KBC Securities

We are a financial services provider for several types of professional clients, each with distinct needs.

 

Jason Kalamboussis ...
  • Joachim Vansanten
  • Lenny Van Steenhuyse
  • Sandra Cauwenberghs
  • Wido Jongman
  • Wim Hoste

MORNING NOTE : AGS BB, CYAD BB, CRBN NA, DECB BB, FAGR BB, GLPG NA, HYL BB, MDXH BB, MONT BB, VGP BB

Please find today's news on the following companies : Ageas : 2Q reinforces our positive view, upgrading to BUY Celyad : 1H20 - update on covid impact and cash at € 27m Corbion : Better than expected 2Q, FY margin guidance upped Deceuninck : Preview 1H: revenue -11% and adj EBITDA -18% Fagron : Resilient, defensive, growing: a valuable combo Galapagos : 1H20 results: Filgotinib phase III trials resumed Hyloris : Creating value through complex drug reformulation MDxHealth : Hickup in SelectMDx Medicare coverage trajectory Montea : Strong HY results indicate solid earnings power VGP : From Buy ...

Lenny Van Steenhuyse ...
  • Sandra Cauwenberghs

HYLORIS - Initiation 07.08.20 - Creating value through complex drug reformulation

Today we initiate coverage on Hyloris Pharmaceuticals, an early-stage innovative specialty branded pharma company focused on adding value through the reformulation of well-known pharmaceutical drugs. As such it fills a gap in the healthcare system that has been left unaddressed by large pharma companies. Target price of € 11.5/share and Buy rating

Alan Vandenberghe ...
  • Bart Cuypers
  • Jason Kalamboussis
  • Joachim Vansanten
  • Lenny Van Steenhuyse
  • Thomas Couvreur
  • Wido Jongman

MORNING NOTE : EURN BB, ENX FP, FAGR BB, FUR NA, INGA NA, NN NA, SBMO NA, VGP BB, XIOR BB

Euronav : Record 2Q20 results in line Euronext : July trading volumes Fagron : Continuation of the COVID trend in 2Q20. Fugro : Review investment case ING : 2Q: new CEO draws the line on LLPs NN Group : 2Q comfortable beat, resuming SBB, pays FY19 divi SBM Offshore : Strong operational 1H20 performance VGP : HY net profit expectations in line with forecasts Xior : 1HY20 results – slightly better than expected Various : DTPL update

Alan Vandenberghe ...
  • Guy Sips
  • Jason Kalamboussis
  • Joachim Vansanten
  • Lenny Van Steenhuyse
  • Michiel Declercq
  • Ruben Devos
  • Sandra Cauwenberghs
  • Wido Jongman
  • Wim Hoste

DYNAMIC TOP PICK LIST - UPDATE

Today we update our Dynamic Top Pick List : • We ADD : Orange Belgium (added 24/7/20) • We REMOVE : UCB (removed 28/7/20) • We KEEP : AB Inbev, Ahold Delhaize, Barco, Basic-Fit, Hal Trust, NN Group, VGP, WDP, Care Property Invest, Recticel and Inventiva. Since inception our DTPL is down 1.9%, which represents an outperformance of 4.13%, 13.20% and 8.97% compared to the AEX, BEL20 and SX5E respectively. In July, our list underperformed only the SX5E. On average we outperformed the benchmarks by 0.49%. During the month we had a very solid performance of : WDP, Recticel and Ahold Delhaize.

Alan Vandenberghe ...
  • Bart Cuypers
  • Ruben Devos
  • Sandra Cauwenberghs
  • Thomas Couvreur
  • Wim Hoste

Morning Note: AD NA, AKA FP, ARCAD NA, BPOST BB, CRBN NA, GVNV NA, UCB BB, WKL NA

Ahold Delhaize: Stunning 2Q numbers AKKA: Trough in auto likely behind us / TP cut to € 30 Arcadis: ALENgering issue resolved bpost: 2Q: ridiculously strong PaLo performance Corbion: Preview 2Q: expected to show resilience GrandVision: Weak 2Q20 as expected UCB: Cimzia EU label extension for axSpA dose reduction Wolters Kluwer: 1H20: strong cost control resulting in CSS beat

Jason Kalamboussis ...
  • Joachim Vansanten
  • Lenny Van Steenhuyse
  • Sandra Cauwenberghs
  • Wido Jongman
  • Wim Hoste

MORNING NOTE : AGS BB, CYAD BB, CRBN NA, DECB BB, FAGR BB, GLPG NA, HYL BB, MDXH BB, MONT BB, VGP BB

Please find today's news on the following companies : Ageas : 2Q reinforces our positive view, upgrading to BUY Celyad : 1H20 - update on covid impact and cash at € 27m Corbion : Better than expected 2Q, FY margin guidance upped Deceuninck : Preview 1H: revenue -11% and adj EBITDA -18% Fagron : Resilient, defensive, growing: a valuable combo Galapagos : 1H20 results: Filgotinib phase III trials resumed Hyloris : Creating value through complex drug reformulation MDxHealth : Hickup in SelectMDx Medicare coverage trajectory Montea : Strong HY results indicate solid earnings power VGP : From Buy ...

Lenny Van Steenhuyse ...
  • Sandra Cauwenberghs

HYLORIS - Initiation 07.08.20 - Creating value through complex drug reformulation

Today we initiate coverage on Hyloris Pharmaceuticals, an early-stage innovative specialty branded pharma company focused on adding value through the reformulation of well-known pharmaceutical drugs. As such it fills a gap in the healthcare system that has been left unaddressed by large pharma companies. Target price of € 11.5/share and Buy rating

Alan Vandenberghe ...
  • Bart Cuypers
  • Jason Kalamboussis
  • Joachim Vansanten
  • Lenny Van Steenhuyse
  • Thomas Couvreur
  • Wido Jongman

MORNING NOTE : EURN BB, ENX FP, FAGR BB, FUR NA, INGA NA, NN NA, SBMO NA, VGP BB, XIOR BB

Euronav : Record 2Q20 results in line Euronext : July trading volumes Fagron : Continuation of the COVID trend in 2Q20. Fugro : Review investment case ING : 2Q: new CEO draws the line on LLPs NN Group : 2Q comfortable beat, resuming SBB, pays FY19 divi SBM Offshore : Strong operational 1H20 performance VGP : HY net profit expectations in line with forecasts Xior : 1HY20 results – slightly better than expected Various : DTPL update

Alan Vandenberghe ...
  • Guy Sips
  • Jason Kalamboussis
  • Joachim Vansanten
  • Lenny Van Steenhuyse
  • Michiel Declercq
  • Ruben Devos
  • Sandra Cauwenberghs
  • Wido Jongman
  • Wim Hoste

DYNAMIC TOP PICK LIST - UPDATE

Today we update our Dynamic Top Pick List : • We ADD : Orange Belgium (added 24/7/20) • We REMOVE : UCB (removed 28/7/20) • We KEEP : AB Inbev, Ahold Delhaize, Barco, Basic-Fit, Hal Trust, NN Group, VGP, WDP, Care Property Invest, Recticel and Inventiva. Since inception our DTPL is down 1.9%, which represents an outperformance of 4.13%, 13.20% and 8.97% compared to the AEX, BEL20 and SX5E respectively. In July, our list underperformed only the SX5E. On average we outperformed the benchmarks by 0.49%. During the month we had a very solid performance of : WDP, Recticel and Ahold Delhaize.

Alan Vandenberghe ...
  • Bart Cuypers
  • Ruben Devos
  • Sandra Cauwenberghs
  • Thomas Couvreur
  • Wim Hoste

Morning Note: AD NA, AKA FP, ARCAD NA, BPOST BB, CRBN NA, GVNV NA, UCB BB, WKL NA

Ahold Delhaize: Stunning 2Q numbers AKKA: Trough in auto likely behind us / TP cut to € 30 Arcadis: ALENgering issue resolved bpost: 2Q: ridiculously strong PaLo performance Corbion: Preview 2Q: expected to show resilience GrandVision: Weak 2Q20 as expected UCB: Cimzia EU label extension for axSpA dose reduction Wolters Kluwer: 1H20: strong cost control resulting in CSS beat

Bart Cuypers

Morning Note: Dutch Construction

Construction & Materials: Dutch construction: update on nitrogen issue

KBC Securities Morning Note 25-1-2019 ABI BB, BAMNB NA, BPOST BB, EURN BB, HEIJM NA, IBAB BB, OBEL BB, QFG BB, SIP BB, SLIGR NA

AB InBev: $ 16.3bn bonds tendered in offer BAM Group: Small investment in Irish modular homes bpost: Changes to the executive committee Euronav: 4Q18 Conf call feedback Heijmans: Provisional AMC contract of € 68.5m IBA: IBA comments on Belgian KCE report Orange Belgium: Take on promotional video Michael Trabbia Quest for Growth: FY18 Results, NAV at € 7.12 p.s., down 33.5% y/y Sligro: Feedback Analyst Meeting

EURONAV - KBC Securities Company Note 11-12-2018 - Copper bottomed and ready for market uptake EURN BB

We like Euronav for its conservative balance sheet, rejuvenated (merged) fleet and strong VLCC exposure, allowing it to fully profit from a potential market uptake. Euronav is the listed pure play VLCC operator, owning 6% of a very fragmented market with a fleet consisting of 43 VLCCs and 26 Suezmaxes. Freight rates were still challenging in Q3 but improved vs Q2 which is against normal seasonal movement. In recent weeks we have seen rates reaching the highest point since 2016. Given Euronav’s operational leverage, the disruption IMO2020 will bring and market momentum we upgrade our recommenda...

ASIT biotech: Pilot production unit established Boskalis: Ostwind 2 € 250m cable laying contract win MDxHealth: Final US license for SelectMDx Umicore: Lowering 2H forecasts

KBC Securities Morning Note 6-11-2018 AGFB BB, INTO BB, OXUR BB, SLIGR NA, SOLB BB

Agfa: 3Q18 preview IO&W: Expanding logistics site at Eindhoven Airport Oxurion: Expanding the pipeline with Beta for dry AMD Sligro: Time for a break Solvay: 3Q18E: expect rather uninspiring quarter

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