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

0232 GMT - RHB Bank's near-term earnings could face pressure from elevated Malaysian government securities yields, which could weigh on 3Q trading income, Hong Leong Investment Bank analyst Raymond Ng says in a note. Bond prices move in opposite direction of yields. Higher bond yields are expected to limit gains from securities trading, although stronger wealth, insurance, investment-banking and brokerage fees should provide some cushion, he says. Management has maintained its return on equity target of 10.8%-11.0%, supported by about 6% loan growth, cost discipline and benign credit costs, he notes. Hong Leong maintains a hold rating on RHB and keeps its target price at 8.00 ringgit. Shares are 0.4% higher at 7.46 ringgit. (yingxian.wong@wsj.com)

0210 GMT - Budweiser Brewing Co. APAC's sales likely declined in 3Q amid lower volumes and limited average-selling-price growth, say Citi analysts in a note. The AB InBev unit's 3Q China volume likely fell 8% on year, weighed by unfavorable weather in its important markets and continuous weakness in the catering industry, they say. Its China segment average selling price likely rose just 0.5% as it increased its discounts in some channels, offsetting gains from its premiumization strategy. Meanwhile, the brewer is also set to book two significant one-off expenses in 3Q, but these won't affect its organic Ebitda, the analysts add. Citi maintains its buy rating and target price of 10.80 Hong Kong dollars. Shares are down 1.6% at HK$5.585. (megan.cheah@wsj.com)

0207 GMT - ComfortDelGro may benefit from Singapore's planned public transport fare increase of 7.0%, effective Dec. 26, RHB Research's Shekhar Jaiswal says in a research report. This is positive for rail operations of its subsidiary SBS Transit, with net revenue uplift for SBS Transit at around 18.8 million Singapore dollars, the analyst estimates. The incremental earnings contribution will mostly depend on energy costs in 2027, with the latest operating trends supporting a cautious view on earnings conversion. RHB sees the fare increase cushioning higher rail operating costs, rather than creating a new earnings catalyst for ComfortDelGro. It maintains the stock's buy rating and a target price of S$1.50. Shares are 0.8% lower at S$1.26. (ronnie.harui@wsj.com)

0205 GMT - InterGlobe Aviation's lean cost structure puts its IndiGo airline in an advantageous position to navigate a price-sensitive Indian market and high fuel inflation environment, Nomura analyst Akash Gupta says in a note. The airline is likely to outperform its higher-cost peers, helping IndiGo gain more market share, the note says. While a volatile environment discourages new participants from entering the market, large aircraft delivery backlogs will make new supply difficult. Nomura initiates coverage with a buy rating and a target price of 6,000 Indian rupees. Shares closed 1.2% lower at 4,921.20 rupees on Thursday. (venkat.pr@wsj.com)

0155 GMT - Haze puts palm oil sustainability back under scrutiny, with recurring fires highlighting the need for stronger land and fire management, MBSB Research says in a note. Malaysia recorded 93 hotspots in September, while Indonesia recorded 14,422, with Kalimantan accounting for 76.8% of the total. While sustainability certifications provide some assurance on environmental and land-management practices, their effectiveness ultimately depends on implementation on the ground, MBSB says. Fires outside plantation boundaries could also affect the industry's reputation and raise questions over smallholder compliance, it reckons. Certification alone may not shield the sector's reputation as Indonesia's B60 biodiesel ambitions boost palm oil demand, making responsible land management increasingly important as production expands, it adds. MBSB maintains a tactical positive stance on Malaysia's plantation sector. (yingxian.wong@wsj.com)

0051 GMT - NagaCorp's gaming recovery is likely not until early next year as security concerns and reduced flights to Cambodia continue to weigh on demand, says Citi analyst Timothy Chau in a note. The Hong Kong-listed gaming, hotel, and leisure company's 3Q gross gaming revenue of US$114.2 million missed Citi's estimate. Whileweakness in VIP demand isn't surprising, the mass-market decline points to a slower recovery. The bank cuts its FY26-28 earnings forecasts by 8%-12% and lowers its target price to 4.10 Hong Kong dollars from HK$5.00. Citi retains its buy rating on the stock, which closed 2.98% lower at HK$3.09 on Friday. (venkat.pr@wsj.com)

0013 GMT - Japanese stocks are higher in early trade after a weak U.S. jobs report lowered expectations for further Federal Reserve rate increases. Electronics and machinery stocks are leading gains. Advantest is up 4.0% and Mitsubishi Heavy Industries is 2.5% higher. The dollar is at 157.67 yen, little changed from Y157.63 as of Friday's Tokyo stock market close. Investors are closely watching headlines related to the Iran conflict, crude oil prices and bond yields. The Nikkei Stock Average is up 2.0% at 69651.14. (kosaku.narioka@wsj.com; @kosakunarioka)

2346 GMT - Japanese stocks may rise after a weak U.S. jobs report eased expectations for the Fed's further rate increases. Nikkei futures are up 1.7% higher at 69915 on the SGX. The dollar is at 157.77 yen, compared with Y157.63 as of Friday's Tokyo stock market close. Investors are focusing on developments in the Iran conflict, crude oil prices and bond yields. The Nikkei Stock Average fell 0.9% to 68309.46 on Friday. (kosaku.narioka@wsj.com)

2256 GMT - Funding risk is growing for Sonic Healthcare, says UBS. "While management has historically deemed U.S. and German funding reforms as unlikely, we believe growing policy momentum makes that view increasingly difficult to sustain," UBS says. In the U.S., PAMA reimbursement cuts have been proposed. These would reduce earnings by A$15 million, UBS says. In Germany, the local laboratory association has warned reforms could reduce private billing revenues by 34%. "Notably, the debate has shifted from whether reform proceeds to how severe the impact will be," UBS says. "We remain more optimistic than the industry's assumptions, modelling a 4% revenue headwind." Sonic ended last week at A$18.46. The stock is down 22% from its mid-August high. (david.winning@wsj.com; @dwinningWSJ)

2223 GMT - The growing appeal of Maas Group's 3.2% stake in Firmus prompts Macquarie to raise its price target by 21% to A$8.15/share. Firmus could be valued at A$43.7 billion in its IPO. That would imply Maas's stake is worth A$4.00/share. Macquarie says it "conservatively" adds A$1.42/share for the Firmus position to Maas's valuation. This reflects the last raise in which Maas participated. "Firmus IPO that should underpin its Australian AI factory rollout with potential work for Maas, capital recycling proceeds, successful delivery of Firmus contract and follow-on contracts, M&A, capital returns," Macquarie says. It retains an outperform call on Maas, which ended last week at A$6.81. (david.winning@wsj.com; @dwinningWSJ)

2215 GMT - Southern Cross Electrical Engineering's newest bull likes how it's positioned for the data center capital cycle. Macquarie initiates coverage of Southern Cross Electrical Engineering at outperform, with a A$5.60/share price target. "Data centers are driving the next leg of growth, with Southern Cross Electrical Engineering's FY27 Ebitda guide of 'at least A$100 million' supported by recent contract wins," Macquarie says. It assess more than A$60 billion of data-center construction underway or likely to happen. Southern Cross Electrical Engineering has a data-center pipeline of A$1 billion. Macquarie sees a credible path for FY27 data-center revenue to triple from A$120 million in FY26. Southern Cross Electrical Engineering ended last week at A$4.85. (david.winning@wsj.com; @dwinningWSJ)

2117 GMT - Napier Port's new bull at Forsyth Barr is upbeat about its pricing plans. New tariffs for FY27 suggest unit pricing gains of 9% for containers and 5% for bulk cargo. "Assuming a stable volume environment, unit pricing gains should sustain Napier Port's mid-teens Ebitda growth in FY26 through FY27," analyst Andy Bowley says. While scrutiny on the port sector's pricing power has increased, Forsyth Barr see scope for Napier Port to continue to use pricing to drive improvements in its return on invested capital. It upgrades Napier Port to outperform, from neutral. "Napier Port is currently trading at 10x one-year forward enterprise value-to-Ebitda, broadly consistent with its trading history on a bond-rate-adjusted basis," Forsyth Barr says. Napier Port is down 0.3% at NZ$3.66 today.