Morning Notes : KIN BB, ONTEX BB, UCB BB, UMI BB, DEME BB

: KIN BB, ONTEX BB, UCB BB, UMI BB, DEME BB

Umicore FIRST LOOK: Silicon-anodes JV with HS Hyosung Advance Material...

After more than a decade of R&D efforts on developing silicon carbon composite anode materials for EV batteries, Umicore now believes its technology is ready for industrialization & commercialization and has announced its intention to create a JV with HS Hyosung Advanced Materials. Umicore will retain a minority stake in the JV, which will allow the group to limit expenditure for the roll-out of its anode technology. This approach is very much in sync with the approach taken for the cathode acti...

Benelux Morning Notes

Ageas: AG Real Estate looking to reduce exposure to Interparking, lower capital charges. Air France-KLM: 3Q25 a bit light? ASML: Preview 3Q25, riding the AI wave. Barco: Preview 3Q25, self-help offsets macro headwind. D'Ieteren: Belron starts to roll out static mobile recalibration. Euronext: September's seasonal recovery. Tessenderlo More focus on capital allocation and returns. TomTom: Preview 3Q25, Cost cutting offsets slow markets. Umicore: Gold inventory sale-and-lease-back

Morning Notes : AALB NA, HEIA NA, TESB BB, UMI BB

: AALB NA, HEIA NA, TESB BB, UMI BB

Morning Notes : AGFB BB, OPTI BB, EVS BB, TINC BB, UCB BB, CTPNV NA

: AGFB BB, OPTI BB, EVS BB, TINC BB, UCB BB, CTPNV NA

Wedbush Morning Call - Sep 25 2025 6:56AM

Survey Says... HAE Doc Survey Sheds Light on Commercial State, Pipelin...

Life Sciences Conference 25 Sep 2025

KBC Securities will host its annual life sciences conference on 25 September in Brussels. The event will include 14 exciting companies, both public and private, from the BeNeLux ecosystem and beyond. In this conference note, we provide an overview of the attending companies, as well as an outlook on KBC Securities' life sciences broader coverage.

Morning Notes : TINC BB

: TINC BB

TINC 1H25 Results: Updating our NAV Forecast model

In light of TINC's strong 1H25, we updated our model and projections. In 1H25, the portfolio fair value rose to €649.3m, up 26.8% from FY24-end. This is in line with our expectation of €671.1m for FY25. Long-term portfolio growth assumptions remained roughly the same, taking into account the €110.8m in commitments and an estimated €100.0m in new investments. We anticipate that the current credit facility gives TINC a runway of 3 years. For FY30, we revise our expected NAV from ~€830m or 17.2ps t...

Morning Notes : BFIT NA, TINC BB, WDP BB

: BFIT NA, TINC BB, WDP BB

Wedbush Morning Call - Aug 22 2025 6:54AM

IONS Read Throughs: Dawnzera Enters HAE Market, See Orladeyo Holding S...

Pharvaris 2Q25 update shows all is on track, on-demand phase 3 readout...

Pharvaris reported 2Q25 results showing no major surprises and confirming previously communicated timelines, with the next key milestone being topline results from the phase 3 trial of deucrictibant (B2R antagonist, oral tablet) in on-demand HAE in 4Q25 – we are confident in a positive outcome. The company reported a cash position of $ 200m (YE24: $281m), which was supplemented by $ 201m in a public offering in July 2025, providing Pharvaris with a cash runway into 1H27. We continue to see Pharv...

Wedbush Morning Call - Aug 13 2025 7:00AM

Morning Notes : DECB BB, SHUR BB, AUTL US, PHVS US

: DECB BB, SHUR BB, AUTL US, PHVS US

Rapidly Approaching Pivotal Readout With RAPIDe-3 Study On Track

Holdings Report - July 2025 KBCS Holdings Universe Returns -0.5% Durin...

1M Performance - Absolute Total Return: During Jul'25 (1M period), the KBCS Holdings Universe posted a total return of -0.5% which was mainly driven by the performance of the multi-asset holdings (-0.9%), while the single-asset holdings posted a return of +0.4%. The 3 top performers during the period were Financière de Tubize (+11.7%), KBC Ancora (+9.4%) and Quest For Growth (+5.5%) while the 3 worst performers were Brederode (-6.4%), Heineken Holding (-5.0%) and D'Ieteren Group (-4.7%). YTD Pe...