The latest Market Talks covering Equities. Published exclusively on Dow Jones Newswires throughout the day.
0727 GMT - External demand is expected to support Malaysia's economic growth in 1Q, backed by a solid trade surplus and sustained export momentum from late 2025, says TA Securities analyst Farid Burhanuddin in a note. A surplus comparable to 4Q 2025 appears achievable, requiring less than 10 billion ringgit in additional surplus over the rest of the quarter, he says. However, risks remain. Weakness in intermediate goods exports and a stronger ringgit could weigh on near-term export momentum, he reckons. TA Securities maintains its 2026 export growth forecast at 4.6%, with imports rising 6.2%, keeping the trade surplus at around 135 billion ringgit. TA Securities is also watching for ringgit appreciation, persistent weakness in intermediate goods, escalating U.S. trade tensions and prolonged geopolitical uncertainty.(yingxian.wong@wsj.com)
0720 GMT - Li Ning's solid revenue growth guidance and likely better operating expenditure control gain it a new bull at CGS International. The Chinese sportswear company's 2025 results beat the analysts' expectations thanks to the running and training segments. The company is targeting high single-digit revenue growth in 2026 with flattish or slightly improving gross profit margin, which is stronger than CGS International's expectations, they say in a note. The analysts raise their 2026-2027 earnings per share projections by around 10%-12% due to wider-than-expected margin expansion. CGSI raises its rating to add from hold and lifts its target price to HK$26.20 from HK$19.20. Shares are up 4.3% at HK$21.98.(megan.cheah@wsj.com)
0719 GMT - The recovery for Indian banks' net interest margins expected from 4Q FY 2026 may be delayed by a few quarters, Nomura analysts say. One reason is that banks' current account savings account ratios are moderating, versus Nomura's previous assumption of stability. This is because depositors are migrating savings into higher-yielding term deposits as rate differentials widen, and digital banking has shown increased effectiveness. Secondly, wholesale funding costs have been rising due to structural deposit tightness. Domestic banks with higher residual liquidity buffers and stronger liability franchises appear best placed in this environment. Kotak Mahindra Bank stands out most clearly, says Nomura, which upgrades the stock's rating to buy from neutral while lowering the target price to 445.00 rupees from 460.00 rupees. Shares are 3.3% higher at 368.20 rupees. (ronnie.harui@wsj.com)
0642 GMT - Weibo's undemanding valuations keep Citi analysts led by Alicia Yap bullish on the stock. The Chinese social-media platform posted mixed 4Q results, with revenue beating consensus estimates but net profit missing, the analysts say in a note. The company sees an opportunity to capture the fast evolution of AI and is stepping up investment in the area, which is likely to lead to a near-term drag on margins, the analysts say. They see potential upside for Weibo from AI search products and improved monetization. Citi retains its buy rating and $12.00 target price on Weibo's ADRs. ADRs last closed 1.15% higher at $8.76.(megan.cheah@wsj.com)
0639 GMT - Delfi is likely to benefit from strong cash generation, CGS International's Tay Wee Kuang says in a research report. This could continue to support higher marketing expenses this year to position the Singapore-listed company to capture stronger earnings growth next year, the analyst says. This earnings growth should be aided by expansion in the chocolate confectionery manufacturer's gross profit margins following continued fall in cocoa prices since January 2025 as its existing cocoa forward hedges expire. The brokerage lifts its 2026 and 2027 EPS forecasts by 1.4% and 15.1%, respectively. It raises the stock's target price to S$0.91 from S$0.81 with an unchanged hold rating. Shares are 1.6% lower at S$0.92. (ronnie.harui@wsj.com)
0626 GMT - Estee Lauder's talks to merge with Spanish beauty group Puig Brands come as a surprise, and potential interest from other industry players could emerge, J.P. Morgan analysts say in a research note. "We are surprised that the Puig family will relinquish independence and majority control--even if it retains its economic interest--of the 112-year old group and given the recent market introduction," the analysts say. "Also, we think such a development is intriguing given recent governance changes--Marc Puig becoming chairman and the appointment of a new CEO." A potential deal might raise antitrust questions for the U.S. prestige makeup market, given that Estee Lauder is a leading player and Puig's Charlotte Tilbury is the No. 3 brand in that segment, according to JPM. Estee Lauder shares closed 7.7% lower on Monday, while Puig's gained 3.6% before news of the talks broke. (adria.calatayud@wsj.com)
0608 GMT - AEM Holdings stands to benefit from its strategic partnership with Taiwan's ASE Technology, Maybank Research's Jarick Seet says in a research report. The partnership is aimed at accelerating artificial intelligence and high-performance computing test innovation, the analyst notes. This partnership should boost the Singapore-listed semiconductor test solutions provider's revenue and net margin in 2027-2028, the analyst says. Also, AEM will continue expanding in Taiwan and jointly integrate its test technologies into ASE Technology's Taiwan manufacturing and test environments, which should boost AEM's revenue. Maybank Research raises the stock's target price to S$4.84 from S$2.84 with an unchanged buy rating. Shares are 2.8% higher at S$4.07. (ronnie.harui@wsj.com)
0605 GMT - Growth in China Resources Beer's volumes and average selling prices are likely to continue this year, say DBS Group Research analysts in a note. The Chinese beverage maker made a solid start to the year with slight volume growth and a single-digit gain in average selling prices in February. The analysts reckon China Resources Beer's strength in the subpremium segments and product innovation will continue to support its outperformance. The company is guiding for a mid-single-digit rise in average selling prices for this year, the analysts say. The beverage maker could consider raising its dividend payout ratio to 60%-70% over the medium term, they add. DBS maintains its buy rating and is reviewing its HK$38.00 target price. Shares rise 6.7% to HK$25.62. (megan.cheah@wsj.com)
0536 GMT - Ather Energy's new EL platform is likely to help drive profitability, Ambit Capital analysts say in a research report. The modular low-cost architecture platform enables multi-product development to penetrate the market for electric scooters priced below INR125,000 and build scale, the analysts say. Phased capacity addition ensures margin accretion via utilization and higher integration. The Indian electric two-wheeler maker's so-called moat is technology, intellectual property, powertrain and software driven by strong research and development. Its pricing discipline, brand and charging infrastructure also help defend market share. The brokerage initiates coverage of the stock with a buy rating and a target price of INR929.00. Shares are 0.7% higher at INR753.65. (ronnie.harui@wsj.com)
0530 GMT - Li Auto's bottom line is likely to have come under pressure in 1Q after a weak 4Q, HSBC analysts say in a note. Yuqian Ding and Li Yang forecast a 1.9 billion yuan net loss in 1Q, driven by lower seasonal volumes, destocking discounts and higher input costs. While the Chinese automaker's American depositary receipts have been relatively flat year to date, suggesting near-term headwinds are largely priced in, a meaningful volume recovery in 1H is likely limited, they say. The new L9 and other refreshments in its L series could be critical for 2026 volume momentum, they say. HSBC slashes its 2026 and 2027 earnings forecasts by 70% and 26%, respectively, on lower revenue assumptions, citing a weaker volume outlook and gross margin compression. It maintains a hold rating on Li Auto and cuts the target to $17.20 from $18.60. ADRs last closed at $17.13. (monica.gupta@wsj.com)
0518 GMT - CPI inflation is expected to rise by an average of 0.4 percentage points across major global and Asian economies following the Iran war, Eastspring Investments says in a note. Persistently higher energy prices are likely to gradually feed into central bank inflation expectations. While imminent rate cuts across most Asian economies appear unlikely, policy tensions may build over time, with China and Malaysia having the lowest likelihood of rate hikes this year. On equities, Eastspring anticipates further corrections as risks shift from inflation toward growth. Meanwhile, oil price shocks may lead to diverging industrial production across Asian manufacturing economies, though strong AI-driven demand that supported North Asia's tech exporters should stay strong, the asset manager adds.(jason.chau@wsj.com)
(END) Dow Jones Newswires
March 24, 2026 03:27 ET (07:27 GMT)
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