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

0352 GMT - Tenaga Nasional isn't likely to be materially affected by the recent global fuel-cost surge, due to the delayed pass-through of coal and natural gas prices, Hong Leong IB analyst Daniel Wong says in a note. The utility might also be cushioned by regulatory cost adjustments that allow for more timely tariff revisions if energy prices remain elevated amid the Iran conflict. Its power generation unit could benefit if coal prices continue to rise, he says. Tenaga will likely gain from higher returns from its electricity transmission and distribution assets in 2026-2027, driven by increased contingent capital spending, new power plants and renewable energy expansion, he adds. Hong Leong maintains its buy rating on Tenaga and keeps its target price at 17.25 ringgit. Shares are unchanged at 14.14 ringgit. (yingxian.wong@wsj.com)

0302 GMT - Yangzijiang Shipbuilding's planned acquisition of a stake in one of its key customers should enhance the shipbuilder's earnings visibility, says DBS Group Research's Pei Hwa Ho in a note. The Chinese shipbuilder is planning to buy 10% of a holding company for independent containership owner Seaspan for US$825.7 million. The deal is likely to increase annualized profit by more than 300 million yuan, net of interest income for cash used to fund the transaction, the analyst says. That translates to around 3.0% of Yangzijiang's profit, she says. The deal also gives Yangzijiang more oversight on replacement needs of Seaspan's large and relatively new fleet, which could improve its order book visibility, she adds. DBS reiterates its buy rating and S$4.55 target price. Shares add 3.2% to S$4.18. (megan.cheah@wsj.com)

0249 GMT - Gold Circuit Electronics stands to benefit from some tailwinds including supply-demand gap for printed circuit boards, Daiwa Capital Markets analysts say in a report. Given tight supply for multi-layer boards and a more cautious strategy of PCB vendors to ramp-up new capacity, supply of these boards for AI servers is expected to fall short of demand in 2026 and 2027, the analysts say. As such, the Taiwanese PCB vendor plans to expand MLB production capacity and lease new plants in Taiwan to mitigate the supply-demand gap. The brokerage raises the stock's target price to NT$1,100.00 from NT$730.00 with an unchanged buy rating. Shares are 9.9% higher at NT$898.00. (ronnie.harui@wsj.com)

0238 GMT - Consumption in Thailand will likely remain resilient this year, even as GDP growth is expected to slow to 1.6%, DBS Group Research analyst Nantika Wiangphoem writes in a note. "Tourism remains highly relevant for the consumer sector," the analyst says. Before the Covid-19 pandemic, around 45% of tourism receipts were generated from shopping as well as food and beverage spending. Looking ahead, consumption is expected to be supported by the continuous tourism recovery, with foreign arrivals projected to grow around 6% in 2026. Most retailers under DBS' coverage will likely deliver moderate earnings growth, driven by store expansion, margin improvements and easing financing costs. (amanda.lee@wsj.com)

0224 GMT - China Aviation Oil (Singapore) could benefit from oil-price volatility in the near term, UOB Kay Hian analysts say in a report. Recent gains in oil prices amid the Middle East conflict could help the jet fuel supplier's short-term profitability, the analysts say. The company's business continues to benefit from ongoing recovery in Chinese air travel, the analysts say, citing data from Civil Aviation Administration of China. The brokerage raises its target price on the stock to S$2.63 from S$2.09 with an unchanged buy rating. Shares are 0.5% lower at S$1.90. (ronnie.harui@wsj.com)

0212 GMT - Thailand's tourism sector is likely to regain stronger growth momentum this year, DBS Group Research analyst Nantika Wiangphoem writes in a note. The continued recovery in tourist arrivals and the Thai government's proactive tourism promotion are driving factors. Last month, Chinese tourist arrivals rebounded sharply to their highest level since February 2020, DBS notes. Other key markets, including India and Russia, continue to show solid growth. DBS maintains an overweight stance on the Thai tourism sector, with Erawan Group, Central Plaza Hotel and Minor International as its top picks. (amanda.lee@wsj.com)

0205 GMT - The impact of the Middle East conflict on TSMC should be manageable, Bernstein analysts say in a research note. TSMC's operations haven't been disrupted so far, the analysts say after a meeting with a senior TSMC executive. TSMC has good margins to absorb the incremental cost from higher energy prices and the ability to pass on higher costs to customers, they say. "Even in the extreme cases in which supply turns difficult in Taiwan, we believe TSMC will enjoy a priority access to energy," they say. TSMC has also been enhancing its supply-chain resilience with multiple resources for key supplies such as gas and chemicals, they add. Shares are last 2.4% higher at NT$1,895.00. (sherry.qin@wsj.com)

0144 GMT - An updated Japan supply agreement "future proofs" Lynas Rare Earths, UBS analyst Dim Ariyasinghe says in a note. The 12-year deal, combined with a recently renewed 10-year Malaysia plant license, helps shift the focus of Lynas's "next chapter" to value and margin expansion, says Ariyasinghe. He says the updated supply deal "is obvious in hindsight given the continued and escalating tensions between China and Japan." The revised deal includes a floor price for neodymium-praseodymium. While the agreement is unilateral, it should support prices for Western rare earths producers more broadly in future, Ariyasinghe says. "In our view it is increasingly unlikely any subsequent Western business be conducted at a price point dramatically different [lower] than the US$110/kilogram price," he says. Lynas is up 13% at A$19.96 a share. (rhiannon.hoyle@wsj.com; @RhiannonHoyle)

0129 GMT - AGL Energy loses its bull at Macquarie, where the Australian power retailer is seen entering an earnings downgrade cycle. Lowering their recommendation to neutral from outperform, a note from one of the investment bank's analysts warn that the near-term outlook for earnings is bleak until coal plants close in fiscal 2029. With government ensuring that replacement capacity is in place prior to closure, the note cautions that oversupply will weigh until then. AGL is favorably leveraged to the first coal plant closures, but Macquarie lowers its fiscal 2028 earnings forecast by 28% and only sees power prices recovering after that. Target price falls 7.6% to A$9.61. Shares are down 5.1% at A$9.06. (stuart.condie@wsj.com)

0126 GMT - Estun Automation's share-offering proceeds should support its overseas ambitions, says Morningstar's Cheng Wang in a note. The industrial robot supplier, which the analyst estimates to be China's largest, derives around one-third of its revenue from overseas markets, mainly in Europe, he says. Estun's upcoming Poland factory is likely to enhance its robots' penetration globally, he adds. Meanwhile, the analyst estimates that the new shares from the Hong Kong offering didn't heavily dilute its estimated valuation of Estun's shares, given the final offer price came in around 3.0% below Morningstar's fair-value estimate. Morningstar initiates coverage of the H shares with a fair-value estimate of HK$15.80. Morningstar also retains its CNY13.90 fair-value estimate on its A shares. H shares last closed at HK$13.33; A shares last closed at CNY22.34. (megan.cheah@wsj.com)

0119 GMT - Macquarie analysts see further earnings risks for Australian classifieds providers given the backdrop of rising local interest rates. They worry that interest-rate hikes in response to inflationary pressures including from fuel could put pressure on listings volumes at employment marketplace Seek and News Corp-controlled real-estate advertiser REA. They add that a stronger Australian dollar would also be a headwind for vehicle advertiser CAR Group, which has operations in the U.S., South Korea and Brazil. Looking to the broader debate over the potential impacts of artificial intelligence, they warn against expecting near-term cost reductions from automation. Any savings will probably be reinvested, they add. News Corp is the parent company of Dow Jones & Co., publisher of The Wall Street Journal and Dow Jones Newswires. (stuart.condie@wsj.com)

0106 GMT - Prolonged higher crude prices could pose a near-term risk to global chip makers such as TSMC, Samsung Electronics and SK Hynix, Morningstar's Phelix Lee says in a report. Sustained energy-price increases could raise cost pressures, slow artificial-intelligence infrastructure buildout and weaken demand for AI chips, the analyst notes. AI data centers consume three to five times more power than conventional data centers, he says. Morningstar estimates energy costs for TSMC, Samsung Electronics and SK Hynix accounted for 3%-6% of 2025 revenue and could rise materially if the Iran war persists. It expects those AI chip makers to pass on higher energy costs to customers. (kwanwoo.jun@wsj.com)

(END) Dow Jones Newswires

March 10, 2026 23:52 ET (03:52 GMT)

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