{"id":94127,"date":"2026-09-07T08:00:00","date_gmt":"2026-09-07T00:00:00","guid":{"rendered":"https:\/\/www.kgieworld.sg\/research\/?p=94127"},"modified":"2026-09-07T11:55:36","modified_gmt":"2026-09-07T03:55:36","slug":"technical-analysis-7-september-2026","status":"publish","type":"post","link":"https:\/\/www.kgieworld.sg\/research\/technical-analysis-7-september-2026\/","title":{"rendered":"Technical Analysis: 7 September 2026"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"94127\" class=\"elementor elementor-94127\" data-elementor-post-type=\"post\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-7de8b58c elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"7de8b58c\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-327eb9a6\" data-id=\"327eb9a6\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-3580cd48 elementor-widget elementor-widget-heading\" data-id=\"3580cd48\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h6 class=\"elementor-heading-title elementor-size-default\">TECHNICAL ANALYSIS<\/h6>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-76fb0d42 elementor-widget elementor-widget-heading\" data-id=\"76fb0d42\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h1 class=\"elementor-heading-title elementor-size-default\">Technical Analysis: 7 September 2026<\/h1>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-78cfe52b elementor-widget elementor-widget-text-editor\" data-id=\"78cfe52b\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p style=\"font-family: Montserrat; font-size: 13px; font-weight: 600; background: #e8f4ff; padding: 12px 18px; border-radius: 0px; margin-top: 16px;\"><span style=\"color: #15a4ff;\"><span style=\"text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;\"><a href=\"#sp\">SINGAPORE<\/a><\/span><\/span> \u00a0|\u00a0 <span style=\"color: #15a4ff;\"><span style=\"text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;\"><a href=\"#hk\">HONG KONG<\/a><\/span><\/span> \u00a0|\u00a0 <span style=\"color: #15a4ff;\"><span style=\"text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;\"><a href=\"#us\">UNITED STATES<\/a>\u00a0\u00a0<\/span><\/span>|<span style=\"color: #15a4ff;\">\u00a0\u00a0<\/span><a style=\"background-color: #e8f4ff;\" href=\"#er\">EARNINGS<\/a><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-5fd542a2 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"5fd542a2\" data-element_type=\"section\" data-e-type=\"section\" id=\"sg\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t\t\t<div class=\"elementor-background-overlay\"><\/div>\n\t\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-7d1bf575\" data-id=\"7d1bf575\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-3d6ff210 elementor-invisible elementor-widget elementor-widget-heading\" data-id=\"3d6ff210\" data-element_type=\"widget\" data-e-type=\"widget\" data-settings=\"{&quot;_animation&quot;:&quot;fadeInUp&quot;}\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Singapore<\/h2>\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t<div class=\"elementor-element elementor-element-211acbef e-flex e-con-boxed e-con e-parent\" data-id=\"211acbef\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t<div class=\"elementor-element elementor-element-caa650a e-con-full animated-slow e-flex elementor-invisible e-con e-child\" data-id=\"caa650a\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;,&quot;animation&quot;:&quot;fadeInLeft&quot;,&quot;animation_mobile&quot;:&quot;fadeInUp&quot;}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-d889dd6 elementor-widget elementor-widget-text-editor\" data-id=\"d889dd6\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<div style=\"padding-top: 0px; padding-right: 15px; padding-bottom: 0px; min-height: 55px;\"><p style=\"font-family: Montserrat; font-size: 11px; font-weight: 600; color: #9b9b9b; letter-spacing: 2px; text-transform: uppercase; margin: 0 0 6px;\">STH SP<\/p><h3 style=\"font-family: Montserrat; font-size: 22px; font-weight: 600; color: #0d2a5e; margin: 0 0 12px;\">Starhub Ltd<\/h3><\/div>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-05a679f elementor-widget elementor-widget-text-editor\" data-id=\"05a679f\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"\" data-listid=\"17\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\u25cf&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"4\" data-aria-level=\"1\"><span data-contrast=\"none\">Shares closed above the 5dEMA with rising volume.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"\" data-listid=\"17\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\u25cf&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"5\" data-aria-level=\"1\"><span data-contrast=\"auto\">Both RSI and MACD are constructive.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"\" data-listid=\"17\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\u25cf&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"6\" data-aria-level=\"1\"><b><span data-contrast=\"none\">Buy Entry 1.10, Target 1.20, Stop 1.05<\/span><\/b><span data-ccp-props=\"{}\">\u00a0<\/span><\/li><\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-3848921 elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"3848921\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"divider.default\">\n\t\t\t\t\t\t\t<div class=\"elementor-divider\">\n\t\t\t<span class=\"elementor-divider-separator\">\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-5e0c58a elementor-widget elementor-widget-image\" data-id=\"5e0c58a\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img fetchpriority=\"high\" decoding=\"async\" width=\"1682\" height=\"996\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/09\/Screenshot-2026-09-06-at-11.05.35-PM.png\" class=\"attachment-full size-full wp-image-94128\" alt=\"\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/09\/Screenshot-2026-09-06-at-11.05.35-PM.png 1682w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/09\/Screenshot-2026-09-06-at-11.05.35-PM-300x178.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/09\/Screenshot-2026-09-06-at-11.05.35-PM-1024x606.png 1024w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/09\/Screenshot-2026-09-06-at-11.05.35-PM-768x455.png 768w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/09\/Screenshot-2026-09-06-at-11.05.35-PM-1536x910.png 1536w\" sizes=\"(max-width: 1682px) 100vw, 1682px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-04e9bfc e-con-full animated-slow e-flex elementor-invisible e-con e-child\" data-id=\"04e9bfc\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;,&quot;animation&quot;:&quot;fadeInRight&quot;,&quot;animation_mobile&quot;:&quot;fadeInUp&quot;}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-55d7169 elementor-widget elementor-widget-text-editor\" data-id=\"55d7169\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<div style=\"padding: 0 15px; min-height: 55px;\"><p style=\"font-family: Montserrat; font-size: 11px; font-weight: 600; color: #9b9b9b; letter-spacing: 2px; text-transform: uppercase; margin: 0 0 6px;\">HKL SP<\/p><h3 style=\"font-family: Montserrat; font-size: 22px; font-weight: 600; color: #0d2a5e; margin: 0 0 12px;\">Hongkong Land Holdings Limited<\/h3><\/div>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-cc8b150 elementor-widget elementor-widget-text-editor\" data-id=\"cc8b150\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"\" data-listid=\"17\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\u25cf&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"7\" data-aria-level=\"1\"><span data-contrast=\"none\">Shares closed above the 5dEMA with rising volume.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"\" data-listid=\"17\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\u25cf&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"8\" data-aria-level=\"1\"><span data-contrast=\"auto\">Both RSI and MACD are constructive.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"\" data-listid=\"17\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\u25cf&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"9\" data-aria-level=\"1\"><b><span data-contrast=\"none\">Buy \u2013 Entry 8.4, Target 9.0, Stop 8.1<\/span><\/b><span data-ccp-props=\"{}\">\u00a0<\/span><\/li><\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-5f6c763 elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"5f6c763\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"divider.default\">\n\t\t\t\t\t\t\t<div class=\"elementor-divider\">\n\t\t\t<span class=\"elementor-divider-separator\">\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-2a7904c elementor-widget elementor-widget-image\" data-id=\"2a7904c\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"1684\" height=\"1004\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/09\/Screenshot-2026-09-06-at-11.07.41-PM.png\" class=\"attachment-full size-full wp-image-94129\" alt=\"\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/09\/Screenshot-2026-09-06-at-11.07.41-PM.png 1684w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/09\/Screenshot-2026-09-06-at-11.07.41-PM-300x179.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/09\/Screenshot-2026-09-06-at-11.07.41-PM-1024x611.png 1024w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/09\/Screenshot-2026-09-06-at-11.07.41-PM-768x458.png 768w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/09\/Screenshot-2026-09-06-at-11.07.41-PM-1536x916.png 1536w\" sizes=\"(max-width: 1684px) 100vw, 1684px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-59bbfb01 e-flex e-con-boxed e-con e-parent\" data-id=\"59bbfb01\" data-element_type=\"container\" data-e-type=\"container\" id=\"hk\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t<div class=\"elementor-element elementor-element-48ad8487 e-con-full e-flex e-con e-child\" data-id=\"48ad8487\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-6496da02 elementor-invisible elementor-widget elementor-widget-heading\" data-id=\"6496da02\" data-element_type=\"widget\" data-e-type=\"widget\" data-settings=\"{&quot;_animation&quot;:&quot;fadeInUp&quot;}\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Hong Kong<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-dd4939c e-flex e-con-boxed e-con e-parent\" data-id=\"dd4939c\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t<div class=\"elementor-element elementor-element-3d487d4 e-con-full animated-slow e-flex elementor-invisible e-con e-child\" data-id=\"3d487d4\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;,&quot;animation&quot;:&quot;fadeInLeft&quot;,&quot;animation_mobile&quot;:&quot;fadeInUp&quot;}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-0750803 elementor-widget elementor-widget-text-editor\" data-id=\"0750803\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<div style=\"padding-top: 0px; padding-right: 15px; padding-bottom: 0px; min-height: 55px;\"><p style=\"font-family: Montserrat; font-size: 11px; font-weight: 600; color: #9b9b9b; letter-spacing: 2px; text-transform: uppercase; margin: 0 0 6px;\">966 HK<\/p><h3 style=\"font-family: Montserrat; font-size: 22px; font-weight: 600; color: #0d2a5e; margin: 0 0 12px;\">China Taiping Insurance Holdings Co Ltd<\/h3><\/div>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-124ee20 elementor-widget elementor-widget-text-editor\" data-id=\"124ee20\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"\" data-listid=\"10\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\u25cf&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"1\" data-aria-level=\"1\"><span data-contrast=\"auto\">Shares closed at a three-month high above the 5dEMA with rising volume.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"\" data-listid=\"10\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\u25cf&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"2\" data-aria-level=\"1\"><span data-contrast=\"auto\">Both RSI and MACD are constructive.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"\" data-listid=\"10\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\u25cf&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"3\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">Long <\/span><\/b><span data-contrast=\"auto\">\u2013 <\/span><b><span data-contrast=\"auto\">Entry 22.4, Target 24.4, Stop 21.4<\/span><\/b><span data-ccp-props=\"{}\">\u00a0<\/span><\/li><\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-f056d27 elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"f056d27\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"divider.default\">\n\t\t\t\t\t\t\t<div class=\"elementor-divider\">\n\t\t\t<span class=\"elementor-divider-separator\">\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-f49f4ce elementor-widget elementor-widget-image\" data-id=\"f49f4ce\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"1684\" height=\"960\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/09\/Screenshot-2026-09-06-at-11.09.06-PM.png\" class=\"attachment-full size-full wp-image-94130\" alt=\"\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/09\/Screenshot-2026-09-06-at-11.09.06-PM.png 1684w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/09\/Screenshot-2026-09-06-at-11.09.06-PM-300x171.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/09\/Screenshot-2026-09-06-at-11.09.06-PM-1024x584.png 1024w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/09\/Screenshot-2026-09-06-at-11.09.06-PM-768x438.png 768w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/09\/Screenshot-2026-09-06-at-11.09.06-PM-1536x876.png 1536w\" sizes=\"(max-width: 1684px) 100vw, 1684px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-7b8022e e-con-full animated-slow e-flex elementor-invisible e-con e-child\" data-id=\"7b8022e\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;,&quot;animation&quot;:&quot;fadeInRight&quot;,&quot;animation_mobile&quot;:&quot;fadeInUp&quot;}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-d6b8373 elementor-widget elementor-widget-text-editor\" data-id=\"d6b8373\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<div style=\"padding: 0 15px; min-height: 55px;\"><p style=\"font-family: Montserrat; font-size: 11px; font-weight: 600; color: #9b9b9b; letter-spacing: 2px; text-transform: uppercase; margin: 0 0 6px;\">1336 HK<\/p><h3 style=\"font-family: Montserrat; font-size: 22px; font-weight: 600; color: #0d2a5e; margin: 0 0 12px;\">New China Life Insurance Co Ltd\u00a0<\/h3><\/div>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-d33577d elementor-widget elementor-widget-text-editor\" data-id=\"d33577d\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"\" data-listid=\"4\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\u25cf&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"4\" data-aria-level=\"1\"><span data-contrast=\"auto\">Shares closed at a two-months high above the 100dEMA.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"\" data-listid=\"4\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\u25cf&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"5\" data-aria-level=\"1\"><span data-contrast=\"auto\">Both RSI and MACD are constructive.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"\" data-listid=\"4\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\u25cf&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"6\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">Long \u2013 Entry 50, Target 54, Stop 48<\/span><\/b><span data-ccp-props=\"{}\">\u00a0<\/span><\/li><\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-994114a elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"994114a\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"divider.default\">\n\t\t\t\t\t\t\t<div class=\"elementor-divider\">\n\t\t\t<span class=\"elementor-divider-separator\">\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-cd858b1 elementor-widget elementor-widget-image\" data-id=\"cd858b1\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"1682\" height=\"1068\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/09\/Screenshot-2026-09-06-at-11.09.44-PM.png\" class=\"attachment-full size-full wp-image-94131\" alt=\"\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/09\/Screenshot-2026-09-06-at-11.09.44-PM.png 1682w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/09\/Screenshot-2026-09-06-at-11.09.44-PM-300x190.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/09\/Screenshot-2026-09-06-at-11.09.44-PM-1024x650.png 1024w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/09\/Screenshot-2026-09-06-at-11.09.44-PM-768x488.png 768w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/09\/Screenshot-2026-09-06-at-11.09.44-PM-1536x975.png 1536w\" sizes=\"(max-width: 1682px) 100vw, 1682px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-ec83e44 e-flex e-con-boxed e-con e-parent\" data-id=\"ec83e44\" data-element_type=\"container\" data-e-type=\"container\" id=\"us\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t<div class=\"elementor-element elementor-element-2a2d5e8f e-con-full e-flex e-con e-child\" data-id=\"2a2d5e8f\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-d298853 elementor-invisible elementor-widget elementor-widget-heading\" data-id=\"d298853\" data-element_type=\"widget\" data-e-type=\"widget\" data-settings=\"{&quot;_animation&quot;:&quot;fadeInUp&quot;}\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">United States<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-a4bba78 e-flex e-con-boxed e-con e-parent\" data-id=\"a4bba78\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t<div class=\"elementor-element elementor-element-47db7ac5 e-con-full animated-slow e-flex elementor-invisible e-con e-child\" data-id=\"47db7ac5\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;,&quot;animation&quot;:&quot;fadeInRight&quot;,&quot;animation_mobile&quot;:&quot;fadeInUp&quot;}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-31bab0f1 elementor-widget elementor-widget-text-editor\" data-id=\"31bab0f1\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p class=\"p1\">The <b>United States market<\/b> is closed today in observance of a market holiday (Labor Day). Trading resumes on Tuesday, 8 September 2026.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-1a0c420a e-con e-atomic-element e-flexbox-base e-1a0c420a-108c1cb \" data-id=\"1a0c420a\" data-element_type=\"e-flexbox\" data-e-type=\"e-flexbox\" data-interaction-id=\"1a0c420a\" data-e-type=\"e-flexbox\" data-id=\"1a0c420a\">\n    \t\t\t<p class=\"e-32092b11-15817bd e-paragraph-base\" data-interaction-id=\"32092b11\" data-e-type=\"widget\" data-id=\"32092b11\"><a target=\"_self\" href=\"#top\" id=\"e-mq4jsug1-z6kdzol\">^ Back to Top<\/a><\/p>\n\t\t\n<\/div>\n<div class=\"elementor-element elementor-element-30f27d76 e-flex e-con-boxed e-con e-parent\" data-id=\"30f27d76\" data-element_type=\"container\" data-e-type=\"container\" id=\"er\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t<div class=\"elementor-element elementor-element-ad2646f e-con-full e-flex e-con e-child\" data-id=\"ad2646f\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-50b50a35 elementor-invisible elementor-widget elementor-widget-heading\" data-id=\"50b50a35\" data-element_type=\"widget\" data-e-type=\"widget\" data-settings=\"{&quot;_animation&quot;:&quot;fadeInUp&quot;}\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Earnings<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-39b0c2cc e-flex e-con-boxed elementor-invisible e-con e-parent\" data-id=\"39b0c2cc\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;animation&quot;:&quot;fadeInUp&quot;,&quot;animation_tablet&quot;:&quot;fadeInUp&quot;,&quot;animation_mobile&quot;:&quot;fadeInUp&quot;}\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-297187d6 elementor-widget elementor-widget-text-editor\" data-id=\"297187d6\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p><b><span data-contrast=\"auto\">Ciena Corporation (CIEN)<\/span><\/b><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/p><ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"Arial\" data-listid=\"4\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\u25cf&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"7\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">3Q26 Revenue: <\/span><\/b><span data-contrast=\"auto\">$1.67B<\/span><span data-contrast=\"auto\">, +36.9% YoY, beat estimates by <\/span><span data-contrast=\"auto\">$30M<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:276}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"Arial\" data-listid=\"4\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\u25cf&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"8\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">3Q26 Non-GAAP EPS<\/span><\/b><span data-contrast=\"auto\">: <\/span><span data-contrast=\"auto\">$2.11, beat estimates by $0.38<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:276}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"\" data-listid=\"4\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\u25cf&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"9\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">4Q26 Guidance:<\/span><\/b><span data-contrast=\"auto\"> Revenue is expected at US$1.75B \u00b1 US$50M, with non-GAAP gross margin of approximately 45% \u00b150bps and operating margin of approximately 20% \u00b150bps.<\/span><span data-ccp-props=\"{&quot;134233279&quot;:false}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"\" data-listid=\"4\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\u25cf&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"10\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">FY26 Guidance: <\/span><\/b><span data-contrast=\"auto\">FY26 revenue guidance was raised to US$6.42B \u00b1 US$50M, implying approximately 35% YoY growth at the midpoint. Management indicated that demand remains strong, but supply capacity is becoming the main near-term constraint on growth.<\/span><span data-ccp-props=\"{&quot;134233279&quot;:false}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"\" data-listid=\"4\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\u25cf&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"11\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">Dividend\/Share Buyback: <\/span><\/b><span data-contrast=\"auto\">Repurchased approximately 0.4M shares for US$171.7M during the quarter under its existing US$1B share-repurchase programme.<\/span><span data-ccp-props=\"{&quot;134233279&quot;:false}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"\" data-listid=\"4\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\u25cf&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"12\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">Comment: <\/span><\/b><span data-contrast=\"auto\">This was fundamentally an exceptionally strong quarter. Revenue grew 37%, adjusted EPS more than tripled, gross margin expanded 450bps and operating margin reached 22.5%. The structural thesis remains intact: AI clusters, hyperscale data centers and rapidly rising interconnect bandwidth requirements are driving a multi-year upgrade cycle across optical networking. Ciena\u2019s position as a pure-play optical systems and interconnect provider gives it unusually direct exposure to this capex wave. The key issue is that expectations have outrun execution capacity. Despite the substantial earnings beat and higher FY26 revenue guidance, shares fell roughly 10\u201311% because investors are increasingly focused on supply constraints, customer concentration and whether current AI-related growth can justify the valuation. The stock had already risen sharply into earnings, while two customers accounting for more than 40% of quarterly revenue creates meaningful programme and timing risk. The principal variables to monitor are hyperscaler optical demand, WaveLogic and high-speed interconnect deployments, gross-margin sustainability, supply-capacity expansion, customer concentration and whether FY27 revenue expectations continue moving higher. <\/span><b><span data-contrast=\"auto\">4Q26 recommended trading range: $290 to $375. Neutral Outlook.<\/span><\/b><span data-ccp-props=\"{}\">\u00a0<\/span><\/li><\/ul><p><span data-ccp-props=\"{}\">\u00a0<\/span><\/p><p><b><span data-contrast=\"auto\">Ciena Corporation\uff08CIEN<\/span><\/b><b><span data-contrast=\"auto\">)<\/span><\/b><span data-ccp-props=\"{}\">\u00a0<\/span><\/p><p><span data-ccp-props=\"{}\">\u00a0<\/span><\/p><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"6\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"1\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">26\u8d22\u5e74\u7b2c\u4e09\u5b63\u5ea6\u8425\u6536\uff1a<\/span><\/b><span data-contrast=\"auto\">16.7\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f36.9%\uff0c\u8d85\u51fa\u9884\u671f3000\u4e07\u7f8e\u5143<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"6\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"2\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">26\u8d22\u5e74\u7b2c\u4e09\u5b63\u5ea6\u975e\u516c\u8ba4\u4f1a\u8ba1\u51c6\u5219\u6bcf\u80a1\u6536\u76ca\uff1a<\/span><\/b><span data-contrast=\"auto\">2.11\u7f8e\u5143\uff0c\u5927\u5e45\u8d85\u51fa\u9884\u671f0.38\u7f8e\u5143\uff08\u540c\u6bd4\u66b4\u589e\u903e\u4e24\u500d\uff09<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"6\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"3\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">26\u8d22\u5e74\u7b2c\u56db\u5b63\u5ea6\u6307\u5f15\uff1a<\/span><\/b><span data-contrast=\"auto\">\u8425\u6536\u9884\u8ba1\u4e3a17.5\u4ebf\u7f8e\u5143\uff08\u00b15000\u4e07\u7f8e\u5143\uff09\uff1b\u975eGAAP\u6bdb\u5229\u7387\u9884\u8ba1\u7ea6\u4e3a45%\uff08\u00b150\u4e2a\u57fa\u70b9\uff09\uff0c\u8425\u4e1a\u5229\u6da6\u7387\u9884\u8ba1\u7ea6\u4e3a20%\uff08\u00b150\u4e2a\u57fa\u70b9\uff09\u3002<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"6\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"4\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">26\u8d22\u5e74\u5168\u5e74\u6307\u5f15\uff1a<\/span><\/b><span data-contrast=\"auto\">\u5168\u5e74\u8425\u6536\u6307\u5f15\u4e0a\u8c03\u81f364.2\u4ebf\u7f8e\u5143\uff08\u00b15000\u4e07\u7f8e\u5143\uff09\uff0c\u4e2d\u503c\u9690\u542b\u540c\u6bd4\u589e\u957f\u7ea635%\uff1b\u7ba1\u7406\u5c42\u8868\u793a\u9700\u6c42\u4f9d\u7136\u5f3a\u52b2\uff0c\u4f46\u4f9b\u5e94\u4ea7\u80fd\u5df2\u6210\u4e3a\u77ed\u671f\u5185\u5236\u7ea6\u589e\u957f\u7684\u4e3b\u8981\u74f6\u9888\u3002<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"6\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"5\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">\u80a1\u606f\u4e0e\u56de\u8d2d\uff1a<\/span><\/b><span data-contrast=\"auto\">\u672c\u5b63\u5ea6\u5728\u73b0\u6709\u768410\u4ebf\u7f8e\u5143\u56de\u8d2d\u8ba1\u5212\u4e0b\uff0c\u56de\u8d2d\u7ea640\u4e07\u80a1\uff0c\u8017\u8d44\u7ea61.717\u4ebf\u7f8e\u5143\u3002<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"6\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"6\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">\u77ed\u8bc4\uff1a<\/span><\/b><span data-contrast=\"auto\">\u672c\u5b63\u5ea6\u57fa\u672c\u9762\u8868\u73b0\u6781\u4e3a\u5f3a\u52b2\uff0c\u4f46\u5e02\u573a\u9884\u671f\u5df2\u8dd1\u8d62\u4e86\u516c\u53f8\u7684\u5b9e\u9645\u4ea4\u4ed8\u80fd\u529b\u3002\u6838\u5fc3\u4eae\u70b9\uff1a\u8425\u6536\u5927\u589e37%\uff0c\u8c03\u6574\u540eEPS\u540c\u6bd4\u7ffb\u4e86\u4e09\u500d\uff0c\u6bdb\u5229\u7387\u5927\u5e45\u6269\u5f20450\u4e2a\u57fa\u70b9\uff0c\u8425\u4e1a\u5229\u6da6\u7387\u9ad8\u8fbe22.5%\u3002\u5176\u7ed3\u6784\u6027\u6295\u8d44\u903b\u8f91\u4f9d\u7136\u7a33\u56fa\uff1aAI\u96c6\u7fa4\u3001\u8d85\u5927\u89c4\u6a21\u6570\u636e\u4e2d\u5fc3\u4ee5\u53ca\u6fc0\u589e\u7684\u4e92\u8fde\u5e26\u5bbd\u9700\u6c42\uff0c\u6b63\u9a71\u52a8\u5149\u7f51\u7edc\u884c\u4e1a\u8fdb\u5165\u4e00\u4e2a\u591a\u5e74\u671f\u7684\u5347\u7ea7\u5468\u671f\u3002Ciena\u4f5c\u4e3a\u7eaf\u6b63\u7684\u5149\u7cfb\u7edf\u4e0e\u4e92\u8fde\u57fa\u7840\u8bbe\u65bd\u63d0\u4f9b\u5546\uff0c\u6781\u4e3a\u76f4\u63a5\u5730\u53d7\u76ca\u4e8e\u8fd9\u4e00\u6ce2\u5e9e\u5927\u7684\u8d44\u672c\u5f00\u652f\u6d6a\u6f6e\u3002\u6838\u5fc3\u9690\u5fe7\uff08\u4ea7\u80fd\u74f6\u9888\u4e0e\u5ba2\u6237\u96c6\u4e2d\u5ea6\uff09\uff1a\u5c3d\u7ba1\u4ea4\u51fa\u4e86\u70b8\u88c2\u7684\u4e1a\u7ee9\u5e76\u4e0a\u8c03\u4e86\u5168\u5e74\u6307\u5f15\uff0c\u8d22\u62a5\u540e\u80a1\u4ef7\u4ecd\u5927\u8dcc\u7ea610%\u201311%\u3002\u6838\u5fc3\u539f\u56e0\u5728\u4e8e\uff1a\u8d22\u62a5\u524d\u80a1\u4ef7\u5df2\u5927\u5e45\u4e0a\u6da8\uff0c\u8ba1\u5165\u4e86\u6781\u9ad8\u7684\u5b8c\u7f8e\u9884\u671f\uff1b\u540c\u65f6\uff0c\u4f9b\u5e94\u53d7\u9650\u9650\u5236\u4e86\u8425\u6536\u7684\u8fdb\u4e00\u6b65\u7206\u53d1\uff1b\u66f4\u4e3a\u81f4\u547d\u7684\u662f\u5ba2\u6237\u96c6\u4e2d\u5ea6\u98ce\u9669\u2014\u2014\u524d\u4e24\u5927\u5ba2\u6237\u8d21\u732e\u4e86\u672c\u5b63\u5ea6\u8d85\u8fc740%\u7684\u8425\u6536\uff0c\u8fd9\u5e26\u6765\u4e86\u6781\u5927\u7684\u9879\u76ee\u4ea4\u4ed8\u4e0e\u65f6\u95f4\u8282\u70b9\u6ce2\u52a8\u98ce\u9669\uff0c\u4ee4\u8d44\u91d1\u5bf9\u9ad8\u4f30\u503c\u4e0b\u7684\u5bb9\u9519\u7387\u611f\u5230\u62c5\u5fe7\u3002\u540e\u7eed\u5173\u952e\u53d8\u91cf\u5305\u62ec\uff1a\uff081\uff09\u8d85\u5927\u89c4\u6a21\u5ba2\u6237\uff08Hyperscalers\uff09\uff1b\uff082\uff09WaveLogic\u76f8\u5e72\u5149\u5b66\u82af\u7247\u53ca\u9ad8\u901f\u4e92\u8fde\u4ea7\u54c1\u7684\u90e8\u7f72\u8282\u594f\uff1b\uff083\uff09\u9ad8\u6bdb\u5229\u7387\u7684\u53ef\u6301\u7eed\u6027\uff1b\uff084\uff09\u4f9b\u5e94\u94fe\u4e0e\u4ea7\u80fd\u7684\u5b9e\u9645\u6269\u5f20\u8fdb\u5ea6\uff1b\uff085\uff09\u5ba2\u6237\u96c6\u4e2d\u5ea6\u7684\u6539\u5584\u60c5\u51b5\uff1b\uff086\uff09\u5e02\u573a\u5bf927\u8d22\u5e74\u8425\u6536\u9884\u671f\u7684\u6f14\u8fdb\u3002Ciena \u51ed\u501f\u5728\u5149\u901a\u4fe1\u4e0e\u6570\u636e\u4e2d\u5fc3\u4e92\u8fde\u9886\u57df\u7684\u6df1\u539a\u6280\u672f\u58c1\u5792\uff0c\u5b8c\u7f8e\u5361\u4f4d\u4e86AI\u7b97\u529b\u7f51\u7edc\u7684\u57fa\u7840\u8bbe\u65bd\u5347\u7ea7\u7ea2\u5229\uff0c\u57fa\u672c\u9762\u4e0e\u8ba2\u5355\u80fd\u89c1\u5ea6\u6781\u5f3a\u3002\u4f46\u5728\u7ecf\u5386\u4e86\u4f30\u503c\u7684\u5927\u5e45\u6269\u5f20\u540e\uff0c\u77ed\u671f\u7684\u4ea7\u80fd\u74f6\u9888\u4e0e\u6781\u9ad8\u7684\u5ba2\u6237\u96c6\u4e2d\u5ea6\u6784\u6210\u4e86\u660e\u663e\u7684\u98ce\u9669\u655e\u53e3\uff0c\u80a1\u4ef7\u9700\u901a\u8fc7\u6301\u7eed\u7684\u4ea7\u80fd\u91ca\u653e\u6765\u6d88\u5316\u9ad8\u9884\u671f\u3002<\/span><b><span data-contrast=\"auto\">26\u8d22\u5e74\u7b2c\u56db\u5b63\u5ea6\u5efa\u8bae\u4ea4\u6613\u533a\u95f4\uff1a290\u7f8e\u5143\u81f3375\u7f8e\u5143\u3002\u4e2d\u6027\u524d\u666f<\/span><\/b><span data-contrast=\"auto\">\u3002<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li><\/ul><p><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/p><p><b><span data-contrast=\"auto\">Ambarella, Inc. (AMBA)<\/span><\/b><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/p><ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"Arial\" data-listid=\"4\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\u25cf&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"13\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">2Q27 Revenue: <\/span><\/b><span data-contrast=\"auto\">$108.13M<\/span><span data-contrast=\"auto\">, +13.2% YoY, beat estimates by <\/span><span data-contrast=\"auto\">$0.37M<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:276}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"Arial\" data-listid=\"4\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\u25cf&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"14\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">2Q27 Non-GAAP EPS<\/span><\/b><span data-contrast=\"auto\">: <\/span><span data-contrast=\"auto\">$0.18, beat estimates by $0.01<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:276}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"Arial\" data-listid=\"4\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\u25cf&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"15\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">3Q27 Guidance: <\/span><\/b><span data-contrast=\"auto\">3Q27 revenue is expected at US$115\u2013124M, implying approximately 10\u201315% sequential growth at the midpoint. Non-GAAP gross margin is guided to 59\u201360%, with operating expenses of US$56.5\u201359.5M. Management is also expanding its edge-AI addressable market through the new X7 standalone AI accelerator, while estimating its five-year serviceable market could expand from roughly US$8.5B to US$22.9B<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:276}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"\" data-listid=\"4\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\u25cf&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"16\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">Comment: <\/span><\/b><span data-contrast=\"auto\">This was a decent quarter fundamentally, but not strong enough relative to expectations. Revenue and EPS both beat, edge-AI revenue reached record levels, and management is broadening Ambarella\u2019s opportunity beyond automotive cameras and security into physical AI, robotics and edge infrastructure. The X7 accelerator, seven-year distribution agreements with Macnica and Capgemini, and the previously announced &gt;US$800M long-term Hanwha relationship strengthen the argument that Ambarella is becoming a broader edge-AI platform rather than remaining a niche vision-chip supplier. The key issue is the magnitude of the beat and margin trajectory. Revenue beat consensus by only about 0.3%, considerably smaller than the upside investors historically rewarded AMBA for, while non-GAAP gross margin declined 120bps YoY. Management also flagged memory-supply risks, and the earnings profile remains dependent on relatively modest revenue scale against a high fixed R&amp;D base. The long-term edge-AI story is attractive, but near-term earnings revisions are unlikely to be substantial unless Q3 revenue lands toward the top end of the US$115\u2013124M range. Shares fell approximately 5.7% following earnings, after trading as low as roughly US$59.36. The principal variables to monitor are CV5-family revenue growth, Automotive versus IoT mix, X7 customer wins, gross margin, memory availability, Hanwha programme conversion and evidence that edge-AI growth can accelerate above the current low-to-mid-teens company revenue trajectory. <\/span><b><span data-contrast=\"auto\">3Q27 recommended trading range: $58 to $78. Neutral Outlook.<\/span><\/b><span data-ccp-props=\"{}\">\u00a0<\/span><\/li><\/ul><p><span data-ccp-props=\"{}\">\u00a0<\/span><\/p><p><b><span data-contrast=\"auto\">\u5b89\u9738\uff08AMBA<\/span><\/b><b><span data-contrast=\"auto\">)<\/span><\/b><span data-ccp-props=\"{}\">\u00a0<\/span><\/p><p><span data-ccp-props=\"{}\">\u00a0<\/span><\/p><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"6\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"7\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">27\u8d22\u5e74\u7b2c\u4e8c\u5b63\u5ea6\u8425\u6536\uff1a<\/span><\/b><span data-contrast=\"auto\">1.0813\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f13.2%\uff0c\u5fae\u5e45\u8d85\u51fa\u9884\u671f37\u4e07\u7f8e\u5143<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"6\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"8\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">27\u8d22\u5e74\u7b2c\u4e8c\u5b63\u5ea6\u975e\u516c\u8ba4\u4f1a\u8ba1\u51c6\u5219\u6bcf\u80a1\u6536\u76ca\uff1a<\/span><\/b><span data-contrast=\"auto\">0.18\u7f8e\u5143\uff0c\u5fae\u5e45\u8d85\u51fa\u9884\u671f0.01\u7f8e\u5143<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"6\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"9\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">27\u8d22\u5e74\u7b2c\u4e09\u5b63\u5ea6\u6307\u5f15\uff1a<\/span><\/b><span data-contrast=\"auto\">\u8425\u6536\u9884\u8ba1\u4e3a1.15\u4ebf\u20131.24\u4ebf\u7f8e\u5143\uff08\u4e2d\u503c\u9690\u542b\u73af\u6bd4\u589e\u957f\u7ea610%\u201315%\uff09\uff1b\u975eGAAP\u6bdb\u5229\u7387\u6307\u5f15\u4e3a59%\u201360%\uff0c\u8fd0\u8425\u8d39\u7528\u9884\u8ba1\u4e3a5650\u4e07\u20135950\u4e07\u7f8e\u5143\uff1b\u7ba1\u7406\u5c42\u901a\u8fc7\u63a8\u51fa\u5168\u65b0\u7684X7\u72ec\u7acbAI\u52a0\u901f\u5668\uff0c\u8fdb\u4e00\u6b65\u6269\u5927\u8fb9\u7f18AI\u7684\u53ef\u89e6\u8fbe\u5e02\u573a\uff08TAM\uff09\uff0c\u9884\u8ba1\u5176\u4e94\u5e74\u5185\u7684\u670d\u52a1\u5e02\u573a\u7a7a\u95f4\u5c06\u4ece\u7ea685\u4ebf\u7f8e\u5143\u5927\u5e45\u6269\u5f20\u81f3229\u4ebf\u7f8e\u5143\u3002<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"6\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"10\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">\u77ed\u8bc4\uff1a<\/span><\/b><span data-contrast=\"auto\">\u672c\u5b63\u5ea6\u57fa\u672c\u9762\u8868\u73b0\u5c1a\u53ef\uff0c\u4f46\u76f8\u5bf9\u4e8e\u5e02\u573a\u7684\u9ad8\u9884\u671f\u800c\u8a00\u663e\u5f97\u4e0d\u591f\u5f3a\u52b2\u3002\u6838\u5fc3\u4eae\u70b9\uff1a\u8425\u6536\u4e0eEPS\u53cc\u53cc\u8d85\u9884\u671f\uff0c\u8fb9\u7f18AI\u8425\u6536\u521b\u4e0b\u5386\u53f2\u65b0\u9ad8\u3002\u7ba1\u7406\u5c42\u6b63\u79ef\u6781\u5c06\u5b89\u9738\u7684\u4e1a\u52a1\u8fb9\u754c\u4ece\u4f20\u7edf\u7684\u6c7d\u8f66\u6444\u50cf\u5934\u4e0e\u5b89\u9632\u9886\u57df\uff0c\u5411\u7269\u7406AI\u3001\u673a\u5668\u4eba\u53ca\u8fb9\u7f18\u57fa\u7840\u8bbe\u65bd\u5168\u9762\u62d3\u5c55\u3002\u5168\u65b0\u63a8\u51fa\u7684X7\u52a0\u901f\u5668\u3001\u4e0eMacnica\u548cCapgemini\u7b7e\u7f72\u7684\u4e03\u5e74\u5206\u9500\u534f\u8bae\uff0c\u4ee5\u53ca\u6b64\u524d\u5ba3\u5e03\u7684\u4e0e\u97e9\u534e\uff08Hanwha\uff09\u8d858\u4ebf\u7f8e\u5143\u7684\u957f\u671f\u5408\u4f5c\uff0c\u6709\u529b\u5370\u8bc1\u4e86\u5b89\u9738\u6b63\u4ece\u201c\u5229\u57fa\u89c6\u89c9\u82af\u7247\u4f9b\u5e94\u5546\u201d\u8715\u53d8\u4e3a\u201c\u66f4\u5e7f\u6cdb\u7684\u8fb9\u7f18AI\u5e73\u53f0\u201d\u3002\u6838\u5fc3\u9690\u5fe7\uff08\u8d85\u9884\u671f\u5e45\u5ea6\u4e0e\u5229\u6da6\u7387\uff09\uff1a\u672c\u5b63\u5ea6\u8425\u6536\u4ec5\u8d85\u51fa\u5e02\u573a\u5171\u8bc6\u7ea60.3%\uff0c\u8fdc\u5c0f\u4e8e\u6295\u8d44\u8005\u5386\u53f2\u4e0a\u613f\u610f\u4e3aAMBA\u652f\u4ed8\u6ea2\u4ef7\u7684\u8d85\u9884\u671f\u5e45\u5ea6\uff1b\u540c\u65f6\uff0c\u975eGAAP\u6bdb\u5229\u7387\u540c\u6bd4\u4e0b\u964d120\u4e2a\u57fa\u70b9\u3002\u7ba1\u7406\u5c42\u8fd8\u63d0\u793a\u4e86\u5185\u5b58\u7b49\u5143\u5668\u4ef6\u7684\u4f9b\u5e94\u98ce\u9669\u3002\u6b64\u5916\uff0c\u516c\u53f8\u7684\u76c8\u5229\u6a21\u578b\u4ecd\u53d7\u5236\u4e8e\u76f8\u5bf9\u8f83\u5c0f\u7684\u8425\u6536\u89c4\u6a21\u4e0e\u9ad8\u6602\u7684\u56fa\u5b9a\u7814\u53d1\u8d39\u7528\u57fa\u6570\uff0c\u5bfc\u81f4\u8fd0\u8425\u6760\u6746\u96be\u4ee5\u5145\u5206\u91ca\u653e\u3002\u5e02\u573a\u53cd\u5e94\uff1a\u957f\u671f\u7684\u8fb9\u7f18AI\u6545\u4e8b\u6781\u5177\u5438\u5f15\u529b\uff0c\u4f46\u9664\u975eQ3\u8425\u6536\u80fd\u89e6\u53ca\u6307\u5f15\u533a\u95f4\u7684\u4e0a\u9650\uff0c\u5426\u5219\u77ed\u671f\u7684\u76c8\u5229\u4e0a\u4fee\u7a7a\u95f4\u6709\u9650\u3002\u8d22\u62a5\u540e\u80a1\u4ef7\u4e0b\u8dcc\u7ea65.7%\uff08\u76d8\u4e2d\u4e00\u5ea6\u4f4e\u81f359.36\u7f8e\u5143\uff09\uff0c\u53cd\u6620\u4e86\u8d44\u91d1\u5bf9\u5fae\u5e45beat\u53ca\u6bdb\u5229\u7387\u4e0b\u6ed1\u7684\u5931\u671b\u3002\u540e\u7eed\u5173\u952e\u53d8\u91cf\u5305\u62ec\uff1a\uff081\uff09CV5\u7cfb\u5217\u82af\u7247\u7684\u8425\u6536\u589e\u957f\uff1b\uff082\uff09\u6c7d\u8f66\u4e0eIoT\u4e1a\u52a1\u7684\u8425\u6536\u7ed3\u6784\u53d8\u5316\uff1b\uff083\uff09X7\u52a0\u901f\u5668\u7684\u5ba2\u6237\u62d3\u5c55\u4e0e\u8bbe\u8ba1\u5bfc\u5165\uff08Design-win\uff09\uff1b\uff084\uff09\u6bdb\u5229\u7387\u7684\u4fee\u590d\u8f68\u8ff9\uff1b\uff085\uff09\u5185\u5b58\u7b49\u4f9b\u5e94\u94fe\u7684\u7a33\u5b9a\u6027\uff1b\uff086\uff09\u97e9\u534e\uff08Hanwha\uff09\uff1b\uff087\uff09\u8fb9\u7f18AI\u4e1a\u52a1\u80fd\u5426\u9a71\u52a8\u516c\u53f8\u6574\u4f53\u8425\u6536\u589e\u901f\u7a81\u7834\u5f53\u524d10%\u201315%\u7684\u74f6\u9888\u3002\u5b89\u9738\u5728\u8fb9\u7f18AI\u4e0e\u8ba1\u7b97\u673a\u89c6\u89c9\u9886\u57df\u7684\u5e95\u5c42\u6280\u672f\u58c1\u5792\u4f9d\u7136\u6df1\u539a\uff0c\u5411\u7269\u7406AI\u4e0e\u673a\u5668\u4eba\u9886\u57df\u7684\u6218\u7565\u5ef6\u4f38\u6253\u5f00\u4e86\u957f\u671f\u7684TAM\u5929\u82b1\u677f\u3002\u4f46\u77ed\u671f\u5185\uff0c\u8f83\u5c0f\u7684\u4e1a\u7ee9\u8d85\u9884\u671f\u5e45\u5ea6\u3001\u6bdb\u5229\u7387\u7684\u627f\u538b\u4ee5\u53ca\u9ad8\u989d\u7684\u7814\u53d1\u56fa\u5b9a\u6210\u672c\uff0c\u9650\u5236\u4e86\u5176\u4f30\u503c\u7684\u5feb\u901f\u6269\u5f20\uff0c\u9700\u7b49\u5f85\u6838\u5fc3\u4ea7\u54c1\u653e\u91cf\u5e26\u6765\u5b9e\u8d28\u6027\u7684\u8425\u6536\u52a0\u901f\u3002<\/span><b><span data-contrast=\"auto\">27\u8d22\u5e74\u7b2c\u4e09\u5b63\u5ea6\u5efa\u8bae\u4ea4\u6613\u533a\u95f4\uff1a58\u7f8e\u5143\u81f378\u7f8e\u5143\u3002\u4e2d\u6027\u524d\u666f<\/span><\/b><span data-contrast=\"auto\">\u3002<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li><\/ul><p><span data-ccp-props=\"{}\">\u00a0<\/span><\/p><p><b><span data-contrast=\"auto\">Zscaler, Inc. (ZS)<\/span><\/b><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/p><ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"Arial\" data-listid=\"4\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\u25cf&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"17\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">4Q26 Revenue: <\/span><\/b><span data-contrast=\"auto\">$898.19M<\/span><span data-contrast=\"auto\">, +24.9% YoY, beat estimates by <\/span><span data-contrast=\"auto\">$20.59M<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:276}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"Arial\" data-listid=\"4\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\u25cf&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"18\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">4Q26 Non-GAAP EPS<\/span><\/b><span data-contrast=\"auto\">: <\/span><span data-contrast=\"auto\">$1.19, beat estimates by $0.10<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:276}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"Arial\" data-listid=\"4\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\u25cf&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"19\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">1Q27 Guidance: <\/span><\/b><span data-contrast=\"auto\">Management expects revenue of US$935\u2013939M, approximately +19% YoY, and adjusted EPS of US$1.15\u20131.16. The principal concern is that FY27 growth moderates materially from FY26 despite stronger exit momentum.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:276}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"\" data-listid=\"4\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\u25cf&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"20\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">FY27<\/span><\/b><b><span data-contrast=\"auto\"> Guidance: <\/span><\/b><span data-contrast=\"auto\">FY27 revenue is expected at US$3.908\u20133.938B, implying approximately 16.6\u201317.5% YoY growth. ARR is guided to US$4.396\u20134.426B, also around 17% growth, while adjusted EPS is expected at US$4.86\u20134.90.<\/span><span data-ccp-props=\"{&quot;134233279&quot;:false}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"\" data-listid=\"4\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\u25cf&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"21\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">Comment: <\/span><\/b><span data-contrast=\"auto\">This was a strong quarter operationally. Revenue and EPS both beat expectations, net new ARR accelerated, operating margin reached a record level and large-customer momentum remained healthy, with 785 customers generating more than US$1M of ARR, +18% YoY. AI security is also becoming a genuine incremental demand driver across Zero Trust, data security and protection of enterprise AI workloads, rather than simply a marketing narrative. The key issue is the FY27 growth reset. Management is guiding revenue and ARR growth to only around 17%, versus 25% in FY26, despite Q4 net new ARR improving. Part of this conservatism reflects sales leadership transitions and tougher comparisons, but it also reinforces concerns that competition across SASE and cloud security remains intense. At the current US$177.80 close, valuation is far less demanding than when ZS traded above US$300 earlier this year, but the stock still needs evidence that FY27 ARR guidance is conservative rather than indicative of a structural slowdown. Shares closed approximately +3% at US$177.80 before trading around US$174\u2013179 after hours, despite the beat. The principal variables to monitor are net new ARR growth, FY27 ARR guidance revisions, AI-security bookings, large-customer additions, Zero Trust Everywhere adoption, operating margin and whether sales productivity improves following management changes. <\/span><b><span data-contrast=\"auto\">1Q27 recommended trading range: $165 to $205. Neutral Outlook.<\/span><\/b><span data-ccp-props=\"{}\">\u00a0<\/span><\/li><\/ul><p><span data-ccp-props=\"{&quot;335559685&quot;:720}\">\u00a0<\/span><\/p><p><span data-ccp-props=\"{}\">\u00a0<\/span><\/p><p><b><span data-contrast=\"auto\">Zscaler, Inc.\uff08ZS<\/span><\/b><b><span data-contrast=\"auto\">)<\/span><\/b><span data-ccp-props=\"{}\">\u00a0<\/span><\/p><p><span data-ccp-props=\"{}\">\u00a0<\/span><\/p><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"6\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"11\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">26\u8d22\u5e74\u7b2c\u56db\u5b63\u5ea6\u8425\u6536\uff1a<\/span><\/b><span data-contrast=\"auto\">8.9819\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f24.9%\uff0c\u8d85\u51fa\u9884\u671f2059\u4e07\u7f8e\u5143<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"6\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"12\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">26\u8d22\u5e74\u7b2c\u56db\u5b63\u5ea6\u975e\u516c\u8ba4\u4f1a\u8ba1\u51c6\u5219\u6bcf\u80a1\u6536\u76ca\uff1a<\/span><\/b><span data-contrast=\"auto\">1.19\u7f8e\u5143\uff0c\u8d85\u51fa\u9884\u671f0.10\u7f8e\u5143<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"6\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"13\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">27\u8d22\u5e74\u7b2c\u4e00\u5b63\u5ea6\u6307\u5f15\uff1a<\/span><\/b><span data-contrast=\"auto\">\u8425\u6536\u9884\u8ba1\u4e3a9.35\u4ebf\u20139.39\u4ebf\u7f8e\u5143\uff08\u540c\u6bd4\u589e\u957f\u7ea619%\uff09\uff1b\u8c03\u6574\u540eEPS\u9884\u8ba1\u4e3a1.15\u20131.16\u7f8e\u5143\u3002\u4e3b\u8981\u62c5\u5fe7\u5728\u4e8e\uff0c\u5c3d\u7ba1\u8d22\u5e74\u672b\u52a8\u80fd\u5f3a\u52b2\uff0c\u4f4627\u8d22\u5e74\u7684\u589e\u901f\u8f8326\u8d22\u5e74\u51fa\u73b0\u663e\u8457\u653e\u7f13\u3002<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"6\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"14\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">27\u8d22\u5e74\u5168\u5e74\u6307\u5f15\uff1a<\/span><\/b><span data-contrast=\"auto\">\u5168\u5e74\u8425\u6536\u9884\u8ba1\u4e3a39.08\u4ebf\u201339.38\u4ebf\u7f8e\u5143\uff08\u9690\u542b\u540c\u6bd4\u589e\u957f\u7ea616.6%\u201317.5%\uff09\uff1bARR\u9884\u8ba1\u4e3a43.96\u4ebf\u201344.26\u4ebf\u7f8e\u5143\uff08\u540c\u6837\u7ea617%\u7684\u589e\u957f\uff09\uff1b\u8c03\u6574\u540eEPS\u9884\u8ba1\u4e3a4.86\u20134.90\u7f8e\u5143\u3002<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"6\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"15\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">\u77ed\u8bc4\uff1a<\/span><\/b><span data-contrast=\"auto\">\u672c\u5b63\u5ea6\u8fd0\u8425\u8868\u73b0\u5f3a\u52b2\uff0c\u4f46\u6838\u5fc3\u535a\u5f08\u70b9\u5728\u4e8e27\u8d22\u5e74\u7684\u201c\u589e\u901f\u91cd\u7f6e\u201d\uff08growth reset\uff09\u3002\u6838\u5fc3\u4eae\u70b9\uff1a\u8425\u6536\u4e0e\u76c8\u5229\u53cc\u53cc\u8d85\u9884\u671f\uff0c\u51c0\u65b0\u589eARR\u52a0\u901f\uff0c\u8425\u4e1a\u5229\u6da6\u7387\u521b\u5386\u53f2\u65b0\u9ad8\u3002\u5927\u5ba2\u6237\u62d3\u5c55\u52a8\u80fd\u4fdd\u6301\u5065\u5eb7\uff0cARR\u8d85100\u4e07\u7f8e\u5143\u7684\u5927\u5ba2\u6237\u8fbe785\u5bb6\uff08\u540c\u6bd4+18%\uff09\u3002\u5728\u6218\u7565\u5c42\u9762\uff0cAI\u5b89\u5168\u6b63\u6210\u4e3a\u771f\u6b63\u7684\u589e\u91cf\u9700\u6c42\u9a71\u52a8\u529b\uff08\u6db5\u76d6\u96f6\u4fe1\u4efb\u3001\u6570\u636e\u5b89\u5168\u53ca\u4f01\u4e1a\u7ea7AI\u5de5\u4f5c\u8d1f\u8f7d\u4fdd\u62a4\uff09\uff0c\u800c\u4e0d\u4ec5\u4ec5\u662f\u8425\u9500\u5671\u5934\u3002\u6838\u5fc3\u9690\u5fe7\uff1a\u5c3d\u7ba1Q4\u51c0\u65b0\u589eARR\u6709\u6240\u6539\u5584\uff0c\u4f46\u7ba1\u7406\u5c42\u5c0627\u8d22\u5e74\u8425\u6536\u4e0eARR\u589e\u901f\u6307\u5f15\u8bbe\u5b9a\u5728\u4ec5\u7ea617%\uff08\u76f8\u6bd4\u4e4b\u4e0b26\u8d22\u5e74\u9ad8\u8fbe25%\uff09\u3002\u8fd9\u79cd\u4fdd\u5b88\u6001\u5ea6\u90e8\u5206\u53cd\u6620\u4e86\u9500\u552e\u9886\u5bfc\u5c42\u7684\u8fc7\u6e21\u4e0e\u4e25\u5cfb\u7684\u540c\u6bd4\u57fa\u6570\u538b\u529b\uff0c\u4f46\u4e5f\u52a0\u5267\u4e86\u5e02\u573a\u5bf9SASE\u548c\u4e91\u5b89\u5168\u8d5b\u9053\u7ade\u4e89\u65e5\u76ca\u6fc0\u70c8\u7684\u62c5\u5fe7\u3002\u4f30\u503c\u4e0e\u5e02\u573a\u53cd\u5e94\uff1a\u4ee5177.80\u7f8e\u5143\u7684\u6536\u76d8\u4ef7\u8ba1\u7b97\uff0c\u4f30\u503c\u5df2\u8fdc\u4f4e\u4e8e\u4eca\u5e74\u65e9\u4e9b\u65f6\u5019\u7a81\u7834300\u7f8e\u5143\u65f6\u7684\u82db\u523b\u6c34\u5e73\uff0c\u4f46\u80a1\u4ef7\u4ecd\u9700\u8bc1\u660e27\u8d22\u5e74\u7684ARR\u6307\u5f15\u662f\u51fa\u4e8e\u7ba1\u7406\u5c42\u7684\u4fdd\u5b88\u4e60\u60ef\uff0c\u800c\u975e\u57fa\u672c\u9762\u7684\u7ed3\u6784\u6027\u653e\u7f13\u3002\u5c3d\u7ba1\u4e1a\u7ee9\u8d85\u9884\u671f\uff0c\u80a1\u4ef7\u5e38\u89c4\u4ea4\u6613\u65f6\u6bb5\u6536\u6da8\u7ea63%\u81f3177.80\u7f8e\u5143\uff0c\u76d8\u540e\u5728174\u2013179\u7f8e\u5143\u533a\u95f4\u7a84\u5e45\u9707\u8361\uff0c\u663e\u793a\u8d44\u91d1\u5bf9\u589e\u901f\u653e\u7f13\u7684\u6307\u5f15\u6301\u89c2\u671b\u6001\u5ea6\u3002\u540e\u7eed\u5173\u952e\u53d8\u91cf\u5305\u62ec\uff1a\uff081\uff09\u51c0\u65b0\u589eARR\u589e\u901f\u80fd\u5426\u6301\u7eed\u52a0\u901f\uff1b\uff082\uff0927\u8d22\u5e74ARR\u6307\u5f15\u540e\u7eed\u7684\u4e0a\u4fee\u60c5\u51b5\uff1b\uff083\uff09AI\u5b89\u5168\u76f8\u5173\u8ba2\u5355\u7684\u843d\u5730\uff1b\uff084\uff09\u5927\u5ba2\u6237\uff08&gt;$1M ARR\uff09\uff1b\uff085\uff09\u201c\u65e0\u5904\u4e0d\u5728\u7684\u96f6\u4fe1\u4efb\u201d\uff08Zero Trust Everywhere\uff09\uff1b\uff086\uff09\u8425\u4e1a\u5229\u6da6\u7387\u7684\u6269\u5f20\u8f68\u8ff9\uff1b\uff087\uff09\u9500\u552e\u9886\u5bfc\u5c42\u6362\u8840\u540e\uff0c\u9500\u552e\u751f\u4ea7\u529b\uff08sales productivity\uff09\u3002Zscaler \u51ed\u501f\u7eaf\u6b63\u7684\u4e91\u539f\u751f\u67b6\u6784\uff0c\u5728\u96f6\u4fe1\u4efb\u4e0eSASE\u8d5b\u9053\u4f9d\u7136\u5360\u636e\u9886\u5bfc\u5730\u4f4d\uff0cAI\u5de5\u4f5c\u8d1f\u8f7d\u7684\u4fdd\u62a4\u9700\u6c42\u4e5f\u4e3a\u5176\u6253\u5f00\u4e86\u65b0\u7684\u589e\u91cf\u7a7a\u95f4\u3002\u7136\u800c\uff0c\u4ece25%\u7684\u9ad8\u589e\u957f\u541117%\u7684\u4e2d\u9ad8\u901f\u589e\u957f\u5207\u6362\uff0c\u610f\u5473\u7740\u5e02\u573a\u5bf9\u5176\u4f30\u503c\u6a21\u578b\u7684\u91cd\u5851\uff0c\u77ed\u671f\u5185\u9700\u7b49\u5f85\u65b0\u9500\u552e\u56e2\u961f\u8bc1\u660e\u5176\u6307\u5f15\u7684\u4fdd\u5b88\u6027\u3002<\/span><b><span data-contrast=\"auto\">27\u8d22\u5e74\u7b2c\u4e00\u5b63\u5ea6\u5efa\u8bae\u4ea4\u6613\u533a\u95f4\uff1a165\u7f8e\u5143\u81f3205\u7f8e\u5143\u3002\u4e2d\u6027\u524d\u666f<\/span><\/b><span data-contrast=\"auto\">\u3002<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li><\/ul><p><span data-ccp-props=\"{}\">\u00a0<\/span><\/p><p><b><span data-contrast=\"auto\">Lululemon Athletica Inc. (LULU)<\/span><\/b><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/p><ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"Arial\" data-listid=\"4\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\u25cf&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"22\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">2Q26 Revenue: <\/span><\/b><span data-contrast=\"auto\">$2.42B<\/span><span data-contrast=\"auto\">, -3.2% YoY, miss estimates by <\/span><span data-contrast=\"auto\">$40M.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:276}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"Arial\" data-listid=\"4\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\u25cf&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"23\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">2Q26 GAAP EPS<\/span><\/b><span data-contrast=\"auto\">: <\/span><span data-contrast=\"auto\">$2.92, beat estimates by $1.13<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:276}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"\" data-listid=\"4\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\u25cf&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"24\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">FY26 <\/span><\/b><b><span data-contrast=\"auto\">Guidance: <\/span><\/b><span data-contrast=\"auto\">Lowered fiscal 2026 revenue guidance to decline 5-7%, compared with its prior forecast of revenue remaining flat or declining up to 1%. It also lowered earnings per share expectations to $9.48-$9.73 from its prior forecast of $10.95-$11.15.<\/span><span data-ccp-props=\"{&quot;134233279&quot;:false}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"\" data-listid=\"4\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\u25cf&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"25\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">Comment: <\/span><\/b><span data-contrast=\"auto\">Lululemon delivered a weaker-than-expected fiscal 2Q26, with revenue of US$2.42 billion missing consensus estimates as the company faced slowing demand across its key markets. Sales weakened in both the Americas, where revenue fell 8%, and China, where revenue declined 2% amid backlash to a marketing campaign, while core leggings sales dropped around 20% as efforts to shift consumers toward looser silhouettes failed to gain sufficient traction. Despite a 200-basis-point improvement in gross margin to 60.5%, largely driven by tariff refunds, management acknowledged that a lack of compelling product innovation and marketing missteps have hurt brand momentum. Reflecting these challenges, the company lowered its full-year outlook, now expecting revenue to decline 5%\u20137% and EPS of US$9.48\u20139.73, marking its second guidance cut this year. Looking ahead, Lululemon&#8217;s near-term performance will hinge on its ability to reignite product innovation and rebuild brand relevance. Investors are likely to focus on early signs of product acceptance and brand recovery, with a sustained turnaround expected to materialize gradually over the coming years rather than immediately. <\/span><b><span data-contrast=\"auto\">3Q26 recommended trading range: $80 to $120. Negative Outlook.<\/span><\/b><span data-ccp-props=\"{}\">\u00a0<\/span><\/li><\/ul><p><span data-ccp-props=\"{&quot;335559685&quot;:720}\">\u00a0<\/span><\/p><p><span data-ccp-props=\"{}\">\u00a0<\/span><\/p><p><b><span data-contrast=\"auto\">Lululemon Athletica Inc. (LULU<\/span><\/b><b><span data-contrast=\"auto\">)<\/span><\/b><span data-ccp-props=\"{}\">\u00a0<\/span><\/p><p><span data-ccp-props=\"{}\">\u00a0<\/span><\/p><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"6\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"16\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">26<\/span><\/b><b><span data-contrast=\"auto\">\u8d22\u5e74\u7b2c\u4e8c\u5b63\u5ea6\u8425\u6536\uff1a<\/span><\/b><span data-contrast=\"auto\">24.2<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u4e0b\u964d<\/span><span data-contrast=\"auto\">3.2%<\/span><span data-contrast=\"auto\">\uff0c\u4f4e\u51fa\u9884\u671f<\/span><span data-contrast=\"auto\">4000<\/span><span data-contrast=\"auto\">\u4e07\u7f8e\u5143<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"6\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"17\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">26<\/span><\/b><b><span data-contrast=\"auto\">\u8d22\u5e74\u7b2c\u4e8c\u5b63\u5ea6<\/span><\/b><b><span data-contrast=\"auto\">GAAP<\/span><\/b><b><span data-contrast=\"auto\">\u6bcf\u80a1\u6536\u76ca\uff1a<\/span><\/b><span data-contrast=\"auto\">2.92<\/span><span data-contrast=\"auto\">\u7f8e\u5143\uff0c\u8d85\u51fa\u9884\u671f<\/span><span data-contrast=\"auto\">1.13<\/span><span data-contrast=\"auto\">\u7f8e\u5143<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"6\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"18\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">26<\/span><\/b><b><span data-contrast=\"auto\">\u8d22\u5e74\u6307\u5f15\uff1a<\/span><\/b><span data-contrast=\"auto\">\u4e0b\u8c03<\/span><span data-contrast=\"auto\">2026<\/span><span data-contrast=\"auto\">\u8d22\u5e74\u8425\u6536\u6307\u5f15\u81f3\u540c\u6bd4\u4e0b\u964d<\/span><span data-contrast=\"auto\">5%\u20137%<\/span><span data-contrast=\"auto\">\uff08\u6b64\u524d\u9884\u4f30\u4e3a\u6301\u5e73\u81f3\u4e0b\u964d<\/span><span data-contrast=\"auto\">1%<\/span><span data-contrast=\"auto\">\uff09\u3002\u540c\u65f6\u5c06\u6bcf\u80a1\u6536\u76ca\u9884\u671f\u4ece\u4e4b\u524d\u7684<\/span><span data-contrast=\"auto\">10.95\u201311.15<\/span><span data-contrast=\"auto\">\u7f8e\u5143\u4e0b\u8c03\u81f3<\/span><span data-contrast=\"auto\">9.48\u20139.73<\/span><span data-contrast=\"auto\">\u7f8e\u5143\u3002<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"6\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"19\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">\u77ed\u8bc4\uff1a<\/span><\/b><span data-contrast=\"auto\">Lululemon 26<\/span><span data-contrast=\"auto\">\u8d22\u5e74\u7b2c\u4e8c\u5b63\u5ea6\u4e1a\u7ee9\u5f31\u4e8e\u9884\u671f\uff0c\u8425\u6536<\/span><span data-contrast=\"auto\">24.2<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143\u672a\u8fbe\u5e02\u573a\u5171\u8bc6\u9884\u671f\uff0c\u4e3b\u8981\u5f52\u56e0\u4e8e\u516c\u53f8\u5728\u6838\u5fc3\u5e02\u573a\u9762\u4e34\u9700\u6c42\u653e\u7f13\u3002\u7f8e\u6d32\u5e02\u573a\u8425\u6536\u4e0b\u964d<\/span><span data-contrast=\"auto\">8%<\/span><span data-contrast=\"auto\">\uff0c\u4e2d\u56fd\u5e02\u573a\u56e0\u8425\u9500\u6d3b\u52a8\u5f15\u53d1\u62b5\u5236\u800c\u5bfc\u81f4\u8425\u6536\u4e0b\u964d<\/span><span data-contrast=\"auto\">2%<\/span><span data-contrast=\"auto\">\uff0c\u540c\u65f6\uff0c\u5c06\u6d88\u8d39\u8005\u5f15\u5411\u5bbd\u677e\u7248\u578b\u7684\u5c1d\u8bd5\u672a\u80fd\u53d6\u5f97\u8db3\u591f\u6210\u6548\uff0c\u5bfc\u81f4\u6838\u5fc3\u7d27\u8eab\u88e4\u9500\u989d\u9aa4\u964d\u7ea6<\/span><span data-contrast=\"auto\">20%<\/span><span data-contrast=\"auto\">\u3002\u5c3d\u7ba1\u53d7\u5173\u7a0e\u9000\u7a0e\u5927\u5e45\u63a8\u52a8\uff0c\u6bdb\u5229\u7387\u63d0\u5347<\/span><span data-contrast=\"auto\">200<\/span><span data-contrast=\"auto\">\u4e2a\u57fa\u70b9\u81f3<\/span><span data-contrast=\"auto\">60.5%<\/span><span data-contrast=\"auto\">\uff0c\u4f46\u7ba1\u7406\u5c42\u627f\u8ba4\uff0c\u7f3a\u4e4f\u5177\u6709\u5438\u5f15\u529b\u7684\u4ea7\u54c1\u521b\u65b0\u4ee5\u53ca\u8425\u9500\u5931\u8bef\u5df2\u635f\u5bb3\u4e86\u54c1\u724c\u52bf\u5934\u3002\u9274\u4e8e\u8fd9\u4e9b\u6311\u6218\uff0c\u516c\u53f8\u4e0b\u8c03\u4e86\u5168\u5e74\u5c55\u671b\uff0c\u76ee\u524d\u9884\u8ba1\u8425\u6536\u5c06\u4e0b\u964d<\/span><span data-contrast=\"auto\">5%\u20137%\uff0cEPS<\/span><span data-contrast=\"auto\">\u4e3a<\/span><span data-contrast=\"auto\">9.48\u20139.73<\/span><span data-contrast=\"auto\">\u7f8e\u5143\uff0c\u8fd9\u662f\u516c\u53f8\u4eca\u5e74\u7b2c\u4e8c\u6b21\u4e0b\u8c03\u6307\u5f15\u3002\u5c55\u671b\u672a\u6765\uff0c<\/span><span data-contrast=\"auto\">Lululemon <\/span><span data-contrast=\"auto\">\u7684\u77ed\u671f\u8868\u73b0\u5c06\u53d6\u51b3\u4e8e\u5176\u91cd\u65b0\u6fc0\u53d1\u4ea7\u54c1\u521b\u65b0\u548c\u91cd\u5efa\u54c1\u724c\u76f8\u5173\u6027\u7684\u80fd\u529b\u3002\u6295\u8d44\u8005\u53ef\u80fd\u4f1a\u5173\u6ce8\u4ea7\u54c1\u63a5\u53d7\u5ea6\u548c\u54c1\u724c\u590d\u82cf\u7684\u65e9\u671f\u4fe1\u53f7\uff0c\u9884\u8ba1\u6301\u7eed\u7684\u4e1a\u7ee9\u53cd\u8f6c\u5c06\u5728\u672a\u6765\u51e0\u5e74\u9010\u6b65\u663e\u73b0\uff0c\u800c\u975e\u4e00\u8e74\u800c\u5c31\u3002<\/span><b><span data-contrast=\"auto\">26<\/span><\/b><b><span data-contrast=\"auto\">\u8d22\u5e74\u7b2c\u4e09\u5b63\u5ea6\u5efa\u8bae\u4ea4\u6613\u533a\u95f4\uff1a<\/span><\/b><b><span data-contrast=\"auto\">80<\/span><\/b><b><span data-contrast=\"auto\">\u7f8e\u5143\u81f3<\/span><\/b><b><span data-contrast=\"auto\">120<\/span><\/b><b><span data-contrast=\"auto\">\u7f8e\u5143\u3002\u6d88\u6781\u524d\u666f<\/span><\/b><b><span data-contrast=\"auto\">\u3002<\/span><\/b><span data-ccp-props=\"{}\">\u00a0<\/span><\/li><\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-6ff17fbc e-con e-atomic-element e-flexbox-base e-6ff17fbc-c4ddb64 \" data-id=\"6ff17fbc\" data-element_type=\"e-flexbox\" data-e-type=\"e-flexbox\" data-interaction-id=\"6ff17fbc\" data-e-type=\"e-flexbox\" data-id=\"6ff17fbc\">\n    \t\t\t<p class=\"e-262c95ac-f5069e1 e-paragraph-base\" data-interaction-id=\"262c95ac\" data-e-type=\"widget\" data-id=\"262c95ac\"><a target=\"_self\" href=\"#top\" id=\"e-mq4jsug1-z6kdzol\">^ Back to Top<\/a><\/p>\n\t\t\n<\/div>\n\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>TECHNICAL ANALYSIS SINGAPORE \u00a0|\u00a0 HONG KONG \u00a0|\u00a0 UNITED STATES\u00a0\u00a0|\u00a0\u00a0EARNINGS Singapore STH SP Starhub Ltd Shares closed above the 5dEMA with rising volume.\u00a0 Both RSI and MACD are constructive.\u00a0 Buy Entry 1.10, Target 1.20, Stop 1.05\u00a0 HKL SP Hongkong Land Holdings Limited Shares closed above the 5dEMA with rising volume.\u00a0 Both RSI and MACD are constructive.\u00a0 [&hellip;]<\/p>\n","protected":false},"author":17,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"elementor_header_footer","format":"standard","meta":{"footnotes":""},"categories":[30],"tags":[],"class_list":["post-94127","post","type-post","status-publish","format-standard","hentry","category-technical-analysis"],"aioseo_notices":[],"aioseo_head":"\n\t\t<!-- All in One SEO 5.0.1.1 - aioseo.com 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