The latest Market Talks covering Technology, Media and Telecom. Published exclusively on Dow Jones Newswires at 4:20 ET, 12:20 ET and 16:50 ET.

0820 GMT - Inari Amertron looks poised for a stronger FY 2027, due to a potentially low base, RHB IB analyst Lee Meng Horng says in a note. The outsourced semiconductor assembly and test service provider's FY 2026 outlook is likely to remain soft from lower radio frequency component allocations and the depreciation of the dollar. However, radio frequency allocations could be driven in FY 2027 by new smartphone cycle that could incorporate in-house 5G modems, higher volume from a new foldable phone model and supply diversification. RHB maintains a buy rating on the stock, but raises its target price to 2.01 ringgit from 1.81 ringgit. Shares are last at 1.77 ringgit.(amanda.lee@wsj.com)

0735 GMT - Shares of European semiconductor companies fall after Iran said over the weekend that it would close the Strait of Hormuz again and restrict shipping until the U.S. lifts its blockade on Iranian ports. Meanwhile, President Trump said the U.S. had seized an Iranian-flagged ship in the Gulf of Oman. Shares of Dutch semiconductor-equipment maker ASML Holding and smaller rival ASM International are down 1.3% and 1%, respectively. Shares of BE Semiconductor Industries, the Dutch supplier of semiconductor assembly equipment, are down 0.4%. German chip maker Infineon Technologies is down 1.7%. STMicroelectronics shares are down 0.2%. (mauro.orru@wsj.com)

0602 GMT - Thailand's stock market faces earnings pressure from a prolonged U.S.-Iran conflict, according to CGS International's Kasem Prunratanamala. The pressure will likely be concentrated in the transportation, tourism, retail, consumer-finance, property and contractor industries, reflecting external shocks and weaker domestic demand, the analyst writes in a research report. By contrast, the oil, gas and petrochemical sectors could benefit from higher energy prices, though potential government intervention in oil refining margins is a risk, the analyst says. Since the conflict began, CGS International has lowered its 2026 EPS growth forecast for the Thai stock market to 1% from 8%. The brokerage names 13 companies as its top picks, including PTT, PTT Exploration & Production and True. (ronnie.harui@wsj.com)

0550 GMT - Orange could partly offset price pressure through Altice deal, while absorbing staff and facing possible remedies, Berenberg analysts write in a note. Bouygues, Orange and Free-iliad Group said they are in exclusive talks with Altice Group for the acquisition of most of its French telecom arm, SFR. "Orange will now pay 5.5 billion euros versus 4.6 billion in October, equivalent to an impact of 35 European cents per share," they note. The transaction might also involve taking about 5,000 SFR employees, at least during the transition period, they add. Meanwhile, remedies depend on whether Orange's part of the deal is under EU or French jurisdiction, they say. (najat.kantouar@wsj.com)

0425 GMT - Tencent's near-term earnings momentum looks intact while rising AI-related spending could cap upside. Citi analysts expect solid 1Q revenue growth, supported by seasonal gaming demand and steady franchises, though operating profit may be flat due to AI-related costs. Sentiment into 2Q likely hinges on reception to the Hunyuan 3.0 model and progress embedding agentic AI in WeChat. Citi holds a buy rating, citing valuation and AI positioning, while trimming its target price to HK$783 from HK$787. Shares last trade at HK$524.00. (jason.chau@wsj.com)

0346 GMT - Macquarie Technology's bulls at Morgan Stanley think the market is still underestimating the demand for data centers over the next five years, including those operated by the Australian company. They tell clients in a note that they are more bullish than other analysts on structural growth in demand for cloud services, computing power and AI models. They see this driving the demand for data-center capacity, which supports their unchanged overweight rating on the stock. Their base-case scenario is for Australia's data-center market to grow annually at an average 18% through 2030. Macquarie lowers its target price 1.2% to A$82.00. Shares are up 4.1% at A$70.41. (stuart.condie@wsj.com)

0308 GMT - Toei Animation's dependence on two anime series may lead to earnings volatility, Jefferies analysts say in a note. Toei derives about 70% of its global licensing and film revenues from the popular anime series, One Piece and Dragon Ball, Jefferies says. The analysts expect stable income stream from licensing initiatives, mainly in overseas markets. Yet big content releases, such as movie launches, are necessary to change the growth outlook, they say. Jefferies cuts its rating on Toei to hold from buy and lowers its target price to 2,900 yen from 4,070 yen. Shares are down 6.6% at 2,693 yen. (kosaku.narioka@wsj.com; @kosakunarioka)

0102 GMT - Technology One's share-price rally costs the enterprise-software provider a bull at Bell Potter, where analyst Chris Savage is looking elsewhere for better value. Cutting his rating from buy to hold, Savage tells clients that he still sees Technology One as well placed to withstand AI-related disruption but that the stock is now expensive relative to tech-related peers. Making his case, he points to Technology One's share-price performance relative to WiseTech, Pro Medicus, and Life360. Savage makes no changes to his forecasts, but Bell Potter raises its target price 6.9% to A$31.00 on higher multiples. Shares are up 0.2% at A$30.88. (stuart.condie@wsj.com)

(END) Dow Jones Newswires

April 20, 2026 04:20 ET (08:20 GMT)

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