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

0338 GMT - South Korean memory-chip makers are likely to post softer-than-expected 3Q earnings due to the won's strength, Nomura analysts say. The won has strengthened against the dollar since its June peak, weighing on Samsung Electronics and SK Hynix, both of which generate all their revenue in dollars, say the analysts led by CW Chung in a note. A 10% appreciation of the won could reduce the chip makers' profits by 12%, they note. FactSet data show the dollar weakened about 11% against the won over the past three months. Nomura expects Samsung and SK Hynix to post below-consensus operating profits of 107 trillion won and 77 trillion won, respectively, in 3Q. However, Nomura expects the negative foreign-exchange impact to be offset by higher chip prices amid tight supply. (kwanwoo.jun@wsj.com)

0317 GMT - Paladin Energy "never expects" to sustain Langer Heinrich's nameplate production rate of 6 million pounds for a year, says a surprised Ord Minnett. "So we trimmed to 5.7" million pounds, the broker says of its annual production forecasts for FY28-FY30. It also raises projections for sustaining capex, citing new pits and tailings facilities. Ord's remarks follow an investor day, where it says it got a better grasp on "the strong resource upside" at Paladin's PLS project. Yet it thinks a capex estimate of US$1.2 billion is probably low. It expects other projects "will need to be deferred due to PLS funding challenges, which will no doubt include a significant capital raise." The broker downgrades to sell from lighten. Its target rises to 9.00 Australian dollars from A$8.50. The stock is up 3.1% at A$11.61. (rhiannon.hoyle@wsj.com; @RhiannonHoyle)

0257 GMT - Sumitomo Realty & Development's shares seem fairly valued to Morningstar's Xavier Lee, who initiates coverage on the stock at a fair value estimate of 3,850 yen. The estimate implies a price-to-book value of 1.35X, he says in a note. Sumitomo Realty is one of the top developers in the country, the analyst says, noting that its core leasing business is anchored by an extensive office portfolio in Tokyo. Sumitomo Realty has modestly higher vacancy rates, compared with its leading peers, says Lee. Sumitomo Realty's shares are flat at Y3,256. (megan.cheah@wsj.com)

0240 GMT - Equities in Thailand may continue to face volatility due to renewed domestic political uncertainty and softer demand after the strong market rally earlier this year, DBS Group Research analysts say in a report. The SET Index declined 1.8% in August, but continued to outperform regional peers, they say. The monthly correction was mainly driven by profit-taking in key sectors, particularly electronics. Concerns over the slowdown in 2Q GDP growth and rising political risks related to allegations surrounding the Senate election and suspected irregularities in local government recruitment examinations also weighed. However, DBS views these developments as sentiment-driven rather than a material deterioration in market fundamentals. DBS maintains its end-2026 SET Index target at 1720 and remains constructive on Thailand's earnings outlook. (amanda.lee@wsj.com)

0227 GMT - Nakanishi's growth story looks stronger and broader, SMBC Nikko Securities' Shinnosuke Tokumoto says in a research report. Drivers are sustained market-share gains in the U.S., replacement demand for pandemic-era purchases in Europe, Japan, and the U.S., and sales expansion for new products targeting emerging markets, the analyst says. The Japanese company's operating-profit growth compares favorably with medical technology peers given industry tailwinds and a product strategy capable of delivering high growth. The brokerage lifts its five-year operating-profit CAGR growth forecasts for Nakanishi to 16% from 13%. It raises the stock's rating to outperform from neutral and the target price to Y4,000 from Y3,300. Shares are 2.95% higher at Y3,135. (ronnie.harui@wsj.com)

0227 GMT - JCET's latest fundraising plan via a private placement is strategically positive despite near-term shares dilution, Citi analysts say in a note. On Thursday, the Chinese chip packaging and testing provider announced 6.5 billion yuan of private placement to fund its advanced packaging expansion. The placement confirms a strong capital spending cycle ahead for JCET, which could exceed 10 billion yuan in 2026 with further growth in 2027 and 2028, they say. JCET's capacity expansion plan should help it capture "China's secular AI-driven advanced packaging growth opportunities," they add. Shares are 2.5% lower at 69.51 yuan. (sherry.qin@wsj.com)

0208 GMT - The way for Rio Tinto to create more value from its big aluminum business is by improving returns, not volume growth, says Morgan Stanley. Today, Rio's aluminum division is "a high-quality but mixed-return business," MS says. The bank sees operational and brownfield projects as "the most practical levers" for creating value. It highlights the AP60 ramp-up, Weipa replacement and expansion, and Matalco utilization, among other possible drivers. "The key test is whether future spending can lift ROCE [return on capital employed] and free cash flow, rather than merely sustain the existing asset base," says MS. "The company owns a differentiated aluminium business; executing on operational improvements and brownfield expansions will determine whether it can sustain a durable earnings and cash-flow pillar alongside iron ore and copper." (rhiannon.hoyle@wsj.com; @RhiannonHoyle)

0152 GMT - Centurion Corp.'s outlook remains upbeat, says RHB Research's Alfie Yeo in a note, citing more development assets on the way. He expects around 5,000 more purpose-built worker accommodation beds to be added from 2028, as the Singapore accommodation operator won another site to build a new asset. The outlook for bed capacity remains rosy, as there are at least two more Singapore sites available for tender that could yield 10,000-15,000 beds each, the analysts said. Meanwhile, he expects near-term earnings growth to be boosted by contribution from Singapore and Australia assets, partially weighed by higher interest rate expenses. RHB retains its buy rating and 2.01 Singapore dollar target price. Shares rise 0.6% to S$1.60. (megan.cheah@wsj.com)

0103 GMT - Samsung Electronics' operating profit is projected to exceed 100 trillion won in both 3Q and 4Q this year, extending its run of record quarterly earnings that began in 4Q of 2025, KB Securities analysts say. The tech company's operating profit is likely to reach 221 trillion won in 2H, with 104 trillion won in 3Q and 117 trillion won in 4Q, more than six times higher than a year earlier, say the analysts led by Jeff Kim. KB expects Samsung to return a total of 110 trillion won to shareholders this year. Samsung, which has already approved 30 trillion won for 3Q dividend payouts, could return another 40 trillion won through cash dividends and 40 trillion won through share buybacks, KB adds. (kwanwoo.jun@wsj.com)

0059 GMT - Malaysian banking sector earnings are expected to remain broadly resilient into 2H, supported by steady loan growth and improving business loan pipelines, Hong Leong IB analyst Raymond Ng says in a note. However, persistent deposit competition, elevated funding costs and margin compression are likely to limit earnings upside, while credit costs could remain elevated amid macroeconomic and geopolitical uncertainties, he says. Current valuations could have largely reflect optimism surrounding capital management, he reckons. With the confirmed KLCI expansion potentially creating a transitory overhang in 2H, there are few immediate catalysts for a further sector re-rating, Ng adds. Hong Leong maintains a neutral rating on Malaysian banking sector, pegging Alliance Bank Malaysia as his top pick. (yingxian.wong@wsj.com)

0042 GMT - Stanmore's US$105 million acquisition of Moranbah South coal-project tenements from Exxaro represents a relatively low-cost strategic acquisition, at roughly US$0.14/metric ton, says Ord Minnett. It also helps Stanmore avoid up to US$60 million in deferred and contingent acquisition payments that would be owing once the Isaac Downs Extension is developed, the broker says. "While some investors may be concerned about the near-term increase to net debt, we see any weakness in the share price as a buying opportunity given current met-coal price tailwinds," it says. The broker has a buy rating and target price of 3.95 Australian dollars a share on Stanmore. The stock is down 1.0% at A$2.91. (rhiannon.hoyle@wsj.com; @RhiannonHoyle)

0021 GMT - Qantas Airways's valuation doesn't reflect the improving quality of its earnings, according to Morgan Stanley. Qantas trades on a FY 2027 price-to-earnings multiple of 9.8X. That's some 20% below the median of global peers despite Qantas's high returns, analyst Joseph Michael says. MS has an overweight call and A$12.80/share price target on Qantas, which is up 0.8% at A$9.42 early Friday. MS suggests Qantas's valuation doesn't reflect Qantas's pricing power and its international earnings. "We forecast FY31 Qantas International Ebit of A$1.28 billion, with the FY26 disclosure increasing our confidence in the earnings path," MS says. It notes the Perth-London route provides proof of concept for Qantas's ultra-long haul Project Sunrise program.