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

2156 ET - MC Group retains its buy call from Thanachart Securities as the stock is a high-yield play, the brokerage's Phannarai Tiyapittayarut says in a research report. The stock looks inexpensive at a 10.1X 2025 price-to-earnings multiple and a 9.9% dividend yield, the analyst says. Also, the Thai company's sales from online channels are still growing, with contribution to its total sales expected to increase to 19.2% in 2027 from 10.4% in 2024. However, the manufacturer and marketer of 'Mc Jeans' is slowing store openings, which prompts the brokerage to cut its earnings estimates by 6% for 2025, 8% for 2026, and 11% for 2027. Thanachart Securities lowers its target price to THB12.00 from THB15.00. Shares closed 1% higher at THB10.00 on Monday. (ronnie.harui@wsj.com)

2133 ET - Yangzijiang Shipbuilding's record-high order backlog boosts earnings visibility through 2027, DBS Group Research's Pei Hwa Ho says in a research report. The shipbuilder's yards are full through 2027 with an order book of roughly US$24 billion, which is expected to lead to earnings CAGR of around 14% over the next two years, the analyst says. Revenue growth and margin expansion are drivers, as about 65% of the company's order book consists of containership orders that command higher value and margins, the analyst adds. DBS raises its 2024-2026 earnings forecasts for Yangzijiang Shipbuilding by 5%-11%. It raises the target price to S$3.80 from S$2.88 with an unchanged buy rating. Shares are 1% lower at S$3.00. (ronnie.harui@wsj.com)

2119 ET - SD Guthrie's Marvesa 48% stake acquisition looks set to help strengthen its downstream business expansion, diversify into other soft oils and boost trading between Europe and Asia-Pacific, MIDF Research says in a note. The 250 million ringgit acquisition comes as a surprise, particularly as many of the company's peers have adopted a cautious stance toward the region due to the impending European Union deforestation regulation policy, it notes. However, considering the plantation giant's strong supply-chain credentials, SD Guthrie views Europe as a key growth driver, MIDF says. SD Guthrie's balance sheet remains healthy and is well-positioned for expansion, it adds. MIDF maintains a buy rating on SD Guthrie and keeps its target price at MYR5.43. Shares are 0.6% higher at MYR4.88. (yingxian.wong@wsj.com)

2103 ET - Hong Kong shares open higher, with the Hang Seng Index rising 1.6% to 20546.6. The Hang Seng Tech Index adds 2.9% to 4875.99. Market sentiment is boosted after Canada and Mexico reached a deal to delay U.S. President Donald Trump's tariffs. Among major stocks, technology stocks are leading the gains, with Bilibili adding 4.7% and JD.com rising 3.0%. Tencent is 1.0% higher. The few decliners include C&D International Investment Group, which drops 1.3% and LVGEM (China) Real Estate Investment, which is 1.4% lower. (tracy.qu@wsj.com)

2044 ET - Sunway REIT could post 11.6% earnings growth in 2025, driven by the record MYR899 million in asset acquisitions completed in 2024, rental reversion and higher occupancy rates, CIMB Securities analysts Lim Yue Jia and Ivy Ng Lee Fang say in a note. Upgrades at Sunway Pyramid Mall and Sunway Carnival Mall may also support earnings, they add. They raise Sunway REIT's 2025-2026 earnings forecasts by 0.9%-1.8% following the completion of the Sunway Kluang Mall acquisition. CIMB Securities raises Sunway REIT's target price to MYR2.11 from MYR2.09, while maintaining a buy rating on the stock. Shares are 2.1% higher at MYR1.91. (yingxian.wong@wsj.com)

2014 ET - AMMB Holdings' canceling the sale of its life insurance unit to Great Eastern comes as no surprise, given the prolonged delay, Maybank IB analyst Desmond Ch'ng says in a note. He notes that there has been no progress on the deal since it was first proposed in October 2023. The impact on AMMB's capital is minimal, with its Common Equity Tier 1 ratio at a solid 15.3%, he reckons. While a sale may still be considered, there is no urgency, he adds. Ch'ng expects AMMB to see 11.7% earnings growth in FY 2025, supported by better net interest margins and lower credit costs. Maybank maintains a buy rating on AMMB and keeps the target price at MYR6.30. Shares are 0.2% higher at MYR5.65. (yingxian.wong@wsj.com)

2008 ET - Singapore's FTSE Straits Times Index rises 0.7% to 3853.13 in early trade. Market sentiment is rosier after President Trump and leaders of Canada and Mexico reached a deal to put tariffs on hold for a month. "Tariff headlines are still likely to dominate," UOB's Global Economics & Markets Research team says in a note. Among advancers, Seatrium climbs 0.9%, DBS adds 1.3% and Yangzijiang Shipbuilding is up 1.0%. Meanwhile, Venture Corp. falls 0.4% and Keppel Ltd. loses 0.3%. (amanda.lee@wsj.com)

2003 ET - Malaysia's benchmark Kuala Lumpur Composite Index is 0.3% higher at 1558.29 in early ytade. Trump's additional 10% tariffs on China's medical glove exports may lift sentiment toward local glove stocks, Malacca Securities says in a note. The recent pullback in construction stocks could attract bargain hunters, supported by Johor-Singapore Special Economic Zone initiatives and data-center developments, the brokerage reckons. It pegs KLCI support at 1533-1538 and resistance at 1568-1573. Among gainers, YTL Corp. adds 1.6% and Petronas Chemicals is up 1.1%. Meanwhile, SD Guthrie is down 1.0% and IHH Healthcare is 0.7% lower.(yingxian.wong@wsj.com)

1939 ET - Australian retail sales data have bolstered Citi's conviction in JB Hi-Fi and Harvey Norman. The data showed a 6.7% increase in sales in the electrical category in the three months through December. Analyst Adrian Lemme notes JB Hi-Fi typically grows much faster than this official measure. So, Citi sees material upside to consensus expectations of 5% like-for-like sales growth by JB Hi-Fi in the December quarter. Its own forecasts are for 8.4% growth. "Harvey Norman also looks well positioned into results given the improvement in the Electrical and Furniture categories," Citi says. It expects Australia's central bank to cut interest rates three times this year, starting this month. "This should further support the consumer recovery we have been forecasting," Citi says. (david.winning@wsj.com; @dwinningWSJ)

1923 ET - Drivers of Westgold's downgrade to FY 2025 production guidance are likely to spill into the following year as well, reckons Macquarie. Westgold expects to produce 330,000-350,000 oz of gold in FY 2025, down from a prior projection of 400,000-420,000 oz. It expects to dig up gold at a higher cost, forecasting all-in sustaining costs, or AISC, of A$2,400-A$2,600/oz. "We also assume the slower ramp-up of Bluebird and Beta Hunt, and softer grades at Big Bell, carry over into FY 2026 and cut production 10% while AISC lifts 4%," says Macquarie, referring to Westgold's mines. Still, Macquarie's revised outlook equates to a 32% year-over-year increase in production in FY 2026. It retains an outperform call on Westgold's stock. (david.winning@wsj.com; @dwinningWSJ)

1912 ET - Japanese stocks are higher, led by gains in auto and electronics stocks after the U.S. struck deals with Mexico and Canada to delay new tariffs. Toyota Motor is up 3.1% and Canon Inc. is 3.5% higher. USD/JPY is at 155.28, compared with 155.37 as of Monday's Tokyo stock market close. Investors are focusing on U.S. trade talks as well as domestic corporate earnings. Mitsui & Co. and Mitsubishi Heavy Industries are scheduled to announce their quarterly results later in the day. The Nikkei Stock Average is up 1.6% at 39136.69. (kosaku.narioka@wsj.com; @kosakunarioka)

1911 ET - South Korea's benchmark Kospi rises 1.1% to 2479.66 in early trade as semiconductor and auto stocks advance. News of President Trump pushing back U.S. tariffs on imports from Mexico and Canada help buoy sentiment. Institutional and retail investors are net buyers. Index heavyweight Samsung Electronics gains 1.8%. Memory-chip maker SK Hynix adds 1.0%, recovering from steep losses on trade war fears in the prior session. Car makers Hyundai Motor and Kia are up 1.7% and 2.2%, respectively. USD/KRW is 0.6% lower at 1,458.30, compared with the prior session's Seoul onshore trading close. South Korea's 10-year government bond yield is down 2.4 bps at 2.835%.(kwanwoo.jun@wsj.com)

(END) Dow Jones Newswires

February 03, 2025 21:56 ET (02:56 GMT)

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