{"id":96208,"date":"2026-10-23T08:00:00","date_gmt":"2026-10-23T00:00:00","guid":{"rendered":"https:\/\/www.kgieworld.sg\/research\/?p=96208"},"modified":"2026-10-23T14:16:29","modified_gmt":"2026-10-23T06:16:29","slug":"technical-analysis-23-october-2026","status":"publish","type":"post","link":"https:\/\/www.kgieworld.sg\/research\/technical-analysis-23-october-2026\/","title":{"rendered":"Technical Analysis: 23 October 2026"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"96208\" class=\"elementor elementor-96208\" 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: 23 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;\">UOB SP<\/p><h3 style=\"font-family: Montserrat; font-size: 22px; font-weight: 600; color: #0d2a5e; margin: 0 0 12px;\">United Overseas Bank Limited<\/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 closed above the 5dEMA, 10dEMA and 20dEMA with elevated 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 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=\"4\" data-aria-level=\"1\"><span data-contrast=\"none\">Long \u2013 Entry 41.50, Target 45.00, Stop 39.70<\/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=\"1532\" height=\"917\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/10\/TA_23Oct_SG_UOB.png\" class=\"attachment-full size-full wp-image-96209\" alt=\"\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/10\/TA_23Oct_SG_UOB.png 1532w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/10\/TA_23Oct_SG_UOB-300x180.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/10\/TA_23Oct_SG_UOB-1024x613.png 1024w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/10\/TA_23Oct_SG_UOB-768x460.png 768w\" sizes=\"(max-width: 1532px) 100vw, 1532px\" \/>\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;\">TSH SP<\/p><h3 style=\"font-family: Montserrat; font-size: 22px; font-weight: 600; color: #0d2a5e; margin: 0 0 12px;\">Tuan Sing 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=\"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 rebounded to close above the 5dEMA, 10dEMA and 20dEMA with elevated 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=\"7\" data-aria-level=\"1\"><span data-contrast=\"none\">RSI is constructive while MACD is about to cross above its signal line.<\/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 0.275, Target 0.310, Stop 0.260<\/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=\"1532\" height=\"917\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/10\/TA_23Oct_SG_TSH.png\" class=\"attachment-full size-full wp-image-96210\" alt=\"\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/10\/TA_23Oct_SG_TSH.png 1532w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/10\/TA_23Oct_SG_TSH-300x180.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/10\/TA_23Oct_SG_TSH-1024x613.png 1024w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/10\/TA_23Oct_SG_TSH-768x460.png 768w\" sizes=\"(max-width: 1532px) 100vw, 1532px\" \/>\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;\">1952 HK<\/p><h3 style=\"font-family: Montserrat; font-size: 22px; font-weight: 600; color: #0d2a5e; margin: 0 0 12px;\">Everest Medicines 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, with the EMAs in bullish order.<\/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\">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=\"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 33, Target 38, Stop 30.5<\/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=\"1532\" height=\"917\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/10\/TA_23Oct_HK_1952.png\" class=\"attachment-full size-full wp-image-96211\" alt=\"\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/10\/TA_23Oct_HK_1952.png 1532w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/10\/TA_23Oct_HK_1952-300x180.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/10\/TA_23Oct_HK_1952-1024x613.png 1024w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/10\/TA_23Oct_HK_1952-768x460.png 768w\" sizes=\"(max-width: 1532px) 100vw, 1532px\" \/>\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;\">2595 HK<\/p><h3 style=\"font-family: Montserrat; font-size: 22px; font-weight: 600; color: #0d2a5e; margin: 0 0 12px;\">Genfleet Therapeutics (Shanghai), Inc.<\/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 with elevated volume.<\/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\">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=\"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 29.5, Target 33, Stop 27.75<\/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=\"1532\" height=\"917\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/10\/TA_23Oct_HK_2595.png\" class=\"attachment-full size-full wp-image-96212\" alt=\"\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/10\/TA_23Oct_HK_2595.png 1532w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/10\/TA_23Oct_HK_2595-300x180.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/10\/TA_23Oct_HK_2595-1024x613.png 1024w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/10\/TA_23Oct_HK_2595-768x460.png 768w\" sizes=\"(max-width: 1532px) 100vw, 1532px\" \/>\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;\">XMAX US<\/p><h3 style=\"font-family: Montserrat; font-size: 22px; font-weight: 600; color: #0d2a5e; margin: 0 0 12px;\">XMAX, 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>Both RSI and MACD are constructive. <\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>Long \u2013 Entry 8.6, Target 9.4, Stop 8.2 <\/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=\"1532\" height=\"917\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/10\/TA_23Oct2026_XMAX_US.png\" class=\"attachment-full size-full wp-image-96257\" alt=\"\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/10\/TA_23Oct2026_XMAX_US.png 1532w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/10\/TA_23Oct2026_XMAX_US-300x180.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/10\/TA_23Oct2026_XMAX_US-1024x613.png 1024w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/10\/TA_23Oct2026_XMAX_US-768x460.png 768w\" sizes=\"(max-width: 1532px) 100vw, 1532px\" \/>\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;\">LEN US<\/p><h3 style=\"font-family: Montserrat; font-size: 22px; font-weight: 600; color: #0d2a5e; margin: 0 0 12px;\">Lennar Corporation.<\/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>Both RSI and MACD are constructive. <\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>Long \u2013 Entry 84, Target 94, Stop 79 <\/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=\"1532\" height=\"917\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/10\/TA_23Oct2026_LEN_US.png\" class=\"attachment-full size-full wp-image-96258\" alt=\"\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/10\/TA_23Oct2026_LEN_US.png 1532w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/10\/TA_23Oct2026_LEN_US-300x180.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/10\/TA_23Oct2026_LEN_US-1024x613.png 1024w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/10\/TA_23Oct2026_LEN_US-768x460.png 768w\" sizes=\"(max-width: 1532px) 100vw, 1532px\" \/>\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>Lockheed Martin Corp. (LMT)<\/b><\/p>\n<ul><li><b>3Q26 Revenue: <\/b>US$20.711bn, +11.3% YoY from US$18.609bn; approximately US$202m above the US$20.509bn IBES estimate.<\/li><\/ul>\n<ul><li><b>3Q26 EPS: <\/b>GAAP diluted EPS US$7.97 versus US$6.95, +14.7%; beat US$7.50 consensus by US$0.47.<\/li><\/ul>\n<ul><li><b>4Q26 Guidance: <\/b>The company did not provide standalone Q4 revenue or EPS guidance. The annual outlook implies a seasonally stronger final quarter, without constituting separate company quarterly guidance.<\/li><\/ul>\n<ul><li><b>FY26 Guidance: <\/b>Sales raised to US$80\u201382bn from US$79.75\u201381.75bn; EPS US$30.35\u201330.75 from US$29.95\u201330.65. Free cash flow US$7.8\u20138.0bn from US$7.0\u20137.2bn. Segment operating profit US$8.575\u20138.675bn from US$8.5\u20138.7bn.<\/li><\/ul>\n<ul><li><b>Dividend\/Share Buyback: <\/b>No share repurchases in the quarter or first nine months of 2026. First-nine-month dividends approximately US$2.4bn. Management announced a 24th consecutive year of dividend increases.<\/li><\/ul>\n<ul><li><b>Comment: <\/b>Lockheed&#8217;s broad sales growth and higher cash-flow target support a positive outlook. All four segments expanded, with missile production and F-35 activity providing important drivers. The record US$292bn backlog, including the US$52.5bn PAC-3 MSE award, increases revenue visibility, although the value will be recognised over multiple years. Backlog is therefore evidence of demand rather than an immediate earnings contribution. Execution remains the central question: additional volume must convert into timely deliveries and stable contract margins. Segment operating profit grew more slowly than sales, so the quarter does not yet demonstrate broad margin expansion. Aeronautics also included recognition of pre-contract costs after a contract award, making programme timing relevant to the revenue mix. Quarterly free cash flow declined year over year despite the earnings increase, but the larger annual cash-flow upgrade strengthens confidence in the full-year conversion. We would assess this against actual customer receipts rather than assuming that every new order generates near-term cash. At 12:59pm ET on 22 October, shares traded at US$583.15, up 5.74%; this was an intraday observation. Around 19 times the revised annual EPS midpoint, valuation is supportable if production ramps remain disciplined. Key checks are missile throughput, F-35 funding and deliveries, programme charges, and delivery of the upgraded cash target.<b> 4Q26 recommended trading range: US$550\u2013640. Positive Outlook.<\/b><\/li><\/ul>\n<p><b>\u6d1b\u514b\u5e0c\u5fb7\u9a6c\u4e01 (LMT)<\/b><\/p>\n<ul><li><b>26\u8d22\u5e74\u7b2c\u4e09\u5b63\u5ea6\u8425\u6536\uff1a<\/b>\u6536\u5165207.11\u4ebf\u7f8e\u5143\uff0c\u53bb\u5e74186.09\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u589e11.3%\uff1b\u8f83IBES\u9884\u671f205.09\u4ebf\u7f8e\u5143\u9ad8\u7ea62.02\u4ebf\u7f8e\u5143\u3002<\/li><\/ul>\n<ul><li><b>26\u8d22\u5e74\u7b2c\u4e09\u5b63\u5ea6\u6bcf\u80a1\u6536\u76ca\uff1a<\/b>GAAP\u644a\u8584\u6bcf\u80a1\u76c8\u52297.97\u7f8e\u5143\uff0c\u53bb\u5e746.95\u7f8e\u5143\uff0c\u540c\u6bd4\u589e14.7%\uff1b\u8f837.50\u7f8e\u5143\u9884\u671f\u9ad80.47\u7f8e\u5143\u3002<\/li><\/ul>\n<ul><li><b>26\u8d22\u5e74\u7b2c\u56db\u5b63\u5ea6\u6307\u5f15\uff1a<\/b>\u516c\u53f8\u672a\u63d0\u4f9b\u72ec\u7acb\u7684\u7b2c\u56db\u5b63\u5ea6\u6536\u5165\u6216\u6bcf\u80a1\u76c8\u5229\u6307\u5f15\u3002\u5168\u5e74\u76ee\u6807\u610f\u5473\u7740\u5b63\u8282\u6027\u8f83\u5f3a\u7684\u672b\u5b63\uff0c\u4f46\u4e0d\u6784\u6210\u72ec\u7acb\u5b63\u5ea6\u6307\u5f15\u3002<\/li><\/ul>\n<ul><li><b>26\u8d22\u5e74\u5168\u5e74\u6307\u5f15\uff1a<\/b>\u6536\u5165\u7531797.5\u2013817.5\u4ebf\u7f8e\u5143\u4e0a\u8c03\u81f3800\u2013820\u4ebf\u7f8e\u5143\uff1b\u6bcf\u80a1\u76c8\u5229\u753129.95\u201330.65\u7f8e\u5143\u4e0a\u8c03\u81f330.35\u201330.75\u7f8e\u5143\u3002\u81ea\u7531\u73b0\u91d1\u6d41\u753170\u201372\u4ebf\u7f8e\u5143\u4e0a\u8c03\u81f378\u201380\u4ebf\u7f8e\u5143\uff1b\u5206\u90e8\u7ecf\u8425\u5229\u6da6\u753185\u201387\u4ebf\u7f8e\u5143\u8c03\u6574\u4e3a85.75\u201386.75\u4ebf\u7f8e\u5143\u3002<\/li><\/ul>\n<ul><li><b>\u80a1\u606f\u4e0e\u56de\u8d2d\uff1a<\/b>\u672c\u5b63\u5ea6\u53ca\u9996\u4e5d\u4e2a\u6708\u672a\u56de\u8d2d\u80a1\u4efd\u3002\u9996\u4e5d\u4e2a\u6708\u6d3e\u606f\u7ea624\u4ebf\u7f8e\u5143\u3002\u7ba1\u7406\u5c42\u5ba3\u5e03\u8fde\u7eed\u7b2c24\u5e74\u63d0\u9ad8\u80a1\u606f\u3002<\/li><\/ul>\n<ul><li><b>\u77ed\u8bc4\uff1a<\/b>\u5e7f\u6cdb\u7684\u6536\u5165\u589e\u957f\u53ca\u73b0\u91d1\u6d41\u76ee\u6807\u4e0a\u8c03\u652f\u6301\u6b63\u9762\u5c55\u671b\u3002\u56db\u4e2a\u4e1a\u52a1\u5206\u90e8\u5747\u589e\u957f\uff0c\u5bfc\u5f39\u589e\u4ea7\u53caF-35\u4e1a\u52a1\u662f\u91cd\u8981\u52a8\u529b\u3002\u521b\u7eaa\u5f55\u76842,920\u4ebf\u7f8e\u5143\u5728\u624b\u8ba2\u5355\uff0c\u5305\u62ec525\u4ebf\u7f8e\u5143PAC-3 MSE\u8ba2\u5355\uff0c\u63d0\u9ad8\u6536\u5165\u53ef\u89c1\u5ea6\uff0c\u4f46\u76f8\u5173\u6536\u5165\u5c06\u8de8\u591a\u5e74\u786e\u8ba4\uff0c\u56e0\u6b64\u5728\u624b\u8ba2\u5355\u53cd\u6620\u9700\u6c42\uff0c\u5e76\u975e\u5373\u65f6\u76c8\u5229\u8d21\u732e\u3002\u6267\u884c\u4ecd\u662f\u6838\u5fc3\uff1a\u589e\u91cf\u751f\u4ea7\u987b\u8f6c\u5316\u4e3a\u53ca\u65f6\u4ea4\u4ed8\u53ca\u7a33\u5b9a\u5408\u7ea6\u5229\u6da6\u7387\u3002\u5206\u90e8\u7ecf\u8425\u5229\u6da6\u589e\u901f\u4f4e\u4e8e\u6536\u5165\uff0c\u672c\u5b63\u5c1a\u672a\u4f53\u73b0\u5168\u9762\u5229\u6da6\u7387\u6269\u5f20\u3002\u822a\u7a7a\u4e1a\u52a1\u4ea6\u5305\u542b\u83b7\u6388\u5408\u7ea6\u540e\u786e\u8ba4\u6b64\u524d\u53d1\u751f\u7684\u6210\u672c\uff0c\u4f7f\u9879\u76ee\u65f6\u70b9\u5f71\u54cd\u6536\u5165\u7ec4\u5408\u3002\u5c3d\u7ba1\u76c8\u5229\u4e0a\u5347\uff0c\u5b63\u5ea6\u81ea\u7531\u73b0\u91d1\u6d41\u540c\u6bd4\u4e0b\u964d\uff0c\u4f46\u66f4\u5927\u5e45\u5ea6\u7684\u5168\u5e74\u73b0\u91d1\u6d41\u76ee\u6807\u4e0a\u8c03\u589e\u5f3a\u4e86\u5168\u5e74\u8f6c\u5316\u4fe1\u5fc3\u3002\u8bc4\u4f30\u65f6\u4ecd\u5e94\u6838\u5bf9\u5b9e\u9645\u5ba2\u6237\u56de\u6b3e\uff0c\u4e0d\u5b9c\u5047\u8bbe\u6bcf\u7b14\u65b0\u8ba2\u5355\u5747\u7acb\u5373\u5e26\u6765\u73b0\u91d1\u300210\u670822\u65e5\u7f8e\u4e1c\u65f6\u95f4\u4e2d\u534812\u65f659\u5206\uff0c\u80a1\u4ef7583.15\u7f8e\u5143\uff0c\u4e0a\u6da85.74%\uff0c\u5c5e\u4e8e\u76d8\u4e2d\u89c2\u5bdf\u3002\u6309\u4fee\u8ba2\u540e\u5168\u5e74\u76c8\u5229\u6307\u5f15\u4e2d\u503c\u8ba1\u7b97\u7ea619\u500d\uff0c\u82e5\u589e\u4ea7\u4fdd\u6301\u7eaa\u5f8b\uff0c\u4f30\u503c\u5177\u6709\u652f\u6301\u3002\u5e94\u5173\u6ce8\u5bfc\u5f39\u4ea7\u51fa\u3001F-35\u8d44\u91d1\u4e0e\u4ea4\u4ed8\u3001\u9879\u76ee\u8d39\u7528\uff0c\u4ee5\u53ca\u63d0\u9ad8\u540e\u7684\u73b0\u91d1\u6d41\u76ee\u6807\u5151\u73b0\u3002<b> 2026\u5e74\u7b2c\u56db\u5b63\u5ea6\u5efa\u8bae\u4ea4\u6613\u533a\u95f4\uff1a550\u2013640\u7f8e\u5143\u3002\u6b63\u9762\u524d\u666f<\/b>\u3002<\/li><\/ul>\n<p><b>Nokia Oyj (NOK)<\/b><\/p>\n<ul><li><b>3Q26 Revenue: <\/b>EUR5.154bn, +9.7% YoY reported and +9% at constant currency and portfolio; approximately EUR90m above consensus. Financial results are in euros; trading range below is for the U.S. ADR in dollars.<\/li><\/ul>\n<ul><li><b>3Q26 EPS: <\/b>Comparable diluted EPS from continuing operations EUR0.09 versus EUR0.06, +50%; beat approximately EUR0.06 consensus by EUR0.03. Reported continuing-operations EPS EUR0.03 versus EUR0.01.<\/li><\/ul>\n<ul><li><b>4Q26 Guidance: <\/b>Management assumes Q4 net sales rise 20\u201324% QoQ, with a typically strong sequential operating-profit increase to deliver full-year comparable operating profit above the range midpoint. No Q4 EPS guidance provided.<\/li><\/ul>\n<ul><li><b>FY26 Guidance: <\/b>Comparable operating-profit range EUR2.1\u20132.6bn unchanged. FCF conversion assumption lowered to 35\u201355%, including an additional EUR400m working-capital investment. Capex reduced to EUR750\u2013850m; restructuring cash outflows EUR800\u2013900m.<\/li><\/ul>\n<ul><li><b>Dividend\/Share Buyback: <\/b>Dividend EUR0.03\/share, record date 27 October and Finland payment date 5 November; ADR payment timing follows intermediary-bank practices. No new share-buyback programme announced in the reviewed results.<\/li><\/ul>\n<ul><li><b>Comment: <\/b>Nokia&#8217;s operating recovery is encouraging, but the additional cash requirements keep our near-term outlook neutral. AI and cloud demand is lifting optical and IP networking, and management&#8217;s 25\u201330% combined growth expectation for those businesses in 2027 supports the longer-term opportunity. The group still has a large mobile-infrastructure business, so that segment forecast should not be applied to all revenue. Some mobile sales were accelerated from the fourth quarter into the third, which makes the sequential pattern less informative about underlying demand. Comparable operating leverage improved, while reported operating profit fell because restructuring and integration costs increased. These cash and accounting effects matter when assessing shareholder returns. The reduced free-cash-flow conversion assumption and extra working capital show that capturing growth requires upfront funding. Lower capex partly reflects payment timing into 2027 rather than a reduction in manufacturing ambitions. We therefore want evidence that investment converts into shipments, stronger margins and cash release, alongside successful Infinera integration. At 3:33pm ET on 22 October, the U.S. ADR traded at US$7.84, down 15.19%; this was an intraday quote. The sell-off improves the entry valuation, but the earnings beat alone does not resolve cash-conversion risk. Key checks are order conversion, optical supply constraints, restructuring payments and the quality of the fourth-quarter seasonal increase.<b> 4Q26 recommended trading range: US$6.75\u20138.75. Neutral Outlook.<\/b><\/li><\/ul>\n<p><b>\u8bfa\u57fa\u4e9a (NOK)<\/b><\/p>\n<ul><li><b>26\u8d22\u5e74\u7b2c\u4e09\u5b63\u5ea6\u8425\u6536\uff1a<\/b>\u6536\u516551.54\u4ebf\u6b27\u5143\uff0c\u62a5\u544a\u53e3\u5f84\u540c\u6bd4\u589e9.7%\uff0c\u56fa\u5b9a\u6c47\u7387\u53ca\u4e1a\u52a1\u7ec4\u5408\u53e3\u5f84\u589e9%\uff1b\u8f83\u9884\u671f\u9ad8\u7ea69,000\u4e07\u6b27\u5143\u3002\u8d22\u52a1\u6570\u636e\u4ee5\u6b27\u5143\u5217\u793a\uff0c\u6587\u672b\u4ea4\u6613\u533a\u95f4\u4e3a\u7f8e\u56fdADR\u7684\u7f8e\u5143\u4ef7\u683c\u3002<\/li><\/ul>\n<ul><li><b>26\u8d22\u5e74\u7b2c\u4e09\u5b63\u5ea6\u6bcf\u80a1\u6536\u76ca\uff1a<\/b>\u53ef\u6bd4\u6301\u7eed\u7ecf\u8425\u644a\u8584\u6bcf\u80a1\u76c8\u52290.09\u6b27\u5143\uff0c\u53bb\u5e740.06\u6b27\u5143\uff0c\u589e\u957f50%\uff1b\u8f83\u7ea60.06\u6b27\u5143\u9884\u671f\u9ad80.03\u6b27\u5143\u3002\u62a5\u544a\u6301\u7eed\u7ecf\u8425\u6bcf\u80a1\u76c8\u52290.03\u6b27\u5143\uff0c\u53bb\u5e740.01\u6b27\u5143\u3002<\/li><\/ul>\n<ul><li><b>26\u8d22\u5e74\u7b2c\u56db\u5b63\u5ea6\u6307\u5f15\uff1a<\/b>\u7ba1\u7406\u5c42\u5047\u8bbe\u7b2c\u56db\u5b63\u5ea6\u6536\u5165\u73af\u6bd4\u589e20\u201324%\uff0c\u7ecf\u8425\u5229\u6da6\u6309\u5178\u578b\u5b63\u8282\u6027\u663e\u8457\u73af\u6bd4\u63d0\u9ad8\uff0c\u4f7f\u5168\u5e74\u53ef\u6bd4\u7ecf\u8425\u5229\u6da6\u9ad8\u4e8e\u6307\u5f15\u4e2d\u503c\u3002\u672a\u63d0\u4f9b\u7b2c\u56db\u5b63\u5ea6\u6bcf\u80a1\u76c8\u5229\u6307\u5f15\u3002<\/li><\/ul>\n<ul><li><b>26\u8d22\u5e74\u5168\u5e74\u6307\u5f15\uff1a<\/b>\u53ef\u6bd4\u7ecf\u8425\u5229\u6da6\u533a\u95f421\u201326\u4ebf\u6b27\u5143\u4e0d\u53d8\u3002\u81ea\u7531\u73b0\u91d1\u6d41\u8f6c\u5316\u7387\u5047\u8bbe\u4e0b\u8c03\u81f335\u201355%\uff0c\u5305\u62ec\u989d\u59164\u4ebf\u6b27\u5143\u8425\u8fd0\u8d44\u91d1\u6295\u5165\u3002\u8d44\u672c\u5f00\u652f\u964d\u81f37.5\u20138.5\u4ebf\u6b27\u5143\uff1b\u91cd\u7ec4\u73b0\u91d1\u6d41\u51fa8\u20139\u4ebf\u6b27\u5143\u3002<\/li><\/ul>\n<ul><li><b>\u80a1\u606f\u4e0e\u56de\u8d2d\uff1a<\/b>\u6bcf\u80a1\u80a1\u606f0.03\u6b27\u5143\uff0c\u767b\u8bb0\u65e510\u670827\u65e5\uff0c\u82ac\u5170\u652f\u4ed8\u65e511\u67085\u65e5\uff1bADR\u5b9e\u9645\u652f\u4ed8\u65f6\u95f4\u4f9d\u4e2d\u4ecb\u94f6\u884c\u5b89\u6392\u3002\u6240\u5ba1\u9605\u4e1a\u7ee9\u672a\u5ba3\u5e03\u65b0\u7684\u80a1\u4efd\u56de\u8d2d\u8ba1\u5212\u3002<\/li><\/ul>\n<ul><li><b>\u77ed\u8bc4\uff1a<\/b>\u8bfa\u57fa\u4e9a\u7ecf\u8425\u590d\u82cf\u4ee4\u4eba\u9f13\u821e\uff0c\u4f46\u989d\u5916\u73b0\u91d1\u9700\u6c42\u4f7f\u6211\u4eec\u7ef4\u6301\u77ed\u671f\u4e2d\u6027\u3002\u4eba\u5de5\u667a\u80fd\u4e0e\u4e91\u9700\u6c42\u63a8\u52a8\u5149\u7f51\u7edc\u53caIP\u7f51\u7edc\uff0c\u7ba1\u7406\u5c42\u9884\u8ba1\u8fd9\u4e24\u9879\u4e1a\u52a12027\u5e74\u5408\u8ba1\u589e\u957f25\u201330%\uff0c\u652f\u6301\u957f\u671f\u673a\u4f1a\u3002\u4e0d\u8fc7\u96c6\u56e2\u4ecd\u6709\u89c4\u6a21\u8f83\u5927\u7684\u79fb\u52a8\u57fa\u7840\u8bbe\u65bd\u4e1a\u52a1\uff0c\u4e0d\u5e94\u5c06\u8be5\u5206\u90e8\u9884\u671f\u5957\u7528\u4e8e\u5168\u90e8\u6536\u5165\u3002\u90e8\u5206\u79fb\u52a8\u4e1a\u52a1\u6536\u5165\u7531\u7b2c\u56db\u5b63\u5ea6\u63d0\u524d\u81f3\u7b2c\u4e09\u5b63\u5ea6\u786e\u8ba4\uff0c\u4f7f\u73af\u6bd4\u8868\u73b0\u8f83\u96be\u76f4\u63a5\u53cd\u6620\u57fa\u7840\u9700\u6c42\u3002\u53ef\u6bd4\u7ecf\u8425\u6760\u6746\u6539\u5584\uff0c\u4f46\u91cd\u7ec4\u53ca\u6574\u5408\u8d39\u7528\u589e\u52a0\u5bfc\u81f4\u62a5\u544a\u7ecf\u8425\u5229\u6da6\u4e0b\u964d\u3002\u8bc4\u4f30\u80a1\u4e1c\u56de\u62a5\u65f6\uff0c\u8fd9\u4e9b\u73b0\u91d1\u53ca\u4f1a\u8ba1\u5f71\u54cd\u5747\u91cd\u8981\u3002\u81ea\u7531\u73b0\u91d1\u6d41\u8f6c\u5316\u7387\u5047\u8bbe\u4e0b\u8c03\u53ca\u989d\u5916\u8425\u8fd0\u8d44\u91d1\u6295\u5165\uff0c\u8bf4\u660e\u6355\u6349\u589e\u957f\u9700\u8981\u63d0\u524d\u878d\u8d44\u3002\u8d44\u672c\u5f00\u652f\u964d\u4f4e\u90e8\u5206\u6e90\u4e8e\u652f\u4ed8\u5ef6\u540e\u81f32027\u5e74\uff0c\u800c\u975e\u5236\u9020\u6269\u5f20\u8ba1\u5212\u7f29\u51cf\u3002\u56e0\u6b64\uff0c\u6211\u4eec\u5e0c\u671b\u770b\u5230\u6295\u5165\u8f6c\u5316\u4e3a\u51fa\u8d27\u3001\u5229\u6da6\u7387\u6539\u5584\u4e0e\u73b0\u91d1\u56de\u6d41\uff0c\u540c\u65f6Infinera\u6574\u5408\u987a\u5229\u300210\u670822\u65e5\u7f8e\u4e1c\u65f6\u95f4\u4e0b\u53483\u65f633\u5206\uff0c\u7f8e\u56fdADR\u80a1\u4ef77.84\u7f8e\u5143\uff0c\u4e0b\u8dcc15.19%\uff0c\u5c5e\u4e8e\u76d8\u4e2d\u62a5\u4ef7\u3002\u56de\u8c03\u6539\u5584\u4e70\u5165\u4f30\u503c\uff0c\u4f46\u76c8\u5229\u8d85\u9884\u671f\u672c\u8eab\u672a\u89e3\u51b3\u73b0\u91d1\u8f6c\u5316\u98ce\u9669\u3002\u5e94\u5173\u6ce8\u8ba2\u5355\u8f6c\u6536\u5165\u3001\u5149\u7f51\u7edc\u4f9b\u5e94\u9650\u5236\u3001\u91cd\u7ec4\u4ed8\u6b3e\u53ca\u7b2c\u56db\u5b63\u5ea6\u5b63\u8282\u6027\u589e\u957f\u8d28\u91cf\u3002<b> 2026\u5e74\u7b2c\u56db\u5b63\u5ea6\u5efa\u8bae\u4ea4\u6613\u533a\u95f4\uff1a6.75\u20138.75\u7f8e\u5143\u3002\u4e2d\u6027\u524d\u666f<\/b>\u3002<\/li><\/ul>\n<p><b>Blackstone Inc. (BX)<\/b><\/p>\n<ul><li><b>3Q26 Revenue: <\/b>GAAP revenue approximately US$3.06bn, down about 1% YoY from US$3.09bn; approximately US$290m below US$3.35bn consensus. Fee-related earnings US$1.572bn, +6.2% YoY.<\/li><\/ul>\n<ul><li><b>3Q26 EPS: <\/b>Distributable earnings per share US$1.32 versus US$1.52, down 13.2%; beat US$1.29 consensus by US$0.03. Distributable earnings US$1.716bn versus US$1.889bn, down 9.2%. This is a non-GAAP distributable-earnings measure.<\/li><\/ul>\n<ul><li><b>4Q26 Guidance: <\/b>The company did not provide numerical Q4 revenue or EPS guidance. Management expects a significant sequential rise in net realisations and modest sequential base-management-fee growth.<\/li><\/ul>\n<ul><li><b>FY26 Guidance: <\/b>The company did not provide numerical full-year revenue or EPS guidance. Management expects double-digit base-management-fee growth in 2027; this is a fee-growth outlook, not group EPS guidance.<\/li><\/ul>\n<ul><li><b>Dividend\/Share Buyback: <\/b>Quarterly dividend US$1.12\/share declared. No new buyback authorisation identified in the reviewed earnings materials. Total AUM approximately US$1.368tn; quarterly inflows approximately US$63bn.<\/li><\/ul>\n<ul><li><b>Comment: <\/b>Blackstone&#8217;s fee franchise continues to expand, but the decline in distributable earnings keeps our outlook neutral. Growing assets and record base management fees provide a more durable earnings foundation than investment realisations alone. Fee-related earnings rose even as the headline revenue comparison remained weak, highlighting the importance of following the fee base separately from valuation movements and exit timing. However, the quarterly EPS beat was modest and did not reverse the year-over-year decline in cash earnings available for distribution. Management expects a stronger fourth quarter for realisations, but transaction completion remains dependent on market conditions. We would look for completed exits and realised proceeds before capitalising an assumed recovery. Infrastructure and AI-related investment opportunities support fundraising, while real estate remains exposed to higher discount rates and uneven asset performance. Blackstone&#8217;s scale gives it access to capital and larger opportunities, but does not eliminate financing and concentration risks. The variable dividend should be assessed against distributable earnings rather than treated as a fixed annual coupon. At 1:37pm ET on 22 October, shares traded at US$116.50, up 6.33%; this was an intraday observation. Around 22 times annualised quarterly distributable EPS, valuation is reasonable if fees continue growing and exit activity improves. Key checks are fee-paying AUM, fundraising quality, net realisations and credit performance.<b> 4Q26 recommended trading range: US$110\u2013135. Neutral Outlook.<\/b><\/li><\/ul>\n<p><b>\u9ed1\u77f3\u96c6\u56e2 (BX)<\/b><\/p>\n<ul><li><b>26\u8d22\u5e74\u7b2c\u4e09\u5b63\u5ea6\u8425\u6536\uff1a<\/b>GAAP\u6536\u5165\u7ea630.6\u4ebf\u7f8e\u5143\uff0c\u53bb\u5e7430.9\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u7ea6\u964d1%\uff1b\u8f8333.5\u4ebf\u7f8e\u5143\u9884\u671f\u4f4e\u7ea62.9\u4ebf\u7f8e\u5143\u3002\u8d39\u7528\u76f8\u5173\u76c8\u522915.72\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u589e6.2%\u3002<\/li><\/ul>\n<ul><li><b>26\u8d22\u5e74\u7b2c\u4e09\u5b63\u5ea6\u6bcf\u80a1\u6536\u76ca\uff1a<\/b>\u6bcf\u80a1\u53ef\u5206\u914d\u76c8\u52291.32\u7f8e\u5143\uff0c\u53bb\u5e741.52\u7f8e\u5143\uff0c\u540c\u6bd4\u4e0b\u964d13.2%\uff1b\u8f831.29\u7f8e\u5143\u9884\u671f\u9ad80.03\u7f8e\u5143\u3002\u53ef\u5206\u914d\u76c8\u522917.16\u4ebf\u7f8e\u5143\uff0c\u53bb\u5e7418.89\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u964d9.2%\u3002\u8be5\u6307\u6807\u4e3a\u975eGAAP\u53ef\u5206\u914d\u76c8\u5229\u53e3\u5f84\u3002<\/li><\/ul>\n<ul><li><b>26\u8d22\u5e74\u7b2c\u56db\u5b63\u5ea6\u6307\u5f15\uff1a<\/b>\u516c\u53f8\u672a\u63d0\u4f9b\u7b2c\u56db\u5b63\u5ea6\u6536\u5165\u6216\u6bcf\u80a1\u76c8\u5229\u91cf\u5316\u6307\u5f15\u3002\u7ba1\u7406\u5c42\u9884\u8ba1\u51c0\u53d8\u73b0\u6536\u76ca\u663e\u8457\u73af\u6bd4\u589e\u52a0\uff0c\u57fa\u7840\u7ba1\u7406\u8d39\u6e29\u548c\u73af\u6bd4\u589e\u957f\u3002<\/li><\/ul>\n<ul><li><b>26\u8d22\u5e74\u5168\u5e74\u6307\u5f15\uff1a<\/b>\u516c\u53f8\u672a\u63d0\u4f9b\u5168\u5e74\u6536\u5165\u6216\u6bcf\u80a1\u76c8\u5229\u91cf\u5316\u6307\u5f15\u3002\u7ba1\u7406\u5c42\u9884\u8ba12027\u5e74\u57fa\u7840\u7ba1\u7406\u8d39\u53cc\u4f4d\u6570\u589e\u957f\uff0c\u8be5\u9884\u671f\u5e76\u975e\u96c6\u56e2\u6bcf\u80a1\u76c8\u5229\u6307\u5f15\u3002<\/li><\/ul>\n<ul><li><b>\u80a1\u606f\u4e0e\u56de\u8d2d\uff1a<\/b>\u5ba3\u6d3e\u5b63\u5ea6\u80a1\u606f\u6bcf\u80a11.12\u7f8e\u5143\u3002\u6240\u5ba1\u9605\u4e1a\u7ee9\u8d44\u6599\u672a\u53d1\u73b0\u65b0\u7684\u56de\u8d2d\u6388\u6743\u3002\u603b\u7ba1\u7406\u8d44\u4ea7\u7ea61.368\u4e07\u4ebf\u7f8e\u5143\uff0c\u5b63\u5ea6\u8d44\u91d1\u6d41\u5165\u7ea6630\u4ebf\u7f8e\u5143\u3002<\/li><\/ul>\n<ul><li><b>\u77ed\u8bc4\uff1a<\/b>\u9ed1\u77f3\u7684\u6536\u8d39\u4e1a\u52a1\u7ee7\u7eed\u6269\u5927\uff0c\u4f46\u53ef\u5206\u914d\u76c8\u5229\u4e0b\u964d\u4f7f\u6211\u4eec\u7ef4\u6301\u4e2d\u6027\u3002\u7ba1\u7406\u8d44\u4ea7\u589e\u957f\u53ca\u521b\u7eaa\u5f55\u57fa\u7840\u7ba1\u7406\u8d39\uff0c\u4e3a\u76c8\u5229\u63d0\u4f9b\u8f83\u6295\u8d44\u53d8\u73b0\u66f4\u7a33\u5b9a\u7684\u57fa\u7840\u3002\u5c3d\u7ba1\u6536\u5165\u540c\u6bd4\u4ecd\u5f31\uff0c\u8d39\u7528\u76f8\u5173\u76c8\u5229\u4e0a\u5347\uff0c\u8bf4\u660e\u5e94\u5c06\u6536\u8d39\u57fa\u7840\u4e0e\u4f30\u503c\u53d8\u52a8\u53ca\u9000\u51fa\u65f6\u70b9\u5206\u522b\u89c2\u5bdf\u3002\u4e0d\u8fc7\uff0c\u5b63\u5ea6\u6bcf\u80a1\u76c8\u5229\u4ec5\u5c0f\u5e45\u8d85\u9884\u671f\uff0c\u672a\u626d\u8f6c\u53ef\u4f9b\u5206\u914d\u73b0\u91d1\u76c8\u5229\u540c\u6bd4\u4e0b\u964d\u3002\u7ba1\u7406\u5c42\u9884\u671f\u7b2c\u56db\u5b63\u5ea6\u53d8\u73b0\u66f4\u5f3a\uff0c\u4f46\u4ea4\u6613\u5b8c\u6210\u4ecd\u4f9d\u8d56\u5e02\u573a\u73af\u5883\u3002\u5728\u7ed9\u4e88\u590d\u82cf\u9884\u671f\u4f30\u503c\u524d\uff0c\u5e94\u5148\u786e\u8ba4\u5b8c\u6210\u9000\u51fa\u53ca\u5b9e\u9645\u6240\u5f97\u3002\u57fa\u7840\u8bbe\u65bd\u4e0e\u4eba\u5de5\u667a\u80fd\u6295\u8d44\u673a\u4f1a\u652f\u6301\u52df\u8d44\uff0c\u623f\u5730\u4ea7\u5219\u4ecd\u9762\u4e34\u8f83\u9ad8\u8d34\u73b0\u7387\u53ca\u8d44\u4ea7\u8868\u73b0\u5206\u5316\u3002\u9ed1\u77f3\u89c4\u6a21\u6709\u52a9\u83b7\u5f97\u8d44\u672c\u53ca\u5927\u578b\u673a\u4f1a\uff0c\u4f46\u4e0d\u80fd\u6d88\u9664\u878d\u8d44\u53ca\u96c6\u4e2d\u98ce\u9669\u3002\u6d6e\u52a8\u80a1\u606f\u5e94\u4e0e\u53ef\u5206\u914d\u76c8\u5229\u5bf9\u7167\uff0c\u4e0d\u5b9c\u89c6\u4e3a\u56fa\u5b9a\u5e74\u5ea6\u5229\u606f\u300210\u670822\u65e5\u7f8e\u4e1c\u65f6\u95f4\u4e0b\u53481\u65f637\u5206\uff0c\u80a1\u4ef7116.50\u7f8e\u5143\uff0c\u4e0a\u6da86.33%\uff0c\u5c5e\u4e8e\u76d8\u4e2d\u89c2\u5bdf\u3002\u6309\u5b63\u5ea6\u53ef\u5206\u914d\u76c8\u5229\u5e74\u5316\u8ba1\u7b97\u7ea622\u500d\uff0c\u82e5\u7ba1\u7406\u8d39\u6301\u7eed\u589e\u957f\u53ca\u9000\u51fa\u6d3b\u52a8\u6539\u5584\uff0c\u4f30\u503c\u8f83\u5408\u7406\u3002\u5e94\u5173\u6ce8\u6536\u8d39\u8d44\u4ea7\u89c4\u6a21\u3001\u52df\u8d44\u8d28\u91cf\u3001\u51c0\u53d8\u73b0\u6536\u76ca\u53ca\u4fe1\u8d37\u8868\u73b0\u3002<b> 2026\u5e74\u7b2c\u56db\u5b63\u5ea6\u5efa\u8bae\u4ea4\u6613\u533a\u95f4\uff1a110\u2013135\u7f8e\u5143\u3002\u4e2d\u6027\u524d\u666f<\/b>\u3002<\/li><\/ul>\n<p><b>Dow Inc. (DOW)<\/b><\/p>\n<ul><li><b>3Q26 Revenue: <\/b>US$11.267bn, +13.0% YoY from US$9.973bn; approximately US$7m above US$11.26bn consensus, effectively in line. Local price +14%, volume \u22121% and currency flat.<\/li><\/ul>\n<ul><li><b>3Q26 EPS: <\/b>Operating EPS US$0.71 versus a US$0.19 loss; beat US$0.64 consensus by US$0.07. GAAP EPS US$0.62 versus US$0.08. Operating EPS excludes US$0.09 of significant charges.<\/li><\/ul>\n<ul><li><b>4Q26 Guidance: <\/b>The company did not provide numerical Q4 revenue or EPS guidance. Self-help benefits and lower planned maintenance are expected to largely offset seasonality.<\/li><\/ul>\n<ul><li><b>FY26 Guidance: <\/b>The company did not provide full-year revenue or EPS guidance. It targets US$700m of 2026 growth and productivity benefits and approximately US$2bn of total transformation uplift by end-2027.<\/li><\/ul>\n<ul><li><b>Dividend\/Share Buyback: <\/b>Q3 shareholder returns US$253m, entirely dividends; no quarterly share repurchases. Operating cash flow from continuing operations US$1.839bn and free cash flow US$1.133bn; capex US$706m.<\/li><\/ul>\n<ul><li><b>Comment: <\/b>Dow&#8217;s return to a stronger profit level is constructive, but the drivers favour a neutral stance rather than an unconditional cyclical recovery call. Revenue growth came from pricing, while volume declined slightly. That distinction matters because higher selling prices can reflect supply disruptions and input-cost changes without signalling a broad improvement in end demand. The company captured better polyethylene pricing and self-help benefits, but raw materials and logistics remain volatile. We would monitor the spread between selling prices and feedstock costs, rather than extrapolating the headline revenue increase. Operating earnings improved sharply against the prior-year loss, yet they remained below the second quarter&#8217;s level, illustrating the volatility of the chemical cycle. Cash generation was strong, supported by more than US$400m of working-capital release. This improves financial flexibility, although that release cannot be repeated indefinitely. Debt reduction and disciplined investment are therefore as important as the dividend. At 8:25am ET on 22 October, the premarket quote was US$31.46, up 3.54% from the previous close; this was an early reaction. Around 11 times annualised quarterly operating EPS, valuation appears modest, but current earnings may not represent sustainable mid-cycle profitability. Key checks are regional volumes, polyethylene spreads, the delivery of transformation savings and cash generation after working-capital normalisation.<b> 4Q26 recommended trading range: US$28\u201334. Neutral Outlook.<\/b><\/li><\/ul>\n<p><b>\u9676\u6c0f\u516c\u53f8 (DOW)<\/b><\/p>\n<ul><li><b>26\u8d22\u5e74\u7b2c\u4e09\u5b63\u5ea6\u8425\u6536\uff1a<\/b>\u6536\u5165112.67\u4ebf\u7f8e\u5143\uff0c\u53bb\u5e7499.73\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u589e13.0%\uff1b\u8f83112.6\u4ebf\u7f8e\u5143\u9884\u671f\u9ad8\u7ea6700\u4e07\u7f8e\u5143\uff0c\u57fa\u672c\u7b26\u5408\u9884\u671f\u3002\u5f53\u5730\u4ef7\u683c\u589e14%\uff0c\u9500\u91cf\u964d1%\uff0c\u6c47\u7387\u5f71\u54cd\u6301\u5e73\u3002<\/li><\/ul>\n<ul><li><b>26\u8d22\u5e74\u7b2c\u4e09\u5b63\u5ea6\u6bcf\u80a1\u6536\u76ca\uff1a<\/b>\u7ecf\u8425\u53e3\u5f84\u6bcf\u80a1\u76c8\u52290.71\u7f8e\u5143\uff0c\u53bb\u5e74\u4e8f\u635f0.19\u7f8e\u5143\uff1b\u8f830.64\u7f8e\u5143\u9884\u671f\u9ad80.07\u7f8e\u5143\u3002GAAP\u6bcf\u80a1\u76c8\u52290.62\u7f8e\u5143\uff0c\u53bb\u5e740.08\u7f8e\u5143\u3002\u7ecf\u8425\u76c8\u5229\u5254\u9664\u6bcf\u80a10.09\u7f8e\u5143\u91cd\u5927\u8d39\u7528\u3002<\/li><\/ul>\n<ul><li><b>26\u8d22\u5e74\u7b2c\u56db\u5b63\u5ea6\u6307\u5f15\uff1a<\/b>\u516c\u53f8\u672a\u63d0\u4f9b\u7b2c\u56db\u5b63\u5ea6\u6536\u5165\u6216\u6bcf\u80a1\u76c8\u5229\u91cf\u5316\u6307\u5f15\u3002\u81ea\u52a9\u6539\u5584\u53ca\u8ba1\u5212\u68c0\u4fee\u51cf\u5c11\u9884\u8ba1\u5927\u81f4\u62b5\u6d88\u5b63\u8282\u6027\u5f71\u54cd\u3002<\/li><\/ul>\n<ul><li><b>26\u8d22\u5e74\u5168\u5e74\u6307\u5f15\uff1a<\/b>\u516c\u53f8\u672a\u63d0\u4f9b\u5168\u5e74\u6536\u5165\u6216\u6bcf\u80a1\u76c8\u5229\u6307\u5f15\u3002\u76ee\u68072026\u5e74\u5b9e\u73b07\u4ebf\u7f8e\u5143\u589e\u957f\u53ca\u751f\u4ea7\u7387\u6539\u5584\u6548\u76ca\uff0c\u81f32027\u5e74\u5e95\u5b9e\u73b0\u7ea620\u4ebf\u7f8e\u5143\u603b\u8f6c\u578b\u63d0\u5347\u3002<\/li><\/ul>\n<ul><li><b>\u80a1\u606f\u4e0e\u56de\u8d2d\uff1a<\/b>\u5b63\u5ea6\u80a1\u4e1c\u56de\u62a52.53\u4ebf\u7f8e\u5143\uff0c\u5168\u90e8\u4e3a\u80a1\u606f\uff1b\u5b63\u5ea6\u672a\u56de\u8d2d\u80a1\u4efd\u3002\u6301\u7eed\u7ecf\u8425\u73b0\u91d1\u6d4118.39\u4ebf\u7f8e\u5143\uff0c\u81ea\u7531\u73b0\u91d1\u6d4111.33\u4ebf\u7f8e\u5143\uff1b\u8d44\u672c\u5f00\u652f7.06\u4ebf\u7f8e\u5143\u3002<\/li><\/ul>\n<ul><li><b>\u77ed\u8bc4\uff1a<\/b>\u9676\u6c0f\u76c8\u5229\u6062\u590d\u81f3\u8f83\u5f3a\u6c34\u5e73\u5c5e\u79ef\u6781\u4fe1\u53f7\uff0c\u4f46\u589e\u957f\u52a8\u529b\u66f4\u652f\u6301\u4e2d\u6027\uff0c\u800c\u975e\u65e0\u6761\u4ef6\u770b\u597d\u5468\u671f\u590d\u82cf\u3002\u6536\u5165\u589e\u957f\u6765\u81ea\u5b9a\u4ef7\uff0c\u9500\u91cf\u7565\u964d\u3002\u8fd9\u4e00\u533a\u522b\u91cd\u8981\uff0c\u56e0\u4e3a\u552e\u4ef7\u4e0a\u6da8\u53ef\u80fd\u53cd\u6620\u4f9b\u5e94\u6270\u52a8\u53ca\u6295\u5165\u6210\u672c\u53d8\u5316\uff0c\u672a\u5fc5\u610f\u5473\u7740\u7ec8\u7aef\u9700\u6c42\u5168\u9762\u6539\u5584\u3002\u516c\u53f8\u53d7\u76ca\u4e8e\u805a\u4e59\u70ef\u4ef7\u683c\u53ca\u81ea\u52a9\u6539\u5584\uff0c\u4f46\u539f\u6599\u548c\u7269\u6d41\u6210\u672c\u4ecd\u6ce2\u52a8\u3002\u5e94\u89c2\u5bdf\u552e\u4ef7\u4e0e\u539f\u6599\u6210\u672c\u4e4b\u5dee\uff0c\u4e0d\u5b9c\u76f4\u63a5\u5916\u63a8\u8868\u9762\u6536\u5165\u589e\u957f\u3002\u7ecf\u8425\u76c8\u5229\u8f83\u53bb\u5e74\u4e8f\u635f\u5927\u5e45\u6539\u5584\uff0c\u5374\u4ecd\u4f4e\u4e8e\u7b2c\u4e8c\u5b63\u5ea6\uff0c\u663e\u793a\u5316\u5de5\u5468\u671f\u7684\u4e0d\u7a33\u5b9a\u3002\u73b0\u91d1\u521b\u9020\u5f3a\u52b2\uff0c\u5305\u62ec\u91ca\u653e\u903e4\u4ebf\u7f8e\u5143\u8425\u8fd0\u8d44\u91d1\uff0c\u6539\u5584\u8d22\u52a1\u5f39\u6027\uff0c\u4f46\u8fd9\u79cd\u91ca\u653e\u65e0\u6cd5\u65e0\u9650\u91cd\u590d\u3002\u56e0\u6b64\uff0c\u964d\u503a\u53ca\u6295\u8d44\u7eaa\u5f8b\u4e0e\u80a1\u606f\u540c\u6837\u91cd\u8981\u300210\u670822\u65e5\u7f8e\u4e1c\u65f6\u95f4\u4e0a\u53488\u65f625\u5206\uff0c\u76d8\u524d\u80a1\u4ef731.46\u7f8e\u5143\uff0c\u8f83\u524d\u6536\u4e0a\u6da83.54%\uff0c\u5c5e\u4e8e\u65e9\u671f\u53cd\u5e94\u3002\u6309\u5b63\u5ea6\u7ecf\u8425\u76c8\u5229\u5e74\u5316\u8ba1\u7b97\u7ea611\u500d\uff0c\u8868\u9762\u4f30\u503c\u8f83\u4f4e\uff0c\u4f46\u5f53\u671f\u76c8\u5229\u672a\u5fc5\u4ee3\u8868\u53ef\u6301\u7eed\u7684\u5468\u671f\u4e2d\u6bb5\u6c34\u5e73\u3002\u5e94\u5173\u6ce8\u5404\u5730\u533a\u9500\u91cf\u3001\u805a\u4e59\u70ef\u4ef7\u5dee\u3001\u8f6c\u578b\u8282\u7701\u5151\u73b0\uff0c\u4ee5\u53ca\u8425\u8fd0\u8d44\u91d1\u6b63\u5e38\u5316\u540e\u7684\u73b0\u91d1\u521b\u9020\u3002<b> 2026\u5e74\u7b2c\u56db\u5b63\u5ea6\u5efa\u8bae\u4ea4\u6613\u533a\u95f4\uff1a28\u201334\u7f8e\u5143\u3002\u4e2d\u6027\u524d\u666f<\/b>\u3002<\/li><\/ul>\n<p><b>American Airlines Group Inc. (AAL)<\/b><\/p>\n<ul><li><b>3Q26 Revenue: <\/b>US$16.335bn, +19.3% YoY from US$13.691bn; approximately US$135m above US$16.2bn consensus. Total unit revenue +14.5%.<\/li><\/ul>\n<ul><li><b>3Q26 EPS: <\/b>Adjusted diluted loss US$0.28\/share versus a US$0.17 loss, a US$0.11 deterioration; in line with US$0.28 loss consensus. GAAP diluted loss US$0.41\/share.<\/li><\/ul>\n<ul><li><b>4Q26 Guidance: <\/b>New Q4 adjusted loss guidance US$0.50\u20131.10\/share; revenue +19.5\u201322.5% YoY, capacity +5.5\u20136.5% and CASM-ex +2.5\u20133.5%. Fuel assumption approximately US$4.70\/gallon, based on the 19 October forward curve.<\/li><\/ul>\n<ul><li><b>FY26 Guidance: <\/b>FY26 adjusted loss now US$1.00\u20131.60\/share, versus July guidance spanning a US$0.65 loss to US$0.65 profit. The company did not provide a full-year revenue range in this release.<\/li><\/ul>\n<ul><li><b>Dividend\/Share Buyback: <\/b>No dividend or buyback announced in the reviewed results. Available liquidity US$11.8bn; more than US$26bn in unencumbered assets and first-lien capacity. Net debt\/EBITDAR target 3.0x.<\/li><\/ul>\n<ul><li><b>Comment: <\/b>American&#8217;s commercial progress is real, but fuel exposure keeps our near-term outlook negative. Premium and corporate travel supported record revenue, while unit revenue rose much faster than non-fuel unit costs. These are encouraging signs that the network, product and distribution strategy is improving revenue quality. They were nevertheless insufficient to offset the fuel shock, and adjusted losses widened from the prior year. The fourth-quarter outlook is the more important signal: strong projected revenue growth still produces a sizeable loss under the current fuel curve. Investors should therefore distinguish healthy demand from adequate profitability. Lower fuel prices or faster fare recovery could improve the outcome, but neither should be assumed in the base assessment. Efficiency measures and working-capital improvements provide a cushion, while the balance sheet&#8217;s debt burden reduces flexibility relative to stronger peers. Liquidity and unencumbered assets are useful protections, but they do not replace sustainable cash earnings. Shares were reported down about 4% during early trading on 22 October as the weaker annual outlook outweighed the revenue record. With full-year earnings negative, a conventional P\/E valuation is not meaningful. Our trading range instead uses a disclosed price scenario around the pre-results reference. We would reconsider the negative stance once fuel-adjusted margins, cash generation and debt reduction improve, rather than relying on revenue growth alone.<b> 4Q26 recommended trading range: US$9\u201312. Negative Outlook.<\/b><\/li><\/ul>\n<p><b>\u7f8e\u56fd\u822a\u7a7a\u96c6\u56e2 (AAL)<\/b><\/p>\n<ul><li><b>26\u8d22\u5e74\u7b2c\u4e09\u5b63\u5ea6\u8425\u6536\uff1a<\/b>\u6536\u5165163.35\u4ebf\u7f8e\u5143\uff0c\u53bb\u5e74136.91\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u589e19.3%\uff1b\u8f83162\u4ebf\u7f8e\u5143\u9884\u671f\u9ad8\u7ea61.35\u4ebf\u7f8e\u5143\u3002\u5355\u4f4d\u6536\u5165\u589e14.5%\u3002<\/li><\/ul>\n<ul><li><b>26\u8d22\u5e74\u7b2c\u4e09\u5b63\u5ea6\u6bcf\u80a1\u6536\u76ca\uff1a<\/b>\u7ecf\u8c03\u6574\u644a\u8584\u6bcf\u80a1\u4e8f\u635f0.28\u7f8e\u5143\uff0c\u53bb\u5e74\u4e8f\u635f0.17\u7f8e\u5143\uff0c\u6076\u53160.11\u7f8e\u5143\uff1b\u7b26\u5408\u5e02\u573a\u9884\u671f\u4e8f\u635f0.28\u7f8e\u5143\u3002GAAP\u644a\u8584\u6bcf\u80a1\u4e8f\u635f0.41\u7f8e\u5143\u3002<\/li><\/ul>\n<ul><li><b>26\u8d22\u5e74\u7b2c\u56db\u5b63\u5ea6\u6307\u5f15\uff1a<\/b>\u65b0\u589e\u7b2c\u56db\u5b63\u5ea6\u7ecf\u8c03\u6574\u6bcf\u80a1\u4e8f\u635f\u6307\u5f150.50\u20131.10\u7f8e\u5143\uff1b\u6536\u5165\u540c\u6bd4\u589e19.5\u201322.5%\uff0c\u8fd0\u529b\u589e5.5\u20136.5%\uff0c\u5254\u9664\u71c3\u6cb9\u7b49\u9879\u76ee\u7684\u5355\u4f4d\u6210\u672c\u589e2.5\u20133.5%\u3002\u6839\u636e10\u670819\u65e5\u8fdc\u671f\u66f2\u7ebf\uff0c\u71c3\u6cb9\u5047\u8bbe\u7ea6\u6bcf\u52a0\u4ed14.70\u7f8e\u5143\u3002<\/li><\/ul>\n<ul><li><b>26\u8d22\u5e74\u5168\u5e74\u6307\u5f15\uff1a<\/b>\u5168\u5e74\u7ecf\u8c03\u6574\u6bcf\u80a1\u4e8f\u635f1.00\u20131.60\u7f8e\u5143\uff0c7\u6708\u6307\u5f15\u4e3a\u4e8f\u635f0.65\u7f8e\u5143\u81f3\u76c8\u52290.65\u7f8e\u5143\u3002\u516c\u53f8\u672c\u6b21\u672a\u63d0\u4f9b\u5168\u5e74\u6536\u5165\u533a\u95f4\u3002<\/li><\/ul>\n<ul><li><b>\u80a1\u606f\u4e0e\u56de\u8d2d\uff1a<\/b>\u6240\u5ba1\u9605\u4e1a\u7ee9\u672a\u5ba3\u5e03\u80a1\u606f\u6216\u56de\u8d2d\u3002\u53ef\u7528\u6d41\u52a8\u6027118\u4ebf\u7f8e\u5143\uff0c\u672a\u8bbe\u62bc\u8d44\u4ea7\u53ca\u7b2c\u4e00\u987a\u4f4d\u62c5\u4fdd\u878d\u8d44\u7a7a\u95f4\u8d85\u8fc7260\u4ebf\u7f8e\u5143\u3002\u76ee\u6807\u51c0\u503a\u52a1\u4e0eEBITDAR\u6bd4\u73873.0\u500d\u3002<\/li><\/ul>\n<ul><li><b>\u77ed\u8bc4\uff1a<\/b>\u7f8e\u56fd\u822a\u7a7a\u5546\u4e1a\u6539\u5584\u771f\u5b9e\u5b58\u5728\uff0c\u4f46\u71c3\u6cb9\u98ce\u9669\u4f7f\u6211\u4eec\u7ef4\u6301\u77ed\u671f\u8d1f\u9762\u5c55\u671b\u3002\u9ad8\u7aef\u53ca\u5546\u52a1\u65c5\u884c\u652f\u6301\u521b\u7eaa\u5f55\u6536\u5165\uff0c\u5355\u4f4d\u6536\u5165\u589e\u901f\u8fdc\u9ad8\u4e8e\u975e\u71c3\u6cb9\u5355\u4f4d\u6210\u672c\uff0c\u663e\u793a\u7f51\u7edc\u3001\u4ea7\u54c1\u53ca\u5206\u9500\u7b56\u7565\u6b63\u5728\u6539\u5584\u6536\u5165\u8d28\u91cf\u3002\u7136\u800c\uff0c\u8fd9\u4e9b\u8fdb\u5c55\u4ecd\u4e0d\u8db3\u4ee5\u62b5\u6d88\u6cb9\u4ef7\u51b2\u51fb\uff0c\u7ecf\u8c03\u6574\u4e8f\u635f\u540c\u6bd4\u6269\u5927\u3002\u66f4\u91cd\u8981\u7684\u662f\u7b2c\u56db\u5b63\u5ea6\u6307\u5f15\uff1a\u5728\u5f53\u524d\u71c3\u6cb9\u66f2\u7ebf\u4e0b\uff0c\u5373\u4f7f\u6536\u5165\u9884\u8ba1\u5f3a\u52b2\u589e\u957f\uff0c\u4ecd\u4ea7\u751f\u8f83\u5927\u4e8f\u635f\u3002\u56e0\u6b64\uff0c\u5e94\u533a\u5206\u9700\u6c42\u5065\u5eb7\u4e0e\u76c8\u5229\u5145\u8db3\u3002\u6cb9\u4ef7\u4e0b\u964d\u6216\u7968\u4ef7\u66f4\u5feb\u8865\u6da8\u53ef\u80fd\u6539\u5584\u7ed3\u679c\uff0c\u4f46\u4e0d\u5b9c\u5728\u57fa\u7840\u5224\u65ad\u4e2d\u9884\u8bbe\u3002\u6548\u7387\u53ca\u8425\u8fd0\u8d44\u91d1\u6539\u5584\u63d0\u4f9b\u7f13\u51b2\uff0c\u503a\u52a1\u8d1f\u62c5\u5219\u4ee4\u8d22\u52a1\u5f39\u6027\u5f31\u4e8e\u8f83\u5f3a\u540c\u4e1a\u3002\u6d41\u52a8\u6027\u53ca\u672a\u8bbe\u62bc\u8d44\u4ea7\u662f\u6709\u7528\u4fdd\u969c\uff0c\u5374\u4e0d\u80fd\u4ee3\u66ff\u53ef\u6301\u7eed\u73b0\u91d1\u76c8\u5229\u300210\u670822\u65e5\u65e9\u76d8\u80a1\u4ef7\u636e\u62a5\u9053\u4e0b\u8dcc\u7ea64%\uff0c\u5168\u5e74\u5c55\u671b\u6076\u5316\u76d6\u8fc7\u6536\u5165\u7eaa\u5f55\u3002\u7531\u4e8e\u5168\u5e74\u76c8\u5229\u4e3a\u8d1f\uff0c\u4f20\u7edf\u5e02\u76c8\u7387\u4f30\u503c\u7f3a\u4e4f\u610f\u4e49\uff0c\u5efa\u8bae\u4ea4\u6613\u533a\u95f4\u6539\u7528\u4ee5\u4e1a\u7ee9\u524d\u4ef7\u683c\u4e3a\u53c2\u8003\u7684\u60c5\u666f\u3002\u82e5\u71c3\u6cb9\u8c03\u6574\u540e\u7684\u5229\u6da6\u7387\u3001\u73b0\u91d1\u521b\u9020\u53ca\u964d\u503a\u6539\u5584\uff0c\u6211\u4eec\u4f1a\u91cd\u65b0\u8bc4\u4f30\u8d1f\u9762\u5224\u65ad\uff0c\u800c\u975e\u4ec5\u4f9d\u636e\u6536\u5165\u589e\u957f\u3002<b> 2026\u5e74\u7b2c\u56db\u5b63\u5ea6\u5efa\u8bae\u4ea4\u6613\u533a\u95f4\uff1a9\u201312\u7f8e\u5143\u3002\u8d1f\u9762\u524d\u666f<\/b>\u3002<\/li><\/ul>\n<p><b>Bloom Energy Corp. (BE)<\/b><\/p>\n<ul><li><b>3Q26 Revenue: <\/b>US$1.2358bn, +138.1% YoY; approximately US$182.8m above US$1.053bn consensus. Product revenue US$1.0736bn, +179.4%.<\/li><\/ul>\n<ul><li><b>3Q26 EPS: <\/b>Non-GAAP diluted EPS US$0.94 versus US$0.15, +526.7%; beat US$0.68 consensus by US$0.26. GAAP EPS US$0.78 versus a US$0.10 loss.<\/li><\/ul>\n<ul><li><b>4Q26 Guidance: <\/b>The company did not provide standalone numerical Q4 revenue or EPS guidance. The full-year range requires another strong final quarter; this should not be presented as separately issued quarterly guidance.<\/li><\/ul>\n<ul><li><b>FY26 Guidance: <\/b>Revenue raised to US$4.4\u20134.6bn from US$3.9\u20134.2bn; non-GAAP EPS US$3.10\u20133.40 from US$2.55\u20132.85. Non-GAAP operating income US$960m\u20131.03bn from US$800\u2013900m; gross margin approximately 34% unchanged.<\/li><\/ul>\n<ul><li><b>Dividend\/Share Buyback: <\/b>No cash dividend or share-buyback programme announced in the reviewed results. Investment remains directed toward manufacturing capability and expansion to meet customer power demand.<\/li><\/ul>\n<ul><li><b>Comment: <\/b>Bloom&#8217;s strong quarter and third annual guidance increase support the operating thesis, but valuation keeps our outlook neutral. Product shipments are converting the demand for reliable on-site electricity into substantial revenue and operating profit. Gross-margin improvement and a higher operating margin demonstrate that growth is producing scale benefits rather than merely expanding the cost base. The company is benefiting from power constraints around data-centre development, although its opportunity also extends to other commercial and industrial customers. Execution now matters more than the size of the demand narrative. Manufacturing capacity, installation schedules, permitting and customer financing must remain aligned for orders to become cash-generating deployments. The difference between product profitability and weaker installation economics also deserves monitoring as the delivery model evolves. Higher annual guidance is a meaningful signal, but it does not remove concentration or project-timing risks. Shares closed at US$217.77 on 22 October, down 8.70% before the after-hours earnings release; shares subsequently fell a further 3.6% in the after-hours report following the results. At roughly 67 times the revised annual EPS midpoint, the valuation still assumes strong growth beyond 2026. Our range allows a substantial growth premium, while recognising that another beat may not be sufficient if financing conditions or AI investment expectations deteriorate. Key checks are capacity ramp, deployment conversion, service economics and cash generation relative to reported earnings.<b> 4Q26 recommended trading range: US$180\u2013245. Neutral Outlook.<\/b><\/li><\/ul>\n<p><b>\u5e03\u9c81\u59c6\u80fd\u6e90 (BE)<\/b><\/p>\n<ul><li><b>26\u8d22\u5e74\u7b2c\u4e09\u5b63\u5ea6\u8425\u6536\uff1a<\/b>\u6536\u516512.358\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u589e138.1%\uff1b\u8f8310.53\u4ebf\u7f8e\u5143\u9884\u671f\u9ad8\u7ea61.828\u4ebf\u7f8e\u5143\u3002\u4ea7\u54c1\u6536\u516510.736\u4ebf\u7f8e\u5143\uff0c\u589e179.4%\u3002<\/li><\/ul>\n<ul><li><b>26\u8d22\u5e74\u7b2c\u4e09\u5b63\u5ea6\u6bcf\u80a1\u6536\u76ca\uff1a<\/b>\u975eGAAP\u644a\u8584\u6bcf\u80a1\u76c8\u52290.94\u7f8e\u5143\uff0c\u53bb\u5e740.15\u7f8e\u5143\uff0c\u540c\u6bd4\u589e526.7%\uff1b\u8f830.68\u7f8e\u5143\u9884\u671f\u9ad80.26\u7f8e\u5143\u3002GAAP\u6bcf\u80a1\u76c8\u52290.78\u7f8e\u5143\uff0c\u53bb\u5e74\u4e8f\u635f0.10\u7f8e\u5143\u3002<\/li><\/ul>\n<ul><li><b>26\u8d22\u5e74\u7b2c\u56db\u5b63\u5ea6\u6307\u5f15\uff1a<\/b>\u516c\u53f8\u672a\u63d0\u4f9b\u72ec\u7acb\u7684\u7b2c\u56db\u5b63\u5ea6\u6536\u5165\u6216\u6bcf\u80a1\u76c8\u5229\u91cf\u5316\u6307\u5f15\u3002\u5168\u5e74\u533a\u95f4\u8981\u6c42\u672b\u5b63\u7ee7\u7eed\u5f3a\u52b2\uff0c\u4f46\u4e0d\u5e94\u8868\u8ff0\u4e3a\u516c\u53f8\u53e6\u884c\u53d1\u5e03\u7684\u5b63\u5ea6\u6307\u5f15\u3002<\/li><\/ul>\n<ul><li><b>26\u8d22\u5e74\u5168\u5e74\u6307\u5f15\uff1a<\/b>\u6536\u5165\u753139\u201342\u4ebf\u7f8e\u5143\u4e0a\u8c03\u81f344\u201346\u4ebf\u7f8e\u5143\uff1b\u975eGAAP\u6bcf\u80a1\u76c8\u5229\u75312.55\u20132.85\u7f8e\u5143\u4e0a\u8c03\u81f33.10\u20133.40\u7f8e\u5143\u3002\u975eGAAP\u7ecf\u8425\u5229\u6da6\u75318\u20139\u4ebf\u7f8e\u5143\u4e0a\u8c03\u81f39.6\u201310.3\u4ebf\u7f8e\u5143\uff1b\u6bdb\u5229\u7387\u7ea634%\u4e0d\u53d8\u3002<\/li><\/ul>\n<ul><li><b>\u80a1\u606f\u4e0e\u56de\u8d2d\uff1a<\/b>\u6240\u5ba1\u9605\u4e1a\u7ee9\u672a\u5ba3\u5e03\u73b0\u91d1\u80a1\u606f\u6216\u80a1\u4efd\u56de\u8d2d\u8ba1\u5212\u3002\u6295\u5165\u4ecd\u4ee5\u5236\u9020\u80fd\u529b\u53ca\u6269\u4ea7\u4e3a\u91cd\u70b9\uff0c\u6ee1\u8db3\u5ba2\u6237\u7535\u529b\u9700\u6c42\u3002<\/li><\/ul>\n<ul><li><b>\u77ed\u8bc4\uff1a<\/b>\u5f3a\u52b2\u5b63\u5ea6\u53ca\u5e74\u5185\u7b2c\u4e09\u6b21\u4e0a\u8c03\u5168\u5e74\u6307\u5f15\u652f\u6301Bloom\u7684\u7ecf\u8425\u903b\u8f91\uff0c\u4f46\u4f30\u503c\u4f7f\u6211\u4eec\u7ef4\u6301\u4e2d\u6027\u3002\u4ea7\u54c1\u4ea4\u4ed8\u6b63\u5c06\u53ef\u9760\u73b0\u573a\u4f9b\u7535\u9700\u6c42\u8f6c\u5316\u4e3a\u663e\u8457\u6536\u5165\u53ca\u7ecf\u8425\u5229\u6da6\u3002\u6bdb\u5229\u7387\u6539\u5584\u53ca\u7ecf\u8425\u5229\u6da6\u7387\u63d0\u9ad8\uff0c\u8bf4\u660e\u589e\u957f\u4ea7\u751f\u89c4\u6a21\u6548\u76ca\uff0c\u800c\u975e\u4ec5\u6269\u5927\u6210\u672c\u57fa\u7840\u3002\u516c\u53f8\u53d7\u76ca\u4e8e\u6570\u636e\u4e2d\u5fc3\u5efa\u8bbe\u7684\u4f9b\u7535\u74f6\u9888\uff0c\u673a\u4f1a\u4ea6\u5ef6\u4f38\u81f3\u5176\u4ed6\u5546\u4e1a\u53ca\u5de5\u4e1a\u5ba2\u6237\u3002\u76ee\u524d\uff0c\u6267\u884c\u8f83\u9700\u6c42\u53d9\u4e8b\u89c4\u6a21\u66f4\u91cd\u8981\u3002\u5236\u9020\u4ea7\u80fd\u3001\u5b89\u88c5\u8fdb\u5ea6\u3001\u8bb8\u53ef\u53ca\u5ba2\u6237\u878d\u8d44\u5fc5\u987b\u914d\u5408\uff0c\u8ba2\u5355\u624d\u53ef\u8f6c\u5316\u4e3a\u4ea7\u751f\u73b0\u91d1\u7684\u90e8\u7f72\u3002\u4ea7\u54c1\u76c8\u5229\u4e0e\u8f83\u5f31\u5b89\u88c5\u4e1a\u52a1\u7ecf\u6d4e\u6027\u4e4b\u95f4\u7684\u533a\u522b\uff0c\u4ea6\u5e94\u968f\u4ea4\u4ed8\u6a21\u5f0f\u6f14\u53d8\u7ee7\u7eed\u89c2\u5bdf\u3002\u5168\u5e74\u6307\u5f15\u63d0\u9ad8\u662f\u91cd\u8981\u4fe1\u53f7\uff0c\u4f46\u672a\u6d88\u9664\u5ba2\u6237\u96c6\u4e2d\u53ca\u9879\u76ee\u65f6\u70b9\u98ce\u9669\u300210\u670822\u65e5\u80a1\u4ef7\u6536\u62a5217.77\u7f8e\u5143\uff0c\u4e0b\u8dcc8.70%\uff0c\u8be5\u8dcc\u5e45\u53d1\u751f\u5728\u76d8\u540e\u4e1a\u7ee9\u516c\u5e03\u4e4b\u524d\uff0c\u4e1a\u7ee9\u516c\u5e03\u540e\u7684\u76d8\u540e\u62a5\u9053\u663e\u793a\u518d\u8dcc3.6%\u3002\u6309\u4fee\u8ba2\u540e\u5168\u5e74\u6bcf\u80a1\u76c8\u5229\u4e2d\u503c\u8ba1\u7b97\u7ea667\u500d\uff0c\u4f30\u503c\u4ecd\u9884\u8bbe2026\u5e74\u540e\u5f3a\u52b2\u589e\u957f\u3002\u5efa\u8bae\u533a\u95f4\u5bb9\u8bb8\u663e\u8457\u589e\u957f\u6ea2\u4ef7\uff0c\u540c\u65f6\u8003\u8651\u878d\u8d44\u73af\u5883\u6216\u4eba\u5de5\u667a\u80fd\u6295\u8d44\u9884\u671f\u6076\u5316\u65f6\uff0c\u518d\u6b21\u8d85\u9884\u671f\u672a\u5fc5\u8db3\u591f\u3002\u5e94\u5173\u6ce8\u4ea7\u80fd\u722c\u5761\u3001\u90e8\u7f72\u8f6c\u5316\u3001\u670d\u52a1\u7ecf\u6d4e\u6027\uff0c\u4ee5\u53ca\u73b0\u91d1\u521b\u9020\u4e0e\u62a5\u544a\u76c8\u5229\u7684\u5173\u7cfb\u3002<b> 2026\u5e74\u7b2c\u56db\u5b63\u5ea6\u5efa\u8bae\u4ea4\u6613\u533a\u95f4\uff1a180\u2013245\u7f8e\u5143\u3002\u4e2d\u6027\u524d\u666f<\/b>\u3002<\/li><\/ul>\n<p><b>Western Digital Corp. (WDC)<\/b><\/p>\n<ul><li><b>1Q27 Revenue: <\/b>FY27 Q1 revenue US$4.381bn, +55.5% YoY from US$2.818bn; approximately US$230m above Seeking Alpha consensus.<\/li><\/ul>\n<ul><li><b>1Q27 EPS: <\/b>Non-GAAP diluted EPS US$4.64 versus US$1.78, +160.7%; beat US$4.10 consensus by US$0.54. GAAP EPS US$4.63 versus US$3.07, +50.8%.<\/li><\/ul>\n<ul><li><b>2Q27 Guidance: <\/b>New FY27 Q2 revenue guidance US$5.1bn \u00b1 US$100m; non-GAAP EPS US$5.80 \u00b1 US$0.20. Gross margin 60\u201361%, operating expenses US$400\u2013410m and tax rate approximately 17%.<\/li><\/ul>\n<ul><li><b>Full-year Guidance: <\/b>The company did not provide full-year FY27 revenue or EPS guidance. The December-quarter outlook is a quarterly forecast and should not be extrapolated as the company annual target.<\/li><\/ul>\n<ul><li><b>Dividend\/Share Buyback: <\/b>Quarterly dividend increased 17% to US$0.175\/share, payable 17 December to holders of record on 4 December. Q1 buybacks US$1.001bn and dividends US$56m; operating cash flow US$1.604bn and free cash flow US$1.377bn.<\/li><\/ul>\n<ul><li><b>Comment: <\/b>Western Digital&#8217;s results and next-quarter outlook support a positive operating view. Higher exabyte demand and better pricing are translating into substantial margin expansion, showing that the storage cycle is generating earnings rather than volume alone. The December guidance implies further improvement and provides a stronger foundation than the historical EPS beat by itself. Cloud demand remains important, however, and customer concentration means hyperscaler investment changes can affect shipment timing and pricing. Technology transitions must also deliver the promised capacity and reliability without increasing manufacturing costs disproportionately. We would therefore assess the durability of margins alongside demand visibility, rather than assume that current profitability represents a permanent floor. Cash conversion was strong and supported substantial repurchases, although quarter-end cash declined after capital returns and financing payments. The increased dividend signals confidence, but its contribution to shareholder returns remains small relative to buybacks and earnings volatility. On 22 October, shares traded at US$332.50, down 6.13% after hours from US$354.21, after giving up an initial gain. The reversal shows how demanding expectations and market conditions can overwhelm a strong report. Around 14 times the annualised December EPS midpoint, valuation offers support if the guided earnings power persists. Key checks are cloud orders, pricing, exabyte growth, technology-transition costs and sustainable free cash flow.<b> 4Q26 recommended trading range: US$325\u2013395. Positive Outlook.<\/b><\/li><\/ul>\n<p><b>\u897f\u90e8\u6570\u636e (WDC)<\/b><\/p>\n<ul><li><b>27\u8d22\u5e74\u7b2c\u4e00\u5b63\u5ea6\u8425\u6536\uff1a<\/b>27\u8d22\u5e74\u7b2c\u4e00\u5b63\u5ea6\u6536\u516543.81\u4ebf\u7f8e\u5143\uff0c\u53bb\u5e7428.18\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u589e55.5%\uff1b\u8f83Seeking Alpha\u5e02\u573a\u9884\u671f\u9ad8\u7ea62.3\u4ebf\u7f8e\u5143\u3002<\/li><\/ul>\n<ul><li><b>27\u8d22\u5e74\u7b2c\u4e00\u5b63\u5ea6\u6bcf\u80a1\u6536\u76ca\uff1a<\/b>\u975eGAAP\u644a\u8584\u6bcf\u80a1\u76c8\u52294.64\u7f8e\u5143\uff0c\u53bb\u5e741.78\u7f8e\u5143\uff0c\u589e160.7%\uff1b\u8f834.10\u7f8e\u5143\u9884\u671f\u9ad80.54\u7f8e\u5143\u3002GAAP\u6bcf\u80a1\u76c8\u52294.63\u7f8e\u5143\uff0c\u53bb\u5e743.07\u7f8e\u5143\uff0c\u589e50.8%\u3002<\/li><\/ul>\n<ul><li><b>27\u8d22\u5e74\u7b2c\u4e8c\u5b63\u5ea6\u6307\u5f15\uff1a<\/b>\u65b0\u589e27\u8d22\u5e74\u7b2c\u4e8c\u5b63\u5ea6\u6536\u5165\u6307\u5f1551\u4ebf\u7f8e\u5143\uff0c\u4e0a\u4e0b\u6d6e\u52a81\u4ebf\u7f8e\u5143\uff1b\u975eGAAP\u6bcf\u80a1\u76c8\u52295.80\u7f8e\u5143\uff0c\u4e0a\u4e0b\u6d6e\u52a80.20\u7f8e\u5143\u3002\u6bdb\u5229\u738760\u201361%\uff0c\u7ecf\u8425\u8d39\u75284\u20134.1\u4ebf\u7f8e\u5143\uff0c\u7a0e\u7387\u7ea617%\u3002<\/li><\/ul>\n<ul><li><b>\u5168\u5e74\u6307\u5f15\uff1a<\/b>\u516c\u53f8\u672a\u63d0\u4f9b27\u8d22\u5e74\u5168\u5e74\u6536\u5165\u6216\u6bcf\u80a1\u76c8\u5229\u6307\u5f15\u300212\u6708\u5b63\u5ea6\u6307\u5f15\u5c5e\u4e8e\u5b63\u5ea6\u9884\u6d4b\uff0c\u4e0d\u5e94\u5916\u63a8\u4e3a\u516c\u53f8\u5168\u5e74\u76ee\u6807\u3002<\/li><\/ul>\n<ul><li><b>\u80a1\u606f\u4e0e\u56de\u8d2d\uff1a<\/b>\u5b63\u5ea6\u80a1\u606f\u63d0\u9ad817%\u81f3\u6bcf\u80a10.175\u7f8e\u5143\uff0c12\u670817\u65e5\u652f\u4ed8\uff0c\u767b\u8bb0\u65e512\u67084\u65e5\u3002\u5b63\u5ea6\u56de\u8d2d10.01\u4ebf\u7f8e\u5143\uff0c\u80a1\u606f5,600\u4e07\u7f8e\u5143\uff1b\u7ecf\u8425\u73b0\u91d1\u6d4116.04\u4ebf\u7f8e\u5143\uff0c\u81ea\u7531\u73b0\u91d1\u6d4113.77\u4ebf\u7f8e\u5143\u3002<\/li><\/ul>\n<ul><li><b>\u77ed\u8bc4\uff1a<\/b>\u4e1a\u7ee9\u53ca\u4e0b\u5b63\u6307\u5f15\u652f\u6301\u897f\u90e8\u6570\u636e\u6b63\u9762\u7684\u7ecf\u8425\u5c55\u671b\u3002\u66f4\u9ad8\u7684\u5b58\u50a8\u5bb9\u91cf\u9700\u6c42\u53ca\u66f4\u597d\u5b9a\u4ef7\u8f6c\u5316\u4e3a\u663e\u8457\u5229\u6da6\u7387\u6269\u5f20\uff0c\u8bf4\u660e\u5b58\u50a8\u5468\u671f\u5e26\u6765\u76c8\u5229\uff0c\u800c\u975e\u53ea\u6709\u9500\u91cf\u300212\u6708\u5b63\u5ea6\u6307\u5f15\u610f\u5473\u7740\u8fdb\u4e00\u6b65\u6539\u5584\uff0c\u8f83\u5355\u7eaf\u5386\u53f2\u76c8\u5229\u8d85\u9884\u671f\u63d0\u4f9b\u66f4\u5f3a\u57fa\u7840\u3002\u4e0d\u8fc7\uff0c\u4e91\u9700\u6c42\u4ecd\u91cd\u8981\uff0c\u5ba2\u6237\u96c6\u4e2d\u610f\u5473\u7740\u8d85\u5927\u89c4\u6a21\u6570\u636e\u4e2d\u5fc3\u6295\u8d44\u53d8\u5316\u4f1a\u5f71\u54cd\u51fa\u8d27\u65f6\u70b9\u53ca\u4ef7\u683c\u3002\u6280\u672f\u8f6c\u6362\u4e5f\u987b\u5151\u73b0\u5bb9\u91cf\u53ca\u53ef\u9760\u6027\uff0c\u800c\u4e0d\u4f7f\u5236\u9020\u6210\u672c\u4e0d\u6210\u6bd4\u4f8b\u5730\u4e0a\u5347\u3002\u56e0\u6b64\uff0c\u5e94\u7ed3\u5408\u9700\u6c42\u53ef\u89c1\u5ea6\u8bc4\u4f30\u5229\u6da6\u7387\u6301\u7eed\u6027\uff0c\u4e0d\u5b9c\u5047\u8bbe\u5f53\u524d\u76c8\u5229\u6c34\u5e73\u662f\u6c38\u4e45\u4e0b\u9650\u3002\u73b0\u91d1\u8f6c\u5316\u5f3a\u52b2\uff0c\u652f\u6301\u5927\u989d\u56de\u8d2d\uff0c\u4f46\u8d44\u672c\u56de\u62a5\u53ca\u878d\u8d44\u4ed8\u6b3e\u540e\uff0c\u5b63\u672b\u73b0\u91d1\u4e0b\u964d\u3002\u80a1\u606f\u63d0\u9ad8\u4f53\u73b0\u4fe1\u5fc3\uff0c\u4f46\u76f8\u8f83\u56de\u8d2d\u53ca\u76c8\u5229\u6ce2\u52a8\uff0c\u5176\u80a1\u4e1c\u56de\u62a5\u8d21\u732e\u4ecd\u5c0f\u300210\u670822\u65e5\uff0c\u76d8\u540e\u80a1\u4ef7332.50\u7f8e\u5143\uff0c\u8f83354.21\u7f8e\u5143\u6536\u76d8\u4ef7\u8dcc6.13%\uff0c\u6b64\u524d\u4e00\u5ea6\u4e0a\u6da8\u540e\u56de\u843d\u3002\u8fd9\u663e\u793a\u8f83\u9ad8\u9884\u671f\u53ca\u5e02\u573a\u73af\u5883\u53ef\u76d6\u8fc7\u5f3a\u52b2\u8d22\u62a5\u3002\u630912\u6708\u5b63\u5ea6\u76c8\u5229\u6307\u5f15\u4e2d\u503c\u5e74\u5316\u8ba1\u7b97\u7ea614\u500d\uff0c\u82e5\u76f8\u5173\u76c8\u5229\u80fd\u529b\u6301\u7eed\uff0c\u4f30\u503c\u5177\u652f\u6301\u3002\u5e94\u5173\u6ce8\u4e91\u8ba2\u5355\u3001\u5b9a\u4ef7\u3001\u5b58\u50a8\u5bb9\u91cf\u589e\u957f\u3001\u6280\u672f\u8f6c\u6362\u6210\u672c\u53ca\u53ef\u6301\u7eed\u81ea\u7531\u73b0\u91d1\u6d41\u3002<b> 2026\u5e74\u7b2c\u56db\u5b63\u5ea6\u5efa\u8bae\u4ea4\u6613\u533a\u95f4\uff1a325\u2013395\u7f8e\u5143\u3002\u6b63\u9762\u524d\u666f<\/b>\u3002<\/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-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 UOB SP United Overseas Bank Limited Shares closed above the 5dEMA, 10dEMA and 20dEMA with elevated volume.&nbsp; RSI is constructive while MACD is about to turn positive.&nbsp; Long \u2013 Entry 41.50, Target 45.00, Stop 39.70&nbsp; TSH SP Tuan Sing Holdings Limited Shares rebounded to close [&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-96208","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: 23 October 2026 SINGAPORE | HONG KONG | UNITED STATES | EARNINGS Singapore UOB SP United Overseas Bank Limited Shares closed above the 5dEMA, 10dEMA and 20dEMA with elevated volume. RSI is constructive while MACD is about to turn positive. Long \u2013 Entry 41.50, Target 45.00, Stop 39.70 TSH SP Tuan Sing Holdings\" \/>\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: 23 October 2026 \u2022 KGI Singapore Research\" \/>\n\t\t<meta property=\"og:description\" content=\"TECHNICAL ANALYSIS Technical Analysis: 23 October 2026 SINGAPORE | HONG KONG | UNITED STATES | EARNINGS Singapore UOB SP United Overseas Bank Limited Shares closed above the 5dEMA, 10dEMA and 20dEMA with elevated volume. RSI is constructive while MACD is about to turn positive. 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RSI is constructive while MACD is about to turn positive. Long \u2013 Entry 41.50, Target 45.00, Stop 39.70 TSH SP Tuan Sing Holdings\" \/>\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-23-october-2026\\\/#blogposting\",\"name\":\"Technical Analysis: 23 October 2026 \\u2022 KGI Singapore Research\",\"headline\":\"Technical Analysis: 23 October 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RSI is constructive while MACD is about to turn positive. 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RSI is constructive while MACD is about to turn positive. 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