NIBC Holding NV is a Netherlands-based merchant bank with a focus on the mid-cap segment in Western Europe. NIBC offers corporate finance, risk management and investment management solutions to corporate and financial institutions, institutional investors, financial sponsors and family offices. The Bank's activities are centered on two main pillars. The Merchant Banking business offers advisory, financing and co-financing services to businesses in the technology, manufacturing and food, agricultural and retail sectors in the Benelux and Germany. The Specialised Finance pillar offers asset and project financing services to a range of business sectors, including the shipping, oil & gas services, infrastructure & renewables and commercial real estate sectors. The Company also provides Treasury services. As of December 31, 2010, the Bank owned direct and indirect subsidiaries in the Netherlands, the United States, Germany and Singapore, including NIBC Bank NV.
In FICC (Fixed Income, commodities and Currencies) Research, we offer niche EM expertise, especially in EMEA. We are the go-to bank for Benelux issues, from regulations to rates to a Benelux credit focus. We have developed top notch covered bonds research, and have niche offerings in money markets, rate derivatives and European high yield. We overlay this with a global offering in macro, FX, commodities research and technical analysis. Europe is a key focus for us, but our global sphere extends to the Americas and Asia, in areas where we have selected DM & EM edges. Our analysts provide both written output and conference calls, but also travel the world to provide face-to-face presentations.
ING’s Equity Research team provides in-depth research on over 120 companies in the BeNeLux region, offering both breadth and depth of stock coverage. In addition to investment recommendations, our analysts offer thematic research, proprietary data points. insights into industry trends and unique valuation perspectives. ING’s Equity Research team was ranked the #1 Country Research team in the BeNeLux region in 2017 by the Extel Survey. Next to this, ING is the only bank to have been involved in all the BeNeLux IPOs in 2017. ING has the largest equities team focussed on Benelux listed securities and is the only Benelux broker with sales and research operations in both Amsterdam and Brussels and a sales hub in New York.
Financials Rabobank earnings sink with higher impairments, CET1 ratio gets support from regulatory relief NIBC sees its loan quality weaken, strong capital metrics provide support Consumers Carlsberg publishes interim results and new FY outlook: CARLB2.5 5/24 preferred
AkzoNobel: 33% beat on 2Q20 REBIT to lead to 5-10% consensus upgrades. Benelux insurance: Adverse impact on Group SII ratio from inclusion of Bank activities. BE Semiconductor Industries: 2Q20 preview - momentum building. Econocom: More good news on 1H20. NIBC: Agreement on amended offer price
Covered bonds have seen an impressive spread retightening after the Covid-19 crisis resulted in a substantial widening of spreads in March. However, for most countries spreads have not yet fully returned to their end of 2019 levels. This is among others for Slovakian covered bonds a reason for our overweight call.
The new season will hardly bring fresh support to the USD, which could rejoin its summer bear-trend next week. This should help the EUR survive the Sept. PMI read as markets move on to the EU summit. Demand for Chinese assets could add fuel to the EM FX rally, while central bank meetings in NZ, Sweden, Switzerland and Norway should have low surprise potential
The performance of a.s.r. over 1H20 can be characterized as resilient. The overall impact of Covid-19 was a modest -â‚¬3m showing the quality of its non-life portfolio and the diversified model. Organic capital creation (OCC) surprised on upside with a â‚¬500m 2021 target potentially in sight for FY20. We maintain our BUY rating and increase our target price to â‚¬36.5. Our target price represents c.10% OCC yield and 7.5% total capital return yield (incl. SBB of â‚¬75m or 1.5% yield). In our Benelux insurance coverage, we continue to prefer NN Group (on the ING Benelux Favourites list).
Continued volatility (at the start of 2Q20 in particular) helped Flow to record another solid quarter, albeit considerably down vs. an exceptional 1Q20. We revise up our 2021F and 2022F NTI slightly, to reflect an improving US ecosystem. Flow declared a record interim dividend of â‚¬4.00 per share (INGF: â‚¬4.21). Flow's strong pay-out track record (INGF: 65% pay-out ratio) means that we see a total dividend of c.â‚¬6.57 as feasible, with final DPS yield at c.8% for 2020F. Flow Traders remains on the ING Benelux Favourites list.
AEGON provided a clear message that for the time being shareholders come second to strengthening the balance sheet (deleveraging, improving risk profile). This means a dividend rebase with a â€˜floor' at â‚¬0.12 per share. To accelerate the path to dividend normalisation this requires in our view clear management actions, including asset disposals with the most likely candidate HNWI activities in Asia. We set our TP at â‚¬2.40, 5% near-term yield. This looks rich in a Benelux insurance context with 8-10% yields, showing we are willing to look beyond 2020.
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