The latest Market Talks covering Equities. Published exclusively on Dow Jones Newswires throughout the day.
0746 GMT - KKR isn't immune to the headwinds facing the private-credit market, writes Morningstar's Greggory Warren in a note. Issues around liquidity in private-credit funds are likely to hit fundraising efforts and lead to increased redemption requests in the medium term, he says. While the alternative asset manager's exposure to private credit is far less than that of its peers Blue Owl and Ares, the company has enough private-credit exposure to weigh on it for the next several years, he adds. Morningstar cuts its fair-value estimate on KKR to $115 from $140, citing likely lower fundraising and higher redemptions for KKR's credit and liquid strategies segment. However, its shares are still moderately undervalued even with the fair-value estimate change, the analyst adds. Shares last closed flat at $90.60.(megan.cheah@wsj.com)
0732 GMT - Nordic markets are seen opening slightly higher, with IG calling the OMXS30 up 0.3% at around 2918. Pressure on markets eased somewhat late Thursday after Israel's prime minister said it will not hit further energy targets, that the war will end sooner than many think, SEB's Erik Meyersson writes. Brent oil fell to $108 a barrel yesterday, but this wasn't enough to prevent broad declines on stock markets, he says. Equity markets in Japan and large parts of Asia are closed but European and U.S. futures point higher. Friday sees the quarterly "triple-witching" event, when a large number of options linked to U.S. equities expire, Meyersson adds. OMXS30 closed at 2908.97, OMXN40 at 2414.18 and OBX at 1954.02. (dominic.chopping@wsj.com)
0722 GMT - Manulife US REIT may benefit from expected asset divestments, RHB Research's Vijay Natarajan says in a research report. The REIT is close to selling its Figueroa asset in the U.S. and aims to divest of two more office assets, with plans to recycle part of the proceeds into industrial, living and retail sectors, the analyst notes. The REIT's portfolio valuations are also stabilizing, suggesting the worst is over, barring a prolonged economic shock from the Middle East conflict. RHB Research maintains the REIT's neutral rating but trims the target price to US$0.06 from US$0.07, based on 0.3 times revised 2026 book value. Units are 3.3% lower at US$0.058. (ronnie.harui@wsj.com)
0712 GMT - Power Assets' investors should watch how the company plans to use proceeds from the sale of its stake in UK Power Networks, its largest British asset, says Morningstar's Lorraine Tan in a note. The Hong Kong-based utilities-investment company's priority is to reinvest the cash, she says. However, the company's track record shows that it previously paid out some the proceeds from a 2014 deal as dividends as it was unable to find a suitable target, the director notes. She reckons a special dividend is more likely, but prefers an acquisition that could provide growth, given that the company's shares and valuation could fall after the potential special dividend is paid. Morningstar raises its fair-value estimate to HK$59.00 from HK$53.00. Shares are down 0.8% at HK$61.675. (megan.cheah@wsj.com)
0708 GMT - Infineon is a major beneficiary of demand for power for AI, J.P. Morgan analysts say in a note. They raise their rating on the German company to overweight from neutral. Infineon, a maker of chips and tech for the green-power and automotive industries, is long established and unlikely to be disrupted by new competitors, JPM says. The worst of a decline in auto demand may be behind the company, the analysts say. JPM raises its target price on Infineon shares to 48 euros from 40 euros; shares last closed at 37.09 euros. (joshua.kirby@wsj.com; @joshualeokirby)
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)
(END) Dow Jones Newswires
March 20, 2026 03:46 ET (07:46 GMT)
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