{"id":96020,"date":"2026-10-20T08:00:00","date_gmt":"2026-10-20T00:00:00","guid":{"rendered":"https:\/\/www.kgieworld.sg\/research\/?p=96020"},"modified":"2026-10-20T15:05:34","modified_gmt":"2026-10-20T07:05:34","slug":"technical-analysis-20-october-2026","status":"publish","type":"post","link":"https:\/\/www.kgieworld.sg\/research\/technical-analysis-20-october-2026\/","title":{"rendered":"Technical Analysis: 20 October 2026"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"96020\" class=\"elementor elementor-96020\" 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: 20 October 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;\">FLCT SP<\/p><h3 style=\"font-family: Montserrat; font-size: 22px; font-weight: 600; color: #0d2a5e; margin: 0 0 12px;\">Frasers Logistics &amp; Commercial Trust<\/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=\"23\" 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 held support and closed back above the 5dEMA, 10dEMA and 20dEMA with rising volume.<\/span><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"\" data-listid=\"23\" 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\">RSI is turning up while MACD is about to turn positive.<\/span><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"\" data-listid=\"23\" 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\">Long \u2013 Entry 0.88, Target 0.98, Stop 0.83<\/span><span data-ccp-props=\"{}\">&nbsp;<\/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=\"1634\" height=\"964\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/10\/TA_20Oct_SG_FLCT.png\" class=\"attachment-full size-full wp-image-96049\" alt=\"\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/10\/TA_20Oct_SG_FLCT.png 1634w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/10\/TA_20Oct_SG_FLCT-300x177.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/10\/TA_20Oct_SG_FLCT-1024x604.png 1024w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/10\/TA_20Oct_SG_FLCT-768x453.png 768w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/10\/TA_20Oct_SG_FLCT-1536x906.png 1536w\" sizes=\"(max-width: 1634px) 100vw, 1634px\" \/>\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;\">PREIT SP<\/p><h3 style=\"font-family: Montserrat; font-size: 22px; font-weight: 600; color: #0d2a5e; margin: 0 0 12px;\">Parkway Life Real Estate Investment Trust<\/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=\"23\" 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, 10dEMA and 20dEMA.<\/span><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"\" data-listid=\"23\" 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\">RSI is constructive while MACD is about to turn positive.<\/span><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"\" data-listid=\"23\" 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\">Long \u2013 Entry 3.95, Target 4.27, Stop 3.79<\/span><span data-ccp-props=\"{}\">&nbsp;<\/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=\"1634\" height=\"964\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/10\/TA_20Oct_SG_PREIT.png\" class=\"attachment-full size-full wp-image-96050\" alt=\"\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/10\/TA_20Oct_SG_PREIT.png 1634w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/10\/TA_20Oct_SG_PREIT-300x177.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/10\/TA_20Oct_SG_PREIT-1024x604.png 1024w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/10\/TA_20Oct_SG_PREIT-768x453.png 768w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/10\/TA_20Oct_SG_PREIT-1536x906.png 1536w\" sizes=\"(max-width: 1634px) 100vw, 1634px\" \/>\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;\">1109 HK<\/p><h3 style=\"font-family: Montserrat; font-size: 22px; font-weight: 600; color: #0d2a5e; margin: 0 0 12px;\">China Resources Land Limited<\/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=\"15\" 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 above the 5dEMA, 10dEMA and 20dEMA.<\/span><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"\" data-listid=\"15\" 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\">RSI is constructive while MACD is about to turn positive.<\/span><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"\" data-listid=\"15\" 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\">Long \u2013 Entry 31, Target 34, Stop 29.5<\/span><span data-ccp-props=\"{}\">&nbsp;<\/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=\"1830\" height=\"960\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/10\/TA_19Oct_HK_1109.png\" class=\"attachment-full size-full wp-image-95972\" alt=\"\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/10\/TA_19Oct_HK_1109.png 1830w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/10\/TA_19Oct_HK_1109-300x157.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/10\/TA_19Oct_HK_1109-1024x537.png 1024w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/10\/TA_19Oct_HK_1109-768x403.png 768w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/10\/TA_19Oct_HK_1109-1536x806.png 1536w\" sizes=\"(max-width: 1830px) 100vw, 1830px\" \/>\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: 0px 0px 6px; text-align: left;\">688 HK<\/p><h3 style=\"font-family: Montserrat; font-size: 22px; font-weight: 600; color: #0d2a5e; margin: 0 0 12px;\">China Overseas Land &amp; Investment Limited<\/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=\"8\" 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 above the 5dEMA, 10dEMA and 20dEMA.<\/span><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"\" data-listid=\"8\" 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\">Both RSI and MACD are constructive.<\/span><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"\" data-listid=\"8\" 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\">Long \u2013 Entry 13.2, Target 14.8, Stop 12.4<\/span><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li><\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-0f3ea9c elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"0f3ea9c\" 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=\"1830\" height=\"960\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/10\/TA_19Oct_HK_688.png\" class=\"attachment-full size-full wp-image-95973\" alt=\"\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/10\/TA_19Oct_HK_688.png 1830w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/10\/TA_19Oct_HK_688-300x157.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/10\/TA_19Oct_HK_688-1024x537.png 1024w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/10\/TA_19Oct_HK_688-768x403.png 768w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/10\/TA_19Oct_HK_688-1536x806.png 1536w\" sizes=\"(max-width: 1830px) 100vw, 1830px\" \/>\t\t\t\t\t\t\t\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>\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-134e20a e-flex e-con-boxed e-con e-parent\" data-id=\"134e20a\" 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-01b9b82 e-con-full animated-slow e-flex elementor-invisible e-con e-child\" data-id=\"01b9b82\" 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-9a06bb0 elementor-widget elementor-widget-text-editor\" data-id=\"9a06bb0\" 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;\">UNH US<\/p><h3 style=\"font-family: Montserrat; font-size: 22px; font-weight: 600; color: #0d2a5e; margin: 0 0 12px;\">UnitedHealth Group Inc<\/h3><\/div>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-aa0b9c7 elementor-widget elementor-widget-text-editor\" data-id=\"aa0b9c7\" 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><span>Shares closed above the 5dEMA, 10dEMA and 20dEMA with elevated volume. <\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><span>RSI is constructive, and MACD is trending upward. <\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>Long \u2013 Entry 400, Target 430, Stop 385 <\/span><\/b><span>&nbsp;<\/span><\/li><\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-9e5bd12 elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"9e5bd12\" 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-aeea6c2 elementor-widget elementor-widget-image\" data-id=\"aeea6c2\" 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=\"1642\" height=\"989\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/10\/TA_20Oct_US_UNH.png\" class=\"attachment-full size-full wp-image-96122\" alt=\"\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/10\/TA_20Oct_US_UNH.png 1642w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/10\/TA_20Oct_US_UNH-300x181.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/10\/TA_20Oct_US_UNH-1024x617.png 1024w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/10\/TA_20Oct_US_UNH-768x463.png 768w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/10\/TA_20Oct_US_UNH-1536x925.png 1536w\" sizes=\"(max-width: 1642px) 100vw, 1642px\" \/>\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-4237d1e e-con-full animated-slow e-flex elementor-invisible e-con e-child\" data-id=\"4237d1e\" 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-fc55e63 elementor-widget elementor-widget-text-editor\" data-id=\"fc55e63\" 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;\">CVS US<\/p><h3 style=\"font-family: Montserrat; font-size: 22px; font-weight: 600; color: #0d2a5e; margin: 0 0 12px;\">CVS Health Corp<\/h3><\/div>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-c3c04ea elementor-widget elementor-widget-text-editor\" data-id=\"c3c04ea\" 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><span>Shares closed above the 5dEMA, 10dEMA and 20dEMA with elevated volume. <\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><span>RSI is constructive, and MACD is trending upward. <\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>Long \u2013 Entry 90, Target 98, Stop 86 <\/span><\/b><span>&nbsp;<\/span><\/li><\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-9e7e8b9 elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"9e7e8b9\" 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-42d7ae4 elementor-widget elementor-widget-image\" data-id=\"42d7ae4\" 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=\"1642\" height=\"989\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/10\/TA_20Oct_US_CVS.png\" class=\"attachment-full size-full wp-image-96123\" alt=\"\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/10\/TA_20Oct_US_CVS.png 1642w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/10\/TA_20Oct_US_CVS-300x181.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/10\/TA_20Oct_US_CVS-1024x617.png 1024w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/10\/TA_20Oct_US_CVS-768x463.png 768w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/10\/TA_20Oct_US_CVS-1536x925.png 1536w\" sizes=\"(max-width: 1642px) 100vw, 1642px\" \/>\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-1a0c420a e-con e-atomic-element e-flexbox-base e-default-div 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 e-default-p\" data-interaction-id=\"32092b11\" data-e-type=\"widget\" data-id=\"32092b11\"><a target=\"_self\" href=\"#top\">^ 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>Taiwan Semiconductor Manufacturing Company (TSM)<\/span><\/b><\/p>\n<ul><li><b><span>3Q26 Revenue: <\/span><\/b><span>US$46.72B, +41.2% YoY, beat estimates by US$1.10B.<\/span><\/li><\/ul>\n<ul><li><b><span>3Q26 EPS: <\/span><\/b><span>US$4.60 TIFRS diluted EPS per ADR, +57.5% YoY, beat estimates by US$0.15.<\/span><\/li><\/ul>\n<ul><li><b><span>4Q26 Guidance: <\/span><\/b><span>Revenue US$52.3\u201354.3B, +14.1% sequentially at the midpoint; gross margin 65\u201367% and operating margin 56.5\u201358.5%, assuming US$1=NT$31.8. The company did not provide EPS guidance.<\/span><\/li><\/ul>\n<ul><li><b><span>FY26 Guidance: <\/span><\/b><span>FY2026 revenue growth in US dollars raised to around 44%, from slightly above 40%. Capital expenditure unchanged at US$60-64bn. No full-year EPS guidance provided.<\/span><\/li><\/ul>\n<ul><li><b><span>Dividend\/Share Buyback: <\/span><\/b><span>Q3 capex US$13.84bn; operating cash flow NT$919.77bn; free cash flow NT$476.56bn. Previously approved second-quarter 2026 cash dividend NT$7.00 per ordinary share: ex-dividend 10 December 2026, Taiwan payment 7 January 2027. No new buyback announced in the earnings materials.<\/span><\/li><\/ul>\n<ul><li><b><span>Comment: <\/span><\/b><span>We maintain a Positive outlook and favour accumulating TSMC on weakness. The quarter supports an earnings expansion driven by leading-edge demand rather than an isolated accounting benefit. Dollar revenue exceeded consensus by 2.4%, while ADR earnings beat by 3.4%. High-performance computing accounted for 68% of sales, and the growing contribution from 2nm adds another source of expansion beyond the existing advanced-node business. The important test is the conversion of that growth into sustainable returns. Gross margin declined sequentially as 2nm ramp costs increased, and the fourth-quarter midpoint points to further modest dilution. Overseas capacity adds another cost burden. We regard these as manageable investment costs while advanced-node demand remains strong, but would reassess if utilisation weakens or margin erosion persists after production matures. Earnings quality was encouraging: operating income rose 14.3% sequentially even as non-operating gains fell following the absence of the previous quarter&#8217;s Vanguard share gains. This supports the underlying profit trajectory. The higher full-year growth outlook and strong fourth-quarter sales guide also provide better near-term visibility, although heavy capital spending leaves execution and cash returns central to the thesis. The ADR closed at US$422.25 on 15 October, down 1.80%, after trading as low as US$407.13. We see the pullback as an opportunity to build exposure gradually, as execution catches up with demand. The principal risks are slower AI infrastructure spending, overseas manufacturing costs and geopolitical restrictions; sustained leading-edge growth remains the strongest support for our positive view. <\/span><b>4Q26 recommended trading range: US$410\u2013475. Positive Outlook.<\/b><\/li><\/ul>\n<p> <\/p>\n<p><b><span>\u53f0\u79ef\u7535 (TSM)<\/span><\/b><\/p>\n<ul><li><b><span>26\u8d22\u5e74\u7b2c\u4e09\u5b63\u5ea6\u8425\u6536\uff1a<\/span><\/b><span>467.2\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f41.2%\uff0c\u8d85\u51fa\u9884\u671f11.0\u4ebf\u7f8e\u5143\u3002<\/span><\/li><\/ul>\n<ul><li><b><span>26\u8d22\u5e74\u7b2c\u4e09\u5b63\u5ea6\u6bcf\u80a1\u6536\u76ca\uff1a<\/span><\/b><span>\u6309\u53f0\u6e7e\u8ba4\u53ef\u7684\u56fd\u9645\u8d22\u52a1\u62a5\u544a\u51c6\u5219\uff0c\u6bcf\u4efdADR\u644a\u8584\u6bcf\u80a1\u6536\u76ca4.60\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f57.5%\uff0c\u8d85\u51fa\u9884\u671f0.15\u7f8e\u5143\u3002<\/span><\/li><\/ul>\n<ul><li><b><span>26\u8d22\u5e74\u7b2c\u56db\u5b63\u5ea6\u6307\u5f15\uff1a<\/span><\/b><span>\u9884\u8ba1\u8425\u6536523\u2013543\u4ebf\u7f8e\u5143\uff0c\u4e2d\u503c\u73af\u6bd4\u589e\u957f14.1%\uff1b\u6bdb\u5229\u738765%\u201367%\uff0c\u8425\u4e1a\u5229\u6da6\u738756.5%\u201358.5%\uff0c\u5047\u8bbe1\u7f8e\u5143\u515131.8\u65b0\u53f0\u5e01\u3002\u516c\u53f8\u672a\u63d0\u4f9b\u6bcf\u80a1\u6536\u76ca\u6307\u5f15\u3002<\/span><\/li><\/ul>\n<ul><li><b><span>26\u8d22\u5e74\u5168\u5e74\u6307\u5f15\uff1a<\/span><\/b><span>2026\u5e74\u7f8e\u5143\u8425\u6536\u589e\u957f\u9884\u671f\u7531\u7565\u9ad8\u4e8e40%\u4e0a\u8c03\u81f3\u7ea644%\uff1b\u8d44\u672c\u5f00\u652f\u7ef4\u6301600\u4ebf\u81f3640\u4ebf\u7f8e\u5143\u3002\u516c\u53f8\u672a\u63d0\u4f9b\u5168\u5e74\u6bcf\u80a1\u76c8\u5229\u6307\u5f15\u3002<\/span><\/li><\/ul>\n<ul><li><b><span>\u80a1\u606f\u4e0e\u56de\u8d2d\uff1a<\/span><\/b><span>\u7b2c\u4e09\u5b63\u8d44\u672c\u5f00\u652f138.4\u4ebf\u7f8e\u5143\uff0c\u7ecf\u8425\u73b0\u91d1\u6d419,197.7\u4ebf\u65b0\u53f0\u5e01\uff0c\u81ea\u7531\u73b0\u91d1\u6d414,765.6\u4ebf\u65b0\u53f0\u5e01\u3002\u6b64\u524d\u6279\u51c6\u76842026\u5e74\u7b2c\u4e8c\u5b63\u80a1\u606f\u4e3a\u6bcf\u666e\u901a\u80a17.00\u65b0\u53f0\u5e01\uff0c2026\u5e7412\u670810\u65e5\u9664\u606f\uff0c\u53f0\u6e7e\u666e\u901a\u80a1\u6d3e\u606f\u65e5\u4e3a2027\u5e741\u67087\u65e5\u3002\u672c\u6b21\u4e1a\u7ee9\u6750\u6599\u672a\u516c\u5e03\u65b0\u7684\u80a1\u4efd\u56de\u8d2d\u8ba1\u5212\u3002<\/span><\/li><\/ul>\n<ul><li><b><span>\u77ed\u8bc4\uff1a<\/span><\/b><span>\u6211\u4eec\u7ef4\u6301\u6b63\u9762\u5c55\u671b\uff0c\u503e\u5411\u8d81\u80a1\u4ef7\u56de\u843d\u9010\u6b65\u5438\u7eb3\u53f0\u79ef\u7535\u3002\u672c\u5b63\u8868\u73b0\u652f\u6301\u76c8\u5229\u589e\u957f\u4e3b\u8981\u6765\u81ea\u5148\u8fdb\u5236\u7a0b\u9700\u6c42\uff0c\u800c\u975e\u5355\u6b21\u4f1a\u8ba1\u6536\u76ca\u3002\u7f8e\u5143\u8425\u6536\u8f83\u5e02\u573a\u9884\u671f\u9ad82.4%\uff0cADR\u76c8\u5229\u9ad83.4%\u3002\u9ad8\u6027\u80fd\u8ba1\u7b97\u5360\u8425\u653668%\uff0c2\u7eb3\u7c73\u8d21\u732e\u4e0a\u5347\uff0c\u4e5f\u4e3a\u65e2\u6709\u5148\u8fdb\u5236\u7a0b\u4e1a\u52a1\u4ee5\u5916\u7684\u589e\u957f\u589e\u6dfb\u52a8\u529b\u3002 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\u76c8\u5229\u8d28\u91cf\u4ee4\u4eba\u9f13\u821e\uff1a\u4e0a\u5b63\u4e16\u754c\u5148\u8fdb\u80a1\u4efd\u76f8\u5173\u6536\u76ca\u672a\u518d\u51fa\u73b0\uff0c\u8425\u4e1a\u5916\u6536\u76ca\u4e0b\u964d\uff0c\u4f46\u8425\u4e1a\u5229\u6da6\u4ecd\u73af\u6bd4\u589e\u957f14.3%\uff0c\u652f\u6301\u6838\u5fc3\u76c8\u5229\u5411\u4e0a\u3002\u5168\u5e74\u589e\u957f\u9884\u671f\u4e0a\u8c03\u53ca\u5f3a\u52b2\u7684\u7b2c\u56db\u5b63\u8425\u6536\u6307\u5f15\uff0c\u63d0\u9ad8\u77ed\u671f\u4e1a\u7ee9\u53ef\u89c1\u5ea6\u3002\u4e0d\u8fc7\uff0c\u8d44\u672c\u5f00\u652f\u5e9e\u5927\uff0c\u6267\u884c\u80fd\u529b\u53ca\u73b0\u91d1\u56de\u62a5\u4ecd\u662f\u6295\u8d44\u903b\u8f91\u7684\u6838\u5fc3\u3002 ADR\u4e8e10\u670815\u65e5\u6536\u62a5422.25\u7f8e\u5143\uff0c\u4e0b\u8dcc1.80%\uff0c\u76d8\u4e2d\u4f4e\u89c1407.13\u7f8e\u5143\u3002\u6211\u4eec\u5c06\u56de\u843d\u89c6\u4e3a\u9010\u6b65\u5efa\u7acb\u6301\u4ed3\u7684\u673a\u4f1a\uff0c\u7b49\u5f85\u6267\u884c\u80fd\u529b\u9010\u6b65\u5339\u914d\u9700\u6c42\u3002\u4e3b\u8981\u98ce\u9669\u4e3aAI\u57fa\u7840\u8bbe\u65bd\u6295\u8d44\u653e\u7f13\u3001\u6d77\u5916\u5236\u9020\u6210\u672c\u53ca\u5730\u7f18\u653f\u6cbb\u9650\u5236\uff1b\u5148\u8fdb\u5236\u7a0b\u6301\u7eed\u589e\u957f\u4ecd\u662f\u6211\u4eec\u7ef4\u6301\u6b63\u9762\u89c2\u70b9\u7684\u6700\u4e3b\u8981\u4f9d\u636e\u3002 <\/span><b>26\u8d22\u5e74\u7b2c\u56db\u5b63\u5ea6\u5efa\u8bae\u4ea4\u6613\u533a\u95f4\uff1a410\u2013475\u7f8e\u5143\u3002\u6b63\u9762\u524d\u666f<\/b><span>\u3002<\/span><\/li><\/ul>\n<p> <\/p>\n<p><b><span>The Charles Schwab Corporation (SCHW)<\/span><\/b><\/p>\n<ul><li><b><span>3Q26 Revenue: <\/span><\/b><span>US$7.171B, +16.9% YoY, missed estimates by US$12.36M.<\/span><\/li><\/ul>\n<ul><li><b><span>3Q26 EPS: <\/span><\/b><span>US$1.69 adjusted diluted EPS, +29.0% YoY, beat estimates by US$0.03.<\/span><\/li><\/ul>\n<ul><li><b><span>4Q26 Guidance: <\/span><\/b><span>4Q26 revenue\/EPS guidance not provided. NIM now expected to expand 25\u201330bp YoY; summer scenario had indicated 3.25\u20133.30% NIM. Lending\/trading momentum and seasonal cash inflows expected to continue.<\/span><\/li><\/ul>\n<ul><li><b><span>FY26 Guidance: <\/span><\/b><span>FY26 revenue growth\/NIM now toward the lower end of prior 17.5\u201318.5%\/3.00\u20133.10% ranges. Adjusted expense growth also at low end of prior 9.5\u201310.5%; approximately 800bp positive operating leverage. FY26 EPS guidance not provided.<\/span><\/li><\/ul>\n<ul><li><b><span>Dividend\/Share Buyback: <\/span><\/b><span>Common share repurchases US$3.9bn YTD through September; net preferred redemption US$0.6bn YTD. Regular quarterly dividend US$0.32\/share, paid 28 August 2026 (declared 23 July). No new dividend declaration identified in the Q3 results. Adjusted Tier 1 leverage ratio 7.0%.<\/span><\/li><\/ul>\n<ul><li><b><span>Comment: <\/span><\/b><span>Schwab\u2019s record quarter supports a positive medium-term view, but the lower-end revenue and margin outlook limits the immediate earnings catalyst. Core net new assets of US$190.4bn and managed-investing inflows demonstrate that growth extends beyond buoyant markets. These assets should support future fee income and lending opportunities as clients consolidate more activity on the platform. Profit growth also reflects operating improvement. Revenue increased faster than adjusted expenses, expanding the adjusted pretax margin by approximately 350bp to 54.8%. Net interest revenue, asset-management fees and trading revenue all grew at double-digit rates. Adjusted EPS excludes transaction-related costs, although GAAP EPS also rose approximately 29%, indicating that earnings momentum is not confined to the adjusted measure. The main constraint is funding. Lending has outpaced deposit growth, requiring greater use of alternative funding sources and delaying margin expansion. Management consequently expects annual revenue growth and NIM at the lower end of its summer ranges. This weakens the case for extrapolating strong client growth directly into near-term earnings upgrades. Trading activity and market-linked fees also remain exposed to investor sentiment. Our outlook is positive, with accumulation on weakness preferable to chasing the headline EPS beat. Sustained asset gathering, efficiency and capital flexibility support the franchise, while deposit growth and funding costs will determine the pace of earnings improvement. Shares fell 2.9% in premarket trading on 15 October; that was an early reaction, not the closing move. <\/span><b>4Q26 recommended trading range: US$90\u2013110. Positive Outlook.<\/b><\/li><\/ul>\n<p> <\/p>\n<p><b><span>\u5609\u4fe1\u7406\u8d22 (SCHW)<\/span><\/b><\/p>\n<ul><li><b><span>26\u8d22\u5e74\u7b2c\u4e09\u5b63\u5ea6\u8425\u6536\uff1a<\/span><\/b><span>2026\u5e74\u7b2c\u4e09\u5b63\u51c0\u8425\u653671.71\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f16.89%\uff1b\u8f83\u5e02\u573a\u9884\u671f\u4f4e1,236\u4e07\u7f8e\u5143\uff08\u9884\u671f\u7ea671.83\u4ebf\u7f8e\u5143\uff09\u3002<\/span><\/li><\/ul>\n<ul><li><b><span>26\u8d22\u5e74\u7b2c\u4e09\u5b63\u5ea6\u6bcf\u80a1\u6536\u76ca\uff1a<\/span><\/b><span>\u8c03\u6574\u540e\u644a\u8584\u6bcf\u80a1\u6536\u76ca1.69\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f29.0%\uff0c\u8d85\u51fa\u9884\u671f0.03\u7f8e\u5143\u3002<\/span><\/li><\/ul>\n<ul><li><b><span>26\u8d22\u5e74\u7b2c\u56db\u5b63\u5ea6\u6307\u5f15\uff1a<\/span><\/b><span>\u672a\u63d0\u4f9b\u7b2c\u56db\u5b63\u8425\u6536\u6216\u6bcf\u80a1\u6536\u76ca\u6307\u5f15\u3002\u73b0\u9884\u8ba1\u51c0\u606f\u5dee\u540c\u6bd4\u6269\u592725\u201330\u4e2a\u57fa\u70b9\uff1b\u590f\u5b63\u539f\u60c5\u666f\u9884\u8ba1\u51c0\u606f\u5dee3.25\u20133.30%\u3002\u9884\u8ba1\u8d37\u6b3e\u3001\u4ea4\u6613\u52a8\u80fd\u53ca\u5b63\u8282\u6027\u73b0\u91d1\u6d41\u5165\u5ef6\u7eed\u3002<\/span><\/li><\/ul>\n<ul><li><b><span>26\u8d22\u5e74\u5168\u5e74\u6307\u5f15\uff1a<\/span><\/b><span>\u5168\u5e74\u8425\u6536\u589e\u901f\u53ca\u51c0\u606f\u5dee\u73b0\u63a5\u8fd1\u539f17.5\u201318.5%\u53ca3.00\u20133.10%\u533a\u95f4\u4e0b\u9650\u3002\u8c03\u6574\u540e\u8d39\u7528\u589e\u901f\u4ea6\u63a5\u8fd1\u539f9.5\u201310.5%\u533a\u95f4\u4e0b\u9650\uff1b\u9884\u8ba1\u6b63\u7ecf\u8425\u6760\u6746\u7ea6800\u4e2a\u57fa\u70b9\u3002\u672a\u63d0\u4f9b\u5168\u5e74\u6bcf\u80a1\u6536\u76ca\u6307\u5f15\u3002<\/span><\/li><\/ul>\n<ul><li><b><span>\u80a1\u606f\u4e0e\u56de\u8d2d\uff1a<\/span><\/b><span>\u622a\u81f39\u6708\u5e74\u5185\u666e\u901a\u80a1\u56de\u8d2d39\u4ebf\u7f8e\u5143\uff0c\u4f18\u5148\u80a1\u51c0\u8d4e\u56de6\u4ebf\u7f8e\u5143\u3002\u5b63\u5ea6\u666e\u901a\u80a1\u606f\u6bcf\u80a10.32\u7f8e\u5143\uff0c7\u670823\u65e5\u5ba3\u6d3e\u5e76\u4e8e8\u670828\u65e5\u652f\u4ed8\uff1b\u7b2c\u4e09\u5b63\u4e1a\u7ee9\u4e2d\u672a\u53d1\u73b0\u65b0\u80a1\u606f\u5ba3\u6d3e\u3002\u8c03\u6574\u540e\u4e00\u7ea7\u6760\u6746\u73877.0%\u3002<\/span><\/li><\/ul>\n<ul><li><b><span>\u77ed\u8bc4\uff1a<\/span><\/b><span>\u5609\u4fe1\u7406\u8d22\u672c\u5b63\u4e1a\u7ee9\u521b\u7eaa\u5f55\uff0c\u652f\u6301\u4e2d\u671f\u6b63\u9762\u5224\u65ad\uff0c\u4f46\u8425\u6536\u53ca\u51c0\u606f\u5dee\u5c55\u671b\u9760\u8fd1\u539f\u533a\u95f4\u4e0b\u9650\uff0c\u524a\u5f31\u4e86\u77ed\u671f\u76c8\u5229\u50ac\u5316\u3002\u6838\u5fc3\u51c0\u65b0\u589e\u8d44\u4ea71,904\u4ebf\u7f8e\u5143\u53ca\u7ba1\u7406\u578b\u6295\u8d44\u51c0\u6d41\u5165\u8868\u660e\uff0c\u589e\u957f\u5e76\u975e\u4ec5\u7531\u5e02\u573a\u4e0a\u6da8\u63a8\u52a8\u3002\u968f\u7740\u5ba2\u6237\u5c06\u66f4\u591a\u6d3b\u52a8\u96c6\u4e2d\u81f3\u5e73\u53f0\uff0c\u8fd9\u4e9b\u8d44\u4ea7\u5e94\u652f\u6301\u672a\u6765\u6536\u8d39\u6536\u5165\u548c\u8d37\u6b3e\u673a\u4f1a\u3002 \u76c8\u5229\u589e\u957f\u4ea6\u53cd\u6620\u7ecf\u8425\u6539\u5584\u3002\u8425\u6536\u589e\u901f\u9ad8\u4e8e\u8c03\u6574\u540e\u8d39\u7528\uff0c\u63a8\u52a8\u8c03\u6574\u540e\u7a0e\u524d\u5229\u6da6\u7387\u6269\u5927\u7ea6350\u4e2a\u57fa\u70b9\u81f354.8%\u3002\u51c0\u5229\u606f\u6536\u5165\u3001\u8d44\u4ea7\u7ba1\u7406\u8d39\u7528\u548c\u4ea4\u6613\u6536\u5165\u5747\u5b9e\u73b0\u53cc\u4f4d\u6570\u589e\u957f\u3002\u8c03\u6574\u540e\u6bcf\u80a1\u6536\u76ca\u5254\u9664\u4e86\u4ea4\u6613\u76f8\u5173\u6210\u672c\uff0c\u4f46GAAP\u6bcf\u80a1\u6536\u76ca\u540c\u6837\u589e\u957f\u7ea629%\uff0c\u8868\u660e\u76c8\u5229\u52a8\u80fd\u5e76\u975e\u53ea\u4f53\u73b0\u5728\u8c03\u6574\u540e\u53e3\u5f84\u3002 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\u6211\u4eec\u7ef4\u6301\u6b63\u9762\u5c55\u671b\uff0c\u503e\u5411\u9022\u4f4e\u5438\u7eb3\uff0c\u800c\u975e\u8ffd\u9010\u6bcf\u80a1\u6536\u76ca\u8d85\u9884\u671f\u3002\u6301\u7eed\u8d44\u4ea7\u6d41\u5165\u3001\u6548\u7387\u63d0\u5347\u548c\u8d44\u672c\u7075\u6d3b\u6027\u652f\u6301\u4e1a\u52a1\u524d\u666f\uff0c\u4f46\u5b58\u6b3e\u589e\u957f\u548c\u878d\u8d44\u6210\u672c\u5c06\u51b3\u5b9a\u76c8\u5229\u6539\u5584\u901f\u5ea6\u300210\u670815\u65e5\u76d8\u524d\u80a1\u4ef7\u4e0b\u8dcc2.9%\uff1b\u8fd9\u662f\u65e9\u76d8\u53cd\u5e94\uff0c\u5e76\u975e\u6536\u76d8\u53d8\u52a8\u3002 <\/span><b>26\u8d22\u5e74\u7b2c\u56db\u5b63\u5ea6\u5efa\u8bae\u4ea4\u6613\u533a\u95f4\uff1a90\u2013110\u7f8e\u5143\u3002\u6b63\u9762\u524d\u666f<\/b><span>\u3002<\/span><\/li><\/ul>\n<p> <\/p>\n<p><b><span>Interactive Brokers Group, Inc. (IBKR)<\/span><\/b><\/p>\n<ul><li><b><span>3Q26 Revenue: <\/span><\/b><span>US$1.872B adjusted net revenue, +16.3% YoY, approximately US$12M above estimates.<\/span><\/li><\/ul>\n<ul><li><b><span>3Q26 EPS: <\/span><\/b><span>US$0.67 adjusted diluted EPS, +17.5% YoY, broadly in line with estimates.<\/span><\/li><\/ul>\n<ul><li><b><span>4Q26 Guidance: <\/span><\/b><span>No numerical 4Q26 revenue or EPS guidance provided. Management expects most of the September rate-hike benefit to reach NII in Q4; no prior quarterly numerical target was revised.<\/span><\/li><\/ul>\n<ul><li><b><span>FY26 Guidance: <\/span><\/b><span>The company did not provide FY26 revenue or EPS guidance.<\/span><\/li><\/ul>\n<ul><li><b><span>Dividend\/Share Buyback: <\/span><\/b><span>Quarterly cash dividend raised 71.4% from US$0.0875 to US$0.15\/share (US$0.60 annualised), payable 14 December 2026 to holders of record 1 December. Total equity US$23.3bn; no long-term debt. No new share-buyback programme announced in the results.<\/span><\/li><\/ul>\n<ul><li><b><span>Comment: <\/span><\/b><span>Interactive Brokers delivered solid growth, but the result was closer to expectations than the strength in customer accounts alone might suggest. Adjusted EPS increased 18% to US$0.67 and essentially matched consensus, while adjusted net revenue rose 16% to US$1.87bn. The core earnings comparison excludes currency-diversification and investment-marking effects, making it more useful than extrapolating GAAP EPS of US$0.69. The main driver remains balance growth. Customer accounts increased 35% to 5.58 million and customer equity rose 27%, expanding the base for interest and transaction income. Net interest income increased 19%, while commissions grew 12%. However, commission growth included US$30m of regulatory fees passed through to customers, which also increased costs without adding profit. Total DARTs grew 18% year on year but fell 11% sequentially; annualised cleared DARTs per account declined 14% year on year. Growth therefore relies increasingly on acquiring customers and assets rather than higher activity from each account. The 78% adjusted pretax margin remains exceptional, although below 79% a year earlier. A 71% dividend increase signals confidence, while management expects additional Q4 NII benefit from September rate hikes. Our outlook is positive, supported by structural account growth, but valuation leaves limited tolerance for weaker trading. At 7:59pm ET on 15 October, shares were US$85.70, down 0.38% after hours; the earlier US$86.03 close preceded the release. <\/span><b>4Q26 recommended trading range: US$79\u201392. Positive Outlook.<\/b><\/li><\/ul>\n<p> <\/p>\n<p><b><span>\u76c8\u900f\u8bc1\u5238 (IBKR)<\/span><\/b><\/p>\n<ul><li><b><span>26\u8d22\u5e74\u7b2c\u4e09\u5b63\u5ea6\u8425\u6536\uff1a<\/span><\/b><span>\u8c03\u6574\u540e\u51c0\u6536\u516518.72\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f16.3%\uff0c\u8f83\u7ea618.6\u4ebf\u7f8e\u5143\u7684\u5e02\u573a\u9884\u671f\u9ad8\u7ea61,200\u4e07\u7f8e\u5143\u3002<\/span><\/li><\/ul>\n<ul><li><b><span>26\u8d22\u5e74\u7b2c\u4e09\u5b63\u5ea6\u6bcf\u80a1\u6536\u76ca\uff1a<\/span><\/b><span>\u8c03\u6574\u540e\u644a\u8584\u6bcf\u80a1\u6536\u76ca0.67\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f17.5%\uff0c\u57fa\u672c\u7b26\u5408\u5e02\u573a\u9884\u671f\u3002<\/span><\/li><\/ul>\n<ul><li><b><span>26\u8d22\u5e74\u7b2c\u56db\u5b63\u5ea6\u6307\u5f15\uff1a<\/span><\/b><span>\u516c\u53f8\u672a\u63d0\u4f9b2026\u5e74\u7b2c\u56db\u5b63\u5ea6\u6536\u5165\u6216\u6bcf\u80a1\u76c8\u5229\u7684\u91cf\u5316\u6307\u5f15\u3002\u7ba1\u7406\u5c42\u9884\u8ba19\u6708\u52a0\u606f\u7684\u5927\u90e8\u5206\u51c0\u5229\u606f\u6536\u5165\u6548\u76ca\u5c06\u5728\u7b2c\u56db\u5b63\u5ea6\u4f53\u73b0\uff1b\u672a\u4fee\u8ba2\u6b64\u524d\u7684\u5b63\u5ea6\u91cf\u5316\u76ee\u6807\u3002<\/span><\/li><\/ul>\n<ul><li><b><span>26\u8d22\u5e74\u5168\u5e74\u6307\u5f15\uff1a<\/span><\/b><span>\u516c\u53f8\u672a\u63d0\u4f9b26\u8d22\u5e74\u5168\u5e74\u6536\u5165\u6216\u6bcf\u80a1\u6536\u76ca\u6307\u5f15\u3002<\/span><\/li><\/ul>\n<ul><li><b><span>\u80a1\u606f\u4e0e\u56de\u8d2d\uff1a<\/span><\/b><span>\u5b63\u5ea6\u73b0\u91d1\u80a1\u606f\u7531\u6bcf\u80a10.0875\u7f8e\u5143\u63d0\u9ad871.4%\u81f30.15\u7f8e\u5143\uff0c\u5e74\u53160.60\u7f8e\u5143\uff0c\u5c06\u4e8e2026\u5e7412\u670814\u65e5\u652f\u4ed8\u4e8812\u67081\u65e5\u5728\u518c\u80a1\u4e1c\u3002\u603b\u6743\u76ca233\u4ebf\u7f8e\u5143\uff0c\u65e0\u957f\u671f\u503a\u52a1\u3002\u4e1a\u7ee9\u516c\u544a\u672a\u5ba3\u5e03\u65b0\u7684\u80a1\u4efd\u56de\u8d2d\u8ba1\u5212\u3002<\/span><\/li><\/ul>\n<ul><li><b><span>\u77ed\u8bc4\uff1a<\/span><\/b><span>\u76c8\u900f\u8bc1\u5238\u5f55\u5f97\u7a33\u5065\u589e\u957f\uff0c\u4f46\u76f8\u5bf9\u4e8e\u5ba2\u6237\u8d26\u6237\u7684\u5f3a\u52b2\u6269\u5f20\uff0c\u5b9e\u9645\u4e1a\u7ee9\u66f4\u63a5\u8fd1\u5e02\u573a\u9884\u671f\u3002\u7ecf\u8c03\u6574\u6bcf\u80a1\u76c8\u5229\u4e0a\u534718%\u81f30.67\u7f8e\u5143\uff0c\u57fa\u672c\u7b26\u5408\u9884\u671f\uff1b\u7ecf\u8c03\u6574\u51c0\u6536\u5165\u589e\u957f16%\u81f318.7\u4ebf\u7f8e\u5143\u3002\u7ecf\u8c03\u6574\u76c8\u5229\u5254\u9664\u4e86\u8d27\u5e01\u591a\u5143\u5316\u7b56\u7565\u53ca\u6295\u8d44\u5e02\u503c\u53d8\u52a8\u7684\u5f71\u54cd\uff0c\u8f83\u76f4\u63a5\u5916\u63a80.69\u7f8e\u5143\u7684GAAP\u6bcf\u80a1\u76c8\u5229\u66f4\u80fd\u53cd\u6620\u6838\u5fc3\u8868\u73b0\u3002 \u4e3b\u8981\u52a8\u529b\u4ecd\u662f\u5ba2\u6237\u8d44\u91d1\u89c4\u6a21\u6269\u5f20\u3002\u5ba2\u6237\u8d26\u6237\u589e\u52a035%\u81f3558\u4e07\uff0c\u5ba2\u6237\u6743\u76ca\u4e0a\u534727%\uff0c\u6269\u5927\u4e86\u5229\u606f\u53ca\u4ea4\u6613\u6536\u5165\u57fa\u7840\u3002\u51c0\u5229\u606f\u6536\u5165\u589e\u957f19%\uff0c\u4f63\u91d1\u6536\u5165\u589e\u957f12%\u3002\u4e0d\u8fc7\uff0c\u4f63\u91d1\u589e\u5e45\u5305\u542b\u5411\u5ba2\u6237\u8f6c\u5ac1\u76843,000\u4e07\u7f8e\u5143\u76d1\u7ba1\u8d39\u7528\uff0c\u8be5\u9879\u76ee\u540c\u65f6\u589e\u52a0\u6210\u672c\uff0c\u4e0d\u5e26\u6765\u989d\u5916\u5229\u6da6\u3002\u65e5\u5747\u521b\u6536\u4ea4\u6613\u91cf\u540c\u6bd4\u589e\u52a018%\uff0c\u4f46\u73af\u6bd4\u4e0b\u964d11%\uff1b\u6bcf\u4e2a\u5df2\u6e05\u7b97\u8d26\u6237\u7684\u5e74\u5316\u65e5\u5747\u521b\u6536\u4ea4\u6613\u91cf\u540c\u6bd4\u4e0b\u964d14%\u3002\u56e0\u6b64\uff0c\u589e\u957f\u65e5\u76ca\u4f9d\u8d56\u65b0\u5ba2\u6237\u53ca\u8d44\u4ea7\u6d41\u5165\uff0c\u800c\u975e\u73b0\u6709\u8d26\u6237\u4ea4\u6613\u66f4\u9891\u7e41\u3002 \u7ecf\u8c03\u6574\u7a0e\u524d\u5229\u6da6\u7387\u8fbe78%\uff0c\u4ecd\u7136\u51fa\u8272\uff0c\u4f46\u4f4e\u4e8e\u53bb\u5e74\u768479%\u3002\u80a1\u606f\u63d0\u9ad871%\u4f53\u73b0\u7ba1\u7406\u5c42\u4fe1\u5fc3\uff0c9\u6708\u52a0\u606f\u4e5f\u9884\u8ba1\u5728\u7b2c\u56db\u5b63\u5ea6\u8fdb\u4e00\u6b65\u652f\u6301\u51c0\u5229\u606f\u6536\u5165\u3002\u6211\u4eec\u7ef4\u6301\u6b63\u9762\u5c55\u671b\uff0c\u770b\u597d\u8d26\u6237\u7ed3\u6784\u6027\u589e\u957f\uff0c\u4f46\u8f83\u9ad8\u4f30\u503c\u610f\u5473\u7740\u4ea4\u6613\u8f6c\u5f31\u7684\u5bb9\u9519\u7a7a\u95f4\u6709\u9650\u300210\u670815\u65e5\u7f8e\u4e1c\u65f6\u95f4\u665a\u4e0a7\u65f659\u5206\uff0c\u80a1\u4ef7\u76d8\u540e\u62a585.70\u7f8e\u5143\uff0c\u4e0b\u8dcc0.38%\uff1b\u6b64\u524d86.03\u7f8e\u5143\u7684\u6536\u76d8\u4ef7\u5f62\u6210\u4e8e\u4e1a\u7ee9\u53d1\u5e03\u524d\u3002 <\/span><b>26\u8d22\u5e74\u7b2c\u56db\u5b63\u5ea6\u5efa\u8bae\u4ea4\u6613\u533a\u95f4\uff1a79\u201392\u7f8e\u5143\u3002\u6b63\u9762\u524d\u666f<\/b><span>\u3002<\/span><\/li><\/ul>\n<p> <\/p>\n<p><b><span>BlackRock, Inc. (BLK)<\/span><\/b><\/p>\n<ul><li><b><span>3Q26 Revenue: <\/span><\/b><span>US$7.75B, +19.1% YoY, beat estimates by US$323.89M.<\/span><\/li><\/ul>\n<ul><li><b><span>3Q26 EPS: <\/span><\/b><span>US$15.93 adjusted, +38% YoY, beat estimates by US$1.63.<\/span><\/li><\/ul>\n<ul><li><b><span>4Q26 Guidance: <\/span><\/b><span>The company did not provide 4Q26 revenue or EPS guidance. Management expects an approximately 25% tax rate and plans at least US$550M of share repurchases.<\/span><\/li><\/ul>\n<ul><li><b><span>FY26 Guidance: <\/span><\/b><span>The company did not provide FY26 revenue or EPS guidance. Full-year general and administrative expenses are expected to increase by a mid-single-digit percentage. Management remains committed to low- to mid-teens technology annual contract value growth over the long term.<\/span><\/li><\/ul>\n<ul><li><b><span>Dividend\/Share Buyback: <\/span><\/b><span>Repurchased US$550M of shares in 3Q26, up from US$450M in 2Q26. The quarterly dividend remains US$5.73\/share. Management plans at least US$550M of 4Q26 repurchases.<\/span><\/li><\/ul>\n<ul><li><b><span>Comment: <\/span><\/b><span>This was a strong operating quarter, with organic growth and margin expansion supporting a positive outlook. Net inflows of US$205B lifted assets under management to US$15.49T, while annualised organic base fee growth reached 11%. The breadth across ETFs, systematic equities, private markets and cash suggests that growth is broader than a passive benefit from rising equity prices. Base fees and securities lending revenue increased 20%, strengthening the recurring earnings base. Technology services and subscription revenue rose 14% to US$588M, with annual contract value up 12%. These revenues add diversification and can support a higher-quality earnings mix as Aladdin and multi-product solutions expand. Adjusted operating income increased 27%, faster than revenue, and the operating margin rose 320 basis points to 47.8%, demonstrating cost discipline despite continued investment. The 38% adjusted EPS increase nevertheless overstates the improvement in recurring operations. Higher nonoperating income and a lower share count contributed, including US$164M of investment gains largely linked to Securitize and Circle. Performance fees are also less predictable than management fees, while private-market expansion brings fundraising and integration risks. Sustainable upside therefore depends on maintaining base-fee growth and margins rather than repeating investment gains. Shares closed at US$1,073.79 on 14 October, up 0.72%, after a stronger initial reaction. The modest closing gain leaves room for a favourable earnings reassessment if flows persist. Watch organic fee growth, private-market fundraising, Aladdin contracts and the conversion of inflows into fees. Our positive call rests on a broader franchise delivering growth and operating leverage, with market declines and weaker performance fees the main near-term risks. <\/span><b>4Q26 recommended trading range: US$956\u20131,211. Positive Outlook.<\/b><\/li><\/ul>\n<p> <\/p>\n<p><b><span>\u8d1d\u83b1\u5fb7 (BLK)<\/span><\/b><\/p>\n<ul><li><b><span>26\u8d22\u5e74\u7b2c\u4e09\u5b63\u5ea6\u8425\u6536\uff1a<\/span><\/b><span>77.5\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f19.1%\uff0c\u8d85\u51fa\u9884\u671f3.2389\u4ebf\u7f8e\u5143\u3002<\/span><\/li><\/ul>\n<ul><li><b><span>26\u8d22\u5e74\u7b2c\u4e09\u5b63\u5ea6\u6bcf\u80a1\u6536\u76ca\uff1a<\/span><\/b><span>\u8c03\u6574\u540e\u6bcf\u80a1\u6536\u76ca15.93\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f38%\uff0c\u8d85\u51fa\u9884\u671f1.63\u7f8e\u5143\u3002<\/span><\/li><\/ul>\n<ul><li><b><span>26\u8d22\u5e74\u7b2c\u56db\u5b63\u5ea6\u6307\u5f15\uff1a<\/span><\/b><span>\u516c\u53f8\u672a\u63d0\u4f9b\u7b2c\u56db\u5b63\u5ea6\u8425\u6536\u6216\u6bcf\u80a1\u6536\u76ca\u6307\u5f15\u3002\u7ba1\u7406\u5c42\u9884\u8ba1\u7a0e\u7387\u7ea625%\uff0c\u5e76\u8ba1\u5212\u81f3\u5c11\u56de\u8d2d5.50\u4ebf\u7f8e\u5143\u80a1\u7968\u3002<\/span><\/li><\/ul>\n<ul><li><b><span>26\u8d22\u5e74\u5168\u5e74\u6307\u5f15\uff1a<\/span><\/b><span>\u516c\u53f8\u672a\u63d0\u4f9b\u5168\u5e74\u8425\u6536\u6216\u6bcf\u80a1\u6536\u76ca\u6307\u5f15\u3002\u5168\u5e74\u4e00\u822c\u53ca\u884c\u653f\u8d39\u7528\u9884\u8ba1\u589e\u957f\u4e2d\u4e2a\u4f4d\u6570\u767e\u5206\u6bd4\uff1b\u957f\u671f\u4ecd\u81f4\u529b\u4e8e\u5b9e\u73b0\u79d1\u6280\u4e1a\u52a1\u5e74\u5ea6\u5408\u540c\u4ef7\u503c\u4f4e\u81f3\u4e2d\u53cc\u4f4d\u6570\u589e\u957f\u3002<\/span><\/li><\/ul>\n<ul><li><b><span>\u77ed\u8bc4\uff1a<\/span><\/b><span>\u672c\u5b63\u5ea6\u7ecf\u8425\u5f3a\u52b2\uff0c\u6709\u673a\u589e\u957f\u53ca\u5229\u6da6\u7387\u6269\u5f20\u652f\u6301\u6b63\u9762\u5224\u65ad\u3002\u51c0\u6d41\u51652,050\u4ebf\u7f8e\u5143\uff0c\u4f7f\u7ba1\u7406\u8d44\u4ea7\u8fbe\u523015.49\u4e07\u4ebf\u7f8e\u5143\uff0c\u5e74\u5316\u6709\u673a\u57fa\u7840\u8d39\u589e\u957f\u4e3a11%\u3002ETF\u3001\u7cfb\u7edf\u5316\u80a1\u7968\u3001\u79c1\u52df\u5e02\u573a\u53ca\u73b0\u91d1\u4e1a\u52a1\u5747\u6709\u8d21\u732e\uff0c\u663e\u793a\u589e\u957f\u5e76\u975e\u4ec5\u88ab\u52a8\u53d7\u76ca\u4e8e\u80a1\u5e02\u4e0a\u6da8\u3002\u57fa\u7840\u8d39\u53ca\u8bc1\u5238\u501f\u8d37\u6536\u5165\u589e\u957f20%\uff0c\u589e\u5f3a\u7ecf\u5e38\u6027\u76c8\u5229\u57fa\u7840\u3002\u79d1\u6280\u670d\u52a1\u53ca\u8ba2\u9605\u6536\u5165\u589e\u957f14%\u81f35.88\u4ebf\u7f8e\u5143\uff0c\u5e74\u5ea6\u5408\u540c\u4ef7\u503c\u589e\u957f12%\u3002\u968f\u7740Aladdin\u53ca\u591a\u4ea7\u54c1\u65b9\u6848\u6269\u5f20\uff0c\u8fd9\u4e9b\u6536\u5165\u6709\u52a9\u4e8e\u591a\u5143\u5316\u53ca\u63d0\u5347\u76c8\u5229\u8d28\u91cf\u3002\u8c03\u6574\u540e\u7ecf\u8425\u5229\u6da6\u589e\u957f27%\uff0c\u5feb\u4e8e\u8425\u6536\uff1b\u7ecf\u8425\u5229\u6da6\u7387\u6269\u5f20320\u4e2a\u57fa\u70b9\u81f347.8%\uff0c\u4f53\u73b0\u6301\u7eed\u6295\u8d44\u4e0b\u7684\u6210\u672c\u7eaa\u5f8b\u3002\u4e0d\u8fc7\uff0c\u8c03\u6574\u540eEPS\u589e\u957f38%\uff0c\u9ad8\u4e8e\u53ef\u6301\u7eed\u7ecf\u8425\u6539\u5584\u5e45\u5ea6\uff1b\u975e\u7ecf\u8425\u6536\u5165\u589e\u52a0\u53ca\u80a1\u6570\u51cf\u5c11\u5747\u6709\u8d21\u732e\uff0c\u5176\u4e2d1.64\u4ebf\u7f8e\u5143\u6295\u8d44\u6536\u76ca\u4e3b\u8981\u4e0eSecuritize\u53caCircle\u6709\u5173\u3002\u7ee9\u6548\u8d39\u4e5f\u4e0d\u5982\u7ba1\u7406\u8d39\u7a33\u5b9a\uff0c\u79c1\u52df\u5e02\u573a\u6269\u5f20\u5e26\u6765\u52df\u8d44\u53ca\u6574\u5408\u98ce\u9669\u3002\u56e0\u6b64\uff0c\u6301\u7eed\u4e0a\u884c\u4f9d\u8d56\u57fa\u7840\u8d39\u53ca\u5229\u6da6\u7387\uff0c\u800c\u975e\u91cd\u590d\u6295\u8d44\u6536\u76ca\u300210\u670814\u65e5\u80a1\u4ef7\u6536\u4e8e1,073.79\u7f8e\u5143\uff0c\u4e0a\u6da80.72%\uff0c\u4f4e\u4e8e\u521d\u671f\u8f83\u5f3a\u53cd\u5e94\u3002\u82e5\u8d44\u91d1\u6d41\u6301\u7eed\uff0c\u6709\u9650\u7684\u6536\u76d8\u6da8\u5e45\u4e3a\u76c8\u5229\u91cd\u4f30\u7559\u4e0b\u7a7a\u95f4\u3002\u540e\u7eed\u91cd\u70b9\u662f\u6709\u673a\u8d39\u7528\u589e\u957f\u3001\u79c1\u52df\u52df\u8d44\u3001Aladdin\u5408\u540c\u53ca\u6d41\u5165\u8f6c\u5316\u4e3a\u8d39\u7528\u7684\u8fdb\u5ea6\u3002\u6b63\u9762\u5224\u65ad\u57fa\u4e8e\u66f4\u5e7f\u6cdb\u4e1a\u52a1\u7684\u589e\u957f\u53ca\u7ecf\u8425\u6760\u6746\uff0c\u5e02\u573a\u4e0b\u8dcc\u548c\u7ee9\u6548\u8d39\u8d70\u5f31\u5219\u662f\u4e3b\u8981\u77ed\u671f\u98ce\u9669\u3002 <\/span><b>26\u8d22\u5e74\u7b2c\u56db\u5b63\u5ea6\u5efa\u8bae\u4ea4\u6613\u533a\u95f4\uff1a956\u20131,211\u7f8e\u5143\u3002\u6b63\u9762\u524d\u666f<\/b><span>\u3002<\/span><\/li><\/ul>\n<ul><li><b><span>\u80a1\u606f\u4e0e\u56de\u8d2d\uff1a<\/span><\/b><span>\u672c\u5b63\u5ea6\u56de\u8d2d5.50\u4ebf\u7f8e\u5143\u80a1\u7968\uff0c\u9ad8\u4e8e\u7b2c\u4e8c\u5b63\u5ea6\u76844.50\u4ebf\u7f8e\u5143\u3002\u5b63\u5ea6\u80a1\u606f\u7ef4\u6301\u6bcf\u80a15.73\u7f8e\u5143\uff1b\u7ba1\u7406\u5c42\u8ba1\u5212\u7b2c\u56db\u5b63\u5ea6\u81f3\u5c11\u56de\u8d2d5.50\u4ebf\u7f8e\u5143\u3002<\/span><\/li><\/ul>\n<p> <\/p>\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-default-div 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 e-default-p\" data-interaction-id=\"262c95ac\" data-e-type=\"widget\" data-id=\"262c95ac\"><a target=\"_self\" href=\"#top\">^ 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 FLCT SP Frasers Logistics &amp; Commercial Trust Shares held support and closed back above the 5dEMA, 10dEMA and 20dEMA with rising volume.&nbsp; RSI is turning up while MACD is about to turn positive.&nbsp; Long \u2013 Entry 0.88, Target 0.98, Stop 0.83&nbsp; PREIT SP Parkway Life [&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-96020","post","type-post","status-publish","format-standard","hentry","category-technical-analysis"],"aioseo_notices":[],"aioseo_head":"\n\t\t<!-- All in One SEO 5.0.4 - aioseo.com -->\n\t<meta name=\"description\" content=\"TECHNICAL ANALYSIS Technical Analysis: 20 October 2026 SINGAPORE | HONG KONG | UNITED STATES | EARNINGS Singapore FLCT SP Frasers Logistics &amp; Commercial Trust Shares held support and closed back above the 5dEMA, 10dEMA and 20dEMA with rising volume. RSI is turning up while MACD is about to turn positive. Long \u2013 Entry 0.88, Target 0.98, Stop\" \/>\n\t<meta name=\"robots\" content=\"max-image-preview:large\" \/>\n\t<meta name=\"author\" content=\"Enya Tan\"\/>\n\t<meta name=\"keywords\" content=\"technical analysis\" \/>\n\t<link rel=\"canonical\" href=\"https:\/\/www.kgieworld.sg\/research\/technical-analysis-25-september-2026\/\" \/>\n\t\t<meta name=\"generator\" content=\"All in One SEO (AIOSEO) 5.0.4\" \/>\n\t\t<meta property=\"og:locale\" content=\"en_US\" \/>\n\t\t<meta property=\"og:site_name\" content=\"KGI Singapore Research \u2022 Singapore&#039;s leading broker offering Futures, FX, Equities and Wealth Management.\" \/>\n\t\t<meta property=\"og:type\" content=\"article\" \/>\n\t\t<meta property=\"og:title\" content=\"Technical Analysis: 20 October 2026 \u2022 KGI Singapore Research\" \/>\n\t\t<meta property=\"og:description\" content=\"TECHNICAL ANALYSIS Technical Analysis: 20 October 2026 SINGAPORE | HONG KONG | UNITED STATES | EARNINGS Singapore FLCT SP Frasers Logistics &amp; Commercial Trust Shares held support and closed back above the 5dEMA, 10dEMA and 20dEMA with rising volume. RSI is turning up while MACD is about to turn positive. 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RSI is turning up while MACD is about to turn positive. Long \u2013 Entry 0.88, Target 0.98, Stop\" \/>\n\t\t<meta name=\"twitter:image\" content=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/04\/KGI-Logo_\u255b\u03b5ai\u252c\u253carRGB_PNG.png?wsr\" \/>\n\t\t<script type=\"application\/ld+json\" class=\"aioseo-schema\">\n\t\t\t{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"BlogPosting\",\"@id\":\"https:\\\/\\\/www.kgieworld.sg\\\/research\\\/technical-analysis-20-october-2026\\\/#blogposting\",\"name\":\"Technical Analysis: 20 October 2026 \\u2022 KGI Singapore Research\",\"headline\":\"Technical Analysis: 20 October 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