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

0243 GMT - ESR-REIT's units may be weighed in the near term, RHB Research's Vijay Natarajan says in a report. First, the REIT recently announced that its second-largest tenant, which accounts for around 5% of rental income, has entered administration and is in arrears related to rental payments, the analyst notes. Second, the chief executive officer of the REIT's manager has decided to step down and the board is looking for a successor, which could lead to a strategy change. RHB Research downgrades its rating on the REIT to neutral from buy and lowers its target price to 2.48 Singapore dollars from S$3.05. Units are unchanged at S$2.27. (ronnie.harui@wsj.com)

0225 GMT - China Mobile's earnings in 2026-2028 could continue to be weighed by value-added tax and moderating growth in its traditional business, say DBS Group Research's Andy Yu and Vanessa Lee in a note. This leads the analysts to cut their earnings estimates for the period by 4.0%-9.8%, implying profit contracting in 2026 before returning to growth in 2027-2028. Still, the Chinese mobile services provider's dividend commitment remains firm, they say, noting the management guides for its 2026 dividend payout ratio to be "stable to rising." DBS trims its target price to 96.00 Hong Kong dollars from HK$98.00 and retains a buy rating. Shares fall 0.7% to HK$79.10. (megan.cheah@wsj.com)

0215 GMT - Keppel DC REIT stands to benefit from rental escalation at two new data centers in Japan which it plans to acquire, UOB Kay Hian's Jonathan Koh says in a research report. The data centers offer attractive built-in contractual rental escalation of 2.8%, the analyst notes. Also, the REIT continues to build scale in hyperscale data centers, with potential acquisitions from its sponsor's pipeline likely to materialize in 2028. The brokerage lifts its 2027 and 2028 distribution-per-unit forecasts for the REIT by 1.3% and 1.7%, respectively. It raises the unit's target price to 2.99 Singapore dollars from S$2.95 with an unchanged buy rating. Units are 1.4% higher at S$2.22. (ronnie.harui@wsj.com)

0208 GMT - MediaTek sees custom AI silicon a major long-term growth engine supported by its existing hyperscaler engagement and the new Nvidia partnership, Citi analysts say following an industry expo in Taiwan. The deepened alliance with Nvidia represents a different business model, with MediaTek helping Nvidia integrate customers seeking customized AI chips into Nvidia's rack-scale ecosystem, they note. For its custom AI chip customer base, two generations are underway and a third is in discussion, while MediaTek targets at least one additional customer this year, Citi notes, with new customer expected to contribute to MediaTek's revenue in 2028 given long design cycles, they add. Shares are last 8.95% higher at NT$4,810.00. (sherry.qin@wsj.com)

0156 GMT - The earnings outlook for Thailand's tourism sector is likely to remain robust until end-1Q 2027, assuming that the Middle East conflict ends soon, UOB Kay Hian analysts say in a report. U.S. and Iran are more engaged with economic sanctions and the situation has been quite stable for months, they note. All hotel operators have seen an increase in revenue per available room in July, while bookings in August and September have also shown strong growth. Tourists are also returning to Thailand in recent months, especially those from Europe and the U.S. UOB KH maintains an overweight rating on Thailand's hotel sector, pegging Central Plaza Hotel, Asset World Corp. and Erawan Group as its top picks.(amanda.lee@wsj.com)

0152 GMT - While drier weather conditions warrant monitoring, elevated crude palm oil prices are expected to persist through 2H amid tightening supply and resilient demand, Hong Leong IB analyst Chye Wen Fei says in a note. Drier conditions could affect yields with a lag, but it is too early to assess the impact, she says. Near-term oleochemical demand should remain supported by restocking amid geopolitical uncertainty and ahead of the implementation of the European Union Deforestation Regulation, she adds. Hong Leong maintains an overweight rating on Malaysian plantation sector, pegging IOI Corp. and Hap Seng Plantations as top picks. (yingxian.wong@wsj.com)

0149 GMT - Gamuda's latest Sydney Metro job win lifts its outstanding order book to a record 61.6 billion ringgit, strengthening earnings visibility, CIMB Securities analyst Kenny Mak Hoy Ken says in a note. The Parramatta integrated station development project is Gamuda's third major Sydney Metro contract and brings its Sydney Metro West station packages to six of nine, he says. New wins have reached 9.3 billion ringgit since August, putting Gamuda on track to exceed its 50 billion ringgit year-end order-book target, he reckons. Near-term earnings should be supported by 7 billion ringgit of data-center jobs and continuing progress billings, he adds. CIMB maintains a buy rating on Gamuda and keeps its target price at 6.00 ringgit. Shares are 0.2% lower at 4.61 ringgit. (yingxian.wong@wsj.com)

0129 GMT - Small- and mid-cap stocks may outperform large-cap Japanese companies as governance improvement spreads, Rakuten Securities chief strategist Masayuki Kubota says. Share buybacks have increased in recent years after the Tokyo Stock Exchange called on listed companies to improve return on shareholders' capital and correct discounts reflected in their share prices. If this trend continues, small- and mid-cap stocks may rise as many still trade below their book value, Kubota says. Also, big-cap stocks in the past have tended to underperform when interest rates were on the rise, he says. (kosaku.narioka@wsj.com; @kosakunarioka)

0118 GMT - The legal proceedings between Fortis and Daiichi Sankyo aren't expected to have material impact on IHH's associate Fortis's operations, CIMB Securities analyst Chun Sung Oong says in a note. IHH's 31.1% stake in Fortis was acquired through a fresh 40 billion rupee capital injection, with no money paid directly to the former Fortis promoters, the Singh brothers. The acquisition is therefore seen as having been conducted at arm's length, with no evidence of direct dealings with the former promoters, he says. IHH also reaffirmed its intention to gradually raise its stake in Fortis to 51% over the next four years, which is expected to have minimal impact on its target price. CIMB maintains a buy rating on IHH and its target price at 10.30 ringgit. Shares are at 7.96 ringgit. (yingxian.wong@wsj.com)

0112 GMT - S-Oil is likely to benefit from lower official selling prices for Saudi crude, NH Investment & Securities' Y.K. Choi and S.W. Ryu say. The OSP for Asia-bound Arab light crude is set at $2 a barrel below the Oman/Dubai average for September and October after $1.5 a barrel below the average in August, continuing a longer-term downward trend, the analysts write in a note. That should help boost profit margins at the Saudi Aramco-controlled South Korean refiner, they say. The blockade of the Strait of Hormuz is prompting global oil imports to shift away from the Middle East, accelerating the region's loss of dominance in the global oil market, they add. NH raises its 2026 and 2027 operating-profit forecasts for S-Oil by 17% and 26%. (kwanwoo.jun@wsj.com)

0043 GMT - Shipments of a new generation of high-bandwidth memory chips for AI applications, known as HBM4, are expected to become more visible in 2H, according to a Counterpoint Research report. In the HBM market, SK Hynix remained the leader with a 50% revenue share in 2Q, while Samsung increased its share to 33% from 15% a year earlier, the report says. In the broader DRAM market, Samsung retained the top spot with a 38% share, while Chinese memory maker CXMT continued to gain ground, more than doubling its market share to 10% from 4% a year earlier, according to Counterpoint. (jie.yang@wsj.com)

0014 GMT - Japanese stocks are higher in early trade amid continued hopes for artificial intelligence-related demand and signs of U.S. economic strength. Chip-related stocks are leading the gains. SoftBank Group is up 6.2%, Tokyo Electron Ltd. is up 4.5% and Lasertec is 7.1% higher. The dollar is at 156.12 yen, compared with Y156.18 as of Friday's Tokyo stock market close. Investors are closely watching crude oil prices and bond yields as well as developments in the Middle East. The Nikkei Stock Average is up 1.8% at 66167.70.