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

0352 GMT - Pop Mart International is likely to face continued earnings headwinds, according to Jefferies analysts in a research note. The Labubu doll maker's results for the first half of the year were disappointing, they note. The company's management has acknowledged a more difficult-than-expected operating environment, with 2H facing a particularly tough base of comparison, especially in 3Q, Jefferies points out. Jefferies downgrades the stock to hold from buy, and cuts the target price to 146.00 Hong Kong dollars from HK$227.60. Shares last traded at HK$148.00. (tracy.qu@wsj.com)

0340 GMT - NetEase's pipeline of new-game launches will serve as the primary steer for its shares, Bernstein analysts say in a research note. NetEase's 2Q results look solid to the analysts as revenue beat market expectations thanks to its games developed in-house. The analysts noted that a trailer for new extraction game "Tamas: Shadowveil" captured 10 million views on Bilibili after the first round of testing was completed earlier this month. "Beneath the Mist," another action-adventure game, is also undergoing beta testing. With a handful of games in NetEase's pipeline, the analysts wonder whether the slowdown in NetEase's new-game-launch cadence in recent years may be nearing an end. Shares are last 1.3% higher at 196 Hong Kong dollars. (sherry.qin@wsj.com)

0320 GMT - Jardine Cycle & Carriage's proposed sale of its Cycle & Carriage automotive business in Singapore and Malaysia seems consistent with the company's plan to build a focused portfolio, say Citi analysts in a note. The proposed deal was of little surprise to the analysts, given that the company recently said it wants to change its name to Jardine Matheson Southeast Asia. The company is likely to make a gain of around US$221 million from the proposed sale, which it would use to reduce its debt, they note. Citi retains its sell rating and target price of 25.50 Singapore dollars. Shares are up 1.05% at S$27.79. (megan.cheah@wsj.com)

0307 GMT - Pop Mart International's 2026 revenue is expected to fall 8.0% this year, according to Citi analysts. Its weaker than expected 1H results and weak outlook sent shares 8.8% lower in early trade. Citi sees low visibility on sequential improvement in Pop Mart's 3Q results, while 4Q could benefit from end-year seasonality. Still, Citi expects the company's current focus on enhancing its organization capability could bear start to fruit in 4Q. "Long-term growth potential remains intact, in our view, despite short-term challenges," Citi added. The bank cuts its target price to HK$198.00 from HK$263.00 but retains its buy rating. Shares last 4.2% lower at HK$147.20. (megan.cheah@wsj.com)

0249 GMT - Megaport's ongoing transformation increases both risks and rewards for investors, according to its new bulls at Morgan Stanley. Raising their recommendation on the stock to overweight from equal-weight, MS analysts tell clients that the Australia-listed company's expansion from its core network-as-a-service capabilities means it is now a capital-intensive artificial-intelligence infrastructure and computing provider. They warn that this brings risks around execution, competition, chip cycles and funding. Fortunately, it also increases Megaport's exposure to digital-infrastructure demand that MS believes will significantly outstrip supply. MS doubles its target price on the stock to 25.00 Australian dollars. Shares are down 4.0% at A$18.54. (stuart.condie@wsj.com)

0238 GMT - Brambles' bulls at UBS concede that wider investor sentiment toward the global pallet supplier may take time to improve. Maintaining a buy on the Australia-listed stock, the UBS analysts tell clients in a note that investors may need proof that Brambles has addressed its U.S. repair constraints before becoming more positive. They think a strong second half to the current fiscal year could be key to a fuller re-rate. Looking further ahead, UBS forecasts 5.4% underlying earnings growth in fiscal 2028, which they say is undemanding compared with Brambles' track record. UBS raises its target price by 0.8% to 24.50 Australian dollars. Shares are up 2.1% at A$19.195. (stuart.condie@wsj.com)

0234 GMT - Genting earnings visibility could remain weak as rising geopolitical tensions and slower economic activity could weigh on the global hospitality and entertainment industry, Public Investment Bank analyst Eltricia Foong says in a note. Operating costs are also expected to rise in 2H, due to higher energy costs, she says. Genting's U.S. operations may take longer to improve amid a weaker job market and softer consumer confidence, while elevated gearing remains a concern given ongoing investments by its subsidiaries, she adds. Foong cuts Genting's 2026-2028 earnings estimates by an average of 18% citing to higher costs. Public IB cuts Genting's target price to 2.35 ringgit from 2.90 ringgit, while maintaining a neutral rating. Shares are 4.9% lower at 2.13 ringgit. (yingxian.wong@wsj.com)

0220 GMT - Concerns about NetEase's recently launched game "Sea of Remnants" seem resolvable, Barclays analysts say in a research note. After a mediocre launch last month, the analysts reckon that gamers' biggest complaints include a steep learning curve at first, substantial time required for gameplay and not enough in-game rewards. They think these issues are fairly easily to address and the latest update seems to have pushed the game in the right direction. NetEase isn't likely to roll out the game globally anytime soon given focus will be on improving the game, they add. Shares are 0.7% higher at HK$194.80. (sherry.qin@wsj.com)

0156 GMT - Human Made's sales are likely to grow on floor-space additions at existing stores and opening of its first flagship store in Japan, say SMBC Nikko Securities analysts in a research report. Operating profit of the clothing label that develops and runs streetwear and lifestyle brand 'Human Made' should jump 75% for fiscal year ending Jan. 2028, the brokerage estimates. The company is expected to capitalize on booming overseas demand with the opening of its first directly managed store overseas. The brokerage initiates coverage of the stock with outperform rating and target price of 2,500 yen. Shares are 19% higher at Y1,620. (ronnie.harui@wsj.com)

0143 GMT - Telekom Malaysia's 2H earnings could be stronger on lower operating costs, says Affin Hwang IB analyst Isaac Chow says in a note. Telekom Malaysia could benefit from stronger investor demand for defensive stocks amid heightened global macroeconomic and local political uncertainties, given its resilient earnings profile, he says. The company's extensive fiber and submarine cable infrastructure should continue to benefit from Malaysia's data center expansion and AI adoption, he adds. Affin Hwang raises Telekom's target price to 9.00 ringgit from 8.30 ringgit, and keeps a buy rating on the stock. Shares are 3.3% lower at 7.83 ringgit. (yingxian.wong@wsj.com)

0134 GMT - Increasing the constituents in Malaysia's Kuala Lumpur Composite Index to 50 from 30 appears positive, as it should provide a more representative market benchmark, reduce concentration in large-cap sectors and broaden industry representation, CIMB Securities says. While weightage of financial services and utilities could come down to 36.8% and 15.8%, from 42.8% and 18.8%, respectively, real estate, industrials, energy, consumer and technology sectors could have more exposure, says analyst Ivy Ng Lee Fang in a note. New constituents could benefit from index-related buying, greater visibility and improved liquidity. However, passive inflows into the new 20 constituents will be spread across two phases, with half the index-weight adjustment in December 2026 and the remainder in June 2027, she notes. (yingxian.wong@wsj.com)

0132 GMT - Zip's FY 2027 outlook leaves its bulls at UBS even more confident in the Australian payment provider's ability to maintain U.S. growth in a tough macro environment. With an unchanged buy rating on the stock, analysts Lucy Huang and Ailsa Lei say the better-than-expected guidance increases their comfort on the defensive characteristics of installment-payment offerings. They also like Zip's strong product pipeline, which they think offers potential upside to their U.S. volume forecasts for FY 2028 and 2029. The pair tells clients in a note that the stock's earnings multiple is attractive to both payment peers and Australian banks. UBS raises its target price 15% to 4.70 Australian dollars. Shares are down 8.5% at A$2.79.