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

0350 GMT - Genting Malaysia shareholders should reject parent company Genting's conditional voluntary takeover offer, as the MYR2.35-a-share price appears unattractive, says TA Securities analyst Tan Kam Meng. A higher offer is unlikely since Genting Malaysia's board has little incentive to seek competing bids, making full shareholder acceptance for privatization uncertain, he says. Strategically, delisting Genting Malaysia may not benefit Genting, as maintaining market access is key for future fundraising--particularly for its planned $5.5 billion investment to upgrade Resorts World New York City if it secures a casino license, he adds. TA Securities raises its target price for Genting Malaysia to MYR2.35 from MYR2.24 to align with the offer price, while maintaining a buy rating. Shares are 8.4% higher at MYR2.32. (yingxian.wong@wsj.com)

0346 GMT - Catapult Sport's latest acquisition looks reasonably priced to its bulls at UBS. The investment bank's analysts unpack the purchase price, noting that the upfront US$46 million cash payment the sports-tech provider will pay for Impect represents 5.6 times its sales. They tell clients in a note that the subsequent US$32 million in shares and US$12 million in potential earnout equity on offer over the next four years lock in Impect's founders and motivate their performance. The UBS analysts see the key questions being how Catapult can integrate Impect's scouting capabilities and enable the Australia-listed company to better compete with market leader Hudl. UBS has a last-published buy rating and A$7.00 target price on the stock, which is up 2.2% at A$7.40. (stuart.condie@wsj.com)

0340 GMT - ANZ's bears at UBS think that the Australian lender's fiscal 2028 revenue needs about A$2.1 billion above their current forecast if it is to meet its CEO's cost-to-income aspirations. UBS analysts tell clients in a note that they currently expect a fiscal 2028 cost-to-income ratio of about 49%, well ahead of CEO Nuno Matos's target of about 45%. The analysts reckon that the stock is trading at 15.4 times earnings on a two-year forward basis, which they say is three standard deviations ahead of its historical average. They raise their earnings forecasts and lift their target price by 13% to A$30.00 but maintain a sell rating. Shares are down 0.4% at A$35.87. (stuart.condie@wsj.com)

0334 GMT - Delta Electronics (Thailand) is likely benefiting from tailwinds, Thanachart Securities' Pattadol Bunnak says in a research report. First, the global artificial-intelligence trend is driving massive new investment in data centers that use the electronic component manufacturer's products, the analyst says. Secondly, the Thai company is becoming the group's key production hub as its Taiwanese parent relocates production capacity from China. Delta Electronics (Thailand) is also receiving two new orders--a new power management and liquid cooling system--from its Taiwanese parent in 2H. The brokerage raises the stock's target price to THB220.00 from THB170.00, with an unchanged buy rating. Shares are 0.6% higher at THB180.50. (ronnie.harui@wsj.com)

0331 GMT - China's trade momentum will be tested after solid September data, according to BofA securities economists in a research note. The latest trade data highlighted continued resilience in exports, supported by an ongoing tech cycle and stable demand outside of the U.S., the economists say. With domestic demand still weak, whether the strength in September's import growth sustains will be a critical point, they say. Another variable is the ongoing development on the U.S.-China trade front. With U.S. President Trump proposing an additional 100% tariff increase effective Nov. 1, businesses may frontload orders in October if they perceive this risk as likely to materialize, they add. (tracy.qu@wsj.com)

0317 GMT - Baby Bunting's bull at Citi reckons that the baby goods retailer's turnaround will take time despite a slightly better-than-expected trading update. Analyst Sam Teeger reiterates his buy rating on the stock but warns there is still work ahead, with a skew in annual net profit toward the 2H of fiscal 2026 looking larger than anticipated. Nonetheless, he says that an acceleration in normalized like-for-like sales growth compared with the first six weeks of the fiscal year suggests improving underlying trading momentum. Citi has a last-published A$3.04 target price on the stock, which is down 5.1% at A$3.01. (stuart.condie@wsj.com)

0317 GMT - Margin recovery at Seven & I Holdings' Japan operations through fiscal 2029 may be more gradual than forecast amid competition pressure, though this may be offset by stronger performance in the U.S., says Lorraine Tan at Morningstar. The company is making a bet that its improved fresh foods and U.S. restaurant upgrades will help drive profitability and customer foot traffic, notes the director of equity research. Tan expects the quality of Seven & I's earnings growth to improve in fiscal 2026, with profitability picking up in the 2H of the fiscal. The more aggressive-than-expected share buyback through fiscal 2029 should also help drive EPS growth, she adds. Shares were recently at Y1,980.00. (jason.chau@wsj.com)

0313 GMT - Archi Indonesia's overall margins are likely to improve as its major asset could yield higher-grade gold, say Nomura analysts in a note. The Indonesian gold miner's production is likely to rise to around 122,000 ounces in 2025 from 93,000 ounces in 2024, boosted by contribution from its Araren pit gold mine. The company's gold production is likely to reach around 213,000 ounces in 2028, which would enhance Ebitda margins, driven by favorable gold prices. Archi could also develop Araren further to get more high-grade gold. The analysts expects Archi to book 32% earnings compound annual growth rate and around 18% gold production CAGR over 2026-2029. Nomura begins coverage of Archi with a buy rating and IDR1,635 target. Shares rise 10.5% to IDR1,370.00. (megan.cheah@wsj.com)

0309 GMT - Rallying gold prices are aiding Rio Tinto's effort to drive down copper unit costs, Citi analysts say in a note. The miner in July revised its annual copper unit cost guidance lower, citing strong production and work to contain expenses. It expects 2025 copper unit costs of US$1.10-US$1.30/pound, down from US$1.30-US$1.50/pound before. The rally in gold, which has surged to record highs, "could provide further tailwinds for unit costs" to be toward the lower end of the new guidance range, the Citi analysts say. Rio Tinto produces gold as a byproduct of copper mining. A rising gold price consequently contributes to higher byproduct credits, which reduce net unit costs in its copper division. Rio Tinto is up 1.5% in Sydney at A$127.12. (rhiannon.hoyle@wsj.com; @RhiannonHoyle)

0242 GMT - Indonesian gold miners' shares are poised for a re-rating as the precious metal's record highs whet investor appetite, say Nomura analysts in a note. They project the sector to deliver 31% average production compound annual growth rate over FY 2026-FY 2029, which could translates to 45% earnings CAGR over the period. Indonesia's gold sector offers an attractive 45% total shareholder return for FY 2026, thanks to earnings growth, they write. Some miners could also benefit from inclusion in gold ETF indexes, they add. Nomura says shares of Bumi Resources Minerals and Archi Indonesia could see strong upside as they start mining reserves. Meanwhile, Merdeka Gold Resources and Indika Energy starting gold operations in 2026 could drive sustained sector growth. Archi is Nomura's top pick. (megan.cheah@wsj.com)

0237 GMT - Malaysia's semiconductor sector faces a cautious outlook despite growth in global chip sales, due to lingering uncertainties over the U.S. trade policy, says TA Securities analyst Chan Mun Chun. The Malaysian government is advancing its national semiconductor blueprint to strengthen the sector's value chain, he says, noting that Budget 2026 contained several initiatives to support the digital economy. Chan maintains a neutral rating on the sector. He raises Inari Amertron's target price to MYR2.48 from MYR2.11, as its key American smartphone customer is likely to be exempted from the potential sectoral semiconductor tariffs proposed by the Trump administration. TA Securities maintains a hold rating on Inari. (yingxian.wong@wsj.com)

0237 GMT - SCG Packaging's 4Q net profit is likely to improve on higher sales in Vietnam and Indonesia, UOB Kay Hian's Benjaphol Suthwanish says in a research report. Production costs will remain a key positive factor for the Thai company, especially sustained low prices of recycled paper, which have continued to fall over past few quarters, along with stable low coal costs. Its Indonesian subsidiary Fajar Surya Wisesa's Ebitda is expected to stay profitable, supported by its cost competitiveness, the analyst says. The brokerage raises the stock's target price to THB26.00 from THB21.00 to reflect a valuation roll-over, with an unchanged buy rating. Shares last closed at THB18.20. (ronnie.harui@wsj.com)

(END) Dow Jones Newswires

October 13, 2025 23:50 ET (03:50 GMT)

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