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

0355 GMT - Bumitama Agri's unit costs are likely to rise due to higher prices of fertilizer and diesel, RHB Research analysts say in a note. The palm oil producer now expects unit costs to increase around 10% this year versus 5%-10% projected previously. RHB maintains its target price of S$1.70. However, it upgrades the stock to neutral from sell, citing a fair valuation after a 15% share-price decline over the past two weeks. Shares are last up 1.6% at S$1.90. (amanda.lee@wsj.com)

0350 GMT - Food Empire is likely to gain from foreign-exchange tailwinds, given it derives a large part of its earnings from oil-linked economies such as Russia and Kazakhstan, say DBS Group Research analysts in a note. Elevated oil prices due to the Middle East conflict are likely to strengthen currencies of such economies against the U.S. dollar, the analysts say. This should underpin strong double-digit growth for the Singapore-listed instant coffee maker in these markets, they add. The company's one-for-five bonus share issue to enhance its liquidity could also help investor interest and a valuation re-rating, DBS adds. The bank maintains a buy rating and S$3.65 target price. Shares rise 5.2% to S$3.24. (megan.cheah@wsj.com)

0349 GMT - Dialog Group's earnings should be supported by stable defensive recurring income, driven by steady midstream operations and high tank utilization above 90%, supported by its take-or-pay contracts, RHB IB analyst Lee Yun Leon says in a note. Dialog provides technical services to the energy sector and Pengerang Deepwater Terminals expansion and firmer oil prices could provide further earnings gains, with every $10/bbl increase adding about 5%-6% to Dialog's earnings, he says. Lee raises Dialog's FY 2026-FY 2028 earnings estimates by 2%-4%. RHB raises Dialog's target price to 2.44 ringgit from 2.02 ringgit, while maintaining a buy rating on the stock. Shares are 0.9% lower at 2.12 ringgit. (yingxian.wong@wsj.com)

0332 GMT - Anta Sports Products could benefit from a stabilizing Chinese sportswear market in 2H, with inventory in the sector likely to normalize, DBS Group Research analysts say in a note. Sportswear demand in China remains decent as growth shifts toward newer subcategories such as running, tennis and padel, they say. Anta's efforts to revive its Fila business through improved product offerings and targeted market campaigns are likely to drive better growth, they add. Meanwhile, its shares trade at undemanding valuations after a recent share pullback. DBS retains its buy rating and HK$109.00 target price. Shares fall 0.3% to HK$77.25. (megan.cheah@wsj.com)

0259 GMT - ComfortDelGro's much softer taxi and private-hire operations across its markets will likely weigh heavily on its earnings over 2026-2027, says DBS Group Research's Zheng Feng Chee in a note. The taxi operator's fleet size in Singapore could shrink further as competitor Grab remains aggressive with its driver incentives, the analyst says. Meanwhile, flight disruptions related to the Middle East conflict are weighing on volume in the U.K., and a full recovery is unlikely to happen in 2H despite potential easing of these concerns then, he adds. He slashes his 2026 and 2027 earnings projections by 22% and 28%, respectively. DBS cuts its rating to fully valued from hold and trims its target price to S$1.11 from S$1.60. Shares fall 4.9% to S$1.35. (megan.cheah@wsj.com)

0245 GMT - CelcomDigi and Maxis' core net profit could decline by 0.4%-7.8% in 2026-2028, CGS International analyst Prem Jearajasingam says, notingexpected losses from Digital Nasional to materialize in 3Q. CelcomDigi and Maxis, shareholders of Malaysia's state-backed 5G infrastructure firm Digital Nasional, face the risk of further competition from Malaysia's 5G structure, he notes. Pointing to observations of Singapore's mobile market, he says there will likely be margin pressure as new players emerge. CGS maintains a neutral rating on Malaysia's telecommunications sector, and pegs Telekom Malaysia and Axiata as most preferred. (yingxian.wong@wsj.com)

0221 GMT - Tencent's AI initiative is gradually coming into fruition along with sustainable core profit growth, Citi analysts say in a research note. Management sounded satisfied by the notable performance improvements of its Hy3 model given high token usage and close integration with key internal products, the analysts note. While GPU allocation currently favors internal needs, the anticipated ramp-up of domestic ones in 2H presents a significant growth catalyst for its cloud business, they say. Management also reiterated their guidance that capital expenditure is expected to increase in 2026--especially in 2H--given AI demand and increased availability of China-made chips, they add. Citi maintains a buy call on Tencent but trims its target price to HK$763.00 from HK$783.00. Shares are last 1.6% higher at HK$470.00. (sherry.qin@wsj.com)

0217 GMT - AEM Holdings' earnings are likely to rise further after the Singapore semiconductor test solutions company posted strong 1Q profit and sales, say Jefferies' Joanna Cheah and Wei Han Ang in a note. The company's revised sales guidance of S$550 million to S$600 million for 2026 is around 10%-20% higher than consensus estimates, the analysts note. Rising industry momentum is likely to continue to support AEM, and the analysts expect further upward revisions to earnings per share and growth estimates. They see their bull case for AEM emerging thanks to higher contribution from certain customers, such as South Korean memory companies, which offer higher margins.Jefferies reiterates its buy rating and S$8.88 target price. Shares climb 11% to S$9.30. (megan.cheah@wsj.com)

0212 GMT - The biggest risk surrounding Japan's price trend is fiscal expansion, says SMBC Nikko Securities strategist Makoto Noji. "The greatest risk is the implementation of demand-stimulus measures, namely fiscal expansion, justified by weak consumption. Given the current administration's stance, this risk carries a significant degree of probability," he says. If the government increases spending to boost consumption, it could trigger a "selling climax" in the Japanese government bond market, he adds. The 10-year JGB yield was last up 1.0 bp at 2.595%. (megumi.fujikawa@wsj.com)

0207 GMT - Malaysia's benchmark KLCI is set for near-term profit taking after recovering to pre-Iran war levels, Hong Leong IB analysts say in a note. Medium-term catalysts, however, could drive momentum, including higher Petronas capex on oil security, data center diversification into Malaysia, clean energy transition, and rising biofuel mandates. The market is expected to regain momentum in 2H as war-related headwinds ease ahead of the U.S. midterm elections. Hong Leong sees Fed rate cuts in 4Q narrowing interest rate differentials, which would support the ringgit and lift equities. Hong Leong maintains its end-2026 KLCI target at 1790, and pegs CelcomDigi, MN Holdings and SkyWorld Development as its top picks. The KLCI is flat at 1746.02. (yingxian.wong@wsj.com)

0146 GMT - CelcomDigi could see double-digit earnings growth in 2027 from stronger cost savings, RHB IB analyst Jeffrey Tan says in a note. Management is targeting 450 million ringgit in structural cost savings in 2026, with stronger synergies expected from 2027 through network rental savings, retail optimization and 5G traffic migration, he notes. The stock's improving risk-reward profile could support a re-rating, though risks remain from Digital Nasional's losses, he adds. CelcomDigi is a shareholder of Malaysia's state-backed 5G infrastructure company Digital Nasional. RHB upgrades CelcomDigi's rating to buy from neutral, while raising its target price to 3.60 ringgit from 3.50 ringgit. Shares are 3.0% higher at 3.13 ringgit. (yingxian.wong@wsj.com)"Xero Is Heading in the Right Direction, Bull Says -- Market Talk," at 0010 GMT, included incorrect information on subscriber growth and guidance provided by RBC's analyst. The correct version follows: ) 0010 GMT - Xero's bull at RBC Capital Markets thinks the accounting-software provider is heading in the right direction. Analyst Jackson Lee tells clients in a note that the midpoint of the Australia-listed company's FY 2027 revenue guidance is about 3% higher than consensus. The big picture is brighter in Lee's view. He points to strong U.S. momentum and the expansion of Xero's AI capabilities. RBC has a last-published outperform rating and A$155.00 target price on the stock, which is up 1.1% at A$81.86. (stuart.condie@wsj.com)

(END) Dow Jones Newswires

May 13, 2026 23:55 ET (03:55 GMT)

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