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

0337 GMT - Iron ore prices are lower in early Asian trade, as the metal's fundamental remains soft, Baocheng Futures analysts write in a note. The consumption of iron ore has pricked up from low levels, while steel mills are restocking ahead of the holiday, providing some support to demand, they add. However, persistent weakness in the steel market is limiting the extent of the recovery, they add. Meanwhile, domestic iron ore supply is also rising, they say. High freight rates and pre-holiday restocking could provide some downside support, but with supply remaining elevated, iron ore prices are likely to stay under pressure and trade rangebound, they add. The most actively traded January iron ore contract on the Dalian Commodity Exchange is 0.5% lower at CNY733.5 a ton. (jiahui.huang@wsj.com; @ivy_jiahuihuang)

0329 GMT - China Sunsine Chemical expects its operating environment to remain challenging in the face of geopolitical uncertainties, volatile raw material prices and intense industry competition, UOB Kay Hian analysts say in a report. However, the rubber chemicals producer remains confident in its long-term prospects with plans to execute its 'sales and production equilibrium' strategy and advance capacity expansion. UOB Kay Hian raises its 2026, 2027, and 2028 earnings estimates for the company by 3%, 4%, and 3%, respectively, to reflect continued volume growth. It raises the stock's target price to 0.71 Singapore dollar from S$0.70 with an unchanged hold rating. Shares are 0.8% higher at S$0.635. (ronnie.harui@wsj.com)

0327 GMT - Baidu's valuations seem attractive to Citi analyst Alicia Yap. The Chinese technology company's capital-efficient strategy aims to achieve higher growth with relatively lower capital expenditure, reducing need to issue new shares, she says in a note. The company also signaled its commitment to shareholder returns, having recently stepped up its share buybacks, she adds. Its addition to the Stock Connect program, which allows mainland Chinese investors to trade in Hong Kong stocks, could lead to higher southbound investment flow, though this might take time to come through, she says. Citi retains its buy rating and its target price of $166. Baidu ADRs last closed at $92.03. (megan.cheah@wsj.com)

0322 GMT - Malaysia's exposure to oil-price shocks is expected to remain moderate and manageable, RHB Chief Economist Barnabas Gan says in a note. Higher oil prices support fiscal revenue through stronger petroleum receipts and potentially larger dividends from Petronas, while lower prices provide relief by reducing fuel-subsidy costs, he says. Malaysian crude grades have continued to command significant premiums over global Brent benchmark, helping cushion revenue losses from lower outright oil prices, he says. Although these premiums are likely to normalize as geopolitical tensions ease, they have provided a buffer for export earnings and fiscal revenue. RHB expects Brent crude to fall to $85 a barrel by end-2026 and $75 a barrel by end-2027, assuming a renewed easing of geopolitical tensions. (yingxian.wong@wsj.com)

0253 GMT - Raffles Medical shares' risk-reward profile appears attractive, says RHB Research's Shekhar Jaiswal in a note, citing its widening discount, compared with its Southeast Asian peers, and net-cash balance sheet. The Singaporean hospital operator's shares have fallen to a 52-week low following its soft 1H results, he says. Yet, the right-sizing of its transitional care facility, reflected in the results, suggests normalization rather than a deterioration of its core healthcare franchise, he says. The analyst views the company's China segment as a medium-term growth driver, with the potential break-even of its Shanghai facility likely to be a catalyst. RHB retains its buy rating and its target price of 1.15 Singapore dollars. Shares are down 0.6% at S$0.83.(megan.cheah@wsj.com)

0245 GMT - Hanwha Ocean's earnings could be pressured by a stronger won, says Eon Hwang at Nomura. The analyst cuts his operating-profit forecasts for the South Korean shipbuilder by 9.3% for 2026, 13.5% for 2027 and 11.5% for 2028, citing the won's appreciation against the dollar. Hwang expects Hanwha's new shipbuilding contracts to rise about 47% to $14.7 billion this year. A decline in new containership orders is likely to be offset by an increase in new LNG vessel orders, he says. Meaningful new orders from the U.S. Navy are unlikely, given congressional opposition to constructing naval ships overseas. Nomura cuts its target price for Hanwha to 56,000 won from 63,000 won and maintains a reduce rating on the stock. Shares are last 3.8% lower at 84,800 won.(kwanwoo.jun@wsj.com)

0240 GMT - Manipal Health Enterprises' earnings are expected to grow thanks to its expansion through a mix of brownfield and greenfield projects, Jefferies equity analysts Alok Dalal and Dhawal Khut say in a note. The investment bank has initiated coverage of the Indian hospital operator with a buy rating on the stock and a target price of 870 rupees. Jefferies forecasts Manipal's revenue to grow 17% annually and its Ebitda to increase 19% annually over FY 2026-FY 2029. Shares closed 1.5% higher at 729.80 rupees on Wednesday.(venkat.pr@wsj.com)

0223 GMT - The next phase of AI infrastructure growth could be shaped less by chip design and more by access to key materials used in high-speed networking equipment, according to research firm Digitimes. The rapid adoption of faster optical modules for AI data centers is driving a shift toward semiconductor-style manufacturing, helping expand the market to an estimated $45.4 billion by 2030 from $12.6 billion in 2025. But the transition is exposing a new bottleneck: demand for indium phosphide, a material used in laser components, is expected to outstrip supply from 2026, potentially slowing shipments of next-generation products. Suppliers are increasingly using investments and acquisitions to secure capacity and future growth, Digitimes says. (sherry.qin@wsj.com)

0214 GMT - The Johor Bahru-Singapore rapid transit system link will likley drive another construction boom in the Malaysian city, with its planned opening in late 2026 or early 2027 set to transform Bukit Chagar into a major transport hub, Maybank IB analyst Yin Shao Yang says in a note. Nearby developments valued at more than 11 billion ringgit could benefit from stronger pedestrian traffic, cross-border commuting, retail spending and property demand, he says. Sunway Construction likely a key beneficiary, with a possible 1.0 billion ringgit contract from a MRT Corp joint venture potentially adding about 60 million ringgit to net profit. The proposed 10 billion ringgit Johor elevated transit network could further boost construction across Greater Johor Bahru when completed in 2030-2031, he adds. Maybank maintains its positive rating on Malaysia's construction sector. (yingxian.wong@wsj.com)

0150 GMT - Adaro Andalan Indonesia's 2H earnings are expected to strengthen on higher coal prices, supported by stronger demand from Asian buyers, BRI Danareksa analysts Erindra Krisnawan and Kafi Ananta say in a note. Customers are building inventories amid elevated crude-oil prices, while concerns remain over disruptions at some mines due to the dry season. The brokerage, however, adds that production costs should increase from 2Q levels given the company's FY26 stripping-ratio target of 4.3 times, a measure of the amount of waste material that needs to be removed for every unit of coal mined. BRIDS maintains its buy rating and target price of 12,400 Indonesian rupiah on the stock. (venkat.pr@wsj.com)

0133 GMT - Inari Amertron appears to be entering a transition period, shifting towards higher-growth AI solutions, Public Investment Bank analyst Chong Hoe Leong says in a note. The outlook is supported by recovering RF demand and rapid growth in photonics revenue, which could double to about 200 million ringgit in FY 2027 as AI data-center demand rises, he reckons. A new testing program for optical communication components provides another AI-related growth avenue. Inari has set aside 450 million ringgit in capital expenditure, mainly for optical-photonics processing and plant expansion, he notes. Chong raises Inari's FY2027-2029 EPS forecasts by 10%-15%. Public IB raises Inari's target price to 3.06 ringgit from 2.60 ringgit, while maintaining an outperform rating on the stock. Shares are 0.4% higher at 2.66 ringgit.(yingxian.wong@wsj.com)

0114 GMT - Korea Gas is set to benefit from growing earnings contributions from its overseas energy projects, Yuanta Securities Korea' Son Hyun-jeong and Kim Ko-eun. The analysts expect the South Korean state-owned liquefied natural gas supplier's consolidated operating profit to rise 14% to 2.404 trillion won in 2026, with overseas operations accounting for 25% of total profit, up from 15% in 2025. LNG fields in which the company has invested,especially in Canada and Mozambique, have significantly increased production recently, driving earnings growth, they note. Yuanta initiates coverage of the stock with a buy rating and 47,000 won target price. Shares are 0.4% higher at 36,300 won.