reports
- Pierre FerraguÊ
Bible 3Q25 – Autos: Limited near-term visibility, but our cycle thesis...
Today, we are publishing the Automotive section of our 29th Tech Infrastructure Quarterly Bible. The Tech Bible is a must-read for any tech investor, as it summarizes the quarterly earnings reports from the over 140 companies we track, providing an update on our key perspectives and convictions. We will publish sections on Hyperscale & Cloud, Telecom Equipment, Industrials, PCs, Enterprise IT, and Foundry later this week. Auto demand came in above expectations, with limited signs of an air-pock...
- Andrew Agita Buntoro
- Bella Lu Yifei
- Desmond Chong Chee Wai
- Heidi Mo Jinghui
- John Cheong Ming Chern
- Kai Jie Tang
- Ken Lee
- Malaysia Research Team
- Vincent Khoo Boo Aik
- Wei Xiang Ku
- Willinoy Sitorus
Regional Morning Meeting Notes: Friday, December 05, 2025
Greater China Sector Update | Automobile We expect China’s vehicle wholesale shipment to grow 4.9% to 35.7m units in 2026, with EV shipments surging 22.9% and exports rising 20.8%. The anti-involution policy and subsidy rollback will curb overall sales growth but improve OEM margins by banning price wars, while auto parts suppliers regain bargaining power. Key 2026 investment themes include ADAS, humanoid robotics, eVTOL and recovery of lithium carbonate prices. Maintain MARKET WEIGH...
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
5347 TENAGA NASIONAL BHD
EGH EUREKA GROUP HOLDINGS
M3I MINTH GROUP LIMITED
002340 GEM CO. LTD. CLASS A
5Z0 ZHONGSHENG GROUP HOLDINGS LTD.
01316 NEXTEER AUTOMOTIVE GROUP LIMITED
002709 GUANGZHOU TINCI MATERIALS TECHNOLOGY CO LTD CLASS A
601689 NINGBO TUOPU GROUP CO. LTD. CLASS A
01585 YADEA GROUP HOLDINGS LTD.
2333 GREAT WALL MOTOR CO. LTD. CLASS H
1211 BYD COMPANY LIMITED CLASS H
2338 WEICHAI POWER CO. LTD. CLASS H
02238 GUANGZHOU AUTOMOBILE GROUP CO. LTD. CLASS H
GAM GAMUDA BHD
VSI V.S. INDUSTRY BERHAD
FNH FRASER & NEAVE HOLDINGS BHD
PMAH PRESS METAL ALUMINIUM HOLDIN
HLBK HONG LEONG BANK BERHAD
SWB SUNWAY BHD
BRC BRC ASIA LTD
1772 GANFENG LITHIUM CO. LTD. CLASS H
300750 CONTEMPORARY AMPEREX TECHNOLOGY CO. LTD. CLASS A
3606 FUYAO GLASS INDUSTRY GROUP CO LTD-H
603305 NINGBO XUSHENG AUTO TECHNOLOGY (A)
002920 HUIZHOU DESAY SV AUTOMOTIVE CO LTD
Z29 029 GROUP SE
02015 LI AUTO INC
600699 JOYSON ELECTRONICS CORP
PEKAT PEKAT GROUP BHD
SDG SD GUTHRIE BHD
KETR IJ KETROSDEN TRIASMITRA (KETR IJ)
Panoro Energy ASA: 1 director
A director at Panoro Energy ASA maiden bought 70,000 shares at 19.014NOK and the significance rating of the trade was 74/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two ye...
- ABGSC Oil & Oil Services Research
- Herman Caspersen
- John Olaisen
- Martin Mauseth
- Stephane Foucaud
AUCTUS ON FRIDAY - 21/11/2025
AUCTUS PUBLICATIONS ________________________________________ Condor Energies (CDR CN)C; Target price of C$5.90 per share: Imminent flow rate results for first horizontal well. LNG facility construction 90% complete. – 3Q25 production averaged 9,978 mboe/d, broadly in line with expectations. In Uzbekistan, drilling of a 1,000‑meter lateral section at the first horizontal well is underway, with numerous mud gas shows recorded. The lateral may be extended, and the well is expected to be brought ons...
SEY STERLING ENERGY PLC
PEN PANORO ENERGY ASA
VLE VALEURA ENERGY INC.
DNO DNO ASA CLASS A
CNE CANACOL ENERGY LTD
ZPHR ZEPHYR ENERGY
BWE BW ENERGY
SOUC SOUTHERN ENERGY CORP
PNOR PETRONOR E&P LTD
CEQ CRITERIUM ENERGY LTD.
IAECN ITHACA ENERGY
CDR CONDOR ENERGIES INC
PLSR PULSAR HELIUM INC.
- Stephane Foucaud
Panoro Energy ASA (OSE: PEN): More than meets the eyes at EG-23
• 3Q26 production and net debt (end-September) have already been reported. The company has reiterated FY25 capex guidance of ~US$40 mm. • Gross production in Gabon remains on track to return to ~40 mbbl/d in 2026. • 3D seismic campaign across the Niosi, Guduma, and Dussafu licenses has commenced and is expected to run for ~two months. The program could also yield additional insights into undeveloped discoveries at Dussafu. • On EG-23, seismic data is being reprocessed to remap seven existing dis...
- ABGSC Energy Research
- Daniel Vårdal Haugland
- John Olaisen
- Lars Trongaard Brattli
- Martin Mauseth
- Njål Kleiven
- Stian Wibstad
- ABGSC Oil & Oil Services Research
- Herman Caspersen
- John Olaisen
- Martin Mauseth
- ABGSC Energy Research
- Daniel Vårdal Haugland
- John Olaisen
- Lars Trongaard Brattli
- Martin Mauseth
- Njål Kleiven
- Stian Wibstad
- ABGSC Energy Research
- Daniel Vårdal Haugland
- John Olaisen
- Lars Trongaard Brattli
- Martin Mauseth
- Njål Kleiven
- Stian Wibstad
- Stephane Foucaud
AUCTUS ON FRIDAY - 07/11/2025
AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; Target price of A$0.30 per share: Busy 1H26 – 3Q25 WI sales averaged 251 boe/d, in line with expectations. The company held ~A$4 mm in cash at the end of September, also in line with forecasts. A busy operational period is anticipated in 1H26. Flow testing at Welchau is scheduled to recommence in January, starting with fluid sampling and pressure measurements in the already perforated Reifling formation—the shallo...
GPRK GEOPARK
OMV OMV AG
ENI ENI S.P.A.
PXT PAREX RESOURCES INC.
ALVOF ALVOPETRO ENERGY LTD
PEN PANORO ENERGY ASA
SNM SHAMARAN PETROLEUM CORP.
SQZ SERICA ENERGY
DNO DNO ASA CLASS A
XOM EXXON MOBIL CORPORATION
BP. BP P.L.C.
MAY MELBANA ENERGY LIMITED
DGOC DIVERSIFIED GAS & OIL
BLOE BLOCK ENERGY
KOS KOSMOS ENERGY LTD.
ANGS ANGUS ENERGY
OKEA OKEA
BWE BW ENERGY
CRCL CORCEL
HBR HARBOUR ENERGY PLC
ADX ADX ENERGY LTD
TNZ TENAZ ENERGY CORP
PLSR PULSAR HELIUM INC.
- Stephane Foucaud
Panoro Energy ASA (OSE: PEN): Returning to growth during 2026
• Panoro reported average production of 8,811 bbl/d in 3Q25, in line with prior disclosures from BW Energy (Gabon) and Kosmos Energy (Equatorial Guinea). Gabon volumes were impacted by a three-week planned maintenance, while EG production was constrained by mechanical failures on subsea pumps at Ceiba. • The first pump was restored in early 4Q25, with the second expected online later this quarter and the third in 1Q26. EG production is anticipated to normalize by 1Q26. • Reflecting recent downti...
- ABGSC Energy Research
- Daniel Vårdal Haugland
- John Olaisen
- Lars Trongaard Brattli
- Martin Mauseth
- Njål Kleiven
- Stian Wibstad
- ABGSC Oil & Oil Services Research
- Herman Caspersen
- John Olaisen
- Martin Mauseth
- Adrian Loh Tzum Yung
- Andrew Agita Buntoro
- Bella Lu Yifei
- Benjaphol Suthwanish
- Carol Dou Xiao Qin
- Damon Shen
- Desmond Chong Chee Wai
- Gigi Cheuk
- Jieqi Liu
- Jo Yee Ng
- Jonathan Koh
- Joyce Chu
- Kate Luang
- Ken Lee
- Malaysia Research Team
- Sunny Chen
- Suryaputra Wijaksana
- Tanapon Cholkadidamrongkul
- Tanaporn Visaruthaphong
- Thanawat Thangchadakorn
- Vincent Khoo Boo Aik
- Willinoy Sitorus
Regional Morning Meeting Notes: Friday, October 24, 2025
Greater China Sector Update | Automobile The escalating China-US trade tensions have triggered a dual crisis in chips and rare earth, potentially disrupting the global auto supply chain like that seen in 2021-22. China's auto sector sees short-term gains from domestic prioritisation but long-term risks. Chinese auto part companies may see a revenue loss in 4Q25 if the issue is not resolved in a month. Maintain MARKET WEIGHT. Top BUYs: CATL and Geely. Top SELLs: BYD and Li Auto. Sector Upda...
300014 EVE ENERGY CO. LTD. CLASS A
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
KKP KIATNAKIN BANK
00683 KERRY PROPERTIES LIMITED
00016 SUN HUNG KAI PROPERTIES LIMITED
FCT FRASERS CENTREPOINT TRUST
00823 LINK REAL ESTATE INVESTMENT TRUST
BBL BANGKOK BANK PUBLIC COMPANY LIMITED
KTB KRUNG THAI BANK PUBLIC CO. LTD.
TOP THAI OIL PUBLIC CO. LTD.
U96 SEMBCORP INDUSTRIES LTD.
TISCO TISCO FINANCIAL GROUP
GFPT GFPT
00014 HYSAN DEVELOPMENT CO. LTD.
TMB TMB BANK PUBLIC COMPANY LIMITED
KBANK KASIKORNBANK PUBLIC CO. LTD.
EGH EUREKA GROUP HOLDINGS
M3I MINTH GROUP LIMITED
002340 GEM CO. LTD. CLASS A
5Z0 ZHONGSHENG GROUP HOLDINGS LTD.
01316 NEXTEER AUTOMOTIVE GROUP LIMITED
TLKM PT TELKOM INDONESIA (PERSERO) TBK CLASS B
002709 GUANGZHOU TINCI MATERIALS TECHNOLOGY CO LTD CLASS A
601689 NINGBO TUOPU GROUP CO. LTD. CLASS A
01585 YADEA GROUP HOLDINGS LTD.
2333 GREAT WALL MOTOR CO. LTD. CLASS H
1211 BYD COMPANY LIMITED CLASS H
2338 WEICHAI POWER CO. LTD. CLASS H
01997 WHARF REAL ESTATE INVESTMENT CO. LTD.
02238 GUANGZHOU AUTOMOBILE GROUP CO. LTD. CLASS H
T TELEKOM MALAYSIA BHD
ECW ECO WORLD DEVELOPMENT GROUP
1833 PING AN HEALTHCARE AND TECHNOLOGY COMPANY LIMITED
02232 CRYSTAL INTERNATIONAL GROUP
1772 GANFENG LITHIUM CO. LTD. CLASS H
300750 CONTEMPORARY AMPEREX TECHNOLOGY CO. LTD. CLASS A
3606 FUYAO GLASS INDUSTRY GROUP CO LTD-H
603305 NINGBO XUSHENG AUTO TECHNOLOGY (A)
00017 NEW WORLD DEVELOPMENT CO. LTD.
002920 HUIZHOU DESAY SV AUTOMOTIVE CO LTD
SCB SCB X PUBLIC COMPANY LIMITED
Z29 029 GROUP SE
02015 LI AUTO INC
300244 DIAN DIAGNOSTICS GROUP CO
600699 JOYSON ELECTRONICS CORP
- ABGSC Energy Research
- Daniel Vårdal Haugland
- John Olaisen
- Lars Trongaard Brattli
- Martin Mauseth
- Njål Kleiven
- Stian Wibstad
BONHR BONHEUR ASA
SOC SUBSEA 7 S.A.
PEN PANORO ENERGY ASA
E36 SEABIRD EXPLORATION LTD.
TGS TGS-NOPEC GEOPHYSICAL COMPANY ASA
AKSOO AKER SOLUTIONS ASA
A2QKGG HEXAGON PURUS
VWS VESTAS WIND SYSTEMS
BORR BORR DRILLING LTD
VAR VAR ENERGI ASA
OTL ODFJELL TECHNOLOGY LTD
TOM TOMRA SYSTEMS ASA
PLSV PARATUS ENERGY SERVICES LTD.
- Alden Gabriel Lam
- Audrey Celia
- Bella Lu Yifei
- Benjaphol Suthwanish
- Benyamin Mikael
- Gigi Cheuk
- Joyce Chu
- Kate Luang
- Keith Wee Teck Keong
- Ken Lee
- Lester Siew
- Roy Chen Chengzhi
- Suryaputra Wijaksana
- Willinoy Sitorus
Regional Morning Meeting Notes: Friday, October 17, 2025
Greater China Sector Update | Automobile China’s auto sector faces a geopolitical bind: Europe demands tech transfers for new investments, while China restricts such transfers. We see no earnings impact from the EU’s tech transfer requirement, but that allows first movers like CATL to enjoy unrivalled advantages. China raises market access requirements for automakers, targeting inexperienced players. Maintain MARKET WEIGHT. Top BUYs: CATL and Geely. Top SELLs: BYD and Li Auto. Small/Mid Ca...
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
ENRG ENERGI MEGA PERSADA
KLBF PT KALBE FARMA TBK
JPFA JAPFA COMFEED INDONESIA
AMRT SUMBER ALFARIA TRIJAYA TBK PT
MYOR MAYORA INDAH
C6L SINGAPORE AIRLINES LTD.
EGH EUREKA GROUP HOLDINGS
M3I MINTH GROUP LIMITED
002340 GEM CO. LTD. CLASS A
5Z0 ZHONGSHENG GROUP HOLDINGS LTD.
ERAA ERAJAYA SWASEMBADA
01316 NEXTEER AUTOMOTIVE GROUP LIMITED
002709 GUANGZHOU TINCI MATERIALS TECHNOLOGY CO LTD CLASS A
601689 NINGBO TUOPU GROUP CO. LTD. CLASS A
01585 YADEA GROUP HOLDINGS LTD.
2333 GREAT WALL MOTOR CO. LTD. CLASS H
1211 BYD COMPANY LIMITED CLASS H
2338 WEICHAI POWER CO. LTD. CLASS H
02238 GUANGZHOU AUTOMOBILE GROUP CO. LTD. CLASS H
AOT AIRPORTS OF THAILAND PUBLIC CO. LTD.
BAL BUMITAMA AGRI LTD
BURSA BURSA MALAYSIA BHD
ICBP INDOFOOD CBP SUKSES MAKMUR T
2633 JACOBSON PHARMA CORP LTD
1772 GANFENG LITHIUM CO. LTD. CLASS H
300750 CONTEMPORARY AMPEREX TECHNOLOGY CO. LTD. CLASS A
3606 FUYAO GLASS INDUSTRY GROUP CO LTD-H
603305 NINGBO XUSHENG AUTO TECHNOLOGY (A)
002920 HUIZHOU DESAY SV AUTOMOTIVE CO LTD
CMRY PT CISARUA MOUNTAIN DAIRY TBK
02161 JBM (HEALTHCARE) LTD
Z29 029 GROUP SE
02015 LI AUTO INC
600699 JOYSON ELECTRONICS CORP
- ABGSC Energy Research
- Daniel Vårdal Haugland
- John Olaisen
- Lars Trongaard Brattli
- Martin Mauseth
- Njål Kleiven
- Stian Wibstad
EQNR EQUINOR ASA
BONHR BONHEUR ASA
NOR NORWEGIAN ENERGY CO. ASA
ORSTED ORSTED
AFK ARENDALS FOSSEKOMPANI
SOC SUBSEA 7 S.A.
PEN PANORO ENERGY ASA
SSO SCATEC ASA
DNO DNO ASA CLASS A
IPCO INTERNATIONAL PETROLEUM CORP
OKEA OKEA
BWE BW ENERGY
VAR VAR ENERGI ASA
SPM SAIPEM S.P.A.
DOFG DOF GROUP ASA
- ABGSC Oil & Oil Services Research
- John Olaisen
- Lars Trongaard Brattli
- Martin Mauseth
- Njål Kleiven
EQNR EQUINOR ASA
AKAST AKASTOR ASA
KOG KONGSBERG GRUPPEN ASA
SOC SUBSEA 7 S.A.
PEN PANORO ENERGY ASA
ARCHERO ARCHER
AKER AKER ASA CLASS A
DNO DNO ASA CLASS A
TGS TGS-NOPEC GEOPHYSICAL COMPANY ASA
ODL ODFJELL DRILLING
AKSOO AKER SOLUTIONS ASA
BWO BW OFFSHORE LIMITED
PRS PROSAFE
OKEA OKEA
BWE BW ENERGY
VAR VAR ENERGI ASA
SEAPT-NO SEACREST PETROLEO
DOFG DOF GROUP ASA
- ABGSC Oil & Oil Services Research
- John Olaisen
- Martin Mauseth
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