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

0311 GMT - AMP's strong first-half performance across several key metrics supports growing confidence among bulls that it could keep buying back shares through 2027. With an unchanged buy rating on the stock, UBS analysts point to strong June-quarter wealth flows, margin expansion in both platforms and superannuation, and improved disclosure on the Australian financial-services provider's China operation. With AMP's interim dividend beating company guidance and the announcement of a 150 million Australian dollars second-half buyback, the analysts tell UBS clients that they now forecast A$300 million of buybacks across 2027, with potential room for more. UBS lifts its target price 2.4% to A$2.61. Shares are up 4.1% at A$2.405. (stuart.condie@wsj.com)

0259 GMT - UBS analysts remain optimistic about REA Group's ability to manage margins and capacity for potential capital management despite uncertainty over the property advertiser's listing volumes. Lucy Huang and Ailsa Lei highlight the News Corp-controlled company's tight cost control and the potential for AI-driven initiatives to support revenue growth at a higher rate than cost growth. However, they tell clients in a note that a backdrop of softer lead indicators and impending changes to property related tax concessions keeps them remain conservative on the outlook for listings through FY 2027 and into FY 2028. UBS keeps a neutral rating on the stock and raises its target price 4.1% to 177.00 Australian dollars. Shares are up 0.7% at A$173.20. News Corp is the parent company of Dow Jones & Co., publisher of The Wall Street Journal and Dow Jones Newswires. (stuart.condie@wsj.com)

0258 GMT - The next era for Northern Star's KCGM operation will be "driven by efficiencies across processing, operating and energy" following its investment in a 27 million-metric-ton-per-annum gold-processing hub, UBS says. "The mills are currently commissioning on water and it looks set for a ramp-up from September," UBS says of the new hub. Consensus expectations for FY27 appear relatively conservative ahead of annual guidance, expected alongside FY26 results on Aug. 20, and a multi-year outlook expected around March 2027, UBS says. "Grades and recoveries are expected to be subdued during commissioning," it says. The bank forecasts KCGM output of 615,000 ounces at a cost of 2,770 Australian dollars an ounce in FY27. It has a buy rating and A$24.05 target on Northern Star shares. The stock is up 1.6% at A$22.55. (rhiannon.hoyle@wsj.com; @RhiannonHoyle)

0256 GMT - Lendlease Global Commercial REIT is likely to benefit from continuing asset enhancements, UOB Kay Hian's Jonathan Koh says in a research report. Reconfiguration of 16,000 square feet of retail space at Levels 1 and 2 of the REIT's PLQ Mall in Singapore is underway and would lead to higher rental rates in FY 2027, the analyst says. Also, the 'Discovery Walk' walkway adjacent to the REIT's 313@somerset mall in Singapore is being refreshed and integrated with a new music hall. The brokerage raises the unit's target price to 0.790 Singapore dollar from 0.780 Singapore dollar, with an unchanged buy rating. Units are 0.85% lower at 0.585 Singapore dollar. (ronnie.harui@wsj.com)

0244 GMT - REA Group's gets praise from Jarden analysts for its continued cost discipline. With an unchanged neutral rating on the stock, the analysts call out a slowdown in domestic operating cost growth as a highlight of the Australian property advertiser's annual result. They also like the renewed capital discipline shown by its increased dividend and A$200 million share buyback. However, they warn in a note that fiscal 2027 buy yield--a key measure of ad profitability--could hinge on News Corp-controlled REA's exposure to the currently underperforming Sydney and Melbourne markets. Target price rises 2.8% to 183.00 Australian dollars. Shares are up 0.5% at A$172.94. News Corp is the parent company of Dow Jones & Co., publisher of The Wall Street Journal and Dow Jones Newswires. (stuart.condie@wsj.com)

0226 GMT - United Overseas Bank's continued higher nonperforming asset formation seems negative to Citi analyst Tan Yong Hong, who affirms Citi's downside catalyst watch on the Singapore lender. UOB's nonperforming asset formation was at 1% of its loans, which is similar to the levels during 3Q 2025 when UOB booked pre-emptive general provisions, he says. Elevated nonperforming assets could contribute to the need for future general provisions top-ups, says Tan. Citi retains its neutral rating and 41.80 Singapore dollar target price. Shares drop 2.0% to S$42.69. (megan.cheah@wsj.com)

0222 GMT - Evolution Mining is poised for more copper growth in FY28-29, although it will require a step up in investment spending, says UBS. The bank sees rising copper volumes coming from both Northparkes and Ernest Henry. "Now awaiting guidance, we expect capex to step materially higher than EVN's former 5-year target of A$750 million-A$950 million [per annum] as it looks at various potential expansions," UBS says. It forecasts FY27 capex of A$1.3 billion. The bank raises its share-price target to A$13.00 from A$12.00 to reflect increased expected mine life and output at some operations. It keeps a neutral rating. "Next catalysts are the FY27 guidance in two weeks and September site visits" to Cowal and Ernest Henry, UBS says. Shares are up 1.8% at 13.23 Australian dollars. (rhiannon.hoyle@wsj.com; @RhiannonHoyle)

0207 GMT - U.S. nonfarm payrolls report due out Friday could shape the dollar's next move, StoneX's Matt Simpson says in commentary. The reading is being closely watched as it could determine whether markets price in a greater or lesser than 50% chance of a Fed rate increase in September, says the market analyst. Fed funds futures have recently trimmed expectations for two rate increases by December, with the probability of a September rate hike hovering at 54.6% at Thursday's close, he notes. "If the report undershoots expectations, it could further reduce those odds and weigh on the U.S. dollar," the analyst adds. The U.S. Dollar Index is flat at 99.948, LSEG data show. (ronnie.harui@wsj.com)

0152 GMT - Sheng Siong Group stands to benefit from resilient consumer demand for groceries, OCBC Group Research's Chu Peng says in a note. Consumers are increasingly prioritizing value-for-money purchases amid elevated living costs, the analyst says. This trend, together with consumption vouchers issued by the government, is expected to benefit the supermarket chain operator, the analyst says. OCBC raises the stock's fair value estimate to 3.41 Singapore dollars from S$3.26, with unchanged hold rating. Sheng Siong's shares are 0.9% higher at S$3.24. (ronnie.harui@wsj.com)

0057 GMT - Oversea-Chinese Banking Corp.'s shares have likely partially priced in its resilient 2Q earnings, says Citi analyst Tan Yong Hong in a note. The stock closed 2.4% higher at S$29.33 on Thursday, after peer DBS Group reported higher 2Q earnings. OCBC's 2Q profit rose 22% on year to 2.22 billion Singapore dollars, which Hong estimates is 16%-17% higher than projections. This was likely driven largely by trading income, thanks to to results from its insurance unit, Great Eastern, he says. He expects the Singapore lender to focus on loan growth drivers, operating-expenditure outlook and sustainability of wealth-management fee income in its earnings briefing. Citi maintains OCBC's target price of S$28.40 and a neutral rating. (megan.cheah@wsj.com)

0042 GMT - Furniture retailer Nick Scali's recent trading is better than Jefferies feared. Written sales orders were flat in the first five weeks of FY27, albeit with a new-store tailwind. Analyst Naveed Fazal Bawa notes Nick Scali was cycling high-single-digit growth a year ago and the sales trend represents an improvement on a 3.6% fall in 2H of FY26. Consensus forecasts are for a 4.4% sales fall in 1H of FY27. Jefferies adds Nick Scali's gross margin in Australia and New Zealand is solid, and better-than-expected in the U.K. "We have confidence in management's ability to deliver but have questions on sustainability of gross margin and outlook, given weaker macro backdrop," Jefferies says. It had a hold call and A$15.00/share price target on Nick Scali ahead of today's result. (david.winning@wsj.com; @dwinningWSJ)

0031 GMT - Charter Hall Retail REIT's profit guidance is better than Jefferies expected. The Australian mall owner points to FY 2027 operating earnings of at least 27.3 Australian cents/unit. That implies minimum growth of 3.5% on FY 2026. Jefferies had forecast an FY 2027 outcome of 26.9 Australian cents/unit, and notes it's also a slight beat to consensus forecasts. Charter Hall Retail REIT's distribution guidance of 26.4 Australian cents/unit is also ahead of market hopes. "We would expect minor positive consensus earnings revisions following today's results," says analyst Andrew Dodds. He rated Charter Hall Retail REIT a buy with a A$4.22 price target ahead of the result. Charter Hall Retail REIT is up 1.7% at A$4.13.