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

2128 ET - 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)

2120 ET - 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)

2107 ET - 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)

2047 ET - 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)

2043 ET - 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)

2038 ET - 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)

2034 ET - 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. (stuart.condie@wsj.com)

2033 ET - Mall owner Region's debt strategy pleases Jarden and helps to balance a small miss to FY27 earnings guidance. "We like the fact that Region is highly hedged at favorable hedge rates, particularly at a time when most REITs are facing debt cost headwinds/gearing ticking up," analyst Carl Braganza says. Region is 83% hedged in FY27, and 66% hedged in FY28. Jarden retains a neutral call on Region, noting business fundamentals remain sound, with leasing spreads of 4% and portfolio moving annual turnover growth of 3.3%. Region forecasts funds from operations of 16.5 Australian cents/security in FY27, below consensus hopes for 16.6 cents. The stock is down 2.8% at A$2.295.(david.winning@wsj.com; @dwinningWSJ)

2024 ET - The composition of Cochlear's annual revenue should please investors, RBC analyst Craig Wong-Pan says. While the hearing-implant maker's FY 2026 revenue was broadly in line with consensus, Wong-Pan points out that the Australian company's implants and services units both performed more strongly than analysts had expected. This strength was partially offset by a miss from acoustics, he writes in a note. Overall, Wong-Pan expects the result to generate positive sentiment, with underlying earnings about 3% stronger than his above-consensus forecast. RBC has a last-published sector perform rating on the stock and a target price of 117.00 Australian dollars. Shares are up 2.1% at A$133.98. (stuart.condie@wsj.com)

2015 ET - The Nikkei Stock Average fell 0.7% to 68732.71, tracking Wall Street's losses overnight. Investors appear to be fretting over the Middle East conflict and the apparent impasse in U.S.-Iran talks to end their conflict. "Iranian officials have been promising escalation if diplomacy fails," InTouch Capital Markets' analysts' team says in commentary, citing a media report. Among the worst performers on Japan's benchmark index, Screen Holdings drops 2.9%, Lasertec falls 2.8%, and Nippon Building Fund sheds 2.4%. The dollar is at 159.38 yen, compared with Y159.45 late Monday in New York. (ronnie.harui@wsj.com)

2009 ET - BHP's FY 2026 dividend beat and in-line FY 2027 guidance should be reasonably well received by the market, says RBC Capital Markets analyst James Redfern. BHP's annual payout of US$1.72 a share is its highest in four years and above Visible Alpha consensus of US$1.54 a share. "Along with the dividend, a key focus is new FY27 guidance for unit costs and capex," says Redfern. While forecast unit costs at Western Australia Iron Ore are 2% higher than consensus, projected costs at Escondida are 4% below consensus, he says. RBC has a sector perform rating and A$57.00 target on BHP shares. The stock is up 2.9% early in Sydney at A$63.97. (rhiannon.hoyle@wsj.com; @RhiannonHoyle)

1949 ET - Australian stocks look set to fall after President Trump's threat to bomb Oman sent oil prices higher. Local stock futures are down by 0.4% ahead of Tuesday's session, suggesting that the S&P/ASX 200 could be on course for a fifth straight decline. The benchmark index is coming off a 0.5% fall. Ahead of the open, BHP reported a 9% increase in annual net profit and an even bigger gain in underlying earnings. Hearing-implant maker Cochlear slashed its dividend on an 18% fall in annual profit. CSL swung to a deep annual loss on asset writedowns, and Reliance Worldwide said it had agreed to a takeover offer by the private equity arm of Brookfield Asset Management.