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

2041 ET - Top Glove's cost-optimization efforts are likely to be offset by a challenging operating landscape, CIMB Securities analyst Chun Sung Oong says in a note. Automation has reduced labor needs and lowered blended costs, but persistent industry overcapacity, weak pricing power and a softer U.S. dollar continue to limit earnings, he says. Average selling prices are expected to remain largely flat in 1Q amid intense competition, he adds. Oong cuts Top Glove's earnings forecasts for FY 2026 to FY 2028 by 6%, 6%, and 7%, respectively, after lowering his USD/MYR exchange rate assumption to 4.10 from 4.15 previously. CIMB cuts Top Glove's target price to MYR0.68 from MYR0.70 and keeps a hold rating on the stock. Shares are 0.8% lower at MYR0.62.(yingxian.wong@wsj.com)

2035 ET - Ganfeng Lithium's earnings are likely to rise as lithium prices improve, say DBS Group Research analysts in a note. The Chinese lithium company swung to a profit in 2025 due to higher lithium prices and fair-value gains from stock investments. They expect prices for the metal to remain high on tight supply due to strong battery demand. Ganfeng's earnings should benefit from higher product prices and margins and increased contribution from its battery and energy storage businesses, they add. DBS raises its target price on its Shenzhen-listed shares to CNY92 from CNY45 and on its Hong Kong-listed shares to HK$83 from HK$39. The bank maintains a buy rating on Ganfeng. Its Shenzhen shares were last at CNY74.36, while its Hong Kong shares were at HK$68.70. (megan.cheah@wsj.com)

2004 ET - Malaysia's glove sector is unlikely to see a structural re-rating despite renewed sentiment following a Nipah virus outbreak in India, given the virus's low transmissibility, Hong Leong IB analyst Chee Kok Siang says in a note. While Nipah carries a high fatality rate and lacks approved vaccines, the probability of it developing into a global pandemic remains low, limiting any sustained upside for glove demand, he says. Better awareness and containment measures across the region further reduce risks, he adds. Following a prolonged share-price correction since early 2025, Chee thinks current valuations already factor in near and long-term challenges, leaving a more balanced risk-reward profile. Hong Leong maintains a neutral rating on Malaysian gloves, pegging Top Glove, Hartalega and Kossan Rubber Industries at hold. (yingxian.wong@wsj.com)

1947 ET - Greatland Resources is downgraded to neutral, from outperform, by Macquarie, which was left disappointed by the gold miner's decision not to improve its annual guidance. Greatland's 2Q result was accompanied by commentary that it is trending toward the upper end of FY 2026 output guidance of 260,000-310,000 oz of gold. Its all-in sustaining cost is also on track for the bottom end of a A$2,400-A$2,800/Oz guidance range. "Given the strong production and cost performance in the financial year-to-date, there could have been an opportunity to increase production guidance, reduce cost guidance, or narrow the guidance range," says Macquarie. Greatland is down 0.2% at A$13.86. (david.winning@wsj.com; @dwinningWSJ)

1946 ET - Morgan Stanley cites several reasons for its decision to downgrade Fletcher Building to underweight from equal-weight, recognizing that the call runs counter to consensus views. While Fletcher's 2Q volumes improved on 1Q, these gains aren't yet sustainable, MS says. "Trading conditions remain highly competitive, with continued margin pressure across several business units, particularly Distribution," analyst Joseph Michael says. Fletcher's valuation is currently unattractive as it is trading at a 55% premium to its five-year average of 12x, MS says. "At these levels, we see an unattractive risk reward profile, with cyclical pressures still evident, competition elevated, and legacy risks unresolved," MS says. Its price target falls 7.7% to A$2.89/share. Fletcher is down 2.1% at A$3.28. (david.winning@wsj.com; @dwinningWSJ)

1937 ET - Ampol's convenience retail business in Australia stood out for Jefferies in the fuel refiner and marketer's 4Q update. Ampol said the Australia Convenience Retail business delivered mid-single digit percent Ebit growth in 2025. Analyst Michael Simotas says that's a credible outcome given tough trading conditions experienced last year. Moreover, the earnings result "gives us confidence in Ampol's ability to extract upside from the proposed EG transaction," Jefferies says. Ampol last year agreed to buy EG Australia for A$1.1 billion, in a move that expands its direct ownership of gas stations around Australia. The deal is being reviewed by Australia's competition regulator. Ampol is down 4.3% at A$27.89. (david.winning@wsj.com; @dwinningWSJ)

1922 ET - Japan's Nikkei Stock Average is up 0.6% at 53698.24, with gains in financial and electronics stocks helping offset losses in retail and tech shares. Japan Post Bank is up 3.3% and Kioxia Holdings is 6.0% higher, while Aeon Co. is down 3.2% and Recruit Holdings is 3.3% lower. Broader market index Topix is down 0.4% at 3521.08. USD/JPY is at 153.08, compared with 152.62 as of Wednesday's Tokyo stock market close. Investors are closely watching earnings, with Takeda Pharmaceutical, Fujitsu and Canon scheduled to announce their results later in the day. Prime Minister Sanae Takaichi's economic plans are also in focus ahead of the general election in early February. (kosaku.narioka@wsj.com; @kosakunarioka)

1858 ET - Tesla CEO Elon Musk expects the company's Optimus robots to eventually boost U.S. GDP, a measure of economic health. Tesla's newest Optimus, which it expects to unveil in a few months, will be a general purpose robot that can learn tasks by observing human behavior, hearing verbal directions or watching a video, Musk says. "It's going to be a very capable robot," he says during a call with analysts. "I think long term Optimus will have a very significant impact on the US GDP. Like it will actually move the needle on US GDP significantly." (kelly.cloonan@wsj.com)

1849 ET - Japanese stocks may rise as a weaker yen supports hopes for stronger corporate earnings. Nikkei futures are up 0.3% at 53845 on the SGX. USD/JPY is at 153.06, up from 152.62 as of Wednesday's Tokyo stock market close. Investors are focusing on earnings as well as Prime Minister Sanae Takaichi's economic plans ahead of the general election in early February. Takeda Pharmaceutical, Fujitsu and Canon are set to report their results later in the day. The Nikkei Stock Average closed flat at 53358.71 on Wednesday. (kosaku.narioka@wsj.com)

1828 ET [Dow Jones]--Tesla plans to convert the factory it uses to produce its Model S and X vehicles into a facility for its Optimus robots, CEO Elon Musk says during a call with analysts. The company is winding down production of those vehicle models at its Fremont factory next quarter, part of its shift toward eventually making only autonomous vehicles, Musk says. With the shift, it is targeting production of a million units of Optimus a year at the factory over the long term, he says. (kelly.cloonan@wsj.com)

1757 ET - Mineral Resources reduced its net debt by more than Jefferies expected in 2Q, supported by another strong quarter for its iron-ore and lithium operations. Mineral Resources said it had net debt of A$4.9 billion at the end of December. That's down from A$5.4 billion three months earlier. Mineral Resources also raised its guidance for lithium production in FY 2026 by 17% at the midpoint of its earlier range. That's positive, but Jefferies says the rosy outlook is largely priced in to the stock. Jefferies has an underperform call and A$36.50/share price target on Mineral Resources, which ended Wednesday at A$ 63.41. (david.winning@wsj.com; @dwinningWSJ)

1748 ET - Was Woodside Energy's maiden production guidance for 2026 negative or just conservative? That's the question posed by Jarden after Woodside's output forecast of 173 million-186 million BOE missed consensus expectations by 3% at the midpoint. Analyst Nik Burns notes Woodside upgraded its 2025 output guidance twice during the year and then beat its final forecast. "We suspect caution over Scarborough start-up (lessons learnt from watching Barossa LNG's commissioning challenges?) and rate of Sangomar natural field decline" could be behind Woodside's forecasts, Jarden says. It retains an overweight call on Woodside. (david.winning@wsj.com; @dwinningWSJ)

(END) Dow Jones Newswires

January 28, 2026 20:41 ET (01:41 GMT)

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