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

0348 GMT - Margins in Malaysia's automotive sector could remain under pressure due to intensifying price competition, writes TA Securities' Angeline Chin. The increased industry competition means market-share gains are likely to come at the expense of profitability, the analyst notes. Auto sales in Malaysia could decline 8.6% to 750,000 units in 2026, she says in a note. Chin cites weaker replacement demand, fading order backlogs, tighter consumer spending and a more challenging pricing environment amid rising EV penetration as contributing factors. TA Securities maintains an underweight rating on the Malaysian auto sector. It rates Bermaz Auto, MBM Resources and Sime Darby as sell. (yingxian.wong@wsj.com)

0338 GMT - Sunway Construction's outlook could remain strong heading into 2026, underpinned by a MYR17.5 billion tender book, with over 90% tied to data center projects, Affin Hwang IB analyst Lim Jia Zhen and Loong Chee Wei say in a note. The company is targeting MYR6 billion in new contract wins after securing MYR5.2 billion in 2025, with repeat jobs from clients expanding existing facilities likely to anchor growth, they note. 2026 looks set to be another record year as Sunway Construction could be better positioned to secure data center jobs from a premier hyperscaler as a key competitor faces regulatory headwinds, they add. Affin Hwang raises Sunway Construction's target price to MYR8.00 from MYR6.70, while maintaining a buy rating on the stock. Shares are 3.0% higher at MYR6.50. (yingxian.wong@wsj.com)

0318 GMT - Raffles Medical Group is likely entering a stronger growth phase in 2026-2027, RHB Research's Shekhar Jaiswal says in a report. The recovery in its Singapore-based hospitals may extend on specialist-led volumes and supportive insurer-panel flow, while the losses at its China-based clinics could continue to narrow, the analyst says. The Singapore-listed healthcare provider's margins should also remain resilient on measured price increases and tech-driven productivity gains, offsetting wage inflation. RHB Research raises the stock's target price to S$1.30 from S$1.15 to reflect a valuation rollover, with its buy rating unchanged. Shares are 0.9% higher at S$1.08. (ronnie.harui@wsj.com)

0317 GMT - Centurion Accommodation REIT could post sector-high distribution per unit growth in 2026 after its 2025 results beat estimates, says DBS Group Research in a note. The real-estate investment trust's occupancy is scaling up faster than expected, the DBS analysts say. It is also likely to benefit from lower interest rates. The REIT is a top pick for DBS among Singapore mid-caps, and its units are likely to be bolstered by funds from the country's central bank-led equities development program. DBS maintains its buy rating and is reviewing its S$1.30 target price. Units fall 0.9% to S$1.14. (megan.cheah@wsj.com)

0143 GMT - Petronas Chemicals is likely to face another two difficult quarters, CGS International analyst Raymond Yap says in a note. In 1Q, the U.S. dollar has weakened against the ringgit by more than in 4Q 2025, suggesting another sizeable foreign exchange loss, although benzene and paraxylene spreads against naphtha have improved on-quarter, he says. In 2Q, Petronas Chemicals will carry out a major maintenance shutdown of its second Kertih ethane cracker plant and related downstream plants, which could lead to significant losses in its olefins and derivatives segment, he adds. CGS International cuts Petronas Chemicals' target price to MYR2.83 from MYR2.94, while maintaining a reduce rating on the stock. Shares are 4.9% lower at MYR3.13. (yingxian.wong@wsj.com)

0128 GMT - Petronas Chemicals' outlook may remain cautious as demand for olefins and derivatives products could stay soft, particularly in China and Southeast Asia, Hong Leong IB analyst Thye May Ting says in a note. Polyethylene prices have fallen about 2%-3% since November 2025, while additional capacity, mainly from China, continues to come onstream despite the supply-demand imbalance, she notes. Global ethylene capacity could expand by 9.3 million tons annually, with China accounting for 8.05 million tons, according to an industry report released in February, she says. Methanol prices are weakening, while softer construction and automotive demand is weighing on the specialties segment, she adds. Hong Leong cuts Petronas Chemicals' target price to MYR2.04 from MYR2.06, while maintaining a sell rating on the stock. Shares are 5.2% lower at MYR3.12. (yingxian.wong@wsj.com)

0110 GMT - Petronas Chemicals may continue to face sector-wide oversupply as new plants, particularly in China, aggressively add to global capacity, Maybank IB analyst Jeremie Yap says in a note. Capacity rationalization in China has yet to be felt, as larger and more modern facilities continue to come online, he says. The company's near-term outlook could remain bearish, with losses expected to persist over the next few quarters. The recent rise in oil prices could increase naphtha feedstock costs at its unit, potentially widening losses in 1Q, Yap says. He now projects a core net loss of MYR412 million for 2026, compared with an earlier forecast for a MYR624 million net profit, after 4Q losses came in wider than expected. Maybank cuts Petronas Chemicals' target price to MYR2.24 from MYR2.38, while maintaining a sell rating on the stock. Shares are 3.0% lower at MYR3.19.(yingxian.wong@wsj.com)

0048 GMT - United Overseas Bank's final dividend of S$0.71 a share missed consensus expectations, says Citi analyst Tan Yong Hong in a note. The market likely expected a higher dividend from the Singapore bank given a robust 14.9% common equity tier-1 ratio, he says. Still, he notes the total dividend of S$1.56 for 2025 represents a payout ratio of around 50% and excluded pre-emptive general provisions set aside in 3Q. He expects the lender to focus on potential capital management during its earnings call. Citi retains its neutral rating and S$39.00 target price. Shares last closed 0.5% higher at S$38.80. (megan.cheah@wsj.com)

0045 GMT - Fisher & Paykel's bulls at Canaccord Genuity see the dual-listed medical-device maker as a potential beneficiary of U.S. vaccination policy. The main earnings driver of the company's latest guidance upgrade is the adoption of high-flow nasal cannula in hospitals, the Canaccord analysts tell clients in a note. They also observe that, after an early peak in the U.S. influenza season, hospitalizations seem to have risen so far in 2026. Pointing to a backdrop of fewer childhood vaccine recommendations and lower overall vaccination rates, the analysts see potential U.S. tailwinds for Fisher & Paykel. Canaccord keeps a buy rating and A$37.50 target price on its Australia-listed stock, which is up 2.3% at A$33.68. (stuart.condie@wsj.com)

0035 GMT - Navigator Global's M&A optionality and strong pipeline of Blue Owl-originated opportunities help keep Macquarie bullish on the Australian alternative-asset manager. Navigator's December-half earnings were 30% stronger than consensus, driving Macquarie's analysts to raise their EPS forecasts for the next three fiscal years by between 10% and 20%. They tell clients in a note that they are increasingly confident about the medium-term outlook for Navigator's strategic distributions. Macquarie raises its target price 21% to A$3.17 and keeps an outperform rating on the stock, which is down 3.2% at A$2.71. (stuart.condie@wsj.com)

0025 GMT - Megaport's bull at Macquarie thinks the pace of the connectivity service provider's growth means its stock looks cheap at 13 times earnings. A note from one of the investment bank's analysts acknowledges concerns over reinvestment-driven cost growth but points to what they say is a structural growth story in a large and fast-growing market. Capital allocation to date has been validated with strong unit economics, the note says. There are also synergies from acquisitions and strong potential cross-selling opportunities, the analyst adds. Macquarie keeps an outperform rating on the stock and lifts its target price 7.4% to A$23.30. Shares are down 3.8% at A$7.66.(stuart.condie@wsj.com)

0023 GMT - HMC Capital's bull at UBS doesn't see the property and infrastructure investor hitting its medium-term target for assets under management. HMC Capital wants A$50 billion of AUM. Analyst Solomon Zhang thinks A$27 billion by FY 2030 is more likely, driven by real estate and private credit. "We ascribe minimal growth to Digital Infrastructure and Energy Transition beyond what is secured today, and view these verticals as upside," UBS says. It would like HMC to drop the medium-term AUM goal, given it's not wholly within the company's control. UBS lowers its price target on HMC Capital by 39% to A$4.00/share. HMC falls 4.2% to A$2.835 following its 1H result today. The stock is down some 71% over the past 12 months. (david.winning@wsj.com; @dwinningWSJ)

(END) Dow Jones Newswires

February 23, 2026 22:48 ET (03:48 GMT)

Copyright (c) 2026 Dow Jones & Company, Inc.