The latest Market Talks covering Equities. Published exclusively on Dow Jones Newswires throughout the day.
0326 GMT - Suntec REIT could be getting a new potential buyer, with Hongkong Land having acquired a 10.8% stake this month, UOB Kay Hian's Jonathan Koh says in a research report. Hongkong Land is likely attracted to the REIT's trading at a large 20%-30% discount to net asset value per unit of S$2.03, the analyst says. Expansion in Singapore would help Hongkong Land reduce its risk of being overly exposed to commercial real estate in Hong Kong and China. The emergence of a potential acquirer with deep pockets could offer an uplift and positive momentum for the REIT's unit price. The brokerage upgrades the REIT to buy from hold and raises the target price to S$1.71 from S$1.47. Units are 0.7% higher at S$1.50. (ronnie.harui@wsj.com)
0310 GMT - Tongcheng Travel's margins are likely to continue improving, as the online travel company continues to boost its operational efficiency, say DBS Group Research analysts in a note. Its gross margins and adjusted net profit margin both expanded in 2025 on an enhanced product mix, they note. Margin expansion is likely to be boosted by the integration of generative artificial intelligence into customer service and the incorporation of its AI itinerary tool into internal workflow, as these could strengthen service quality and productivity. Rising profit from new businesses could also benefit margins, they add. DBS maintains its buy rating and HK$26.50 target price. Shares rise 4.4% to HK$19.58. (megan.cheah@wsj.com)
0307 GMT - Grab could face stiffer competition in Taiwan compared with its other markets due to Uber Eats' current market share, says Kai Wang, senior equity analyst at Morningstar, in a note. Grab recently agreed to acquire Foodpanda Taiwan, expanding its footprint in Asia. Grab's success so far in other markets has been dependent on being the "first mover" and having more resources than its rivals, Wang says. Still, Foodpanda Taiwan could add about 13% to Grab's delivery business, according to Morningstar's estimates. Morningstar keeps its fair value estimate for Grab unchanged at $6.50 as it only expects Taiwan to contribute to Ebitda in 2028, but shares still look undervalued, Wang says. (kimberley.kao@wsj.com)
0301 GMT - Hesai Group has potential to be re-rated if its upcoming products can deliver genuine breakthroughs, Bernstein analysts write in a note. The company plans to introduce two products in the coming months for robotics and autonomous systems, including an "eye" to enhance perception beyond what is currently possible, and "muscles" that can deliver precise and powerful motion control. Hesai deserves some credit for its innovation capabilities, given its strong technological intuition, the analysts say. The company's founders also founded an independent startup called Sharpa, which has demonstrated impressive progress in robotic dexterous hands, they note. Bernstein maintains an outperform rating on the stock but cuts its ADR target price to $32.00 from $33.00 to reflect an expected growth slowdown for the coming quarters. (jiahui.huang@wsj.com; @ivy_jiahuihuang)
0254 GMT - Xiaomi's smartphone gross profit margin is likely to fall slightly to around 8% this year from 8.3% in 4Q of 2025, HSBC Global Research analysts write in a note. Shipments are likely to decline by 15% due to higher average selling prices. In the EV segment, the new SU7 launch is tracking well, with over 30,000 lock-in orders in three days, pointing to a favorable average selling price mix, they say. HSBC views the company's EV guidance of 550,000 deliveries this year as achievable given the strong launch momentum. However, there are some pressures on gross profit margin due to cost inflation and demand-side incentives changes, they add. HSBC has a buy rating but cuts the stock's target to HK$53.40 from HK$58.50. Xiaomi's shares are last at HK$32.34.(jiahui.huang@wsj.com; @ivy_jiahuihuang)
0244 GMT - Gold price volatility poses manageable risks to Laopu Gold, HSBC analysts say in a research note. Laopu's shares have fallen over 10% since February, as markets are concerned about weakening demand and possible deeper discounts after the jewelry retailer raised prices at the gold price peak, the analysts note. "We acknowledge concerns that demand could soften if the premium of fixed-price gold jewelry over spot gold prices widens as gold prices fall," they say. However, the analysts think Laopu can partially decouple from the gold price cycle through branding and product innovations. HSBC sees limited 2026 earnings risk from gold volatility, with potential rerating driven by earnings upside or continued brand momentum. Shares rise 3.3% to HK$670.00. (sherry.qin@wsj.com)
0216 GMT - Telstra's mobile price rises have further reduced risks to fiscal 2027 earnings, Jarden analysts reckon. They tell clients in a note that the May increases to prepaid and postpaid prices are slightly stronger than expected, which is positive for mobile service revenue. Citing the price rises as well as the Australian telco's continuing cost discipline, AI-driven efficiencies and inflation-linked broadband growth in its fixed infrastructure business, they lift their target price by 2.0% to A$5.05 and maintain a neutral rating. Shares are up 0.1% at A$5.345. (stuart.condie@wsj.com)
0216 GMT - At least one Bank of Japan policy board member is concerned about the risk of the central bank falling "behind the curve," according to its January meeting minutes. "Japan's real policy interest rate was at the lowest level globally, and since foreign exchange market participants pay attention to real interest rate differentials, it was also necessary from a forward-looking perspective for the bank to adjust the significantly negative real policy interest rate relatively early," the minutes quoted the member that proposed to raise rates to 1.0% at the meeting. While the minutes don't identify speakers by name, Hajime Takata called for a rate hike to 1.0% at the January meeting and was defeated by a majority vote.(megumi.fujikawa@wsj.com)
0147 GMT - The top 30 constituents of Malaysia's benchmark Kuala Lumpur Composite Index are likely to remain unchanged at the upcoming June review, MBSB Research analyst Royce Tan Seng Hooi says in a note. Sunway Healthcare has entered the index, replacing QL Resources following its recent listing. As a spin-off from index constituent Sunway, Sunway Healthcare qualified for immediate inclusion as its market capitalization exceeded that of the smallest existing KLCI constituent, he notes. Mr D.I.Y. Group (M) faces the highest risk of removal, based on current market capitalization, while United Plantations could be a potential replacement, he says. IOI Corp. may also be at risk if it fails liquidity requirements, he adds. (yingxian.wong@wsj.com)
0139 GMT - Myer's bull at Canaccord Genuity says the department-store operator's foundations look stronger now that it has its costs under control. Analyst Allan Franklin relays to investors the company's observation that it's been working for some time in a tough consumer environment, with management seemingly confident in the near-term trajectory. He concedes in a note that December and January trading was softer than some had expected, and lowers his forecasts on the expectation of increased promotional activity. However, he keeps a buy rating on the stock. Target price falls 7.6% to A$0.73. Shares are up 5.2% at A$0.305. (stuart.condie@wsj.com)
0137 GMT - Copper rises in Asian trade, with the three-month contract on the London Metal Exchange gaining 1.6% to $12,294.00 a metric ton. There are signs of more Chinese buying amid a lower-price environment, say ANZ Research analysts in a note. Still, persistent global inflation and growth concerns triggered by the Middle East conflict could offset the increased buying, they add. (megan.cheah@wsj.com)
0124 GMT - Heineken Malaysia could see mid-term earnings support after its parent company Heineken NV plans to scale down production at its Singapore brewery and shift output to Malaysia and Vietnam, TA Securities analyst Liew Yi Jiet says in a note. The move could expand Heineken Malaysia's export footprint in Singapore and the broader Asia-Pacific, providing gradual earnings support through end-2027, he says. Based on Liew's assumptions that 60% of Singapore-bound exports are fulfilled by Heineken Malaysia, this could translate into estimated revenue gains of 344.7 million ringgit in 2027 and 360.4 million ringgit in 2028. TA Securities maintains a buy rating on Heineken Malaysia and keeps its target price unchanged at 25.80 ringgit. Shares are 1.3% higher at 22.48 ringgit. (yingxian.wong@wsj.com)
(END) Dow Jones Newswires
March 24, 2026 23:26 ET (03:26 GMT)
Copyright (c) 2026 Dow Jones & Company, Inc.
Comments