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

0652 GMT - Richemont seems to be in a league of its own, Vontobel's Jean-Philippe Bertschy says after the company published a first-quarter update. The Swiss jeweler and watchmaker booked a 20% rise in quarterly sales to 6.33 billion euros. "We believe this is the result of years of consistent execution, disciplined price increases, efficient capital allocation, and a portfolio of highly desirable brands with strong pricing power and geographical diversification," the analyst writes in a research note. Bertschy also highlights the acceleration in sales growth on an already elevated base and amid a challenging market backdrop, noting that peers are expected to report weaker results. (andrea.figueras@wsj.com)

0651 GMT - Richemont's sales results for its fiscal first quarter seem a positive read-across for the broader luxury sector, Deutsche Bank analysts say in a research note. The parent company of Cartier and other luxury brands reported a 20% jump in sales for the period ended June 30 to 6.33 billion euros. "This is a very strong performance against high expectations," the analysts say. It remains to be seen to what extent this strong performance was due to increased demand for luxury goods, the particular strength of the jewelry segment, or factors specific to Richemont, they add. (andrea.figueras@wsj.com)

0646 GMT - ASML Holding's plans to boost production of its machines show that earnings potential for 2028 is dramatically above consensus, J.P.Morgan analysts write in a research note. The Dutch supplier of semiconductor-making equipment is considering a roughly 30% boost to output for 2027 and another 30% increase for 2028. Analysts note the 2028 capacity guidance is higher than even the highest expectations and that this would result in more than 65 euros in earnings per share that year. They say ASML's 2Q results and 3Q guidance were also better than expected and that 2026 consensus estimates are likely to rise by around 25% after ASML upgraded its guidance. (mauro.orru@wsj.com)

0644 GMT - Nuvoco Vistas Corporation's capacity expansion enhances its growth visibility, Elara Securities (India)'s analysts say in a research report. The cement group commissioned a 2-million-ton grinding unit at India's Surat in July, a move seen ahead of schedule, the analysts note. Its 3.5-million-ton clinker unit at Kutch and its 2.5-million-ton grinding unit with a waste heat recovery system are on track for commissioning in 1H FY 2027. The brokerage lifts its Ebitda estimates for the company by 9% for FY 2027 and 3% for both FY 2028 and FY 2029. It raises the stock's target price to 391.00 rupees from 370.00 rupees, but lowers the rating to accumulate from buy, saying the stock offers only about a 15% price upside. Shares are 14% higher at 389.65 rupees. (ronnie.harui@wsj.com)

0643 GMT - WPP investors should pay more attention to the company's progress on winning new accounts and cutting costs than to its earnings when it reports first-half results next month, analysts at Citi say in a research note. The U.K. advertising group is expected to report a 6.4% decline in like-for-like revenue less pass-through costs for the second quarter, according to Citi's estimate. Nevertheless, assessing its progress on forward-looking indicators will be more important, the analysts say. WPP has delivered positive momentum on net new business wins lately, which supports its goal of returning to organic growth next year, and is targeting 500 million pounds in savings by 2028, they add. Any updates on potential portfolio actions will likely be in focus as well, Citi says. (adria.calatayud@wsj.com)

0634 GMT - Richemont's first-quarter sales update should prompt significant upward revisions to consensus estimates for fiscal year 2027, analysts at Bernstein write in a research note. The owner of Cartier and other high-end brands booked sales of 6.33 billion euros for the quarter ended June 30, ahead of analysts' forecasts of 5.89 billion euros, according to a Visible Alpha consensus. The company smashed expectations after a strong start to the year, the brokerage says. Organic growth for the group came in at 20%, against expectations of 11%, the analysts say. (andrea.figueras@wsj.com)

0622 GMT - ASML Holding's plans to boost output of its extreme ultraviolet lithography systems are below expectations for next year, Citi analysts write in a research note. The Dutch supplier of semiconductor-making equipment is considering a roughly 30% boost to EUV output for 2027 and another 30% increase for 2028. Analysts say the 2027 boost would amount to about 85 machines compared with forecasts of about 90 to 100. However, the 2028 increase would equate to 110 EUV machines, which they say is slightly ahead of expectations of 100 to 110. "The big picture, in our view, is that demand is so strong that ASML are willing to provide the market with clear bottoms up guidance two years out, something that we think should be viewed positively," the analysts say. (mauro.orru@wsj.com)

0620 GMT - ASML Holding delivered an unexpectedly large boost to its annual guidance, Citi analysts write in a note to clients. The Dutch supplier of semiconductor-making equipment expects sales between 43 billion and 45 billion euros this year compared with prior guidance of 36 billion to 40 billion euros. ASML's gross margin--a closely watched metric of pricing power and profitability--is expected between 54% and 56% compared with 51% to 53% previously. Analysts say demand for machines to make memory chips is driving the bulk of the 2026 revenue upgrade. (mauro.orru@wsj.com)

0613 GMT - Richemont delivered a strong revenue print at group level and at its core jewelry business against a high bar, RBC Capital Markets analyst Piral Dadhania says. The Swiss luxury company reported sales for its fiscal first quarter of 6.33 billion euros, 20% higher on year, while the key jewelry segment posted a 24% increase in sales. These results should be received positively by the market, the analyst writes in a note, adding that they could trigger consensus revenue and earnings upgrades. (andrea.figueras@wsj.com)

0559 GMT - Thailand healthcare sector's earnings may be stronger in 2H, UOB Kay Hian analysts say in a research report. Healthcare operators' patient flows recovered significantly in May and Middle East patient numbers have returned to near-normal levels in June, they note. This is likely a promising buildup to the high season for Middle East patient arrivals in 3Q. Also, most healthcare operators can cope well with cost pressures by stocking up on medical supplies. The brokerage upgrades the sector's rating to overweight with top picks being Bumrungrad Hospital and Praram 9 Hospital. It has buy ratings and target prices of 236.00 baht and 24.60 baht on Bumrungrad Hospital and Praram 9 Hospital, respectively. Bumrungrad Hospital is last at 184.50 baht and Praram 9 Hospital is at 17.90 baht. (ronnie.harui@wsj.com)

0514 GMT - Thai Oil's gross refining margin is likely supported by diesel supply tightness in Asia, CGS International's Amornrat Cheevavichawalkul says in a research report. Ukraine's drone strikes on Russian refineries have led to unplanned outages, causing supply tightness, the analyst notes. The Thai refiner's 2Q crude cost will probably be manageable, underpinned by low-cost inventory carried over from earlier purchases. The brokerage lifts its 2026-2028 EPS estimates for Thai Oil by 3.9%-15.2% to reflect higher market assumptions for gross refining margin. It upgrades the stock's rating to add from hold and raises the target price to 59.50 baht from 51.00 baht. Shares are 6.3% higher at 54.50 baht. (ronnie.harui@wsj.com)

(END) Dow Jones Newswires

July 15, 2026 02:54 ET (06:54 GMT)

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