The latest Market Talks covering Equities. Published exclusively on Dow Jones Newswires throughout the day.

2159 ET - Singapore-listed UOL likely has upside catalysts including asset sales and share buybacks, says Citi's Brandon Lee in a note. The property developer's latest launch at Orchard Boulevard notched a better-than-expected first-day sales despite being located in a more challenging precinct. Lee expects UOL to focus on marketing its coming launch Skye in 2H and replenishing its landbank. UOL's shares have outperformed its peers and the benchmark FTSE Straits Times Index year-to-date, and Lee expects further gains thanks to its latest project's sales, asset sales and share buybacks. Citi has a target price of S$9.60 and maintains a buy rating on UOL given its low net gearing and undemanding valuations. Shares last at S$6.87. (megan.cheah@wsj.com)

2158 ET - Seek's bulls at Macquarie see potential for the stock to rise if management can demonstrate the benefits of its recent technology overhaul. Analysts at the investment bank say that the Australian job advertiser's FY 2026 provides an opportunity for it to showcase the cost control and operating leverage that management have said would follow its multiyear tech investment. Macquarie sees possible upside to its forecast of 15% annual revenue growth for the period, which compares with an analyst average forecast of 13%. For FY 2025 just ended, Macquarie analysts forecast broadly flat revenue and a 13% drop in adjusted profit. Macquarie raises its target price 0.9% to A$27.00 and keeps an outperform rating on the stock, which is down 0.7% at A$24.14. (stuart.condie@wsj.com)

2137 ET - The Malaysian consumer sector's outlook may be cautious, with retailers likely hit by weak sentiment, rising operating costs and softer discretionary spending, RHB IB analysts Soong Wei Siang and Tai Yu Jie say in a note. While the sector remains defensive due to stable jobs and fiscal support, inflation and global uncertainties may weigh on earnings, they say. Retailers may struggle to pass on cost increases from subsidy reforms and tax hikes, weighing on margins. However, food producers could benefit from easing commodity prices and a stronger ringgit, they add. RHB maintains a neutral rating on Malaysia's consumer products, pegging Mr. D.I.Y. Group (M), 99 Speed Mart Retail, Guan Chong, Farm Fresh and Focus Point as top picks. (yingxian.wong@wsj.com)

2135 ET - Jarden analysts see a chance that 4Q advertising revenues at News Corp's Dow Jones unit might beat their expectations. They tell clients in a note that current macroeconomic uncertainty justifies their forecast of a 6% fall in 4Q ad revenues, but acknowledge that strong momentum in some of Dow Jones's professional-services offerings could make their estimates seem conservative. Their 4Q Ebitda forecast for Dow Jones is 7% weaker than consensus. Jarden raises its target price on News Corp's Australia-listed stock by 1.1% to A$54.60. Shares are down 3.4% at A$52.04. News Corp is the parent company of Dow Jones & Co., publisher of The Wall Street Journal and Dow Jones Newswires. (stuart.condie@wsj.com)

2120 ET - The Hang Seng Tech Index may extend gains after its upside breakout from a wedge consolidation pattern on the technical chart, Phillip Securities Research's Zane Aw says in a commentary. Last Friday, the index broke above the wedge consolidation between 4770 and 5500, within which it had been trading since mid-April 2025, the analyst notes. The moving average convergence divergence indicator is also signaling a possible upside breakout after a period of consolidation, Aw says. The index is likely to rise further and reach 6195, a prior swing high posted at the start of March 2025, the analyst adds. The Hang Seng Tech Index last closed at 5538.83. (ronnie.harui@wsj.com)

2116 ET - Any further re-rate of REA Group shares is hard to imagine given the stock's current valuation and the risk of increasing competition, Macquarie analysts say. They retain a constructive view of listings volumes and buy-yield growth at the News Corp-controlled property advertiser, but think that a multiple of 47 times earnings on a 12-month-forward basis looks unlikely to be improved upon. They tell clients in a note that the medium-term outlook is supported by the prospect of further interest-rate cuts, but see risks from smaller rival Domain under the ownership of U.S.-listed CoStar. Macquarie trims REA's target price by 1.9% to A$260.00 and stays neutral on the stock, which is down 0.7% at A$238.42. News Corp is the parent company of Dow Jones & Co., publisher of The Wall Street Journal and Dow Jones Newswires. (stuart.condie@wsj.com)

2110 ET - Food Empire Holdings' earnings outlook appears positive, UOB Kay Hian analysts say in a research report. The analysts cite the food and beverage product manufacturer's ongoing investments in brand building and the market leadership of Food Empire's brands. The Singapore-listed company's expansion of four new manufacturing facilities in Malaysia, Kazakhstan, Vietnam and India by 2028 will also drive growth, the analysts say. Moreover, its second supplemental agreement for its redeemable equity note will eliminate earnings volatility from 3Q onward. The brokerage raises the stock's target price to S$2.40 from S$1.98 to reflect a valuation roll-over, with an unchanged buy rating. Shares are 0.4% lower at S$2.25. (ronnie.harui@wsj.com)

2104 ET - Regis Resources' FY 2026 growth capex guidance is much higher than the market expected. However, the elevated capex relates to some short-life, lower-grade pits that Regis is developing to take advantage of high gold prices, RBC Capital Markets analyst Alex Barkley says. This is "important given some market concerns around Duketon mine life and RRL maintaining group production levels," says Barkley. RBC has an outperform rating and A$5.30 target on Regis. "RRL are, in our view, establishing themselves as a stand-out for operating and cash flow consistency," he says. That is not fully reflected in its FY 2026 2.4X EV/Ebitda multiple, says Barkley. The stock is down 4.1% at A$4.285. (rhiannon.hoyle@wsj.com; @RhiannonHoyle)

2059 ET - Malaysia's glove sector is seen facing increasing headwinds in 2H due to aggressive capacity expansion by China's Intco Medical Technology Co., Hong Leong IB analyst Chee Kok Siang says in a note. The company's expansion in Southeast Asia with its aggressive pricing strategy may worsen the supply-demand imbalance and prolonging price weakness, he reckons. Transhipment of Chinese gloves through regional hubs is also displacing Malaysian exports in the U.S. market, he warns. However, Kossan Rubber Industries is expected to outperform peers, backed by its strong balance sheet and focus on customised products, he says. Hong Leong maintains a neutral rating on the sector with Kossan Rubber as its sole buy call. (yingxian.wong@wsj.com)

2058 ET - A challenging outlook for business banking is the biggest issue facing National Australia Bank, Citi analyst Thomas Strong tells clients in a note. Strong reminds investors of NAB's outsized exposure to business banking relative to peers, flagging sector concerns including increased competition, and deteriorating asset and deposit mix. Strong sees a better near-term outlook for retail banking despite faster growth in business credit. It's understandable that investors would like NAB to clarify how it will navigate the complex outlook, he adds. Citi has a sell rating and A$30.50 target price on the stock, which is down 1.4% at A$38.63. (stuart.condie@wsj.com)

2044 ET - Hyundai Engineering & Construction appears on course to meet its 2025 target for new contract wins, Daiwa Capital analysts Mike Oh and Daeho Son write in a note. The South Korean builder's order backlog is improving, driven by its successful bids for lucrative domestic housing projects, the analysts say. They are also positive about the firm's growing nuclear business, citing the likelihood of more contract wins for large reactors from Europe and small modular reactors from the U.S. in 2H. The company has secured 16.7 trillion won of new contracts so far this year, 54% of its annual target of 31 trillion won, they note. (kwanwoo.jun@wsj.com)

2043 ET - South32's 4Q output is broadly in line with Citi's expectations, with alumina and manganese production lower than envisaged but copper and aluminium higher. Analyst Paul McTaggart views the result as neutral for shares. He notes FY 2025 unit costs are expected to be in line with guidance. "Net cash/debt position to come" but balance sheet was net cash of US$252 million at 3Q-end, he says. Citi has a neutral rating and A$3.40 target on South32. The stock is up 1.6% at A$2.935. (rhiannon.hoyle@wsj.com; @RhiannonHoyle)

(END) Dow Jones Newswires

July 20, 2025 21:59 ET (01:59 GMT)

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