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

0640 GMT - Prudential PLC increasing its share buyback program by a further $300 million appears to be a pleasant surprise to DBS Research's Ken Shih. The move is supported by a partial stake sale in the insurer's joint venture with ICICI Bank. Prudential PLC's interim dividend rose 15% on year, which slightly beat the analyst's expectations. This demonstrates its strong commitment to continuously enhance its shareholder value and returns, Shih says in a note. Still, short-term interest rate volatility weighed on the insurer's 1H IFRS-adjusted net profit, prompting the analyst to reduce his 2026-2027 projections by 10%-18%. DBS maintains its buy rating and 138.00 Hong Kong dollar target price. Shares decline 1.65% to HK$107.20. (megan.cheah@wsj.com)

0639 GMT - Accelerating service prices in Tokyo signal growing momentum that could drive broader Japanese inflation well past the Bank of Japan's target, says JPMorgan economist Takuho Morimoto. Tokyo service prices rose 1.4% in August from a year earlier, government data showed Friday. However, excluding nursery fee subsidies, underlying service inflation reached 2.3%, Morimoto estimates. Medical costs and rents--historically kept low by administrative pricing and measurement lags--are now moving toward or above 2%, he says. "It would reinforce the view that underlying inflation momentum is turning higher and underscore the risk that inflation could overshoot the [BOJ's] 2% target by a meaningful margin."(megumi.fujikawa@wsj.com)

0628 GMT - Thailand refineries still look bullish to Maybank Securities (Thailand), which cites a strong earnings outlook, attractive valuations and high dividend yields, analyst Chak Reungsinpinya says in a research report. Refineries' gross refining margins are also well-supported by supply disruptions, the analyst says. While global refinery throughput is increasing to 78.9 million barrels per day in 3Q from 75.9 million in 2Q, this remains below the normal range of 81 million-83 million barrels per day, keeping supplies of refined oil products tight. The brokerage's top pick in the Thai energy space is Bangchak Corp., with a buy rating and a target price of 65.00 baht. Its shares are 0.5% higher at THB54.25. (ronnie.harui@wsj.com)

0605 GMT - Underlying inflation in the Tokyo metropolitan area is likely much higher than official government data suggests. After adjusting for policy-driven discounts, such as subsidies for utilities and nursery fees, consumer prices excluding fresh food and energy are likely running at 2.5%, well above the 2% rise shown in Friday's data for August and the Bank of Japan's 2% target, says JPMorgan's Takuho Morimoto. "We expect inflation to accelerate further into year-end, increasing pressure on the BOJ and raising the risk that a delayed policy response could prove costly," the economist says. The overnight index swaps market is currently pricing in an 85% chance of a September rate hike. (megumi.fujikawa@wsj.com)

0559 GMT - Investors might have overreacted to Pernod Ricard's tough fiscal 2026 and muted outlook but the group still needs to show concrete signs of recovery, analysts at Bernstein write in a note. Shares closed nearly 5% lower Thursday after the French distiller warned weakness in the U.S.--where sales slumped over the year through June--would keep total revenue growth at the lower end of a guided framework over the coming three years. A rebound story would need to include recovery in the wider American market as well as share stability for Pernod's labels there, alongside recovery in China and Europe, Bernstein argues. Thursday's share decline "looks like an over-reaction, but we need more concrete positive newsflow to start to realize the significant upside potential" to the share, the analysts say. (joshua.kirby@wsj.com; @joshualeokirby)

0551 GMT - Gunkul Engineering should benefit from its new flagship solar project, ttb wealth securities' Nuttapop Prasitsuksant says in a research report. The Thai company unveiled an investment for a 40% stake in Blue Solar, a 1.96 gigawatt solar project in the Philippines currently under construction. This project boosts the engineering company's total secured capacity by 50% to 2.3 gigawatts. The brokerage lifts its earnings estimates for the company by 3% for 2026, 7% for 2027, and 19% for 2028, after the project's commercial operation date was brought forward to 4Q 2027 from 2Q 2028. The brokerage raises the stock's target price to 6.00 baht from 5.40 baht with an unchanged buy rating. Shares are 2.9% higher at 5.30 baht. (ronnie.harui@wsj.com)

0519 GMT - China's smartphone makers could face more pressure ahead amid higher prices of memory and other components, Counterpoint Research says in a note. Despite a double-digit drop in 2Q smartphones sold to consumers compared with the previous year, shipment to retailers only fell 1%, Counterpoint data shows. This is because phone makers had built up inventory in anticipation of further memory-price hikes, it says. Huawei maintained its leadership in China, with a 23% market share, while Apple ranked second, with 18% of the market. Xiaomi, whose 2Q shipments dropped 21% on year, took the biggest hit, mainly due to its heavy reliance on low-end models, the research firm says. To cope with higher costs, smartphone makers could raise prices further in the coming months, which would put pressure on their shipments, it adds.