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

0356 GMT - South Korea's headline inflation is likely to remain well above the central bank's 2% target this year due to higher energy costs, says ANZ's Krystal Tan. Inflation is now expected to hover closer to 3% than 2% for much of 2026, amid higher oil prices and shipping premiums as the Middle East conflict continues, the economist writes in a note. She expects the Bank of Korea to raise its policy rate by a quarter percentage point in 2H to anchor inflation expectations. Inflation matched the 2% target for a second straight month in February, before the Iran conflict intensified. March data are due next Thursday. (kwanwoo.jun@wsj.com)

0328 GMT - PDD Holdings is likely to face margin pressure in the near term, HSBC analysts say in a research note. The bank says supply-chain investment, such as subsidizing logistics costs for consumers in China's remote rural areas, is likely to add more pressure on the company's short-term profitability. That said, they expect losses at overseas business Temu to narrow gradually, which might provide a buffer for overall profitability. HSBC trims its forecast for PDD's 2026-27 earnings by 4%-5% to reflect higher supply-chain investment. HSBC keeps its buy rating on PDD with an unchanged target price of US$159.00 on its ADRs, which last closed at US$102.61. (tracy.qu@wsj.com)

0327 GMT - The Philippine central bank's policy path appears more challenging, as rising inflation risks are likely to limit future rate cuts, says ANZ Research's Kausani Basak says in a report. Bangko Sentral ng Pilipinas Governor Eli Remolona says rate hikes are possible if oil prices remain above $100 a barrel for a prolonged period. Markets are now pricing in rate hikes over the next 12 months amid expectations for the Middle East conflict lasting longer than expected. "Limited monetary policy space at this stage of the economic cycle further amplifies the need for fiscal policy to step up," ANZ says.(amanda.lee@wsj.com)

0311 GMT - Anta Sports Products' 2026 earnings are likely to be flattish, excluding contribution from Amer Sports, its subsidiary listed in the U.S., say Nomura analysts Jizhou Dong and Summer Qian in a note. This is despite the analysts raising their revenue and earnings projections over 2026-2027 by around 2.0%-4.0% to factor in the Chinese sportswear maker's marginally better-than-expected 2025 revenue. They say Anta will focus on protecting the market share of its two major brands this year, while nurturing new growth opportunities, such as opening more stores, for its other brands. Anta's Puma deal could be a potential game changer as it adds a meaningful growth driver, they add. Nomura raises its target price to HK$125.00 from HK$116.30 and maintains a buy rating. Shares rise 0.4% to HK$76.05. (megan.cheah@wsj.com)

0254 GMT - CapitaLand Ascendas Real Estate Investment Trust's latest acquisitions are likely to help increase its distributions, says Morningstar's Xavier Lee in a note. The REIT is buying one Singapore logistics asset, a 50% interest in a Singapore business-space property and a 49% stake in a Japanese data center for S$1.4 billion. These purchases are likely to increase distributions per unit by 2.1%, the analyst says. Meanwhile, the price of the REIT's preferential offering--part of its plan to raise around S$900 million in equity--represents a 20%-22% discount to Morningstar's valuation, says Lee. The units currently appear undervalued and offer attractive 2026 distribution yield of 6.3%, he adds. Morningstar raises its fair-value estimate by 3.4% to S$3.00. Units fall 0.4% to S$2.50. (megan.cheah@wsj.com)

0243 GMT - Haidilao's visibility on returns from its new initiatives remains limited, and incremental revenue isn't expected to contribute to near-term profits, Lina Yan, an HSBC analyst, says in a note. While 2H 2025 revenue exceeded expectations, profitability weakened due to the dilution from its low-margin businesses. The Chinese hotpot-restaurant operator's 2025 dividend fell 16%, implying a 93% payout versus 95% in 2024, she says. HSBC expects profit to remain largely flat through 2028. The bank maintains a hold rating and cuts its target price to HK$14.70 from HK$15.10 citing lower 2027 earnings estimates. Shares are down 0.6% at HK$14.14. (venkat.pr@wsj.com)

0242 GMT - A re-rating of Pop Mart's stock hinges on its IP platform scalability, HSBC analysts say in a research note. After two years of outsized growth, the Labubu maker's focus shifts to strengthening platform capabilities--broadening growth across its IP portfolio and scaling across categories and business lines, the analysts note. Rising raw materials costs and revenue mix changes may weigh on gross profit margin in 2026, though partially offset by cost controls, they note. Improved earnings visibility, powered by platform depth could also support Pop Mart's re-rating, they say. HSBC maintains a buy rating on Pop Mart while trimming its target price to HK$329.50 from HK$354.00. Shares are last 7.1% lower at HK$156.30. (sherry.qin@wsj.com)

0240 GMT - South Korea's equity market is unlikely to face a structural valuation decline despite higher oil prices and inflation risks from Middle East tensions, Nomura analysts say. More than 70% of Kospi constituents' earnings-per-share is driven by semiconductors, they note. "Overall, we expect Korea's semiconductor bull cycle to offset oil price hikes and potential macro concerns," they write in a note. Nomura keeps its 2026 target for the benchmark stock index at 7500-8000, assuming the Middle East conflict ends within one to two months and oil holds at $90-$110 a barrel. It warns the target could drop to 6500 if the conflict drags on. (kwanwoo.jun@wsj.com)

0230 GMT - Malaysia's technology sector appears to be indirectly exposed to the Middle East conflict, according to Maybank IB analyst Lucas Sim. Risks are higher for wafer-making in Taiwan and South Korea due to their reliance on Middle Eastern liquefied natural gas and helium, he says in a note. Still, rising shipping costs, weaker demand and a potential freeze in global capital expenditure could pose headwinds for Malaysia, Sim says. The country is known for assembling, testing and packaging, rather than front-end manufacturing. Maybank maintains a neutral rating on Malaysia's technology sector, naming Vitrox and Frontken as its top picks. (yingxian.wong@wsj.com)

0211 GMT - Pop Mart's valuation looks undemanding after the share-price correction, Citi analysts say in a research note. Pop Mart's shares plunged 22.5% on Wednesday after its 2025 results and are last down 8.3% at HK$154.20 on Thursday morning. The Labubu maker's 2025 results came in below the bank's expectation, given more-than-expected deceleration in Americas in 4Q. Management's guidance of no less-than 20% growth in 2026 is below Citi's expectation, but "may to some extent alleviate market concerns over growth sustainability." Citi maintains a buy call on Pop Mart but cuts its target price to HK$350.00 from HK$415.00. However, Citi sees upside from emerging IPs and monetization opportunities for Labubu in a wide range of fields in 2026. (sherry.qin@wsj.com)

0211 GMT - The Johor-Singapore Special Economic Zone is expected to see rising business activity, stronger property demand and continued price appreciation, Maybank IB analyst Wong Wei Sum says in a note. Demand for landed and commercial properties in the area remain at healthy levels and those for high-rise buildings appears more selective as supply increases, she says. Developers also highlight growing challenges in securing land bank at attractive prices amid increased competition from new entrants in Johor's property sector. The coming Johor-Singapore SEZ blueprint is expected to provide direction for policy and support growth, she adds. Maybank maintains a neutral rating on the Malaysian property sector, with buy ratings for Sime Darby Property and UEM Sunrise. (yingxian.wong@wsj.com)

0209 GMT - Thai REITs are facing multiple headwinds, including rising oil prices and inflation risks, amid the Mideast conflict, DBS Group Research analyst Chanpen Sirithanarattanakul says in a note. Soaring oil prices have begun feeding into domestic energy costs while surging inflation could lead to weaker demand and travel activities, the analyst says. Hospitality REITs are most affected, given their direct exposed to tourism demand and energy costs. Mideast tourists account for 1%-2% of Thailand's total arrivals. Rising geopolitical tensions and higher oil prices could weigh down on global travel by pushing up airfares, DBS adds. (amanda.lee@wsj.com)

(END) Dow Jones Newswires

March 25, 2026 23:56 ET (03:56 GMT)

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