Report
Alexander Makar ...
  • Guy Sips
  • Jan Opdecam
  • Jason Kalamboussis

KBC Securities Morning Note 10-10-2018 ASRNL NA, HOMI BB, QRF BB, VAN BB

ASR: New 3 sets of 3 targets for 2019-21
Home Invest Belgium: New CEO assigned
Qrf: Divestment of 4 retail assets
Van de Velde: Lower TP as fashion retailing isn’t getting any easier
Underlyings
ASR Nederland NV

ASR Nederland NV is a multiline insurance company based in the Netherlands. The Company operates through six segments: Non-Life, comprising non-life insurances, including motor vehicle, fire, travel and leisure, transport, liability, agricultural, construction motorized vehicles and construction all risk and assistance insurance products, among others; Life, offering insurance policies that involve asset-building, asset protection, term life insurance and funeral expenses for consumers and business owners; Banking and Asset Management, providing banking activities and activities related to asset management, including investment property management; Distribution and Services, including the distribution of insurance contracts and intermediary services; Holding and Other, providing primarily holding activities of the Company, as well as Real Estate Development, specialized in the development of real estate properties. The Company operates in the Netherlands and internationally.

PT Alam Sutera Realty Tbk

PT Alam Sutera Realty is a property development company. Co. is engaged in the construction and management of residential area, commercial areas, industrial areas, and also the management of shopping centers, recreation centers and hospitality (mixed used development).

QRF Comm

Qrf Comm VA. QRF Comm. VA, formerly known as Qrf CVA, is a Belgium-based Real Estate Investment Trust. The Company is specialized in the niche market of retail properties. QRF Comm. VA invests in commercial real estate throughout Belgium and the Netherlands.

Van De Velde S.A.

Van de Velde creates, produces and sells luxury women's lingerie under its own brand names. Co.'s brands are Marie Jo – 'Haute Lingerie' which provides timeless underwear fashion for the woman in all her forms; Marie Jo L'Aventure – 'Lingerie Pure' which provides Graphic luxury lingerie for the young-at-heart woman; and PrimaDonna – 'Exigez l'excellence' which provides luxury lingerie that combines a fit with fashion. Co. operates in a single reporting business segment, which is the production and sale of luxury lingerie. Co. reports its opeStefaan Vandammerations based on the geographical location of customers divided into euro zone and non euro zone.

Provider
KBC Securities
KBC Securities

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Analysts
Alexander Makar

Guy Sips

Jan Opdecam

Jason Kalamboussis

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