The latest Market Talks covering ESG Impact Investing. Published exclusively on Dow Jones Newswires at 10:00 ET and 17:00 ET.

0512 ET - Santander trades cheaply as the market seems to have doubts about its transformation, which is set to take another 18 to 24 months, Keefe, Bruyette & Woods say in a research note. The Spanish bank is carrying out a plan to shift the focus on countries to a global platform, for which it is building an integrated IT system and migrating core operations to a cloud-based platform called Gravity. Santander is likely to host an investor day early next year to provide more clarity on its progress, analysts Hugo Cruz and Ben Maher write. It is reassuring that cost savings are still being delivered amid this transformation, they note. "Cheap and with catalysts ahead, what's not to like?" they say. Shares up 0.25% at 6.9 euros. (elena.vardon@wsj.com)

0450 ET - The private banking and wealth management business of NatWest limits its opportunity by not growing the Coutts brand internationally, Keefe, Bruyette & Woods say in a research note. "Coutts as a brand is a jewel--not just to NatWest but arguably the whole U.K. banking sector. The greatest opportunity is surely to grow this brand internationally," analysts Edward Firth and Elise Yu Ge write. Limiting growth to the U.K. limits risk but also opportunity amid a growth market which will benefit from the largest intergenerational wealth transfer in half a century, they note. This is disappointing, they add after Coutts' management gave a presentation on its plans to grow the business to 2027. Shares are up 1.2% at 506.2 pence. (elena.vardon@wsj.com)

0100 ET - CK Power's earnings growth for 2025 is likely to be strong on the recovery of its Xayaburi Hydroelectric Power Plant, Maybank Securities (Thailand)'s Natchaphon Rodjanarowan says in a research report. Following a 17-day unplanned shutdown because of flooding in 3Q, the plant's performance is likely to improve this year thanks to an absence of flood-related disruptions, says the brokerage, which maintains the stock's buy rating. However, stable weather projected for July-September could reduce output at the Thai power company's Nam Ngum 2 Hydroelectric Power by 16% compared with last year. The brokerage trims the stock's target price to THB3.70 from THB4.50 to reflect its lower earnings outlook for CK Power. Shares are 0.9% higher at THB2.30. (ronnie.harui@wsj.com)

(END) Dow Jones Newswires

June 27, 2025 10:00 ET (14:00 GMT)

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