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

0320 GMT - Nestle India's material pick-up in sales volumes is poised to persist in 2H FY 2026 after its volumes grew an estimated 8.5% in 2Q, Nomura analysts say in a research report. This volume growth is likely to sustain in 2H thanks to a consumption boost from simplification of India's goods-and-services-tax structure, the company's distribution strategy bearing fruit, and a low base driving double-digit sales growth. With prices of three of the fast-moving consumer goods company's four key commodities turning favorable, its margins should improve from 3Q. Nomura raises the stock's target price to INR1,400.00 from INR1,313.00 with an unchanged buy rating. Shares last closed at INR1,289.00. (ronnie.harui@wsj.com)

0313 GMT - South Korean battery-material stocks could benefit from escalating U.S.-China trade disputes, Nomura analyst Cindy Park writes in a note. Demand for non-Chinese, likely Korean, precursors and graphite anode materials might rise following Beijing's Oct. 9 announcement to further control Chinese exports of rare-earth metals, high-density batteries and critical battery materials, in a tit-for-tat trade fight with Washington, Park says. South Korean battery-material suppliers, such as Posco Future M and Ecopro BM, are set to gain from the fight, she notes. The battery makers are also likely to expand their energy-storage-system market shares in the U.S. thanks to higher tariffs on Chinese goods, she adds. (kwanwoo.jun@wsj.com)

0245 GMT - Pacific Basin Shipping is expected to benefit from higher dry-bulk-vessel earnings, Daiwa Capital Markets analysts say in a research report. Time-charter equivalent earnings for its handysize and supramax vessels will likely rise to US$12,380/day and US$14,060/day in 4Q, respectively, from US$11,680/day and US$13,410/day in 3Q, the analysts add. Demand for minor bulk and grain transport improved during the first nine months of 2025. Also, China's recently announced port-fee increase could be a positive driver for the company's dry bulk freight rate. Daiwa raises the stock's target price to HK$3.00 from HK$2.65 with an unchanged buy rating. Shares are 3.6% higher at HK$2.57. (ronnie.harui@wsj.com)

0245 GMT - Near-term supply-demand dynamics appear slightly unfavorable for most Chinese solar sub-sectors, though the government's supply-side reforms may improve pricing trend, Deutsche Bank analyst Gary Zhou says in a note. Polysilicon inventories may rise in October amid higher supply and softer demand, while margin recovery for solar glass may stall due to due to weak demand and possible expanding capacity. Still, Zhou notes that government efforts to curb overcapacity are starting to bear fruit. Into 4Q, supply-side reform progress will be key to influence the value chain pricing trend. With improving visibility on margin recovery into 2026, DB views any near-term share price pullbacks as a buying opportunity. GCL Technology remains its top sector pick. (jason.chau@wsj.com)

0229 GMT - Bumrungrad Hospital's 3Q earnings likely grew 4.6% on year thanks to strong pent-up demand from Middle Eastern patients, says its new bull at UOB Kay Hian. The expected demand follows the Ramadan period and an earthquake that stunted travel, the analysts say. The Thai company's top line likely also grew, reversing from two quarters of decline from a lack of Kuwaiti patients, they add. That overhang is likely to be removed soon, as Bumrungrad Hospital remains a prime candidate for Kuwaiti patient referrals, the analysts note. UOB KH upgrades the stock to buy from hold and lifts its target price to THB214.00 from THB185.00. Shares last closed at THB182.00.(megan.cheah@wsj.com)

0205 GMT - Betagro faces an earnings hit in 3Q from weak livestock prices, UOB Kay Hian analysts say in a research report. The agro-industrial and food company's net profit is likely to fall 55% on quarter, as weaker swine average selling prices outweighed lower soybean meal costs, the analysts say. Thailand's swine prices fell in 3Q owing to the rainy season and Cambodian labor issues.However, domestic swine prices will probably rise gradually in mid-4Q due to a reduction of supply from The Swine Raisers Association of Thailand. The brokerage lowers the stock's target price to THB17.00 from THB18.50 and maintains a hold rating. Shares last closed at THB17.00. (ronnie.harui@wsj.com)

0154 GMT - COG Financial is showing clear intent to aggressively increase its share of the novated-lease market, Morgans analyst Richard Coles says. He points out that financial-services firm's acquisition of an additional 14% stake in Fleet Network comes just a month after it completed the purchase of another salary packaging and novated-leasing business. This is clearly a growth area for the ASX-listed company, he writes in a note. There is scope for COG to further expand stakes in other partially owned businesses, he adds. Morgans lifts its target price 23% to A$2.63 and keeps an accumulate rating on the stock, which is up 3.0% at A$2.37. (stuart.condie@wsj.com)

0133 GMT - Australian Finance Group keeps its bull at Macquarie amid the lender's shift toward higher-margin products. A note by one of the investment bank's analysts points out that high-margin AFG securities lodgements, which were up 23% on the prior three-month period, represented 71% of all AFG's lodgements in the home-loan category. Lower funding costs, operating leverage, and the overall rise in lodgements to a quarterly record all help maintain the stock's outperform rating from Macquarie. Target price rises 3.5% to A$2.96. Shares are up 6.3% at A$2.54. (stuart.condie@wsj.com)

0112 GMT - Jardine Matheson's moves to partially sell a Hong Kong property and take subsidiary Mandarin Oriental private are likely to make significant progress in Jardine's plan to improve shareholder returns, say Citi analysts in a note. All Mandarin Oriental shareholders will receive special dividends from the Hong Kong asset disposal, and Jardine's share of the payout is likely more than enough to cover the take-private deal costs, they say. Citi notes the conglomerate is shifting from its role as an owner-operator to being a long-term investor, which will provide strategic direction to its subsidiaries. Citi raises its target to US$69.50 from US$62.50, citing the value creation from the deals. It maintains a buy rating on Jardine. Shares last closed 0.8% higher at US$61.13. (megan.cheah@wsj.com)

0052 GMT - Beach Energy's materially higher-than-expected 1Q sales revenue helps to offset poor news on its Hercules exploration well and the potential for slightly higher costs at the Waitsia Stage 2 project, RBC Capital Markets says. Beach's share price rises 4.1% to A$1.135 after reporting 1Q sales revenue of A$537 million, up 18% on three months earlier. The addition of two LNG cargoes from Waitsia boosted revenue. Still, Beach said its Hercules well had failed to find natural gas. RBC expects drilling the well to have cost Beach around A$50 million. Regarding Waitsia Stage 2, it appears to be on target for a late 1Q FY 2026 start. "But we think its timing could still slip slightly," analyst Gordon Ramsay says. (david.winning@wsj.com; @dwinningWSJ)

0047 GMT - ANZ's targets mean it is aiming to do what no other Australian bank has been able to do for at least 20 years, Macquarie analysts warn. They tell clients in a note that CEO Nuno Matos's return and cost targets are bold and ambitious. To hit them, the analysts reckon that ANZ will need to materially outperform its peers on both costs and revenues, something that hasn't been achieved by any major Australian lender for more than two decades. They add that banks generally have a poor track record of achieving medium-term targets, with expenses, cost-to-income, and return-on-equity the least successful areas. Macquarie has an unchanged neutral rating and A$34.00 target price on the stock. Shares are up 0.1% at A$36.65. (stuart.condie@wsj.com)

0042 GMT - Citi analyst Thomas Strong doesn't think investors should get too excited over individual transactions at Macquarie such as its latest data-center divestment. Two Macquarie infrastructure funds and their co-investment partners are selling Aligned Data Centers for US$40 billion. Strong acknowledges that it is tempting to see transactions like this as additive to expectations, but he reckons that consensus forecasts are already too high and need to be met if the stock is to justify its multiple of 20X earnings. Citi has a last-published neutral rating and A$200.00 target price on the stock, which is down 0.2% at A$226.38. (stuart.condie@wsj.com)

(END) Dow Jones Newswires

October 19, 2025 23:20 ET (03:20 GMT)

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