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

0641 GMT - Carabao Group's Myanmar business is recapturing market share faster than anticipated by ttb wealth securities' Nuttapop Prasitsuksant, after its factory there began operations in 4Q 2025. Led by Myanmar growth, the Thai beverage producer's overseas energy drink sales are likely to grow 22% each in 2027 and 2028, and 11% in 2029, Prasitsuksant says in a research report. Meanwhile, its key rival Osotspa has been facing import restriction-related issues in Myanmar since early this year. The brokerage raises Carabao's target price to 60.00 baht from 50.00 baht, with unchanged buy rating. Shares are 4.3% higher at 54.75 baht. (ronnie.harui@wsj.com)

0621 GMT - Antofagasta's growth projects are on track and will deliver meaningful volume growth over the medium term, Berenberg analysts Richard Hatch and Jasper Mainwaring write. The copper miner's Centinela concentrator project and Los Pelambres concentrate pipeline and expansion of the desalination plant will help drive volumes to 818,000 metric tons in 2028 from 654,000 tons in 2025. Shares closed Thursday at 3,756 pence. (adam.whittaker@wsj.com)

0601 GMT - CapitaLand Investment's plan to sell around 7 billion Singapore dollars-S$9 billion of its noncore assets and investments seems to be a good move to Morningstar's Xavier Lee. He expects the capital gained from divesting of these assets to improve CapitaLand Investment's return on equity and be redeployed into higher-growth opportunities. Growth in the real-estate asset manager's fee-related earnings and ongoing asset recycling should also support earnings growth over time, the analyst adds. Morningstar retains its S$3.00 fair-value estimate, viewing the shares as undervalued. Shares fall 0.4% to S$2.74. (megan.cheah@wsj.com)

0525 GMT - Wafer price hikes are contributing more to SMIC's improving gross margin than its product mix optimization, says SMIC co-CEO Zhao Haijun in a post-earnings call with analysts. SMIC's 2Q gross margin rose to 25.3%, topping its previous guidance. The chip foundry can adjust production capacity to supply products that are in high demand and at higher prices, Zhao says. "If logic demand is low, we could use the capacity for microcontroller units or specialty memory." Price hikes by SMIC are expected to gradually reflect in the company's earnings in the coming quarters, he says. Many wafers shipped in 2Q were priced when they were produced in 4Q or 1Q. Wafers produced and shipped in the current quarter will have higher prices, he adds. (sherry.qin@wsj.com)

0502 GMT - AEM Holdings could secure new customers, which would bolster the semiconductor test company's growth, says Maybank Securities' Jarick Seet in a note. The company is in talks with new customers and its partnership with Taiwan-listed ASE could open it to more opportunities, the analyst says. AEM remains poised to expand its revenue streams, which could drive its profitability to new highs, he adds. The Singapore company also issued a 2026 earnings-per-share guidance of 24.5 Singapore cents-27.5 Singapore cents. Seet estimates this to be 20%-35% above Maybank's forecasts. He therefore raises his 2026-2027 earnings projections by 28.7%-17.8%. Maybank lifts its target price to 13.50 Singapore dollars from S$11.48. Shares drop 4.4% to S$10.50.