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

0328 GMT - REA Group's bull at Citi views the selloff that followed the real-estate advertiser's 1H profit miss as overdone. Analyst Siraj Ahmed reckons the fall is large given the scale of the miss. However, any negative news was always likely to be badly received, given elevated concerns across the sector, he says. The analyst tells clients in a note that the News Corp-controlled company's expectation of continued double-digit yield growth in fiscal 2027 is a positive. Ahmed notes that the driver of the 1H profit miss relative to his forecasts was the effective tax rate expected across the full year. Citi has a buy rating and a A$222.70 target price on the stock, which is down 7.4% at A$168.90. News Corp is the parent company of Dow Jones & Co., publisher of The Wall Street Journal and Dow Jones Newswires. (stuart.condie@wsj.com)

0325 GMT - Investor interest in China's semiconductor industry is growing, Citi analysts say in a note after meeting with Asian investors. Investors are interested in China's AI chip production expansion and progress at China's memory-chip makers, CXMT and YMTC. China's AI accelerator units could reach 2.2 million units in 2025 and 3.5 million units in 2026, with domestic supply accounting for 45% and 60%, respectively, they note. The analysts expect some profit-taking in the chip sector ahead of the Lunar New Year holidays. Upcoming positive catalysts include China's Two Sessions in March and CXMT and YMTC's expected IPOs in 1Q and 2H, respectively. Citi's top pick is Montage Technology, which offers a rare AI-theme investment opportunity in China benefiting from global AI infrastructure investment. (sherry.qin@wsj.com)

0313 GMT - CapitaLand Integrated Commercial Trust's growth this year could hinge on its rental rate increases in Singapore and the completion of some asset enhancements, says DBS Group Research in commentary. The real-estate investment trust's 2025 results strongly beat DBS's expectations, which shows that Singapore assets can still deliver amid global uncertainty, the analysts say. Its recent move to develop a Singapore mixed-use site as part of a consortium also shows its ability to expand without paying the market's "sky-high" prices, the analysts add. DBS is reviewing its S$2.50 target price on CapitaLand Integrated. DBS also retains its buy rating on the trust, which remains its top sector pick. Units rise 3.8% to S$2.47. (megan.cheah@wsj.com)

0229 GMT - Capital A would be able to raise more capital once it exits financial distress status, says Maybank IB analyst Yin Shao Yang. The company has restored positive shareholders' equity after disposing its airline business and is expected to secure an uplift by May or June, he says. This would allow Capital A to raise capital, pursue a potential dual listing in Hong Kong and the list its five subsidiaries. Capital A is also exploring options to monetize or distribute its stake in AirAsia X, which could support a special cash dividend, Yin adds. Maybank raises its target price on Capital A to MYR0.75 from MYR0.69 and keeps a buy rating on the stock. Shares are 0.9% higher at MYR0.58. (yingxian.wong@wsj.com)

0228 GMT - A surge in memory chip prices could slow consumer demand for electronic devices, Counterpoint analyst Jeongku Choi says in a report. Memory prices have soared 80%-90% on quarter in 1Q so far, according to Counterpoint's data, driven by a sharp price increase in dynamic random access memory used in general-purpose servers. "For device manufacturers, this is a double whammy," the analyst says, adding that rising component costs and weakened consumer purchasing power could slow the demand. Device manufacturers should change their procurement patterns or focus on premium models to justify the higher prices, he notes. (sherry.qin@wsj.com)

0114 GMT - The failure of deal talks between Rio Tinto and Glencore illustrates the challenges in doing large-scale copper M&A as the market runs red hot, RBC Capital Markets analyst Kaan Peker says. Rio Tinto was unwilling to stretch too far on a premium for long-dated copper options "at cycle-peak prices, while Glencore refused to crystallize its copper growth pipeline upfront," says Peker. "The strategic implication is a shift towards asset-level copper transactions." That means more carve-outs, minority stakes and project partnerships, rather than megamergers, Peker says. Rio Tinto is little changed in Sydney at A$157.11. (rhiannon.hoyle@wsj.com; @RhiannonHoyle)

0059 GMT - It is disappointing that Rio Tinto and Glencore couldn't get a deal done, Wilson Asset Management portfolio manager Matthew Haupt says after the companies confirmed they have ended merger discussions. "The more work I did on it, the more I thought: Oh, what a great opportunity for the two companies to come together," he says. Yet Haupt says he's happy Rio Tinto was "not willing to do what most mining companies do and just pay up." Haupt holds Rio's Australia-listed shares in one fund, and London-listed stock in another. He considered buying Glencore as a hedge "in case Rio paid up," he says. "I'm glad I didn't." (rhiannon.hoyle@wsj.com; @RhiannonHoyle)

0055 GMT - Delfi's share price may extend its uptrend toward S$1.01, based on technical analysis, Phillip Securities Research's Zane Aw says in commentary. The share price broke out of a "higher low build-up" range between S$0.860 and S$0.895 on Thursday, the analyst notes. This comes after the share price had broken out of a wedge consolidation pattern to the upside in late January, Aw says. The moving average convergence divergence indicator also shows increasing momentum, which support the bullish view, the analyst adds. Shares last closed at S$0.925.(ronnie.harui@wsj.com)

0020 GMT - Any deal to marry mining giants Rio Tinto and Glencore was going to be complex. While talks between the companies ended over disagreements on value, "the complexity of integrating Glencore's diverse commodity basket--spanning metals, coal, and a large trading operation--into Rio's streamlining strategy likely contributed to the difficulty in finding mutually acceptable terms," says CRU analyst William Tankard. Shares in Rio Tinto are 0.4% lower in Sydney, at A$156.52/share. (rhiannon.hoyle@wsj.com; @RhiannonHoyle)

0017 GMT - Japanese stocks are lower due to overnight falls in U.S. tech shares and signs of U.S labor market weakness. Metals and electronics stocks are leading declines. Sumitomo Metal Mining is down 6.8% and Kioxia Holdings is 6.0% lower. USD/JPY is at 156.68, compared with 156.93 as of Thursday's Tokyo stock market close. Investors are closely watching quarterly results, with Toyota Motor and Itochu Corp. scheduled to report their earnings later Friday. The Nikkei Stock Average is down 1.5% at 53021.40. (kosaku.narioka@wsj.com; @kosakunarioka)

2347 GMT - Japanese stocks may fall due to continued selling in U.S. tech stocks and signs of weakness in the U.S labor market. Nikkei futures are down 0.8% at 53590 on the SGX. USD/JPY is at 156.89, compared with 156.93 as of Thursday's Tokyo stock market close. Investors are focusing on earnings, with Toyota Motor and Itochu Corp. set to announce their results later Friday. The Nikkei Stock Average fell 0.9% to 53818.04 on Thursday.(kosaku.narioka@wsj.com)

2340 GMT - A roughly 30% fall in Treasury Wine Estates's share price so far this year doesn't dissuade UBS from downgrading the vintner to sell, from neutral. UBS says Treasury Wine is operating against a significantly challenged industry backdrop. Demand for alcohol, especially wine, has fallen. Treasury Wine's skew toward California in its U.S. business is a headwind, partly because tourism has softened there. Also, its gearing is elevated and an overhang in the near term. UBS expects Treasury Wine's net debt-to-Ebitda to rise to 3.0X at the end of June, from 2.5X six months earlier. It doesn't expect the company to pay any dividends from 1H of FY 2026 through the end of FY 2027. UBS cuts its price target by 9.5% to A$4.75/share. Treasury Wine is down 5.1% at A$5.24/share. (david.winning@wsj.com; @dwinningWSJ)

(END) Dow Jones Newswires

February 05, 2026 22:28 ET (03:28 GMT)

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