u76ca0.78\u7f8e\u5143\uff0c\u5747\u4f4e\u4e8e\u5e02\u573a\u9884\u671f\uff08EPS\u9884\u671f\u7ea60.84\u7f8e\u5143\uff09\uff1b\u5168\u5e74\u8425\u6536\u6307\u5f15\u7ef4\u6301\u5728507\u4ebf\u81f3517\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\u9876\u5c42\u8868\u73b0\u5f3a\u52b2\uff0c\u4f46\u76c8\u5229\u8d28\u91cf\u53d7\u975e\u7ecf\u8425\u6027\u9879\u76ee\u5e72\u6270\u3002\u8425\u6536\u540c\u6bd4\u589e\u957f16.2%\u81f3122.5\u4ebf\u7f8e\u5143\uff0c\u53cd\u6620\u63d0\u4ef7\u7b56\u7565\u3001\u4f1a\u5458\u589e\u957f\u53ca\u5e7f\u544a\u6536\u5165\u6301\u7eed\u8d21\u732e\u3002\u516c\u53f8\u9884\u8ba12026\u5e74\u5e7f\u544a\u6536\u5165\u5c06\u8fbe\u7ea630\u4ebf\u7f8e\u5143\uff08\u8f832025\u5e74\u7ffb\u500d\uff09\uff0c\u4ecd\u662f\u4e2d\u671f\u91cd\u8981\u53d8\u73b0\u6760\u6746\u3002\u7136\u800c\uff0cGAAP\u51c0\u5229\u6da6\u663e\u8457\u53d7\u76ca\u4e8e\u4e00\u7b1428\u4ebf\u7f8e\u5143\u7684\u7ec8\u6b62\u8d39\uff08\u56e0\u653e\u5f03\u6536\u8d2d\u534e\u7eb3\u5144\u5f1f\u63a2\u7d22\u8d44\u4ea7\uff09\uff0c\u5927\u5e45\u63a8\u9ad8\u8d26\u9762\u5229\u6da6\uff0c\u63a9\u76d6\u4e86\u6838\u5fc3\u8fd0\u8425\u76c8\u5229\u7684\u771f\u5b9e\u6c34\u5e73\u3002\u771f\u6b63\u5f15\u53d1\u5e02\u573a\u62c5\u5fe7\u7684\u662f\u524d\u77bb\u6307\u5f15\u504f\u5f31\uff1aQ2 EPS\u4e0e\u8425\u6536\u6307\u5f15\u5747\u4e0d\u53ca\u5171\u8bc6\uff0c\u7ba1\u7406\u5c42\u5f52\u56e0\u4e8e\u4e8c\u5b63\u5ea6\u5185\u5bb9\u644a\u9500\u6210\u672c\u4e0a\u5347\uff0c\u5e76\u9884\u8ba1\u5229\u6da6\u7387\u5c06\u5728\u4e0b\u534a\u5e74\u6539\u5584\u3002\u6b64\u5916\uff0c\u516c\u53f8\u5ba3\u5e03\u8054\u5408\u521b\u59cb\u4eba\u91cc\u5fb7\u00b7\u9ed1\u65af\u5ef7\u65af\uff08Reed Hastings\uff09\uff0c\u867d\u4e0d\u5f71\u54cd\u65e5\u5e38\u8fd0\u8425\uff0c\u4f46\u5728\u6536\u8d2d\u5931\u8d25\u540e\u52a0\u5267\u4e86\u201c\u8fc7\u6e21\u671f\u201d\u53d9\u4e8b\u3002\u8d22\u62a5\u53d1\u5e03\u540e\u80a1\u4ef7\u5927\u8dcc\u7ea69%\uff0c\u4e3b\u56e0\u6295\u8d44\u8005\u805a\u7126\u75b2\u8f6f\u7684Q2\u5c55\u671b\uff0c\u800c\u975e\u53d7\u4e00\u6b21\u6027\u6536\u76ca\u652f\u6491\u7684Q1\u8868\u73b0\u3002\u5f53\u524d\u683c\u5c40\u4ecd\u663e\u5206\u5316\uff1aNetflix\u5728\u5b9a\u4ef7\u3001\u5e7f\u544a\u3001\u76f4\u64ad\u5185\u5bb9\u53ca\u7528\u6237\u53c2\u4e0e\u5ea6\u65b9\u9762\u5177\u5907\u771f\u5b9e\u589e\u957f\u52a8\u529b\uff0c\u4f46\u672c\u5b63\u672a\u80fd\u63d0\u4f9b\u6e05\u6670\u7684\u6301\u7eed\u6027\u8fd0\u8425\u8d85\u9884\u671f\u8bc1\u636e\u2014\u2014\u76c8\u5229\u88ab\u7ec8\u6b62\u8d39\u626d\u66f2\uff0c\u4e14\u5168\u5e74\u6307\u5f15\u672a\u4e0a\u8c03\u3002\u540e\u7eed\u5173\u952e\u53d8\u91cf\u5305\u62ec\uff1a\uff081\uff09\u5e7f\u544a\u6536\u5165\u722c\u5761\u901f\u5ea6\uff1b\uff082\uff09\u5185\u5bb9\u644a\u9500\u538b\u529b\u662f\u5426\u5982\u671f\u5728\u4e0b\u534a\u5e74\u7f13\u89e3\uff1b\uff083\uff09\u65e0\u9ed1\u65af\u5ef7\u65af\u7684\u6cbb\u7406\u7ed3\u6784\u80fd\u5426\u7ef4\u6301\u6218\u7565\u8fde\u8d2f\u6027\u3002<strong>26\u8d22\u5e74\u7b2c\u4e8c\u5b63\u5ea6\u5efa\u8bae\u4ea4\u6613\u533a\u95f4\uff1a90\u7f8e\u5143\u81f3130\u7f8e\u5143\u3002\u4e2d\u6027\u524d\u666f\u3002<\/strong>\u00a0<\/li>\n<\/ul>\n\n\n\n<div 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(VMAX\u00a0SP)\u00a0 iFAST\u00a0Corporation Ltd. (IFAST\u00a0SP)\u00a0 ^ Back To Top Yidu\u00a0Tech, Inc. (2158\u00a0HK) \u00a0 AAC Technologies Holdings Inc. (2018\u00a0HK)\u00a0 ^ Back To Top Taiwan Semiconductor Manufacturing Company Limited (TSM)\u00a0 \u53f0\u79ef\u7535\uff08TSM)\u00a0 The Charles Schwab Corporation (SCHW)\u00a0 \u5609\u4fe1\u7406\u8d22\uff08SCHW)\u00a0 PepsiCo, Inc. (PEP)\u00a0 [&hellip;]<\/p>\n","protected":false},"author":1,"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-87945","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":"admin","author_link":"https:\/\/www.kgieworld.sg\/research\/author\/admin\/"},"uagb_comment_info":0,"uagb_excerpt":"United States | Singapore | Hong Kong | Earnings Apple\u00a0Inc\u00a0(AAPL\u00a0US) Arm Holdings\u00a0plc.\u00a0(ARM\u00a0US)\u00a0 ^ Back To Top Valuemax\u00a0Group Ltd. (VMAX\u00a0SP)\u00a0 iFAST\u00a0Corporation Ltd. (IFAST\u00a0SP)\u00a0 ^ Back To Top Yidu\u00a0Tech, Inc. (2158\u00a0HK) \u00a0 AAC Technologies Holdings Inc. (2018\u00a0HK)\u00a0 ^ Back To Top Taiwan Semiconductor Manufacturing Company Limited (TSM)\u00a0 \u53f0\u79ef\u7535\uff08TSM)\u00a0 The Charles Schwab Corporation (SCHW)\u00a0 \u5609\u4fe1\u7406\u8d22\uff08SCHW)\u00a0 PepsiCo, Inc. (PEP)\u00a0&hellip;","_links":{"self":[{"href":"https:\/\/www.kgieworld.sg\/research\/wp-json\/wp\/v2\/posts\/87945","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\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.kgieworld.sg\/research\/wp-json\/wp\/v2\/comments?post=87945"}],"version-history":[{"count":0,"href":"https:\/\/www.kgieworld.sg\/research\/wp-json\/wp\/v2\/posts\/87945\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.kgieworld.sg\/research\/wp-json\/wp\/v2\/media?parent=87945"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.kgieworld.sg\/research\/wp-json\/wp\/v2\/categories?post=87945"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.kgieworld.sg\/research\/wp-json\/wp\/v2\/tags?post=87945"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}