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

0318 GMT - Tencent Music Entertainment should still have the chance to deliver resilient margins in 2026, supported by continued operating leverage, despite management's lower-than-expected margin guidance, Nomura analysts Rachel Guo and Jialong Shi say in a note. Management guides for 4Q revenue to rise 13% on year, in line with consensus. Management also projected 2026 revenue to rise 13%, though margins may ease slightly as the revenue mix shifts toward low-margin non-subscription services. The analysts say the softer-than-expected margin outlook reflects the company's prudence in managing market expectations, which has helped its results consistently beat forecasts in recent quarters. Nomura maintains a buy rating and $30 target price on the stock. The ADRs last closed at $19.01. (jason.chau@wsj.com)

0303 GMT - Riverstone's earnings could be weighed by persistent glove oversupply, say Nomura's Heng Siong Kong and Aakash Kedia in a note. The Singapore-listed glove manufacturer noted new production capacities are coming up in Indonesia, Cambodia and Vietnam as Chinese glove makers attempt to circumvent U.S. tariffs. Riverstone has also found it difficult to compete on glove pricing after Indonesia allowed coal use in production, the analysts add. They cut their 2025, 2026, and 2027 earnings per share estimates by 21%, 19% and 22%, respectively, to reflect slower volume growth and average selling price recovery, in line with Riverstone's more cautious outlook amid U.S. tariff uncertainty. Nomura lowers its rating to neutral from buy and trims the target to S$0.78 from S$0.93. The stock is down 0.6% at S$0.855.(megan.cheah@wsj.com)

0303 GMT - The Singapore dollar consolidates against its U.S. counterpart in the Asian session as traders assess the looming end of the U.S. government shutdown. The House approved a spending package to reopen the government late Wednesday, sending the measure ending the shutdown to President Trump's desk for his signature. However, the White House cautioned October jobs and inflation data are "likely never" to be released, Maybank analysts note. Hence, markets may continue to trade with a lack of meaningful U.S. economic data for a while longer, the analysts add. USD/SGD is little changed at 1.3015, LSEG data show. (ronnie.harui@wsj.com)

0238 GMT - Prime US REIT looks well-placed to capture increased leasing momentum thanks to its recent fundraising, RHB Research's Vijay Natarajan says in a research report. The fundraising is partly aimed at financing capital expenditure, which is likely to stay high at roughly US$40 million for 2025-2026 owing to tenant incentives and planned asset improvements, the analyst notes. Also, the REIT's payout ratio is expected to be increased to at least 50% from 2H 2025, thanks to improved leasing visibility and a strengthened balance sheet from the recent fundraising. RHB Research raises the unit's target price to US$0.25 from US$0.23 with an unchanged buy rating. Units are 2.5% higher at US$0.205. (ronnie.harui@wsj.com)

0237 GMT - ST Engineering's impairment recognition for its satellite communications division is likely to clean the company's slate and set it up for recovery, says DBS Group Research's Jason Sum in a note. The Singapore engineering company is discussing selling or restructuring the business, and any potential sale may serve as a rerating catalyst for ST Engineering's shares, he says. The potential divestment is likely to remove a structural earnings drag and materially enhance its urban solutions segment's margins, he adds. Sum raises his 2026-2027 core earnings estimates by 10.6% and 13.1%, respectively. DBS upgrades its rating on the stock to buy from hold and lifts the target price to S$9.40 from S$8.20. Shares are up 2.8% at S$8.52.(megan.cheah@wsj.com)

0211 GMT - Australia's strong employment data for October have fueled speculation of a possible RBA rate increase, StoneX's Matt Simpson says in a commentary. Given Australia's firm employment, stronger 3Q inflation readings and surging home loans, the central bank already has "more than enough ammunition to begin laying the groundwork for a potential hike next year," the market analyst says. For now, a rate increase could occur as soon as 2Q or 3Q of 2026, unless Australia's 4Q CPI data due out in January delivers another hawkish surprise, Simpson says, which, he notes would lead to markets beginning to price in an earlier rate increase. (ronnie.harui@wsj.com)

0157 GMT - Genius Electronics Optical's near-term outlook seems better than expected, Daiwa Capital Markets analysts say in a report. The optical technology company's shipments of iPhone 17 periscope lenses have exceeded the brokerage's expectations. Hence, Daiwa boosts its 4Q forecast for the Taiwanese company's share of iPhone 17 periscope lenses to 30%-35% from 20%-30% previously. Given that periscope lenses are products with high average selling prices, the company's 4Q revenue growth should stay robust. The brokerage lifts its 2025 and 2026 revenue forecasts for Genius Electronics Optical by 10.6% and 11.6%, respectively. It raises its rating on the stock to buy from hold and its target price to NT$500.00 from NT$430.00. Shares are 7.0% higher at NT$444.00. (ronnie.harui@wsj.com)

0133 GMT - Quality Houses' solid earnings momentum is likely to persist in 4Q after its 3Q results beat expectations, UOB Kay Hian's Kasemsun Koonnara says in a research report. The Thai property developer plans to launch three additional low-rise projects worth THB5.7 billion in the high-end segment in 4Q, which should help support presales in that quarter, the analyst notes. Its property transfers in 4Q are expected to be supported by its 'Q1 Sukhumvit' project's backlog, the analyst adds. The brokerage raises the stock's target price to THB1.50 from THB1.30 to reflect a valuation rollover, with an unchanged hold rating. Shares last closed at THB1.27. (ronnie.harui@wsj.com)

0109 GMT - Malaysia's semiconductor outlook appears cautious despite continued growth projected for global sales, due to uncertainty from the U.S. Section 232 investigation on chip imports, TA Securities analyst Chan Mun Chun says in a note. The recent Malaysia-U.S. reciprocal trade agreement may help secure better terms for strategic sectors like semiconductors, while the government stays committed to advancing its national semiconductor blueprint, he says. TA maintains a neutral rating on Malaysia's semiconductor sector. It downgrades Inari Amertron's rating to sell from hold after its recent share price rally and rates Elsoft Research at buy. (yingxian.wong@wsj.com)

0054 GMT - ComfortDelGro's shares are likely to fall slightly after its somewhat soft 3Q results, says Citi analyst Kaseedit Choonnawat in a note. The Singapore-based transport operator's 3Q core profit was flat on year, mainly due to intense taxi business competition in Australia, he says. However, ComfortDelGro's public transport segment operating profit gained, driven by improvements in its U.K. bus business' margins, he notes. The company seems confident that these margins could improve further, given the ramping up and recent renewal of its U.K. bus contracts, he says. The Australian public transport business is also normalizing after workers' job actions were largely resolved, he adds. Citi maintains its buy rating and S$1.84 target on the shares, which last closed at S$1.48. (megan.cheah@wsj.com)

0042 GMT - Domino's Pizza Enterprises' stronger-than-expected full-year profit guidance isn't enough to shake its bears at Morgan Stanley. MS analysts maintain an underweight recommendation on the stock, pointing to near-term headwinds and execution risk on management's turnaround strategy. They tell clients in a note that the Australian fast-food franchiser's new pricing strategy is unproven but crucial to restoring franchisees' profitability. MS raises its target price by 4.8% to A$15.30. Shares are up 8.9% at A$20.93. (stuart.condie@wsj.com)

0041 GMT - Orica bull Citi is encouraged by the explosives maker's earnings growth momentum. Orica says it expects earnings growth across all segments again in FY 2026. It reports FY 2025 underlying EBIT of A$992 million, ahead of consensus expectations of A$989 million. Underlying EPS growth of 29.5% beats expectations of 27.4%. To be sure, EBIT in Orica's digital solutions business was softer than envisaged, says Citi analyst William Park. Yet "we remain upbeat that earnings growth could accelerate going forward, particularly with exploration levels stepping up." Citi has a buy rating and A$24.05 target on the stock. Orica is up 2.2% at A$23.31. (rhiannon.hoyle@wsj.com; @RhiannonHoyle)

(END) Dow Jones Newswires

November 12, 2025 22:18 ET (03:18 GMT)

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