Besi: Cyclical recovery is on; Hybrid Bonding adoption is accelerating

Besi is at an inflection point. Yesterday’s preannouncement confirms that visibility on the recovery in mainstream packaging is materializing. At the same time, confidence in hybrid bonding adoption continues to build. For our latest perspective on the stock, please see the note below.

BE Semiconductor Industries N.V: 1 director

A director at BE Semiconductor Industries N.V sold 500 shares at 150.000EUR and the significance rating of the trade was 56/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. The...

Besi 3Q25: Mainstream recovery sets up a strong 2026. Buy, €170.

DSM-Firmenich Biting the ANH bullet

The long awaited divestment of ANH disappointed on deal value (EV € 2.2bn, including a potential earn-out of up to € 0.5bn), but creates a group with a much more comprehensive activity and earnings profile. We still appreciate dsm-firmenich for its broad portfolio and market leading positions in consumer-oriented businesses in Nutrition, Health and Beauty. We remind that we have already lowered our target price upon the ANH divestment announcement last week so we maintain our current € 82 target price and Accumulate rating.

Morning Notes : DSFIR NA, RET BB

: DSFIR NA, RET BB

Retail Estates 9m25/26 results, hit by Dutch Tax bill and Bankruptcies

NRI 9m25/26 amounts to €108.7m, +2.4% YoY vs. our expectation of €108.8m. The lfl growth amounted to 2.1%. EPRA EPS came in at €4.57, -2.97% YoY vs. €4.77 expected. The EPS was diluted by the stock dividend that raised €18m and added 2.2% to the share count (35% acceptance). The statement also mentions a 1.9m impact from the Dutch FBI abolition. We believe that the bankruptcies of Leen Bakker and Carpet Right also weighed on the operational results. Despite many bankruptcies, occupancy remained relatively stable at 97.79%, an improvement from last March at 97.26%. The debt ratio decreased to 4...