Technical Analysis – 7 May 2026

United States | Singapore | Hong Kong | Earnings

Synaptics Incorporated (SYNA US)

• Shares closed above the 5wEMA with elevated volume for the month. 
• RSI is near overbought levels but MACD is still constructive. 
• Long – Entry 100, Target 120, Stop 90 

York Space Systems Inc. (YSS US) 

• Shares closed above the 5dEMA with rising volume.  
• Both RSI and MACD are constructive. 
• Long – Entry 34, Target 44, Stop 29 

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Sunpower Group Ltd (SPWG SP) 

• Shares closed above the 5dEMA with rising volume. 
• Both RSI and MACD are constructive. 
• Buy – Entry 0.50, Target 0.64, Stop 0.43 

NTT DC REIT (NTTDCR SP) 

• Shares closed above the 5dEMA with rising volume. 
• Both RSI and MACD are constructive. 
• Buy – Entry 0.98, Target 1.06, Stop 0.94

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Hong Kong & China Gas Co. Ltd. (3 HK)

• Shares closed at a one-month high above the 5dEMA with rising volume. 
• Both RSI and MACD are constructive. 
• Long – Entry 7.32, Target 7.76, Stop 7.10 

CLP Holdings Limited. (2 HK) 

• Shares closed at a two-months high above the 5wEMA.  
• RSI is constructive, while MACD is about to turn positive. 
• Long – Entry 75.6, Target 81.0, Stop 72.9 

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The Walt Disney Company (DIS) 

• 2Q26 Revenue: $25.17B, +6.7% YoY, beat estimates by $320M 

• 2Q26 Non-GAAP EPS: $1.57, beat estimates by $0.07 

• FY26 Guidance: Disney expects adjusted EPS growth of about 12% in FY26 and double-digit adjusted EPS growth again in FY27. 

• Share Buybacks: Disney increased its FY26 buyback target to $8B.   

• Comment: This was a solid quarter with broad support from streaming and experiences. Entertainment revenue increased 10%, while direct-to-consumer operating income rose 88% to $582M, showing continued improvement in Disney+ and Hulu profitability. Experiences revenue rose 7% to $9.49B and operating income increased 5% to $2.62B, which helped offset softer international tourism.The main weak spot was Sports. ESPN operating income declined 5% as higher programming costs continued to pressure margins. Domestic Park attendance also slipped, so the quarter was good, but not without friction. The stock reaction was positive, with shares rising roughly 7% to 8% after the release. The principal variables to monitor are streaming margin durability, domestic parks demand through the summer, the direct-to-consumer ESPN transition, and whether management can sustain the projected double-digit EPS path into FY27. 3Q26 recommended trading range: $100 to $160. Positive Outlook. 

华特迪士尼公司（DIS) 

• 26财年第二季度营收：251.7亿美元，同比增长6.7%，超出预期3.2亿美元 

• 26财年第二季度非公认会计准则每股收益：1.57美元，超出预期0.07美元 

• 26财年全年指引：预计26财年调整后每股收益增长约12%，27财年再度实现双位数增长 

• 股票回购：将26财年股票回购目标上调至80亿美元 

• 短评：本季度表现稳健，流媒体与体验业务共同提供广泛支撑。娱乐板块营收增长10%；直接面向消费者（DTC）业务营业利润大增88%至5.82亿美元，显示Disney+与Hulu盈利能力持续改善。体验业务（主题公园等）营收增长7%至94.9亿美元，营业利润增长5%至26.2亿美元，有效抵消了国际旅游疲软的影响。主要短板在于体育业务：ESPN营业利润下滑5%，主因节目制作成本上升持续挤压利润率；同时，美国本土乐园客流小幅回落，显示消费仍存选择性压力。整体而言，季度表现良好但并非毫无摩擦。财报发布后股价上涨约7%–8%，反映市场对盈利超预期及资本返还加码的认可。后续关键变量包括：（1）流媒体利润率能否维持改善趋势；（2）暑期美国本土乐园需求强度；（3）ESPN向DTC模式转型的进展；（4）管理层能否兑现27财年双位数EPS增长路径。26财年第三季度建议交易区间：100美元至160美元。积极前景。 
   

Novo Nordisk A/S (NVO) 

• 1Q26 Revenue: DKK 70.06B, -10.3% YoY, miss estimates by DKK 1.50B 

• 1Q26 Non-GAAP EPS: DKK 6.63, miss estimates by DKK 0.33. 

• FY26 Guidance: Raised FY26 sales growth guidance to 16% to 24% at constant exchange rates from 15% to 23%, and raised operating profit growth guidance to 19% to 27% from 16% to 24%. 

• Comment: This was a strong quarter and an important stabilization print. Profit came in ahead of expectations, driven by very strong early uptake of oral Wegovy in the U.S., where prescriptions have exceeded 2 million since launch and the product has become the company’s strongest GLP-1 launch by volume in that market. The guidance raise indicates management now has greater confidence that volume can offset at least part of the pricing pressure that has weighed on sentiment. The main issue remains quality of growth rather than demand. Oral Wegovy volumes are strong, but there is still uncertainty around mix, dosing progression, and pricing, especially as many patients remain on lower-priced starter doses. Competition has also intensified, with Lilly expanding its oral obesity offering, while U.S. drug pricing policy remains a live overhang. The stock reaction was constructive, with shares rising about 5.4% on the results, but the broader setup is still in recovery mode after a very weak prior twelve months. The principal variables to monitor are conversion from starter doses to higher-value maintenance doses, international rollout of the pill in 2H26, margin resilience as pricing evolves, and whether the company can rebuild confidence against a more competitive obesity market backdrop. 2Q26 recommended trading range: $39 to $60. Positive Outlook. 

诺和诺德公司（NVO) 

• 26财年第一季度营收：700.6亿丹麦克朗（DKK），同比下降10.3%，低于预期15亿丹麦克朗 

• 26财年第一季度非公认会计准则每股收益：6.63丹麦克朗，低于预期0.33丹麦克朗 

• 26财年全年指引：上调全年销售增长指引至16%–24%（按固定汇率计，原为15%–23%）；上调营业利润增长指引至19%–27%（原为16%–24%） 

• 短评：本季度是一份强劲且具稳定意义的财报。尽管顶层收入受汇率及定价压力拖累而下滑，但盈利表现超预期，核心驱动力来自口服版Wegovy在美国市场的早期采用极为强劲——自上市以来处方量已超200万张，成为诺和诺德在美GLP-1类药物中按销量计最成功的上市产品。全年指引上调表明管理层对以销量增长部分抵消定价压力的信心增强。当前焦点已从“需求是否存在”转向“增长质量”：口服Wegovy虽放量迅速，但大量患者仍处于低价起始剂量阶段，向高价值维持剂量的转化、最终产品组合结构及长期定价能见度仍存不确定性。同时，竞争加剧——礼来（Lilly）正扩大其口服减肥药布局，而美国药品定价政策风险仍未解除。财报发布后股价上涨约5.4%，反应积极，但整体仍处于过去一年大幅回调后的信心修复阶段。后续关键变量包括：（1）患者从起始剂量向高价值维持剂量的转化率；（2）口服Wegovy在2026年下半年的国际推广进展；（3）在定价环境演变下利润率能否保持韧性；（4）公司能否在日益激烈的全球减肥药市场中重建差异化优势与投资者信心。26财年第二季度建议交易区间：39美元至60美元。积极前景。 

Uber Technologies, Inc. (UBER) 

• 1Q26 Revenue: $13.2B, +14.5% YoY, miss estimates by $60M 

• 1Q26 Non-GAAP EPS: $0.72, beat estimates by $0.03 

• 2Q26 Guidance: 2Q26 gross bookings guided to $56.25B to $57.75B, with adjusted EPS of $0.78 to $0.82, both above market expectations. 

• Comment: This was a solid quarter with a strong forward guide. Gross bookings rose 25% YoY to $53.7B, trips increased 20% to 3.64B, and monthly active platform consumers rose 17%, indicating healthy demand across mobility and delivery despite macro and weather-related friction. Adjusted EBITDA rose 33% to $2.5B, which shows continued operating leverage at scale. The main issue was revenue conversion rather than demand. Revenue slightly missed expectations, while GAAP profit was affected by a roughly $1.5B headwind from equity investment revaluations. Even so, the market looked through that because the second-quarter outlook was stronger than expected and management indicated there has been no negative impact so far from robotaxi competition. Shares rose roughly 8% after the release. The principal variables to monitor are mobility and delivery booking growth, EBITDA conversion, competitive impact from autonomous vehicles, and whether the stronger Q2 guide can be sustained into 2H26. 2Q26 recommended trading range: $70 to $130. Positive Outlook. 

优步科技公司（UBER) 

• 26财年第一季度营收：132亿美元，同比增长14.5%，略低于预期6000万美元 

• 26财年第一季度非公认会计准则每股收益：0.72美元，超出预期0.03美元 

• 26财年第二季度指引：总预订额（Gross Bookings）562.5亿–577.5亿美元，调整后每股收益0.78–0.82美元，均高于市场预期 

• 短评：本季度表现稳健，且前瞻指引强劲。总预订额同比增长25%至537亿美元，出行次数增长20%至36.4亿次，月活跃平台用户增长17%，显示在宏观压力与恶劣天气干扰下，出行与外卖需求依然健康。调整后EBITDA大增33%至25亿美元，印证公司在规模化基础上持续释放运营杠杆。主要问题不在需求端，而在收入转化效率：顶层营收小幅不及预期；GAAP利润亦受约15亿美元股权投资重估拖累。然而，市场选择忽略一次性因素，聚焦于超预期的Q2指引及管理层明确表示“自动驾驶出租车（robotaxi）”。财报发布后股价上涨约8%，反映投资者对核心业务韧性与增长路径的信心。后续关键变量包括：（1）出行与外卖预订增长的持续性；（2）EBITDA向自由现金流的转化效率；（3）自动驾驶竞争是否在未来构成实质性威胁；（4）Q2强劲指引能否延续至2026年下半年。26财年第二季度建议交易区间：70美元至130美元。积极前景。 

Coherent Corp. (COHR) 

• 3Q26 Revenue: $1.81B, +20.7% YoY, beat estimates by $30M. 

• 3Q26 Non-GAAP EPS: $1.41, beat estimates by $0.02 

• 4Q26 Guidance: 4Q26 revenue guided to $1.91B to $2.05B and adjusted EPS to $1.52 to $1.72, with non GAAP gross margin expected around 41%.  

• Comment: This was a strong quarter. Revenue growth accelerated, non-GAAP gross margin improved to 39.6%, and earnings growth outpaced revenue growth, indicating better mix and operating leverage. Management also highlighted strong datacenter and communications demand, which remains the key driver of the current upcycle. The main issue was expectations rather than execution. Despite the beat and solid 4Q26 guide, the stock fell about 6.5% after hours, which suggests the market had already priced in a strong AI-driven quarter. The principal variables to monitor are whether datacenter demand continues to accelerate, whether gross margin can reach and sustain the guided 41% level, and whether guidance upside becomes large enough to support another rerating. 4Q26 recommended trading range: $280 to $380. Neutral Outlook. 

Coherent Corp.（COHR) 

• 26财年第三季度营收：18.1亿美元，同比增长20.7%，超出预期3000万美元 

• 26财年第三季度非公认会计准则每股收益：1.41美元，超出预期0.02美元 

• 26财年第四季度指引：营收19.1亿–20.5亿美元，调整后每股收益1.52–1.72美元；非GAAP毛利率预计约41% 

• 短评：本季度表现强劲。营收增速加快，非GAAP毛利率提升至39.6%，盈利增速超过营收增速，反映产品组合优化与运营杠杆改善。管理层强调数据中心与通信领域需求持续旺盛，仍是当前上行周期的核心驱动力。然而，市场反应偏负面——尽管业绩超预期且Q4指引稳健，股价盘后仍下跌约6.5%，表明投资者此前已充分定价“AI驱动的强劲表现”，对惊喜阈值提高。后续关键变量包括：（1）数据中心需求能否继续加速；（2）毛利率能否达到并维持在指引的41%水平；（3）未来指引上调幅度是否足以支撑新一轮估值重估。26财年第四季度建议交易区间：280美元至380美元。中性前景。 

Arm Holdings plc (ARM) 

• 4Q26 Revenue: $1.49B, +20.2% YoY, beat estimates by $20M. 

• 4Q26 Non-GAAP EPS: $0.60, beat estimates by $0.02 

• 1Q27 Guidance: 1Q27 revenue guided to $1.21B to $1.31B and adjusted EPS to $0.36 to $0.44. Management also highlighted more than $2B of projected demand for its new AGI data-center CPU across FY27 to FY28, while maintaining longer-term data-center chip ambitions.  

• Comment: This was a strong quarter on the headline numbers. Revenue reached a record $1.49B, licensing revenue rose 29%, and demand for Arm’s new AI-oriented data-center CPU appears to be building faster than initially expected. Data-center royalty revenue also more than doubled YoY, which supports the broader thesis that Arm is gaining a larger share of AI infrastructure economics beyond smartphones. The main issue is near-term conversion rather than demand. Management kept the initial revenue trajectory for the new chip largely unchanged because supply constraints across memory, wafers, packaging, and testing are limiting how quickly that demand can be fulfilled. The stock reaction turned negative after an initial rally, with shares falling about 5% to 7% after hours, which indicates the market wanted a clearer near-term upside bridge. The principal variables to monitor are supply-chain normalization for the new AGI CPU, durability of data-center royalty growth, licensing momentum outside mobile, and whether Arm can scale this new chip effort without materially pressuring returns. 1Q27 recommended trading range: $190 to $280. Neutral Outlook. 

Arm Holdings plc（ARM) 

• 26财年第四季度营收：14.9亿美元，同比增长20.2%，超出预期2000万美元 

• 26财年第四季度非公认会计准则每股收益：0.60美元，超出预期0.02美元 

• 27财年第一季度指引：营收12.1亿–13.1亿美元，调整后每股收益0.36–0.44美元；管理层指出，其新一代AGI数据中心CPU在27–28财年预计带来超20亿美元需求，并重申长期数据中心芯片雄心 

• 短评：本季度顶层数据表现强劲。营收创纪录达14.9亿美元，授权收入增长29%，新一代AI导向的数据中心CPU需求增速快于最初预期；数据中心版税收入同比翻倍以上，印证Arm正从智能手机之外的AI基础设施生态中获取更大经济份额。然而，近端变现受限于供应链瓶颈：尽管需求旺盛，管理层维持新芯片初期收入路径不变，因内存、晶圆、封装与测试环节的供应约束限制了交付速度。财报发布后股价先涨后跌，盘后下跌5%–7%，反映市场期待更清晰的短期上行路径，而非仅长期潜力。后续关键变量包括：（1）AGI CPU相关供应链能否如期缓解；（2）数据中心版税增长是否可持续；（3）非移动领域的授权势头能否延续；（4）在大规模扩展新芯片业务的同时，能否避免对资本回报率造成显著压力。27财年第一季度建议交易区间：190美元至280美元。中性前景。 

AppLovin Corporation (APP) 

• 1Q26 Revenue: $1.84B, +58.6% YoY, beat estimates by $60M. 

• 1Q26 GAAP EPS: $3.56, beat estimates by $0.10 

• 2Q26 Guidance: 2Q26 revenue guided to $1.915B to $1.945B and adjusted EBITDA to $1.62B to $1.65B, both ahead of prior market expectations.  

• Share Buybacks: AppLovin repurchased 2.2M shares for about $1.0B in 1Q26 and ended the quarter with 336M shares outstanding. 

• Comment: This was a very strong quarter. Revenue rose 59% YoY to $1.84B, adjusted EBITDA increased 66% to $1.56B, and adjusted EBITDA margin reached 85%, indicating unusually strong operating leverage. Net cash from operations and free cash flow were each about $1.3B, which further supports the quality of the print. The main positive is that growth remains broad enough to support another step-up in guidance. Management guided 2Q26 revenue to roughly $1.93B at the midpoint, above prior expectations, which suggests momentum in the ad platform remains intact. The main issue is expectations and overhangs rather than current execution. The stock has been volatile, and the market remains sensitive to regulatory and short-seller-related concerns even after a strong report. Shares initially rose about 7% to 10% after the release before giving back much of that move. The principal variables to monitor are whether revenue growth can remain near current levels, whether EBITDA margin stays at an unusually high level as the business scales further, and whether external overhangs begin to matter less than execution. 2Q26 recommended trading range: $400 to $500. Neutral Outlook. 

AppLovin Corporation（APP) 

• 26财年第一季度营收：18.4亿美元，同比增长58.6%，超出预期6000万美元 

• 26财年第一季度公认会计准则每股收益：3.56美元，超出预期0.10美元 

• 26财年第二季度指引：营收19.15亿–19.45亿美元，调整后EBITDA 16.2亿–16.5亿美元，均高于市场此前预期 

• 股票回购：第一季度回购220万股股票，耗资约10亿美元，季末流通股数降至3.36亿股 

• 短评：本季度表现极为强劲。营收同比增长59%至18.4亿美元，调整后EBITDA大增66%至15.6亿美元，EBITDA利润率高达85%，显示异常出色的运营杠杆。经营活动现金流与自由现金流均达约13亿美元，进一步印证盈利质量。核心亮点在于增长广度足以支撑指引再度上调：Q2营收中值指引约19.3亿美元，高于市场预期，表明其广告平台动能依然稳健。然而，当前主要挑战不在执行，而在市场情绪与外部扰动：尽管交出高质量财报，股价在盘后先涨7%–10%后大幅回吐，反映投资者对监管风险及做空者相关疑虑仍高度敏感。后续关键变量包括：（1）营收增速能否维持在当前高位；（2）随着业务规模扩大，EBITDA利润率是否可持续于异常高水平；（3）外部负面因素（如监管、舆论）是否会逐渐让位于基本面执行力。26财年第二季度建议交易区间：400美元至500美元。中性前景。 

Albemarle Corp. (ALB) 

• 1Q26 Revenue: $1.43B, +32.4% YoY, beat estimates by $110M. 

• 1Q26 Non-GAAP EPS: $2.95, beat estimates by $1.64 

• FY26 Guidance: Raised its specialties net sales outlook for the full-year to between $1.3B to $1.5B and specialties adjusted EBITDA to be $225-275M. 

• Dividend distribution: Declared $0.405/share quarterly dividend, in line with previous, payable on 1 July for shareholders of record 12 June. 

• Comment: Albemarle reported a strong first quarter, with adjusted earnings of US$2.95 per share, well ahead of expectations of US$1.09, as higher lithium prices and volumes drove a sharp improvement in profitability. Net profit rose to US$319.1mn, compared with US$49.3mn a year earlier, while lithium division sales increased 70% to US$891.2mn, supported by a 51% increase in lithium prices and 14% higher volumes. The rebound reflects improving lithium market fundamentals, with stronger demand from electric vehicles and energy storage coinciding with tighter supply from disruptions in China and Zimbabwe. Looking ahead, Albemarle appears well positioned to benefit if lithium prices remain firm, but management’s decision to keep capital spending disciplined at US$550mn to US$600mn and avoid restarting idled capacity too quickly suggests the company is prioritizing cash generation and margin recovery over aggressive volume growth. 2Q26 recommended trading range: $190 to $220. Neutral Outlook. 

Albemarle 公司 (ALB) 

• 26财年第一季度营收：14.3亿美元，同比增长32.4%，超出预期1.10亿美元。 

• 26财年第一季度Non-GAAP每股收益：2.95美元，超出预期1.64美元。 

• 26财年指引：上调全年“特种业务”净销售额展望至13亿至15亿美元区间，并将特种业务调整后EBITDA指引定为2.25亿至2.75亿美元。 

• 分红安排：宣布每股0.405美元的季度股息，金额与此前一致；股息支付日为7月1日，股权登记日为6月12日。 

• 短评：Albemarle公布了强劲的第一季度业绩：调整后盈利达到每股2.95美元，显著高于预期的1.09美元，主要得益于锂价与销量带来的盈利能力快速改善。净利润增长至3.191亿美元，高于一年前的4900万美元；锂业务分部销售额同比增长70%至8.912亿美元，受益于锂价上涨51%，以及销量提升14%。这轮反弹反映锂市场基本面在改善：来自电动汽车和储能领域的需求增强，同时由于中国和津巴布韦出现中断，供给更趋紧张。展望未来，如果锂价继续坚挺，Albemarle似乎具备良好获益位置；但管理层决定将资本开支保持在5.5亿至6.0亿美元的纪律范围内，并避免过快重启闲置产能，这表明公司更重视现金创造和利润率修复，而不是激进的产量扩张。26财年第二季度建议交易区间：190美元至220美元。中性前景。