Report
Alan Vandenberghe ...
  • Bart Cuypers
  • Guy Sips
  • Joachim Vansanten
  • Ruben Devos

Morning Note: ACKB BB, CFEB BB, HEIJM NA, LOTB BB, ROU BB, SIP BB

Ackermans: CN – Despite the banks, banking on CFE
CFE: CN – Growth-ORIONted Leader
Heijmans: New € 61m contract for Liander
Lotus Bakeries: BEAR in mind, you must break eggs to make an omelet
Roularta: 1H19 results in line with expectations
Sipef: Tough 1H resulting in a loss
Dynamic Top Pick List: Adding CFE to Dynamic Top Pick List
Underlyings
Ackermans & van Haaren NV

Ackermans & Van Haaren is an investment company. Co. operates in five sectors: Marine Engineering & Infrastructure, which includes DEME NV, a dredging and marine company; Private Banking, which includes BDM NV - Continentale Verzekeringen NV (ASCO NV), which focuses on marine and industrial insurance via brokers; Real Estate, Leisure & Senior Care, which includes Extensa Group NV, a real estate developer; Energy & Resources, which includes Telemond Group, a supplier to the crane and automotive industry; and Development Capital, which is engaged in ICT and engineering, retail and distribution, real estate development, and media and printing.

Compagnie d'Entreprises CFE SA

CFE is engaged in civil engineering, buildings and industrial construction, dredging works and electrical installations. Co. is also engaged in property development, environmental protection and building management. Co.'s works carried on by Co.'s civil engineering group includes the following: hydraulic engineering, harbor works, bridges, and other engineering works, tunnels, road construction, dams, storage tanks, piping and drainage and caissons sunken soft soil. Co.'s buildings and industrial construction sector is active in the following fields: administrative buildings, industrial construction, public utility buildings, redevelopment, and residential buildings.

Heijmans N.V. Cert,

Heijmans is a property development, infrastructure and services company. Co. provides full-service solutions from concept and design through to maintenance and management. Co. focuses its activities on three market areas: residential, non-residential and infrastructure. Within these areas, Co. is engaged in five sectors: Property Development, Residential Building, Non-Residential, Roads and Civil Engineering (infrastructure). Co's activities in Belgium include property development, building and infrastructure. In Germany, Co. is active in the infrastructure business. In Belgium, Co. specialises in service and new-build infrastructure contracts in relation to energy, water and electricity.

Lotus Bakeries NV

Lotus Bakeries is a bakery group based in Belgium. Co. produces and sells bakery products under the Lotus, Peijnenburg and Annas brand names. Co. focuses on authentic specialties from the biscuit and cake world: original caramelized biscuits (Biscoff), gingerbread, cake specialties, waffles and pepparkakor biscuits. Co. maintains production facilities in Belgium, the Netherlands, France and Sweden. Co. maintains its own sales organizations and cooperates with commercial partners in approximately 10 European countries including the United States, Hong Kong, China, South Korea and Chile.

Roularta Media Group N.V.

Roularta Media Group NV (RMG) is a Belgium-based company engaged in the publication and printing of news and magazines, newspapers and free sheets, as well as in the audiovisual media and electronic publishing. For the wider public, RMG produces free sheets, open network television (TV), radio and the Vlan.be Internet site. For special target groups, RMG produces magazines, a news TV station and portal sites. Its printed media business includes the sale of all printed publications, such as free sheets, newspapers, magazines, newsletters, books and related services. its audiovisual media business comprises advertising on TV and radio, production and broadcasting, as well as all related services. In addition, through bvba Bright Communication and bvba Bright Communication Antwerpen, the Company organizes STERCK. networking events and publishes STERCK. magazine.

SIPEF group

Sipef is a holding company. Through its subsidiaries and associated companies, Co. is primarily engaged in the development and production of sundry commodities, including palm oil, palm kernels, tea, tropical fruits and flowers, bananas, pineapples, ornamental plants, guava, pepper and natural rubber. Palm oil, which is Co.'s most important commodity, is used within the cosmetics industry, in soaps and detergents, as a supplement to cattle and poultry feed, for production of protein, and for several other purposes. In addition, Co. provides management, marketing and consultancy services in the agro-industry.

Provider
KBC Securities
KBC Securities

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Analysts
Alan Vandenberghe

Bart Cuypers

Guy Sips

Joachim Vansanten

Ruben Devos

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