{"id":96380,"date":"2026-10-28T08:00:00","date_gmt":"2026-10-28T00:00:00","guid":{"rendered":"https:\/\/www.kgieworld.sg\/research\/?p=96380"},"modified":"2026-10-28T11:57:48","modified_gmt":"2026-10-28T03:57:48","slug":"technical-analysis-28-october-2026","status":"publish","type":"post","link":"https:\/\/www.kgieworld.sg\/research\/technical-analysis-28-october-2026\/","title":{"rendered":"Technical Analysis: 28 October 2026"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"96380\" class=\"elementor elementor-96380\" 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: 28 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;\">HPL SP<\/p><h3 style=\"font-family: Montserrat; font-size: 22px; font-weight: 600; color: #0d2a5e; margin: 0 0 12px;\">Hotel Properties 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 for the last two weeks.<\/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\">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=\"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 5.00, Target 5.56, Stop 4.75<\/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-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_28Oct_SG_HPL.png\" class=\"attachment-full size-full wp-image-96381\" alt=\"\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/10\/TA_28Oct_SG_HPL.png 1532w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/10\/TA_28Oct_SG_HPL-300x180.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/10\/TA_28Oct_SG_HPL-1024x613.png 1024w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/10\/TA_28Oct_SG_HPL-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;\">LCHL SP<\/p><h3 style=\"font-family: Montserrat; font-size: 22px; font-weight: 600; color: #0d2a5e; margin: 0 0 12px;\">Lum Chang 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 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 just crossed 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 0.55, Target 0.63, Stop 0.51<\/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_28Oct_SG_LCHL.png\" class=\"attachment-full size-full wp-image-96382\" alt=\"\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/10\/TA_28Oct_SG_LCHL.png 1532w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/10\/TA_28Oct_SG_LCHL-300x180.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/10\/TA_28Oct_SG_LCHL-1024x613.png 1024w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/10\/TA_28Oct_SG_LCHL-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;\">3668 HK<\/p><h3 style=\"font-family: Montserrat; font-size: 22px; font-weight: 600; color: #0d2a5e; margin: 0 0 12px;\">Yancoal Australia Ltd.<\/h3><\/div>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-124ee20 elementor-widget elementor-widget-text-editor\" data-id=\"124ee20\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"\" data-listid=\"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 100dEMA with rising volume.<\/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 33.4, Target 36.2, Stop 32.0<\/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=\"1634\" height=\"917\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/10\/TA_28Oct_HK_3668HK.png\" class=\"attachment-full size-full wp-image-96383\" alt=\"\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/10\/TA_28Oct_HK_3668HK.png 1634w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/10\/TA_28Oct_HK_3668HK-300x168.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/10\/TA_28Oct_HK_3668HK-1024x575.png 1024w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/10\/TA_28Oct_HK_3668HK-768x431.png 768w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/10\/TA_28Oct_HK_3668HK-1536x862.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-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;\">1088 HK<\/p><h3 style=\"font-family: Montserrat; font-size: 22px; font-weight: 600; color: #0d2a5e; margin: 0 0 12px;\">China Shenhua Energy Co Ltd<\/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 10dEMA with high 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 negative.<\/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 41.0, Target 44.2, Stop 39.4<\/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=\"1634\" height=\"917\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/10\/TA_28Oct_HK_1088HK.png\" class=\"attachment-full size-full wp-image-96384\" alt=\"\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/10\/TA_28Oct_HK_1088HK.png 1634w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/10\/TA_28Oct_HK_1088HK-300x168.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/10\/TA_28Oct_HK_1088HK-1024x575.png 1024w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/10\/TA_28Oct_HK_1088HK-768x431.png 768w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/10\/TA_28Oct_HK_1088HK-1536x862.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 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;\">AMD US<\/p><h3 style=\"font-family: Montserrat; font-size: 22px; font-weight: 600; color: #0d2a5e; margin: 0 0 12px;\">Advanced Micro Devices, 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 aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"15\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"1\" data-aria-level=\"1\"><span data-contrast=\"auto\">Shares closed above the 5dEMA, 10dEMA and 20dEMA with rising volume.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:true,&quot;134233118&quot;:true,&quot;201341983&quot;:0,&quot;335559740&quot;:240}\">&nbsp;<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"15\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"2\" data-aria-level=\"1\"><span data-contrast=\"auto\">RSI is constructive and MACD is about to turn positive.<\/span><span data-contrast=\"auto\"><\/span><span data-ccp-props=\"{&quot;134233117&quot;:true,&quot;134233118&quot;:true,&quot;201341983&quot;:0,&quot;335559740&quot;:240}\">&nbsp;<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"15\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"3\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">Long \u2013 Entry 560, Target 650, Stop 515<\/span><\/b><\/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_28Oct_AMD_US.png\" class=\"attachment-full size-full wp-image-96418\" alt=\"\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/10\/TA_28Oct_AMD_US.png 1532w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/10\/TA_28Oct_AMD_US-300x180.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/10\/TA_28Oct_AMD_US-1024x613.png 1024w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/10\/TA_28Oct_AMD_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;\">DELL US<\/p><h3 style=\"font-family: Montserrat; font-size: 22px; font-weight: 600; color: #0d2a5e; margin: 0 0 12px;\">Dell Technologies Inc.<\/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 aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"16\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"1\" data-aria-level=\"1\"><span data-contrast=\"auto\">Shares closed just 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=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"16\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"2\" data-aria-level=\"1\"><span data-contrast=\"auto\">RSI is constructive and MACD is about to turn positive.<\/span><span data-contrast=\"auto\"><\/span><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"16\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"3\" data-aria-level=\"1\"><span data-contrast=\"auto\">\u2060<\/span><b><span data-contrast=\"auto\">Long \u2013 Entry 500, Target 580, Stop 460<\/span><\/b><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-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_28Oct_DELL_US.png\" class=\"attachment-full size-full wp-image-96419\" alt=\"\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/10\/TA_28Oct_DELL_US.png 1532w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/10\/TA_28Oct_DELL_US-300x180.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/10\/TA_28Oct_DELL_US-1024x613.png 1024w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/10\/TA_28Oct_DELL_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><span data-contrast=\"auto\">United Parcel Service Inc. (UPS)<\/span><\/b><span data-ccp-props=\"{&quot;134245418&quot;:true,&quot;201341983&quot;:0,&quot;335559740&quot;:240}\">&nbsp;<\/span><\/p><ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"Arial\" data-listid=\"1\" 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\"><b><span data-contrast=\"auto\">3Q26 Revenue: <\/span><\/b><span data-contrast=\"auto\">Revenue US$22.9bn, +6.7% YoY; approximately US$630m above US$22.27bn consensus. Growth was recorded across all three reporting businesses.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:276}\">&nbsp;<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"Arial\" data-listid=\"1\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\u25cf&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"5\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">3Q26 EPS: <\/span><\/b><span data-contrast=\"auto\">Non-GAAP adjusted diluted EPS US$1.69 versus US$1.74, down 2.9%; beat US$1.62 consensus by US$0.07. GAAP diluted EPS US$1.37; net adjusting charges US$0.32\/share.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:276}\">&nbsp;<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"Arial\" data-listid=\"1\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\u25cf&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"6\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">4Q26 Guidance: <\/span><\/b><span data-contrast=\"auto\">Revenue approximately US$25.7bn and adjusted operating profit approximately US$3.3bn, both raised. The release did not provide a standalone Q4 EPS target.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:276}\">&nbsp;<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"\" data-listid=\"1\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\u25cf&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"7\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">FY26 Guidance: <\/span><\/b><span data-contrast=\"auto\">Revenue raised to approximately US$92.6bn from US$91.2bn; adjusted operating profit approximately US$8.75bn and adjusted EPS approximately US$7.28, versus prior EPS US$7.22. Adjusted free cash flow target approximately US$6.1bn; capex US$3.0bn.<\/span><span data-ccp-props=\"{&quot;134233279&quot;:false}\">&nbsp;<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"\" data-listid=\"1\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\u25cf&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"8\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">Dividend\/Share Buyback: <\/span><\/b><span data-contrast=\"auto\">FY26 dividend payments expected at approximately US$5.4bn, subject to board approval. The results release did not announce a new share-buyback authorisation.<\/span><span data-ccp-props=\"{&quot;134233279&quot;:false}\">&nbsp;<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"\" data-listid=\"1\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\u25cf&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"9\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">Comment: <\/span><\/b><span data-contrast=\"auto\">UPS&#8217;s stronger pricing and higher holiday-quarter outlook suggest that its network changes are producing benefits, but the decline in adjusted EPS keeps our view neutral. U.S. revenue per piece rose 6.1%, helping revenue growth exceed the underlying volume trend. International pricing was also strong, while healthcare and forwarding supported Supply Chain Solutions sales. The profit picture was less uniform: adjusted Supply Chain Solutions operating profit fell sharply despite higher revenue. This limits the case for treating the headline sales beat as broad earnings acceleration. Transformation charges and the goodwill impairment also highlight the cost of repositioning the network. The raised Q4 revenue and operating-profit targets provide a more encouraging near-term signal, but holiday execution must still meet that higher bar. Fuel, labour costs and shifts in customer mix can materially affect incremental margins. Shares closed at US$106.09 on 27 October, up 5.75%, reflecting relief over the outlook. The valuation appears more balanced after that move, with the dividend offering support but also placing demands on cash generation. Sustained upside requires better profit conversion rather than pricing alone. Watch domestic volumes, revenue per piece, peak-season service, Supply Chain Solutions margins and free-cash-flow coverage of dividends.<\/span><b><span data-contrast=\"auto\"> 4Q26 recommended trading range: US$98\u2013120. Neutral Outlook.<\/span><\/b><span data-ccp-props=\"{}\">&nbsp;<br><br><\/span><\/li><\/ul><p><b><span data-contrast=\"auto\">\u8054\u5408\u5305\u88f9 (UPS)<\/span><\/b><span data-ccp-props=\"{&quot;134245418&quot;:true}\">&nbsp;<\/span><\/p><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"4\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"1\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">2026\u8d22\u5e74\u7b2c\u4e09\u5b63\u5ea6\u8425\u6536\uff1a<\/span><\/b><span data-contrast=\"auto\">\u6536\u5165229\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f6.7%\uff1b\u8f83222.7\u4ebf\u7f8e\u5143\u9884\u671f\u9ad8\u7ea66.3\u4ebf\u7f8e\u5143\u3002\u4e09\u4e2a\u62a5\u544a\u4e1a\u52a1\u5747\u5f55\u5f97\u6536\u5165\u589e\u957f\u3002<\/span><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"4\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"2\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">2026\u8d22\u5e74\u7b2c\u4e09\u5b63\u5ea6\u6bcf\u80a1\u6536\u76ca\uff1a<\/span><\/b><span data-contrast=\"auto\">\u975eGAAP\u7ecf\u8c03\u6574\u644a\u8584\u6bcf\u80a1\u76c8\u52291.69\u7f8e\u5143\uff0c\u53bb\u5e741.74\u7f8e\u5143\uff0c\u4e0b\u964d2.9%\uff1b\u8f831.62\u7f8e\u5143\u9884\u671f\u9ad80.07\u7f8e\u5143\u3002GAAP\u644a\u8584\u6bcf\u80a1\u76c8\u52291.37\u7f8e\u5143\uff1b\u51c0\u8c03\u6574\u8d39\u7528\u4e3a\u6bcf\u80a10.32\u7f8e\u5143\u3002<\/span><span data-contrast=\"auto\"><\/span><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"4\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"3\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">2026\u8d22\u5e74\u7b2c\u56db\u5b63\u5ea6\u6307\u5f15\uff1a<\/span><\/b><span data-contrast=\"auto\">\u6536\u5165\u7ea6257\u4ebf\u7f8e\u5143\uff0c\u7ecf\u8c03\u6574\u7ecf\u8425\u5229\u6da6\u7ea633\u4ebf\u7f8e\u5143\uff0c\u4e24\u8005\u5747\u4e0a\u8c03\u3002\u4e1a\u7ee9\u516c\u544a\u672a\u63d0\u4f9b\u72ec\u7acb\u7b2c\u56db\u5b63\u5ea6\u6bcf\u80a1\u76c8\u5229\u76ee\u6807\u3002<\/span><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"4\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"4\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">2026\u8d22\u5e74\u6307\u5f15\uff1a<\/span><\/b><span data-contrast=\"auto\">\u6536\u5165\u7531\u7ea6912\u4ebf\u7f8e\u5143\u4e0a\u8c03\u81f3926\u4ebf\u7f8e\u5143\uff1b\u7ecf\u8c03\u6574\u7ecf\u8425\u5229\u6da6\u7ea687.5\u4ebf\u7f8e\u5143\uff0c\u7ecf\u8c03\u6574\u6bcf\u80a1\u76c8\u5229\u7ea67.28\u7f8e\u5143\uff0c\u6b64\u524d\u6bcf\u80a1\u76c8\u5229\u4e3a7.22\u7f8e\u5143\u3002\u7ecf\u8c03\u6574\u81ea\u7531\u73b0\u91d1\u6d41\u76ee\u6807\u7ea661\u4ebf\u7f8e\u5143\uff1b\u8d44\u672c\u5f00\u652f30\u4ebf\u7f8e\u5143\u3002<\/span><span data-contrast=\"auto\"><\/span><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"4\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"5\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">\u80a1\u606f\u4e0e\u56de\u8d2d\uff1a<\/span><\/b><span data-contrast=\"auto\">2026\u5e74\u9884\u8ba1\u652f\u4ed8\u80a1\u606f\u7ea654\u4ebf\u7f8e\u5143\uff0c\u987b\u8463\u4e8b\u4f1a\u6279\u51c6\u3002\u4e1a\u7ee9\u516c\u544a\u672a\u5ba3\u5e03\u65b0\u7684\u80a1\u4efd\u56de\u8d2d\u6388\u6743\u3002<\/span><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"4\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"6\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">\u77ed\u8bc4\uff1a<\/span><\/b><span data-contrast=\"auto\">\u8054\u5408\u5305\u88f9\u5b9a\u4ef7\u6539\u5584\u53ca\u65fa\u5b63\u6307\u5f15\u4e0a\u8c03\uff0c\u663e\u793a\u7f51\u7edc\u8c03\u6574\u6b63\u4ea7\u751f\u6548\u76ca\uff0c\u4f46\u7ecf\u8c03\u6574\u6bcf\u80a1\u76c8\u5229\u4e0b\u964d\u4f7f\u6211\u4eec\u7ef4\u6301\u4e2d\u6027\u3002\u7f8e\u56fd\u4e1a\u52a1\u6bcf\u4ef6\u5305\u88f9\u6536\u5165\u589e\u957f6.1%\uff0c\u652f\u6301\u6536\u5165\u589e\u901f\u8d85\u8fc7\u57fa\u7840\u8d27\u91cf\u8d8b\u52bf\u3002\u56fd\u9645\u5b9a\u4ef7\u4ea6\u5f3a\u52b2\uff0c\u533b\u7597\u53ca\u8d27\u8fd0\u4ee3\u7406\u5e26\u52a8\u4f9b\u5e94\u94fe\u89e3\u51b3\u65b9\u6848\u9500\u552e\u3002\u4e0d\u8fc7\uff0c\u5229\u6da6\u8868\u73b0\u5e76\u4e0d\u5747\u8861\uff1a\u4f9b\u5e94\u94fe\u89e3\u51b3\u65b9\u6848\u7ecf\u8c03\u6574\u7ecf\u8425\u5229\u6da6\u5728\u6536\u5165\u589e\u957f\u4e0b\u660e\u663e\u4e0b\u964d\uff0c\u9650\u5236\u4e86\u5c06\u9500\u552e\u8d85\u9884\u671f\u89c6\u4e3a\u5168\u9762\u76c8\u5229\u52a0\u901f\u7684\u4f9d\u636e\u3002\u8f6c\u578b\u8d39\u7528\u53ca\u5546\u8a89\u51cf\u503c\u4ea6\u53cd\u6620\u7f51\u7edc\u91cd\u6574\u6210\u672c\u3002\u7b2c\u56db\u5b63\u5ea6\u6536\u5165\u53ca\u7ecf\u8425\u5229\u6da6\u76ee\u6807\u4e0a\u8c03\u5e26\u6765\u8f83\u79ef\u6781\u4fe1\u53f7\uff0c\u4f46\u65fa\u5b63\u6267\u884c\u4ecd\u987b\u8fbe\u5230\u66f4\u9ad8\u8981\u6c42\u3002\u71c3\u6cb9\u3001\u4eba\u5de5\u6210\u672c\u53ca\u5ba2\u6237\u7ed3\u6784\u53d8\u5316\u5747\u4f1a\u5f71\u54cd\u589e\u91cf\u5229\u6da6\u7387\u3002\u80a1\u4ef7\u4e8e10\u670827\u65e5\u6536\u62a5106.09\u7f8e\u5143\uff0c\u4e0a\u6da85.75%\uff0c\u53cd\u6620\u5e02\u573a\u5bf9\u524d\u666f\u7684\u5fe7\u8651\u7f13\u548c\u3002\u4e0a\u6da8\u540e\u4f30\u503c\u66f4\u8d8b\u5747\u8861\uff0c\u80a1\u606f\u63d0\u4f9b\u652f\u6301\uff0c\u540c\u65f6\u4ea6\u8981\u6c42\u6301\u7eed\u73b0\u91d1\u521b\u9020\u3002\u6301\u7eed\u4e0a\u884c\u9700\u8981\u66f4\u597d\u7684\u5229\u6da6\u8f6c\u5316\uff0c\u800c\u975e\u4ec5\u9760\u63d0\u4ef7\u3002\u5e94\u5173\u6ce8\u7f8e\u56fd\u8d27\u91cf\u3001\u6bcf\u4ef6\u6536\u5165\u3001\u65fa\u5b63\u670d\u52a1\u3001\u4f9b\u5e94\u94fe\u4e1a\u52a1\u5229\u6da6\u7387\u53ca\u81ea\u7531\u73b0\u91d1\u6d41\u5bf9\u80a1\u606f\u7684\u8986\u76d6\u3002<\/span><span data-contrast=\"auto\"><\/span><span data-contrast=\"auto\"><\/span><b><span data-contrast=\"auto\">2026\u5e74\u7b2c\u56db\u5b63\u5ea6\u5efa\u8bae\u4ea4\u6613\u533a\u95f4\uff1a98\u2013120\u7f8e\u5143\u3002\u4e2d\u6027\u524d\u666f\u3002<\/span><\/b><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li><\/ul><p><b><span data-contrast=\"auto\">The Coca-Cola Company (KO)<\/span><\/b><span data-ccp-props=\"{&quot;134245418&quot;:true,&quot;201341983&quot;:0,&quot;335559740&quot;:240}\">&nbsp;<\/span><\/p><ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"Arial\" data-listid=\"1\" 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\"><b><span data-contrast=\"auto\">3Q26 Revenue: <\/span><\/b><span data-contrast=\"auto\">Net revenue approximately US$13.4bn, +7% YoY; approximately US$480m above US$12.92bn consensus. Organic revenue +7%; global unit case volume +5%.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:276}\">&nbsp;<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"Arial\" data-listid=\"1\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\u25cf&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"5\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">3Q26 EPS: <\/span><\/b><span data-contrast=\"auto\">Comparable non-GAAP EPS US$0.91, +11% YoY; beat US$0.88 consensus by US$0.03. GAAP EPS US$0.93, +8% YoY.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:276}\">&nbsp;<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"Arial\" data-listid=\"1\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\u25cf&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"6\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">4Q26 Guidance: <\/span><\/b><span data-contrast=\"auto\">No standalone Q4 revenue or EPS growth target provided. Comparable revenue considerations: approximately 1% currency tailwind and 4% divestiture headwind. Comparable EPS: approximately 4% currency tailwind and 3% divestiture headwind.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:276}\">&nbsp;<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"\" data-listid=\"1\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\u25cf&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"7\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">FY26 Guidance: <\/span><\/b><span data-contrast=\"auto\">Organic revenue growth raised to at least 5% from approximately 5%; comparable EPS growth at least 11% from 9\u201310%. Currency-neutral EPS growth excluding acquisitions\/divestitures at least 9% from 7\u20138%. Free cash flow at least US$13.0bn from approximately US$12.4bn. Full FY27 guidance deferred until Q4 results.<\/span><span data-ccp-props=\"{&quot;134233279&quot;:false}\">&nbsp;<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"\" data-listid=\"1\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\u25cf&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"8\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">Dividend\/Share Buyback: <\/span><\/b><span data-contrast=\"auto\">Quarterly dividend US$0.53\/share, payable 15 December to holders of record on 1 December. No new buyback authorisation announced in the reviewed Q3 release.<\/span><span data-ccp-props=\"{&quot;134233279&quot;:false}\">&nbsp;<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"\" data-listid=\"1\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\u25cf&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"9\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">Comment: <\/span><\/b><span data-contrast=\"auto\">Coca-Cola&#8217;s volume-led growth is a stronger signal than another price-driven quarter, although valuation leaves our outlook neutral. Global unit case volume grew 5% with only 1% price\/mix growth, suggesting that demand is contributing more meaningfully to the revenue base. Comparable operating margin expanded to 32.9% from 31.9%, showing that growth is reaching profit despite higher marketing investment. However, North American volume was flat, so the improvement was geographically uneven. Concentrate shipment timing also lifted reported organic growth relative to consumer volume and should not be extrapolated indefinitely. Higher earnings and cash-flow guidance strengthen the defensive investment case, while currency helps the near-term comparison. Bottling divestitures will reduce reported revenue and complicate comparisons into 2027; those changes should be assessed separately from underlying brand demand. Shares closed at US$91.18 on 27 October, down 1.64%, despite the beat and guidance increase. That reaction suggests that strong execution was already partly anticipated. Brand strength, distribution reach and recurring cash generation support a premium valuation, but sustainable upside requires volume momentum to persist without sacrificing affordability or marketing effectiveness. Watch North American demand, emerging-market currency, concentrate timing, bottling disposals and cash conversion. The dividend remains attractive as a source of recurring return, but it does not eliminate valuation risk.<\/span><b><span data-contrast=\"auto\"> 4Q26 recommended trading range: US$82\u201398. Neutral Outlook.<\/span><\/b><span data-ccp-props=\"{}\">&nbsp;<br><br><\/span><\/li><\/ul><p><b><span data-contrast=\"auto\">\u53ef\u53e3\u53ef\u4e50 (KO)<\/span><\/b><span data-ccp-props=\"{&quot;134245418&quot;:true}\">&nbsp;<\/span><\/p><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"4\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"1\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">2026\u8d22\u5e74\u7b2c\u4e09\u5b63\u5ea6\u8425\u6536\uff1a<\/span><\/b><span data-contrast=\"auto\">\u51c0\u6536\u5165\u7ea6134\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f7%\uff1b\u8f83129.2\u4ebf\u7f8e\u5143\u9884\u671f\u9ad8\u7ea64.8\u4ebf\u7f8e\u5143\u3002\u6709\u673a\u6536\u5165\u589e\u957f7%\uff1b\u5168\u7403\u5355\u4f4d\u7bb1\u9500\u91cf\u589e\u957f5%\u3002<\/span><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"4\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"2\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">2026\u8d22\u5e74\u7b2c\u4e09\u5b63\u5ea6\u6bcf\u80a1\u6536\u76ca\uff1a<\/span><\/b><span data-contrast=\"auto\">\u53ef\u6bd4\u975eGAAP\u6bcf\u80a1\u76c8\u52290.91\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f11%\uff1b\u8f830.88\u7f8e\u5143\u9884\u671f\u9ad80.03\u7f8e\u5143\u3002GAAP\u6bcf\u80a1\u76c8\u52290.93\u7f8e\u5143\uff0c\u589e\u957f8%\u3002<\/span><span data-contrast=\"auto\"><\/span><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"4\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"3\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">2026\u8d22\u5e74\u7b2c\u56db\u5b63\u5ea6\u6307\u5f15\uff1a<\/span><\/b><span data-contrast=\"auto\">\u672a\u63d0\u4f9b\u72ec\u7acb\u7b2c\u56db\u5b63\u5ea6\u6536\u5165\u6216\u6bcf\u80a1\u76c8\u5229\u589e\u901f\u76ee\u6807\u3002\u53ef\u6bd4\u6536\u5165\u8003\u8651\u56e0\u7d20\u5305\u62ec\u7ea61%\u6c47\u7387\u5229\u597d\u53ca4%\u51fa\u552e\u4e1a\u52a1\u62d6\u7d2f\uff1b\u53ef\u6bd4\u6bcf\u80a1\u76c8\u5229\u5305\u62ec\u7ea64%\u6c47\u7387\u5229\u597d\u53ca3%\u51fa\u552e\u4e1a\u52a1\u62d6\u7d2f\u3002<\/span><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"4\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"4\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">2026\u8d22\u5e74\u6307\u5f15\uff1a<\/span><\/b><span data-contrast=\"auto\">\u6709\u673a\u6536\u5165\u589e\u901f\u7531\u7ea65%\u4e0a\u8c03\u81f3\u81f3\u5c115%\uff1b\u53ef\u6bd4\u6bcf\u80a1\u76c8\u5229\u589e\u901f\u75319\u201310%\u4e0a\u8c03\u81f3\u81f3\u5c1111%\u3002\u5254\u9664\u6536\u8d2d\u53ca\u51fa\u552e\u4e1a\u52a1\u7684\u56fa\u5b9a\u6c47\u7387\u6bcf\u80a1\u76c8\u5229\u589e\u901f\u75317\u20138%\u4e0a\u8c03\u81f3\u81f3\u5c119%\u3002\u81ea\u7531\u73b0\u91d1\u6d41\u7531\u7ea6124\u4ebf\u7f8e\u5143\u4e0a\u8c03\u81f3\u81f3\u5c11130\u4ebf\u7f8e\u5143\u3002\u5b8c\u65742027\u5e74\u6307\u5f15\u5c06\u5728\u7b2c\u56db\u5b63\u5ea6\u4e1a\u7ee9\u65f6\u63d0\u4f9b\u3002<\/span><span data-contrast=\"auto\"><\/span><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"4\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"5\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">\u80a1\u606f\u4e0e\u56de\u8d2d\uff1a<\/span><\/b><span data-contrast=\"auto\">\u5b63\u5ea6\u80a1\u606f\u6bcf\u80a10.53\u7f8e\u5143\uff0c12\u670815\u65e5\u652f\u4ed8\uff0c\u767b\u8bb0\u65e512\u67081\u65e5\u3002\u6240\u5ba1\u9605\u7b2c\u4e09\u5b63\u5ea6\u516c\u544a\u672a\u5ba3\u5e03\u65b0\u7684\u56de\u8d2d\u6388\u6743\u3002<\/span><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"4\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"6\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">\u77ed\u8bc4\uff1a<\/span><\/b><span data-contrast=\"auto\">\u53ef\u53e3\u53ef\u4e50\u4ee5\u9500\u91cf\u5e26\u52a8\u7684\u589e\u957f\u8f83\u5355\u7eaf\u63d0\u4ef7\u66f4\u5177\u8bf4\u670d\u529b\uff0c\u4f46\u4f30\u503c\u4f7f\u6211\u4eec\u7ef4\u6301\u4e2d\u6027\u3002\u5168\u7403\u5355\u4f4d\u7bb1\u9500\u91cf\u589e\u957f5%\uff0c\u4ef7\u683c\u53ca\u7ed3\u6784\u4ec5\u589e\u957f1%\uff0c\u663e\u793a\u9700\u6c42\u5bf9\u6536\u5165\u8d21\u732e\u66f4\u660e\u663e\u3002\u53ef\u6bd4\u7ecf\u8425\u5229\u6da6\u7387\u753131.9%\u5347\u81f332.9%\uff0c\u8bc1\u660e\u5728\u589e\u52a0\u8425\u9500\u6295\u5165\u7684\u540c\u65f6\uff0c\u589e\u957f\u4ecd\u80fd\u8f6c\u5316\u4e3a\u5229\u6da6\u3002\u4e0d\u8fc7\uff0c\u5317\u7f8e\u9500\u91cf\u6301\u5e73\uff0c\u6539\u5584\u5e76\u4e0d\u5747\u8861\u3002\u6d53\u7f29\u6db2\u53d1\u8d27\u65f6\u70b9\u4ea6\u4ee4\u6709\u673a\u6536\u5165\u589e\u901f\u9ad8\u4e8e\u7ec8\u7aef\u9500\u91cf\uff0c\u4e0d\u5b9c\u6301\u7eed\u5916\u63a8\u3002\u76c8\u5229\u53ca\u73b0\u91d1\u6d41\u6307\u5f15\u4e0a\u8c03\u5f3a\u5316\u9632\u5fa1\u6027\u6295\u8d44\u903b\u8f91\uff0c\u6c47\u7387\u4ea6\u6709\u5229\u8fd1\u671f\u6bd4\u8f83\u3002\u88c5\u74f6\u4e1a\u52a1\u51fa\u552e\u5c06\u51cf\u5c11\u62a5\u544a\u6536\u5165\uff0c\u5e76\u4ee42027\u5e74\u6bd4\u8f83\u66f4\u590d\u6742\uff0c\u5e94\u4e0e\u54c1\u724c\u57fa\u7840\u9700\u6c42\u5206\u522b\u8bc4\u4f30\u3002\u5c3d\u7ba1\u4e1a\u7ee9\u8d85\u9884\u671f\u5e76\u4e0a\u8c03\u6307\u5f15\uff0c\u80a1\u4ef7\u4e8e10\u670827\u65e5\u6536\u62a591.18\u7f8e\u5143\uff0c\u4e0b\u8dcc1.64%\uff0c\u663e\u793a\u5e02\u573a\u5df2\u90e8\u5206\u53cd\u6620\u5f3a\u52b2\u6267\u884c\u3002\u54c1\u724c\u3001\u5206\u9500\u7f51\u7edc\u53ca\u7ecf\u5e38\u6027\u73b0\u91d1\u521b\u9020\u652f\u6301\u4f30\u503c\u6ea2\u4ef7\uff0c\u4f46\u6301\u7eed\u4e0a\u884c\u9700\u8981\u9500\u91cf\u4fdd\u6301\u589e\u957f\uff0c\u540c\u65f6\u517c\u987e\u53ef\u8d1f\u62c5\u6027\u53ca\u8425\u9500\u6548\u7387\u3002\u5e94\u5173\u6ce8\u5317\u7f8e\u9700\u6c42\u3001\u65b0\u5174\u5e02\u573a\u6c47\u7387\u3001\u6d53\u7f29\u6db2\u65f6\u70b9\u3001\u88c5\u74f6\u4e1a\u52a1\u51fa\u552e\u53ca\u73b0\u91d1\u8f6c\u5316\u3002\u80a1\u606f\u4ecd\u63d0\u4f9b\u7ecf\u5e38\u6027\u56de\u62a5\uff0c\u4f46\u4e0d\u80fd\u6d88\u9664\u4f30\u503c\u98ce\u9669\u3002<\/span><span data-contrast=\"auto\"><\/span><span data-contrast=\"auto\"><\/span><b><span data-contrast=\"auto\">2026\u5e74\u7b2c\u56db\u5b63\u5ea6\u5efa\u8bae\u4ea4\u6613\u533a\u95f4\uff1a82\u201398\u7f8e\u5143\u3002\u4e2d\u6027\u524d\u666f\u3002<\/span><\/b><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li><\/ul><p><b><span data-contrast=\"auto\">Corning Incorporated (GLW)<\/span><\/b><span data-ccp-props=\"{&quot;134245418&quot;:true,&quot;201341983&quot;:0,&quot;335559740&quot;:240}\">&nbsp;<\/span><\/p><ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"Arial\" data-listid=\"1\" 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\"><b><span data-contrast=\"auto\">3Q26 Revenue: <\/span><\/b><span data-contrast=\"auto\">Core non-GAAP sales US$5.081bn, +19% YoY; approximately US$51m above US$5.03bn core-sales consensus. GAAP sales US$4.855bn, +18%.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:276}\">&nbsp;<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"Arial\" data-listid=\"1\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\u25cf&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"5\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">3Q26 EPS: <\/span><\/b><span data-contrast=\"auto\">Core non-GAAP EPS US$0.91 versus US$0.67, +36%; beat US$0.88 consensus by US$0.03. GAAP diluted EPS US$0.78 versus US$0.50, +56%.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:276}\">&nbsp;<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"Arial\" data-listid=\"1\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\u25cf&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"6\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">4Q26 Guidance: <\/span><\/b><span data-contrast=\"auto\">Core sales US$5.2\u20135.3bn, approximately +19% YoY; core EPS US$0.96\u20131.00, approximately +36% at the midpoint.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:276}\">&nbsp;<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"\" data-listid=\"1\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\u25cf&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"7\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">FY26 Guidance: <\/span><\/b><span data-contrast=\"auto\">The company did not provide a standalone full-year revenue or EPS range in the Q3 release. Its Q4 forecast and longer-term Springboard targets are separate disclosures.<\/span><span data-ccp-props=\"{&quot;134233279&quot;:false}\">&nbsp;<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"\" data-listid=\"1\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\u25cf&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"8\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">Dividend\/Share Buyback: <\/span><\/b><span data-contrast=\"auto\">Quarterly dividend rate US$0.28\/share. No new buyback authorisation identified in the Q3 release. Q3 operating cash flow US$1.06bn and adjusted free cash flow US$661m.<\/span><span data-ccp-props=\"{&quot;134233279&quot;:false}\">&nbsp;<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"\" data-listid=\"1\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\u25cf&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"9\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">Comment: <\/span><\/b><span data-contrast=\"auto\">Corning&#8217;s optical growth and margin expansion strengthen the earnings outlook, but the market already assigns substantial value to its AI exposure. Optical Communications sales rose 44% to US$2.379bn, while segment net income rose 80%, demonstrating strong profit conversion. Higher core gross and operating margins also indicate that the improvement extends beyond revenue alone. However, Glass Innovations sales declined and Solar remained loss-making, so the portfolio has materially different earnings profiles. AI-related demand cannot be used to assume uniform strength across the group. The Q4 outlook points to further growth and supports confidence in the near-term earnings path. Capacity expansion, customer commitments and cash generation now become more important than announcements alone. Adjusted free cash flow was positive, but investors should monitor how much incremental operating cash must be reinvested to deliver the optical opportunity. Shares closed at US$126.30 on 27 October, down 1.13%. The muted reaction despite the beat suggests a demanding starting point for expectations. We retain a neutral outlook: the operating trend is positive, but the valuation offers less protection if customer deployment timing or margins disappoint. Watch optical capacity utilisation, customer concentration, pricing, Glass Innovations demand, Solar losses and conversion of operating profit into free cash flow.<\/span><b><span data-contrast=\"auto\"> 4Q26 recommended trading range: US$110\u2013145. Neutral Outlook.<\/span><\/b><span data-ccp-props=\"{}\">&nbsp;<br><br><\/span><\/li><\/ul><p><b><span data-contrast=\"auto\">\u5eb7\u5b81 (GLW)<\/span><\/b><span data-ccp-props=\"{&quot;134245418&quot;:true}\">&nbsp;<\/span><\/p><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"4\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"1\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">2026\u8d22\u5e74\u7b2c\u4e09\u5b63\u5ea6\u8425\u6536\uff1a<\/span><\/b><span data-contrast=\"auto\">\u6838\u5fc3\u975eGAAP\u9500\u552e50.81\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f19%\uff1b\u8f8350.3\u4ebf\u7f8e\u5143\u6838\u5fc3\u9500\u552e\u9884\u671f\u9ad8\u7ea65,100\u4e07\u7f8e\u5143\u3002GAAP\u9500\u552e48.55\u4ebf\u7f8e\u5143\uff0c\u589e\u957f18%\u3002<\/span><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"4\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"2\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">2026\u8d22\u5e74\u7b2c\u4e09\u5b63\u5ea6\u6bcf\u80a1\u6536\u76ca\uff1a<\/span><\/b><span data-contrast=\"auto\">\u6838\u5fc3\u975eGAAP\u6bcf\u80a1\u76c8\u52290.91\u7f8e\u5143\uff0c\u53bb\u5e740.67\u7f8e\u5143\uff0c\u589e\u957f36%\uff1b\u8f830.88\u7f8e\u5143\u9884\u671f\u9ad80.03\u7f8e\u5143\u3002GAAP\u644a\u8584\u6bcf\u80a1\u76c8\u52290.78\u7f8e\u5143\uff0c\u53bb\u5e740.50\u7f8e\u5143\uff0c\u589e\u957f56%\u3002<\/span><span data-contrast=\"auto\"><\/span><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"4\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"3\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">2026\u8d22\u5e74\u7b2c\u56db\u5b63\u5ea6\u6307\u5f15\uff1a<\/span><\/b><span data-contrast=\"auto\">\u6838\u5fc3\u9500\u552e52\u4ebf\u201353\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f\u7ea619%\uff1b\u6838\u5fc3\u6bcf\u80a1\u76c8\u52290.96\u20131.00\u7f8e\u5143\uff0c\u4e2d\u503c\u540c\u6bd4\u589e\u957f\u7ea636%\u3002<\/span><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"4\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"4\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">2026\u8d22\u5e74\u6307\u5f15\uff1a<\/span><\/b><span data-contrast=\"auto\">\u516c\u53f8\u672a\u5728\u7b2c\u4e09\u5b63\u5ea6\u516c\u544a\u63d0\u4f9b\u72ec\u7acb\u5168\u5e74\u6536\u5165\u6216\u6bcf\u80a1\u76c8\u5229\u533a\u95f4\u3002\u7b2c\u56db\u5b63\u5ea6\u9884\u6d4b\u4e0e\u8f83\u957f\u671fSpringboard\u76ee\u6807\u5c5e\u4e8e\u4e0d\u540c\u62ab\u9732\u3002<\/span><span data-contrast=\"auto\"><\/span><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"4\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"5\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">\u80a1\u606f\u4e0e\u56de\u8d2d\uff1a<\/span><\/b><span data-contrast=\"auto\">\u5b63\u5ea6\u80a1\u606f\u6c34\u5e73\u4e3a\u6bcf\u80a10.28\u7f8e\u5143\u3002\u7b2c\u4e09\u5b63\u5ea6\u516c\u544a\u672a\u89c1\u65b0\u7684\u56de\u8d2d\u6388\u6743\u3002\u7ecf\u8425\u73b0\u91d1\u6d4110.6\u4ebf\u7f8e\u5143\uff0c\u7ecf\u8c03\u6574\u81ea\u7531\u73b0\u91d1\u6d416.61\u4ebf\u7f8e\u5143\u3002<\/span><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"4\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"6\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">\u77ed\u8bc4\uff1a<\/span><\/b><span data-contrast=\"auto\">\u5eb7\u5b81\u5149\u901a\u4fe1\u589e\u957f\u53ca\u5229\u6da6\u7387\u6269\u5f20\u5f3a\u5316\u76c8\u5229\u524d\u666f\uff0c\u4f46\u5e02\u573a\u5df2\u7ed9\u4e88AI\u4e1a\u52a1\u660e\u663e\u4ef7\u503c\u3002\u5149\u901a\u4fe1\u9500\u552e\u589e\u957f44%\u81f323.79\u4ebf\u7f8e\u5143\uff0c\u4e1a\u52a1\u51c0\u5229\u6da6\u589e\u957f80%\uff0c\u663e\u793a\u8f83\u5f3a\u5229\u6da6\u8f6c\u5316\u3002\u6838\u5fc3\u6bdb\u5229\u7387\u53ca\u7ecf\u8425\u5229\u6da6\u7387\u63d0\u9ad8\uff0c\u4ea6\u8bc1\u660e\u6539\u5584\u4e0d\u6b62\u4e8e\u6536\u5165\u3002\u4e0d\u8fc7\uff0c\u73bb\u7483\u521b\u65b0\u9500\u552e\u4e0b\u964d\uff0c\u592a\u9633\u80fd\u4e1a\u52a1\u4ecd\u4e8f\u635f\uff0c\u5404\u4e1a\u52a1\u76c8\u5229\u72b6\u51b5\u660e\u663e\u4e0d\u540c\uff0c\u4e0d\u5b9c\u5c06AI\u9700\u6c42\u7b49\u540c\u96c6\u56e2\u5168\u9762\u5f3a\u52b2\u3002\u7b2c\u56db\u5b63\u5ea6\u6307\u5f15\u663e\u793a\u8fdb\u4e00\u6b65\u589e\u957f\uff0c\u652f\u6301\u8fd1\u671f\u76c8\u5229\u53ef\u89c1\u5ea6\u3002\u4ea7\u80fd\u6269\u5f20\u3001\u5ba2\u6237\u627f\u8bfa\u53ca\u73b0\u91d1\u521b\u9020\u7684\u91cd\u8981\u6027\u6b63\u8d85\u8fc7\u5355\u7eaf\u4ea7\u54c1\u6216\u5408\u7ea6\u516c\u544a\u3002\u7ecf\u8c03\u6574\u81ea\u7531\u73b0\u91d1\u6d41\u4e3a\u6b63\uff0c\u4f46\u4ecd\u9700\u89c2\u5bdf\u65b0\u589e\u7ecf\u8425\u73b0\u91d1\u6709\u591a\u5c11\u987b\u91cd\u65b0\u6295\u5165\u5149\u901a\u4fe1\u673a\u4f1a\u3002\u80a1\u4ef7\u4e8e10\u670827\u65e5\u6536\u62a5126.30\u7f8e\u5143\uff0c\u4e0b\u8dcc1.13%\u3002\u8d85\u9884\u671f\u540e\u53cd\u5e94\u5e73\u6de1\uff0c\u663e\u793a\u5e02\u573a\u671f\u671b\u8d77\u70b9\u8f83\u9ad8\u3002\u6211\u4eec\u7ef4\u6301\u4e2d\u6027\uff1a\u7ecf\u8425\u8d8b\u52bf\u6b63\u9762\uff0c\u4f46\u82e5\u5ba2\u6237\u90e8\u7f72\u6216\u5229\u6da6\u7387\u4e0d\u53ca\u9884\u671f\uff0c\u4f30\u503c\u4fdd\u62a4\u8f83\u5c11\u3002\u5e94\u5173\u6ce8\u5149\u901a\u4fe1\u4ea7\u80fd\u5229\u7528\u7387\u3001\u5ba2\u6237\u96c6\u4e2d\u5ea6\u3001\u5b9a\u4ef7\u3001\u73bb\u7483\u9700\u6c42\u3001\u592a\u9633\u80fd\u4e8f\u635f\u53ca\u7ecf\u8425\u5229\u6da6\u8f6c\u5316\u4e3a\u81ea\u7531\u73b0\u91d1\u6d41\u7684\u60c5\u51b5\u3002<\/span><span data-contrast=\"auto\"><\/span><span data-contrast=\"auto\"><\/span><b><span data-contrast=\"auto\">2026\u5e74\u7b2c\u56db\u5b63\u5ea6\u5efa\u8bae\u4ea4\u6613\u533a\u95f4\uff1a110\u2013145\u7f8e\u5143\u3002\u4e2d\u6027\u524d\u666f\u3002<\/span><\/b><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li><\/ul><p><b><span data-contrast=\"auto\">Freeport-McMoRan Inc. (FCX)<\/span><\/b><span data-ccp-props=\"{&quot;134245418&quot;:true,&quot;201341983&quot;:0,&quot;335559740&quot;:240}\">&nbsp;<\/span><\/p><ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"Arial\" data-listid=\"1\" 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\"><b><span data-contrast=\"auto\">3Q26 Revenue: <\/span><\/b><span data-contrast=\"auto\">Revenue US$7.546bn versus US$6.972bn, +8.2% YoY; approximately US$186m above US$7.36bn consensus.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:276}\">&nbsp;<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"Arial\" data-listid=\"1\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\u25cf&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"5\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">3Q26 EPS: <\/span><\/b><span data-contrast=\"auto\">Adjusted EPS US$0.88 versus US$0.50, +76%; beat US$0.80 consensus by US$0.08. GAAP EPS US$0.81; net adjusting charges US$0.07\/share.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:276}\">&nbsp;<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"Arial\" data-listid=\"1\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\u25cf&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"6\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">4Q26 Guidance: <\/span><\/b><span data-contrast=\"auto\">Sales expected at 875m pounds of copper, 300,000 ounces of gold and 22m pounds of molybdenum; copper unit net cash costs US$1.68\/lb. No standalone Q4 revenue or EPS guidance provided.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:276}\">&nbsp;<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"\" data-listid=\"1\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\u25cf&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"7\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">FY26 Guidance: <\/span><\/b><span data-contrast=\"auto\">Sales approximately 3.0bn pounds of copper, 649,000 ounces of gold and 93m pounds of molybdenum. Operating cash flow approximately US$8.5bn, assuming Q4 copper US$6.50\/lb, gold US$4,000\/oz and molybdenum US$32\/lb; capex approximately US$4.4bn. No full-year revenue or EPS guidance provided.<\/span><span data-ccp-props=\"{&quot;134233279&quot;:false}\">&nbsp;<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"\" data-listid=\"1\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\u25cf&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"8\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">Dividend\/Share Buyback: <\/span><\/b><span data-contrast=\"auto\">Dividend US$0.15\/share, including US$0.075 base and US$0.075 variable, payable 2 November to holders of record on 15 October. Q3 buybacks US$102m; first-nine-month buybacks US$305m.<\/span><span data-ccp-props=\"{&quot;134233279&quot;:false}\">&nbsp;<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"\" data-listid=\"1\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\u25cf&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"9\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">Comment: <\/span><\/b><span data-contrast=\"auto\">Freeport&#8217;s stronger metal-price realisations and cash generation support a positive outlook, but operational recovery remains the central execution question. Higher copper and gold prices lifted earnings despite lower copper sales than a year earlier. This demonstrates significant price sensitivity, while also showing why a strong earnings quarter does not by itself prove full production recovery. Indonesian gold sales were delayed by smelting and refining inventories and shipment timing, increasing dependence on Q4 deliveries. The guided step-up in gold sales would improve by-product credits and lower copper cash costs, but administrative procedures and export rules remain relevant. Unit cash costs also exclude idle-facility and restoration charges, which still matter economically. Cash generation can fund investment and shareholder returns, although management&#8217;s annual forecast depends on explicitly stated commodity prices. A reversal in those prices would change the cash outlook even if production targets were met. Shares closed at US$65.95 on 27 October, up 1.21%. The valuation recognises improved copper fundamentals but still requires successful conversion of inventories into sales. Watch Grasberg operating rates, smelter reliability, gold export timing, U.S. copper premiums, energy costs and project spending. We favour the operating recovery opportunity while retaining a wide range for commodity and execution volatility.<\/span><b><span data-contrast=\"auto\"> 4Q26 recommended trading range: US$58\u201376. Positive Outlook.<\/span><\/b><span data-ccp-props=\"{}\">&nbsp;<br><br><\/span><\/li><\/ul><p><b><span data-contrast=\"auto\">\u81ea\u7531\u6e2f\u9ea6\u514b\u83ab\u5170 (FCX)<\/span><\/b><span data-ccp-props=\"{&quot;134245418&quot;:true}\">&nbsp;<\/span><\/p><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"4\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"1\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">2026\u8d22\u5e74\u7b2c\u4e09\u5b63\u5ea6\u8425\u6536\uff1a<\/span><\/b><span data-contrast=\"auto\">\u6536\u516575.46\u4ebf\u7f8e\u5143\uff0c\u53bb\u5e7469.72\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f8.2%\uff1b\u8f8373.6\u4ebf\u7f8e\u5143\u9884\u671f\u9ad8\u7ea61.86\u4ebf\u7f8e\u5143\u3002<\/span><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"4\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"2\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">2026\u8d22\u5e74\u7b2c\u4e09\u5b63\u5ea6\u6bcf\u80a1\u6536\u76ca\uff1a<\/span><\/b><span data-contrast=\"auto\">\u7ecf\u8c03\u6574\u6bcf\u80a1\u76c8\u52290.88\u7f8e\u5143\uff0c\u53bb\u5e740.50\u7f8e\u5143\uff0c\u589e\u957f76%\uff1b\u8f830.80\u7f8e\u5143\u9884\u671f\u9ad80.08\u7f8e\u5143\u3002GAAP\u6bcf\u80a1\u76c8\u52290.81\u7f8e\u5143\uff1b\u51c0\u8c03\u6574\u8d39\u7528\u6bcf\u80a10.07\u7f8e\u5143\u3002<\/span><span data-contrast=\"auto\"><\/span><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"4\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"3\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">2026\u8d22\u5e74\u7b2c\u56db\u5b63\u5ea6\u6307\u5f15\uff1a<\/span><\/b><span data-contrast=\"auto\">\u9884\u8ba1\u9500\u552e\u94dc8.75\u4ebf\u78c5\u3001\u9ec4\u91d130\u4e07\u76ce\u53f8\u53ca\u94bc2,200\u4e07\u78c5\uff1b\u94dc\u5355\u4f4d\u51c0\u73b0\u91d1\u6210\u672c\u6bcf\u78c51.68\u7f8e\u5143\u3002\u672a\u63d0\u4f9b\u72ec\u7acb\u7b2c\u56db\u5b63\u5ea6\u6536\u5165\u6216\u6bcf\u80a1\u76c8\u5229\u6307\u5f15\u3002<\/span><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"4\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"4\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">2026\u8d22\u5e74\u6307\u5f15\uff1a<\/span><\/b><span data-contrast=\"auto\">\u9884\u8ba1\u9500\u552e\u94dc\u7ea630\u4ebf\u78c5\u3001\u9ec4\u91d164.9\u4e07\u76ce\u53f8\u53ca\u94bc9,300\u4e07\u78c5\u3002\u7ecf\u8425\u73b0\u91d1\u6d41\u7ea685\u4ebf\u7f8e\u5143\uff0c\u5047\u8bbe\u7b2c\u56db\u5b63\u5ea6\u94dc\u4ef7\u6bcf\u78c56.50\u7f8e\u5143\u3001\u91d1\u4ef7\u6bcf\u76ce\u53f84,000\u7f8e\u5143\u53ca\u94bc\u4ef7\u6bcf\u78c532\u7f8e\u5143\uff1b\u8d44\u672c\u5f00\u652f\u7ea644\u4ebf\u7f8e\u5143\u3002\u672a\u63d0\u4f9b\u5168\u5e74\u6536\u5165\u6216\u6bcf\u80a1\u76c8\u5229\u6307\u5f15\u3002<\/span><span data-contrast=\"auto\"><\/span><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"4\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"5\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">\u80a1\u606f\u4e0e\u56de\u8d2d\uff1a<\/span><\/b><span data-contrast=\"auto\">\u6bcf\u80a1\u80a1\u606f0.15\u7f8e\u5143\uff0c\u5305\u62ec\u57fa\u7840\u53ca\u6d6e\u52a8\u80a1\u606f\u54040.075\u7f8e\u5143\uff0c11\u67082\u65e5\u652f\u4ed8\uff0c\u767b\u8bb0\u65e510\u670815\u65e5\u3002\u7b2c\u4e09\u5b63\u5ea6\u56de\u8d2d1.02\u4ebf\u7f8e\u5143\uff1b\u9996\u4e5d\u4e2a\u6708\u56de\u8d2d3.05\u4ebf\u7f8e\u5143\u3002<\/span><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"4\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"6\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">\u77ed\u8bc4\uff1a<\/span><\/b><span data-contrast=\"auto\">\u81ea\u7531\u6e2f\u66f4\u9ad8\u91d1\u5c5e\u5b9e\u73b0\u4ef7\u683c\u53ca\u73b0\u91d1\u521b\u9020\u652f\u6301\u6b63\u9762\u524d\u666f\uff0c\u4f46\u7ecf\u8425\u6062\u590d\u4ecd\u662f\u6838\u5fc3\u6267\u884c\u95ee\u9898\u3002\u94dc\u9500\u552e\u4f4e\u4e8e\u53bb\u5e74\uff0c\u4f46\u66f4\u9ad8\u94dc\u91d1\u4ef7\u683c\u4ecd\u63a8\u5347\u76c8\u5229\uff0c\u4f53\u73b0\u4ef7\u683c\u654f\u611f\u5ea6\uff0c\u4ea6\u8bf4\u660e\u5f3a\u52b2\u76c8\u5229\u672c\u8eab\u5e76\u4e0d\u8bc1\u660e\u4ea7\u91cf\u5df2\u5168\u9762\u6062\u590d\u3002\u5370\u5c3c\u9ec4\u91d1\u56e0\u51b6\u70bc\u5e93\u5b58\u53ca\u53d1\u8d27\u65f6\u70b9\u5ef6\u8fdf\u9500\u552e\uff0c\u63d0\u9ad8\u5bf9\u7b2c\u56db\u5b63\u5ea6\u4ea4\u4ed8\u7684\u4f9d\u8d56\u3002\u9ec4\u91d1\u9500\u552e\u589e\u52a0\u5c06\u63d0\u9ad8\u526f\u4ea7\u54c1\u62b5\u6263\u5e76\u964d\u4f4e\u94dc\u73b0\u91d1\u6210\u672c\uff0c\u4f46\u884c\u653f\u7a0b\u5e8f\u53ca\u51fa\u53e3\u89c4\u5b9a\u4ecd\u91cd\u8981\u3002\u5355\u4f4d\u73b0\u91d1\u6210\u672c\u4ea6\u5254\u9664\u95f2\u7f6e\u53ca\u6062\u590d\u8d39\u7528\uff0c\u8fd9\u4e9b\u8d39\u7528\u4ecd\u6709\u7ecf\u6d4e\u5f71\u54cd\u3002\u73b0\u91d1\u521b\u9020\u53ef\u652f\u6301\u6295\u8d44\u53ca\u80a1\u4e1c\u56de\u62a5\uff0c\u4f46\u5168\u5e74\u9884\u6d4b\u4f9d\u8d56\u660e\u786e\u91d1\u5c5e\u4ef7\u683c\u5047\u8bbe\uff1b\u5373\u4f7f\u4ea7\u91cf\u8fbe\u6807\uff0c\u4ef7\u683c\u9006\u8f6c\u4ecd\u4f1a\u6539\u53d8\u73b0\u91d1\u524d\u666f\u3002\u80a1\u4ef7\u4e8e10\u670827\u65e5\u6536\u62a565.95\u7f8e\u5143\uff0c\u4e0a\u6da81.21%\u3002\u4f30\u503c\u53cd\u6620\u94dc\u57fa\u672c\u9762\u6539\u5584\uff0c\u4f46\u4ecd\u8981\u6c42\u5e93\u5b58\u6210\u529f\u8f6c\u5316\u4e3a\u9500\u552e\u3002\u5e94\u5173\u6ce8Grasberg\u8fd0\u884c\u6c34\u5e73\u3001\u51b6\u70bc\u5382\u53ef\u9760\u6027\u3001\u9ec4\u91d1\u51fa\u53e3\u65f6\u70b9\u3001\u7f8e\u56fd\u94dc\u6ea2\u4ef7\u3001\u80fd\u6e90\u6210\u672c\u53ca\u9879\u76ee\u652f\u51fa\u3002\u6211\u4eec\u770b\u597d\u7ecf\u8425\u6062\u590d\u673a\u4f1a\uff0c\u540c\u65f6\u4fdd\u7559\u8f83\u5bbd\u533a\u95f4\u4ee5\u53cd\u6620\u5546\u54c1\u53ca\u6267\u884c\u6ce2\u52a8\u3002<\/span><span data-contrast=\"auto\"><\/span><span data-contrast=\"auto\"><\/span><b><span data-contrast=\"auto\">2026\u5e74\u7b2c\u56db\u5b63\u5ea6\u5efa\u8bae\u4ea4\u6613\u533a\u95f4\uff1a58\u201376\u7f8e\u5143\u3002\u6b63\u9762\u524d\u666f\u3002<\/span><\/b><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li><\/ul><p><b><span data-contrast=\"auto\">PayPal Holdings Inc. (PYPL)<\/span><\/b><span data-ccp-props=\"{&quot;134245418&quot;:true,&quot;201341983&quot;:0,&quot;335559740&quot;:240}\">&nbsp;<\/span><\/p><ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"Arial\" data-listid=\"1\" 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\"><b><span data-contrast=\"auto\">3Q26 Revenue: <\/span><\/b><span data-contrast=\"auto\">Revenue US$8.584bn versus US$8.417bn, +2.0% YoY; approximately US$126m below US$8.71bn consensus. Total payment volume US$487.1bn, +6%.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:276}\">&nbsp;<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"Arial\" data-listid=\"1\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\u25cf&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"5\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">3Q26 EPS: <\/span><\/b><span data-contrast=\"auto\">Non-GAAP EPS US$1.45 versus US$1.34, +8%; beat US$1.31 consensus by US$0.14. GAAP EPS US$1.25, down 4% YoY.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:276}\">&nbsp;<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"Arial\" data-listid=\"1\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\u25cf&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"6\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">4Q26 Guidance: <\/span><\/b><span data-contrast=\"auto\">GAAP EPS approximately US$1.37; non-GAAP EPS approximately US$1.43. No standalone numerical Q4 revenue range provided in the results release.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:276}\">&nbsp;<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"\" data-listid=\"1\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\u25cf&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"7\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">FY26 Guidance: <\/span><\/b><span data-contrast=\"auto\">Non-GAAP EPS raised to approximately US$5.60 from US$5.38; GAAP EPS approximately US$5.07, reaffirming the prior mid-single-digit-decline outlook. Transaction-margin-dollar guidance raised; no full-year revenue range provided in the release.<\/span><span data-ccp-props=\"{&quot;134233279&quot;:false}\">&nbsp;<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"\" data-listid=\"1\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\u25cf&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"8\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">Dividend\/Share Buyback: <\/span><\/b><span data-contrast=\"auto\">Quarterly dividend US$0.14\/share, payable 24 December to holders of record on 4 December. Q3 buybacks US$1.5bn, approximately 28m shares; trailing-twelve-month repurchases US$6.0bn.<\/span><span data-ccp-props=\"{&quot;134233279&quot;:false}\">&nbsp;<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"\" data-listid=\"1\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\u25cf&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"9\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">Comment: <\/span><\/b><span data-contrast=\"auto\">PayPal&#8217;s higher earnings guidance is encouraging, but slow transaction-margin growth keeps our view neutral. Payment volume grew faster than revenue, illustrating that greater activity does not automatically produce equivalent monetisation. Transaction margin dollars excluding interest on customer balances grew 3%, a more useful indicator of the underlying payment economics than volume alone. Non-GAAP operating margin improved only modestly, while GAAP operating income and EPS declined. Buybacks also reduce the share count, helping per-share earnings grow faster than total profit. That is a valid capital-return benefit, but it should not be mistaken for accelerating customer demand. Active-account growth remained limited, making engagement, checkout conversion and product mix central to the recovery. The new guidance supports confidence in the near-term earnings path, while competition and the transformation programme still require sustained execution. Shares closed at US$56.09 on 27 October, up 2.00%. Valuation appears more forgiving than at faster-growing payment peers, but a lasting rerating needs better organic profit growth. Cash generation supports repurchases and the dividend, although reported free cash flow is affected by buy-now-pay-later receivable timing. Watch branded checkout, transaction-margin dollars, account engagement, loss rates and cash conversion. We see a credible improvement path, with evidence of stronger revenue quality still needed.<\/span><b><span data-contrast=\"auto\"> 4Q26 recommended trading range: US$50\u201365. Neutral Outlook.<\/span><\/b><span data-ccp-props=\"{}\">&nbsp;<br><br><\/span><\/li><\/ul><p><b><span data-contrast=\"auto\">\u8d1d\u5b9d (PYPL)<\/span><\/b><span data-ccp-props=\"{&quot;134245418&quot;:true}\">&nbsp;<\/span><\/p><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"4\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"1\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">2026\u8d22\u5e74\u7b2c\u4e09\u5b63\u5ea6\u8425\u6536\uff1a<\/span><\/b><span data-contrast=\"auto\">\u6536\u516585.84\u4ebf\u7f8e\u5143\uff0c\u53bb\u5e7484.17\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f2.0%\uff1b\u8f8387.1\u4ebf\u7f8e\u5143\u9884\u671f\u4f4e\u7ea61.26\u4ebf\u7f8e\u5143\u3002\u603b\u652f\u4ed8\u989d4,871\u4ebf\u7f8e\u5143\uff0c\u589e\u957f6%\u3002<\/span><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"4\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"2\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">2026\u8d22\u5e74\u7b2c\u4e09\u5b63\u5ea6\u6bcf\u80a1\u6536\u76ca\uff1a<\/span><\/b><span data-contrast=\"auto\">\u975eGAAP\u6bcf\u80a1\u76c8\u52291.45\u7f8e\u5143\uff0c\u53bb\u5e741.34\u7f8e\u5143\uff0c\u589e\u957f8%\uff1b\u8f831.31\u7f8e\u5143\u9884\u671f\u9ad80.14\u7f8e\u5143\u3002GAAP\u6bcf\u80a1\u76c8\u52291.25\u7f8e\u5143\uff0c\u540c\u6bd4\u4e0b\u964d4%\u3002<\/span><span data-contrast=\"auto\"><\/span><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"4\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"3\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">2026\u8d22\u5e74\u7b2c\u56db\u5b63\u5ea6\u6307\u5f15\uff1a<\/span><\/b><span data-contrast=\"auto\">GAAP\u6bcf\u80a1\u76c8\u5229\u7ea61.37\u7f8e\u5143\uff1b\u975eGAAP\u6bcf\u80a1\u76c8\u5229\u7ea61.43\u7f8e\u5143\u3002\u4e1a\u7ee9\u516c\u544a\u672a\u63d0\u4f9b\u72ec\u7acb\u7b2c\u56db\u5b63\u5ea6\u91cf\u5316\u6536\u5165\u533a\u95f4\u3002<\/span><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"4\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"4\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">2026\u8d22\u5e74\u6307\u5f15\uff1a<\/span><\/b><span data-contrast=\"auto\">\u975eGAAP\u6bcf\u80a1\u76c8\u5229\u7531\u7ea65.38\u7f8e\u5143\u4e0a\u8c03\u81f35.60\u7f8e\u5143\uff1bGAAP\u6bcf\u80a1\u76c8\u5229\u7ea65.07\u7f8e\u5143\uff0c\u91cd\u7533\u6b64\u524d\u4e0b\u964d\u4e2d\u5355\u4f4d\u6570\u7684\u524d\u666f\u3002\u4ea4\u6613\u5229\u6da6\u91d1\u989d\u6307\u5f15\u4e0a\u8c03\uff1b\u516c\u544a\u672a\u63d0\u4f9b\u5168\u5e74\u6536\u5165\u533a\u95f4\u3002<\/span><span data-contrast=\"auto\"><\/span><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"4\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"5\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">\u80a1\u606f\u4e0e\u56de\u8d2d\uff1a<\/span><\/b><span data-contrast=\"auto\">\u5b63\u5ea6\u80a1\u606f\u6bcf\u80a10.14\u7f8e\u5143\uff0c12\u670824\u65e5\u652f\u4ed8\uff0c\u767b\u8bb0\u65e512\u67084\u65e5\u3002\u7b2c\u4e09\u5b63\u5ea6\u56de\u8d2d15\u4ebf\u7f8e\u5143\uff0c\u7ea62,800\u4e07\u80a1\uff1b\u8fc7\u53bb\u5341\u4e8c\u4e2a\u6708\u56de\u8d2d60\u4ebf\u7f8e\u5143\u3002<\/span><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"4\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"6\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">\u77ed\u8bc4\uff1a<\/span><\/b><span data-contrast=\"auto\">\u8d1d\u5b9d\u4e0a\u8c03\u76c8\u5229\u6307\u5f15\u4ee4\u4eba\u9f13\u821e\uff0c\u4f46\u4ea4\u6613\u5229\u6da6\u91d1\u989d\u589e\u957f\u8f83\u6162\u4f7f\u6211\u4eec\u7ef4\u6301\u4e2d\u6027\u3002\u652f\u4ed8\u989d\u589e\u901f\u9ad8\u4e8e\u6536\u5165\uff0c\u663e\u793a\u6d3b\u52a8\u589e\u52a0\u672a\u5fc5\u5e26\u6765\u540c\u7b49\u53d8\u73b0\u3002\u5254\u9664\u5ba2\u6237\u4f59\u989d\u5229\u606f\u540e\u7684\u4ea4\u6613\u5229\u6da6\u91d1\u989d\u589e\u957f3%\uff0c\u8f83\u652f\u4ed8\u989d\u66f4\u80fd\u53cd\u6620\u57fa\u7840\u652f\u4ed8\u7ecf\u6d4e\u6548\u76ca\u3002\u975eGAAP\u7ecf\u8425\u5229\u6da6\u7387\u4ec5\u5c0f\u5e45\u6539\u5584\uff0cGAAP\u7ecf\u8425\u5229\u6da6\u53ca\u6bcf\u80a1\u76c8\u5229\u4e0b\u964d\u3002\u56de\u8d2d\u51cf\u5c11\u80a1\u6570\uff0c\u4f7f\u6bcf\u80a1\u76c8\u5229\u589e\u901f\u9ad8\u4e8e\u603b\u5229\u6da6\uff1b\u8fd9\u6709\u80a1\u4e1c\u56de\u62a5\u4ef7\u503c\uff0c\u4f46\u4e0d\u5e94\u7b49\u540c\u5ba2\u6237\u9700\u6c42\u52a0\u901f\u3002\u6d3b\u8dc3\u8d26\u6237\u589e\u957f\u6709\u9650\uff0c\u53c2\u4e0e\u5ea6\u3001\u7ed3\u8d26\u8f6c\u5316\u53ca\u4ea7\u54c1\u7ed3\u6784\u662f\u6062\u590d\u5173\u952e\u3002\u65b0\u6307\u5f15\u652f\u6301\u8fd1\u671f\u76c8\u5229\u53ef\u89c1\u5ea6\uff0c\u4f46\u7ade\u4e89\u53ca\u8f6c\u578b\u4ecd\u8981\u6c42\u6301\u7eed\u6267\u884c\u3002\u80a1\u4ef7\u4e8e10\u670827\u65e5\u6536\u62a556.09\u7f8e\u5143\uff0c\u4e0a\u6da82.00%\u3002\u4f30\u503c\u8f83\u9ad8\u589e\u957f\u652f\u4ed8\u540c\u4e1a\u66f4\u5bbd\u5bb9\uff0c\u4f46\u6301\u7eed\u91cd\u4f30\u9700\u8981\u66f4\u4f73\u6709\u673a\u5229\u6da6\u589e\u957f\u3002\u73b0\u91d1\u521b\u9020\u652f\u6301\u56de\u8d2d\u53ca\u80a1\u606f\uff0c\u4e0d\u8fc7\u62a5\u544a\u81ea\u7531\u73b0\u91d1\u6d41\u53d7\u5230\u5148\u4e70\u540e\u4ed8\u5e94\u6536\u6b3e\u65f6\u70b9\u5f71\u54cd\u3002\u5e94\u5173\u6ce8\u54c1\u724c\u7ed3\u8d26\u3001\u4ea4\u6613\u5229\u6da6\u91d1\u989d\u3001\u8d26\u6237\u53c2\u4e0e\u5ea6\u3001\u635f\u5931\u7387\u53ca\u73b0\u91d1\u8f6c\u5316\u3002\u6539\u5584\u8def\u5f84\u5177\u53ef\u4fe1\u5ea6\uff0c\u4f46\u4ecd\u9700\u66f4\u5f3a\u6536\u5165\u8d28\u91cf\u8bc1\u636e\u3002<\/span><span data-contrast=\"auto\"><\/span><span data-contrast=\"auto\"><\/span><b><span data-contrast=\"auto\">2026\u5e74\u7b2c\u56db\u5b63\u5ea6\u5efa\u8bae\u4ea4\u6613\u533a\u95f4\uff1a50\u201365\u7f8e\u5143\u3002\u4e2d\u6027\u524d\u666f\u3002<\/span><\/b><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li><\/ul><p><b><span data-contrast=\"auto\">Robinhood Markets Inc. (HOOD)<\/span><\/b><span data-ccp-props=\"{&quot;134245418&quot;:true,&quot;201341983&quot;:0,&quot;335559740&quot;:240}\">&nbsp;<\/span><\/p><ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"Arial\" data-listid=\"1\" 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\"><b><span data-contrast=\"auto\">3Q26 Revenue: <\/span><\/b><span data-contrast=\"auto\">Revenue US$1.424bn, approximately +12% YoY; approximately US$16m below US$1.44bn consensus. Transaction revenue US$867m, +19%; net interest revenue US$415m, down 9%.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:276}\">&nbsp;<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"Arial\" data-listid=\"1\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\u25cf&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"5\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">3Q26 EPS: <\/span><\/b><span data-contrast=\"auto\">Adjusted EPS US$0.60, down 3% YoY, versus approximately US$0.56 consensus, a US$0.04 beat on this basis. GAAP EPS US$0.51, down 16%, including US$0.07\/share unrealised investment losses.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:276}\">&nbsp;<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"Arial\" data-listid=\"1\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\u25cf&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"6\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">4Q26 Guidance: <\/span><\/b><span data-contrast=\"auto\">The company did not provide Q4 revenue or EPS guidance. October net deposits had exceeded US$13bn month-to-date, including a US$6bn Dell family contribution to Trump Accounts; this is operating data, not earnings guidance.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:276}\">&nbsp;<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"\" data-listid=\"1\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\u25cf&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"7\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">FY26 Guidance: <\/span><\/b><span data-contrast=\"auto\">No full-year revenue or EPS guidance provided. Adjusted operating expenses plus SBC narrowed to US$2.675\u20132.750bn from US$2.675\u20132.775bn; this excludes credit-loss provisions and specified regulatory, acquisition and other costs.<\/span><span data-ccp-props=\"{&quot;134233279&quot;:false}\">&nbsp;<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"\" data-listid=\"1\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\u25cf&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"8\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">Dividend\/Share Buyback: <\/span><\/b><span data-contrast=\"auto\">Q3 buybacks US$25m; cumulative repurchases since Q3 2024 US$1.3bn. No cash dividend announced. Cash and equivalents US$5.8bn.<\/span><span data-ccp-props=\"{&quot;134233279&quot;:false}\">&nbsp;<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"\" data-listid=\"1\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\u25cf&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"9\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">Comment: <\/span><\/b><span data-contrast=\"auto\">Robinhood&#8217;s expanding product mix and deposits support the franchise, but declining earnings and volatile revenue sources keep our outlook neutral. Options, equities and event contracts helped offset a 55% decline in crypto revenue. Gold subscriptions grew strongly, providing a more recurring contribution, while net interest revenue declined despite asset growth. The result is a broader business, but not yet one insulated from trading cycles and interest rates. The distinction between adjusted and GAAP EPS matters this quarter because investment marks affected reported profit. Even on the adjusted measure, earnings declined as spending and credit exposure grew. The lower expense ceiling is helpful, although excluded costs can still affect shareholders. Large October deposits improve assets and potential engagement, but concentrated contributions should not be assumed to recur every month. Shares traded at US$87.34 post-market on 27 October, down 7.63% from the close, indicating that the market required more than record revenue. The valuation still depends on sustained monetisation of new products and deposits. Prediction-market regulation, credit-card losses and operational resilience remain material risks. Watch net deposits excluding exceptional contributions, Gold retention, trading mix, interest spreads and total expenses. We prefer to see clearer profit conversion before adopting a more positive stance.<\/span><b><span data-contrast=\"auto\"> 4Q26 recommended trading range: US$72\u201396. Neutral Outlook.<\/span><\/b><span data-ccp-props=\"{}\">&nbsp;<br><br><\/span><\/li><\/ul><p><b><span data-contrast=\"auto\">\u7f57\u5bbe\u6c49 (HOOD)<\/span><\/b><span data-ccp-props=\"{&quot;134245418&quot;:true}\">&nbsp;<\/span><\/p><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"4\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"1\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">2026\u8d22\u5e74\u7b2c\u4e09\u5b63\u5ea6\u8425\u6536\uff1a<\/span><\/b><span data-contrast=\"auto\">\u6536\u516514.24\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f\u7ea612%\uff1b\u8f8314.4\u4ebf\u7f8e\u5143\u9884\u671f\u4f4e\u7ea61,600\u4e07\u7f8e\u5143\u3002\u4ea4\u6613\u6536\u51658.67\u4ebf\u7f8e\u5143\uff0c\u589e\u957f19%\uff1b\u51c0\u5229\u606f\u6536\u51654.15\u4ebf\u7f8e\u5143\uff0c\u4e0b\u964d9%\u3002<\/span><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"4\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"2\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">2026\u8d22\u5e74\u7b2c\u4e09\u5b63\u5ea6\u6bcf\u80a1\u6536\u76ca\uff1a<\/span><\/b><span data-contrast=\"auto\">\u7ecf\u8c03\u6574\u6bcf\u80a1\u76c8\u52290.60\u7f8e\u5143\uff0c\u540c\u6bd4\u4e0b\u964d3%\uff0c\u9ad8\u4e8e\u7ea60.56\u7f8e\u5143\u9884\u671f\uff0c\u5728\u8be5\u53e3\u5f84\u4e0b\u8d85\u51fa0.04\u7f8e\u5143\u3002GAAP\u6bcf\u80a1\u76c8\u52290.51\u7f8e\u5143\uff0c\u4e0b\u964d16%\uff0c\u5305\u542b\u6bcf\u80a10.07\u7f8e\u5143\u672a\u5b9e\u73b0\u6295\u8d44\u635f\u5931\u3002<\/span><span data-contrast=\"auto\"><\/span><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"4\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"3\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">2026\u8d22\u5e74\u7b2c\u56db\u5b63\u5ea6\u6307\u5f15\uff1a<\/span><\/b><span data-contrast=\"auto\">\u516c\u53f8\u672a\u63d0\u4f9b\u7b2c\u56db\u5b63\u5ea6\u6536\u5165\u6216\u6bcf\u80a1\u76c8\u5229\u6307\u5f15\u300210\u6708\u81f3\u4eca\u51c0\u5b58\u6b3e\u5df2\u8d85\u8fc7130\u4ebf\u7f8e\u5143\uff0c\u5305\u62ec\u6234\u5c14\u5bb6\u65cf\u5411Trump Accounts\u6295\u516560\u4ebf\u7f8e\u5143\uff1b\u6b64\u4e3a\u7ecf\u8425\u6570\u636e\uff0c\u5e76\u975e\u76c8\u5229\u6307\u5f15\u3002<\/span><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"4\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"4\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">2026\u8d22\u5e74\u6307\u5f15\uff1a<\/span><\/b><span data-contrast=\"auto\">\u672a\u63d0\u4f9b\u5168\u5e74\u6536\u5165\u6216\u6bcf\u80a1\u76c8\u5229\u6307\u5f15\u3002\u7ecf\u8c03\u6574\u7ecf\u8425\u8d39\u7528\u52a0\u80a1\u6743\u85aa\u916c\u533a\u95f4\u753126.75\u4ebf\u201327.75\u4ebf\u7f8e\u5143\u6536\u7a84\u81f326.75\u4ebf\u201327.50\u4ebf\u7f8e\u5143\uff0c\u5254\u9664\u4fe1\u8d37\u635f\u5931\u62e8\u5907\u53ca\u6307\u5b9a\u76d1\u7ba1\u3001\u6536\u8d2d\u7b49\u8d39\u7528\u3002<\/span><span data-contrast=\"auto\"><\/span><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"4\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"5\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">\u80a1\u606f\u4e0e\u56de\u8d2d\uff1a<\/span><\/b><span data-contrast=\"auto\">\u7b2c\u4e09\u5b63\u5ea6\u56de\u8d2d2,500\u4e07\u7f8e\u5143\uff1b\u81ea2024\u5e74\u7b2c\u4e09\u5b63\u5ea6\u4ee5\u6765\u7d2f\u8ba1\u56de\u8d2d13\u4ebf\u7f8e\u5143\u3002\u672a\u5ba3\u5e03\u73b0\u91d1\u80a1\u606f\u3002\u73b0\u91d1\u53ca\u73b0\u91d1\u7b49\u4ef7\u726958\u4ebf\u7f8e\u5143\u3002<\/span><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"4\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"6\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">\u77ed\u8bc4\uff1a<\/span><\/b><span data-contrast=\"auto\">\u7f57\u5bbe\u6c49\u4ea7\u54c1\u7ed3\u6784\u6269\u5927\u53ca\u5b58\u6b3e\u589e\u52a0\u652f\u6301\u4e1a\u52a1\u57fa\u7840\uff0c\u4f46\u76c8\u5229\u4e0b\u964d\u53ca\u6536\u5165\u6ce2\u52a8\u4f7f\u6211\u4eec\u7ef4\u6301\u4e2d\u6027\u3002\u671f\u6743\u3001\u80a1\u7968\u53ca\u4e8b\u4ef6\u5408\u7ea6\u90e8\u5206\u62b5\u6d88\u52a0\u5bc6\u8d27\u5e01\u6536\u5165\u4e0b\u964d55%\u3002Gold\u8ba2\u9605\u5f3a\u52b2\u589e\u957f\uff0c\u63d0\u4f9b\u8f83\u7ecf\u5e38\u6027\u6536\u5165\uff0c\u4f46\u51c0\u5229\u606f\u6536\u5165\u5728\u8d44\u4ea7\u589e\u957f\u4e0b\u4ecd\u4e0b\u964d\u3002\u4e1a\u52a1\u66f4\u5e7f\u6cdb\uff0c\u60df\u5c1a\u672a\u6446\u8131\u4ea4\u6613\u5468\u671f\u53ca\u5229\u7387\u5f71\u54cd\u3002\u672c\u5b63\u5ea6\u6295\u8d44\u4f30\u503c\u5f71\u54cd\u62a5\u544a\u5229\u6da6\uff0c\u56e0\u6b64GAAP\u4e0e\u8c03\u6574\u540e\u6bcf\u80a1\u76c8\u5229\u53e3\u5f84\u91cd\u8981\u3002\u5373\u4f7f\u6309\u8c03\u6574\u540e\u53e3\u5f84\uff0c\u652f\u51fa\u53ca\u4fe1\u8d37\u4e1a\u52a1\u589e\u52a0\u4e0b\u76c8\u5229\u4ecd\u4e0b\u964d\u3002\u8d39\u7528\u4e0a\u9650\u4e0b\u8c03\u6709\u5229\uff0c\u4f46\u88ab\u5254\u9664\u8d39\u7528\u4ecd\u5f71\u54cd\u80a1\u4e1c\u300210\u6708\u5927\u989d\u6d41\u5165\u6539\u5584\u8d44\u4ea7\u53ca\u6f5c\u5728\u53c2\u4e0e\u5ea6\uff0c\u4f46\u96c6\u4e2d\u6027\u8d21\u732e\u4e0d\u5b9c\u5047\u8bbe\u6bcf\u6708\u91cd\u590d\u300210\u670827\u65e5\u76d8\u540e\u80a1\u4ef7\u62a587.34\u7f8e\u5143\uff0c\u8f83\u6536\u76d8\u4ef7\u4e0b\u8dcc7.63%\uff0c\u663e\u793a\u5e02\u573a\u8981\u6c42\u4e0d\u6b62\u521b\u7eaa\u5f55\u6536\u5165\u3002\u4f30\u503c\u4ecd\u4f9d\u8d56\u65b0\u4ea7\u54c1\u53ca\u5b58\u6b3e\u6301\u7eed\u53d8\u73b0\u3002\u9884\u6d4b\u5e02\u573a\u76d1\u7ba1\u3001\u4fe1\u7528\u5361\u635f\u5931\u53ca\u8fd0\u8425\u97e7\u6027\u4ecd\u662f\u91cd\u8981\u98ce\u9669\u3002\u5e94\u5173\u6ce8\u5254\u9664\u7279\u6b8a\u8d21\u732e\u540e\u7684\u51c0\u5b58\u6b3e\u3001Gold\u7559\u5b58\u3001\u4ea4\u6613\u7ed3\u6784\u3001\u5229\u5dee\u53ca\u603b\u8d39\u7528\u3002\u8f6c\u5411\u66f4\u79ef\u6781\u89c2\u70b9\u524d\uff0c\u6211\u4eec\u5e0c\u671b\u770b\u5230\u66f4\u6e05\u6670\u5229\u6da6\u8f6c\u5316\u3002<\/span><span data-contrast=\"auto\"><\/span><span data-contrast=\"auto\"><\/span><b><span data-contrast=\"auto\">2026\u5e74\u7b2c\u56db\u5b63\u5ea6\u5efa\u8bae\u4ea4\u6613\u533a\u95f4\uff1a72\u201396\u7f8e\u5143\u3002\u4e2d\u6027\u524d\u666f\u3002<\/span><\/b><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li><\/ul><p><b><span data-contrast=\"auto\">SK hynix Inc. (SKHY)<\/span><\/b><span data-ccp-props=\"{&quot;134245418&quot;:true,&quot;201341983&quot;:0,&quot;335559740&quot;:240}\">&nbsp;<\/span><\/p><ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"Arial\" data-listid=\"1\" 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\"><b><span data-contrast=\"auto\">3Q26 Revenue: <\/span><\/b><span data-contrast=\"auto\">Revenue KRW104.6155tn versus KRW24.4489tn, +328% YoY and +32% QoQ; KRW6.3855tn above KRW98.23tn consensus. Figures are consolidated K-IFRS; trading range refers to the U.S. listing in dollars.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:276}\">&nbsp;<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"Arial\" data-listid=\"1\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\u25cf&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"5\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">3Q26 EPS: <\/span><\/b><span data-contrast=\"auto\">EPS and a comparable EPS consensus were not verified in the reviewed company release. Net profit KRW39.7756tn, +216% YoY and down 58% QoQ. Operating profit KRW83.3338tn, +632% YoY, versus KRW76.96tn consensus, a KRW6.3738tn beat.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:276}\">&nbsp;<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"Arial\" data-listid=\"1\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\u25cf&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"6\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">4Q26 Guidance: <\/span><\/b><span data-contrast=\"auto\">No numerical Q4 revenue or EPS guidance provided. HBM4 expected to exceed HBM3E in shipment volume and revenue; M15X to reach maximum capacity by year-end; 321-layer NAND to exceed half of domestic capacity.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:276}\">&nbsp;<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"\" data-listid=\"1\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\u25cf&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"7\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">FY26 Guidance: <\/span><\/b><span data-contrast=\"auto\">No numerical full-year revenue or EPS guidance provided. Long-term agreements cover more than 50% of 2027\u20132028 production capacity. Management expects supply shortages through 2030; this is its industry view, not a guaranteed outcome.<\/span><span data-ccp-props=\"{&quot;134233279&quot;:false}\">&nbsp;<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"\" data-listid=\"1\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\u25cf&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"8\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">Dividend\/Share Buyback: <\/span><\/b><span data-contrast=\"auto\">Q3 dividend KRW20,000 per ordinary share, including KRW10,000 regular and KRW10,000 special. Approximately KRW100tn of shareholder returns planned this year. The ordinary-share dividend should not be read as the U.S. depositary-share payout.<\/span><span data-ccp-props=\"{&quot;134233279&quot;:false}\">&nbsp;<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"\" data-listid=\"1\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\u25cf&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"9\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">Comment: <\/span><\/b><span data-contrast=\"auto\">SK hynix&#8217;s exceptional operating growth and longer-term customer commitments support a positive outlook, although the current profitability should not be treated as a permanent floor. HBM4 and server DDR5 demand are strengthening the product mix, while enterprise SSDs broaden exposure beyond a single memory category. Agreements covering more than half of 2027\u20132028 capacity improve planning visibility, but their pricing mechanisms still reflect market conditions. The major risk is that unusually strong pricing encourages supply investment or creates customer resistance. An 80% operating margin leaves a demanding earnings base for future comparisons. Net profit also fell sharply from Q2 despite higher operating profit, showing why operating and investment-related results must be assessed separately. The decision to stop reviewing a Solidigm IPO changes the funding approach and places greater weight on internal resources. Large cash balances and planned shareholder returns are supportive, but expansion and distribution must remain consistent. The U.S. listing traded at US$149.43 post-market on 27 October, up 2.80% from the close, around the release window. Valuation remains exposed to memory-price expectations and currency movements. Watch HBM4 qualification and yields, conventional DRAM pricing, NAND demand, capital spending and the terms of long-term agreements.<\/span><b><span data-contrast=\"auto\"> 4Q26 recommended trading range: US$135\u2013185. Positive Outlook.<\/span><\/b><span data-ccp-props=\"{}\">&nbsp;<br><br><\/span><\/li><\/ul><p><b><span data-contrast=\"auto\">SK\u6d77\u529b\u58eb (SKHY)<\/span><\/b><span data-ccp-props=\"{&quot;134245418&quot;:true}\">&nbsp;<\/span><\/p><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"4\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"1\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">2026\u8d22\u5e74\u7b2c\u4e09\u5b63\u5ea6\u8425\u6536\uff1a<\/span><\/b><span data-contrast=\"auto\">\u6536\u5165104.6155\u4e07\u4ebf\u97e9\u5143\uff0c\u53bb\u5e7424.4489\u4e07\u4ebf\u97e9\u5143\uff0c\u540c\u6bd4\u589e\u957f328%\u3001\u73af\u6bd4\u589e\u957f32%\uff1b\u8f8398.23\u4e07\u4ebf\u97e9\u5143\u9884\u671f\u9ad86.3855\u4e07\u4ebf\u97e9\u5143\u3002\u8d22\u52a1\u6570\u636e\u4e3a\u5408\u5e76K-IFRS\u53e3\u5f84\uff1b\u7f8e\u5143\u4ea4\u6613\u533a\u95f4\u5bf9\u5e94\u7f8e\u56fd\u4e0a\u5e02\u8bc1\u5238\u3002<\/span><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"4\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"2\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">2026\u8d22\u5e74\u7b2c\u4e09\u5b63\u5ea6\u6bcf\u80a1\u6536\u76ca\uff1a<\/span><\/b><span data-contrast=\"auto\">\u6240\u5ba1\u9605\u516c\u53f8\u516c\u544a\u672a\u80fd\u6838\u5b9e\u6bcf\u80a1\u76c8\u5229\u53ca\u53ef\u6bd4EPS\u9884\u671f\u3002\u51c0\u5229\u6da639.7756\u4e07\u4ebf\u97e9\u5143\uff0c\u540c\u6bd4\u589e\u957f216%\u3001\u73af\u6bd4\u4e0b\u964d58%\u3002\u7ecf\u8425\u5229\u6da683.3338\u4e07\u4ebf\u97e9\u5143\uff0c\u589e\u957f632%\uff1b\u8f8376.96\u4e07\u4ebf\u97e9\u5143\u9884\u671f\u9ad86.3738\u4e07\u4ebf\u97e9\u5143\u3002<\/span><span data-contrast=\"auto\"><\/span><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"4\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"3\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">2026\u8d22\u5e74\u7b2c\u56db\u5b63\u5ea6\u6307\u5f15\uff1a<\/span><\/b><span data-contrast=\"auto\">\u672a\u63d0\u4f9b\u7b2c\u56db\u5b63\u5ea6\u91cf\u5316\u6536\u5165\u6216\u6bcf\u80a1\u76c8\u5229\u6307\u5f15\u3002\u9884\u8ba1HBM4\u51fa\u8d27\u91cf\u53ca\u6536\u5165\u8d85\u8fc7HBM3E\uff1bM15X\u5e74\u5e95\u8fbe\u6700\u5927\u4ea7\u80fd\uff1b321\u5c42NAND\u5360\u56fd\u5185\u4ea7\u80fd\u8d85\u8fc7\u4e00\u534a\u3002<\/span><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"4\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"4\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">2026\u8d22\u5e74\u6307\u5f15\uff1a<\/span><\/b><span data-contrast=\"auto\">\u672a\u63d0\u4f9b\u5168\u5e74\u91cf\u5316\u6536\u5165\u6216\u6bcf\u80a1\u76c8\u5229\u6307\u5f15\u3002\u957f\u671f\u534f\u8bae\u8986\u76d62027\u20132028\u5e74\u8d85\u8fc750%\u4ea7\u80fd\u3002\u7ba1\u7406\u5c42\u9884\u8ba1\u4f9b\u5e94\u77ed\u7f3a\u6301\u7eed\u81f32030\u5e74\uff0c\u5c5e\u4e8e\u5176\u884c\u4e1a\u5224\u65ad\uff0c\u5e76\u975e\u4fdd\u8bc1\u7ed3\u679c\u3002<\/span><span data-contrast=\"auto\"><\/span><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"4\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"5\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">\u80a1\u606f\u4e0e\u56de\u8d2d\uff1a<\/span><\/b><span data-contrast=\"auto\">\u6bcf\u666e\u901a\u80a1\u7b2c\u4e09\u5b63\u5ea6\u80a1\u606f20,000\u97e9\u5143\uff0c\u5305\u62ec\u666e\u901a\u53ca\u7279\u522b\u80a1\u606f\u540410,000\u97e9\u5143\u3002\u4eca\u5e74\u8ba1\u5212\u80a1\u4e1c\u56de\u62a5\u7ea6100\u4e07\u4ebf\u97e9\u5143\u3002\u666e\u901a\u80a1\u80a1\u606f\u4e0d\u5e94\u76f4\u63a5\u89c6\u4e3a\u7f8e\u56fd\u5b58\u6258\u8bc1\u5238\u6d3e\u606f\u91d1\u989d\u3002<\/span><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"4\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"6\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">\u77ed\u8bc4\uff1a<\/span><\/b><span data-contrast=\"auto\">SK\u6d77\u529b\u58eb\u7ecf\u8425\u9ad8\u901f\u589e\u957f\u53ca\u957f\u671f\u5ba2\u6237\u627f\u8bfa\u652f\u6301\u6b63\u9762\u524d\u666f\uff0c\u4f46\u5f53\u524d\u76c8\u5229\u6c34\u5e73\u4e0d\u5e94\u89c6\u4e3a\u6c38\u4e45\u4e0b\u9650\u3002HBM4\u53ca\u670d\u52a1\u5668DDR5\u9700\u6c42\u6539\u5584\u4ea7\u54c1\u7ed3\u6784\uff0c\u4f01\u4e1aSSD\u4ea6\u6269\u5927\u5b58\u50a8\u7c7b\u522b\u655e\u53e3\u3002\u8986\u76d62027\u20132028\u5e74\u8d85\u8fc7\u4e00\u534a\u4ea7\u80fd\u7684\u534f\u8bae\u63d0\u9ad8\u89c4\u5212\u53ef\u89c1\u5ea6\uff0c\u4f46\u5b9a\u4ef7\u673a\u5236\u4ecd\u53cd\u6620\u5e02\u573a\u60c5\u51b5\u3002\u4e3b\u8981\u98ce\u9669\u662f\u5f02\u5e38\u5f3a\u52b2\u5b9a\u4ef7\u523a\u6fc0\u4f9b\u5e94\u6295\u8d44\u6216\u5ba2\u6237\u62b5\u5236\u300280%\u7ecf\u8425\u5229\u6da6\u7387\u4ee4\u672a\u6765\u6bd4\u8f83\u57fa\u6570\u5f88\u9ad8\u3002\u7ecf\u8425\u5229\u6da6\u589e\u957f\u540c\u65f6\uff0c\u51c0\u5229\u6da6\u8f83\u7b2c\u4e8c\u5b63\u5ea6\u660e\u663e\u4e0b\u964d\uff0c\u8bf4\u660e\u7ecf\u8425\u53ca\u6295\u8d44\u76f8\u5173\u7ed3\u679c\u9700\u5206\u522b\u8bc4\u4f30\u3002\u505c\u6b62\u8bc4\u4f30Solidigm\u4e0a\u5e02\u6539\u53d8\u878d\u8d44\u65b9\u5f0f\uff0c\u589e\u52a0\u5bf9\u5185\u90e8\u8d44\u6e90\u4f9d\u8d56\u3002\u5145\u88d5\u73b0\u91d1\u53ca\u8ba1\u5212\u80a1\u4e1c\u56de\u62a5\u63d0\u4f9b\u652f\u6301\uff0c\u4f46\u6269\u4ea7\u4e0e\u5206\u914d\u4ecd\u9700\u534f\u8c03\u3002\u7f8e\u56fd\u4e0a\u5e02\u8bc1\u5238\u4e8e10\u670827\u65e5\u76d8\u540e\u62a5149.43\u7f8e\u5143\uff0c\u8f83\u6536\u76d8\u4ef7\u4e0a\u6da82.80%\uff0c\u5904\u4e8e\u4e1a\u7ee9\u53d1\u5e03\u7a97\u53e3\u9644\u8fd1\u3002\u4f30\u503c\u4ecd\u53d7\u5b58\u50a8\u4ef7\u683c\u9884\u671f\u53ca\u6c47\u7387\u5f71\u54cd\u3002\u5e94\u5173\u6ce8HBM4\u8ba4\u8bc1\u53ca\u826f\u7387\u3001\u4f20\u7edfDRAM\u5b9a\u4ef7\u3001NAND\u9700\u6c42\u3001\u8d44\u672c\u5f00\u652f\u53ca\u957f\u671f\u534f\u8bae\u6761\u6b3e\u3002<\/span><span data-contrast=\"auto\"><\/span><span data-contrast=\"auto\"><\/span><b><span data-contrast=\"auto\">2026\u5e74\u7b2c\u56db\u5b63\u5ea6\u5efa\u8bae\u4ea4\u6613\u533a\u95f4\uff1a135\u2013185\u7f8e\u5143\u3002\u6b63\u9762\u524d\u666f\u3002<\/span><\/b><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li><\/ul><p><b><span data-contrast=\"auto\">Seagate Technology Holdings plc (STX)<\/span><\/b><span data-ccp-props=\"{&quot;134245418&quot;:true,&quot;201341983&quot;:0,&quot;335559740&quot;:240}\">&nbsp;<\/span><\/p><ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"Arial\" data-listid=\"1\" 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\"><b><span data-contrast=\"auto\">1Q27 Revenue: <\/span><\/b><span data-contrast=\"auto\">FY27 Q1 revenue US$4.233bn versus US$2.629bn, +61.0% YoY; approximately US$95m above US$4.138bn LSEG consensus.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:276}\">&nbsp;<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"Arial\" data-listid=\"1\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\u25cf&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"5\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">1Q27 EPS: <\/span><\/b><span data-contrast=\"auto\">Non-GAAP diluted EPS US$7.68 versus US$2.61, +194.3%; beat US$7.42 consensus by US$0.26. GAAP EPS US$7.59 versus US$2.43, +212.3%.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:276}\">&nbsp;<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"Arial\" data-listid=\"1\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\u25cf&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"6\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">2Q27 Guidance: <\/span><\/b><span data-contrast=\"auto\">FY27 Q2 revenue US$4.8bn \u00b1 US$100m; non-GAAP diluted EPS US$9.20 \u00b1 US$0.20.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:276}\">&nbsp;<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"\" data-listid=\"1\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\u25cf&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"7\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">FY27 Guidance: <\/span><\/b><span data-contrast=\"auto\">The company did not provide full-year FY27 revenue or EPS guidance. The quarterly outlook should not be presented as an annual target.<\/span><span data-ccp-props=\"{&quot;134233279&quot;:false}\">&nbsp;<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"\" data-listid=\"1\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\u25cf&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"8\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">Dividend\/Share Buyback: <\/span><\/b><span data-contrast=\"auto\">Quarterly dividend raised approximately 3% to US$0.76\/share, payable 7 January 2027 to holders of record on 23 December 2026. Q1 dividends and buybacks US$568m. Debt principal retired US$1.2bn in Q1 and another US$750m subsequently.<\/span><span data-ccp-props=\"{&quot;134233279&quot;:false}\">&nbsp;<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"\" data-listid=\"1\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\u25cf&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"9\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">Comment: <\/span><\/b><span data-contrast=\"auto\">Seagate&#8217;s pricing, margin expansion and cash generation support a positive outlook, even after a negative post-market reaction. Revenue growth was accompanied by a substantial improvement in non-GAAP gross margin to 57.8%, demonstrating that the storage cycle is producing earnings as well as shipments. The next-quarter guidance points to further progress, while HAMR offers a route to higher capacity through areal-density gains. That technology advantage must still be delivered through reliable production, customer qualification and satisfactory yields. Strong customer demand visibility reduces some uncertainty, but it does not remove concentration or deployment risks. Cash generation is particularly valuable at this stage of the cycle: free cash flow reached US$1.5bn and debt repayments materially strengthened the balance sheet. This increases flexibility for investment and shareholder returns. However, current margins create a high comparison base and should not be assumed to remain indefinitely at peak levels. Shares traded at US$630.96 post-market on 27 October, down 5.52% from the close, showing that expectations were demanding despite the beat. The valuation remains sensitive to pricing durability and the pace of hyperscaler spending. Watch HAMR ramp execution, exabyte demand, realised pricing, customer concentration and free-cash-flow conversion. We favour the earnings trajectory while retaining room for cyclical volatility.<\/span><b><span data-contrast=\"auto\"> 4Q26 recommended trading range: US$550\u2013720. Positive Outlook.<\/span><\/b><span data-ccp-props=\"{}\">&nbsp;<br><br><\/span><\/li><\/ul><p><b><span data-contrast=\"auto\">\u5e0c\u6377\u79d1\u6280 (STX)<\/span><\/b><span data-ccp-props=\"{&quot;134245418&quot;:true}\">&nbsp;<\/span><\/p><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"4\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"1\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">2027\u8d22\u5e74\u7b2c\u4e00\u5b63\u5ea6\u8425\u6536\uff1a<\/span><\/b><span data-contrast=\"auto\">2027\u8d22\u5e74\u7b2c\u4e00\u5b63\u5ea6\u6536\u516542.33\u4ebf\u7f8e\u5143\uff0c\u53bb\u5e7426.29\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f61.0%\uff1b\u8f83LSEG\u9884\u671f41.38\u4ebf\u7f8e\u5143\u9ad8\u7ea69,500\u4e07\u7f8e\u5143\u3002<\/span><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"4\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"2\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">2027\u8d22\u5e74\u7b2c\u4e00\u5b63\u5ea6\u6bcf\u80a1\u6536\u76ca\uff1a<\/span><\/b><span data-contrast=\"auto\">\u975eGAAP\u644a\u8584\u6bcf\u80a1\u76c8\u52297.68\u7f8e\u5143\uff0c\u53bb\u5e742.61\u7f8e\u5143\uff0c\u589e\u957f194.3%\uff1b\u8f837.42\u7f8e\u5143\u9884\u671f\u9ad80.26\u7f8e\u5143\u3002GAAP\u6bcf\u80a1\u76c8\u52297.59\u7f8e\u5143\uff0c\u53bb\u5e742.43\u7f8e\u5143\uff0c\u589e\u957f212.3%\u3002<\/span><span data-contrast=\"auto\"><\/span><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"4\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"3\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">2027\u8d22\u5e74\u7b2c\u4e8c\u5b63\u5ea6\u6307\u5f15\uff1a<\/span><\/b><span data-contrast=\"auto\">2027\u8d22\u5e74\u7b2c\u4e8c\u5b63\u5ea6\u6536\u516548\u4ebf\u7f8e\u5143\uff0c\u4e0a\u4e0b\u6d6e\u52a81\u4ebf\u7f8e\u5143\uff1b\u975eGAAP\u644a\u8584\u6bcf\u80a1\u76c8\u52299.20\u7f8e\u5143\uff0c\u4e0a\u4e0b\u6d6e\u52a80.20\u7f8e\u5143\u3002<\/span><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"4\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"4\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">2027\u8d22\u5e74\u6307\u5f15\uff1a<\/span><\/b><span data-contrast=\"auto\">\u516c\u53f8\u672a\u63d0\u4f9b2027\u8d22\u5e74\u5168\u5e74\u6536\u5165\u6216\u6bcf\u80a1\u76c8\u5229\u6307\u5f15\u3002\u5b63\u5ea6\u524d\u666f\u4e0d\u5e94\u8868\u8ff0\u4e3a\u5168\u5e74\u76ee\u6807\u3002<\/span><span data-contrast=\"auto\"><\/span><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"4\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"5\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">\u80a1\u606f\u4e0e\u56de\u8d2d\uff1a<\/span><\/b><span data-contrast=\"auto\">\u5b63\u5ea6\u80a1\u606f\u4e0a\u8c03\u7ea63%\u81f3\u6bcf\u80a10.76\u7f8e\u5143\uff0c2027\u5e741\u67087\u65e5\u652f\u4ed8\uff0c\u767b\u8bb0\u65e52026\u5e7412\u670823\u65e5\u3002\u9996\u5b63\u80a1\u606f\u53ca\u56de\u8d2d\u51715.68\u4ebf\u7f8e\u5143\u3002\u9996\u5b63\u507f\u8fd8\u503a\u52a1\u672c\u91d112\u4ebf\u7f8e\u5143\uff0c\u5176\u540e\u518d\u507f\u8fd87.5\u4ebf\u7f8e\u5143\u3002<\/span><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"4\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"6\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">\u77ed\u8bc4\uff1a<\/span><\/b><span data-contrast=\"auto\">\u5e0c\u6377\u5b9a\u4ef7\u3001\u5229\u6da6\u7387\u6269\u5f20\u53ca\u73b0\u91d1\u521b\u9020\u652f\u6301\u6b63\u9762\u524d\u666f\uff0c\u5c3d\u7ba1\u76d8\u540e\u5e02\u573a\u53cd\u5e94\u8d1f\u9762\u3002\u6536\u5165\u589e\u957f\u540c\u65f6\uff0c\u975eGAAP\u6bdb\u5229\u7387\u663e\u8457\u5347\u81f357.8%\uff0c\u663e\u793a\u5b58\u50a8\u5468\u671f\u6b63\u4ea7\u751f\u76c8\u5229\u800c\u975e\u4ec5\u589e\u52a0\u51fa\u8d27\u3002\u4e0b\u5b63\u5ea6\u6307\u5f15\u663e\u793a\u8fdb\u4e00\u6b65\u6539\u5584\uff0cHAMR\u4ea6\u63d0\u4f9b\u901a\u8fc7\u9762\u5bc6\u5ea6\u589e\u52a0\u5bb9\u91cf\u7684\u8def\u5f84\u3002\u4f46\u6280\u672f\u4f18\u52bf\u4ecd\u987b\u901a\u8fc7\u53ef\u9760\u751f\u4ea7\u3001\u5ba2\u6237\u8ba4\u8bc1\u53ca\u826f\u7387\u5151\u73b0\u3002\u5ba2\u6237\u9700\u6c42\u53ef\u89c1\u5ea6\u8f83\u5f3a\u51cf\u5c11\u90e8\u5206\u4e0d\u786e\u5b9a\u6027\uff0c\u5374\u4e0d\u80fd\u6d88\u9664\u96c6\u4e2d\u5ea6\u53ca\u90e8\u7f72\u98ce\u9669\u3002\u5f53\u524d\u5468\u671f\u9636\u6bb5\u73b0\u91d1\u521b\u9020\u5c24\u5176\u91cd\u8981\uff1a\u81ea\u7531\u73b0\u91d1\u6d41\u8fbe15\u4ebf\u7f8e\u5143\uff0c\u507f\u503a\u663e\u8457\u589e\u5f3a\u8d44\u4ea7\u8d1f\u503a\u8868\uff0c\u4e3a\u6295\u8d44\u53ca\u80a1\u4e1c\u56de\u62a5\u63d0\u4f9b\u66f4\u5927\u7075\u6d3b\u6027\u3002\u4e0d\u8fc7\uff0c\u5f53\u524d\u5229\u6da6\u7387\u5f62\u6210\u9ad8\u6bd4\u8f83\u57fa\u6570\uff0c\u4e0d\u5b9c\u5047\u8bbe\u6c38\u4e45\u7ef4\u6301\u5cf0\u503c\u300210\u670827\u65e5\u76d8\u540e\u80a1\u4ef7\u62a5630.96\u7f8e\u5143\uff0c\u8f83\u6536\u76d8\u4ef7\u4e0b\u8dcc5.52%\uff0c\u663e\u793a\u8d85\u9884\u671f\u4e0b\u5e02\u573a\u671f\u671b\u4ecd\u9ad8\u3002\u4f30\u503c\u4ecd\u53d7\u5b9a\u4ef7\u6301\u7eed\u6027\u53ca\u8d85\u5927\u89c4\u6a21\u5ba2\u6237\u652f\u51fa\u5f71\u54cd\u3002\u5e94\u5173\u6ce8HAMR\u722c\u5761\u3001\u5b58\u50a8\u9700\u6c42\u3001\u5b9e\u73b0\u4ef7\u683c\u3001\u5ba2\u6237\u96c6\u4e2d\u5ea6\u53ca\u81ea\u7531\u73b0\u91d1\u6d41\u8f6c\u5316\u3002\u6211\u4eec\u770b\u597d\u76c8\u5229\u8f68\u8ff9\uff0c\u540c\u65f6\u4fdd\u7559\u5468\u671f\u6ce2\u52a8\u7a7a\u95f4\u3002<\/span><span data-contrast=\"auto\"><\/span><span data-contrast=\"auto\"><\/span><b><span data-contrast=\"auto\">2026\u5e74\u7b2c\u56db\u5b63\u5ea6\u5efa\u8bae\u4ea4\u6613\u533a\u95f4\uff1a550\u2013720\u7f8e\u5143\u3002\u6b63\u9762\u524d\u666f\u3002<\/span><\/b><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li><\/ul><p><b><span data-contrast=\"auto\">Visa Inc. (V)<\/span><\/b><span data-ccp-props=\"{&quot;134245418&quot;:true,&quot;201341983&quot;:0,&quot;335559740&quot;:240}\">&nbsp;<\/span><\/p><ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"Arial\" data-listid=\"1\" 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\"><b><span data-contrast=\"auto\">4Q26 Revenue: <\/span><\/b><span data-contrast=\"auto\">FY26 Q4 net revenue approximately US$12.14bn, +13% YoY; approximately US$60m above US$12.08bn consensus. Constant-dollar revenue growth 13%.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:276}\">&nbsp;<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"Arial\" data-listid=\"1\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\u25cf&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"5\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">4Q26 EPS: <\/span><\/b><span data-contrast=\"auto\">Non-GAAP diluted EPS US$3.48 versus US$2.98, +17%; beat US$3.43 consensus by US$0.05. GAAP diluted EPS US$3.19 versus US$2.62, +22%.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:276}\">&nbsp;<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"Arial\" data-listid=\"1\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\u25cf&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"6\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">1Q27 Guidance: <\/span><\/b><span data-contrast=\"auto\">FY27 Q1: low-double-digit revenue and operating-expense growth; diluted EPS growth at the low end of mid-teens, on a non-GAAP adjusted constant-dollar basis. No absolute dollar EPS range provided.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:276}\">&nbsp;<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"\" data-listid=\"1\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\u25cf&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"7\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">FY27 Guidance: <\/span><\/b><span data-contrast=\"auto\">Initial FY27 guidance: low-double-digit revenue and operating-expense growth; EPS growth from low-double digits to low teens, on a non-GAAP adjusted constant-dollar basis. FY26 actual non-GAAP EPS US$13.27 and revenue US$45.9bn.<\/span><span data-ccp-props=\"{&quot;134233279&quot;:false}\">&nbsp;<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"\" data-listid=\"1\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\u25cf&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"8\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">Dividend\/Share Buyback: <\/span><\/b><span data-contrast=\"auto\">Quarterly dividend increased 16% to US$0.780\/share, payable 1 December to holders of record on 10 November. Q4 buybacks approximately US$4.0bn and dividends US$1.26bn; remaining buyback authorisation US$24.4bn.<\/span><span data-ccp-props=\"{&quot;134233279&quot;:false}\">&nbsp;<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"\" data-listid=\"1\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\u25cf&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"9\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">Comment: <\/span><\/b><span data-contrast=\"auto\">Visa&#8217;s resilient payment activity and capital returns support the franchise, but the new outlook leaves our view neutral after a substantial valuation premium has already been established. Constant-dollar payment volume grew 9%, cross-border volume excluding intra-Europe grew 14%, and processed transactions rose 10%. These drivers show that growth remains broad rather than dependent on one revenue line. Value-added activities and data processing provide additional opportunities, although client incentives and operating investment affect how much activity reaches earnings. The FY27 outlook continues to imply healthy growth, but it does not promise an acceleration from every current metric. Litigation and regulation remain relevant even when non-GAAP profit excludes particular charges. The BioCatch acquisition could strengthen fraud intelligence, but integration and the timing of returns need monitoring. Shares traded at US$397.25 post-market on 27 October, down 1.15% from the close, suggesting that the guidance was not sufficient to lift expectations. Strong free cash flow supports the higher dividend and repurchases, while the asset-light model remains attractive. Nevertheless, a quality business can still deliver modest returns if purchased at an excessive price. Watch cross-border travel, payment volume, client incentives, value-added services, expenses and regulatory developments. We retain a balanced view of durable growth against valuation and execution risks.<\/span><b><span data-contrast=\"auto\"> 4Q26 recommended trading range: US$360\u2013440. Neutral Outlook.<\/span><\/b><span data-ccp-props=\"{}\">&nbsp;<br><br><\/span><\/li><\/ul><p><b><span data-contrast=\"auto\">\u7ef4\u8428 (V)<\/span><\/b><span data-ccp-props=\"{&quot;134245418&quot;:true}\">&nbsp;<\/span><\/p><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"4\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"1\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">2026\u8d22\u5e74\u7b2c\u56db\u5b63\u5ea6\u8425\u6536\uff1a<\/span><\/b><span data-contrast=\"auto\">2026\u8d22\u5e74\u7b2c\u56db\u5b63\u5ea6\u51c0\u6536\u5165\u7ea6121.4\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f13%\uff1b\u8f83120.8\u4ebf\u7f8e\u5143\u9884\u671f\u9ad8\u7ea66,000\u4e07\u7f8e\u5143\u3002\u56fa\u5b9a\u6c47\u7387\u6536\u5165\u589e\u957f13%\u3002<\/span><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"4\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"2\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">2026\u8d22\u5e74\u7b2c\u56db\u5b63\u5ea6\u6bcf\u80a1\u6536\u76ca\uff1a<\/span><\/b><span data-contrast=\"auto\">\u975eGAAP\u644a\u8584\u6bcf\u80a1\u76c8\u52293.48\u7f8e\u5143\uff0c\u53bb\u5e742.98\u7f8e\u5143\uff0c\u589e\u957f17%\uff1b\u8f833.43\u7f8e\u5143\u9884\u671f\u9ad80.05\u7f8e\u5143\u3002GAAP\u644a\u8584\u6bcf\u80a1\u76c8\u52293.19\u7f8e\u5143\uff0c\u53bb\u5e742.62\u7f8e\u5143\uff0c\u589e\u957f22%\u3002<\/span><span data-contrast=\"auto\"><\/span><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"4\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"3\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">2027\u8d22\u5e74\u7b2c\u4e00\u5b63\u5ea6\u6307\u5f15\uff1a<\/span><\/b><span 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data-contrast=\"auto\"><\/span><span data-contrast=\"auto\"><\/span><b><span data-contrast=\"auto\">2026\u5e74\u7b2c\u56db\u5b63\u5ea6\u5efa\u8bae\u4ea4\u6613\u533a\u95f4\uff1a360\u2013440\u7f8e\u5143\u3002\u4e2d\u6027\u524d\u666f\u3002<\/span><\/b><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li><\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-6ff17fbc e-con e-atomic-element e-flexbox-base e-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 HPL SP Hotel Properties Limited Shares closed above the 5dEMA, 10dEMA and 20dEMA with elevated volume for the last two weeks.&nbsp; Both RSI and MACD are constructive.&nbsp; Long \u2013 Entry 5.00, Target 5.56, Stop 4.75&nbsp; LCHL SP Lum Chang Holdings Limited Shares close above the [&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-96380","post","type-post","status-publish","format-standard","hentry","category-technical-analysis"],"aioseo_notices":[],"aioseo_head":"\n\t\t<!-- All in One SEO 5.0.5 - aioseo.com -->\n\t<meta name=\"description\" content=\"TECHNICAL ANALYSIS Technical Analysis: 28 October 2026 SINGAPORE | HONG KONG | UNITED STATES | EARNINGS Singapore HPL SP Hotel Properties Limited Shares closed above the 5dEMA, 10dEMA and 20dEMA with elevated volume for the last two weeks. Both RSI and MACD are constructive. Long \u2013 Entry 5.00, Target 5.56, Stop 4.75 LCHL SP Lum Chang 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) 5.0.5\" \/>\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: 28 October 2026 \u2022 KGI Singapore Research\" \/>\n\t\t<meta property=\"og:description\" content=\"TECHNICAL ANALYSIS Technical Analysis: 28 October 2026 SINGAPORE | HONG KONG | UNITED STATES | EARNINGS Singapore HPL SP Hotel Properties Limited Shares closed above the 5dEMA, 10dEMA and 20dEMA with elevated volume for the last two weeks. Both RSI and MACD are constructive. Long \u2013 Entry 5.00, Target 5.56, Stop 4.75 LCHL SP Lum Chang Holdings\" \/>\n\t\t<meta property=\"og:url\" content=\"https:\/\/www.kgieworld.sg\/research\/technical-analysis-25-september-2026\/\" \/>\n\t\t<meta property=\"og:image\" content=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/04\/KGI-Logo_\u255b\u03b5ai\u252c\u253carRGB_PNG.png?wsr\" \/>\n\t\t<meta property=\"og:image:secure_url\" content=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/04\/KGI-Logo_\u255b\u03b5ai\u252c\u253carRGB_PNG.png?wsr\" \/>\n\t\t<meta property=\"article:published_time\" content=\"2026-10-28T00:00:00+00:00\" \/>\n\t\t<meta property=\"article:modified_time\" content=\"2026-10-28T03:57:48+00:00\" \/>\n\t\t<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/KGIAsiaSingapore\/\" \/>\n\t\t<meta name=\"twitter:card\" content=\"summary\" \/>\n\t\t<meta name=\"twitter:title\" content=\"Technical Analysis: 28 October 2026 \u2022 KGI Singapore Research\" \/>\n\t\t<meta name=\"twitter:description\" content=\"TECHNICAL ANALYSIS Technical Analysis: 28 October 2026 SINGAPORE | HONG KONG | UNITED STATES | EARNINGS Singapore HPL SP Hotel Properties Limited Shares closed above the 5dEMA, 10dEMA and 20dEMA with elevated volume for the last two weeks. Both RSI and MACD are constructive. Long \u2013 Entry 5.00, Target 5.56, Stop 4.75 LCHL SP Lum Chang 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-28-october-2026\\\/#blogposting\",\"name\":\"Technical Analysis: 28 October 2026 \\u2022 KGI Singapore Research\",\"headline\":\"Technical Analysis: 28 October 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Management.\",\"url\":\"https:\\\/\\\/www.kgieworld.sg\\\/research\\\/\",\"email\":\"info.sg@kgi.com\",\"telephone\":\"+6562021188\",\"logo\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/www.kgieworld.sg\\\/research\\\/wp-content\\\/uploads\\\/2026\\\/08\\\/KGI-Logo_with-text.png?wsr\",\"@id\":\"https:\\\/\\\/www.kgieworld.sg\\\/research\\\/technical-analysis-28-october-2026\\\/#organizationLogo\",\"width\":1080,\"height\":1080},\"image\":{\"@id\":\"https:\\\/\\\/www.kgieworld.sg\\\/research\\\/technical-analysis-28-october-2026\\\/#organizationLogo\"},\"sameAs\":[\"https:\\\/\\\/www.facebook.com\\\/KGIAsiaSingapore\\\/\",\"https:\\\/\\\/www.youtube.com\\\/@KGISecuritiesSingapore\",\"https:\\\/\\\/www.linkedin.com\\\/company\\\/kgisingapore\\\/\",\"https:\\\/\\\/www.investsg.asia\\\/users\\\/kgisingapore\\\/\"]},{\"@type\":\"Person\",\"@id\":\"https:\\\/\\\/www.kgieworld.sg\\\/research\\\/author\\\/enya-tankgi-com\\\/#author\",\"url\":\"https:\\\/\\\/www.kgieworld.sg\\\/research\\\/author\\\/enya-tankgi-com\\\/\",\"name\":\"Enya 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Both RSI and MACD are constructive. 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