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

0338 GMT - BlueScope Steel enters FY27 with strong earnings momentum, says Morgan Stanley. The ASX-listed steelmaker is pursuing more cost savings, and value-added growth is progressing. Meanwhile, U.S. steel spreads look supportive near term, the bank says. That said, "Asian spread assumptions are more demanding and ASP [Australian Steel Products] profitability remains subdued," it says. MS raises its target on the stock to 34.00 Australian dollars a share from A$32.35/share, and reiterates an equal-weight rating. Shares are up 1.7% at A$33.50, rebounding from a 2.2% loss on Monday. (rhiannon.hoyle@wsj.com; @RhiannonHoyle)

0327 GMT - China Literature's softening online-reading revenue spurs Nomura to downgrade its rating on the stock to neutral from buy. While the online literature-platform operator continues to show strong intellectual-property commercialization progress, Nomura analysts are concerned about the online reading business, as revenue for the segment declined 7% in 1H, compared with a stable 2025 performance. A decline in the business's monthly paying users likely reflects a broader shift in user preferences away from text-based content toward more visual and fragmented entertainment formats, they say in a note. Nomura expects these headwinds to persist into 2H, casting a shadow on China Literature's near-term earnings outlook. The bank trims its target price to 25.00 Hong Kong dollars from HK$44.00. Shares drop 4.3% to HK$20.56. (megan.cheah@wsj.com)

0308 GMT - Indonesia is a potential beneficiary of the regional data-center buildout, UOB Kay Hian analysts say in a note. Singapore has previously highlighted constraints on land, power and water, while the Malaysian state of Johor has gained from a significant spillover given its proximity to the city-state. However, rapid growth has increasingly strained resources, with Malaysia tightening power and water screening for data-center projects, and Johor restricting water-intensive facilities in 2026. "Against this backdrop, Indonesia offers a large and relatively underpenetrated market, supported by foreign-investment flexibility and streamlined [data center] development," UOB Kay Hian says. The brokerage views Indosat, DCI Indonesia and Telkom Indonesia among those that are direct data-center beneficiaries.(amanda.lee@wsj.com)

0224 GMT - 99 Speed Mart Retail could post slightly higher 2H earnings, driven by seasonal strength in 4Q, CIMB Securities analyst Walter Aw Lik Hsin writes in a note. Year-end festive spending, continued store expansion and resilient demand for essential goods could support 4Q earnings. However, 3Q could be softer given the absence of major festive periods and cautious consumer sentiment, he adds. The retailer is also expected to benefit from government cash-aid programs, though a smaller boost is expected as participation expands across more retailers, he says. At current valuations, the stock's defensive earnings profile appears largely priced in, Aw adds. CIMB raises 99 Speed Mart's target price to 3.50 ringgit from 3.40 ringgit while maintaining a buy rating. Shares are 1.4% lower at 3.54 ringgit. (yingxian.wong@wsj.com)

0216 GMT - BHP's consensus-beating annual results top off what was a very good year for the world's No. 1 miner, says Jefferies. The growth in BHP's copper earnings--to account for 54% of annual underlying Ebitda--partially justifies a rerating of BHP's equity valuation over the past year, it says. "This is an excellent set of results for BHP," the bank says. While Jefferies thinks BHP's shares could gain further in the coming six months or so, it does expect company-specific tailwinds to subside. Volumes in Chile are now expected to decline, it says, adding that the increase in Ebitda from FY 2025 to FY 2026 was almost entirely due to the impact of higher prices. Jefferies reiterates a hold rating. It has a A$65.00 target on the stock. Shares are up 3.0% at A$64.09. (rhiannon.hoyle@wsj.com; @RhiannonHoyle)

0128 GMT - Zijin Gold International gains a new bull at Citi Research with its gold volume growth outpacing peers. This is likely due to the Chinese gold miner benefiting from newly acquired assets and expansions while carrying out effective cost control measures, the Citi analysts say in a note. The company's average acquisition cost is below the sector's, thanks to its use of the mergers and acquisitions team from parent company Zijin Mining. Citi expects Zijin Gold's equity-attributable gold output to grow at a 17% compound annual growth rate over 2025-2028. Citi initiates coverage with a buy rating and target price of 178.00 Hong Kong dollars. Shares are up 5.0% at HK$141.80. (megan.cheah@wsj.com)

0120 GMT - CIMB's Indonesia unit could face greater deposit competition in 2H than larger state-owned banks, with higher deposit rates and tighter liquidity possibly adding pressure on funding costs, Affin Hwang IB analyst Chin Jin Han says in a note. Net interest margin pressure and higher credit costs are also expected to weigh on earnings, although forex gains could provide some cushion to its ROE, he says. However, asset quality could improve further as lending shifts away from higher-risk segments toward safer retail and auto loans, he reckons. Chin remains positive on CIMB's underlying businesses and expect 2027 to be a stronger year as headwinds in some markets ease. Affin Hwang maintains a buy rating on CIMB and keeps target price at 9.20 ringgit. Shares are 0.1% lower at 7.86 ringgit.(yingxian.wong@wsj.com)

0107 GMT - 99 Speed Mart Retail's 2026 earnings outlook could remain constructive, supported by its defensive resilience as a consumer staples retailer and its expanding market footprint, Hong Leong IB analyst Jonathan Ooi says in a note. Its 3,151-store network should continue to support revenue growth, while the new Semenyih distribution center is expected to improve supply-chain efficiency for about 180 nearby outlets, he says. Revenue could also benefit from the wider rollout of home appliances and its e-commerce platform 99 Bulksales, alongside instalment plans to improve affordability, he reckons. Its ongoing energy-efficiency initiatives could cushion the impact of cautious consumer spending, he adds. Hong Leong maintains a buy rating on 99 Speed Mart Retail and keeps its target price at 4.24 ringgit. Shares are 0.8% lower at 3.56 ringgit. (yingxian.wong@wsj.com)

0047 GMT - A2 Milk's first-time guidance for FY27 missed market expectations, and Forsyth Barr expects meaningful downgrades to consensus Ebitda forecasts. This comes despite A2 Milk typically being conservative with its guidance. "The weaker-than-anticipated outlook reflects a more challenging backdrop for infant formula growth," analyst Will Twiss says. A2 Milk experienced severe China label market share losses in 4Q as a result of limited supply. It also lost some momentum for English label infant milk formula following its product recall in the U.S. "Outside of China infant formula, the result was encouraging," Forsyth Barr says. It retains a neutral call on A2 Milk, and cuts its price target by 5.1% to 9.05 New Zealand dollars a share. A2 Milk is up 4.5% at NZ$8.11. (david.winning@wsj.com; @dwinningWSJ)

0043 GMT - Near-term cyclical headwinds have again taken the shine off an otherwise robust structural story for Freightways, says Forsyth Barr. Freightways delivered a strong FY26 result. The company expanded its market share and boosted earnings with the VT Freight Express acquisition in Australia. Still, analyst Andy Bowley notes management gave a somewhat cautious outlook for FY27. "We still believe Freightways can grow profits at well above long-term trend levels (+5% compound average EPS growth over both 10- and 20-year history) over the next 12 months, but consensus earnings expectations are likely to moderate in the absence of further favorable M&A," Forsyth Barr says. It retains a neutral call on Freightways, which is down 0.5% at 13.35 New Zealand dollars. (david.winning@wsj.com; @dwinningWSJ)

0038 GMT - For Jarden, Amplitude Energy's FY 2027 guidance was the main focus of its annual result. Amplitude signaled output of 26.6-28.5 petajoules equivalent, in line with consensus hopes at the midpoint. It reflects strong operational performance at the Orbost facility. FY 2027 capex guidance of A$250 million-A$310 million beat Jarden's estimates. Analyst Nik Burns says this is largely a timing issue. "But we estimate East Coast Supply Project total costs are now at or above the top end of the prior range," Jarden says. The next key catalyst will likely be the Juliet exploration well result, Jarden says. That well is about to be drilled. "We carry no value for this well in our valuation but could potentially add A$0.34/share upside in the success case," Jarden says. (david.winning@wsj.com; @dwinningWSJ)

0034 GMT - Cochlear's expectation of FY 2027 profit growth appears to be driven by operating costs rather than sales, Jarden analysts observe. They tell clients in a note that the hearing-implant maker's guidance for 5.5% net profit growth at the range midpoint comes despite its expectation that sales revenue will only grow by a percentage in the low single digits. They tell clients in a note that the profit guidance, which is in line with analysts' expectations, is supported by a slight on-year decline in operating costs. They think that the quality of the FY 2026 result was worse than anticipated, but see the FY 2027 outlook as positive. Jarden has a last-published neutral rating on the stock and a target price of 169.00 Australian dollars. Shares are up 5.0% at A$137.80.