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

0327 GMT - KCE Electronics' 2Q earnings may be weakest of 2026 owing to continued cost headwinds, say UOB Kay Hian analysts in a research report. While the printed circuit board manufacturer could raise PCB prices by 10%-12% in 2H, the increase is likely to be at the lower end of this range, as the company mainly serves the automotive segment rather than AI server market. The brokerage downgrades the stock's rating to hold from buy as share price seems to have mostly priced in the Thai company's 2H earnings rebound. However, it raises the target price to 40.00 baht from 36.00 baht on expectations of robust 2H earnings. Shares are 1.8% lower at 41.25 baht. (ronnie.harui@wsj.com)

0250 GMT - An improvement in repair and remodel, or R&R, is the key driver for James Hardie from here, Macquarie says in a research note. The bank raises its target on the stock by 4.0% to A$41.20/share after preliminary 1Q earnings numbers that beat expectations. Siding and trim sales were the main driver of that beat, says Macquarie. It also thinks there could have been a meaningful contribution from either corporate costs, or its operations in Australia or Europe. The company is scheduled to report its 1Q profit results next week. Macquarie reiterates an outperform rating. Shares in James Hardie are up 4.0% at A$38.38. (rhiannon.hoyle@wsj.com; @RhiannonHoyle)

0229 GMT - Evolution Mining gets not just more copper ore from Carnaby Resources' Greater Duchess project under an agreed takeover, but "perhaps more importantly in our view access to significant underexplored acreage," says MA Moelis Australia. The 213 million Australian dollars deal is a modest investment for A$23-billion Evolution, it says. For Carnaby, "this deal represents value recognition by another corporate that the market was unwilling to pay," MA says. It keeps a buy rating and A$1.10 target on Carnaby shares. MA says investors should continue to hold the stock in case any further corporate activity arises, even if it appears unlikely at this stage. Shares in Carnaby are up 60% at A$0.77. (rhiannon.hoyle@wsj.com; @RhiannonHoyle)

0156 GMT - Suntec REIT's Singapore office and retail portfolio outlook appears positive, says Vijay Natarajan at RHB Research in a report. The 1H rent reversion in its Singapore office portfolio stood at 10.1%, with full-year guidance of mid- to high-single digits, the analyst notes. Occupancy for the REIT's office portfolio is likely to stay high as demand remains healthy. The REIT's Singapore retail portfolio rent reversion is supported by healthy tenant sales growth at Suntec City mall. RHB Research raises the unit's target price to 1.73 Singapore dollars from S$1.72 after slightly tweaking the REIT's finance cost assumptions, with an unchanged buy rating. Units are 1.3% lower at S$1.50. (ronnie.harui@wsj.com)

0140 GMT - Wesfarmers gets a pair of new bears at Jefferies, where analysts Michael Simotas and Naveed Fazal Bawa see valuation stretched by a recent share-price run. Lowering their recommendation to underperform from hold, the analysts tell clients in a note that a multiple of 18 times Ebitda is hard to justify given earnings have grown only in the mid-single digits over recent years despite a favorable economic backdrop. With conditions having turned and consumer sentiment weak, they think that a slowdown in growth at the retail and industrial conglomerate's chain of hardware stores could be the catalyst for a stock derating. Jefferies keeps a target price on the stock of 73.00 Australian dollars. Shares are down 0.3% at A$87.01. (stuart.condie@wsj.com)

0131 GMT - Buying Carnaby Resources gives Evolution Mining an additional source of high-quality copper-gold ore to increase production at its Ernest Henry operation, says RBC Capital Markets analyst James Redfern. He expects the economics of Carnaby's Greater Duchess project can "be enhanced under EVN's ownership and processing at Ernest Henry." A recent project study assumed a processing toll with Glencore that will now be terminated, Redfern notes. RBC keeps a sector perform rating and A$11.50-per-share price target on Evolution. Shares in the miner are up 2.7% at A$11.59. (rhiannon.hoyle@wsj.com; @RhiannonHoyle)

0122 GMT - PolyNovo keeps its bull at Macquarie despite the wound-treatment specialist missing FY 2026 revenue expectations. The investment bank maintains an outperform rating on the ASX-listed device maker, with analyst Shane Ponraj flagging a stronger-than-anticipated jump in annual cash flow from operations to A$24 million, from A$3 million. With a solid balance sheet and capital-expenditure requirements for PolyNovo's new manufacturing facility largely complete, Ponraj reckons that the company is now well-placed to invest in marketing. He expects ongoing strong order growth. Macquarie cuts its target price 26% to 1.30 Australian dollars. Shares are down 2.3% at A$0.835. (stuart.condie@wsj.com)

0113 GMT - A rival bid for Carnaby Resources can't be ruled out given recent demand for copper assets around Mt. Isa in Australia's Queensland state, Euroz Hartleys says. Its remark follows an all-stock takeover deal between the explorer and Evolution Mining. The broker cuts its target on the Carnaby to A$0.77, from A$0.96, to align with Evolution's implied offer price. Euroz reaffirms a Speculative Buy recommendation. Carnaby shares are up 60% at A$0.77. (rhiannon.hoyle@wsj.com; @RhiannonHoyle)

0104 GMT - UBS equity strategists warn that Australian companies reporting earnings over the next few weeks need to do more than just meet expectations if they are to avoid further cuts to analysts' forecasts. The investment bank's strategists point out that there has been a loss of earnings momentum in recent months, with analysts lowering forecasts across all 11 sectors of the Australian stock market. They reckon that this backdrop means companies will have to provide sufficient confidence in their guidance if they are to arrest the current slide in forward estimates. "Elevated oil prices and Middle East-related supply chain disruption are likely to be recurring themes in company commentary," they add. (stuart.condie@wsj.com)

0049 GMT - Seek's bulls at UBS think that the Australian job advertiser's price rises should lower yield risks for fiscal 2027. Maintaining a buy rating on the stock, the UBS analysts tell clients in a note that the investment bank's price tracking has shown an acceleration at Seek in the June-July period that straddles the end of one fiscal year and the start of another. They reckon that basic pricing rose by 11% and premium pricing by 9%, which should support Seek's aspiration for high single-digit yield growth in Australia and New Zealand. UBS raises its target price on the stock by 3% to 18.80 Australian dollars. Shares are up 4.8% at A$13.51. (stuart.condie@wsj.com)

0031 GMT - CAR Group remains UBS analysts' pick of Australian online classifieds stocks, with the investment bank seeing signs of increased consumer interest in vehicle shopping. The analysts acknowledge a 21% on-year drop in private vehicle inventory for the six months through June, but point to a proprietary UBS survey that shows a rise in the number of consumers looking to buy a car over the next three months. At the same time, they say U.S. recreational-vehicle inventories are still trending upwards from cyclical lows of the past two fiscal years. They see this lowering risks around their forecast of flat dealer growth into fiscal 2027. UBS trims its target price by 3% to 32.80 Australian dollars and keeps a buy rating on the stock, which is up 2.8% at A$24.58. (stuart.condie@wsj.com)

0023 GMT - Pinnacle Investment Management's bull at Canaccord Genuity reckons the Australian company's position at the start of its FY 2027 is among the strongest they have seen in their time covering the stock. Analyst Cameron Halkett recommends that investors look past the short-term cost impacts of Pinnacle's acquisition of Pacific Asset Management, and instead focus on underlying net profit to gauge performance. He thinks that some followers of the stock may struggle to reconcile actual performance with expectations given the acquisition's costs and revenue contributions. However, some explanation should be forthcoming from the ASX-listed investment manager, he says. Canaccord keeps a buy rating on the stock and a target price of 24.53 Australian dollars. Shares are up 0.6% at A$15.80. (stuart.condie@wsj.com)

(END) Dow Jones Newswires

July 26, 2026 23:27 ET (03:27 GMT)

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