Technical Analysis – 29 May 2026

United States | Singapore | Hong Kong | Earnings

Southern Copper Corporation (SCCO US)

• Shares closed above the 5dEMA.  
• Both RSI and MACD are constructive. 
• Long – Entry 190, Target 220, Stop 175 

Freeport-McMoRan, Inc. (FCX US) 

• Shares closed above the 5dEMA with rising volume.  
• Both RSI and MACD are constructive. 
• Long – Entry 62, Target 70, Stop 58 

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Ley Choon Group Holdings Ltd. (LEY SP) 

• Shares closed above the 5dEMA with volume spike. 
• RSI is constructive and MACD is about to turn positive. 
• Buy – Entry 0.100, Target 0.130, Stop 0.085 

City Developments Limited (CDL SP) 

• Shares closed right below the 5dEMA with elevated volume for the week. 
• RSI is constructive and MACD is about to turn positive. 
• Buy – Entry 8.2, Target 10.0, Stop 7.3 

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Far East Horizon Limited (3360 HK)

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

Millennium Pacific Group Holdings (8147 HK) 

• Shares closed above the 5dEMA with rising volume. 
• RSI is constructive and MACD is about to turn positive. 
• Long – Entry 0.76, Target 0.90, Stop 0.69 

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Best Buy Co., Inc. (BBY) 

• 1Q27 Revenue: $8.94B, +1.9% YoY, beat estimates by $110M 

• 1Q27 Non-GAAP EPS: $1.28, beat estimates by $0.05 

• FY27 Guidance: Reiterated FY27 revenue guidance of $41.2B to $42.1B and adjusted diluted EPS guidance of $6.30 to $6.60. 

• Dividends/Share Buybacks: Best Buy maintained its quarterly dividend and previously indicated a FY27 buyback plan of about $500M 

• Comment: This was a good quarter. Comparable sales increased 2.0%, domestic comps rose 1.8% and adjusted operating income rate improved to 4.1% from 3.8% a year ago. Strength was broad across gaming, computing, mobile phones, services, Best Buy Ads, and Marketplace, which suggests the business is benefiting from a healthier mix rather than only one category spike. The main positive is that consumer demand for higher-value electronics appears to be stabilizing, helped by AI-enabled devices and newer categories such as AI glasses, 3D printers, and collectibles. At the same time, management did not raise full-year guidance, which implies it still sees the broader backdrop as mixed and expects growth to moderate from the stronger May pace. The stock reaction was clearly positive, with shares up roughly 10% to 18% after the release. The principal variables to monitor are whether AI PC and smartphone upgrade demand remains strong, whether advertising and Marketplace continue to support margins, and whether any memory-related component tightness starts to pressure pricing or demand later in the year. 2Q27 recommended trading range: $65 to $85. Neutral Outlook. 

百思买公司（BBY) 

• 27财年第一季度营收：89.4亿美元，同比增长1.9%，超出预期1.1亿美元 

• 27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0.05美元 

• 27财年全年指引：重申全年营收412亿–421亿美元、调整后稀释每股收益6.30–6.60美元 

• 股息与回购：维持季度股息不变；27财年计划回购约5亿美元股票 

• 短评：本季度表现良好。同店销售额增长2.0%（美国本土+1.8%），调整后营业利润率从去年同期的3.8%提升至4.1%。增长广泛覆盖游戏、计算设备、手机、服务、Best BuyAds广告平台及Marketplace第三方市场，显示公司正受益于更健康的品类组合，而非单一品类驱动。核心亮点在于高价值电子产品需求显现企稳迹象，AI PC、AI眼镜、3D打印机乃至收藏品类等新兴产品正吸引消费者回流。然而，管理层未上调全年指引，暗示尽管5月销售强劲，但对宏观消费环境仍持谨慎态度，预计增长将有所放缓。财报发布后股价大涨10%-18%，反映市场对基本面改善的认可。后续关键变量包括：（1）AI PC与智能手机换机需求能否持续；（2）广告与Marketplace业务是否继续支撑利润率提升；（3）若内存等关键组件供应趋紧，是否会冲击定价能力或终端需求。27财年第二季度建议交易区间：65美元至85美元。中性前景。 
   

Photronics, Inc. (PLAB) 

• 2Q26 Revenue: $209.9M, -0.5% YoY, miss estimates by $6.13M 

• 2Q26 Non-GAAP EPS: $0.42, miss estimates by $0.11 

• 3Q26 Guidance: 3Q26 revenue guided to $210M to $218M and non GAAP EPS to $0.42 to $0.48, both below the prior Street view. 

• Comment: This was a soft quarter. Revenue declined slightly and came in below consensus, while non-GAAP EPS also missed. The weakness was concentrated in IC masks, where revenue fell 5% YoY and 11% sequentially to $147.5M, partly offset by stronger FPD revenue, which rose 13% YoY to $62.4M. The more important issue is the near-term outlook. Management’s 3Q guide points to another subdued quarter, which suggests the softness is not limited to one reporting period. The market reaction was sharply negative, falling roughly 32% to 36% after results. The principal variables to monitor are whether IC demand stabilizes, whether FPD strength can continue to offset part of the semiconductor weakness, and whether margins hold if revenue remains near the low end of the recent range. 3Q26 recommended trading range: $20 to $50. Negative Outlook. 

Photronics, Inc.（PLAB) 

• 26财年第二季度营收：2.099亿美元，同比下降0.5%，低于预期613万美元 

• 26财年第二季度非公认会计准则每股收益：0.42美元，低于预期0.11美元 

• 26财年第三季度指引：营收2.10亿–2.18亿美元，非GAAP EPS 0.42–0.48美元，均低于市场此前预期 

• 短评：本季度表现疲软。营收小幅下滑且不及共识，非GAAP盈利亦未达标。疲态主要集中于集成电路光罩（ICmasks）：该业务收入同比下滑5%、环比下降11%至1.475亿美元；虽被平板显示（FPD）业务同比增长13%至6240万美元部分抵消，但整体动能仍显不足。更令人担忧的是前瞻指引持续偏弱：Q3营收与盈利指引均低于市场预期，暗示当前低迷并非短期扰动，而是需求结构性放缓的延续。财报发布后股价暴跌32%–36%，反映投资者对半导体光罩周期下行及公司增长可见度缺失的深度忧虑。后续关键变量包括：（1）IC光罩需求能否企稳回升；（2）FPD业务能否持续对冲半导体板块疲软；（3）若营收维持在近期区间的低位，毛利率与盈利能否守住底线。26财年第三季度建议交易区间：20美元至50美元。负面前景。 
   

Burlington Stores, Inc. (BURL) 

• 1Q27 Revenue: $2.86B, +14.4% YoY, beat estimates by $60M 

• 1Q27 Non-GAAP EPS: $2.10, beat estimates by $0.30 

• FY27 Guidance: Raised FY27 adjusted EPS guidance to $11.45 to $11.80 from $10.95 to $11.45. Full-year sales are now expected to grow 9% to 11%, with comparable sales growth of 2% to 4%. 

• Comment: This was a strong quarter. Comparable sales rose 6%, well ahead of expectations, and the company described it as the 14th consecutive quarter of double-digit EPS growth. The result suggests Burlington continues to benefit from healthy off-price traffic and solid execution on assortment, inventory, and merchandising. The key positive is that management passed the first-quarter outperformance through to the full-year outlook rather than treating it as one-time upside. The stock reaction was constructive, with shares moving higher after the release. The main variables to monitor are whether low-income consumer pressure intensifies if fuel and essentials remain elevated, whether comp growth can stay above the new 2% to 4% full-year range, and whether margin discipline holds as the company continues opening stores. 2Q27 recommended trading range: $280 to $330. Neutral Outlook. 

Burlington Stores, Inc.（BURL) 

• 27财年第一季度营收：28.6亿美元，同比增长14.4%，超出预期6000万美元 

• 27财年第一季度非公认会计准则每股收益：2.10美元，大幅超出预期0.30美元 

• 27财年全年指引：上调调整后EPS至11.45–11.80美元（原为10.95–11.45美元）；全年销售额预计增长9%–11%，同店销售增长指引为2%–4% 

• 短评：本季度表现强劲。同店销售额增长6%，远超市场预期，且公司已连续14个季度实现双位数EPS增长，凸显其在折扣零售领域的卓越执行力。强劲表现源于健康的客流、精准的商品组合、高效的库存管理及有力的营销策略。核心亮点在于，管理层将一季度的超预期表现转化为全年指引上调，而非视为一次性利好，显示对全年增长路径的信心。财报发布后股价上涨，市场反应积极。然而，前景仍面临结构性挑战：低收入消费者正承受高油价与生活必需品价格压力，可能影响未来支出意愿。后续关键变量包括：（1）若能源与必需品成本持续高企，低收入客群消费是否承压；（2）同店销售能否维持在高于全年指引中值（2%-4%）的水平；（3）在持续开店扩张背景下，利润率纪律能否保持稳健。27财年第二季度建议交易区间：280美元至330美元。中性前景。 
   

XPeng Inc. (XPEV) 

• 1Q26 Revenue: $1.89B, -17.6% YoY, in-line with estimates  

• 1Q26 Non-GAAP EPADS: -$0.26, miss estimates by $0.10 

• 2Q26 Guidance: 2Q26 revenue guided to RMB19.60B to RMB20.80B and vehicle deliveries to 100,000 to 106,000. 

• Comment: This was a mixed quarter. Revenue declined 18% and deliveries fell 33%, which reflects a much softer start to the year for China EV demand. However, gross margin improved to 20.6% and vehicle margin improved to 12.1%, indicating that cost control and product mix are moving in the right direction even as volume weakened. The more important point is the forward guide. Management’s 2Q26 delivery outlook implies a sharp rebound from 1Q26 levels, and the company continues to push a broader model rollout, robotaxi production, and autonomous driving investment. That supports the argument that the first-quarter weakness may be more cyclical and launch-timing related than structural. The main variables to monitor are whether the 2Q26 delivery rebound is achieved, whether margin gains can hold as volumes recover, and whether new models can offset the broader slowdown in China EV demand. The setup is improving on margins and near-term volume guidance, but the 1Q miss and weak industry backdrop keep the stance measured. 2Q26 recommended trading range: $14 to $18. Neutral Outlook. 

小鹏汽车（XPEV) 

• 26财年第一季度营收：18.9亿美元，同比下降17.6%，符合市场预期 

• 26财年第一季度非公认会计准则每股美国存托股亏损（EPADS）：0.26美元，低于预期0.10美元（亏损超预期） 

• 26财年第二季度指引：营收196亿–208亿元人民币，交付量10万–10.6万辆 

• 短评：本季度表现混合。受中国电动车市场需求疲软影响，营收同比下滑18%，交付量大跌33%，反映年初行业整体承压。然而，盈利能力显著改善：整体毛利率提升至20.6%，车辆毛利率达12.1%，显示公司在产品结构优化与成本控制方面取得实质进展。更重要的是前瞻指引释放积极信号：Q2交付量指引隐含环比大幅反弹（较Q1增长约80%+），叠加新车型密集推出、Robotaxi量产推进及高阶智驾持续投入，表明一季度疲软更可能源于产品周期错配与短期需求波动，而非结构性衰退。尽管如此，Q1盈利未达标及行业环境仍弱，限制了乐观情绪。后续关键变量包括：（1）Q2交付目标能否如期达成；（2）销量回升过程中毛利率能否维持；（3）新车型（如MONA系列、P7+等）能否有效对冲整体EV市场放缓。当前格局在边际改善，但需验证兑现。26财年第二季度建议交易区间：14美元至18美元。中性前景。 

Kohl’s Corporation (KSS) 

• 1Q26 Revenue: $3.17B, -1.9% YoY, beat estimates by $140M 

• 1Q26 GAAP EPS: -$0.13, beat estimates by $0.09 

• FY26 Guidance: Reaffirmed FY26 outlook for net sales to range from flat to down 2% and adjusted EPS of $1.00 to $1.60. 

• Dividends: Kohl’s declared a quarterly dividend on May 20, 2026.  

• Comment: This was a better-than-feared quarter. Net sales declined 1.7% and comparable sales fell 1.1%, but both metrics came in ahead of expectations, while the EPS loss was narrower than expected. Management described this as its best comparable-sales performance in more than four years, which suggests early signs of stabilization under the current turnaround plan. The main issue is that the business is still not back to clean growth. Sephora and footwear underperformed, lower- and middle-income shoppers remain under pressure, and management chose to reaffirm rather than raise full-year guidance. The stock reaction was still clearly positive, with shares up roughly 15% to 17% after the release, which indicates expectations had become very depressed going into the print. The principal variables to monitor are whether comparable-sales improvement continues into 2Q26, whether women’s, kids’, accessories, and home momentum can offset softer beauty and footwear trends, and whether the company can convert better merchandising into sustained margin improvement. 2Q26 recommended trading range: $12 to $18. Neutral Outlook. 

科尔士百货公司（KSS) 

• 26财年第一季度营收：31.7亿美元，同比下降1.9%，超出预期1.4亿美元 

• 26财年第一季度公认会计准则每股亏损：0.13美元，优于预期0.09美元（亏损收窄） 

• 26财年全年指引：重申全年净销售额持平至下降2%，调整后每股收益1.00–1.60美元 

• 股息：公司于2026年5月20日宣布季度股息 

• 短评：本季度表现好于市场悲观预期。净销售额下滑1.7%，同店销售下降1.1%，但两项指标均优于预期；亏损幅度显著收窄。管理层称这是逾四年来最佳的同店销售表现，暗示其转型战略初现企稳迹象。然而，业务尚未回归健康增长轨道：Sephora美妆专区与鞋履品类表现疲软，中低收入消费者仍受通胀压力影响，且公司选择维持而非上调全年指引，反映对宏观环境仍持谨慎态度。尽管如此，财报发布后股价大涨15%–17%，表明此前市场预期已极度低迷，任何边际改善均被积极定价。后续关键变量包括：（1）同店销售能否在第二季度延续改善趋势；（2）女装、童装、配饰及家居品类的动能是否足以抵消美妆与鞋履的弱势；（3）商品组合优化能否转化为可持续的利润率提升。26财年第二季度建议交易区间：12美元至18美元。中性前景。 
   

Futu Holdings Limited (FUTU) 

• 1Q26 Revenue: $746.9M, +24.7% YoY 

• 1Q26 GAAP EPADS: $0.77 

• FY26 Guidance: No explicit guidance from management. 

• Comment: This was a mixed quarter. Growth in the operating franchise remained strong, with funded accounts up 34.3% YoY to 3.59M, total client assets up 47.2% YoY to HK$1.22T, and 225,000 net new funded accounts added in the quarter. That indicates user acquisition and asset gathering remain healthy. The main issue is profit quality and regulatory overhang. Despite strong revenue growth, net income fell sharply year over year, and the more important investor debate has shifted to mainland China regulatory risk after Chinese authorities said Futu would be penalised for cross-border securities activity without an onshore licence. The stock had already reacted sharply to that development before earnings. The principal variables to monitor are whether client asset growth and funded account additions remain strong enough to offset margin pressure, how the mainland regulatory situation is resolved, and whether international expansion can reduce dependence on mainland-related earnings exposure. For now, the operating trends are solid, but the external risk backdrop keeps the stance measured. 2Q26 recommended trading range: $85 to $130. Neutral Outlook. 

富途控股有限公司（FUTU) 

• 26财年第一季度营收：7.469亿美元，同比增长24.7% 

• 26财年第一季度公认会计准则每股美国存托股收益（EPADS）：0.77美元 

• 26财年全年指引：管理层未提供明确财务指引 

• 短评：本季度表现混合。核心运营指标强劲：已入金账户同比增长34.3%至359万，客户总资产同比大增47.2%至1.22万亿港元，单季新增22.5万个已入金账户，显示用户获取与资产沉淀能力依然健康。然而，盈利质量与监管风险构成主要拖累：尽管收入高增长，净利润却同比大幅下滑；更关键的是，中国监管部门明确指出富途因在未取得境内牌照的情况下开展跨境证券业务将被处罚，引发市场对其内地相关业务可持续性的担忧。该监管消息已在财报前引发股价显著回调。当前投资逻辑呈现“强运营、弱环境”特征。后续关键变量包括：（1）客户资产与账户增长能否持续对冲利润率压力；（2）内地监管问题的最终解决方案及合规路径；（3）国际扩张（如新加坡、美国、澳洲等市场）能否有效降低对内地收入的依赖。目前基本面稳健，但外部不确定性限制上行空间。26财年第二季度建议交易区间：85美元至130美元。中性前景。 

Dell Technologies Inc. (DELL) 

• 1Q27 Revenue: $43.84B, +87.5% YoY, beat estimates by $8.46B 

• 1Q27 Non-GAAP EPS: $4.86, beat estimates by $1.96 

• FY27 Guidance: Raised FY27 revenue guidance to $165B to $169B from $138B to $142B, and raised FY27 adjusted EPS guidance to about $17.90 at the midpoint from $12.90 previously. 

• Comment: This was an exceptionally strong quarter. Infrastructure Solutions Group revenue surged to $29B, up 181% YoY, driven by AI-optimized server demand and continued strength in traditional servers and networking. AI server orders reportedly rose 757% to $16.1B, which indicates that the company is benefiting directly from the current data-center buildout rather than only from a general enterprise refresh cycle. The key positive is the scale of the guidance revision. Management materially lifted both revenue and EPS outlooks and raised its FY27 AI server revenue expectation to roughly $60B from about $50B previously. The immediate stock reaction was very strong, with reports indicating after-hours gains ranging from roughly 17% to nearly 40%, which reflects how far the result exceeded expectations. The principal variables to monitor are AI server order conversion into revenue, sustainability of traditional server demand, gross margin resilience amid memory cost pressure, and whether the current backlog can continue supporting estimates into FY28. 2Q27 recommended trading range: $390 to $500. Neutral Outlook. 

戴尔科技公司（DELL) 

• 27财年第一季度营收：438.4亿美元，同比大增87.5%，大幅超出预期84.6亿美元 

• 27财年第一季度非公认会计准则每股收益：4.86美元，显著超出预期1.96美元 

• 27财年全年指引：大幅上调全年营收至1650亿–1690亿美元（原为1380亿–1420亿美元）；上调调整后EPS中值至约17.90美元（此前为12.90美元） 

• 短评：本季度表现极为强劲，远超市场预期。基础设施解决方案集团（ISG）营收飙升至290亿美元，同比增长181%，主要受益于AI优化服务器需求爆发，同时传统服务器与网络设备亦保持稳健。据管理层披露，AI服务器订单同比暴增757%至161亿美元，明确显示戴尔正深度参与当前由AI驱动的数据中心建设浪潮，而非仅依赖普通企业IT更新周期。核心亮点在于指引上调幅度空前：全年AI服务器收入预期从约500亿美元上调至约600亿美元，反映需求能见度极高。财报发布后股价盘后大涨17%–40%，充分体现市场对这一“超预期+大幅上修”组合的强烈认可。然而，在如此强劲的短期表现后，估值已部分透支乐观情绪。后续关键变量包括：（1）AI服务器订单向确认收入的转化效率；（2）传统服务器需求能否维持韧性；（3）在内存成本高企背景下，毛利率是否具备抗压能力；（4）当前积压订单能否支撑28财年及以后的增长预期。27财年第二季度建议交易区间：390美元至500美元。中性前景。 

MongoDB, Inc. (MDB) 

• 1Q27 Revenue: $687.62M, +25.2% YoY, beat estimates by $23.83M 

• 1Q27 Non-GAAP EPS: $1.32, beat estimates by $0.14 

• 2Q27 Guidance: 2Q27 revenue guided to $729M to $734M and adjusted EPS to $1.58 to $1.61, both above market expectations. 

• Comment: This was a very strong quarter. Revenue grew 25% YoY, Atlas remained the core driver with 29% growth, and management pointed to stronger execution and expanding AI-related opportunities. The quarter also marks a clear improvement from the weaker sentiment seen after the prior report, with the stock jumping more than 17% to 21% after hours. The key positive is that both the current quarter and the forward guide came in above expectations. That suggests growth is reaccelerating rather than merely stabilizing, and that Atlas demand remains healthy enough to support stronger near-term operating leverage. The main variables to monitor are Atlas growth durability, AI-related workload monetization, large-customer expansion, and whether the stronger Q2 outlook can carry into the second half after such a sharp stock reaction. 2Q27 recommended trading range: $300 to $400. Neutral Outlook. 

MongoDB, Inc.（MDB) 

• 27财年第一季度营收：6.8762亿美元，同比增长25.2%，超出预期2383万美元 

• 27财年第一季度非公认会计准则每股收益：1.32美元，超出预期0.14美元 

• 27财年第二季度指引：营收7.29亿–7.34亿美元，调整后每股收益1.58–1.61美元，均高于市场预期 

• 短评：本季度表现极为强劲，标志着增长动能显著回升。营收同比增长25%，核心产品Atlas数据库服务增长29%，继续作为主要驱动力；管理层强调执行力改善及AI相关工作负载机会扩大。与上一季度市场情绪低迷形成鲜明对比，本次财报后股价盘后大涨17%–21%，反映投资者信心明显修复。关键亮点在于当季业绩与前瞻指引双双超预期，表明公司不仅企稳，更进入再加速阶段，且Atlas需求足以支撑更强的短期运营杠杆。然而，在股价大幅上涨后，市场将关注可持续性。后续关键变量包括：（1）Atlas高增长能否持续；（2）AI相关数据库工作负载的变现效率；（3）大型客户（尤其是企业级）的拓展进度；（4）Q2强劲势头能否延续至下半年，以证明当前估值具备基本面支撑。27财年第二季度建议交易区间：300美元至400美元。中性前景。 

Costco Wholesale Corporation (COST) 

• 3Q26 Revenue: $70.53B, +11.56% YoY, beat estimates by $890M 

• 3Q26 GAAP EPS: $4.93, beat estimates by $0.01 

• FY26 Guidance: Management commentary emphasized continued traffic, gas volume strength, digital momentum, and price leadership rather than a new quantified outlook. 

• Dividends: Costco raised its quarterly dividend to $1.47 per share. 

• Comment: This was a strong operating quarter. Revenue rose 12% to $70.53B, net income increased 15% to $2.19B, and U.S. comparable sales rose 9.4%, helped by strong traffic and unusually high gasoline volume as consumers traded toward lower-priced fuel. Membership fee income also increased to about $1.37B, while digitally enabled comparable sales remained very strong. The main issue is that expectations were already elevated. EPS came in a touch light versus consensus, and margin pressure appears to be building in a few areas, including beef transportation, plastic and textile inputs, and memory-related costs in appliances. Even so, the market reaction was relatively stable to mildly positive after the release, which suggests investors focused more on traffic, comp strength, and membership resilience than on the small EPS miss. The principal variables to monitor are U.S. traffic durability, membership fee growth, digital comp momentum, and whether cost pressure begins to weigh more noticeably on margin. 4Q26 recommended trading range: $950 to $1050. Neutral Outlook. 

好市多公司（COST) 

• 26财年第三季度营收：705.3亿美元，同比增长11.56%，超出预期8.9亿美元 

• 26财年第三季度公认会计准则每股收益：4.93美元，略超预期0.01美元 

• 26财年全年指引：管理层未提供量化更新，但强调客流稳健、汽油销量强劲、电商持续增长及价格领导力 

• 股息：季度股息上调至每股1.47美元 

• 短评：本季度运营表现强劲。营收同比增长12%至705.3亿美元，净利润增长15%至21.9亿美元；美国同店销售额大增9.4%，受益于高客流及消费者转向低价汽油带来的异常高油品销量。会员费收入增至约13.7亿美元，数字化赋能的同店销售亦保持强劲，显示核心会员模式韧性十足。然而，市场预期本已高企：EPS仅小幅超预期，且多个成本领域显现压力——包括牛肉运输、塑料与纺织原材料，以及家电中与内存相关的零部件成本上升，可能对毛利率构成拖累。尽管如此，财报后股价反应稳定偏积极，表明投资者更关注客流、同店增长与会员粘性等长期健康指标，而非微小的盈利偏差。后续关键变量包括：（1）美国客流能否在高基数下持续；（2）会员费收入增长节奏；（3）电商业务同店增速是否维持高位；（4）成本压力是否会进一步侵蚀利润率。26财年第四季度建议交易区间：950美元至1050美元。中性前景。 

Okta, Inc. (OKTA) 

• 1Q27 Revenue: $765M, +11.2% YoY, beat estimates by $13.21M 

• 1Q27 Non-GAAP EPS: $0.91, beat estimates by $0.06 

• 2Q27 Guidance: 2Q27 revenue guided to $790M to $794M.  

• FY27 Guidance: FY27 revenue guidance was raised to $3.19B to $3.21B. 

• Share Buybacks: Okta repurchased $248M of shares in the quarter under its $1B buyback plan. 

• Comment: This was a solid quarter. Total revenue rose 11% to $765M, subscription revenue also grew 11% to $750M, and cRPO increased 12% to $2.499B, which supports the view that core identity demand remains stable and the backlog is still expanding. The key positive is that the forward outlook improved modestly while execution remained disciplined. Full-year revenue guidance moved higher, Q2 guidance was in line to slightly better than expected, and management highlighted growing relevance in securing AI agents and non-human identities. The stock reaction was constructive, with shares rising after the release. The principal variables to monitor are cRPO growth, conversion of AI-related identity demand into larger bookings, margin durability, and whether revenue growth can reaccelerate from the low-double-digit range. 2Q27 recommended trading range: $85 to $135. Neutral Outlook. 

Okta, Inc.（OKTA) 

• 27财年第一季度营收：7.65亿美元，同比增长11.2%，超出预期1321万美元 

• 27财年第一季度非公认会计准则每股收益：0.91美元，超出预期0.06美元 

• 27财年第二季度指引：营收7.90亿–7.94亿美元 

• 27财年全年指引：上调全年营收至31.9亿–32.1亿美元 

• 股票回购：本季度在10亿美元回购计划下回购2.48亿美元股票 

• 短评：本季度表现稳健。总营收与订阅收入均同比增长11%，分别达7.65亿和7.50亿美元；经常性剩余履约义务（cRPO），显示企业对身份安全解决方案的核心需求依然稳固，积压订单持续扩张。核心亮点在于前瞻指引温和改善且执行纪律良好：全年营收指引上调，Q2指引符合或略优于预期；管理层特别强调Okta在保护AI代理（AI agents）等新兴场景中的战略相关性正快速提升。财报发布后股价上涨，市场反应积极。然而，增长仍处于低双位数区间，尚未显现明显加速。后续关键变量包括：（1）cRPO能否维持两位数增长；（2）AI驱动的身份管理需求能否转化为更大规模订单；（3）在持续投入研发与销售背景下，利润率是否具备韧性；（4）公司能否突破当前增长区间，实现更强劲的营收再加速。27财年第二季度建议交易区间：85美元至135美元。中性前景。