The latest Market Talks covering Equities. Published exclusively on Dow Jones Newswires throughout the day.
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 02:26 ET (06:26 GMT)
Copyright (c) 2026 Dow Jones & Company, Inc.
Comments