United States | Singapore | Hong Kong | Earnings
Astera Labs, Inc (ALAB US)
- Shares closed on the 5dEMA with rising volume.
- RSI is at slightly overbought levels, but MACD is still constructive.
- Long – Entry 160, Target 200, Stop 140
Broadcom Inc. (AVGO US)
- Shares closed above the 5dEMA.
- RSI is at slightly overbought levels, but MACD is constructive.
- Long – Entry 374, Target 414, Stop 354
MoneyMax Financial Services Ltd. (MMFS SP)
- Shares closed above the 5dEMA with rising volume.
- Both RSI and MACD are constructive.
- Buy – Entry 0.8, Target 1.0, Stop 0.7
Audience Analytics Limited (AAL SP)
- Shares above the 5dEMA with rising volume.
- Both RSI and MACD are constructive.
- Buy – Entry 0.26, Target 0.32, Stop 0.23
Huaneng Power International, Inc. (902 HK)
- Shares closed above the 5dEMA with rising volume.
- RSI is constructive, while MACD is about to turn positive.
- Long – Entry 6.0, Target 6.6, Stop 5.7
CLP Holdings Limited (2 HK)
- Shares closed above the 5wEMA.
- RSI is constructive, while MACD is negative.
- Long – Entry 75, Target 81, Stop 72
The Goldman Sachs Group, Inc. (GS)
- 1Q26 Revenue: $17.32B, +14.4% YoY, beat estimates by $300M
- 1Q26 GAAP EPS: $17.55, beat estimates by $1.16
- 2Q26 Guidance: Management indicated investment banking conditions remain robust, particularly in M&A, while IPO and sponsor activity should rebound when market conditions stabilize. The investment banking fees backlog decreased slightly versus the end of 2025.
- Dividend/Share Buybacks: The board declared a quarterly dividend of $4.50 per share. In 1Q26, Goldman returned $6.38B of capital to common shareholders, including $5.00B of buybacks and $1.38B of dividends.
- Comment: The quarter was strong on the headline numbers. Net earnings rose to $5.63B, annualized ROE reached 19.8%, and book value per share increased to $361.19. Revenue growth was driven primarily by Global Banking & Markets, where net revenue rose 19% YoY to $12.74B. Investment banking rebounded sharply. Fees rose 48% YoY to $2.84B, with advisory revenue of $1.49B supported by a significant increase in completed M&A volumes. Equity underwriting and debt underwriting also improved, although management noted the fees backlog slipped slightly from year end 2025. Trading was mixed. Equities revenue rose 27% YoY to a record $5.33B, driven by prime financing and stronger cash equities activity. By contrast, FICC revenue fell 10% YoY to $4.01B, reflecting weaker interest rate products, mortgages, and credit products, partially offset by stronger commodities and currencies. This split matters because the market had expected a more balanced trading print given the backdrop of elevated volatility. Asset & Wealth Management remained constructive but not exceptional. Revenue rose 10% YoY to $4.08B, helped by higher management fees on stronger assets under supervision, while private banking and lending was softer due to lower deposit spreads related to Marcus deposits. Platform Solutions revenue declined to $411M, reflecting markdowns tied to the Apple Card loan portfolio that had been transferred to held for sale in 2025. Expenses and credit costs were manageable, but worth monitoring. Operating expenses rose 14% YoY to $10.43B, largely on higher transaction-based expense and compensation, while provision for credit losses rose to $315M, driven mainly by growth and impairments in wholesale loans. Efficiency ratio was 60.5%, essentially flat YoY. Shares fell 1.9% on April 13, 2026, after initially opening around 4% lower, as investors focused on the FICC miss despite the overall earnings beat. The quarter confirms Goldman is executing well in its core franchise. M&A advisory is healthy, equities remain very strong, and capital return is substantial. However, the stock reaction indicates the market had already embedded a very strong print, and the FICC shortfall, slightly lower investment banking backlog, and higher credit provisions limit the case for a more aggressive near-term stance. The key items to watch are whether IPO execution improves as volatility settles, whether FICC normalizes in 2Q26, and whether credit costs remain contained. On balance, fundamentals are good, but the evidence does not support an 80% confidence upside call from here. 2Q26 recommended trading range: $800 to $1000. Neutral Outlook.
高盛集团（GS)
- 26财年第一季度营收：173.2亿美元，同比增长14.4%，超出预期3亿美元
- 26财年第一季度公认会计准则每股收益：17.55美元，大幅超出预期1.16美元
- 26财年第二季度展望：管理层指出并购（M&A）活动保持强劲，IPO及私募股权相关业务有望随市场企稳而反弹；投资银行业务积压费用（fees backlog）较2025年末略有下降
- 股息与资本返还：董事会宣布季度股息每股4.50美元；第一季度向普通股股东返还63.8亿美元，其中50亿美元用于回购，13.8亿美元用于股息
- 短评：本季度顶层表现强劲。净利润达56.3亿美元，年化净资产收益率（ROE）升至19.8%，每股账面价值增至361.19美元。增长主要由全球银行与市场业务（Global Banking & Markets）驱动，该板块营收同比增长19%至127.4亿美元。投行业务显著反弹：费用收入大增48%至28.4亿美元，其中顾问收入14.9亿美元，受益于M&A交易量激增；股权与债券承销亦改善。交易业务表现分化：股票业务营收创纪录达53.3亿美元（+27% YoY），受主经纪商业务及现金股票活动推动；但FICC（固定收益、货币及大宗商品）营收同比下降10%至40.1亿美元，主因利率、抵押贷款及信贷产品疲软，部分被大宗商品和外汇抵消——这一分化令市场略感失望，因高波动环境本应利好FICC整体。资产管理业务稳健但非亮点：营收增长10%至40.8亿美元，受益于监管资产规模扩大；但Marcus存款利差收窄拖累私人银行与贷款业务。平台解决方案营收降至4.11亿美元，反映Apple Card贷款组合减值（该组合已于2025年划为“持有待售”）。成本与信用风险可控但需关注：运营支出增长14%至104.3亿美元（主因交易相关费用及薪酬），信用损失拨备增至3.15亿美元（源于批发贷款增长及减值），效率比率60.5%，同比持平。财报发布后股价先跌4%，收盘跌1.9%，反映市场在已高预期背景下，对FICC不及预期、投行积压订单微降及信用成本上升的谨慎反应。尽管核心特许权（M&A、股票、资本返还）执行出色，但当前证据不足以支撑激进看涨。后续关键变量包括：（1）市场波动缓和后IPO执行能否改善；（2）FICC业务在Q2能否回归正常水平；（3）信用成本是否维持可控。基本面稳健，但上行空间需更多催化剂。26财年第二季度建议交易区间：800美元至1000美元。中性前景。
