KBC Ancora

KBC Ancora's principal activity is the maintenance and management of its shareholding in KBC Group with a view to ensuring, in collaboration with Cera, MRBB and the Other Permanent Shareholders, the shareholder stability and continuity of KBC Group. Co.'s assets consist almost entirely of this participating interest in KBC Group. Thus its recurrent income consists principally of the dividend it receives from its participating interest in KBC Group.
  • TickerKBCA
  • ISINBE0003867844
  • ExchangeEuronext Brussels
  • SectorBanks
  • CountryBelgium
Dave Nicoski ...
  • Ross LaDuke

Int'l Insights: Developed Markets Leadership Chart Book

Europe in focus The U.S. dollar continues to grind marginally higher, and EM equities have suffered as a result. Meanwhile, RS for the MSCI EAFE index is bottoming when compared to the MSCI EM index, largely due to outperformance in Europe. With developed int'l markets beginning to outperform emerging markets, we recommend adding exposure to the developed int'l space. Below we highlight attractive and actionable themes within developed int'l: • Europe & Japan: Though this is an all-encompassing bottoms-up chart book for developed ex-U.S., make no mistake, the vast majority of today's buy rec...

Dave Nicoski ...
  • Ross LaDuke

Vermilion Int'l Compass: Global Equity Strategy

EU and UK Financials remain actionable Our outlook on global equities (both the MSCI ACWI and ACWI ex-US) remains positive and we continue to expect higher equity prices going forward. Below we highlight several new developments which give us additional confidence in our outlook, including but not limited to continued price and RS improvements for UK/European Financials. • Actionable Sector: Financials. Today's stock recommendations go beyond UK and European Financials, however these regions are the primary focus due to a plethora of attractive setups. In today's report we reiterate our 3/21...

ING
Albert Ploegh, CEFA ...
  • David Vagman, CFA
  • Hans D’Haese
  • Marc Hesselink, CFA
  • Marc Zwartsenburg, CEFA
  • Maxime Stranart
  • Quirijn Mulder
  • Reginald Watson, CFA
  • Stijn Demeester
  • Tijs Hollestelle

Benelux thematic equity research/Covid-19 scenario analysis

The ING Benelux equity research team has performed a Covid-19 scenario analysis in order to provide a reference point for investors and to test if stocks: (a) have been relatively oversold in comparison to their earnings risk; (b) still provide downside risk; and/or have balance issues in a Covid-19 scenario; and (c) could bounce sharply if a vaccine is found; or (d) benefit relatively from the crisis. Our analysis results in lists of stocks that we consider: (1) low earnings risk, with attractive risk-reward; (2) high earnings risk but already heavily sold off; (3) to have downside risk and/o...

Alan Vandenberghe ...
  • Bart Cuypers
  • Guy Sips
  • Jason Kalamboussis
  • Joachim Vansanten
  • Lenny Van Steenhuyse
  • Marcel Achterberg
  • Michiel Declercq
  • Sandra Cauwenberghs
  • Thomas Couvreur
  • Wido Jongman
  • Wim Hoste

Morning Note: ABI BB, AED BB, ATEB BB, BOKA NA, DSM NA, FLOW NA, KBCA BB, MTLS US, MELE BB, MITRA BB, NN NA, RET BB

AB InBev: Issuing $ 6bn Notes Aedifica: Reassuring comments on COVID-19 impact Atenor: Do you dare to take the risk? Boskalis: Covid-19 update with cancellation dividend and SBB DSM: Closing of Glycom acquisition Flow Traders: Making FY2019 revenue in just a few weeks KBC Ancora: Cuts Dividend Materialise: Covid-19 : How 3D printing could save lives Melexis: Withdraws FY20 guidance and final dividend Mithra: COVID-19 update on Donesta phIII, Myring in GE NN Group: Closing VIVAT acquisition, powering ahead Retail Estates: Another COVID-19 update Various: DTPL Update : Barco and HAL in

ING
ING Helpdesk

Benelux Morning Notes

Aalberts: COVID-19 update. Boskalis: COVID-19 Update. B&S Group: COVID-19 update. D'Ieteren: Car registration down 48% in March, VW -39% on COVID-19 lockdown Dutch insurance: Athora injects €400m capital upon VIVAT acquisition completion KBC Ancora: Not paying out a dividend Melexis: Withdraws FY20 guidance, skips final dividend

Bart Cuypers ...
  • Joachim Vansanten
  • Michiel Declercq
  • Ruben Devos
  • Wim Hoste

Morning Note: ABI BB, ACKB BB, CFEB BB, INTO BB, KBCA BB, PROX BB

AB InBev: Clearance for sale of Australian business Ackermans: Cuts FY19 dividend CFE: Cuts dividend and FY20 outlook IO&W: Covid-19 update KBC Ancora: Dividend in June based on KBC Group interim € 1 ps Proximus: Investment spree starts but returns are distant

ING
ING Helpdesk ...
  • Marc Zwartsenburg, CEFA

ING Benelux equities screening/Coronavirus impact

The coronavirus continues to dominate the news headlines and in terms of number of infections has already exceeded the SARS number from 2003. What the impact will be on equity prices is uncertain and very much dependent on how rapidly the virus can be controlled and contained. Meantime, the measures being taken to control the spread are hitting world trade. Although the SARS outbreak saw only a temporary and limited impact, we feel with: (1) China now much more dominant in world trade; (2) faster and broader news distribution and consequent impact of counter-measures; (3) increased global trav...

ING
Suvi Platerink Kosonen

Benelux Bank Green Bonds/Looking for green value

Benelux issuers were the first banks to print euro-denominated green senior unsecured bonds in 2015. Since then the Benelux bank green bond universe has grown to €6bn, with €1,250m issued in 2019 to date. We expect both new issuers and repeat issuers to support the growth of the green bond market. We see value in ABN AMRO green 25s, while the green KBC trades at very tight levels limiting performance potential. The green LeasePlan offers value vs green comps.

ING
Suvi Platerink Kosonen

KBC Group/Green MREL bond in the pipeline/PREFERRED

KBC Group is looking into issuing its first green bond in a euro denominated holding company senior unsecured format. Thus, the bond will be part of the group's MREL buffers. We estimate the group to have a c.€1.2-1.3bn MREL gap versus the 2019 targets. The KBC green bond framework allows for allocating green proceeds into seven different categories closely aligned with other European green bank bonds. In our view, the KBC green bond should be priced in line with the bank's outstanding HoldCo curve, even though we have seen for example Rabobank's green bond trading stubbornly below its grey co...

Ford Equity International Rating and Forecast Report

Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind each recommendation and reflect the fundamental and price data as of the last trading day of the week...

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