{"id":89542,"date":"2026-05-04T08:21:25","date_gmt":"2026-05-04T00:21:25","guid":{"rendered":"https:\/\/www.kgieworld.sg\/research\/?p=88507"},"modified":"2026-05-04T08:21:25","modified_gmt":"2026-05-04T00:21:25","slug":"technical-analysis-4-may-2026","status":"publish","type":"post","link":"https:\/\/www.kgieworld.sg\/research\/technical-analysis-4-may-2026\/","title":{"rendered":"Technical Analysis &#8211; 4 May 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\">NetApp, Inc\u00a0(NTAP\u00a0US)<\/h3>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/05\/image-19.png\" alt=\"\" class=\"wp-image-88539\"\/><\/figure>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Shares closed above the\u00a05dEMA.\u00a0<\/li>\n\n\n\n<li>Both RSI and MACD are constructive.\u00a0<\/li>\n\n\n\n<li><strong>Long \u2013 Entry\u00a0111,\u00a0Target\u00a0125,\u00a0Stop\u00a0104<\/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\">Optical Cable Corporation\u00a0(OCC\u00a0US)\u00a0<\/h3>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/05\/image-20.png\" alt=\"\" class=\"wp-image-88540\"\/><\/figure>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Shares closed\u00a0above\u00a0the 5dEMA\u00a0with rising\u00a0volume.\u00a0\u00a0<\/li>\n\n\n\n<li>Both RSI and MACD are constructive.\u00a0<\/li>\n\n\n\n<li><strong>Long \u2013 Entry\u00a011,\u00a0Target\u00a013,\u00a0Stop\u00a010<\/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 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\">Taka Jewellery Holdings Ltd.\u00a0(TAKA\u00a0SP)\u00a0<\/h3>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/05\/image.png\" alt=\"\" class=\"wp-image-88510\"\/><\/figure>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Shares closed\u00a0above 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>Buy\u00a0\u2013 Entry\u00a00.200,\u00a0Target\u00a00.230,\u00a0Stop\u00a00.185<\/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\">NTT DC REIT\u00a0(NTTDCR\u00a0SP)\u00a0<\/h3>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/05\/image-1.png\" alt=\"\" class=\"wp-image-88511\"\/><\/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\u00a00.98,\u00a0Target\u00a01.06,\u00a0Stop\u00a00.94<\/strong>\u00a0\u00a0\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\">China Resources Beer (Holdings) Co. Ltd. (291\u00a0HK) \u00a0<\/h3>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/05\/image-2.png\" alt=\"\" class=\"wp-image-88512\"\/><\/figure>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Shares closed above the 100dEMA with a jump in volume.\u00a0<\/li>\n\n\n\n<li>RSI is constructive\u00a0and\u00a0MACD\u00a0turned\u00a0positive.\u00a0<\/li>\n\n\n\n<li><strong>Long\u00a0<\/strong>\u2013\u00a0<strong>Entry\u00a026.4,\u00a0Target\u00a028.4,\u00a0Stop\u00a025.4<\/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\">China Mengniu Dairy Company Ltd. (2319\u00a0HK)\u00a0<\/h3>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"903\" height=\"534\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/05\/image-3.png\" alt=\"\" class=\"wp-image-88513\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/05\/image-3.png 903w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/05\/image-3-300x177.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/05\/image-3-768x454.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 a surge in volume.\u00a0<\/li>\n\n\n\n<li>RSI is constructive and MACD turned positive.\u00a0<\/li>\n\n\n\n<li><strong>Long \u2013 Entry\u00a017.0,\u00a0Target\u00a018.0, Stop\u00a016.5<\/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>Colgate-Palmolive Company (CL)<\/strong>\u00a0<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>1Q26\u00a0Revenue:\u00a0<\/strong>$5.32B,\u00a0+8.4% YoY,\u00a0beat\u00a0estimates\u00a0by $100M\u00a0<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>1Q26\u00a0Non-GAAP\u00a0EPS<\/strong>:\u00a0$0.97,\u00a0beat estimates by $0.03\u00a0<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>FY<\/strong><strong>26\u00a0Guidance:<\/strong>\u00a0Maintained FY26 net sales growth guidance of 2% to 6%, organic sales growth of 1% to 4%, and base business EPS growth in the low to mid-single digits.\u00a0<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Comment:\u00a0<\/strong>The quarter was solid, with better-than-expected sales and earnings supported by international strength. Net sales rose 8.4%, organic sales grew 2.9%, and volume was positive globally even as North America remained softer. Cash flow from operations was $747M in the first three months of 2026, which keeps the balance sheet and capital return profile stable. The main issue is cost pressure rather than demand. Gross margin slipped 20 bps to 60.6%, and management now expects about $300M of\u00a0additional\u00a0raw material and\u00a0logistics\u00a0costs this year, which was enough to pressure the full-year gross margin outlook even though sales and EPS guidance were\u00a0maintained. That suggests execution\u00a0remains\u00a0sound, but margin expansion is no longer the near-term support it had been. The stock reaction was constructive, with shares up about 3% after the release. The principal variables to monitor are whether North America stabilizes, whether emerging-market strength continues to offset softer U.S. trends, and how much of the cost inflation can be recovered through mix, productivity, and selective pricing.\u00a0<strong>2Q26\u00a0recommended trading range: $82\u00a0to $95.\u00a0Neutral\u00a0Outlook.<\/strong>\u00a0<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u9ad8\u9732\u6d01-\u68d5\u6984\u516c\u53f8\uff08CL)\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>53.2\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f8.4%\uff0c\u8d85\u51fa\u9884\u671f1\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>0.97\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>\u7ef4\u6301\u51c0\u9500\u552e\u989d\u589e\u957f2%\u20136%\u3001\u6709\u673a\u9500\u552e\u589e\u957f1%\u20134%\u3001\u6838\u5fc3\u4e1a\u52a1\u6bcf\u80a1\u6536\u76ca\u4f4e\u81f3\u4e2d\u4e2a\u4f4d\u6570\u589e\u957f\u7684\u6307\u5f15\u4e0d\u53d8\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\u7a33\u5065\uff0c\u8d85\u9884\u671f\u7684\u9500\u552e\u4e0e\u76c8\u5229\u4e3b\u8981\u53d7\u56fd\u9645\u5e02\u573a\u5f3a\u52b2\u63a8\u52a8\u3002\u51c0\u9500\u552e\u989d\u589e\u957f8.4%\uff0c\u6709\u673a\u9500\u552e\u589e\u957f2.9%\uff0c\u5168\u7403\u9500\u91cf\u5b9e\u73b0\u6b63\u589e\u957f\uff0c\u5c3d\u7ba1\u5317\u7f8e\u5e02\u573a\u4ecd\u663e\u75b2\u8f6f\u30022026\u5e74\u524d\u4e09\u4e2a\u6708\u7ecf\u8425\u6d3b\u52a8\u73b0\u91d1\u6d41\u8fbe7.47\u4ebf\u7f8e\u5143\uff0c\u652f\u6491\u8d44\u4ea7\u8d1f\u503a\u8868\u7a33\u5065\u53ca\u6301\u7eed\u8d44\u672c\u8fd4\u8fd8\u80fd\u529b\u3002\u5f53\u524d\u4e3b\u8981\u538b\u529b\u5e76\u975e\u6765\u81ea\u9700\u6c42\uff0c\u800c\u662f\u6210\u672c\u7aef\uff1a\u6bdb\u5229\u7387\u540c\u6bd4\u4e0b\u6ed120\u4e2a\u57fa\u70b9\u81f360.6%\uff1b\u7ba1\u7406\u5c42\u9884\u8ba12026\u5e74\u5c06\u9762\u4e34\u7ea63\u4ebf\u7f8e\u5143\u7684\u989d\u5916\u539f\u6750\u6599\u4e0e\u7269\u6d41\u6210\u672c\uff0c\u8db3\u4ee5\u62d6\u7d2f\u5168\u5e74\u6bdb\u5229\u7387\u524d\u666f\uff0c\u5c3d\u7ba1\u9500\u552e\u4e0eEPS\u6307\u5f15\u672a\u4e0b\u8c03\u3002\u8fd9\u8868\u660e\u516c\u53f8\u6267\u884c\u4f9d\u7136\u624e\u5b9e\uff0c\u4f46\u5229\u6da6\u7387\u6269\u5f20\u5df2\u4e0d\u518d\u662f\u8fd1\u7aef\u652f\u6491\u56e0\u7d20\u3002\u8d22\u62a5\u53d1\u5e03\u540e\u80a1\u4ef7\u4e0a\u6da8\u7ea63%\uff0c\u53cd\u5e94\u79ef\u6781\u3002\u540e\u7eed\u5173\u952e\u53d8\u91cf\u5305\u62ec\uff1a\uff081\uff09\u5317\u7f8e\u4e1a\u52a1\u80fd\u5426\u4f01\u7a33\uff1b\uff082\uff09\u65b0\u5174\u5e02\u573a\u5f3a\u52bf\u662f\u5426\u6301\u7eed\u5bf9\u51b2\u7f8e\u56fd\u75b2\u8f6f\uff1b\uff083\uff09\u901a\u8fc7\u4ea7\u54c1\u7ec4\u5408\u4f18\u5316\u3001\u751f\u4ea7\u6548\u7387\u63d0\u5347\u53ca\u9009\u62e9\u6027\u63d0\u4ef7\uff0c\u80fd\u5728\u591a\u5927\u7a0b\u5ea6\u4e0a\u8f6c\u5ac1\u6210\u672c\u901a\u80c0\u3002<strong>26\u8d22\u5e74\u7b2c\u4e8c\u5b63\u5ea6\u5efa\u8bae\u4ea4\u6613\u533a\u95f4\uff1a82\u7f8e\u5143\u81f395\u7f8e\u5143\u3002\u4e2d\u6027\u524d\u666f\u3002<\/strong>\u00a0<br>\u00a0<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>The Est\u00e9e Lauder Companies Inc. (EL)<\/strong>\u00a0<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>3Q26\u00a0Revenue:\u00a0<\/strong>$3.71B,\u00a0+4.5% YoY,\u00a0beat\u00a0estimates by $20M\u00a0<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>3Q26\u00a0Non-GAAP\u00a0EPS<\/strong>:\u00a0$0.91,\u00a0beat\u00a0estimates by\u00a0$0.26\u00a0<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>FY26<\/strong><strong>\u00a0Guidance:<\/strong>\u00a0Raised FY26 outlook. The company now expects organic net sales growth at the upper end of its prior 1% to 3% range and adjusted EPS of $2.35 to $2.45, up from $2.05 to $2.25.\u00a0<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Comment:\u00a0<\/strong>This was a better-than-expected quarter and one of the clearest signs yet that the turnaround is gaining traction. Net sales grew across key categories, adjusted operating margin improved to 15.0% from 11.4%, and management lifted the full-year outlook. The margin improvement is important because it suggests the recovery is not only revenue-led, but also\u00a0benefiting\u00a0from better mix, cost actions, and restructuring progress. The key positives\u00a0appear to be\u00a0stronger premium product performance, better execution in China and Europe, and accelerating savings under the restructuring plan. Management also expanded the restructuring program, taking expected total job reductions to 9,000 to 10,000 and targeting up to $1.2B of annual savings, which should support profitability if execution\u00a0remains\u00a0disciplined. The main issue is that the business is still in recovery mode rather than fully stabilized. Reported operating income and GAAP EPS\u00a0remain\u00a0pressured by restructuring and other charges, and near-term sales still face some geopolitical and channel-related noise. The principal variables to monitor are China demand durability, skincare momentum, the pace of savings realization, and whether margin improvement can continue into FY27 without relying too heavily on cost cuts.\u00a0<strong>4Q26 recommended trading range: $70\u00a0to $100.\u00a0Positive\u00a0Outlook.<\/strong>\u00a0<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u96c5\u8bd7\u5170\u9edb\u516c\u53f8\uff08EL<\/strong><strong>)<\/strong>\u00a0<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>26\u8d22\u5e74\u7b2c\u4e09\u5b63\u5ea6\u8425\u6536\uff1a<\/strong>37.1\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f4.5%\uff0c\u8d85\u51fa\u9884\u671f2000\u4e07\u7f8e\u5143\u00a0<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>26\u8d22\u5e74\u7b2c\u4e09\u5b63\u5ea6\u975e\u516c\u8ba4\u4f1a\u8ba1\u51c6\u5219\u6bcf\u80a1\u6536\u76ca\uff1a<\/strong>0.91\u7f8e\u5143\uff0c\u5927\u5e45\u8d85\u51fa\u9884\u671f0.26\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>\u4e0a\u8c03\u5168\u5e74\u5c55\u671b\uff0c\u9884\u8ba1\u6709\u673a\u51c0\u9500\u552e\u989d\u589e\u957f\u5c06\u8fbe\u6b64\u524d1%\u20133%\u533a\u95f4\u7684\u9ad8\u7aef\uff0c\u8c03\u6574\u540e\u6bcf\u80a1\u6536\u76ca2.35\u20132.45\u7f8e\u5143\uff08\u539f\u4e3a2.05\u20132.25\u7f8e\u5143\uff09\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\u662f\u8f6c\u578b\u521d\u89c1\u6210\u6548\u7684\u6700\u6e05\u6670\u4fe1\u53f7\u4e4b\u4e00\u3002\u6838\u5fc3\u54c1\u7c7b\u9500\u552e\u5168\u9762\u589e\u957f\uff0c\u8c03\u6574\u540e\u8425\u4e1a\u5229\u6da6\u7387\u4ece11.4%\u663e\u8457\u63d0\u5347\u81f315.0%\uff0c\u7ba1\u7406\u5c42\u540c\u6b65\u4e0a\u8c03\u5168\u5e74\u6307\u5f15\u3002\u5229\u6da6\u7387\u6539\u5584\u5c24\u4e3a\u5173\u952e\uff0c\u8868\u660e\u590d\u82cf\u4e0d\u4ec5\u7531\u6536\u5165\u9a71\u52a8\uff0c\u66f4\u53d7\u76ca\u4e8e\u4ea7\u54c1\u7ec4\u5408\u4f18\u5316\u3001\u6210\u672c\u7ba1\u63a7\u53ca\u91cd\u7ec4\u8ba1\u5212\u63a8\u8fdb\u3002\u4e3b\u8981\u79ef\u6781\u56e0\u7d20\u5305\u62ec\uff1a\u9ad8\u7aef\u4ea7\u54c1\u8868\u73b0\u5f3a\u52b2\u3001\u4e2d\u56fd\u4e0e\u6b27\u6d32\u5e02\u573a\u6267\u884c\u529b\u63d0\u5347\uff0c\u4ee5\u53ca\u91cd\u7ec4\u8ba1\u5212\u4e0b\u8282\u7ea6\u6548\u5e94\u52a0\u901f\u5151\u73b0\u3002\u516c\u53f8\u8fdb\u4e00\u6b65\u6269\u5927\u91cd\u7ec4\u89c4\u6a21\uff0c\u9884\u8ba1\u88c1\u54589000\u201310000\u4eba\uff0c\u76ee\u6807\u5b9e\u73b0\u6bcf\u5e74\u6700\u9ad812\u4ebf\u7f8e\u5143\u7684\u6210\u672c\u8282\u7ea6\uff0c\u82e5\u6267\u884c\u4fdd\u6301\u7eaa\u5f8b\uff0c\u5c06\u6709\u529b\u652f\u6491\u957f\u671f\u76c8\u5229\u80fd\u529b\u3002\u5f53\u524d\u6311\u6218\u5728\u4e8e\u4e1a\u52a1\u4ecd\u5904\u590d\u82cf\u9636\u6bb5\uff0c\u5c1a\u672a\u5b8c\u5168\u4f01\u7a33\uff1aGAAP\u8425\u4e1a\u5229\u6da6\u4e0eEPS\u4ecd\u53d7\u91cd\u7ec4\u53ca\u5176\u4ed6\u4e00\u6b21\u6027\u8d39\u7528\u62d6\u7d2f\uff0c\u4e14\u8fd1\u7aef\u9500\u552e\u4ecd\u9762\u4e34\u5730\u7f18\u653f\u6cbb\u4e0e\u6e20\u9053\u6ce2\u52a8\u5e72\u6270\u3002\u540e\u7eed\u5173\u952e\u53d8\u91cf\u5305\u62ec\uff1a\uff081\uff09\u4e2d\u56fd\u5e02\u573a\u9700\u6c42\u80fd\u5426\u6301\u7eed\u56de\u6696\uff1b\uff082\uff09\u62a4\u80a4\u54c1\u7c7b\u589e\u957f\u52a8\u80fd\u662f\u5426\u5ef6\u7eed\uff1b\uff083\uff09\u6210\u672c\u8282\u7ea6\u76ee\u6807\u7684\u5151\u73b0\u8282\u594f\uff1b\uff084\uff0927\u8d22\u5e74\u5229\u6da6\u7387\u80fd\u5426\u5728\u4e0d\u8fc7\u5ea6\u4f9d\u8d56\u524a\u51cf\u5f00\u652f\u7684\u524d\u63d0\u4e0b\u7ee7\u7eed\u6539\u5584\u3002<strong>26\u8d22\u5e74\u7b2c\u56db\u5b63\u5ea6\u5efa\u8bae\u4ea4\u6613\u533a\u95f4\uff1a70\u7f8e\u5143\u81f3100\u7f8e\u5143\u3002\u79ef\u6781\u524d\u666f\u3002<\/strong>\u00a0<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Linde plc (LIN)<\/strong>\u00a0<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>1Q26\u00a0Revenue:\u00a0<\/strong>$8.8B,\u00a0+8.6% YoY,\u00a0beat\u00a0estimates\u00a0by $200M.\u00a0<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>1Q26\u00a0GAAP\u00a0EPS<\/strong>:\u00a0$4.33,\u00a0beat estimates by\u00a0$0.06\u00a0<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>2Q<\/strong><strong>26 Guidance:<\/strong>\u00a02Q26 adjusted EPS guidance is $4.40 to $4.50.\u00a0\u00a0<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>FY26 Guidance:\u00a0<\/strong>Raised FY26 adjusted EPS guidance to $17.60 to $17.90 from $17.40 to $17.90 previously.\u00a0Full-year capex is expected at $5.0B to $5.5B.\u00a0Full-year capex is expected at $5.0B to $5.5B.\u00a0\u00a0<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Dividend:\u00a0<\/strong>Declared a second-quarter 2026 dividend.\u00a0<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Comment:\u00a0<\/strong>This was\u00a0another steady\u00a0quarter. Underlying sales grew 3%, supported by 2% price attainment and 1% volume growth, while adjusted operating margin reached 30.0%. That combination\u00a0indicates\u00a0Linde is still executing well on pricing, productivity, and mix despite a mixed industrial backdrop. The main positive is consistency. Healthcare and food and beverage remained resilient, project backlog stayed substantial at $7.1B,\u00a0and\u00a0management raised the low end of full-year\u00a0EPS\u00a0guidance. The business continues to\u00a0benefit\u00a0from long-term contracts\u00a0and\u00a0defensive end-market exposure, which tends to reduce earnings volatility\u00a0relative\u00a0to\u00a0most industrial names. The main limitation is that the quarter did not materially change the debate around valuation. The business is performing well, but\u00a0expectations\u00a0for Linde are already high because it is viewed as one of the highest-quality industrial compounders.\u00a0The principal variables to monitor are\u00a0pricing\u00a0durability,\u00a0project-start timing, helium supply tightness, and whether\u00a0underlying sales growth\u00a0can\u00a0accelerate beyond the low-single-digit range.\u00a0The stock reaction was constructive, with shares rising about 2.9% after the release.\u00a0<strong>2Q26 recommended trading range: $480\u00a0to $550.\u00a0Neutral\u00a0Outlook.<\/strong>\u00a0<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u6797\u5fb7\u96c6\u56e2\uff08LIN<\/strong><strong>)<\/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>88\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f8.6%\uff0c\u8d85\u51fa\u9884\u671f2\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>4.33\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\u7b2c\u4e8c\u5b63\u5ea6\u6307\u5f15\uff1a<\/strong>\u8c03\u6574\u540e\u6bcf\u80a1\u6536\u76ca4.40\u20134.50\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>\u4e0a\u8c03\u8c03\u6574\u540eEPS\u81f317.60\u201317.90\u7f8e\u5143\uff08\u6b64\u524d\u4e3a17.40\u201317.90\u7f8e\u5143\uff09\uff1b\u5168\u5e74\u8d44\u672c\u652f\u51fa\u9884\u8ba150\u4ebf\u201355\u4ebf\u7f8e\u5143\u00a0<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>\u80a1\u606f\uff1a<\/strong>\u5ba3\u5e032026\u5e74\u7b2c\u4e8c\u5b63\u5ea6\u80a1\u606f\u00a0<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>\u77ed\u8bc4\uff1a<\/strong>\u672c\u5b63\u5ea6\u5ef6\u7eed\u4e00\u8d2f\u7a33\u5065\u8868\u73b0\u3002\u5185\u751f\u9500\u552e\u989d\u589e\u957f3%\uff08\u4ef7\u683c\u8d21\u732e2%\u3001\u9500\u91cf\u589e\u957f1%\uff09\uff0c\u8c03\u6574\u540e\u8425\u4e1a\u5229\u6da6\u7387\u8fbe30.0%\uff0c\u663e\u793a\u5728\u5de5\u4e1a\u9700\u6c42\u5206\u5316\u80cc\u666f\u4e0b\uff0c\u516c\u53f8\u4ecd\u5728\u5b9a\u4ef7\u3001\u751f\u4ea7\u6548\u7387\u4e0e\u4ea7\u54c1\u7ec4\u5408\u4f18\u5316\u4e0a\u6267\u884c\u51fa\u8272\u3002\u6838\u5fc3\u4f18\u52bf\u5728\u4e8e\u4e1a\u52a1\u97e7\u6027\u4e0e\u4e00\u81f4\u6027\uff1a\u533b\u7597\u4fdd\u5065\u53ca\u98df\u54c1\u996e\u6599\u7b49\u9632\u5fa1\u6027\u7ec8\u7aef\u5e02\u573a\u4fdd\u6301\u7a33\u5065\uff0c\u9879\u76ee\u79ef\u538b\u8ba2\u5355\u7ef4\u6301\u572871\u4ebf\u7f8e\u5143\u9ad8\u4f4d\uff0c\u7ba1\u7406\u5c42\u5c0f\u5e45\u4e0a\u8c03\u5168\u5e74EPS\u6307\u5f15\u4e0b\u9650\u3002\u4f9d\u6258\u957f\u671f\u5408\u540c\u4e0e\u6297\u5468\u671f\u7ec8\u7aef\u5e03\u5c40\uff0c\u6797\u5fb7\u76c8\u5229\u6ce2\u52a8\u6027\u663e\u8457\u4f4e\u4e8e\u591a\u6570\u5de5\u4e1a\u80a1\u3002\u4e3b\u8981\u5c40\u9650\u5728\u4e8e\u4f30\u503c\u5df2\u5145\u5206\u53cd\u6620\u4f18\u8d28\u5c5e\u6027\u2014\u2014\u5c3d\u7ba1\u8fd0\u8425\u4f18\u5f02\uff0c\u4f46\u4f5c\u4e3a\u5e02\u573a\u516c\u8ba4\u7684\u9ad8\u8d28\u5de5\u4e1a\u590d\u5229\u9f99\u5934\uff0c\u6295\u8d44\u8005\u5bf9\u5176\u9884\u671f\u672c\u5c31\u504f\u9ad8\uff0c\u672c\u5b63\u672a\u5e26\u6765\u8db3\u4ee5\u6539\u53d8\u4f30\u503c\u8fa9\u8bba\u7684\u65b0\u50ac\u5316\u5242\u3002\u540e\u7eed\u5173\u952e\u53d8\u91cf\u5305\u62ec\uff1a\uff081\uff09\u5b9a\u4ef7\u80fd\u529b\u80fd\u5426\u6301\u7eed\uff1b\uff082\uff09\u5927\u578b\u9879\u76ee\u542f\u52a8\u8282\u594f\uff1b\uff083\uff09\u6c26\u6c14\u4f9b\u5e94\u7d27\u5f20\u5bf9\u5229\u6da6\u7684\u652f\u6491\uff1b\uff084\uff09\u5185\u751f\u9500\u552e\u589e\u901f\u80fd\u5426\u7a81\u7834\u4f4e\u4e2a\u4f4d\u6570\u533a\u95f4\u3002\u8d22\u62a5\u53d1\u5e03\u540e\u80a1\u4ef7\u4e0a\u6da8\u7ea62.9%\uff0c\u53cd\u5e94\u79ef\u6781\u3002<strong>26\u8d22\u5e74\u7b2c\u4e8c\u5b63\u5ea6\u5efa\u8bae\u4ea4\u6613\u533a\u95f4\uff1a480\u7f8e\u5143\u81f3550\u7f8e\u5143\u3002\u4e2d\u6027\u524d\u666f\u3002<\/strong>\u00a0<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Chevron Corporation (CVX)<\/strong>\u00a0<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>1Q26\u00a0Revenue:\u00a0<\/strong>$48.61B,\u00a0+2.1% YoY,\u00a0miss\u00a0estimates by\u00a0$4.09B\u00a0<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>1Q26\u00a0Non-GAAP\u00a0EPS<\/strong>:\u00a0$1.41,\u00a0beat estimates by\u00a0$0.44\u00a0<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>FY<\/strong><strong>26 Guidance:<\/strong>\u00a0Chevron kept its capital return and operating framework broadly unchanged. The company continues to target 7% to 10% production growth in 2026, capex of $18B to $19B, and buybacks of $2.5B to $3.0B per quarter.\u00a0<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Dividends\/Share Buybacks:\u00a0<\/strong>Declared a quarterly dividend of $1.78 per share. Chevron repurchased $2.5B of shares in 1Q26 and returned $6.0B total cash to shareholders, including $3.5B of dividends.\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 on earnings, but the mix was uneven. Upstream earnings were strong, supported by higher oil prices and solid production growth, with worldwide production up 15% YoY and U.S. production up 24% YoY. At the same time, downstream posted a loss,\u00a0largely due to\u00a0timing effects in derivatives and weaker refining-related conversion.\u00a0Cash generation was softer than the EPS beat implies. Free cash flow turned negative in the quarter, while part of the downstream weakness should unwind next quarter if timing effects reverse. The company did not change its broader capital allocation posture, which suggests management is treating the current oil-price backdrop as supportive but not a reason to become more aggressive. The stock reaction was muted, which is understandable. The principal variables to monitor are oil-price durability, downstream normalization in 2Q26, Kazakhstan ramp and production consistency, and whether free cash flow improves enough to better support the current buyback pace.\u00a0<strong>2Q26 recommended trading range: $170\u00a0to $220.\u00a0Neutral\u00a0Outlook.<\/strong>\u00a0<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u96ea\u4f5b\u9f99\u516c\u53f8\uff08CVX<\/strong><strong>)<\/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>486.1\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f2.1%\uff0c\u4f4e\u4e8e\u9884\u671f40.9\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>1.41\u7f8e\u5143\uff0c\u5927\u5e45\u8d85\u51fa\u9884\u671f0.44\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>\u7ef4\u6301\u8d44\u672c\u652f\u51fa180\u4ebf\u2013190\u4ebf\u7f8e\u5143\u30012026\u5e74\u4ea7\u91cf\u589e\u957f7%\u201310%\u3001\u6bcf\u5b63\u5ea6\u56de\u8d2d25\u4ebf\u201330\u4ebf\u7f8e\u5143\u7684\u6846\u67b6\u4e0d\u53d8\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\u80a11.78\u7f8e\u5143\uff1b\u7b2c\u4e00\u5b63\u5ea6\u56de\u8d2d25\u4ebf\u7f8e\u5143\u80a1\u7968\uff0c\u603b\u8ba1\u5411\u80a1\u4e1c\u8fd4\u8fd860\u4ebf\u7f8e\u5143\uff08\u542b35\u4ebf\u7f8e\u5143\u80a1\u606f\uff09\u00a0<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>\u77ed\u8bc4\uff1a<\/strong>\u672c\u5b63\u5ea6\u76c8\u5229\u8868\u73b0\u4f18\u4e8e\u9884\u671f\uff0c\u4f46\u4e1a\u52a1\u7ec4\u5408\u8868\u73b0\u5206\u5316\u660e\u663e\u3002\u4e0a\u6e38\u4e1a\u52a1\u5f3a\u52b2\uff0c\u53d7\u76ca\u4e8e\u6cb9\u4ef7\u9ad8\u4f01\u53ca\u4ea7\u91cf\u663e\u8457\u589e\u957f\u2014\u2014\u5168\u7403\u4ea7\u91cf\u540c\u6bd4+15%\uff0c\u7f8e\u56fd\u672c\u571f\u4ea7\u91cf+24%\uff1b\u800c\u4e0b\u6e38\u4e1a\u52a1\u5f55\u5f97\u4e8f\u635f\uff0c\u4e3b\u56e0\u884d\u751f\u54c1\u4f1a\u8ba1\u65f6\u70b9\u5f71\u54cd\u53ca\u70bc\u6cb9\u8f6c\u5316\u5229\u6da6\u75b2\u8f6f\u3002\u5c3d\u7ba1EPS\u8d85\u9884\u671f\uff0c\u81ea\u7531\u73b0\u91d1\u6d41\u5b9e\u9645\u8f6c\u4e3a\u8d1f\u503c\uff0c\u663e\u793a\u76c8\u5229\u8d28\u91cf\u53d7\u975e\u73b0\u91d1\u6216\u4e34\u65f6\u6027\u56e0\u7d20\u652f\u6491\uff1b\u90e8\u5206\u4e0b\u6e38\u62d6\u7d2f\u9884\u8ba1\u5c06\u5728Q2\u968f\u884d\u751f\u54c1\u65f6\u70b9\u53cd\u8f6c\u800c\u7f13\u89e3\u3002\u516c\u53f8\u672a\u8c03\u6574\u8d44\u672c\u914d\u7f6e\u7b56\u7565\uff0c\u8868\u660e\u7ba1\u7406\u5c42\u89c6\u5f53\u524d\u6cb9\u4ef7\u73af\u5883\u4e3a\u201c\u6709\u5229\u4f46\u975e\u6fc0\u8fdb\u6269\u5f20\u7406\u7531\u201d\uff0c\u5ef6\u7eed\u7eaa\u5f8b\u6027\u56de\u62a5\u80a1\u4e1c\u8def\u5f84\u3002\u8d22\u62a5\u53d1\u5e03\u540e\u80a1\u4ef7\u53cd\u5e94\u5e73\u6de1\uff0c\u7b26\u5408\u903b\u8f91\u3002\u540e\u7eed\u5173\u952e\u53d8\u91cf\u5305\u62ec\uff1a\uff081\uff09\u6cb9\u4ef7\u80fd\u5426\u7ef4\u6301\u9ad8\u4f4d\uff1b\uff082\uff09Q2\u4e0b\u6e38\u4e1a\u52a1\u662f\u5426\u6b63\u5e38\u5316\uff1b\uff083\uff09\u54c8\u8428\u514b\u65af\u5766\u9879\u76ee\u722c\u4ea7\u53ca\u6574\u4f53\u4ea7\u91cf\u7a33\u5b9a\u6027\uff1b\uff084\uff09\u81ea\u7531\u73b0\u91d1\u6d41\u80fd\u5426\u6539\u5584\u4ee5\u66f4\u597d\u652f\u6491\u5f53\u524d\u56de\u8d2d\u8282\u594f\u3002<strong>26\u8d22\u5e74\u7b2c\u4e8c\u5b63\u5ea6\u5efa\u8bae\u4ea4\u6613\u533a\u95f4\uff1a170\u7f8e\u5143\u81f3220\u7f8e\u5143\u3002\u4e2d\u6027\u524d\u666f\u3002<\/strong>\u00a0<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Exxon Mobil Corp. (XOM)<\/strong>\u00a0<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>1Q26\u00a0Revenue:\u00a0<\/strong>$85.14B,\u00a0+2.4% YoY\u00a0<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>1Q26\u00a0Non-GAAP\u00a0EPS<\/strong>:\u00a0$1.16,\u00a0beat estimates by\u00a0$0.15\u00a0<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>FY<\/strong><strong>26 Guidance:<\/strong>\u00a0Expect\u00a0upstream production\u00a0of\u00a0about\u00a04.9Moebd,\u00a0Permian\u00a0production of\u00a0about\u00a01.8Moebd\u00a0and\u00a0a\u00a0non-GAAP cash capex of\u00a0$27-29B.\u00a0<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Comment:\u00a0<\/strong>Exxon Mobil reported adjusted first-quarter earnings of US$1.16 per share, beating expectations of US$1.00, but net income fell to US$4.2bn\u00a0from US$7.7bn\u00a0a year earlier, its weakest level since 2021, due to Middle East shipment disruptions and derivative-related timing losses. Higher oil prices and stronger production from the Permian Basin and Guyana helped offset some pressure, but Exxon recorded a US$700mn\u00a0loss from undelivered cargoes, while downstream results swung to a US$1.3bn\u00a0loss due to timing impacts. Free cash flow declined to US$2.7bn, though the company still returned significant capital through US$4.3bn\u00a0in dividends and US$4.9bn\u00a0in buybacks. Looking ahead, Exxon\u00a0remains\u00a0structurally strong given its low-cost Permian and Guyana growth assets, but near-term earnings could stay volatile if Middle East disruptions persist, especially given its\u00a0relatively high\u00a0regional exposure and the risk of further production losses if the Strait of Hormuz\u00a0remains\u00a0impaired.\u00a0<strong>2Q26 recommended trading range: $140 to $180.\u00a0Neutral\u00a0Outlook.<\/strong>\u00a0<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u57c3\u514b\u68ee\u7f8e\u5b5a\u516c\u53f8 (XOM<\/strong><strong>)<\/strong>\u00a0<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>26<\/strong><strong>\u8d22\u5e74\u7b2c\u4e00\u5b63\u5ea6\u8425\u6536\uff1a<\/strong>851.4\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f2.4%\u00a0<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>26<\/strong><strong>\u8d22\u5e74\u7b2c\u4e00\u5b63\u5ea6<\/strong><strong>Non-GAAP<\/strong><strong>\u6bcf\u80a1\u6536\u76ca\uff1a<\/strong>1.16\u7f8e\u5143\uff0c\u8d85\u51fa\u9884\u671f0.15\u7f8e\u5143\u00a0<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>26<\/strong><strong>\u8d22\u5e74\u6307\u5f15\uff1a<\/strong>\u9884\u8ba1\u4e0a\u6e38\u4ea7\u91cf\u7ea64.9\u767e\u4e07\u6876\/\u65e5\uff08Moebd\uff09\uff0c\u4e8c\u53e0\u7eaa\u4ea7\u91cf\u7ea61.8\u767e\u4e07\u6876\/\u65e5\uff08Moebd\uff09\uff0c\u4ee5\u53caNon-GAAP\u73b0\u91d1\u8d44\u672c\u5f00\u652f270\u4ebf\u81f3290\u4ebf\u7f8e\u5143\u00a0<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>\u77ed\u8bc4\uff1a<\/strong>\u57c3\u514b\u68ee\u7f8e\u5b5a\u516c\u5e0326\u8d22\u5e74\u7b2c\u4e00\u5b63\u5ea6\u8c03\u6574\u540e\u76c8\u5229\u4e3a\u6bcf\u80a11.16\u7f8e\u5143\uff0c\u8d85\u51fa\u5e02\u573a\u9884\u671f\u76841.00\u7f8e\u5143\uff1b\u4f46\u51c0\u5229\u6da6\u4ece\u4e00\u5e74\u524d\u768477\u4ebf\u7f8e\u5143\u964d\u81f342\u4ebf\u7f8e\u5143\uff0c\u4e3a2021\u5e74\u4ee5\u6765\u7684\u6700\u4f4e\u6c34\u5e73\uff0c\u539f\u56e0\u5305\u62ec\u4e2d\u4e1c\u5730\u533a\u53d1\u8d27\u4e2d\u65ad\u4ee5\u53ca\u4e0e\u884d\u751f\u54c1\u76f8\u5173\u7684\u65f6\u70b9\u6027\u635f\u5931\u3002\u8f83\u9ad8\u6cb9\u4ef7\u4ee5\u53ca\u4e8c\u53e0\u7eaa\u76c6\u5730\u548c\u572d\u4e9a\u90a3\u66f4\u5f3a\u7684\u4ea7\u91cf\u8868\u73b0\uff0c\u5e2e\u52a9\u62b5\u6d88\u4e86\u4e00\u90e8\u5206\u538b\u529b\uff1b\u4e0d\u8fc7\u57c3\u514b\u68ee\u4ecd\u56e0\u672a\u4ea4\u4ed8\u8d27\u8fd0\u5f55\u5f977\u4ebf\u7f8e\u5143\u635f\u5931\uff0c\u800c\u4e0b\u6e38\u4e1a\u52a1\u5219\u56e0\u65f6\u70b9\u5f71\u54cd\u51fa\u73b013\u4ebf\u7f8e\u5143\u4e8f\u635f\u3002\u81ea\u7531\u73b0\u91d1\u6d41\u4e0b\u964d\u81f327\u4ebf\u7f8e\u5143\uff0c\u4f46\u516c\u53f8\u4ecd\u901a\u8fc7\u5206\u7ea243\u4ebf\u7f8e\u5143\u548c\u56de\u8d2d49\u4ebf\u7f8e\u5143\u5411\u80a1\u4e1c\u8fd4\u8fd8\u4e86\u5927\u91cf\u8d44\u672c\u3002\u5c55\u671b\u672a\u6765\uff0c\u57c3\u514b\u68ee\u51ed\u501f\u5176\u4f4e\u6210\u672c\u7684\u4e8c\u53e0\u7eaa\u4e0e\u572d\u4e9a\u90a3\u589e\u957f\u8d44\u4ea7\uff0c\u5728\u7ed3\u6784\u5c42\u9762\u4ecd\u8f83\u4e3a\u7a33\u5065\uff1b\u4f46\u5982\u679c\u4e2d\u4e1c\u6270\u52a8\u6301\u7eed\uff0c\u77ed\u671f\u76c8\u5229\u53ef\u80fd\u4ecd\u5c06\u8f83\u4e3a\u6ce2\u52a8\uff0c\u5c24\u5176\u662f\u8003\u8651\u5230\u5176\u533a\u57df\u655e\u53e3\u76f8\u5bf9\u8f83\u9ad8\uff0c\u4ee5\u53ca\u82e5\u970d\u5c14\u6728\u5179\u6d77\u5ce1\uff08Strait of\u00a0Hormuz\uff09\u4ecd\u53d7\u5f71\u54cd\uff0c\u53ef\u80fd\u5e26\u6765\u8fdb\u4e00\u6b65\u7684\u4ea7\u91cf\u635f\u5931\u98ce\u9669\u3002<strong>26<\/strong><strong>\u8d22\u5e74\u7b2c\u4e8c\u5b63\u5ea6\u5efa\u8bae\u4ea4\u6613\u533a\u95f4\uff1a<\/strong><strong>140<\/strong><strong>\u7f8e\u5143\u81f3<\/strong><strong>180<\/strong><strong>\u7f8e\u5143\u3002\u4e2d\u6027\u524d\u666f<\/strong><strong>\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\" 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 NetApp, Inc\u00a0(NTAP\u00a0US) Optical Cable Corporation\u00a0(OCC\u00a0US)\u00a0 ^ Back To Top Taka Jewellery Holdings Ltd.\u00a0(TAKA\u00a0SP)\u00a0 NTT DC REIT\u00a0(NTTDCR\u00a0SP)\u00a0 ^ Back To Top China Resources Beer (Holdings) Co. Ltd. (291\u00a0HK) \u00a0 China Mengniu Dairy Company Ltd. (2319\u00a0HK)\u00a0 ^ Back To Top Colgate-Palmolive Company (CL)\u00a0 \u9ad8\u9732\u6d01-\u68d5\u6984\u516c\u53f8\uff08CL)\u00a0 The Est\u00e9e Lauder Companies [&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-89542","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 NetApp, Inc\u00a0(NTAP\u00a0US) Optical Cable Corporation\u00a0(OCC\u00a0US)\u00a0 ^ Back To Top Taka Jewellery Holdings Ltd.\u00a0(TAKA\u00a0SP)\u00a0 NTT DC REIT\u00a0(NTTDCR\u00a0SP)\u00a0 ^ Back To Top China Resources Beer (Holdings) Co. Ltd. (291\u00a0HK) \u00a0 China Mengniu Dairy Company Ltd. (2319\u00a0HK)\u00a0 ^ Back To Top Colgate-Palmolive Company (CL)\u00a0 \u9ad8\u9732\u6d01-\u68d5\u6984\u516c\u53f8\uff08CL)\u00a0 The Est\u00e9e Lauder Companies&hellip;","_links":{"self":[{"href":"https:\/\/www.kgieworld.sg\/research\/wp-json\/wp\/v2\/posts\/89542","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=89542"}],"version-history":[{"count":0,"href":"https:\/\/www.kgieworld.sg\/research\/wp-json\/wp\/v2\/posts\/89542\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.kgieworld.sg\/research\/wp-json\/wp\/v2\/media?parent=89542"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.kgieworld.sg\/research\/wp-json\/wp\/v2\/categories?post=89542"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.kgieworld.sg\/research\/wp-json\/wp\/v2\/tags?post=89542"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}