Technical Analysis – 28 May 2026

United States | Singapore | Hong Kong | Earnings

Canadian Solar, Inc. (CSIQ US)

• Shares closed above the 5dEMA with elevated volume for the week.  
• Both RSI and MACD are constructive. 
• Long – Entry 19.0, Target 28.0, Stop 16.0 

Ascent Solar Technologies, Inc. (ASTI US) 

• Shares closed above the 5dEMA with elevated volume for the week.  
• Both RSI and MACD are constructive. 
• Long – Entry 6.0, Target 8.0, Stop 5.0 

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SATS Ltd. (SATS SP) 

• Shares closed above the 5dEMA with volume spike. 
• RSI is constructive and MACD is about to turn positive. 
• Buy – Entry 3.4, Target 4.0, Stop 3.1 

Thai Beverage Public Co., Ltd. (THBEV SP) 

• Shares closed right below the 5dEMA with elevated volume for the week. 
• Both RSI and MACD are constructive. 
• Buy – Entry 0.450, Target 0.500, Stop 0.425 

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Bank of East Asia Ltd (23 HK)

• Shares closed on the 5dEMA. 
• Both RSI and MACD are constructive. 
• Long – Entry 14, Target 16, Stop 13 

MMG Ltd (1208 HK) 

• Shares closed on the 5dEMA. 
• Both RSI and MACD are constructive. 
• Long – Entry 9, Target 11, Stop 8 

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PDD Holdings Inc. (PDD) 

• 1Q26 Revenue: $15.4B, +16.8% YoY, miss estimates by $710M 

• 1Q26 Non-GAAP EPS: $1.38, miss estimates by $1.03 

• 2Q26 Guidance: No explicit guidance provided. 

• Comment: This was a weak quarter relative to expectations. Revenue grew 11% YoY, with transaction services revenue up 20% to RMB56.3B, but both revenue and earnings missed consensus by a clear margin. Costs also moved higher, with total cost of revenues up 15% and operating expenses rising to RMB39.8B, reflecting heavier fulfillment, infrastructure, and R&D spending. The main issue is that PDD is sacrificing near-term profitability to reposition the business amid tougher competition and regulatory pressure. Management’s language around internal transformation and supply-chain investment suggests this is not a one-quarter blip. The stock reaction was clearly negative, with an 8% to 11% drop after the release. The principal variables to monitor are whether transaction-services growth can stay strong enough to offset weaker profitability, whether domestic competition from Alibaba and JD intensifies further, and whether the current investment phase produces a cleaner recovery in earnings later in 2026. 2Q26 recommended trading range: $75 to $100. Neutral Outlook. 

拼多多控股公司（PDD) 

• 26财年第一季度营收：154亿美元，同比增长16.8%，低于预期7.1亿美元 

• 26财年第一季度非公认会计准则每股收益：1.38美元，大幅低于预期1.03美元 

• 26财年第二季度指引：未提供明确财务指引 

• 短评：本季度表现明显弱于市场预期。尽管交易服务收入同比增长20%至563亿元人民币，整体营收同比增速约11%，但营收与盈利双双显著不及共识。成本端压力加剧：收入成本上升15%，运营费用增至398亿元人民币，反映公司在履约、基础设施及研发方面正加大投入。核心问题在于，PDD正主动牺牲短期盈利能力，以应对日益激烈的国内竞争（来自阿里、京东）和监管环境压力。管理层关于“内部转型”与“供应链深度投资”的表述，暗示当前并非一次性波动，而是一轮战略再定位的开始。财报发布后股价大跌8%–11%，显示市场对盈利下滑与投资周期延长的担忧。后续关键变量包括：（1）交易服务高增长能否持续，以缓冲利润压力；（2）国内电商竞争是否进一步升级；（3）当前高强度投入能否在2026年下半年带来更清晰的盈利复苏。26财年第二季度建议交易区间：75美元至100美元。中性前景。 

Marvell Technology, Inc. (MRVL) 

• 1Q27 Revenue: $2.42B, +28.0% YoY, beat estimates by $10M 

• 2Q27 Non-GAAP EPS: $0.80, beat estimates by $0.01 

• 2Q27 Guidance: Revenue guided to about $2.70B ±5%, above consensus expectations. Adjusted EPS is guided to $0.88 to $0.98. Management also indicated custom silicon revenue is now expected to exceed $10B by FY2029, up from its prior long-term target. 

• Comment: This was a strong quarter, led by Data Center. Revenue rose 28% YoY to $2.42B, while Data Center revenue reached $1.83B and continued to benefit from AI-related custom silicon and interconnect demand. The second-quarter guide was also solid and points to another sequential step-up in revenue. The main positive is the longer-duration AI and custom silicon narrative. Management now expects its custom chip business to exceed $10B by FY2029, and external coverage framed this as driven by hyperscaler demand for custom compute and networking solutions as AI infrastructure spending expands. That materially strengthens the medium-term growth case beyond the current quarter. The main issue is expectations. The stock had already moved sharply higher into the print, and the immediate reaction was only moderately positive, with roughly 1% gain in after-hours market. The principal variables to monitor are Data Center growth durability, custom silicon program ramp, optical and interconnect demand conversion, and whether growth remains broad enough to sustain the current valuation. 2Q27 recommended trading range: $180 to $350. Positive Outlook. 

Marvell Technology, Inc.（MRVL) 

• 27财年第一季度营收：24.2亿美元，同比增长28.0%，超出预期1000万美元 

• 27财年第二季度非公认会计准则每股收益：0.80美元，超出预期0.01美元 

• 27财年第二季度指引：营收约27亿美元（±5%），高于市场共识；调整后每股收益指引0.88–0.98美元 

• 长期展望：管理层上调定制芯片（customsilicon）业务长期目标，预计到2029财年收入将超过100亿美元（此前目标较低） 

• 短评：本季度表现强劲，数据中心业务为绝对核心驱动力。营收同比增长28%至24.2亿美元，其中数据中心收入达18.3亿美元，持续受益于AI相关的定制芯片与高速互连解决方案需求。Q2指引稳健，隐含环比进一步增长，显示动能延续。最大亮点在于长期叙事显著强化：管理层上调定制芯片业务2029年收入目标至超100亿美元，外部解读认为这主要由超大规模客户（hyperscalers）对AI专用计算与网络芯片的强劲需求推动，大幅提升了中期增长可见度。然而，市场反应相对克制——盘后仅上涨约1%，因股价在财报前已大幅上涨，投资者对“完美兑现”要求提高。后续关键变量包括：（1）数据中心增长的可持续性；（2）定制芯片项目量产节奏；（3）光模块与互连产品需求转化效率；（4）增长是否足够广泛以支撑当前估值水平。27财年第二季度建议交易区间：180美元至350美元。积极前景。 

Salesforce, Inc. (CRM) 

• 1Q27 Revenue: $11.13B, +13.2% YoY, beat estimates by $70M 

• 1Q27 Non-GAAP EPS: $3.88, beat estimates by $0.75 

• 2Q27 Guidance: Revenue guided to $11.27B to $11.35B and adjusted EPS to $3.25 to $3.27. 

• FY27 Guidance: Revenue guidance was nudged up to $45.9B to $46.2B. 

• Dividends/Share Buybacks: Salesforce returned $27.5B to shareholders in the quarter, including $27.1B of share repurchases and $365M of dividends.  

• Comment: This was a strong quarter on the headline numbers. Revenue and EPS both beat, subscription and support revenue rose 14%, and Agentforce plus Data 360 reached nearly $3.4B of annual recurring revenue. The quarter indicates that Salesforce is still growing well and that its AI products are becoming a meaningful contributor rather than only a narrative layer. The main issue is the forward revenue setup. Second-quarter guidance came in slightly below where the market wanted it, and the stock slipped after hours despite the beat. There is also some pressure on the cash flow outlook following the large debt-funded buyback, which means investors now need clearer proof that AI monetization can sustain growth without weakening financial flexibility. The principal variables to monitor are Agentforce revenue conversion, subscription growth durability, large-deal momentum, and whether second-half revenue growth reaccelerates enough to offset current concerns about AI disruption across software. 2Q27 recommended trading range: $150 to $200. Neutral Outlook. 

Salesforce, Inc.（CRM) 

• 27财年第一季度营收：111.3亿美元，同比增长13.2%，超出预期7000万美元 

• 27财年第一季度非公认会计准则每股收益：3.88美元，大幅超出预期0.75美元 

• 27财年第二季度指引：营收112.7亿–113.5亿美元，调整后每股收益3.25–3.27美元 

• 27财年全年指引：小幅上调全年营收至459亿–462亿美元 

• 股息与资本返还：本季度向股东返还275亿美元，其中股票回购271亿美元（主要通过债务融资）、股息3.65亿美元 

• 短评：本季度顶层数据表现强劲。营收与盈利双双超预期，订阅及支持收入增长14%；AI产品组合（Agentforce+DataCloud）已贡献近34亿美元年度经常性收入（ARR），表明其AI战略正从“概念叙事”转向实质性变现阶段。然而，前瞻指引略显保守：Q2营收指引略低于市场期待，导致股价盘后下跌，尽管当季表现优异。此外，大规模债务融资回购引发对现金流与财务灵活性的担忧投资者需看到更明确证据，证明AI货币化能在不削弱资产负债表稳健性的前提下支撑持续增长。后续关键变量包括：（1）Agentforce等AI产品收入转化效率；（2）核心订阅业务增长能否维持；（3）大额交易（largedeals）签约势头；（4）下半年营收增速能否重新加速，以缓解市场对AI颠覆传统软件模式的忧虑。27财年第二季度建议交易区间：150美元至200美元。中性前景。 
   

Snowflake Inc. (SNOW) 

• 1Q27 Revenue: $1.39B, +33% YoY, beat estimates by $70M 

• 1Q27 Non-GAAP EPS: $0.39, beat estimates by $0.07 

• 2Q27 Guidance: Product revenue is guided to $1.415B to $1.420B, above expectations. 

• FY27 Guidance: Raised FY27 product revenue guidance to $5.84B from $5.66B.  

• Comment: This was a very strong quarter. Product revenue rose 33.9% to $1.33B, the company delivered its largest product-revenue beat in several years, and net revenue retention improved to 126%. Large-customer traction also strengthened materially, with 46 customers generating more than $1M of trailing 12-month product revenue versus 26 a year earlier. The key positive is that enterprise AI demand is now showing up clearly in both growth and guidance. Snowflake raised full-year product revenue guidance and announced a new five-year $6B AWS commitment tied to Graviton and AI infrastructure, reinforcing its positioning as a data layer for enterprise AI workloads. The stock reaction was exceptionally strong, with shares rising roughly 35% to 40% after the release. The principal variables to monitor are durability of product revenue growth above 30%, continued expansion in large customers, execution against the AWS partnership, and whether AI-driven momentum can sustain further estimate revisions after such a sharp post-results move. 2Q27 recommended trading range: $180 to $300. Neutral Outlook. 

Snowflake Inc.（SNOW) 

• 27财年第一季度营收：13.9亿美元，同比增长33%，超出预期7000万美元 

• 27财年第一季度非公认会计准则每股收益：0.39美元，超出预期0.07美元 

• 27财年第二季度指引：产品收入指引14.15亿–14.20亿美元，高于市场预期 

• 27财年全年指引：上调全年产品收入至58.4亿美元（原为56.6亿美元） 

• 短评：本季度表现极为强劲。产品收入同比增长33.9%至13.3亿美元，创下近年来最大幅度的产品收入超预期；净收入留存率（NRR）回升至126%；高价值客户显著扩容——年化产品收入超100万美元的客户达46家（去年同期仅26家），显示企业端采用深度加速。核心亮点在于企业AI需求已清晰转化为增长与指引上修：公司不仅上调全年产品收入目标，还宣布与AWS达成一项五年期60亿美元基础设施承诺，重点支持Graviton芯片与AI工作负载，进一步巩固其作为“企业AI数据层”的战略定位。财报发布后股价飙升35%–40%，反映市场对Snowflake从“数据仓库”向“AI就绪平台”转型的认可。然而，在如此大幅上涨后，估值已部分透支乐观预期。后续关键变量包括：（1）产品收入能否持续维持30%以上增速；（2）大客户群是否继续快速扩张；（3）AWS合作落地效率与成本效益；（4）AI驱动的增长动能是否足以支撑新一轮盈利预测上调。27财年第二季度建议交易区间：180美元至300美元。中性前景。 

Synopsys, Inc. (SNPS) 

• 2Q26 Revenue: $2.28B, +42.5% YoY, beat estimates by $30M 

• 2Q26 Non-GAAP EPS: $3.35, beat estimates by $0.19 

• FY26 Guidance: Raised FY26 revenue guidance to $9.63B to $9.71B and raised FY26 adjusted EPS guidance to $14.72 to $14.80. 

• Comment: This was a strong beat-and-raise quarter. Revenue and adjusted EPS both came in ahead of expectations, and management lifted full-year guidance on continued demand for chip design and simulation tools tied to AI, hyperscaler silicon development, and increasing semiconductor complexity. The quarter also suggests that the Ansys combination is strengthening Synopsys’ broader design and multiphysics proposition. The main issue is expectations and integration rather than current demand. Shares fell modestly after the release despite the beat, which indicates the market was looking for even more upside or a cleaner incremental acceleration. The principal variables to monitor are AI-driven EDA demand durability, execution on Ansys integration, margin progression as restructuring and merger costs move through results, and whether new pricing models or royalty streams begin to contribute more meaningfully. 2Q27 recommended trading range: $450 to $600. Neutral Outlook. 

新思科技（SNPS) 

• 26财年第二季度营收：22.8亿美元，同比增长42.5%，超出预期3000万美元 

• 26财年第二季度非公认会计准则每股收益：3.35美元，超出预期0.19美元 

• 26财年全年指引：上调全年营收至96.3亿–97.1亿美元，上调调整后EPS至14.72–14.80美元 

• 短评：本季度是一份典型的“超预期+上调指引”强劲财报。营收与盈利双双胜出，全年指引再度提升，反映AI芯片设计、超大规模客户定制硅开发及半导体复杂度上升持续驱动对EDA（电子设计自动化）与仿真工具的强劲需求。同时，Ansys并购整合正强化Synopsys在芯片设计与多物理场仿真领域的综合解决方案能力，提升长期竞争力。然而，市场反应略显谨慎尽管业绩优异，股价盘后小幅下跌，表明投资者或期待更大幅度的上修或更清晰的加速信号。当前焦点已从“需求是否强劲”转向“执行与整合能否兑现预期”。后续关键变量包括：（1）AI驱动的EDA需求可持续性；（2）Ansys整合进度与协同效应释放；（3）重组与并购相关成本消退后利润率演变；（4）新定价模式（如订阅制、云授权）及版税收入能否成为更显著的增长来源。27财年第二季度建议交易区间：450美元至600美元。中性前景。 
   

HP Inc. (HPQ) 

• 2Q26 Revenue: $14.41B, +9.2% YoY, beat estimates by $340M 

• 2Q26 Non-GAAP EPS: $0.86, beat estimates by $0.14 

• 3Q26 Guidance: 3QFY26 adjusted EPS guided to $0.61 to $0.71. FY26 adjusted EPS guidance was updated to $2.90 to $3.10, with the top end lowered from $3.20 previously.  

• Comment: This was a better-than-expected quarter, led by Personal Systems. Revenue rose 9% YoY to $14.41B, Personal Systems revenue increased 13% to $10.21B, and AI PCs represented 44% of total shipments, up from more than 35% in the prior quarter. The Windows 11 refresh cycle is clearly helping demand. The main issue is margin pressure rather than demand. Management pointed to a global memory shortage that is raising component costs, and that is why full-year adjusted EPS guidance was only tightened to $2.90 to $3.10 rather than lifted cleanly. Management also indicated margins should bottom in 4QFY26 and improve in FY27, which implies near-term pressure is still present. The immediate stock reaction was muted because the quarter beat, but the outlook still reflects cost pressure and a lower top end of the full-year range. The principal variables to monitor are Personal Systems margin stabilization, memory cost normalization, AI PC mix progression, and whether pricing actions are enough to protect earnings through the second half. 3Q26 recommended trading range: $22 to $30. Neutral Outlook. 

新思科技（SNPS) 

• 26财年第二季度营收：144.1亿美元，同比增长9.2%，超出预期3.4亿美元 

• 26财年第二季度非公认会计准则每股收益：0.86美元，超出预期0.14美元 

• 26财年第三季度指引：调整后每股收益0.61–0.71美元 

• 26财年全年指引：更新全年调整后EPS至2.90-3.10美元（此前上限为3.20美元，现下调并收窄区间） 

• 短评：本季度表现优于预期，个人系统业务（PersonalSystems）。营收同比增长9%至144.1亿美元，其中个人系统收入增长13%至102.1亿美元；AIPC占总出货量的44%（上季度超35%），显示Windows11换机周期正有效提振需求。然而，核心挑战在于成本与利润率压力，而非需求不足。管理层指出，全球内存短缺推高组件成本，导致全年EPS指引仅收窄而未上调，且上限从3.20美元下调至3.10美元。公司预计毛利率将在26财年第四季度触底，并于27财年改善，暗示近端盈利仍承压。财报发布后股价反应平淡尽管当季超预期，但前瞻指引反映持续的成本逆风。后续关键变量包括：（1）个人系统业务利润率能否企稳；（2）内存等关键组件价格是否回归正常；（3）AI PC产品组合占比能否继续提升；（4）提价等定价策略是否足以在下半年保护盈利水平26财年第三季度建议交易区间：22美元至30美元。中性前景。 

Everpure, Inc. (P) 

• 1Q27 Revenue: $1.05B, +34.9% YoY, beat estimates by $50M 

• 1Q27 Non-GAAP EPS: $0.47, beat estimates by $0.07 

• FY27 Guidance: Raised FY27 revenue guidance to $4.575B to $4.650B from $4.550B to $4.625B, and raised operating profit guidance to $555M to $585M from $520M to $570M. 

• Comment: This was a strong quarter. Total revenue grew 35% YoY, subscription services revenue rose 19% to $410.8M, remaining performance obligations reached $2.8B, and free cash flow was $111.8M. The quarter suggests enterprise storage demand remains healthy while the higher-growth software and subscription mix continues to expand. The key positive is margin and guidance progression. Non-GAAP gross margin was 70.2%, operating income was $107.5M, and management raised both revenue and operating profit guidance for FY27. The market reaction was constructive, with the stock moving higher after the release, which is consistent with a clean beat-and-raise quarter. The principal variables to monitor are product revenue durability after this very strong quarter, subscription growth reacceleration, operating margin expansion through the rest of FY27, and whether backlog converts into sustained top-line growth rather than a one-quarter spike. 2Q27 recommended trading range: $65 to $100. Neutral Outlook. 

Everpure, Inc.（P) 

• 27财年第一季度营收：10.5亿美元，同比增长34.9%，超出预期5000万美元 

• 27财年第一季度非公认会计准则每股收益：0.47美元，超出预期0.07美元 

• 27财年全年指引：上调全年营收至45.75亿–46.50亿美元（原为45.50亿–46.25亿美元）；上调营业利润指引至5.55亿–5.85亿美元（原为5.20亿–5.70亿美元） 

• 短评：本季度表现强劲。总营收同比增长35%，其中订阅服务收入增长19%至4.108亿美元；未履行履约义务（Remaining Performance Obligations, RPO）达28亿美元，自由现金流1.118亿美元，显示企业存储需求稳健，且高增长的软件与订阅业务占比持续提升。核心亮点在于盈利能力与前瞻指引同步改善：非GAAP毛利率达70.2%，营业利润1.075亿美元，管理层同步上调全年营收与营业利润指引，印证商业模式正健康扩张。财报发布后股价上涨，符合“超预期+上调指引”的积极逻辑。后续关键变量包括：（1）在经历如此强劲的一季度后，产品收入能否维持动能；（2）订阅业务增速是否进一步回升；（3）27财年剩余季度运营利润率能否继续扩张；（4）当前积压订单（RPO）能否转化为可持续的顶层增长，而非单季脉冲式表现。27财年第二季度建议交易区间：65美元至100美元。中性前景。