Will India and China Be Able to Resist U.S. -2-

0236 GMT - Tenaga Nasional's shares appear to have largely priced in the worst-case outcome of its tax dispute, CGS International's Dharmini Thuraisingam says in a note. The stock has declined 12% over the past four months on concerns about 10 billion ringgit in tax liabilities. But even if the target price falls to 16.77 ringgit in the worst-case scenario, shares would still offer 28% upside, the analyst says. A tax settlement closer to the lower end of market expectations could spark a meaningful stock rerating, she says. The analyst expects Tenaga's earnings to benefit from a growing transmission and distribution business and new generation capacity opportunities. CGS maintains an add rating with a target price of MYR18.00. Shares are 0.8% higher at MYR13.22. (yingxian.wong@wsj.com)

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Genesis Energy's Strong 1Q Down to Short-Term Conditions -- Market Talk

0012 GMT - Genesis Energy's strong 1Q prompts Forsyth Barr to raise its price target on the New Zealand power generator. But it keeps a neutral call, saying the improvement is down to short-term operating conditions. Genesis replaced thermal-power generation with more-profitable hydro generation in 1Q, contributing to its generation costs falling by NZ$57 million on year. Genesis raised its FY 2026 Ebitdaf guidance to NZ$455 million-NZ$485 million, but analyst Andrew Harvey-Green says the long-term outlook is little changed. "Genesis continues to offer an attractive yield, but earnings growth is being driven by favorable supply contracts that cannot be assumed to continue on expiry," Forsyth Barr says. Its price target lifts 1.9% to NZ$2.65/share. Genesis is up 1.6% at NZ$2.52. (david.winning@wsj.com; @dwinningWSJ)

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Gold Falls on Likely Further Unwinding of Long Positions -- Market Talk

2337 GMT - Gold falls in early Asian trade on likely further unwinding of long positions, analysts say. "Our gold analysis suggests moderate further downside may be on the cards," says Fawad Razaqzada, market analyst at City Index and FOREX.com, in commentary. While gold managed to recently bounce near support around the $4,000/oz-$4,022/oz range as expected, this doesn't necessarily mean the bearish move has already ended, the analyst says. If gold closes below $4,000/oz, it would be a bearish technical development, the analyst adds. Spot gold is 0.4% lower at $4,109.32/oz. (ronnie.harui@wsj.com)

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Woodside's Deal With Williams Eases Risks on Louisiana LNG Project -- Market Talk

2257 GMT - Woodside Energy has had a good week, Morgans says as it turns more bullish on its stock. Woodside's 3Q update was strong, headlined by a 10% revenue beat. Woodside then agreed to an investment by Williams in its $17.5 billion Louisiana LNG project. "Given the magnitude of execution risk Woodside faces at Louisiana, we appreciate the strategy to de-risk infrastructure and feedgas delivery," Morgans says. Woodside is selling a 10% interest in the holding company of Louisiana LNG to Williams, and an 80% stake in the company that owns the pipeline that will run to the facility. "To form a view on the value of the Williams deal we need to gain a better grasp of the pipeline agreement, with the two deals obviously indirectly linked," Morgans adds. It upgrades Woodside to buy, from accumulate. (david.winning@wsj.com; @dwinningWSJ)

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New Karoon Energy Bull Confident in Outlook -- Market Talk

2240 GMT - Karoon Energy looks well placed to overcome recent setbacks in Brazil, signals Morgans. Temporary outages at the Bauna oil field in Brazil weighed on Karoon's 3Q volumes. Still, Morgans notes that Karoon's cash flow held firm. "The temporary well outages have underscored the maturity of the asset base," says analyst Adrian Prendergast. "Yet management's intervention plans, disciplined capex reduction, and stronger balance sheet are material positives balancing the outlook back to positive." It sees a clear path to restore Bauna volumes in mid-2026. Also, Karoon has growth options that include developing the Neon oil field in Brazil. Morgans upgrades Karoon to "buy," from "hold." (david.winning@wsj.com; @dwinningWSJ)

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(END) Dow Jones Newswires

October 24, 2025 08:53 ET (12:53 GMT)