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

0227 GMT - JCET's latest fundraising plan via a private placement is strategically positive despite near-term shares dilution, Citi analysts say in a note. On Thursday, the Chinese chip packaging and testing provider announced 6.5 billion yuan of private placement to fund its advanced packaging expansion. The placement confirms a strong capital spending cycle ahead for JCET, which could exceed 10 billion yuan in 2026 with further growth in 2027 and 2028, they say. JCET's capacity expansion plan should help it capture "China's secular AI-driven advanced packaging growth opportunities," they add. Shares are 2.5% lower at 69.51 yuan. (sherry.qin@wsj.com)

0208 GMT - The way for Rio Tinto to create more value from its big aluminum business is by improving returns, not volume growth, says Morgan Stanley. Today, Rio's aluminum division is "a high-quality but mixed-return business," MS says. The bank sees operational and brownfield projects as "the most practical levers" for creating value. It highlights the AP60 ramp-up, Weipa replacement and expansion, and Matalco utilization, among other possible drivers. "The key test is whether future spending can lift ROCE [return on capital employed] and free cash flow, rather than merely sustain the existing asset base," says MS. "The company owns a differentiated aluminium business; executing on operational improvements and brownfield expansions will determine whether it can sustain a durable earnings and cash-flow pillar alongside iron ore and copper." (rhiannon.hoyle@wsj.com; @RhiannonHoyle)

0152 GMT - Centurion Corp.'s outlook remains upbeat, says RHB Research's Alfie Yeo in a note, citing more development assets on the way. He expects around 5,000 more purpose-built worker accommodation beds to be added from 2028, as the Singapore accommodation operator won another site to build a new asset. The outlook for bed capacity remains rosy, as there are at least two more Singapore sites available for tender that could yield 10,000-15,000 beds each, the analysts said. Meanwhile, he expects near-term earnings growth to be boosted by contribution from Singapore and Australia assets, partially weighed by higher interest rate expenses. RHB retains its buy rating and 2.01 Singapore dollar target price. Shares rise 0.6% to S$1.60. (megan.cheah@wsj.com)

0103 GMT - Samsung Electronics' operating profit is projected to exceed 100 trillion won in both 3Q and 4Q this year, extending its run of record quarterly earnings that began in 4Q of 2025, KB Securities analysts say. The tech company's operating profit is likely to reach 221 trillion won in 2H, with 104 trillion won in 3Q and 117 trillion won in 4Q, more than six times higher than a year earlier, say the analysts led by Jeff Kim. KB expects Samsung to return a total of 110 trillion won to shareholders this year. Samsung, which has already approved 30 trillion won for 3Q dividend payouts, could return another 40 trillion won through cash dividends and 40 trillion won through share buybacks, KB adds. (kwanwoo.jun@wsj.com)

0059 GMT - Malaysian banking sector earnings are expected to remain broadly resilient into 2H, supported by steady loan growth and improving business loan pipelines, Hong Leong IB analyst Raymond Ng says in a note. However, persistent deposit competition, elevated funding costs and margin compression are likely to limit earnings upside, while credit costs could remain elevated amid macroeconomic and geopolitical uncertainties, he says. Current valuations could have largely reflect optimism surrounding capital management, he reckons. With the confirmed KLCI expansion potentially creating a transitory overhang in 2H, there are few immediate catalysts for a further sector re-rating, Ng adds. Hong Leong maintains a neutral rating on Malaysian banking sector, pegging Alliance Bank Malaysia as his top pick. (yingxian.wong@wsj.com)

0042 GMT - Stanmore's US$105 million acquisition of Moranbah South coal-project tenements from Exxaro represents a relatively low-cost strategic acquisition, at roughly US$0.14/metric ton, says Ord Minnett. It also helps Stanmore avoid up to US$60 million in deferred and contingent acquisition payments that would be owing once the Isaac Downs Extension is developed, the broker says. "While some investors may be concerned about the near-term increase to net debt, we see any weakness in the share price as a buying opportunity given current met-coal price tailwinds," it says. The broker has a buy rating and target price of 3.95 Australian dollars a share on Stanmore. The stock is down 1.0% at A$2.91. (rhiannon.hoyle@wsj.com; @RhiannonHoyle)

0021 GMT - Qantas Airways's valuation doesn't reflect the improving quality of its earnings, according to Morgan Stanley. Qantas trades on a FY 2027 price-to-earnings multiple of 9.8X. That's some 20% below the median of global peers despite Qantas's high returns, analyst Joseph Michael says. MS has an overweight call and A$12.80/share price target on Qantas, which is up 0.8% at A$9.42 early Friday. MS suggests Qantas's valuation doesn't reflect Qantas's pricing power and its international earnings. "We forecast FY31 Qantas International Ebit of A$1.28 billion, with the FY26 disclosure increasing our confidence in the earnings path," MS says. It notes the Perth-London route provides proof of concept for Qantas's ultra-long haul Project Sunrise program. (david.winning@wsj.com; @dwinningWSJ)

0011 GMT - Japanese stocks are higher in early trade as expectations for the Fed's rate increases recede. Technology and financial stocks are leading the gains. SoftBank Group is up 6.5%, Fujitsu is 3.1% higher and Nomura Holdings is up 1.9%. The dollar is at 155.32 yen, down sharply from Y157.23 as of Thursday's Tokyo stock market close. Investors are closely watching bond yields and crude oil prices after Fed Gov. Christopher Waller said he would support holding rates steady if inflation data continue the recent progress. The Nikkei Stock Average is up 0.5% at 64530.98. (kosaku.narioka@wsj.com; @kosakunarioka)

2343 GMT - Japanese stocks may rise as expectations for the Fed's rate increase ease. Nikkei futures are up 0.7% at 64620 on the SGX. The dollar is at 155.83 yen, down sharply from Y157.23 as of Thursday's Tokyo stock market close. Investors are focusing on bond yields and crude oil prices after Fed Governor Christopher Waller said he would support holding rates steady if inflation data continue the recent progress. The Nikkei Stock Average fell 0.2% to 64214.48 on Thursday. (kosaku.narioka@wsj.com)

2319 GMT - Australian stocks look set to open higher after more gains on Wall Street, where stocks climbed and global bond yields retreated. The rally followed comments by Fed governor Christopher Waller, who said he would support holding interest rates steady if August inflation data supports it. ASX futures are up by 0.3% ahead of Friday's open, suggesting that the S&P/ASX 200 might add to Thursday's 0.5% gain. Shares including in Ampol, Eagers Automotive and Viva Energy will trade ex-dividend. In the U.S., the DJIA rose 1.2%. The S&P 500 added 1.1%, while the tech-heavy Nasdaq Composite climbed 1.4%. (rhiannon.hoyle@wsj.com; @RhiannonHoyle)

2255 GMT - Trading in Corporate Travel Management is likely to be very volatile, says Jefferies. CTD is back after a lengthy suspension on the ASX that followed the late-2025 discovery of errors in its accounts. Analyst John Campbell says CTD's FY26 wasn't as bad as feared. "With the unqualified FY26 audit opinion after an exhaustive process, investors can take comfort in the bona fides of FY26 accounts," Jefferies says. The balance sheet remains in reasonable shape, it says, despite CTD being materially hit by client settlements and refunds. "Nonetheless, given the extremely challenging situation, it is very difficult to forecast key variables including Client Retention, New Client Wins, Take Rate and Opex," Jefferies says. (david.winning@wsj.com; @dwinningWSJ)

Sunstone Metals's double dose of good news helps to entrench Shaw & Partners's bullish view of its stock. Firstly, metallurgical testwork returned materially higher recoveries of precious and base metals than previously assumed in an April scoping study. Recovery rates for copper is now at 80%, up from 75%. For gold, the recovery rate rises to 93%, from 85%. Secondly, recent assays have extended mineralisation outside the existing Bramaderos Resource, analyst Peter Kormendy says. "With only a handful of assays outstanding, we see limited scope for the December Quarter resource update to disappoint on grade or continuity," Shaw says. "The key swing factor remains how much of the 1.7-3.5 million oz Copete-Porotillo and Melonal-linked exploration targets convert to resource in the next update."