The latest Market Talks covering Equities. Published exclusively on Dow Jones Newswires throughout the day.
0806 GMT - Chinese shares end lower, following a broader regional sell-off and disappointing domestic economic data. China's official PMI fell well below forecasts, suggesting that domestic challenges have carried over into 2026, said ING in a research note. The Shanghai Composite Index fell 2.5% to 4015.75 and the Shenzhen Composite Index and the ChiNext Price Index also declined by 2.5% each. Tech stocks led the declines. iFlyTek shares dropped 4.4% while Beijing Kingsoft Office Software fell 4.2%. Liquor stocks gained, with Kweichow Moutai rising 1.8% and Wuliangye Yibin 2.2% higher. (tracy.qu@wsj.com)
0804 GMT - Investors' sentiment in Thailand will likely be cautious through 1H, until a new government is formed and there is clear policy direction, DBS senior economist Chua Han Teng writes in a report. The country is set to hold a general election on Feb. 8 amid structural challenges. The electoral race is increasingly shaping up as a three-way contest among the People's Party, the Bhumjaithai Party and the Pheu Thai Party. Thailand seems poised to have another multiparty coalition government, given the possibility that no single party secures a parliamentary majority of more than 250 seats. "Until the domestic political cloud is cleared this year, investor risk appetite is likely to remain subdued," Chua says. (amanda.lee@wsj.com)
0803 GMT - Sales for tenants of Hang Lung Properties appear to be on the path to recovery, say DBS Group Research analysts in commentary. The Hong Kong-listed property company's 2025 underlying profit beat DBS's estimate due to lower-than-expected net finance costs. Tenant sales across its China portfolio rose 4% on year, reversing from a decline in 1H, which indicates a strong 2H rebound. The broad-based recovery suggests gradually improving consumer sentiment in China, the DBS analysts say. DBS maintains a buy rating and a HK$10.50 target price. Shares fall 2.0% to HK$9.24. (megan.cheah@wsj.com)
0751 GMT - Julius Baer's 2025 profit decline wassmaller than expected, with no new material negatives, Jefferies says in a research note. This should allow the Swiss private bank to move on from its private-credit fiasco, analysts write. The group, which had to write down millions of Swiss francs from bad property loans from its exposure to Austria's Signa and recently concluded a credit review that led to more provisions, is waiting for the resolution of enforcement proceedings before restarting buybacks. The appointment of a new nonexecutive director to its board who is a former CEO of financial markets watchdog Finma shouldn't harm its regulatory relations, they add. (elena.vardon@wsj.com)
0743 GMT - Intesa Sanpaolo's fourth-quarter results and new business plan for the period through 2029 look good and exceed expectations, Keefe, Bruyette & Woods's Hugo Cruz and Ben Maher say in a research note. The Italian bank set new targets for 2029 that seem very strong, the analysts say. Intesa aims to make a net profit of more than 11.5 billion euros in 2029, ahead of consensus expectations of 11.4 billion euros but mainly due to loan-loss provisions, according to KBW. Moreover, it plans cumulative capital returns of around 50 billion euros. Intesa's shares have underperformed the Euro Stoxx Banks index by 3% over the last month, but its latest numbers are attractive, the analysts say. (adria.calatayud@wsj.com)
0722 GMT - NetLink NBN Trust appears to be on the right track operationally, despite posting lower 3Q earnings, says Maybank Securities' Hussaini Saifee in a note. The on-year decline was largely driven by higher depreciation from its newly commercialized central office and higher interest costs due to increased borrowings, the analyst says. He trims his FY 2026-FY 2028 earnings estimates for the Singapore fiber network operator by 5%-10% to reflect rising depreciation. Still, he says NetLink's rising dividend trajectory remains intact, given its highly defensible cash flows, which should translate into a 5%-6% dividend yield. Maybank Securities raises its target price to S$1.05 from S$1.00 and maintains a buy rating. Units fall 0.5% to S$0.975. (megan.cheah@wsj.com)
0720 GMT - China's property stocks could rise further with the right policy support, according to HSBC analysts in a research note. They note that property stocks rose Friday on factors including reports regulators may discontinue the "Three Red Lines" requirement and early signs of stabilisation in the secondary market, the analysts say. "Three Red Lines" requires developers submit a key set of metrics as part of efforts to regulate a buildup of debt. The potential removal of the requirement signals an end to the government's restrictive approach that has challenged the sector since 2021, they note. "What the market needs now is a consistent dose of targeted policies to revive near-term sales volume," they say. The analysts prefer China Resources Land, C&D International Investment Group and Seazen Group. (tracy.qu@wsj.com)
0707 GMT - Keppel DC REIT's earnings growth this year could be offset by an impending Malaysian divestment and the redemption of some bonds, according to DBS Group Research's Dale Lai. A key swing factor would be how quickly the real-estate investment trust recycles capital from these moves into higher-yielding and accretive opportunities, says the analyst in a note. The trust's earnings visibility is likely to be supported by a high-occupancy portfolio and continued demand for so-called hyperscale data centers, he adds. It also has debt headroom of more than S$530 million before its gearing--ratio of net debt to total assets--reaches 40%, he says. DBS maintains its buy rating and S$2.60 target on Keppel DC REIT's units, which are flat at S$2.28. (megan.cheah@wsj.com)
0652 GMT - Nam Cheong's earnings visibility is poised to be driven by fleet expansion and higher fleet utilization, CGS International analysts say in a research report. The Singapore-listed offshore marine group is building six vessels that will bring total vessel count to 42 by end-2026, which could add more annual revenue, the analyst says. There's also room for the company's fleet utilization to increase to 68% in 2026 and 70% in 2027 from 65% in 2025 as vessels that progressively commenced long-term contracts in 2025 see higher activity. The brokerage initiates coverage of the stock with an add rating and a target price of S$1.87. Shares are 5.0% higher at S$1.25. (ronnie.harui@wsj.com)
0644 GMT - City Developments' valuation remains compelling even though its shares have gained 15% year to date, says DBS Group Research's Tabitha Foo in a note. The Singapore property company's latest residential launch sales beat her expectations, marking a strong start to the year. Strong residential sell-through rates enhance CDL's income visibility and are likely to serve as a catalyst for its shares, the analyst says. The company's valuations at 0.5X price-to-revalued-net-asset-value ratio remain attractive for a large-cap developer, she adds, retaining a buy rating and S$11.80 target price on CDL. Shares rise 0.65% to S$9.34. (megan.cheah@wsj.com)
0637 GMT - UOL Group's potential restructuring of part of its portfolio into a real-estate investment trust could significantly boost the property developer's value, according to analysts at DBS Group Research. They estimate UOL Group could gain S$0.10-S$2.30 a share from unbooked gains and raise S$4.6 billion-S$7.8 billion in gross proceeds if it lists a hotel or commercial REIT. Investors will likely push UOL's shares higher under such a scenario, as seen with property peer Centurion when it listed its own REIT, the analysts say in a note. They raise their target price on UOL to S$13.00 from S$11.00 to reflect a higher revalued net-asset value and updated estimates for recent land purchases and capex requirements. Shares fall 0.5% to S$10.79. (megan.cheah@wsj.com)
0610 GMT - Medco Energi Internasional's earnings outlook has likely improved, Maybank Sekuritas Indonesia's Hasan Barakwan says in a research report. Its oil & gas division is delivering record volumes via successful upstream execution and its expanded interest in the 'Corridor Production Sharing Contract' in Indonesia, the analyst says. Its associate Amman Mineral Internasional is driving a major re-rating as export permits secured will help clear near-term inventory overhang, while its fully optimized smelter is poised to unlock massive copper and gold production. The brokerage lifts its 2025 and 2026 earnings forecasts for the Indonesian company by 52.4% and 53.0%, respectively. It raises the stock's target price to IDR2,500.00 from IDR1,730.00, with an unchanged buy rating. Shares are 4.9% lower at IDR1,445.00. (ronnie.harui@wsj.com)
(END) Dow Jones Newswires
February 02, 2026 03:06 ET (08:06 GMT)
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