United States | Singapore | Hong Kong | Earnings
Okta, Inc (OKTA US)
- Shares closed above the 5dEMA with strong uptrend for a week.
- Both RSI and MACD are constructive.
- Long – Entry 88, Target 100, Stop 82
Palantir Technologies, Inc. (PLTR US)
- Shares closed above the 5dEMA with elevated volume.
- Both RSI and MACD are constructive.
- Long – Entry 182, Target 208, Stop 169
iFAST Corporation Ltd. (IFAST SP)
- Shares closed above the 5dEMA with elevated volume.
- RSI is constructive, and MACD just turned positive.
- Buy – Entry 9.2, Target 10.0, Stop 8.8
Aspial Lifestyle Ltd. (ASPL SP)
- Shares closed above the 5dEMA with an uptrend for December.
- RSI is constructive, and MACD is about to turn positive.
- Buy – Entry 0.200, Target 0.230, Stop 0.185
Tongguan Gold Group Ltd. (340 HK)
- Shares closed above the 20dEMA with rising volume. The 5dEMA is about to cross the 20dEMA.
- RSI is constructive, while MACD is about to turn positive.
- Long – Entry 2.72, Target 2.94, Stop 2.61
Lingbao Gold Group Company Limited (3330 HK)
- Shares closed at a one-month high above the 5dEMA with a surge in volume.
- Both RSI and MACD are constructive.
- Long – Entry 17.7, Target 19.3, Stop 16.9
Oracle Corporation (ORCL)
- 2Q26 Revenue: $16.06B, +13.9% YoY, miss estimates by $130M
- 2Q26 Non-GAAP EPS: $2.26, beat estimates by $0.62
- 3Q26 Guidance: Total cloud revenue +40% to +44% USD. Total revenue +19% to +21% USD. Non-GAAP EPS $1.70 to $1.74 USD.
- Comment: Cloud mix accelerated but capex surged. Total cloud revenue was $8.0B, +34% YoY. OCI infrastructure revenue was $4.1B, +66% YoY. Software revenue was $5.9B, −3% YoY. RPO reached $523.3B, up 433% YoY. Results included a $2.7B pretax gain from the sale of the Ampere stake. Cash investment stepped up materially. Capex was $12B in the quarter and free cash flow was −$10B as Oracle pulled forward data center equipment to support backlog conversion. Management emphasized financing options and intent to preserve investment grade. Near term setup balances growth and profitability. Q3 outlook implies strong cloud growth but heavier spend and lower margin mix. Street focus stays on OCI growth vs guide, applications cross sell, and the pace of RPO monetization through 2026–2027. Shares fell ~12% after hours on the revenue miss, higher capex outlook, and cautious reads on forward growth vs spend. Watch Q3 delivery versus the +37% to +41% cloud growth guide, capex pacing and funding mix, and gross margin trajectory as OCI scales. Track RPO conversion, multicloud wins, and any updates on backlog quality. If OCI growth lands near the guide and capex conversion to revenue improves, risk reward can stabilize despite elevated spend and margin dilution. 3Q26 recommended trading range: $130 to $210. Negative Outlook.
甲骨文公司（ORCL)
- 26财年第二季度营收：160.6亿美元，同比增长13.9%，低于预期1.3亿美元
- 26财年第二季度非公认会计准则每股收益：2.26美元，大幅超出预期0.62美元
- 26财年第三季度指引：云业务总收入同比增长40%至44%；总营收同比增长19%至21%；非公认会计准则每股收益为1.70至1.74美元
- 短评：云业务结构加速转型，但资本开支显著攀升。云业务总收入达80亿美元（同比+34%），其中OCI基础设施收入41亿美元（同比+66%）；软件收入59亿美元（同比−3%）；剩余履约义务（RPO）达5233亿美元，同比激增433%。业绩包含出售Ampere股权带来的27亿美元税前收益。现金投入力度加大：当季资本开支达120亿美元，自由现金流为−100亿美元，主因公司前置采购数据中心设备以支撑 backlog 交付。管理层强调将通过多样化融资工具保障投资级信用评级。短期格局呈现“高增长、高投入、低盈利转化”特征：第三季度指引隐含云业务强劲增长，但支出高企、高毛利软件占比下降拖累整体利润率。市场关注焦点集中于：OCI增速能否匹配指引、应用软件交叉销售进展，以及2026–2027年RPO向收入的转化节奏。受营收未达预期、资本开支展望上调及管理层对“未来增长与支出平衡”措辞偏谨慎影响，股价盘后大跌约12%。后续需紧盯：第三季度云收入增长（指引40%–44%）的兑现程度、资本开支节奏与融资结构、OCI放量过程中的毛利率演变；同时跟踪RPO转化效率、多云环境下的客户 wins，以及 backlog 质量相关更新。若OCI增长贴近指引中枢、资本开支向收入的转化效率提升，则即便短期支出高企、利润率承压，风险回报亦有望趋于稳定。26财年第三季度建议交易区间：130美元至210美元。负面前景。
Adobe Inc. (ADBE)
- 4Q25 Revenue: $6.19B, +10.3% YoY, beat estimates by $80M
- 4Q25 Non-GAAP EPS: $5.50, beat estimates by $0.10
- 1Q26 Guidance: 1Q26 revenue $6.25B to $6.30B and non-GAAP EPS $5.85 to $5.90
- FY26 Guidance: FY26 revenue $25.90B to $26.10B and non-GAAP EPS $23.30 to $23.50
- Comment: Mix and ARR solid. Digital Media revenue $4.62B, +11% YoY. Digital Experience revenue $1.52B, +9% YoY, with subscription revenue $1.41B, +11% YoY. Ending Total Adobe ARR exited FY25 at $25.20B, +11.5% YoY. RPO was $22.52B with cRPO 65%. Quarterly operating cash flow was $3.16B. Outlook reframed around customer groups. For FY26 Adobe targets Total ending ARR growth just over 10% and will guide on customer group subscription revenue plus total revenue and EPS. 1Q26 targets imply continued double-digit growth in Creative and in Business Professionals and Consumers. Capital returns ongoing. Adobe repurchased ~30.8M shares in FY25 while maintaining strong cash generation. Shares ticked ~1% lower after hours despite the beat and above consensus FY26 and 1Q26 guides, with media noting rapid adoption of AI features across the portfolio. Near term watch points include conversion of cRPO, Digital Experience subscription growth durability, and ARR lift from new AI tiers. If Q1 lands near the midpoint and ARR scales in line with targets, multiple support can improve despite competitive AI noise. 1Q26 recommended trading range: $320 to $360. Neutral Outlook.
Adobe Inc.（ADBE)
- 25财年第四季度营收：61.9亿美元，同比增长10.3%，超出预期8000万美元
- 25财年第四季度非公认会计准则每股收益：5.50美元，超出预期0.10美元
- 26财年第一季度指引：营收62.5亿至63.0亿美元；非公认会计准则每股收益5.85至5.90美元
- 26财年全年指引：营收259.0亿至261.0亿美元；非公认会计准则每股收益23.30至23.50美元
- 短评：产品组合稳健，ARR持续增长。数字媒体业务收入46.2亿美元（同比+11%）；数字体验业务收入15.2亿美元（同比+9%），其中订阅收入14.1亿美元（同比+11%）；25财年末总ARR达252.0亿美元（同比+11.5%）；剩余履约义务（RPO）为225.2亿美元，其中当前RPO（cRPO）占比65%；季度经营性现金流31.6亿美元。展望更新聚焦客户分层管理：26财年目标为总ARR增速略超10%，并将按“创意用户”“商业专业人士”与“消费者”三大客群披露订阅收入，辅以总收入与每股收益指引；第一季度目标隐含创意云与商业/消费者板块均维持双位数增长。资本回馈持续执行——25财年回购约3080万股，同时保持强劲自由现金流生成能力。尽管业绩超预期且全年及一季度指引均高于市场共识，股价盘后微跌约1%，部分媒体报道指出AI功能在全产品线快速渗透引发广泛关注。短期关注点包括：cRPO向收入的转化效率、数字体验订阅增长可持续性，以及新设AI付费层级对ARR的增量贡献。若第一季度业绩贴近指引中值（营收62.75亿美元、EPS 5.88美元），且ARR按目标节奏扩张，则即便面临AI领域竞争加剧，估值倍数仍有望获得支撑。26财年第一季度建议交易区间：320美元至360美元。中性前景。
Synopsys, Inc. (SNPS)
- 4Q25 Revenue: $2.37B, +44.5% YoY, beat estimates by $130M
- 4Q25 Non-GAAP EPS: $2.90, beat estimates by $0.02
- 1Q26 Guidance: 1Q26 revenue $2.36B to $2.42B and non-GAAP EPS $3.52 to $3.58.
- Comment: Ansys contributed $667.7M to Q4, helping drive +38% revenue growth and scale across silicon-to-systems workflows. Non-GAAP EPS landed at $2.90 as mix and cost control offset acquisition amortization. Management framed FY26 around double-digit growth with heavier AI investment. Q1 targets imply continued momentum post-Ansys close, while FY26 guides embed sizable amortization add-backs and integration work. Backlog commentary from third-party coverage points to an ~$11.4B book, reinforcing multi-quarter visibility. Strategic tailwinds include AI partnerships and hyperscaler demand. Media highlighted Nvidia’s strategic investment and joint tool development, which should support advanced node and system-level adoption. Shares rose ~2% after hours on the beat and constructive FY26 setup. Near term, watch integration execution, cross-sell between EDA and simulation, and renewal quality underlying the backlog. Track margin cadence versus higher amortization and AI spend, plus Q1 delivery within the $2.36B to $2.42B and $3.52 to $3.58 bands. If Q1 lands near the midpoint and Ansys synergies progress, multiple support should hold even with heavier investment. 2Q26 recommended trading range: $380 to $520. Neutral Outlook.
新思科技公司（SNPS)
- 25财年第四季度营收：23.7亿美元，同比增长44.5%，超出预期1.3亿美元
- 25财年第四季度非公认会计准则每股收益：2.90美元，超出预期0.02美元
- 26财年第一季度指引：营收23.6亿至24.2亿美元；非公认会计准则每股收益3.52至3.58美元
- 短评：Ansys并表贡献显著——单季贡献6.677亿美元收入，推动整体营收同比增长38%，并强化了从芯片到系统级（silicon-to-systems）工作流的协同规模效应。非公认会计准则每股收益达2.90美元，在并购摊销压力下，仍依靠产品结构优化与成本管控实现稳健盈利。管理层将26财年定位为“双位数增长+AI投入加码”之年：第一季度指引隐含Ansys整合完成后持续动能；全年展望已充分计入大额摊销回拨及整合投入。第三方渠道披露 backlog 约114亿美元，印证多季度收入能见度坚实。战略顺风来自AI生态深化：媒体报道英伟达（Nvidia）已进行战略投资并联合开发工具链，有望加速先进制程与系统级设计采纳。受业绩超预期及26财年积极布局提振，股价盘后上涨约2%。短期关注点包括：Ansys整合执行质量、EDA与仿真产品线交叉销售进展、以及支撑 backlog 的续约质量；同时跟踪毛利率节奏——在摊销增加与AI研发加码背景下能否维持韧性，并观察第一季度业绩是否落在23.6亿–24.2亿美元营收与3.52–3. 58美元EPS区间内。若第一季度贴近指引中值（营收23.9亿美元、EPS 3.55美元），且Ansys协同效应如期显现，则即便投资强度提升，估值倍数仍具备支撑基础。26财年第二季度建议交易区间：380美元至520美元。中性前景。
