United States | Singapore | Hong Kong | Earnings
Dollar Tree Inc (DLTR US)
- Shares closed above the 5dEMA. The 10dEMA crossed the 20dEMA.
- Both RSI and MACD are constructive.
- Long – Entry 130, Target 140, Stop 125
Church & Dwight Co Inc. (CHD US)
- Shares closed at a high since April 2025, above the 5dEMA with rising volume.
- MACD is positive while RSI is at an overbought level.
- Long – Entry 101, Target 109, Stop 97
Comfortdelgro Corporation Limited. (CD SP)
- Shares closed above the 5dEMA with rising volume.
- Both RSI and MACD are constructive.
- Buy – Entry 1.48, Target 1.64, Stop 1.40
ISDN Holdings Limited (ISDN SP)
- Shares closed above the 5dEMA.
- Both RSI and MACD are constructive.
- Buy – Entry 0.395, Target 0.435, Stop 0.375
The Hong Kong market is closed today in observance of a public holiday (Lunar New Year). Trading resumes on Friday, 20 February.
Carvana Co. (CVNA)
- 4Q25 Revenue: $5.61B, +58.0% YoY, beat estimates by $340M
- 4Q25 adjusted EPS: $1.06
- FY26 Guidance: Expects significant growth in both retail units sold and Adjusted EBITDA in full year 2026, including a sequential increase in both retail units sold and Adjusted EBITDA in 1Q26, assuming the environment remains stable.
- Comment: Carvana reported mixed fourth-quarter results, with revenue surging 58% YoY to US$5.6bn and retail units sold rising 58% to 163,522, both ahead of expectations, reflecting strong demand for used vehicles. However, adjusted EPS of US$1.06 and adjusted EBITDA of US$511mn missed estimates as higher inspection, repair, and reconditioning costs, along with increased retail depreciation, pressured margins; total expenses reached US$2.16bn, and management warned that elevated non-vehicle costs will persist into Q1. Looking ahead, the company did not provide detailed quarterly guidance but expects sequential growth in both retail units sold and adjusted EBITDA in Q1 and significant growth for full-year 2026, assuming a stable macro environment. While management remains confident in scaling toward long-term margin targets, near-term execution risks remain elevated given cost pressures and lingering scrutiny from short sellers, suggesting volatility may persist even as top-line momentum stays strong. 1Q26 recommended trading range: $270 to $320. Neutral Outlook.
Carvana Co. (CVNA)
- 25财年第四季营收：56.1亿美元，同比增长58.0%，超出预期3.4亿美元。
- 25财年第四季调整后每股收益：1.06美元。
- 26财年指引：预计2026财年零售销量和调整后的EBITDA均会显著增长，包括在2026财年第一季度零售销量和调整后的EBITDA的环比增长，假设环境保持稳定。
- 短评：Carvana报告了混合的第四季度业绩，营收同比激增58%，达56亿美元，零售销量增长58%，至163,522辆，均超出预期，反映出对二手车的强劲需求。然而，调整后的每股收益为1.06美元，调整后的EBITDA为5.11亿美元，均未达到预期，主要原因是更高的检验、修理和翻新成本，以及提高的零售折旧压力了利润率；总费用达到21.6亿美元，管理层警告说，非车辆成本的上升将持续到第一季度。展望未来，公司未提供详细的季度指引，但预计第一季度零售销量和调整后的EBITDA将环比增长，且预计2026财年将显著增长，假设宏观环境稳定。尽管管理层对向长期利润目标的扩展充满信心，但由于成本压力和空头的持续审查，短期执行风险仍然较高，这表明尽管顶线动力保持强劲，波动性可能会持续。26财年第一季度建议交易区间：270美元至320美元。中性前景。
DoorDash Inc. (DASH)
- 4Q25 Revenue: $3.96B, +38% YoY, miss estimates by $30M
- 4Q25 GAAP EPS: $0.48, miss estimates by $0.10
- 1Q26 Guidance: Expect adjusted EBITDA between $675M and $775M compared to estimates of $802M and marketplace GOV of $31.0B to $31.8B.
- Comment: DoorDash reported mixed fourth-quarter results, with revenue rising 38% YoY to US$3.96bn, slightly below the US$3.99bn consensus, and earnings per share of US$0.48 missing expectations of US$0.59. Total orders grew 32% to 903 million, while Marketplace gross order value increased 39% to US$29.7bn, reflecting continued strong demand and share gains. Adjusted EBITDA came in at US$780mn, and GAAP net income rose to US$213mn from US$141mn a year earlier. Despite the earnings miss, shares rebounded in extended trading as investors focused on scale, improving profitability and management’s long-term strategy. For 1Q26, DoorDash guided Marketplace GOV of US$31.0bn to US$31.8bn and adjusted EBITDA of US$675mn to US$775mn, below the US$802mn expected, citing incremental Deliveroo investment, an estimated US$20mn storm impact and higher Dasher costs. For full-year 2026, management expects adjusted EBITDA margin (as a percentage of GOV) to improve slightly versus 2025, excluding Deliveroo, which is expected to contribute about US$200mn in EBITDA. While near-term margins face pressure from heavy investment in global integration, autonomy, and merchant tools, DoorDash is clearly positioning itself as the operating system for local commerce, and if execution holds, the spending today could meaningfully expand its long-term profit pool. 1Q26 recommended trading range: $170 to $220. Neutral Outlook.
DoorDash Inc. (DASH)
- 25财年第四季营收：39.6亿美元，同比增长38%，低于预期3000万美元。
- 25财年第四季GAAP每股收益：0.48美元，低于预期0.10美元。
- 26财年第一季度指引：预计调整后的EBITDA在6.75亿至7.75亿美元之间，而预期为8.02亿美元，市场总交易值（GOV）为310亿至318亿美元。
- 短评：DoorDash报告了混合的第四季度业绩，营收同比增长38%，达39.6亿美元，略低于39.9亿美元的共识，每股收益为0.48美元，低于预期的0.59美元。总订单增长32%，达到9.03亿笔，而市场总交易值增长39%，达到297亿美元，反映出持续强劲的需求和市场份额的增长。调整后的EBITDA为7.8亿美元，GAAP净收入从去年同期的1.41亿美元上升至2.13亿美元。尽管收益未达预期，发布后股价在扩展交易中反弹，因为投资者关注规模、改善盈利能力和管理层的长期战略。针对26财年第一季度，DoorDash预计市场总交易值为310亿至318亿美元，调整后的EBITDA在6.75亿至7.75亿美元之间，低于预计的8.02亿美元，并提到增量的Deliveroo投资、估计2000万美元的风暴影响以及更高的配送员成本。对于2026财年，管理层预计调整后的EBITDA利润率（占市场总交易值的百分比）将略微改善，相比2025年上升，不包括Deliveroo，预计其将贡献约2亿美元的EBITDA。尽管近期利润受到全球整合、自治和商户工具重投资的压力，DoorDash显然将自己定位为本地商业的操作系统，如果执行顺利，今天的支出可能会显著扩大其长期利润池。26财年第一季度建议交易区间：170美元至220美元。中性前景。
eBay Inc. (EBAY)
- 4Q25 Revenue: $2.97B, +14.2% YoY, beat estimates by $100M
- 4Q25 non-GAAP EPS: $1.41, beat estimates by $0.06
- 1Q26 Guidance: Expect revenue of $3.00B – $3.05B vs consensus of $2.80B and diluted non-GAAP EPS of $1.53 – $1.59 vs consensus of $1.48.
- Comment: eBay delivered a strong outlook and strategic acquisition update alongside its fourth-quarter results. The company reported Q4 revenue of US$2.97bn, ahead of the US$2.88bn consensus, while gross merchandise volume (GMV) rose 10% YoY to US$21.24bn. For Q1, eBay guided revenue of US$3.0bn to US$3.05bn, comfortably above the US$2.80bn expected, and projected GMV of US$21.5bn to US$21.9bn versus estimates of US$20.1bn, ssignalling continued momentum in its core marketplace. In a move to deepen its exposure to the fast-growing resale segment, eBay announced it will acquire Depop from Etsy for nearly US$1.2bn. Management highlighted Depop’s strong traction with younger consumers in pre-loved fashion, aligning with eBay’s broader recommerce and circular economy strategy. The deal, expected to close in Q2, is projected to add 1 to 2 percentage points to total GMV growth in 2026. Overall, the combination of better-than-expected guidance and a targeted acquisition in a high-growth resale niche reinforces eBay’s pivot toward authenticated, pre-owned categories, a strategy that appears increasingly differentiated in a competitive e-commerce landscape. 1Q26 recommended trading range: $80 to $95. Neutral Outlook.
eBay Inc. (EBAY)
- 25财年第四季营收：29.7亿美元，同比增长14.2%，超出预期1亿美元。
- 25财年第四季Non-GAAP每股收益：1.41美元，超出预期0.06美元。
- 26财年第一季度指引：预计营收为30亿美元至30.5亿美元，而共识为28亿美元，稀释后的Non-GAAP每股收益为1.53美元至1.59美元，而共识为1.48美元。
- 短评：eBay在第四季度业绩发布时提供了强劲的前景和战略收购更新。公司报告的第四季度营收为29.7亿美元，超过28.8亿美元的共识，而商品总成交量（GMV）同比增长10%，达到212.4亿美元。在第一季度，eBay预计营收将为30亿美元至30.5亿美元，远高于预期的28亿美元，并预计GMV为215亿美元至219亿美元，超过20.1亿美元的估计，显示其核心市场的持续动能。为了加深对快速增长的二手市场的曝光，eBay宣布将以近12亿美元收购Etsy旗下的Depop。管理层强调Depop在二手时尚方面与年轻消费者的强劲吸引力，这与eBay更广泛的再消费和循环经济战略相一致。该交易预计将在第二季度完成，并预计将在2026年为总GMV增长贡献1至2个百分点。总体而言，更高于预期的指引和在高增长二手市场的针对性收购，强化了eBay向认证的二手类别的转变，这一策略在竞争激烈的电子商务环境中显得愈加独特。26财年第一季度建议交易区间：80美元至95美元。中性前景。
