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

0223 GMT - Asia-Pacific gambling companies' credit quality is worsening as leverage pressures persist, says Fitch Ratings in a report. Most regional casino operators' Ebitda growth has slowed more than expected relative to their substantial capex commitments, Fitch says. Genting Bhd.'s and Genting Malaysia's potential to reduce their debt depends on the Ebitda ramp-up at their New York casino, while SJM Holdings requires cost savings from its satellite restructuring and lower capex after 2026 to work towards reducing debt. Still, Fitch notes that regulatory protection remains the region's core credit strength despite company-specific pressure. The ratings company cites the gambling sector's high barriers to entry and exclusive licensing structures across multiple Asia-Pacific jurisdictions. (megan.cheah@wsj.com)

0221 GMT - Indonesia's near-term market outlook could be supported by three market-friendly developments, although key overhangs remain, BofA analysts Kai Wei Ang and Rahul Bajoria say in a note. Two technocratic deputy finance ministers were appointed, easing concerns over policy continuity following the cabinet reshuffle, they say. September headline inflation and core inflation were both on track with Bank Indonesia's end-2026 forecasts. The trade surplus also rebounded to $3.5 billion in August from $121.9 million in July and is expected to remain above $1 billion in coming months, they say. However, the analysts continues to monitor potential updates from credit-rating agencies and MSCI-related developments. (yingxian.wong@wsj.com)

0207 GMT - Tenaga Nasional's renewable energy initiatives will likely strengthen its long-term growth outlook, supported by the Tasik Kenyir hybrid hydro floating solar project and Sungai Perak hydro life extension program, CIMB Securities analyst Choong Chen Foong says in a note. The Kenyir project is expected to generate a high single-digit equity return based on a 21-year renewable energy supply agreement with DayOne, he notes. The 5.8 billion ringgit Sungai Perak project will extend the hydro plant's operating life by 40 years under a new power purchase agreement, he says. While the projects are expected to have minimal impact on 2026-2028 core EPS, both look positive from an ESG perspective, he adds. CIMB maintains a buy rating on Tenaga and keeps target price at 15.90 ringgit. Shares are 0.6% higher at 12.98 ringgit. (yingxian.wong@wsj.com)

0203 GMT - OCBC may benefit from rising benchmark rates in Singapore, RHB Research says in a note. If the Fed delivers two rate increases in October and December, the 3-month Singapore Overnight Rate Average could reach 1.50% by end-4Q, RHB says. Rising benchmark rates may provide Singapore banks like OCBC with another leg for growth in operating income. RHB Research raises its target price on the stock to 33.70 Singapore dollars from S$32.85 with an unchanged buy rating. Shares are 0.4% higher at S$31.68. (ronnie.harui@wsj.com)

0201 GMT - China's auto industry has entered a "knockout stage," where only players with high-quality development can survive, Nomura analysts Joel Ying and Ethan Zhang say in a note. Weaker-than-expected domestic demand and orders during the traditional peak season suggest no seasonal uplift to sales. The bank expects September domestic sales to fall more than 25% year-on-year, potentially the sharpest decline so far this year. After four years of intense competition and amid a tightening policy environment, the entire China auto market now clearly faces both oversupply and muted demand challenges ahead.(venkat.pr@wsj.com)

0157 GMT - South Korean internet giant Naver's 3Q earnings could be pressured by weak revenue growth from its core platform services, Daiwa Capital's Thomas Y. Kwon and Joon Lee say. The analysts forecast seasonally soft revenue growth for both advertisement and commerce segments due to the Chuseok holiday in September. The company's 3Q operating profit likely fell 5.2% on year to 541 billion won, with the operating profit margin narrowing to 15.5% from 18.2% a year earlier, they say. Elevated capital expenditure and operating costs related to artificial-intelligence infrastructure are also weighing on earnings, they add. Daiwa trims its target price for the company to 270,000 won from 273,000 won but keeps a buy rating. Shares are 0.2% higher at 191,500 won. (kwanwoo.jun@wsj.com)

0155 GMT - GMO Internet Group's valuation fails to fully reflect the long-term growth opportunity from cybersecurity demand and the company's growing exposure to national security-related projects, Jefferies's Hiroko Sato says in a note. Cybersecurity demand remains a structural growth driver, the analyst says. 2H earnings should also be supported by the recognition of delayed sales in its internet security business and ongoing margin improvement initiatives, she says. Although earnings visibility remains lower than peers due to the absence of company-wide guidance and continued weakness in cryptoassets, Jefferies believes these factors are more than priced in at current levels. The U.S. bank has a buy rating and a target price of 5,000 yen on the stock. Shares are 1.0% lower at Y3,939. (kosaku.narioka@wsj.com; @kosakunarioka)

0155 GMT - Accumulated economic cost to the U.S. and Iran from the countries' ongoing conflict is likely to be the key trigger for a preliminary peace agreement, says BMI, a unit of Fitch Solutions, in a note. The U.S. faces multi-year highs in diesel and gasoline prices and Treasury yields, while Iran sees constrained export revenues, rising inflation and foreign exchange pressures, it says. However, the economic costs haven't become severe enough to force major concessions, BMI says. It assigns a 70% probability that a preliminary deal will be reached to reopen the Strait of Hormuz, rather than a conflict escalation. "We expect the tipping point to emerge over the next three to six months, with [1Q] 2027 the most likely timing for a preliminary agreement," it adds. (megan.cheah@wsj.com)

0146 GMT - Yuan appreciation and the absence of a one-off disposal gain recorded last year are expected to wipe out Hangzhou Great Star Industrial's mid-teens core earnings growth in 3Q26, Citi analyst Eric Lau says in a note. The bank forecasts 3Q26 revenue to rise 16% on year but net profit to increase just 3% to 910 million yuan. Citi cuts its 2026-28 earnings estimates by 8%-9%. The bank keeps its buy rating, but cuts its target price to CNY43.00 from CNY49.00. Shares last closed nearly 1.0% higher at CNY26.84.(venkat.pr@wsj.com)

0107 GMT - Tenaga Nasional's 12.7GW generation pipeline is expected to progressively rejuvenate its ageing power-generation fleet and strengthen generation earnings from 2028 onward, Affin Hwang IB analyst Isaac Chow says in a note. Strong electricity demand, driven increasingly by data centers, should support the company's long-term growth, with Peninsular Malaysia's peak demand projected to rise 48% to 33.5GW by 2035, he says. However, higher gearing, borrowing costs and regulatory uncertainty could limit near-term upside, he reckons. Chow thinks Tenaga absorption of 120 million ringgit-150 million ringgit in fuel-adjustment charges to be a one-off cost, though the precedent could weigh on sentiment. Affin Hwang maintains a hold rating on Tenaga and keeps its target price at 12.50 ringgit. Shares are 0.2% higher at 12.92 ringgit. (yingxian.wong@wsj.com)

0103 GMT - Talent is emerging as a key constraint as Malaysia enters a stronger semiconductor cycle, potentially limiting how quickly companies can translate demand and investment into revenue and earnings, says Hong Leong IB analyst Toh Woo Kim in a note. His analysis shows employee attrition at local companies at 14%-26%, well above the 7%-10% at multinational companies in Malaysia and regional peers. About 84%-90% of hiring is estimated to replace departing workers, leaving net workforce growth at around 3%, excluding outsourced semiconductor assembly and testing companies. Younger workers account for most hires and departures, raising training costs and potentially slowing productivity, he reckons. Companies with lower attrition may have an execution advantage, while persistent churn could increase delivery risks, he adds. (yingxian.wong@wsj.com)

0058 GMT - XPeng's 4Q deliveries should benefit from easing supply constraints for the Mona L03 and G9L, Deutsche Bank says. The bank forecasts 3Q revenue to rise 5% year-on-year to 21.4 billion yuan. However, it expects gross margin to fall 1.7 percentage points to 18.5% on a higher contribution from lower-margin Mona models and declining technical R&D services income. This could push net loss up 8% sequentially to 1.44 billion yuan. The bank maintains its buy rating and 84 Hong Kong dollar target price. Shares last closed nearly 1.0% higher at HK$37.86.