The latest Market Talks covering Equities. Published exclusively on Dow Jones Newswires throughout the day.
0655 GMT - Chularat Hospital faces a revenue hit in 2026 from Middle East tensions, CGS International's Kasem Prunratanamala says in a research report. At an analyst meeting, management expressed caution over its outlook owing to these tensions, noting potential spillover to Thailand's economy and domestic patient traffic. The Thai hospital's inpatient revenues are likely to fall 5% this year, the analyst estimates. The brokerage cuts its 2026 revenue growth forecast for the hospital to 1% from 4%, and lowers the stock's target price to THB1.95 from THB2.04. However, CGS International maintains the stock's add rating, supported by expected earnings recovery for the hospital in 2027-2028. Shares are 1.4% higher at THB1.45. (ronnie.harui@wsj.com)
0627 GMT - AIA Group's proposition for affluent customers is likely to set it apart from peers amid China's migration of wealth to long-term investment alternatives from property, says Morningstar's Iris Tan in a report. The Hong Kong-based insurer is tiering up from mass-affluent to high-net-worth clientele through its products and selective bank partnerships, she notes. She reckons the high-net-worth segment faces less competition from any digital disruptions to insurance. The segment also has greater resilience amid rate and currency volatility, as clients prioritize wealth preservation and risk diversification over guaranteed yields, compared with commoditized mass-market offerings, she says. Morningstar retains its HK$104 fair-value estimate, noting that the stock looks undervalued. Shares rise 3.5% to HK$85.70. (megan.cheah@wsj.com)
0625 GMT - Siam Cement faces earnings hit from prolonged global polyethylene oversupply which is likely to persist through at least 2028, Maybank Securities (Thailand)'s analysts say in a note. The petrochemical industry, in which the Thai company is involved, faces a surplus as new polyethylene capacity substantially outweighs plant closures, the analysts say. There are also operational risks from the Middle East conflict, given about 49% of the company's naphtha feedstock must transit through the Strait of Hormuz. The brokerage cuts its 2026-2028 earnings forecasts for Siam Cement by 29%-66%. It lowers the stock's target price to THB180.00 from THB225.00 with an unchanged hold rating. Shares are 1.9% higher at THB185.00. (ronnie.harui@wsj.com)
0602 GMT - Erawan Group's strong cost control is poised to offset near-term impact of the Middle East conflict, Thanachart Securities' Siriporn Arunothai says in a research report. The Thai hospitality company's stronger-than-expected cost management, which was evident in its 4Q 2025 earnings, acts as key mitigating factor, the analyst says. As the geopolitical impact is expected to fade over time, the brokerage lifts its 2028-2037 earnings forecasts for Erawan Group by 3% per year, reflecting normalization in tourism demand, improved operating leverage, and cost-control efficiency. The brokerage raises the stock's target price to THB3.20 from THB3.00, with an unchanged buy rating. Shares are 0.8% higher at THB2.40. (ronnie.harui@wsj.com)
0556 GMT - Haw Par's share price seems to undervalue the cash generation of its underlying business, say Macquarie Capital analysts in a note. Haw Par, which owns pain relief brand Tiger Balm, has relatively stable healthcare sales and the analysts expect the company's 2026-2028 profit at S$276 million-S$292 million, excluding fair-value gains on investments. Haw Par also has holdings in United Overseas Bank and property developer UOL Group, both with strong market positions, they note. These investments represent around 70% of Macquarie's estimated net asset value for Haw Par, they say. A re-rating of Haw Par's underlying asset base could be a key share-price catalyst, they add. Macquarie starts coverage of Haw Par with an outperform rating and S$20.60 target price. Shares rise 2.6% to S$15.79. (megan.cheah@wsj.com)
0542 GMT - Australian benchmark stock index finished 0.8% lower on widening worries about the impact of the Iran conflict. The fall led to a third consecutive weekly loss that put it on course for what is shaping up as its worst month in almost four years. The S&P/ASX 200 opened Friday's session 0.3% lower and, aside from a mid-session bump, spent most of the day in reverse. It closed at 8428.4, down 8.4% since the start of March. The ASX 200 hasn't lost that much across a full month since June 2022, when global inflation surged and supply chains stretched as economies reopened from Covid-era restrictions. Friday's losses were led by heavyweight financial and materials stocks. (stuart.condie@wsj.com)
0530 GMT - New investment options under Singapore's mandatory state pension program could drive a sustained flow of funds to the city-state's equities market, say Macquarie Capital analysts led by Jayden Vantarakis in a note. They estimate the new investment options starting 2028 could add S$4.5 billion-S$6.0 billion a year into the equities market. This could create an annual flow of similar magnitude to Singapore's S$6.0 billion central-bank-led equities market development plan, which has already lifted fund flows in the country's equities, they say. Daily average traded value for Singapore stocks at the start of 2026 rose around 60% on year, with liquidity broadening out beyond large-cap companies, they note.(megan.cheah@wsj.com)
0521 GMT - CK Asset's profitability is likely to be boosted by recovering selling prices for some property projects in Hong Kong and mainland China, says Morningstar's Jeff Zhang in a note. This is despite subdued margins on the property company's pre-sold assets, he notes. The analyst raises his mid-cycle operating margin projection to 18.0% from 13.4% to factor its likely higher profitability and stricter cost discipline. The sale of its stakes in UK Rails and UK Power Networks appear value-accretive to its earnings and provides cash for overseas utilities buys, he adds. Morningstar raises its fair-value estimate to HK$45.00 from HK$37.00, noting the stock seems fairly-valued. Shares fall 1.6% to HK$45.49. (megan.cheah@wsj.com)
0512 GMT - Tencent's debt metrics are expected to remain stable through the next 12 months, CreditSights analysts Stephanie Sim and Pius Xue say in a note. They forecast top-line growth to stay resilient, supported by healthy growth in its online advertising and gaming businesses. "We like the healthy balance sheet, robust free operating cash flow generation and strong liquidity of the company," the analysts add, noting Tencent may return to a position of more cash than debt by year's end. Still, they project a small but manageable decline in Ebitda margin on higher AI-related spending. CreditSights maintains an outperform rating and sees Tencent as a stable, long-term play in Asia and China. The company is also viewed as a good hedge against U.S. AI stocks. (jason.chau@wsj.com)
0501 GMT - Food Empire Holdings' strong revenue growth is likely to persist over 2026-2028, Macquarie Equity Research analysts say in a note. Drivers are the food and beverage manufacturer's planned capacity expansion and rising utilization, the analysts say. Rising urbanization, lifestyle changes and income growth have also led to faster coffee consumption growth in Food Empire's core emerging markets versus developed markets. Over 2026-2028, it will spend US$117 million to increase capacity in Vietnam and India and its new Kazakhstan plant should start contributing to revenue. Maquarie initiates coverage of the stock with an outperform rating and a target price of S$3.67. Shares are 2.9% higher at S$3.23. (ronnie.harui@wsj.com)
(END) Dow Jones Newswires
March 20, 2026 02:55 ET (06:55 GMT)
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