Technical Analysis – 28 April 2026

United States | Singapore | Hong Kong | Earnings

Teledyne Technologies Incorporated (TDY US)

• Shares closed above the 5dEMA with elevated volume for the week. 
• Both RSI and MACD are constructive. 
• Long – Entry 650, Target 690, Stop 630 

Plug Power, Inc. (PLUG US) 

• Shares closed slightly below the 5dEMA.  
• Both RSI and MACD are constructive. 
• Long – Entry 3.0, Target 4.0, Stop 2.5 

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Totm Technologies Ltd (TOTM SP) 

• Shares closed at a six-month high above the 5dEMA with rising volume. 
• MACD is positive, while RSI is overbought. 
• Buy – Entry 0.029, Target 0.032, Stop 0.027 

Genting Singapore Ltd (GENS SP) 

• Shares closed above the 5dEMA with rising volume. 
• Both RSI and MACD are constructive. 
• Buy – Entry 0.705, Target 0.745, Stop 0.685 

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Lenovo Group Ltd (992 HK)  

• Shares closed at a six-month high above the 5dEMA. 
• MACD is constructive, while RSI is at an overbought level. 
• Long – Entry 12.0, Target 12.9, Stop 11.5 

Plover Bay Technologies Ltd (1523 HK) 

• Shares closed above the 20dEMA with rising volume. The 5dEMA crossed the 10dEMA.  
• Both RSI and MACD are constructive. 
• Long – Entry 7.6, Target 8.2, Stop 7.3

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Verizon Communications Inc. (VZ) 

• 1Q26 Revenue: $34.4B, +2.7% YoY, miss estimates by $490M 

• 1Q26 Non-GAAP EPS: $1.28, beat estimates by $0.07 

• FY26 Guidance: Raised FY26 adjusted EPS guidance to $4.95 to $4.99, or 5.0% to 6.0% YoY growth, from prior guidance of 4.0% to 5.0%. Management also now expects total retail postpaid phone net additions to land in the upper half of the 750,000 to 1.0M range. 

• Dividends: Verizon paid $2.9B of dividends and repurchased $2.5B of shares in 1Q26 

• Comment: The quarter was better than feared, and the most important positive was subscriber quality. Verizon added 55,000 retail postpaid phone net subscribers in 1Q26, versus market expectations for a loss, marking its first positive March quarter for postpaid phone adds in over a decade. That matters because it suggests the company’s revised go-to-market strategy, including bundling and targeted switching offers, is beginning to work.  Wireless and broadband service revenue trends were also reasonably healthy beneath the headline revenue miss. Verizon indicated that in March, mobility and broadband service revenue grew in the middle of its 2.0% to 3.0% guidance range, even though reported wireless service revenue faced an 80 bp one-time pressure from customer credits and other impacts related to the January outage. In other words, the revenue miss appears more timing and one-off in nature than a sign of underlying commercial deterioration. Cash generation remained solid. Cash flow from operations rose to $8.0B from $7.8B a year ago, while free cash flow increased to $3.8B from $3.6B. This supports Verizon’s ability to sustain both shareholder returns and network investment without changing the balance-sheet debate materially. The weaker point was broadband mix and topline conversion. Fixed wireless broadband additions were 214,000, down 30% YoY and below some market expectations, which indicates not every growth vector accelerated this quarter. Revenue at $34.4B was also slightly below consensus, even if the company had a credible outage-related explanation. Shares rose about 3% after the release as investors focused on the unexpected postpaid phone subscriber growth, EPS beat, and raised full-year guidance rather than the modest revenue miss. The read-through is constructive. Verizon delivered the type of quarter the market needed to see better subscriber performance, stable service-revenue trends, solid cash flow, and a guidance raise. The principal variables to monitor are whether postpaid phone momentum sustains beyond one quarter, whether fixed wireless growth re-accelerates, and whether bundling continues to improve customer lifetime value without sacrificing margin. 2Q26 recommended trading range: $40 to $60. Neutral Outlook. 

Verizon Communications Inc.（VZ) 

• 6财年第一季度营收：344亿美元，同比增长2.7%，低于预期4.9亿美元 

• 26财年第一季度非公认会计准则每股收益：1.28美元，超出预期0.07美元 

• 26财年全年指引：上调调整后EPS至4.95–4.99美元（同比增长5.0%–6.0%，此前为4.0%–5.0%）；预计全年零售后付费手机净增用户将落在75万–100万区间的上半区间 

• 股息与资本返还：第一季度支付股息29亿美元，回购股票25亿美元 

• 短评：本季度表现好于市场担忧，最大亮点在于用户质量显著改善。公司新增5.5万零售后付费手机用户，远超市场预期的流失，并创下十余年来首个3月季度实现正向后付费手机净增的纪录。这一转折表明其调整后的市场策略——包括融合套餐（bundling）与针对性携号转网优惠——正初见成效。尽管顶层营收略逊预期，但核心服务收入趋势稳健。Verizon指出，若剔除1月网络中断事件导致的一次性客户补偿（对无线服务收入造成约80个基点拖累），3月移动与宽带服务收入增速处于其2.0%–3.0%指引区间的中段。换言之，营收缺口主要源于短期、非经营性因素，而非商业基本面恶化。现金流表现强劲：经营活动现金流从78亿美元增至80亿美元，自由现金流从36亿美元升至38亿美元，支撑公司在维持高额股东回报（股息+回购）的同时，持续推进5G与光纤网络投资，资产负债表压力可控。主要短板在于固定无线接入（FWA）：新增用户21.4万，同比下滑30%，低于部分市场预期，显示并非所有增长引擎同步加速。此外，344亿美元的总营收虽有合理解释，但仍构成轻微失望。财报发布后股价上涨约3%，反映投资者更关注意外的用户增长、EPS超预期及全年指引上调，而非小幅营收缺口。整体信号具建设性：Verizon交出了一份市场亟需的答卷——用户表现改善、服务收入稳定、现金流健康、指引上调。后续关键变量包括：（1）后付费手机用户增长动能能否持续，而非仅单季反弹；（2）固定无线用户增长能否重新加速；（3）融合套餐策略在提升客户终身价值（LTV）的同时，是否能维持利润率纪律。26财年第二季度建议交易区间：40美元至60美元。中性前景。 
   

Domino’s Pizza, Inc. (DPZ) 

• 1Q26 Revenue: $1.15B, +3.6% YoY, miss estimates by $10M 

• 1Q26 GAAP EPS: $4.13, miss estimates by $0.14 

• FY26 Guidance: Management lowered its 2026 same-store sales outlook and now expects both U.S. and international same-store sales growth to be in the low single digits, down from prior expectations. 

• Dividends: Approved a new $1.0B share repurchase authorization. Management also highlighted $1.29B of remaining repurchase authorization on the earnings call. 

• Comment: The quarter was soft relative to expectations. Revenue grew 3.5% YoY to $1.15B, but both revenue and EPS missed consensus, which matters because Domino’s had been viewed as a relatively defensive quick-service name. The company also posted only 0.9% U.S. same-store sales growth and a 0.4% decline in international same-store sales excluding FX, confirming that demand weakened materially during the quarter. The core issue appears to be consumer softness rather than a company-specific operational breakdown. Management said consumer sentiment dropped to pandemic-era lows in March, while higher food and energy prices and a weaker labor backdrop pressured traffic. Competitive intensity increased as rivals launched aggressive promotions, including offers similar to Domino’s own value bundles. Store growth remains a partial offset. Global retail sales still grew 3.4% excluding FX, helped by 180 net new stores in the quarter, including 161 internationally. Domino’s continues to rely on unit expansion, especially in markets such as China and India, to support systemwide sales growth even as same-store demand softens. Profit quality was also affected by a one-time item. Earnings were partly pressured by a $30M pre-tax charge tied to Domino’s investment in DPC Dash, its contractor-based delivery service investment. That does not fully explain the miss, but it does mean the quarter was somewhat weaker than the headline EPS alone suggests. Shares fell sharply about a 10% drop reflecting investor disappointment over the comp miss and weaker 2026 sales outlook. The setup is presently cautious. Domino’s still has credible levers through value promotion, menu innovation, digital improvements, and international unit expansion. However, the current earnings revision is moving in the wrong direction, consumer strain is visible in the comp trend, and competitive pressure appears to be intensifying. The principal variables to monitor are whether U.S. same-store sales reaccelerate after the recent promotional push, whether international comps stabilize outside of Domino’s Pizza Enterprises-related weakness, and whether margin pressure from promotions and one-time charges eases in the next quarter. 2Q26 recommended trading range: $300 to $400. Neutral Outlook. 

Domino’s Pizza, Inc.（DPZ) 

• 26财年第一季度营收：11.5亿美元，同比增长3.6%，低于预期1000万美元 

• 26财年第一季度公认会计准则每股收益：4.13美元，低于预期0.14美元 

• 26财年全年指引：下调2026年同店销售额展望，预计美国及国际同店销售增长均仅为低个位数，低于此前预期 

• 股息与资本返还：批准新一轮10亿美元股票回购授权；管理层在电话会上指出，截至季末仍有12.9亿美元回购额度剩余 

• 短评：本季度表现弱于预期。营收同比增长3.5%至11.5亿美元，但营收与EPS双双不及共识，意义重大——因达美乐此前被视为相对防御性的快餐股。公司仅录得美国同店销售增长0.9%，国际同店销售（剔除汇率影响），确认需求在季度内明显走软。核心问题似源于宏观消费疲软，而非公司运营失误：管理层指出，3月消费者信心跌至疫情以来低位，叠加食品与能源价格上涨、劳动力市场转弱，共同压制客流；同时，竞争加剧，对手推出类似达美乐价值套餐的激进促销。门店扩张部分抵消了同店压力：全球零售销售额（剔除FX）增长3.4%，受益于本季净增180家门店（其中国际161家）。公司正更依赖单位扩张（尤其在中国、印度等市场）支撑系统总销售额增长。盈利质量亦受一次性项目拖累：EPS部分受一项3000万美元税前费用影响（源于对承包商配送服务DPC Dash的投资），虽非业绩缺口主因，但表明实际经营表现比表面EPS更弱。财报发布后股价大跌约10%，反映投资者对同店销售不及预期及全年销售前景下调的失望。当前格局趋于谨慎：达美乐仍具备价值促销、菜单创新、数字化升级及国际拓店等有效杠杆，但盈利修正方向不利、消费压力显性化、竞争强度上升构成短期逆风。后续关键变量包括：（1）美国同店销售能否在近期促销推动下重新加速；（2）除Domino’s Pizza Enterprises相关疲软外，国际同店趋势能否企稳；（3）促销与一次性费用带来的利润率压力是否在下季度缓解。26财年第二季度建议交易区间：300美元至400美元。中性前景。 

Celestica Inc. (CLS) 

• 1Q26 Revenue: $4.05B, +52.8% YoY, in-line with estimates. 

• 1Q26 Non-GAAP EPS: $2.16, beat estimates by $0.08 

• FY26 Guidance: Raised FY26 outlook to revenue of $19.0B and adjusted EPS of $10.15.  

• Share Buybacks: 0.1M common shares for $20M in 1Q26. 

• Comment: The quarter was exceptionally strong. Revenue rose 53% YoY to $4.05B, adjusted operating margin expanded to 8.0% from 7.1%, and adjusted EPS of $2.16 came in above the high end of prior guidance. This was a high-quality beat driven by both top-line acceleration and margin expansion. The main growth engine remains Connectivity & Cloud Solutions. Celestica continues to benefit from hyperscale and AI infrastructure demand, particularly in high-speed networking, switches, and data-center platforms. That remains the central investment case, and the quarter reinforces that AI-related demand is still converting into real revenue and earnings rather than only backlog optimism. The significance of the print lies in the raise as much as the beat. Management increased its FY26 outlook to $19.0B of revenue and $10.15 of adjusted EPS, both above prior expectations. This suggests confidence that current demand strength is not limited to one quarter and should continue through the rest of the year. The principal issue is expectations and valuation. Despite the strong results and raised guidance, the stock sold off after hours after entering the print at a record high and after a very strong April rally. That reaction indicates investors were positioned for an even stronger upside surprise or are becoming more sensitive to how much AI enthusiasm is already reflected in the multiple. Shares fell about 8.1% despite the beat-and-raise quarter, after closing at a record high and rising nearly 50% during April. Fundamentally, this was one of the stronger AI infrastructure prints this season. Revenue growth was very strong, margins expanded, and full-year guidance moved materially higher. The principal variables to monitor are whether hyperscaler and AI networking demand stays this strong into 2H26, whether margin expansion continues as scale increases, and whether valuation pressure caps near-term upside despite continued execution. 2Q26 recommended trading range: $330 to $500. Neutral Outlook. 

Celestica Inc.（CLS) 

• 26财年第一季度营收：40.5亿美元，同比增长52.8%，符合市场预期 

• 26财年第一季度非公认会计准则每股收益：2.16美元，超出预期0.08美元 

• 26财年全年指引：上调全年展望至营收190亿美元、调整后每股收益10.15美元 

• 股票回购：第一季度回购10万股普通股，耗资2000万美元 

• 短评：本季度表现极为强劲。营收同比大增53%至40.5亿美元，调整后营业利润率从7.1%扩大至8.0%，调整后EPS达2.16美元，超出此前指引上限，是一次兼具顶层加速与利润率扩张的高质量超预期。核心增长引擎仍是连接与云解决方案（Connectivity & Cloud Solutions）——公司持续受益于超大规模数据中心及AI基础设施需求，尤其在高速网络设备、交换机和数据中心平台领域。这再次验证其投资逻辑：AI相关需求正转化为真实营收与盈利，而非仅停留在订单积压层面。本次财报意义不仅在于超预期，更在于大幅上调全年指引，显示管理层对当前需求动能可持续性充满信心，认为强劲表现将贯穿2026全年。然而，尽管基本面出色，股价在盘后下跌约8.1%（此前4月已大涨近50%并创历史新高），反映投资者或已提前充分定价乐观预期，对“惊喜幅度不足”敏感，或开始担忧AI热情是否已在估值中过度反映。整体而言，这是本季AI基础设施板块中最强劲的财报之一：高增长、扩 margin、显著上调指引。后续关键变量包括：（1）超大规模客户与AI网络需求能否在2026年下半年维持高位；（2）规模效应下利润率能否继续提升；（3）即便执行持续优异，估值压力是否会限制短期上行空间。26财年第二季度建议交易区间：330美元至500美元。中性前景。 

Cadence Design Systems, Inc. (CDNS) 

• 1Q26 Revenue: $1.47B, +18.5% YoY, beat estimates by $10M 

• 1Q26 Non-GAAP EPS: $1.96, beat estimates by $0.07 

• FY26 Guidance: Raised FY26 revenue guidance to $6.125B to $6.225B from $5.9B to $6.0B previously. FY26 non-GAAP EPS guidance was lowered to $7.85 to $7.95 from $8.05 to $8.15, largely due to the Hexagon design and engineering acquisition. 

• Share Buybacks: Cadence expects to use approximately $200M for share repurchases in 2Q26. 

• Comment: The quarter was fundamentally strong. Cadence exceeded both revenue and EPS guidance, and management highlighted a record backlog of about $8.0B. That is an important signal because it suggests demand visibility remains strong despite an already elevated AI semiconductor spending environment. The main driver remains sustained demand for advanced chip-design tools. Large customers such as Google, Amazon, Nvidia, and Apple continue investing aggressively in more complex AI systems-on-chip and accelerators, which is supporting demand for Cadence’s electronic design automation tools. This remains the core investment case. Cadence is leveraged to the increasing complexity of AI chips rather than only to unit growth in semiconductors. There is also a broader platform story emerging. Management and coverage pointed to strong adoption of AI-oriented products and a growing role for simulation and system design capabilities, helped by the Hexagon transaction and partnerships such as the Nvidia collaboration around AI and physics simulation. Strategically, this broadens Cadence beyond core EDA and may support a higher long-term revenue base. The main complication is earnings quality versus guidance optics. While revenue guidance was raised meaningfully, full-year EPS guidance moved lower because the Hexagon acquisition is expected to weigh on margins. In other words, the company is choosing to lean into strategic expansion even though that creates a near-term dilution effect on profitability. That makes the quarter strong operationally, but somewhat less clean from a pure earnings progression standpoint. The immediate read-through is constructive. Cadence delivered a clean beat, raised revenue guidance, and reinforced that the AI chip-design cycle remains very healthy. The principal variables to monitor are backlog conversion, the pace of integration and margin dilution from the Hexagon acquisition, and whether large hyperscaler and AI customer spending remains strong into 2H26. At the same time, the stock had already been trading with strong momentum into the print, and the lower EPS guidance limits the case for a more aggressive near-term stance. 2Q26 recommended trading range: $280 to $430. Neutral Outlook. 

Cadence Design Systems, Inc.（CDNS) 

• 26财年第一季度营收：14.7亿美元，同比增长18.5%，超出预期1000万美元 

• 26财年第一季度非公认会计准则每股收益：1.96美元，超出预期0.07美元 

• 26财年全年指引：上调全年营收指引至61.25亿–62.25亿美元（此前为59亿–60亿美元）；下调调整后EPS指引至7.85–7.95美元（此前为8.05–8.15美元），主因Hexagon设计与工程软件收购带来短期利润稀释 

• 股票回购：预计第二季度将动用约2亿美元用于股票回购 

• 短评：本季度基本面强劲。公司营收与EPS均超越自身指引，管理层指出积压订单（backlog）达创纪录的80亿美元，表明在AI半导体支出已处高位的背景下，需求能见度依然坚实。核心驱动力来自先进芯片设计工具的持续强劲需求：谷歌、亚马逊、英伟达、苹果等大客户正加速投资更复杂的AI SoC与加速器，直接拉动Cadence电子设计自动化（EDA）工具采购。这仍是其核心投资逻辑——受益于AI芯片复杂度提升，而非仅半导体出货量增长。此外，平台化叙事正在扩展：管理层与媒体报道强调，面向AI的产品采用强劲，且仿真与系统级设计能力日益重要，Hexagon收购及与英伟达在AI与物理仿真领域的合作正推动Cadence超越传统EDA边界，有望支撑更高长期收入基础。主要矛盾在于盈利质量与指引表观的背离：尽管营收指引显著上调，但全年EPS指引下调，反映公司选择战略性加码扩张（通过Hexagon整合），即便短期牺牲利润率。因此，本季运营表现优异，但纯盈利路径略显不“干净”。市场即时反应偏积极：Cadence交出清晰超预期成绩，上调收入指引，并验证AI芯片设计周期依然健康。然而，股价此前已累积强劲涨幅，叠加EPS指引下调，限制了进一步激进看涨的理由。后续关键变量包括：（1）80亿美元 backlog 的转化效率；（2）Hexagon整合进度及利润率稀释程度；（3）超大规模云厂商与AI客户支出能否在2026年下半年维持强度。26财年第二季度建议交易区间：280美元至430美元。中性前景。