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

2125 ET - The Malaysian ringgit is likely to see further gains against the dollar, driven by an improving macro and external backdrop, MUFG analyst Lloyd Chan says in a note. The currency is up 4.3% year to date and is consolidating below 3.90 versus the dollar. A break past 3.88 could pave the way toward 3.85, a level last seen in early 2018, he says. Chan raises his forecast for Malaysia's 2026 GDP growth to 4.9% from 4.5% previously expected, citing stronger investment, exports and lower U.S. tariffs. External buffers are also strengthening, with a wider trade surplus and higher reserves, he notes. Potential foreign inflows into government bonds may further support the ringgit, he adds. USD/MYR is 0.2% lower at 3.8848. (yingxian.wong@wsj.com)

2120 ET - Morgan Stanley suggests investors should curb their enthusiasm a little following supermarket chain Woolworths's 1H result. Woolworths shares rise 0.8% to A$35.93 today, building on Thursday's 13% gain. Woolworths's 1H EBIT beats consensus expectations, reflecting better-than-expected sales in its Australian food business and stronger margins. MS raises its FY 2026-2028 estimates by 4-5%, driven by Australian food and the Big W discount department store business. "While improving trading is a key positive out of the result, we maintain caution around the longevity of the topline momentum, noting upside risk to price investment, removal of cycling benefits from industrial action, and elevated competition notably in ecommerce," analyst Melinda K. Baxter says. (david.winning@wsj.com; @dwinningWSJ)

2106 ET - Singapore Post seems to be in talks with Singapore's regulator Infocomm Media Development Authority over long-term sustainability of its postal network, says OCBC's Ada Lim. The company's new CEO appears to be setting the stage for an updated strategy toward commercial viability, as markets await further clarity the company's next growth engine after divesting its Australia business. OCBC maintains a hold rating but lowers the fair value estimate to S$0.400 from S$0.430 to reflect some minor adjustments to forecasts. Shares are unchanged at S$0.385. (ronnie.harui@wsj.com)

2049 ET - Qantas's mix of shareholder returns surprises Jefferies somewhat. The airline announced A$450 million of returns, comprising a 19.8 Australian cent/share base dividend that amounts to A$300 million and a share buyback of up to A$150 million. Analyst Anthony Moulder didn't foresee the switch to a buyback. Still, it suggests that Qantas sees its share price as continuing to significantly undervalue the company. "The strength of the balance sheet allows for some increase in the base dividend, despite the expected step-up in FY 2027 capex expectations," Jefferies adds. Qantas falls 7.3% to A$9.87 today. Jefferies had a buy call and A$13.27/share price target on its stock ahead of the 1H result. (david.winning@wsj.com; @dwinningWSJ)

2043 ET - Telekom Malaysia could see earnings growth accelerate in 2026, driven by higher wholesale revenue as its data center and undersea-cable capacity expand, along with a lower cost base following staff separation costs incurred previously, CSG International analyst Prem Jearajasingam says in a note. These factors are expected to support a re-rating over the next 12 months, he says. Further upside could come from the formalization of a higher dividend payout policy, which would serve as an additional catalyst, he reckons. However, he cuts Telekom Malaysia's 2026-2028 core net profit forecasts by 6%-15% to factor in higher cost elements after 2025 earnings. CGS cuts Telekom's target price to MYR8.80 from MYR9.50, while maintaining an add rating on the stock. Shares are 2.2% lower at MYR7.58. (yingxian.wong@wsj.com)

2042 ET - The share price of Super Retail Group jumps 8.5% to A$15.26 on signs of a recent acceleration in sales. Super Retail said like-for-like sales rose 3.5% in weeks 27-34 of FY 2026, improving modestly on implied growth of 2.7% in weeks 17-26, says Jefferies analyst Michael Simotas. What's encouraging is that Super Retail had to beat stronger sales at this point a year ago. Jefferies says Boxing Day shifting close to end-1H probably helped the trading update slightly. "Early 2H sales trends generally solid, and slightly ahead of implied consensus run rate, except Rebel, which may have been affected by stock availability," Jefferies says. Rebel is Super Retail's sports equipment and clothing chain. Jefferies had a hold call and A$16.00/share price target on Super Retail ahead of its 1H result. (david.winning@wsj.com; @dwinningWSJ)

2041 ET - Oversea-Chinese Banking Corp.'s pivot on capital returns provides flexibility this year, says Macquarie Capital's Jayden Vantarakis in a note. The Singapore lender delivered the best 4Q result among its peers, led by solid revenue generation, he says. OCBC said it now prefers special dividends to buybacks for distributing excess capital. Vantarakis says this sets the bank up for another year of around 60% dividend payout ratio, higher than the lender's guidance, given uncertainty around buyback deployment. The lender's common equity tier 1 target also opens up potential for further capital returns from 2027, he adds. Macquarie Capital raises its target price on the stock to S$23.82 from S$21.50 and maintains its outperform rating, noting OCBC is its top sector pick. Shares rise 0.1% to S$21.42. (megan.cheah@wsj.com)

2038 ET - Ramsay Health Care's 1H result and outlook give its share price a shot in the arm. Ramsay rises 11% to A$42.21, putting the stock on course for its best close since October 2024. Ramsay's 1H revenue of A$9.38 billion beat Jefferies's forecast by 3.1%, while normalized net profit of A$172 million was some 15% ahead of consensus expectations. "FY26 outlook remains for volume growth, but this will be negatively impacted by price," says analyst David Stanton. Jefferies had a hold call and A$34.20/share price target on Ramsay Health Care ahead of today's result. (david.winning@wsj.com; @dwinningWSJ)

2023 ET - Sunway's proposed takeover of IJM could encounter obstacles, CGS International analyst Chong Tjen-San says in a note. IJM's implied value of MYR3.24 per share is above Sunway's MYR3.15 offer price, suggesting market skepticism over the deal, he says. Local media reports have also said that IJM's government-linked shareholders are seeking a higher cash component, raising the risk of revisions to the offer terms, the analyst notes. March 23 is the deadline for Sunway to revise its offer. If the deal does go through, it could strengthen Sunway's business profile following the coming listing of its healthcare arm. CGS International raises Sunway's target to MYR5.95 after rolling its base year forward, while maintaining a hold rating on the stock. Shares are 2.2% higher at MYR5.97.(yingxian.wong@wsj.com)

1946 ET - Nine Entertainment's bull at Morgan Stanley thinks that the Australian media conglomerate's acquisition of outdoor advertiser QMS might be a rare case of a media deal that creates shareholder value. Keeping an outperform rating on the stock, analyst Andrew McLeod tells clients in a note that MS analysis and early feedback from industry channels are both positive. He writes that advertisers and media buyers support the logic of combining Nine's existing platforms with QMS. He doesn't anticipate a step-change in QMS's growth, but thinks that the combination could keep it growing for longer. McLeod wonders whether this might give investors confidence to apply a higher earnings multiple to Nine's shares. MS cuts its target price 26% to A$1.40. Shares are down 0.9% at A$1.055. (stuart.condie@wsj.com)

1932 ET - WiseTech Global's cost cuts help keep its bull at UBS onside despite moderated medium-term expectations for the logistics software provider's Container Transport Optimisation product. Analyst Siraj Ahmed tells clients in a note that management commentary suggests the complexity and newness of the product concept means more time will be needed to drive broader adoption. He still sees it as a meaningful longer-term growth, but lowers his FY 2030 revenue forecast for the unit to $270 million from $600 million. More positively, Ahmed assumes $200 million of costs will be removed by FY 2027 as WiseTech cuts a workforce that trebled in size over three years. Citi keeps a buy rating on the stock and lowers its target price 23% to A$89.00. Shares are up 5.3% at A$50.29. (stuart.condie@wsj.com)

1921 ET - WiseTech Global's bulls at Macquarie think that savings generated by the logistics-software provider's job cuts buys it time to accelerate revenue. Keeping an outperform rating on the stock, analysts at the investment bank tell clients in a note that the Australian company could even extract further costs following the removal of 29% of its workforce. They point out that the consulting business WiseTech acquired through its takeover of E2Open reported negative earnings in FY 2025. The analysts hint that this could be targeted as WiseTech shifts to recurring revenues and external partners. Macquarie lifts its target price 3.9% to A$97.70. Shares are up 5.9% at A$50.56. (stuart.condie@wsj.com)

(END) Dow Jones Newswires

February 25, 2026 21:25 ET (02:25 GMT)

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