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

0238 GMT - TSMC could deliver over 40% revenue growth into 2027 amid robust AI compute demand, potential upside from agentic AI and the emergence of a co-packaged optics networking cycle, Citi analysts say in a research note. TSMC's AI revenue growth could nearly double next year given most of its AI chip customers, including Nvidia, AMD and Broadcom, are expecting accelerating growth, they say. As a result, Citi expects continuing consensus earnings upgrades for the chip maker. TSMC's capex could further rise to US$81 billion and US$90 billion in 2027 and 2028, respectively, supported by strong its revenue outlook, they note. Citi maintains its buy rating on TSMC and raises its target price for TSMC to NT$4,000 from NT$3,800. Shares are at NT$2,560.00. (sherry.qin@wsj.com)

0225 GMT - Malaysia's coming Budget 2027 is unlikely to provide a significant boost to the domestic construction sector, CIMB Securities analysts Kenny Mak Hoy Ken and Wei Yi Tan say in a note. Development spending is projected to rise 3.8% to 83 billion ringgit in 2027, with most spending likely spread across smaller and mid-sized projects, they say. The focus is expected to remain on reducing regional development gaps, particularly in East Malaysia and interior areas. Project awards and execution will be more important than headline allocations, while higher energy and logistics costs could pressure contractors' margins from 4Q. CIMB maintains a neutral rating on the Malaysian construction sector, and favors Gamuda and IJM. (yingxian.wong@wsj.com)

0116 GMT - The recent pullback in crude palm oil and share prices could be an opportunity for investors to buy on weakness, RHB IB analyst Hoe Lee Leng and team say in a note. CPO prices are expected to remain rangebound in the short term amid peak production and high inventories, before rising in 1H 2027 as El Nino weighs on output and stocks decline, they say. Demand could also improve following India's lower import duties on palm oil, while Indonesia's potential increase in its biodiesel mandate could further tighten global supply, they say. Regulatory uncertainty from Indonesia's new agrarian reform law remains a risk, with potential land redistribution weighing on production, they add. RHB maintains an overweight rating on Southeast Asian plantation sector, focusing on Malaysia-centric players and those with less exposure to Indonesia. (yingxian.wong@wsj.com)

0108 GMT - IHH Healthcare's recent share price weakness likely offers an attractive entry point, with earnings growth seen supported by more complex treatments, hospital expansions and Fortis-Gleneagles synergies, says Maybank IB analyst Nur Natasha Ariza in a note. Its focus on higher-value treatments and day-care services should also support growth beyond bed additions, she says. IHH's core net profit is expected to grow 18% annually over 2025-2028, faster than its 11% annual growth over 2016-2025, she reckons. Legal developments in its India operations provide little basis to revise earnings forecasts, in the analyst's view. Maybank maintains a buy rating on IHH and keeps its target price at 11.20 ringgit. Shares are unchanged at 7.90 ringgit. (yingxian.wong@wsj.com)

0049 GMT - Ramelius Resources' miss on 1Q gold output expectations is weighing on its stock. But Ord Minnett says investors may look through the quarter and focus on more positive news flow, such as its four-year outlook and completed sale of the Edna May mine. Ramelius's stock is down 1.7% at 3.675 Australian dollars, broadly in line with stock movements of other Australian gold miners. Ramelius reported 1Q production of 48,839 oz of gold versus Ord Minnett's expectation of 55,200 oz. "The delta in production was driven by wet weather impacting haulage from the Penny mine to the Mt Magnet mill, which resulted in a stockpile build of 4,300 oz of contained gold at the Penny mine," analyst Paul Kaner says. Ord Minnett had a buy call and an A$4.55 target price on Ramelius ahead of today's update. (david.winning@wsj.com; @dwinningWSJ)

0046 GMT - CapitaLand Ascott Trust's sizeable divestment gains worth 300 million Singapore dollars could offset the drag on its distribution per unit from ongoing asset enhancement initiatives, says UOB Kay Hian's Jonathan Koh in a note. He expects the Singapore real-estate investment trust to deliver stable DPU of 6.1 Singapore cents in both 2026 and 2027 thanks to these top-ups. However, he trims his 2028 DPU projection by 5% on higher debt cost and the recent weakness of the euro and Australian dollar against the Singapore dollar. The trust likely has a 7.3% DPU yield in 2027, as its unit price has fallen 13% year-to-date, he adds. UOB KH cuts its target price to S$0.99 from S$1.03 but maintains a buy rating. Units last closed at S$0.83. (megan.cheah@wsj.com)

0045 GMT - Anta Sports investors may be underappreciating the positive potential impact of acquiring Puma China's retail and distribution business, says Citi analyst Xiaopo Wei in a note. Anta's retail expertise in China could allow the business to expand quickly, with potential for Anta to consolidate Puma China's likely profitable retail and distribution operations. In the short term, Puma's attributable loss is expected to reduce Anta's 2026 net profit by around 2%, but Citi expects minimal earnings impact in 2027 as Puma becomes slightly profitable. Citi maintains its buy rating with a target price of 108.80 Hong Kong dollars. Shares closed nearly flat at HK$71.35. (venkat.pr@wsj.com)

0021 GMT - GoTo Gojek Tokopedia's current valuation looks attractive and provides upside after a technical selloff following the removal of the 50 rupiah price floor by the Indonesian market regulator in late September, says Citi analyst Ferry Wong in a note. The bank closes its negative short-term view and opens a 90-day positive catalyst watch. However, it cuts FY26-28 adjusted Ebitda estimates by 9%, 17% and 20%, respectively, to factor in the government's cap on ride-hailing commissions and potential delivery commissions. Citi lowers the stock's target price to IDR80 from IDR95 but maintains a buy, saying the market appears to assign little value to GOTO's operating businesses. Shares last closed 3.2% lower at IDR30. (venkat.pr@wsj.com)

0017 GMT - Japanese stocks are lower in early trade as uncertainty over borrowing costs and the Iran conflict persists. Machinery makers and trading houses are leading declines. Komatsu is down 4.8% and Mitsui & Co. is 3.7% lower. The dollar is at 157.91 yen, down from Y158.35 as of Wednesday's Tokyo stock market close. Investors are closely watching developments in the Middle East, crude oil prices and bond yields. Quarterly earnings from Fast Retailing and Seven & i Holdings, due later on Thursday, are also in focus. The Nikkei Stock Average is down 0.7% at 69559.50. (kosaku.narioka@wsj.com; @kosakunarioka)

2348 GMT - Japanese stocks may fall as uncertainty over borrowing costs and the Iran conflict continues. Nikkei futures are down 0.5% at 69955 on the SGX. The dollar is at 157.98 yen, compared with Y158.35 as of Wednesday's Tokyo stock market close. Investors are focusing on developments in the Middle East, crude oil prices and bond yields. Quarterly results from Fast Retailing and Seven & I Holdings due later Thursday will be closely watched. The Nikkei Stock Average fell 0.9% to 70035.71 on Wednesday. (kosaku.narioka@wsj.com)

2343 GMT - ASX's strong September-quarter trading activity supports continued belief at UBS that the Australian exchange operator could beat consensus revenue forecasts. Analysts at the investment bank tell clients in a note that they continue to see upside revenue risks after quarterly futures volumes surged 33% on a year earlier. With robust momentum elsewhere in the business, their earnings-per-share forecast for FY 2027 sits 4% higher than consensus. For FY 2028, they are 6% above consensus. That's despite tougher year-earlier comparisons on the horizon for the rest of the current fiscal year. UBS keeps a buy rating on the stock and lifts its target price 2% to 65.50 Australian dollars. Shares are up 4% at A$60.69. (stuart.condie@wsj.com)

2335 GMT - Aristocrat Leisure's bull at Macquarie returns from a visit to the U.S. with reinforced conviction in the Australian slots maker. Maintaining an outperform rating on the stock, the Macquarie analyst believes that Aristocrat can win further share across North American gaming operations, outright machine sales, and interactive gaming. Game performance and new hardware are among the factors supporting the analyst's confidence. Having visited the recent G2E casino gaming conference in Las Vegas, the Macquarie analyst raises the target price by 3.1% to 67.00 Australian dollars. This represents 22.5 times 12-month forward earnings, with a re-rate toward 25 not out of the question. Shares are up 1% at A$60.00.