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

2050 ET - Berjaya Food's current valuation doesn't factor in CIMB's expectation of continued losses through FY 2026-FY 2028, coupled with a challenging operating landscape. In a note, CIMB says it projects the company's losses to narrow in 2Q FY 2026 on quarter, amid seasonal demand from year-end festive activities and a temporary improvement in consumer sentiment following the Malaysian government's cash-aid disbursement at end-August 2025. However, it projects losses to widen in 2H FY 2026 due to intense competition from new market entrants, which may pressure revenue growth and increase operating expenses. CIMB maintains its earnings projections for FY 2026-FY 2028 and keeps a reduce call based on an unchanged target price of MYR0.20. (monica.gupta@wsj.com)

2037 ET - Telekom Malaysia's shares look attractive, trading at a 2026 estimated price-earnings ratio of 15.6X, a discount to domestic peers, Affin Hwang IB analyst Isaac Chow says in a note. He raises Telekom's 2025-2027 EPS forecasts by 4%-11%, reflecting a lower tax rate for 2025, higher other income and stronger fiber revenue. He continues to favor Telekom Malaysia for its extensive fiber infrastructure, submarine cable network and solid balance sheet. Affin Hwang raises Telekom's target price to MYR8.20 from MYR7.85, while maintaining a buy rating on the stock. Shares are 2.2% higher at MYR7.41. (yingxian.wong@wsj.com)

2036 ET - Equities in India and Southeast Asia could serve as hedges against the artificial intelligence boom, says Eastspring Investments' Vis Nayar and Ray Farris in a note. U.S. equities have been volatile recently amid market concerns around AI. Eastspring sees this as a sign to diversify away from high U.S. valuations into less expensive and higher earnings growth Asia markets. Indian equities are starting to gain, they note, citing the market pricing its monetary policy easing-driven recovery in domestic demand growth. Sectors that could benefit include financials and consumer durables, they say. "Similar potential for selective domestic demand plays exists in Indonesia, Malaysia, and Thailand in response to fiscal and monetary policy easing in these economies," they add. (megan.cheah@wsj.com)

2027 ET - Bendigo and Adelaide Bank's bear at Citi warns that concerns of potential money-laundering through one of its branches could weigh on the stock until the lender formulates its full response. Analyst Thomas Strong tells clients in a note that there is a history of sanctions and remedial plans across the Australian banking industry. With management yet to address risk issues that appear to extend across the group, uncertainty over the final outcome will probably keep downward pressure on Bendigo's shares, he adds. Citi has a last-published sell rating and A$11.00 target price on the stock, which is down 8.1% at A$10.11. (stuart.condie@wsj.com)

2018 ET - Telekom Malaysia's outlook should be supported by growth in its core segments, Public Investment Bank analyst Eltricia Foong says in a note. Telekom Malaysia's wholesale business arm, TM Global, is expected to be a key growth engine, supported by Malaysia's expanding network infrastructure, rising broadband demand and increasing international bandwidth needs to position itself as a digital hub for the region. With more hyperscalers building data-center capacity in Malaysia, Telekom's role in regional connectivity is set to expand, she says. Telekom also stands to benefit from ongoing 5G rollout through increased demand for fiber backhaul services. Public IB maintains an outperform rating on Telekom Malaysia and keeps its target price at MYR8.80. Shares are 1.8% higher at MYR7.38. (yingxian.wong@wsj.com)

2001 ET - Li Auto's plan for faster product launches worries UOB Kay Hian as it reckons shorter product development could further weaken quality control. Li Auto is undertaking a strategic reset amid slowing sales by planning faster product launches and renewing its overseas push, say analysts Ken Lee and Bella Lu in a note. "The company is desperate to revive growth momentum, given the sales decline and stock drop despite the launches of new models," they say. The company recently recalled more than 100,000 Mega MPVs due to an issue with the coolant's corrosion resistance. "That is exactly what the authorities do not want to see, as they have just tightened scrutiny on product quality and safety," they say. UOB KH keeps a sell rating and HK$60.00 target price on the stock. (monica.gupta@wsj.com)

1957 ET - Megaport's new bull at Morgans sees potential for the stock to rerate as the company demonstrates the value of its latest acquisition. Raising his recommendation to buy from accumulate, analyst Nick Harris tells clients in a note that the Australia-listed tech-connectivity provider is paying a reasonable price for Latitude.sh. He thinks the private-cloud provider will accelerate revenue and Ebitda growth. Harris says the combination with Megaport's existing telecommunications network makes the company very well placed to solve key customer issues including unpredictable costs. Morgans raises its target price 3.0% to A$17.00. Shares are up 3.7% at A$13.91. (stuart.condie@wsj.com)

1933 ET - The outlook for South Korea's shipbuilding and defense sectors appears positive, Daiwa Capital analysts Mike Oh and Daeho Son write in a note. They see U.S.-South Korean shipbuilding cooperation as a potential margin-expansion opportunity for Korean shipyards, which are likely to enjoy favorable pricing terms on U.S. strategic commercial vessel orders and navy contracts, they say. They prefer HD Hyundai Heavy Industries to other local peers, citing its cost-efficient approach in the defense sector. Their midterm order outlook for Korean defense companies remains positive on global rearmament initiatives, as the U.S. seems to be less willing to intervene in conflicts. Their preferred local defense name is Hanwha Aerospace Industries. (kwanwoo.jun@wsj.com)

1930 ET - The stronger-than-expected sales contribution from Reece's new stores may ease investor concerns about the Australian plumbing-supplies provider's roll-out strategy, Citi analyst Samuel Seow says. Reece's 15 new stores, including 10 in the U.S., helped drive 8% first-half sales growth across the group. Seow wonders whether the expansion will reduce concerns that Reece's recent share buyback may have signaled a shift in its capital-allocation strategy. He tells clients that 2% like-for-like sales growth in Australia may point to a positive inflection in the country's housing construction trends. Citi cuts the target price by 5.3% to A$12.40 and stays neutral on the stock, which is down 1.0% at A$12.25. (stuart.condie@wsj.com)

1920 ET - Bell Potter analyst Chami Ratnapala stays cautious on Kogan.com ahead of what she expects to be a fiercely competitive holiday trading period. Ratnapala warns that the online retailer's performance from November onwards will be compared with a stronger year-earlier performance and reckons that the company may find it hard to grow market share. Higher-than-expected losses at Kogan's New Zealand business are weighing on group earnings, although Ratnapala likes the sales growth it is showing ahead of the holiday period. Bell Potter cuts its target price by 20% to A$3.30 and keeps a hold rating on the stock, which is down 1.0% at A$2.99. (stuart.condie@wsj.com)

1918 ET - Japanese stocks are higher in early trade following a recovery in technology stocks on Wall Street overnight. Chip-related stocks are leading gains. Kioxia Holdings is up 11% and Advantest is 5.3% higher. USD/JPY is at 156.85, compared with 156.90 as of Monday, 5 p.m. Eastern time. Investors are closely watching any progress in Prime Minister Sanae Takaichi's policy steps to support the economy. The Nikkei Stock Average is up 0.7% at 48976.51. (kosaku.narioka@wsj.com; @kosakunarioka)

1902 ET - Accent Group loses its bull at Citi amid risk that the athletic-apparel retailer's efforts to cut staff costs hit service levels and sales. Lowering his recommendation to neutral from buy, analyst Sam Teeger warns that there may not be much room for Accent to trim costs once it has looked at its front-line staff. He tells clients in a note that the Australian company's annual earnings guidance looks achievable, but points out that Accent isn't assuming any pickup in like-for-like sales over the second half despite a relatively softer performance in the year-earlier period. Citi cuts its target price by 41% to A$1.08. Shares are down 0.3% at A$0.9675. (stuart.condie@wsj.com)

(END) Dow Jones Newswires

November 24, 2025 20:50 ET (01:50 GMT)

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