United States | Singapore | Hong Kong | Earnings
Western Digital Corporation (WDC US)
- Shares closed on the 5dEMA.
- RSI is near overbought levels, but MACD is still constructive.
- Long – Entry 460, Target 520, Stop 430
Penguin Solutions, Ltd (PENG US)
- Shares closed above the 5dEMA with elevated volume for the week.
- RSI is at overbought levels, but MACD is still constructive.
- Long – Entry 44, Target 52, Stop 40
Singapore Telecommunications Limited. (ST SP)
- Shares closed above the 5dEMA.
- RSI is constructive and MACD is about to turn positive.
- Buy – Entry 4.8, Target 5.2, Stop 4.6
Taka Jewellery Holdings Ltd. (TAKA SP)
- Shares closed on the 5dEMA.
- Both RSI and MACD are constructive.
- Buy – Entry 0.200, Target 0.230, Stop 0.185
Orient Overseas (International) Ltd (316 HK)
- Shares closed above the 5dEMA with rising volume.
- Both RSI and MACD are constructive.
- Long – Entry 142, Target 154, Stop 136
COSCO SHIPPING Holdings Co., Ltd. (1919 HK)
- Shares closed above the 5dEMA with rising volume. The 5dEMA crossed the 20dEMA.
- Both RSI and MACD are constructive.
- Long – Entry 14.8, Target 16.0, Stop 14.3
Ondas Inc. (ONDS)
- 1Q26 Revenue: $50.12M, +1079.3% YoY, beat estimates by $10.76M
- FY26 Guidance: Raised FY26 revenue outlook to at least $390M, implying roughly 670% YoY growth.
- Comment: This was a very strong quarter on revenue and backlog. Revenue reached a record $50.1M, gross margin improved to 49%, and backlog rose to $457M. Management also said the product companies were adjusted EBITDA positive in 1Q26, ahead of internal targets, which supports the view that the autonomous systems platform is beginning to scale meaningfully. The main issue is earnings quality. Reported net income was dominated by non-cash other income of $404.2M, while operating loss widened to $42.7M and adjusted EBITDA remained negative at $10.9M. In other words, the core operating trajectory is improving, but the headline profit number overstates near-term earnings quality. The principal variables to monitor are backlog conversion, operating-loss improvement as scale builds, and whether the sharply raised FY26 revenue target converts into cleaner cash earnings over the next few quarters. 2Q26 recommended trading range: $10 to $13. Neutral Outlook.
Ondas Inc.（ONDS)
- 26财年第一季度营收：5012万美元，同比增长1079.3%，超出预期1076万美元
- 26财年全年指引：上调全年营收展望至至少3.9亿美元，隐含约670%的同比增速
- 短评：本季度在营收与订单积压（backlog）方面表现极为强劲。营收创历史新高至5012万美元，毛利率提升至49%，积压订单达4.57亿美元。管理层指出，旗下产品业务在Q1已实现调整后EBITDA盈利，早于内部目标，显示其自主系统平台正进入实质性规模化阶段。然而，盈利质量存在显著失真：财报净利润主要由一笔4.042亿美元的非现金“其他收入”驱动，而运营亏损扩大至4270万美元，调整后EBITDA仍为负1090万美元。换言之，核心运营业务虽在改善，但顶层利润数字严重高估了近端真实盈利能力。后续关键变量包括：（1）4.57亿美元积压订单的收入确认节奏；（2）随着规模扩大，运营亏损能否持续收窄；（3）大幅上调的全年3.9亿美元营收目标，能否在未来几个季度转化为更清晰、可持续的经营性现金流与盈利。26财年第二季度建议交易区间：10美元至13美元。中性前景。
Intuitive Machines, Inc. (LUNR)
- 1Q26 Revenue: $186.73M, +198.6% YoY, miss estimates by $18.58M
- 1Q26 GAAP EPS: -$0.25, miss estimates by $0.18
- FY26 Guidance: Maintained FY26 revenue guidance of $900M to $1.0B and reiterated expectation for positive adjusted EBITDA in 2026.
- Comment: This was a mixed quarter. Revenue nearly tripled YoY and backlog rose to a record $1.1B, while gross margin and adjusted EBITDA both improved materially. The completed Lanteris acquisition also appears to be immediately additive to growth and broadens the company’s space systems exposure. The main issue is conversion quality. Revenue missed expectations and EPS was weaker than expected, which suggests growth is still uneven and acquisition, integration, and operating costs remain meaningful. The stock initially fell more than 9% premarket before recovering and closing higher, which indicates the market focused more on backlog, EBITDA improvement, and maintained full-year guidance than on the quarter’s revenue miss. The principal variables to monitor are backlog conversion, execution on lunar payload and network services contracts, integration of Lanteris, and whether positive EBITDA can be sustained through the rest of 2026. 2Q26 recommended trading range: $28 to $45. Neutral Outlook.
Intuitive Machines, Inc.（LUNR)
- 26财年第一季度营收：1.8673亿美元，同比增长198.6%，低于预期1858万美元
- 26财年第一季度公认会计准则每股亏损：0.25美元，低于预期0.18美元（亏损超预期）
- 26财年全年指引：维持全年营收9亿–10亿美元；重申预计2026年实现正向调整后EBITDA
- 短评：本季度表现混合，但长期动能依然稳固。营收同比近三倍增长，积压订单（backlog）创纪录达11亿美元，毛利率与调整后EBITDA均显著改善。近期完成的Lanteris收购已显现出对增长的即期贡献，并拓展了公司在航天系统领域的业务广度。然而，短期变现质量仍不均衡：营收与EPS双双不及预期，反映在高速扩张、并购整合及运营投入背景下，盈利路径尚不稳定。市场反应先抑后扬——盘前一度下跌超9%，但最终收涨，表明投资者更关注积压订单规模、EBITDA改善趋势及全年指引未下调等积极信号。后续关键变量包括：（1）11亿美元积压订单的收入转化节奏；（2）月球载荷与空间网络服务合同的执行进展；（3）Lanteris整合效率；（4）公司能否在2026年剩余时间内持续实现并维持正向EBITDA。26财年第二季度建议交易区间：28美元至45美元。中性前景。
Bullish (BLSH)
- 1Q26 Revenue: $92.8M, +48.7% YoY, miss estimates by $1.43M
- 1Q26 GAAP EPS: -$3.85, miss estimates by $1.62
- FY26 Guidance: Management highlighted growth in options trading, expansion in subscriptions and services, and the pending Equiniti acquisition as key strategic drivers.
- Comment: This was a weak quarter on reported profitability. Adjusted revenue of $92.8M and adjusted EBITDA of $35.1M were both below expectations cited in market coverage, while transaction revenue declined 9.5% YoY as crypto prices and trading volumes softened. The more constructive element was business mix. Subscriptions and services revenue grew sharply, and Bullish’s options franchise continued to gain share, reaching a 14% open-interest market share in April 2026. That suggests the long-term story is shifting toward a more diversified exchange model rather than pure spot trading exposure. The stock reaction was negative, with shares falling about 11% after the report. The principal variables to monitor are recovery in crypto trading activity, sustainability of subscriptions and services growth, options market-share gains, and execution on the pending Equiniti acquisition. 2Q26 recommended trading range: $35 to $48. Neutral Outlook.
Bullish（BLSH)
- 26财年第一季度营收：9280万美元，同比增长48.7%，略低于预期1430万美元
- 26财年第一季度公认会计准则每股亏损：3.85美元，显著低于预期1.62美元（亏损远超预期）
- 26财年全年指引：管理层强调期权交易增长、订阅与服务业务扩张，以及即将完成的Equiniti收购为关键战略驱动力
- 短评：本季度在报告盈利方面表现疲弱。调整后营收9280万美元及调整后EBITDA 3510万美元均低于市场预期；交易收入同比下滑9.5%，主因加密货币价格与交易量回落。然而，业务结构正向更健康方向演进：订阅与服务收入大幅增长，期权业务市占率持续提升——截至2026年4月，未平仓合约（open interest）市占率达14%，显示其正从纯现货交易平台转型为多元化数字资产交易所。尽管如此，市场反应负面，股价盘后下跌约11%，反映投资者对当前盈利缺口与交易活动疲软的担忧。后续关键变量包括：（1）加密市场交易活跃度能否回暖；（2）订阅与服务收入增长是否可持续；（3）期权市场份额能否继续扩大；（4）Equiniti收购能否顺利整合并产生协同效应。26财年第二季度建议交易区间：35美元至48美元。中性前景。
Viking Holdings Ltd (VIK)
- 1Q26 Revenue: $1.06B, +18.2% YoY, beat estimates by $50M
- 1Q26 Non-GAAP EPS: -$0.11, in-line with estimates
- FY26 Guidance: Management highlighted strong 2026 and 2027 booking trends, with 2026 advanced bookings up 13% YoY and 2027 up 31% YoY.
- Comment: This was a strong quarter. Revenue rose 17.5% to $1.05B, adjusted EBITDA increased 43.9% to $104.8M, and net yield rose 9.5% to $596, indicating solid pricing power and healthy demand. Occupancy was 94.7%, while passenger cruise days increased 6.6%, supported by fleet growth. The key positive is booking strength. Management disclosed that 2026 bookings are already tracking ahead of the prior year and 2027 bookings are building even faster, which supports the case that demand remains firm beyond the current season. The stock reacted positively, with shares rising more than 5% after the release. The principal variables to monitor are yield durability, occupancy as more capacity is added, cost control as the fleet expands, and whether booking momentum for 2027 remains as strong through the next few quarters. 2Q26 recommended trading range: $75 to $95. Neutral Outlook.
Viking Holdings Ltd（VIK)
- 26财年第一季度营收：10.6亿美元，同比增长18.2%，超出预期5000万美元
- 26财年第一季度非公认会计准则每股亏损：0.11美元，符合市场预期
- 26财年全年指引：管理层指出2026年预订单同比增长13%，2027年预订单大增31%，显示需求能见度强劲
- 短评：本季度表现强劲。营收同比增长17.5%至10.5亿美元，调整后EBITDA大增43.9%至1.048亿美元，每乘客日净收益（net yield）提升9.5%至596美元，反映定价能力稳固、需求健康。入住率达94.7%，乘客邮轮日数增长6.6%，受益于船队扩容。核心亮点在于预订势头超预期：2026年预订已超越去年同期水平，2027年预订增速更快，表明高需求不仅限于当前航季，而是具备持续性。财报发布后股价上涨逾5%，市场反应积极。后续关键变量包括：（1）高收益水平能否维持；（2）新增运力下入住率是否保持高位；（3）船队扩张过程中的成本控制；（4）2027年强劲预订趋势能否在未来几个季度持续兑现。26财年第二季度建议交易区间：75美元至95美元。中性前景。
Applied Materials, Inc. (AMAT)
- 2Q26 Revenue: $7.91B, +11.4% YoY, beat estimates by $220M
- 2Q26 Non-GAAP EPS: $2.86, beat estimates by $0.18
- 3Q26 Guidance: 3Q26 revenue guided to about $8.95B ± $0.50B and adjusted EPS to about $3.36 ± $0.20, both above expectations.
- Comment: This was a strong quarter with a notably strong guide. Revenue and earnings both beat, and management pointed to sustained AI and data-center-driven wafer fab investment, along with stronger demand in advanced packaging. The most important takeaway is that customer visibility appears to be improving, with management describing longer-range order transparency and enough confidence to lift the semiconductor equipment growth outlook for 2026. The main variables to monitor are whether this stronger AI-led capex cycle broadens further across foundry, DRAM, and packaging, whether supply-chain readiness keeps pace with the higher build plan, and whether the stock’s already-strong move begins to cap near-term rerating. The immediate market reaction was positive, with shares rising after the release, which is consistent with a quarter that beat on both current execution and forward outlook. 3Q26 recommended trading range: $380 to $500. Neutral Outlook.
應用材料公司（AMAT)
- 26財年第二季度營收：79.1億美元，同比增長11.4%，超出預期2.2億美元
- 26財年第二季度非公認會計準則每股收益：2.86美元，超出預期0.18美元
- 26財年第三季度指引：營收約89.5億美元（±5億美元），調整後每股收益約3.36美元（±0.20美元），均高於市場預期
- 短評：本季度表現強勁，且前瞻指引顯著優於預期。營收與盈利雙超，管理層指出，AI與數據中心驅動的晶圓廠資本支出持續堅挺，先進封裝需求亦明顯回升。最重要信號在於客戶能見度改善：公司表示訂單能見度延長，並因此上調2026年半導體設備行業增長預期，顯示對未來幾個季度需求信心增強。市場反應積極，股價應聲上漲，反映投資者認可其當前執行力與前瞻性樂觀展望。後續關鍵變量包括：（1）此輪由AI驅動的資本開支週期能否進一步擴展至晶圓代工、DRAM及封裝領域；（2）供應鏈是否能跟上更高強度的設備交付計劃；（3）股價已大幅上漲後，是否限制短期進一步重估空間。26財年第三季度建議交易區間：380美元至500美元。中性前景。
