Morning Comment Norway-05/19/2026

研报英文原文证据摘录

Morning Comment Norway-05/19/2026

anted (+3%). BUY, TP Dow S&P 500 Nasdaq Nikkei 225 Hang Seng Shanghai

NOK 540. Link to report.

• GSF – GSF Op. EBIT of NOK 1m, NOK 59m below median company- S&P sector performance

compiled consensus and more so to PAS. Volume guidance cut from 31kt to

-3.0% -1.0% 1.0% 3.0% 5.0%

30kt, with Q2'26 guided at 5.2kt vs. cons. 8.5kt – shifting volumes into H2'26

at lower prices. FY'26 cost guided at NOK 67/kg with elevated Q2'26 cost Oil Services 3.4%

likely pressuring consensus even further. Total biomass in sea is down 23% Insurance 2.3%

Y/Y per end of Q1. GSF flags one-offs, including VAP-facility ramp-up in Oil Integrated 1.9%

Gardermoen and IT carveout at HQ, however lower volumes and higher cost

Aerospace & Defence 1.6%

is a clear negative. We could see consensus estimates coming down closer

to 30% on FY26e Op. EBIT and would be surprised if the stock did not decline Oil E&P 1.5%

at least 5% today. HOLD. Link to report. Telecom 1.4%

• TOM – TOM has signed an LOI with a leading international retailer in the UK Software 0.9%

for the supply of ~2,7k S2 RVMs on a sales and service basis, with the Banks 0.9%

majority of deliveries planned for 2027. We estimate a machine sales value Retail 0.4%

of ~EUR 67.5m (~8% market share). The customer identity is unclear to us. Chemicals 0.2%

The "leading international" descriptor points naturally to Aldi or Lidl, but with

Media & Entertainment 0.1%

only ~1,000 UK stores each, the order would imply ~2.5 RVMs per store,

which looks high. The alternative is Tesco, which operates across the UK, Utilities 0.0%

Ireland, Czechia, Slovakia, and Hungary. The unit math fits more cleanly, but Gold -0.1%

the "international" label is a less natural fit. Regardless of the customer, we Airlines -0.2%