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

0333 GMT - True Corp.'s earnings should stay resilient in 3Q thanks to continued growth across several key businesses and lower finance costs, UOB Kay Hian analysts say in a report. The Thai telecom company's core service revenue should continue growing in 3Q due to healthy performance in its mobile, broadband and TV businesses, the analysts say. It can probably achieve its EBITDA growth guidance of 9% in 2026, aided by continued growth in its mobile and broadband businesses and a lower effective interest rate. The brokerage raises its target price on the stock to 16.50 baht from 15.70 baht with an unchanged buy rating. Shares are 0.8% higher at 12.60 baht. (ronnie.harui@wsj.com)

0250 GMT - Telkom Indonesia could face near-term execution risks amid some uncertainty from management changes and asset reorganization, UOB Kay Hian analysts Willinoy Sitorus and Andrew Agita Buntoro say in a note. The company's early retirement program and broader organizational streamlining should improve efficiency over time, but restructuring costs could continue to pressure near-term earnings. Consolidating Telkom Indonesia's wholesale fiber connectivity business into Telkom InfraCo strengthens its scale ahead of a potential strategic stake sale. UOB Kay Hian maintains its Buy rating but cuts its target price to 3,300 Indonesian rupiah from IDR3,600. Shares are down 0.4% at IDR2,240. (venkat.pr@wsj.com)

0249 GMT - Hangzhou Qiandaohu Xunlong Sci-Tech, the company behind the Kaluga Queen caviar brand, has a seven- to 15-year biological asset moat that its rivals can't replicate, say DBS Group Research analysts in a note. The Hong Kong-listed company has the world's largest live sturgeon reserve and proprietary breeding technology, which delivers stronger ovulation and survival rates than industry averages, they say. This asset base would require over 10 years and substantial capital to replicate, which are significant entry barriers, they say. Xunlong Sci-Tech's earnings are likely to rise at a 16% compound annual growth rate over 2025-2028, they add. DBS starts coverage of Xunlong Sci-Tech with a buy rating and 90.00 Hong Kong dollar target price. Shares slip 0.1% to HK$62.15. (megan.cheah@wsj.com)

0243 GMT - CelcomDigi's 3Q earnings results, due in November, could be a near-term catalyst, given its undemanding valuation and healthy dividend yield, CGS International analyst Prem Jearajasingam says in a note. CelcomDigi's acquisition of a stake in Malaysia's state-backed 5G infrastructure firm Digital Nasional could be completed within weeks, he says. That should allow CelcomDigi and other new shareholders to streamline Digital Nasional's operations, reduce losses and support an efficient 5G rollout, he says. Digital Nasional's recent 5.2 billion ringgit financing could reduce the capital contributions currently expected from CelcomDigi and Maxis, although details of the funding structure remain unclear, he says. CGS maintains an add rating on CelcomDigi and keeps its target price at 2.84 ringgit. Shares are unchanged at 2.51 ringgit. (yingxian.wong@wsj.com)

0231 GMT - Alibaba's AI and cloud business is likely to maintain strong growth momentum, Nomura analysts say in a note. The company has established a strong position in almost every critical layer of the AI value chain, including chips, infrastructure, models and AI applications, the analysts say. The company is placing greater emphasis on profitability across its other businesses such as e-commerce to preserve cash flow for AI investment, the analysts say. Nomura raises its FY 2027 adjusted net profit assumption by 7%, mainly driven by higher earnings expectations for the e-commerce business. (tracy.qu@wsj.com)

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.