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

0345 GMT - China will likely roll out more measures for the private sector after President Xi Jinping's meeting with business leaders earlier this week, HSBC economists say in a note. They describe the meeting as timely, noting that homegrown DeepSeek's recent AI breakthrough and the record box-office performance of Chinese animated film "Ne Zha 2" have reinvigorated optimism around the private sector's development. China's draft private sector promotion law is up for its second review at the National People's Congress meeting in March, the economists note. It may lead to "a swift implementation and offer more reassurance of Beijing's commitment to supporting the private sector," they say. Meanwhile, Shanghai's announcement of consumption vouchers may be a precursor to an expansion of consumption promotion policies nationwide, they say. (sherry.qin@wsj.com)

0325 GMT - Major Chinese property developers' net profits likely continued to decline in 2024, CGS International analysts write in a note. Profits were likely pressured by high land costs, lower-than-expected selling prices and project provisions amid a challenging market outlook, they say. China Vanke, mired in liquidity issues and large provisions, will likely post a net loss of CNY45 billion for last year, they add. Although there has been some recovery in property sales, since last September, especially in China's Tier-1 and Tier-2 cities, Beijing's policy of getting local governments to buy unsold units from developers needs to keep being implemented, they say. CGS International stays neutral on China's property sector.(jiahui.huang@wsj.com; @ivy_jiahuihuang)

0319 GMT - Meituan's recent move to contribute to social security for its full-time and stable part-time delivery riders may lead to a cost of CNY0.3 to CNY0.4 per order, Nomura analysts write in a note. The Chinese company is likely to gradually roll out the coverage by different cities rather than at once, which may take three to four years to complete, they add. The move's impact on Meituan's unit economics of its food delivery business is likely to be around 5% to 7% in 2025, Nomura says. The bank forecasts the unit economics of Meituan's food delivery business to rise by 2% to CNY1.47 per order this year, they say. The brokerage maintains a buy rating on the stock, with a target price of HK$212. Shares are last at HK$157.00. (jiahui.huang@wsj.com; @ivy_jiahuihuang)

0305 GMT - United Overseas Bank's integrated Asean strategy could catalyze fee and credit growth, says Thilan Wickramasinghe, Maybank Securities head of research. The U.S.-China trade war is increasing corporate shifts to the Asean region, he writes in a note. Unlike past multinational companies' relocations, which moved with their entrenched global banking relationships, the current group of relocators has fewer relationships, he adds. "This gives UOB's integrated Asean platform an advantage." It could also help UOB diversify its loan book toward higher-quality credit in growth sectors, such as data centers and the digital economy, he adds. Maybank raises UOB's target price to S$44.32 from S$38.75 while maintaining a buy rating. Shares are 0.3% higher at S$38.70. (amanda.lee@wsj.com)

0253 GMT - Airports of Thailand's share-price slump this year probably reflects bad news about delayed payments from its key duty-free concessionaire King Power, Thanachart Securities' Saksid Phadthananarak says in a research report. AOT's passenger recovery is poised to stay strong, as the number of its international passengers grew 17% on year during the first four months of FY 2025, the analyst says. Moreover, there's upside earnings risk from possible passenger service charge increases, says the brokerage which maintains the stock's buy rating. However, given King Power's delayed payments, the brokerage still needs to factor in some counterparty risk and lowers the target price to THB55.00 from THB70.00. Shares closed 0.6% lower at THB43.25 on Wednesday. (ronnie.harui@wsj.com)

0242 GMT - Bintulu Port may see strong 4Q earnings, driven by deferred cargo deliveries and winter demand, AmInvestment Bank analyst Muhammad Nuur Ashman Ab Razak says in a note. Liquefied natural gas exports rebounded, supported by heat waves in Japan and South Korea, while non-LNG exports saw recovery in alumina, manganese, and quartz, he says. The analyst expects steady LNG throughput moving forward, supported by new gas fields, but flags uncertainty over LNG contract renewals beyond 2025. Non-LNG growth will be driven by new production from industrial plants in Bintulu, boosting port utilization, he adds. AmInvestment Bank maintains a hold rating on Bintulu Port and keeps the target price at MYR6.40. Shares are 1.3% lower at MYR6.00. (yingxian.wong@wsj.com)

0233 GMT - CH. Karnchang's 4Q results are likely to disappoint, UOB Kay Hian's Kasemsun Koonnara says in a research report, as the brokerage cuts its target price to THB20.20 from THB27.30. The Thai contractor is expected to post a net loss of THB35 billion in 4Q, due to shrinking equity income and high interest expenses, the analyst estimates. Despite expected operational growth for 2025, there are persisting concerns over expenses and foreign-exchange-related volatility, the analyst says. Its shares are trading at undemanding valuation and there's positive sentiment from project bidding progress, the brokerage says, which maintains a buy rating on the stock. Shares closed 3.2% lower at THB15.20 on Wednesday. (ronnie.harui@wsj.com)

0208 GMT - United Overseas Bank appears well-positioned to benefit from trade and investment flows from shifting supply chains, according to RHB Research analysts in a note. UOB remains optimistic on loan demand this year, with growth mainly driven by factors such as Asean, which is a connecting hub for trade, the analysts note. Potential developments regarding the U.S. are likely to be negative for trade, while possibly leading to opportunities for markets outside of the U.S., they add. UOB has been aiming to capitalize on these markets, given the presence and investments in these regions, they say. RHB Research raises its target price on the stock to S$41.60 from S$40.20, while maintaining a buy rating. Shares are 0.3% higher at S$38.71.(amanda.lee@wsj.com)

0153 GMT - Hong Kong's Hang Seng Index falls 1.1% to 22692.06, weighed by tech stocks. Tech stocks may be facing profit-taking amid concerns about President Trump's new 25% tariff threats on some goods, the Saxo APAC research team writes in a commentary. Even though Beijing has established a pro-tech stance, there are some doubts about the recent Chinese stock rally, they add. Among the biggest decliners on the benchmark index, Kuaishou Technology loses 4.1%, Alibaba Group is 2.8% lower and Tencent falls 2.3%. Meituan sheds 5.4%. Health-related stocks lead the gains, with WuXi AppTec up 3.1%, Alibaba Health Information Technology adding 2.8% and CSPC Pharmaceutical Group rising 2.7%. (kimberley.kao@wsj.com)

0153 GMT - Hong Kong's Hang Seng Index falls 1.1% to 22692.06, weighed by tech stocks. Tech stocks may be facing profit-taking amid concerns about President Trump's new 25% tariff threats on some goods, the Saxo APAC research team writes in a commentary. Even though Beijing has established a pro-tech stance, there are some doubts about the recent Chinese stock rally, they add. Among the biggest decliners on the benchmark index, Kuaishou Technology loses 4.1%, Alibaba Group is 2.8% lower and Tencent falls 2.3%. Meituan sheds 5.4%. Health-related stocks lead the gains, with WuXi AppTec up 3.1%, Alibaba Health Information Technology adding 2.8% and CSPC Pharmaceutical Group rising 2.7%. (kimberley.kao@wsj.com)

0149 GMT - Chinese shares are mixed in early trade as investors await the upcoming Two Sessions meeting in early March. Pharmaceutical stocks lead gains with Pharmaron Beijing up 7.9% and Hangzhou Tigermed Consulting rising 6.8%. Shanghai United Imaging Healthcare gains 4.8%. Meanwhile, tech and solar stocks lead losses. Eoptolink Technology drops 3.4% and Trina Solar falls 2.3%. JA Solar Technology is down 2.1%. The benchmark Shanghai Composite Index is down 0.1% at 3347.28, the Shenzhen Composite Index is flat and the ChiNext Price Index is down 0.5%. (jiahui.huang@wsj.com; @ivy_jiahuihuang)

0136 GMT - Leong Hup International's earnings outlook remains positive, supported by stable poultry average selling prices across its key markets, Maybank IB analyst Jade Tam says in a note. Indonesia's poultry average selling prices rose 9%-14% on quarter in 4Q 2024, while Malaysia and Vietnam's ASPs remained steady due to industry consolidation and demand growth, she says. Lower raw material costs should help sustain livestock margins, though feedmill margins may ease as the integrated poultry player sacrifices some profitability to maintain market share, she reckons. Tam raises Leong Hup's 2024 earnings forecasts by 16%. Maybank cuts Leong Hup's target price to MYR0.75 from MYR0.85 on a lower price-to-earnings ratio, but keeps a buy rating. Shares are 0.8% higher at MYR0.63. (yingxian.wong@wsj.com)

(END) Dow Jones Newswires

February 19, 2025 22:45 ET (03:45 GMT)

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