The latest Market Talks covering the Auto and Transport sector. Published exclusively on Dow Jones Newswires at 4:20 ET, 12:20 ET and 16:50 ET.

0634 GMT - Bangkok Expressway and Metro likely has positive catalysts over next 2 years, ttb wealth securities' Saksid Phadthananarak says in a report. The transport company is expected to secure bondholder approval this month to raise debt covenant ratio to 3.0x from 2.5x, easing concerns over potential cash calls. Also, the Thailand company is likely to be awarded two projects in 2027 and is expected to deliver a THB10-per-trip toll increase in September 2028 that should drive earnings to a record high in 2029. The brokerage raises the stock's target price to 8.20 baht from THB8.00 to reflect a base-year rollover, with an unchanged buy rating. Shares are 0.8% higher at THB6.65. (ronnie.harui@wsj.com)

0628 GMT - Volkswagen, its employee representatives and the state of Lower Saxony all made concessions to pave the way for a viable restructuring solution at the automaker, leaders of the IG Metall union and group works council said. A spinoff of the core Volkswagen Passenger Cars brand and VW Components is off the table, and no plant closures are imminent, they said. "Concrete solutions must now be developed for all locations - and we continue to see the board of management as explicitly responsible for this," Christiane Benner, first chairwoman of IG Metall, and Daniela Cavallo, chairwoman of the General and Group Works Council of Volkswagen said in a joint statement. They added that they recognize the challenges facing the company and expect the board to now deliver results promptly. (dominic.chopping@wsj.com)

0558 GMT - Volkswagen's transformation plan has been approved by the supervisory board, which should be positively by the market received when shares resume trading today, Bernstein analysts write. "Especially the planned reduction in forward capital expenditure and research and development by 16%," the bank says. One of the most controversial aspects of the proposed plans, that four German plants would close when existing models phase out between 2031 and 2034, was softened by pledges that no factory would be immediately abandoned. Contentious site decisions will now instead be worked through over the coming months, with Volkswagen stating that alternative uses for the plants will be explored. A workforce adjustment of around 50,000 positions worldwide is planned though, to align capacity with market demand, technological change and competitive pressures. (dominic.chopping@wsj.com)

0536 GMT - ASL Marine's growth opportunities are likely aided by infrastructure initiatives in Singapore, UOB Kay Hian analysts say in a research report. Management highlighted Singapore's S$100 billion coastal protection program and the New Western Island initiative as potential multiyear opportunities, the analysts note. These projects should increase demand for dredging engineering services and vessel utilization, supporting the marine services group's businesses over the longer term. The brokerage maintains the stock's buy rating, but lowers the target price to 0.41 Singapore dollar from S$0.43 to reflect an enlarged share base following the company's recent share placement. Shares are 1.6% higher at S$0.315. (ronnie.harui@wsj.com)

0533 GMT - Volkswagen's supervisory board unexpectedly and unanimously approved management's "brave" restructuring, which is a realistic decision for all concerned, Citi analysts write. The bank says that given Volkswagen's German plant competitiveness and lack of global revenue opportunities, the company simply had no other choice. The plan, which includes another 50,000 job cuts, will allow the company to reduce costs, lower the number of models, and trim investment spend by a further 6 billion euros a year. "This decision should further allow VW to continue to move capital to its highest-return brands and models, without the need to maintain excess capacity utilization." Citi rates Volkswagen at buy with a 94 euro target price. Shares closed at 77.10 euros. (dominic.chopping@wsj.com)

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)

2232 GMT - Could a third party attempt to gatecrash a takeover of MaxiPARTS? Ord Minnett assesses the possibility. MaxiPARTS has received a A$2.50-a-share proposal from Ares Management. Its directors are supportive if Ares firms up the bid. Examining potential interlopers, analyst James Casey says Bapcor is the most obvious candidate. Bapcor owns commercial-vehicle businesses Truckline and WANO. "Acquiring MaxiPARTS would roughly double Bapcor's exposure to the segment and offer obvious synergies," Ord Minnett says. "However, it is unclear whether Bapcor's new management team has investor backing to pursue a major acquisition while the company is still in a turnaround." Another possible suitor is Genuine Parts Co., which owns Repco in Australia. It has no commercial-vehicle exposure in Australia, but has acquired similar businesses overseas, says Ord Minnett. (david.winning@wsj.com; @dwinningWSJ)

1758 GMT - As BRP steadily mitigates tariff headwinds, National Bank of Canada says there were plenty of positives in its 2Q performance. Analyst Cameron Doerksen notes that the leisure-craft maker updated its guidance and now expects higher revenue and normalized Ebitda. "Although much of the guidance increase results from the stronger than anticipated Q2 results, it does imply a better H2 performance than our prior expectations," he says in a note. And while tariffs will still weigh on the company's performance, Doerksen says "we are more positive on management's ability to continue to work down the tariff cost impact and see risk more balanced to the upside." National Bank raises BRP to outperform from sector perform, and lifts the price target to C$112 from C$98. (adriano.marchese@wsj.com)

1603 GMT [Dow Jones]--BRP continues to drive sales and gain market share despite tariffs throwing a wrench in the mix. The Canadian Sea-Doo and Ski-Doo manufacturer handily beat Street estimates across the board in 2Q, and Citi analyst James Hardiman notes that total sales of C$2.24 billion grew 19%, more than double consensus expectations, driven by a 33% surge in Year-Round products. This supports a North American retail momentum that grew 1%. The analyst notes the "massive tariff burden," which contracted normalized Ebitda to C$139 million, but above an expected C$97 million. While BRP raised full-year guidance, Hardiman says it is still unclear "how much of a role the everchanging tariff landscape" affects outlook. (adriano.marchese@wsj.com)

1522 GMT - BRP's tariff situation remains a complex headwind, but operational adaptations and target rate relief are reducing the financial burden. Full-year net exposure is now expected at C$200 million, down from earlier estimates. The Ski-Doo and Sea-Doo maker says Section 232 ATV duties dropped to 15% from 25%, and BRP strategically engineered new utility models that avoid those tariffs entirely. However, new Section 338 duties impose a 50% tariff on BRP's Canadian-made Spyder 3-wheelers. Because most fiscal 2027 units were shipped to the U.S. before enforcement took effect, "we'll have an impact next year," CFO Sebastien Martel says. (adriano.marchese@wsj.com)

1244 GMT -- BRP is navigating U.S. tariffs better than expected, and outlook is getting a boost for it. TD Cowen's Brian Morrison says 2Q Ebitda and EPS "handily exceeded consensus on Utility SxS [side-by-side] strength/market share gains and initial benefits from reduced S232 ATV tariffs." With the Canadian leisure-craft maker upgrading its guidance for the year, the analyst says this could imply that the company has been able to mitigate or increase compliance of its products on the market with respects to U.S. tariffs. Meanwhile, the market continues to be healthy, with demand for utility side-by-sides on the rise. "BRP appears to be gaining market share across segments, and appears to have limited its tariff exposure relative to prior expectations," Morrison adds. (adriano.marchese@wsj.com)

1137 GMT - European natural-gas prices are forecast to end this year at 80 euros per megawatt-hour, before falling to 40 euros by the end of 2027 due to constrained LNG supply and low storage levels, according to Capital Economics. TTF prices, Europe's benchmark, currently trade at 73 euros a megawatt-hour. "Warmer-than-usual weather over the northern hemisphere winter could limit heating-related demand and help relieve upward pressure on natural gas and LNG prices in Europe and Asia," says David Oxley, chief commodities economist. "But any increase in attacks on ships using the Strait could feasibly result in flows of crude oil falling back again from current levels and further delay the normalization of energy shipments out of the Middle East."