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

0340 GMT - China's roadmap for pharmaceuticals that focus on innovation and globalization, appears to lay a good foundation for sector development, says Nomura's Jialin Zhang in a note. The sector's 15th Five-Year Plan targets research-and-development-to-sales ratio of listed pharmaceutical companies averaging higher than 10%, versus the 8% currently estimated by Nomura. It is also targeting first-in-class drugs to account for more than 25% of the global share, says Zhang. The sector's recent rapid development and improved global competitiveness likely spurred the focus on innovation and globalization, says Zhang. The analyst expects pharmaceutical companies and contract research, development, and manufacturing organizations to benefit from the Five-Year Plan. These include Innovent Biologics, WuXi AppTec and WuXi XDC, Zhang adds. (megan.cheah@wsj.com)

0335 GMT - The Bank of Japan is likely to raise its policy rate at every other meeting to a terminal rate of 2% by June 2027, Societe Generale's Jin Kenzaki says in a note. At Friday's press conference after the BOJ raised rates to 1.25%, Gov. Kazuo Ueda noted that with the underlying inflation approaching its 2% target, the central bank's next focus is whether it will become entrenched at that level, Kenzaki says. Ueda also stated that next year's spring wage negotiations between management and unions would be a crucial factor in making this assessment, Kenzaki says. Societe Generale anticipates that the solid momentum seen in wage negotiations will continue into next year, he says. (kosaku.narioka@wsj.com; @kosakunarioka)

0334 GMT - Telix Pharmaceuticals' US$2.35 billion acquisition of ITM gives the Australian company unparalleled exposure to the supply chain for cancer treatments' dominant therapeutic isotope, Bell Potter analyst John Hester says. Hester highlights to clients in a note ITM's position as a leading manufacturer of isotopes including 177Lu, which he points out is used in treatments including Novartis's Pluvicto. With margins on ITM's isotope production well in advance of TLX's margins on its manufacturing, his initial view is that the acquisition makes a lot of strategic sense. Bell Potter is reviewing its forecasts for Telix and its target price on the stock. Shares are down 5.1% at 16.94 Australian dollars. (stuart.condie@wsj.com)

0318 GMT - Iron ore prices are higher in early Asian trading. Overall iron-ore shipments are continuing a seasonal upward trend, remaining at relatively high levels, according to Nanhua Futures analysts in a commentary. Ahead of the upcoming long holiday in China, steel mills are actively building up inventory, they note. The most-traded iron-ore contract on the Dalian Commodity Exchange is 0.1% higher at CNY722.0 a ton. (tracy.qu@wsj.com)

0255 GMT - Suntec Real Estate Investment Trust's plans to sell three Australian assets could take some time, thanks to rising interest rates and their location outside Sydney's core business district, says Citi Research's Brandon Lee in a note. The Singapore REIT announced plans to reduce its exposure to overseas markets, starting with Australia, after a strategic review. The analyst views the review's outcome as negative, given its plan to sell Australian assets has been highlighted before. Investors had also been expecting some Singapore assets sales, with deals potentially executed faster to result in better distribution-per-unit accretion, Lee says. Citi retains its sell rating and 1.22 Singapore dollar target price. Units fall 0.7% to S$1.37. (megan.cheah@wsj.com)

0253 GMT - Hanwha Systems' recent sale of most of its stake in a U.S. shipyard could have a negative impact of 3.5 trillion won on its valuation, Nomura's Eon Hwang says. The analyst lowers his 2027 revenue forecast for the South Korean defense company by 18%, citing the reduction in its stake in Hanwha Philly Shipyard to 5.6% from 60%. Hwang also remains cautious about the limited visibility into the execution of a recent preliminary term-sheet agreement between the Korean military-communications-and-surveillance-systems developer and the UAE to jointly develop air-defense systems. Nomura downgrades its rating on Hanwha Systems to reduce from neutral and trims its target price to 60,000 won from 61,000 won. Shares are 2% lower at 78,400 won. (kwanwoo.jun@wsj.com)

0244 GMT - Chow Tai Fook Jewellery's fixed-price products are likely to drive revenue growth in the coming years, Morningstar's Jeff Zhang says in a note. Fixed-price gold products are sold at a set price that remains unaffected by fluctuations in the international gold market. Chow Tai Fook's fixed-price product revenue could be boosted by strong craftsmanship and gradually rising gold prices, the analyst says. He estimates these factors could raise Chow Tai Fook's fixed-price product revenue mix to 45% by FY 2031. While a decline in gold prices could pressure the company's earnings, he says a stronger cost discipline should provide a buffer. Morningstar starts its coverage of Chow Tai Fook with a fair-value estimate of 14.50 Hong Kong dollars. Shares fall 1.0% to HK$10.94.(megan.cheah@wsj.com)

0235 GMT - Ramelius Resources' FY 2027 and 2028 production outlook is moderately below expectations, says Euroz Hartleys. However, that is offset by lower-than-expected operating costs "and an exceptional forward outlook in FY29 and FY30," the broker says. Rising free cash flow and falling capital expenditure should bolster capacity for additional dividends and share buybacks, says Euroz Hartleys. "We continue to be confident that RMS' superior cash flow outlook against its peers will result in a share price re-rate over FY27 as investors start to look toward future cashflows," it says. The broker keeps a buy recommendation and A$5.04/share price target. The stock is up 6.4% at A$3.81. (rhiannon.hoyle@wsj.com; @RhiannonHoyle)

0228 GMT - Copper prices are higher in early Asia trade, supported by expectations of tightening supply and improving demand, Everbright Securities analysts write in a note. Domestic copper inventories remain low, while global copper mine supply remains constrained, they add. Spot treatment charges have also fallen to fresh lows, pointing to continued tightness in the concentrate market, they say. Investors are monitoring U.S. copper tariff policy and its potential impact on global trade flows, they add. The three-month LME copper contract is up 0.1% at $14,540.50 a ton.(jiahui.huang@wsj.com; @ivy_jiahuihuang)

0221 GMT - MA Moelis Australia wonders whether FireFly Metals investors will have the patience and risk appetite to hold the stock when it is "already reflecting much of the intrinsic value of the business." MA says it has high conviction in the company's Green Bay copper-gold project, which it thinks will be comfortably funded. But it would "like to see significantly more upside between our price target and where the equity is trading as a reward for both the duration and complication of bringing Green Bay back to life," it says. MA has a hold rating and a A$1.80/share target on FireFly. Shares are down 5.4% at A$1.6975. (rhiannon.hoyle@wsj.com; @RhiannonHoyle)

0219 GMT - The impact of rising bond yields on Malaysian banks' debt investments remains manageable, says Maybank IB analyst Desmond Ch'ng in a note. Proactive treasury management could help cushion potential mark-to-market losses, while banks' strong capital positions should be more than sufficient to absorb any losses from debt securities measured at fair value through other comprehensive income, he reckons. The banks' capital management and dividend plans are expected to remain intact, with average dividend yields of about 5.6% in 2026, he adds. Maybank maintains a neutral rating on Malaysia's banking sector, and rates Public Bank, Hong Leong Bank, AMMB, Alliance Bank Malaysia and Hong Leong Financial at buy. (yingxian.wong@wsj.com)

0217 GMT - Malaysia's near-term inflation pressures are expected to pick up as higher oil prices feed through to fuel-related costs, but headline inflation is likely to remain around 1.9%-2.0% in September, CIMB analysts Chew Khai Yen and Michelle Chia say in a note. The broader inflation outlook could remain benign, with softer core inflation pointing to contained underlying price pressures, they add. This supports CIMB's view that Bank Negara Malaysia will maintain the overnight policy rate at 2.75% at its November monetary policy meeting.