United States | Singapore | Hong Kong | Earnings
Altria Group Inc (MO US)
- Shares closed above the 20dEMA. The 5dEMA crossed the 10dEMA.
- RSI is constructive, while MACD is about to turn positive.
- Long – Entry 65.8, Target 70.4, Stop 63.5
Philip Morris International Inc. (PM US)
- Shares closed at a one-month high above the 100dEMA.
- Both RSI and MACD are constructive.
- Long – Entry 166, Target 180, Stop 159
Creative Technology Ltd. (CREAF SP)
- Shares closed above the 5dEMA with rising volume.
- Both RSI and MACD are constructive.
- Buy – Entry 0.67, Target 0.77, Stop 0.62
Sunpower Group Ltd. (SPWR SP)
- Shares closed above the 5dEMA with elevated volume for the week.
- Both RSI and MACD are constructive.
- Buy – Entry 0.48, Target 0.64, Stop 0.40
Yankuang Energy Group Co Ltd (1171 HK)
- Shares closed above the 20dEMA with rising volume. The 5dEMA crossed above the 20dEMA.
- RSI is constructive and MACD turned positive.
- Long – Entry 14.8, Target 16.0, Stop 14.2
CNOOC Ltd (883 HK)
- Shares closed above the 20dEMA with rising volume.
- RSI is constructive and MACD turned positive.
- Long – Entry 27.3, Target 29.5, Stop 26.2
Blackstone Inc (BX)
- 1Q26 Revenue: $3.62B, +10.0% YoY, beat estimates by $220M
- 1Q26 Non-GAAP EPS: $1.36, beat estimates by $0.02
- FY26 Guidance: No guidance provided
- Dividend distribution: Declared a $1.16/share quarterly dividend, down from the prior dividend of $1.49, payable May 11; for shareholders of record May 4.
- Comment: Blackstone reported a strong first quarter, with distributable earnings rising 25% YoY to US$1.76bn, or US$1.36 per share, slightly ahead of expectations, while strong inflows pushed assets under management above US$1.3tn. Credit and insurance remained the key growth driver, attracting US$37bn of inflows, followed by US$20.4bn from private equity, although sentiment was pressured by concerns over private credit quality, software exposure, and higher redemptions from its flagship BCRED fund. Management defended the long-term appeal of private credit, noting that institutional and insurance clients continue to allocate large-scale capital despite softer near-term returns and market noise. Looking ahead, Blackstone remains well positioned to benefit from structural growth in alternatives and private credit, but near-term performance will depend on improved market stability, lower redemption pressure, and a recovery in deal exits; if M&A and IPO markets reopen in the second half, earnings and realizations could reaccelerate meaningfully. 2Q26 recommended trading range: $110 to $150. Neutral Outlook.
黑石集团 (BX)
- 1Q26 营收：36.2亿美元，同比增长10.0%，超出预期2.2亿美元。
- 1Q26 Non-GAAP每股收益：1.36美元，超出预期0.02美元。
- 26财年指引：未提供指引。
- 股息分配：宣布每季度每股1.16美元的股息（低于此前每股1.49美元），支付日为5月11日；登记在册股东为5月4日。
- 短评：黑石公布了强劲的第一季度，可分配收益同比增长25%至17.6亿美元，折合每股1.36美元，略高于预期；同时强劲的资金流入推动管理资产规模（AUM）超过1.3万亿美元。信贷与保险业务仍是主要增长引擎，吸引资金流入370亿美元，其次为私募股权200.4亿美元。与此同时，市场情绪受到对私募信贷质量、软件敞口以及其旗舰BCRED基金赎回增加的担忧所压制。管理层为私募信贷的长期吸引力辩护，表示即便短期回报偏弱、市场噪音增加，机构与保险客户仍在配置大规模资本。展望未来，黑石有望受益于另类资产与私募信贷的结构性增长，但短期表现将取决于市场稳定性改善、赎回压力下降以及交易退出（退出/变现）恢复；若下半年并购与IPO市场重新活跃，盈利与实现收益可能出现更明显的加速。2Q26建议交易区间：110美元至150美元。中性前景。
Freeport-McMoRan Inc. (FCX)
- 1Q26 Revenue: $6.23B, +8.7% YoY, beat estimates by $270M
- 1Q26 Non-GAAP EPS: $0.57, beat estimates by $0.10
- FY26 Guidance: Expects the mine to produce 800 million pounds of copper and 700,000 ounces of gold this year, down from an earlier estimate of 1.1 billion pounds of copper and about 800,000 ounces of gold due to expectations of about 65% of production at Grasberg, to be restored by the second half of the year, down from a previous forecast of 85%.
- Comment: Freeport-McMoRan reported better-than-expected first-quarter adjusted earnings of US$0.57 per share, ahead of the US$0.46 consensus, as a 36.7% rise in copper prices helped offset sharply lower production following disruptions at its Grasberg mine in Indonesia. Copper production fell 23.7% to 662 million pounds, while gold output dropped 66.2% to 97,000 ounces, and management now expects only 65% of Grasberg production to be restored by the second half of the year, down from its previous 85% target. The slower restart, caused by wetter underground ore conditions requiring equipment modifications, also led Freeport to cut its 2026 Grasberg production outlook to 800 million pounds of copper and 700,000 ounces of gold. Looking ahead, Freeport remains highly leveraged to structurally strong copper demand from AI, power generation, and electrification, but near-term sentiment is likely to stay pressured until Grasberg’s recovery becomes more visible; if the ramp stabilizes safely, the company should benefit meaningfully from tight copper markets, though execution risk and rising diesel costs remain key overhangs.. 2Q26 recommended trading range: $56 to $74. Neutral Outlook.
自由港-麦克莫兰公司 (FCX)
- 1Q26 营收：62.3亿美元，同比增长8.7%，超出预期2.7亿美元。
- 1Q26 Non-GAAP每股收益：0.57美元，超出预期0.10美元。
- 26财年指引：预计今年矿山将生产8亿磅铜和70万盎司黄金；低于此前对11亿磅铜和约80万盎司黄金的预估。原因是预计Grasberg约65%的产量将于下半年恢复，而此前预期为85%，对比之前的口径。
- 短评：自由港-麦克莫兰公布的第一季度调整后盈利好于预期，每股0.57美元，高于市场一致预期0.46美元。主要受铜价上涨36.7%提振，抵消了其印尼Grasberg矿山中断后产量大幅下滑。铜产量下降23.7%至6.62亿磅，黄金产量下降66.2%至9.7万盎司；管理层预计Grasberg产量仅有65%将在下半年恢复，低于之前85%的目标。由于更潮湿的地下矿石条件需要对设备进行改造，复产速度放缓也促使公司下调2026年Grasberg产量预期至8亿磅铜和70万盎司黄金。展望未来，自由港仍高度受益于AI、发电与电气化带来的结构性强铜需求，但短期市场情绪可能仍承压，直到Grasberg恢复的可见度更清晰；如果爬坡过程能够安全稳定，公司应会在铜市场偏紧时获得明显好处，不过执行风险以及柴油成本上升仍是主要隐忧。2Q26建议交易区间：56美元至74美元。中性前景。
STMicroelectronics NV (STM)
- 1Q26 Revenue: $3.1B, +23.0% YoY, beat estimates by $50M
- 1Q26 Non-GAAP EPS: $0.13, miss estimates by $0.05
- 2Q26 Guidance: At the mid-point the company expects net revenues of $3.45B, increasing 11.6% sequentially and 24.9% YoY. Gross margin is expected to be about 34.8% and non-U.S. GAAP gross margin is expected to be about 35.2%.
- Comment: STMicroelectronics delivered a solid first quarter, with revenue of US$3.10bn, up 23% YoY and gross margin of 33.8%, supported by strong demand in personal electronics and communications equipment, alongside improving bookings and normalized channel inventories. Profitability remained modest, with operating income of US$70mn and net income of US$37mn, partly impacted by restructuring charges and acquisition-related costs following its purchase of NXP’s MEMS sensor business. Despite this, underlying momentum was encouraging, with strong design wins across automotive, industrial, and AI-related applications, and management guiding to a stronger second quarter with revenue of around US$3.45bn and improving margins. Looking ahead, STMicro appears well positioned to benefit from structural growth in AI infrastructure, power semiconductors, and automotive electrification, with management targeting data center revenues above US$500mn in 2026 and over US$1bn in 2027. However, execution on margin expansion and the pace of recovery in cyclical end markets will be key to sustaining earnings growth. 2Q26 recommended trading range: $46 to $54. Positive Outlook.
意法半导体 (STM)
- 1Q26 营收：31亿美元，同比增长23.0%，超出预期5000万美元。
- 1Q26 Non-GAAP每股收益：0.13美元，低于预期0.05美元。
- 2Q26 指引：在中值口径，公司预计净营收为34.5亿美元，环比增长11.6%，同比增长24.9%。预计毛利率约为34.8%，非美国GAAP毛利率约为35.2%。
- 短评：意法半导体第一季度表现稳健，营收31.0亿美元，同比增长23%，毛利率33.8%。这主要得益于个人电子产品与通信设备需求强劲，同时订单改善、渠道库存回归正常。盈利水平仍较为温和：营业利润7000万美元、净利润3700万美元，部分受到重组费用以及收购NXP的MEMS传感器业务相关成本影响。尽管如此，内在动能仍令人鼓舞：在汽车、工业以及与AI相关的应用中出现了强劲的设计导入（design wins）；管理层也指引第二季度将更强，营收约34.5亿美元、利润率继续改善。展望未来，意法半导体似乎有望受益于AI基础设施、电源半导体以及汽车电动化的结构性增长；公司目标是2026年数据中心营收超过5亿美元、2027年超过10亿美元。然而，能否在利润率扩张上持续推进，以及周期性终端市场复苏的节奏，仍将是维持盈利增长的关键。2Q26建议交易区间：46美元至54美元。积极前景。
Lockheed Martin Corp. (LMT)
- 1Q26 Revenue: $18.02B, +0.3% YoY, miss estimates by $230M
- 1Q26 GAAP EPS: $6.44, miss estimates by $0.25
- FY26 Guidance: Expect revenue of $77.5-$80.0B and diluted EPS of $29.35 – $30.25.
- Comment: Lockheed Martin reported a weaker first quarter, with profit of US$6.44 per share missing expectations of US$6.72, while revenue was roughly flat at US$18.0bn and slightly below consensus. Results were pressured by higher costs on fixed-price contracts, F-16 development delays tied to Taiwan and Morocco production ramps, C-130 supply chain issues, and weaker volumes in radar, Sikorsky helicopter, and classified programs. These headwinds offset stronger F-35 sales, even as broader defence demand remains robust amid global conflicts and replenishment needs. Management maintained its 2026 revenue guidance of US$77.5bn to US$80.0bn, supported by solid U.S. government demand and rising allied interest in the F-35, though share repurchases were paused as the company aligns with government pressure to prioritize production. Looking ahead, Lockheed remains well positioned structurally given elevated defence spending and missile, aircraft, and munitions demand, but near-term upside may be capped until it proves it can resolve execution issues, protect margins on legacy fixed-price contracts, and convert strong demand into profitable production growth. 2Q26 recommended trading range: $500 to $550. Neutral Outlook.
洛克希德马丁公司 (LMT)
- 1Q26 营收：180.2亿美元，同比增长0.3%，低于预期2.3亿美元。
- 1Q26 GAAP每股收益：6.44美元，低于预期0.25美元。
- 26财年指引：预计营收为775亿至800亿美元，摊薄EPS为29.35至30.25美元。
- 短评：洛克希德·马丁第一季度偏弱。每股利润6.44美元低于预期的6.72美元；营收基本持平在180.0亿美元左右，略低于一致预期。结果承压原因包括：固定价格合同成本更高、与台湾和摩洛哥生产爬坡相关的F-16研发延迟、C-130供应链问题，以及雷达、Sikorsky直升机与涉密项目（classified programs）销量走弱。上述不利因素抵消了F-35销售更强的影响，尽管在全球冲突与补充需求推动下，整体国防需求仍保持韧性。管理层维持2026年营收指引775亿至800亿美元，支撑来自稳固的美国政府需求以及F-35相关的盟友兴趣上升；但公司暂停了股份回购，以配合政府压力、将优先级转向生产。展望未来，基于国防开支处于高位以及导弹、飞机和弹药需求旺盛，洛克希德在结构性层面仍处于良好位置；但短期上行空间可能受限，直到公司证明能够解决执行问题、在存量固定价格合同上守住利润率，并将强劲需求转化为更具盈利性的产能增长。2Q26建议交易区间：500美元至550美元。中性前景。
American Express Co. (AXP)
- 1Q26 Revenue: $18.9B, +11.4% YoY, beat estimates by $290M
- 1Q26 Non-GAAP EPS: $4.28, beat estimates by $0.29
- FY26 Guidance: Reaffirmed its 2026 guidance, expecting revenue growth of 9% to 10% and full-year profit in the range of $17.30 to $17.90 per share.
- Comment: American Express delivered a strong first quarter, with profit of US$4.28 per share beating expectations of US$4.02, as affluent customers continued spending heavily on travel, entertainment, retail, and luxury goods. Revenue rose 10% to US$18.9bn, while billed business increased 9% to US$428bn, its strongest card spending growth in three years. Retail spending rose 11%, luxury retail jumped 18%, and airline spending grew 8% despite some travel disruption from the Middle East conflict. Credit quality also remained solid, with management noting no major concerns despite provisions rising slightly to US$1.3bn. Looking ahead, American Express reaffirmed its 2026 guidance for 9%-10% revenue growth and full-year earnings of US$17.30-US$17.90 per share, and remains well positioned given its affluent customer base, strong brand, and growing appeal to younger cardholders, though higher fuel prices, inflation, and travel volatility could temper spending momentum. 2Q26 recommended trading range: $310 to $350. Neutral Outlook.
美国运通公司 (AXP)
- 1Q26 营收：189亿美元，同比增长11.4%，超出预期2.9亿美元。
- 1Q26 Non-GAAP每股收益：4.28美元，超出预期0.29美元。
- 26财年指引：重申2026年指引，预计营收增长9%至10%，全年利润预计在每股17.30至17.90美元区间。
- 短评：美国运通第一季度表现强劲，每股利润4.28美元高于预期的4.02美元。原因是高净值客户继续在旅行、娱乐、零售和奢侈品方面保持较高支出。营收增长10%至189亿美元；计费业务（billed business）增长9%至4280亿美元，这是近三年信用卡消费增速最强的表现。零售支出增长11%，奢侈品零售增长18%，尽管中东冲突导致部分旅行受扰，航空支出仍增长8%。信用质量也保持稳健，管理层表示没有重大担忧，尽管拨备小幅上升至13亿美元。展望未来，美国运通重申2026年指引：营收增长9%至10%，全年盈利每股17.30至17.90美元；同时凭借其富裕客户基础、强大品牌以及对更年轻持卡人群的吸引力提升，公司仍处于有利位置。不过，油价较高、通胀以及旅行波动可能会在一定程度上抑制消费势头。2Q26建议交易区间：310美元至350美元。中性前景。
Intel Corp. (INTC)
- 1Q26 Revenue: $13.58B, +6.9% YoY, beat estimates by $1.15B
- 1Q26 Non-GAAP EPS: $0.29, beat estimates by $0.28
- 2Q26 Guidance: Expect revenue to be $13.8B to $14.8B above analysts estimated $13B on average.
- Comment: Intel delivered a major upside surprise, with first-quarter revenue rising 7% to US$13.6bn and adjusted EPS of US$0.29, well ahead of expectations, while second-quarter guidance of US$13.8bn to US$14.8bn revenue and adjusted EPS of about US$0.20 also beat consensus. The strength was driven by renewed demand for Xeon server processors as AI data centre buildouts increase demand for central processing units alongside accelerators. Management said demand remains stronger than supply, with Intel focused on expanding factory output, while recent external investments have strengthened its balance sheet and improved confidence in its turnaround. Looking ahead, Intel appears to be moving from survival mode to recovery mode, but the key question is whether it can sustainably scale manufacturing, regain server share, and build a credible AI accelerator roadmap; if execution continues improving, the stock’s rerating could have further support, though expectations are now much higher. 2Q26 recommended trading range: $72 to $100. Positive Outlook.
英特尔公司 (INTC)
- 1Q26 营收：135.8亿美元，同比增长6.9%，超出预期11.5亿美元。
- 1Q26 Non-GAAP每股收益：0.29美元，超出预期0.28美元。
- 2Q26 指引：预计营收在138亿至148亿美元之间；高于分析师平均预期的130亿美元。
- 短评：英特尔带来重大超预期表现。第一季度营收增长7%至136亿美元，调整后EPS为0.29美元，显著好于预期；第二季度指引也同样强：营收预计138亿至148亿美元、调整后EPS约0.20美元，也高于市场一致预期。强劲表现主要由对Xeon服务器处理器的需求回升驱动，因为AI数据中心建设增加了对中央处理器（CPU）以及加速器的需求。管理层表示，目前需求仍强于供给，英特尔专注于扩大产线产能；同时近期的外部投资增强了其资产负债表并提升了扭转信心。展望未来，英特尔似乎正从“生存模式”转向“修复模式”。但关键在于它能否持续扩大制造规模、重新夺回服务器份额，并建立可信的AI加速器路线图；如果执行继续改善，股价可能获得进一步重估支撑，不过当前市场预期已明显抬升。2Q26建议交易区间：72美元至100美元。积极前景。
Newmont Corporation. (NEM)
- 1Q26 Revenue: $7.31B, +45.9% YoY, beat estimates by $780M
- 1Q26 Non-GAAP EPS: $2.90, beat estimates by $0.68
- 2Q26 Guidance: Expects to generate 23% of total attributable production, slightly below the first quarter.
- Share buyback: The company authorized an additional $6B share repurchase program after fully executing its previous buyback plan.
- Comment: Newmont reported a strong first quarter, with adjusted earnings of US$2.90 per share beating expectations of US$2.18, as record gold prices offset weaker production. The company realized an average gold price of US$4,900 per ounce, up sharply from US$2,944 a year earlier, while attributable gold production fell to 1.30 million ounces from 1.54 million ounces due to disruptions and lower grades at assets including Boddington, Tanami, Lihir and Cerro Negro. Management warned that second-quarter output will be slightly lower and unit costs will rise due to higher sustaining capital, lower silver output, mine-specific cost pressures, higher oil prices and a full-quarter impact from increased Ghana royalties. Looking ahead, Newmont remains highly leveraged to elevated gold prices and shareholder returns, supported by a new US$6bn buyback, but near-term upside will depend on whether gold strength can continue to absorb rising costs and production softness. 2Q26 recommended trading range: $100 to $130. Neutral Outlook.
纽蒙特公司 (NEM)
- 1Q26 营收：73.1亿美元，同比增长45.9%，超出预期7.8亿美元。
- 1Q26 Non-GAAP每股收益：2.90美元，超出预期0.68美元。
- 2Q26 指引：预计总归属产量中约23%来自本季度的产出，略低于第一季度。
- 股票回购：公司在前次回购计划已全部执行后，批准新增60亿美元的股份回购计划。
- 短评：纽蒙特第一季度表现强劲，调整后每股收益2.90美元高于预期2.18美元，主要因为金价创纪录抵消了产量走弱的影响。公司实现的平均金价为每盎司4900美元，较去年同期的2944美元大幅上升；但归属黄金产量因中断与矿石品位下降，从154万盎司降至130万盎司，包括Boddington、Tanami、Lihir和Cerro Negro等资产。管理层提示第二季度产量将略低、单位成本将上升，原因包括更高的维持性资本开支、白银产量下降、矿山层面的成本压力、油价更高，以及加纳许可权利金影响覆盖到完整季度。展望未来，纽蒙特仍高度依赖高金价及股东回报政策，且在新增60亿美元回购支持下，但短期上行取决于金价强势能否继续消化不断上升的成本以及产量的疲软。2Q26建议交易区间：100美元至130美元。中性前景。
