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

0306 GMT - Tongcheng Travel is likely to face headwinds in the coming months, Morningstar senior equity analyst Kai Wang says in a note. China's soft macroeconomic conditions could lead to lower travel demand in the near term. The Chinese travel company has lowered the midpoint of its 2026 revenue growth guidance to 8.5% from 9.5% for its core business, suggesting that macroeconomic conditions are likely to be soft for the rest of the year. Morningstar lowers its fair value estimate for the stock to 24.50 Hong Kong dollars from HK$27. Shares are 0.25% higher at HK$12.25.(amanda.lee@wsj.com)

0249 GMT - OpenAI could turn profitable as early as 3Q, marking a shift toward AI labs funding growth through their own operations rather than relying on venture capital, according to SemiAnalysis founder Dylan Patel. Speaking on the Dwarkesh Podcast, Patel says Anthropic became profitable in 2Q and OpenAI could follow in 3Q, helped by rising demand for products such as Codex and newer AI models. He adds that the growing profitability allows companies including OpenAI and Anthropic to fund an increasing share of their expansion through revenue, even as they continue raising capital to accelerate growth and reinvest profits into training. (jie.yang@wsj.com)

0242 GMT - Perseus Mining "has placed a strong emphasis on returning capital to shareholders," says Citi. The gold miner's FY dividend of A$0.14 a share is 20% higher than consensus, Citi says. It also notes the miner's new dividend policy and proposed special distribution from the Meyas Sand sale. Perseus also reported increases to its resources and reserve estimates. "We expect the stronger outlook of shareholder returns and increased mine life will be taken positively, offset by the higher than expected capex," Citi says. Perseus provided FY27 guidance for sustaining capital that's 34% higher than consensus, says Citi. Its development capital estimate is 16% higher, the bank says. Citi has a buy-high risk rating on Perseus, with a A$6.80 a share target. Shares are up 11% at A$6.79. (rhiannon.hoyle@wsj.com; @RhiannonHoyle)

0234 GMT - Uranium miner Paladin Energy records a solid FY26 result, reflecting the successful ramp-up of its Langer Heinrich operation, Morgans says. "Production landed at the upper end of guidance, costs were at the lower end, and the balance sheet strengthened materially," says the broker. Paladin's strengthening operating performance has translated into positive net operating cash flow for the first time this decade, Morgans says. It views Paladin as now having increased flexibility to fund future growth initiatives. FY27 will "test PDN's ability to consistently deliver at nameplate rates while advancing the Patterson Lake South (PLS) project," says Morgans. The broker has a buy rating and A$12.50/share target on Paladin. Shares are up 4.4% at A$12.49. (rhiannon.hoyle@wsj.com; @RhiannonHoyle)

0229 GMT - Kuala Lumpur Kepong's fiscal 4Q could strengthen, driven by its plantation and manufacturing segments as well as absence of lumpy associate losses from Synthomer, Hong Leong IB analyst Chye Wen Fei says in a note. She raises KLK's FY2026-FY2028 core earnings forecasts by 1.8%-4.7%, to factor in higher average CPO price assumptions. Hong Leong downgrades KLK's rating to hold from buy following a recent share price rally, but raises its target price to 22.72 ringgit from 21.90 ringgit. Shares are 0.3% lower at 21.86 ringgit. (yingxian.wong@wsj.com)

0223 GMT - United Hampshire US REIT is likely benefiting from some initiatives, UOB Kay Hian's Jonathan Koh says in a research report. At St. Lucie West in Florida, the REIT is developing a new 5,000-square-feet store next to the existing Academy Sports store, the analyst notes. The new store has been fully pre-leased to a health-insurance company, with the asset-enhancement initiative expected to generate a 10% return on investment. The REIT is also undertaking proactive capital recycling, having divested of BJ's Quincy club in Massachusetts. The brokerage maintains a buy rating but trims the target price to $0.69 from $0.72 based on changes to its dividend discount model. Units are unchanged at $0.50. (ronnie.harui@wsj.com)

0215 GMT - Worley's FY26 earnings are broadly in line with consensus, but its FY27 guide falls short of expectations, says Barrenjoey. "The focus of the result will be on FY27 Ebita guidance for mid-to-high single-digit growth[consensus +11%], which is also expected to have a higher 2H skew than normal," the bank says. Barrenjoey also highlights a decline in Worley's backlog to A$13.8 billion at June 30 from A$16.9 billion in March. It has a neutral rating and A$12.70 per share target on Worley. The stock is down 10% at A$9.97/share. (rhiannon.hoyle@wsj.com; @RhiannonHoyle)

0204 GMT - Sandfire Resources posts "a very strong result" with a dividend beat, says Morgans. The copper miner's final dividend of 0.35 Australian dollar a share compares with an estimate of A$0.19/share by Morgans and the market more broadly, the broker says. Underlying Ebitda and profit are in line with expectations, albeit were "preguided at the quarterly" last month, Morgans says. The fiscal 2027 cost and capex guidance is also in line with expectations, it says. Morgans has an accumulate rating on Sandfire, with a A$22/share target. The stock is up 7.8% at A$24.55. (rhiannon.hoyle@wsj.com; @RhiannonHoyle)

0202 GMT - Petronas Dagangan's commercial segment margins could normalize in 2H following a strong 2Q, as gains from lower fuel-product prices might recur if prices rise, TA Securities analyst Luqman Anwar says in a note. However, Petronas Dagangan's integrated supply chain with its parent, Petronas, and diversified earnings base should provide resilience, he reckons. Domestic fuel demand is expected to remain resilient, supported by affordable RON95 fuel prices, steady GDP growth and improving tourism, he says. The analyst raises Petronas Dagangan's 2026-2028 earnings estimates by 1.4%-3.7%, to factor in higher sales volume estimates. TA Securities downgrades Petronas Dagangan's rating to hold from buy, but raises its target price to 20.80 ringgit from 20.30 ringgit. Shares are 2.8% higher at 20.56 ringgit. (yingxian.wong@wsj.com)

0153 GMT - Lynas Rare Earths' FY earnings fall short of consensus expectations on higher ramp-up costs from new facilities, says Morgan Stanley. FY26 Ebitda of A$386.0 million is 4% below consensus. "Higher non-China input costs and geopolitical cost escalation" also hurt earnings, MS says. The bank has an equal-weight rating and A$15.70/share target on Lynas. Shares are down 7.2% at A$15.40. (rhiannon.hoyle@wsj.com; @RhiannonHoyle)

0142 GMT - WiseTech's annual result was stronger than UBS analysts had anticipated, at least relative to their preferred metric. While the logistics-software developer's fiscal 2026 revenue and Ebitda were slightly lower than analysts Lucy Huang and Ailsa Lei had forecast, the pair points out that reported Ebitda minus capital expenditure came to US$405 million. This metric, which can be seen as the cash-generating capacity of a software business, was up from US$232 million a year earlier and beat UBS's forecast by more than 10%. The analysts see lower-than-expected research and development capex as the driver of the beat. UBS has a last-published buy rating on the stock and a target price of 65.00 Australian dollars. Shares are down 7.9% at A$41.89. (stuart.condie@wsj.com)

0141 GMT - An impairment booked by Kuala Lumpur Kepong's associate, Synthomer, could clear a key overhang for the planter's stock, CIMB Securities analyst Ivy Ng Lee Fang says. The 1.62 billion ringgit non-cash charge reduces the risk of further sizeable impairments. KLK? remains positive on its FY 2026 outlook, supported by firm CPO prices, healthy fresh fruit bunches production and improving downstream earnings, she notes. Plantation earnings should remain resilient despite elevated costs, while manufacturing should benefit from stronger oleochemical contributions, partly offset by continued margin pressure in refining and kernel crushing. Still, Ng cuts KLK's FY 2026-FY 2027 earnings estimates by 1%-4% due to higher associate losses. CIMB raises KLK's stock target to 24.32 ringgit from 23.70 ringgit, while maintaining a buy rating. Shares fall 3.1% to 21.24 ringgit.