reports
- Jacob Mekhael
- Michiel Declercq
- Thomas Vranken
Life Sciences Conference 26.09.2024
This conference booklet is your guide to our Life Sciences Conference set to take place on Thursday, 26 September 2024 at our historic building at Grand Place in Brussels. This event offers the possibility to have one-on-one meetings and/or join pitch sessions with the following companies and their top management: Public: AUTOLUS | GALAPAGOS | HYLORIS | INVENTIVA | MAAT PHARMA | ONWARD MEDICAL | SEQUANA MEDICAL | UCB | ZEALAND PHARMA Private: CONFO TX | MRM HEALTH | PANTERA | SKYLINE DX
- Francesca Ferragina
Cofinimmo/Just a cloud away/BUY (previously Hold)
We take a fresh look at Cofinimmo, raising our target price to €76.5 (from €71.0) and upgrading from Hold to BUY. We think the strong effort on disposals and the firm stance on dividend over the last 2 years are both shareholder friendly and epitomise “self-help”. We expect LTV to be at c.43-44% by year-end - newsflow on sales will accelerate until December, with many deals currently under negotiation, and the c.€270m disposals ambition has been recently reiterated. Deleveraging is expected to ...
- Hilde Van Boxstael
- Jacob Mekhael
- Michiel Declercq
- Wim Lewi
- ING Helpdesk
Benelux Morning Notes
ING Benelux Conference London: Aalberts, Arcadis, Azelis, Barco, Basic-Fit, Brunel International, DEME Group, Euronext, Fagron, Heijmans, Kinepolis, Lotus Bakeries, Melexis, Ontex, Randstad, Recticel, SBM Offshore, TKH Group, Van Lanschot Kempen Other company stories - OCI: Divestment of Methanol to Methanex for US$2.05bn, Staffing: US August temp volumes marginally better trend; NFP jobs miss
BFIT BASIC-FIT NV
SBMO SBM OFFSHORE NV
FAGR FAGRON SA
RAND RANDSTAD NV
LOTB LOTUS BAKERIES NV
REC RECTICEL SA
HEIJM HEIJMANS N.V. CERT
VLK
ARCAD VAN LANSCHOT KEMPEN NV CERT. OF SHS
AALB ARCADIS NV
OCI AALBERTS N.V.
BRNL OCI NV
ONTEX BRUNEL INTERNATIONAL N.V.
MELE ONTEX GROUP N.V.
TWEKA MELEXIS NV
KIN TKH GROUP N.V. CERT
BAR KINEPOLIS GROUP NV
AZE BARCO NV
DEME AZELIS GROUP NV
DEME GROUP NV
SCHP SECHE ENVIRONNEMENT
AMS AMS AG
CRI CHARGEURS SA
POM PLASTIC OMNIUM SE
FGA FIGEAC AERO SA
GLO GL EVENTS SA
ELG ELMOS SEMICONDUCTOR SE
TPE PVA TEPLA AG
SOI SOITEC SA
ASM ASM INTERNATIONAL N.V.
AIXA AIXTRON SE
PFV PFEIFFER VACUUM TECHNOLOGY AG
ATS AT & S AUSTRIA TECHNOLOGIE & SYSTEMTECHNIK AKTIENGESELLSCHAFT
KENDR KENDRION NV
CPINV CARE PROPERTY INVEST SA
WAF SILTRONIC AG
MELE MELEXIS NV
SMHN SUESS MICROTEC AG
VLTSA VOLTALIA
VACN VAT GROUP AG
XFAB X-FAB SILICON FOUNDRIES SE
ASML ASML HOLDING NV
STM STMICROELECTRONICS NV
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
ALKAL KALRAY SA
JEN JENOPTIK AG
ARM ARM HOLDINGS PLC
SCHP SECHE ENVIRONNEMENT
AMS AMS AG
CRI CHARGEURS SA
POM PLASTIC OMNIUM SE
FGA FIGEAC AERO SA
GLO GL EVENTS SA
ELG ELMOS SEMICONDUCTOR SE
TPE PVA TEPLA AG
SOI SOITEC SA
ASM ASM INTERNATIONAL N.V.
AIXA AIXTRON SE
PFV PFEIFFER VACUUM TECHNOLOGY AG
ATS AT & S AUSTRIA TECHNOLOGIE & SYSTEMTECHNIK AKTIENGESELLSCHAFT
KENDR KENDRION NV
CPINV CARE PROPERTY INVEST SA
WAF SILTRONIC AG
MELE MELEXIS NV
SMHN SUESS MICROTEC AG
VLTSA VOLTALIA
VACN VAT GROUP AG
XFAB X-FAB SILICON FOUNDRIES SE
ASML ASML HOLDING NV
STM STMICROELECTRONICS NV
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
ALKAL KALRAY SA
JEN JENOPTIK AG
ARM ARM HOLDINGS PLC
AMS AMS AG
VNA VONOVIA SE
ELG ELMOS SEMICONDUCTOR SE
TPE PVA TEPLA AG
SOI SOITEC SA
ASM ASM INTERNATIONAL N.V.
AIXA AIXTRON SE
PFV PFEIFFER VACUUM TECHNOLOGY AG
ATS AT & S AUSTRIA TECHNOLOGIE & SYSTEMTECHNIK AKTIENGESELLSCHAFT
LEG LEG IMMOBILIEN AG
WAF SILTRONIC AG
MELE MELEXIS NV
SMHN SUESS MICROTEC AG
VACN VAT GROUP AG
XFAB X-FAB SILICON FOUNDRIES SE
ASML ASML HOLDING NV
BIM BIOMERIEUX SA
STM STMICROELECTRONICS NV
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
ALKAL KALRAY SA
JEN JENOPTIK AG
ML COMPAGNIE GENERALE DES ETABLISSEMENTS MICHELIN
ARM ARM HOLDINGS PLC
AMS AMS AG
VNA VONOVIA SE
ELG ELMOS SEMICONDUCTOR SE
TPE PVA TEPLA AG
SOI SOITEC SA
ASM ASM INTERNATIONAL N.V.
AIXA AIXTRON SE
PFV PFEIFFER VACUUM TECHNOLOGY AG
ATS AT & S AUSTRIA TECHNOLOGIE & SYSTEMTECHNIK AKTIENGESELLSCHAFT
LEG LEG IMMOBILIEN AG
WAF SILTRONIC AG
MELE MELEXIS NV
SMHN SUESS MICROTEC AG
VACN VAT GROUP AG
XFAB X-FAB SILICON FOUNDRIES SE
ASML ASML HOLDING NV
BIM BIOMERIEUX SA
STM STMICROELECTRONICS NV
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
ALKAL KALRAY SA
JEN JENOPTIK AG
ML COMPAGNIE GENERALE DES ETABLISSEMENTS MICHELIN
ARM ARM HOLDINGS PLC
- Martin Marandon-Carlhian
- Stephane Houri
ODDO : Semiconductor sales in July 2024 in line with forecasts, still ...
>Worldwide sales in July 2024 in line with our forecasts +18.7% y-o-y vs +18.5% in June - Worldwide semiconductor sales in July 2024 were published by the WSTS (World Semiconductor Trade Statistics) with the usual one-month lag. In terms of the 3-month moving average, sales were $ 51.3bn, in line with our estimate, i.e. +2.5% on a sequential basis and y-o-y growth of +18.7%, after 18.5% in June.Continued strong growth in memory thanks to prices, a slight...
AMS AMS AG
ELG ELMOS SEMICONDUCTOR SE
TPE PVA TEPLA AG
SOI SOITEC SA
ASM ASM INTERNATIONAL N.V.
AIXA AIXTRON SE
PFV PFEIFFER VACUUM TECHNOLOGY AG
ATS AT & S AUSTRIA TECHNOLOGIE & SYSTEMTECHNIK AKTIENGESELLSCHAFT
WAF SILTRONIC AG
MELE MELEXIS NV
SMHN SUESS MICROTEC AG
VACN VAT GROUP AG
XFAB X-FAB SILICON FOUNDRIES SE
ASML ASML HOLDING NV
STM STMICROELECTRONICS NV
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
ALKAL KALRAY SA
JEN JENOPTIK AG
ARM ARM HOLDINGS PLC
- Martin Marandon-Carlhian
- Stephane Houri
ODDO : Ventes de semi-conducteurs de juillet 2024 en ligne avec nos at...
>Ventes mondiales de juillet 2024 en ligne avec nos attentes à +18.7% yoy vs +18.5% en juin - Les ventes mondiales de semiconducteurs de mai 2024 ont été publiées par WSTS (World Semiconductor Trade Statistics), avec (comme toujours) un mois de décalage. En donnée lissées (moyenne de 3 mois), elles ressortent à 51,3 Md$, en ligne avec notre prévision, à +2.5% en séquentiel et en croissance annuelle de +18.7%, après 18.5% en juin.Poursuite de la forte cr...
AMS AMS AG
ELG ELMOS SEMICONDUCTOR SE
TPE PVA TEPLA AG
SOI SOITEC SA
ASM ASM INTERNATIONAL N.V.
AIXA AIXTRON SE
PFV PFEIFFER VACUUM TECHNOLOGY AG
ATS AT & S AUSTRIA TECHNOLOGIE & SYSTEMTECHNIK AKTIENGESELLSCHAFT
WAF SILTRONIC AG
MELE MELEXIS NV
SMHN SUESS MICROTEC AG
VACN VAT GROUP AG
XFAB X-FAB SILICON FOUNDRIES SE
ASML ASML HOLDING NV
STM STMICROELECTRONICS NV
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
ALKAL KALRAY SA
JEN JENOPTIK AG
ARM ARM HOLDINGS PLC
- Guy Sips
- Jacob Mekhael
- Kristof Samoy
- Lynn Hautekeete
- Michiel Declercq
- Sharad Kumar S.P
- Thibault Leneeuw
- Thomas Couvreur
- Thomas Vranken
- Wim Hoste
- Wim Lewi
Dynamic Top Pick List Update September 2024 –Cofinimmo & Kinepolis in;...
In this September update of our Dynamic Top Pick List we make 4 changes. •We include Cofinimmo in our Dynamic Top Pick List after our recent upgrade from Accumulate to Buy. We expect the name to outperform in a decreasing interest rate environment given its relatively high leverage and cheap valuation. We also believe the risk of a dilutive equity raise eased when the FY24 capex decreased from € 320m to € 250m. The management stays disciplined in its capex program and continues to focus on asse...
BEKB BEKAERT SA
ABN ABN AMRO BANK NV DEPOSITARY RECEIPTS
FAGR FAGRON SA
EVS EVS BROADCAST EQUIPMENT SA
XIOR XIOR STUDENT HOUSING N.V.
SOLB SOLVAY SA
COFB COFINIMMO SA
DIE D'IETEREN SA
SOF SOFINA SA
VAN VAN DE VELDE S.A.
IBAB ION BEAM APPLICATIONS SA
ACKB ACKERMANS & VAN HAAREN NV
CPINV CARE PROPERTY INVEST SA
KIN KINEPOLIS GROUP NV
TINC TINC COMM. VA
FUR FUGRO NV
SYENS SYENSQO
- Lynn Hautekeete
Cofinimmo An interesting interest rate play
In this company note we upgrade Cofinimmo from Accumulate to Buy. We expect the name to outperform in a decreasing interest rate environment given its relatively high leverage and cheap valuation. We also believe the risk of a dilutive equity raise eased when the FY24 capex decreased from EUR 320m to EUR 250m. The management stays disciplined in its capex program and continues to focus on asset rotation. By taking into account similar fair value corrections as 1H24, we forecast the YE24 debt rat...
- Hilde Van Boxstael
- Lynn Hautekeete
- Wim Lewi
- Lynn Hautekeete
- Wim Lewi
- Roy Külter
- Steven Boumans
INTO INTERVEST OFFICES & WAREHOUSES SA
XIOR XIOR STUDENT HOUSING N.V.
COFB COFINIMMO SA
VASTN VASTNED RETAIL NV
MONT MONTEA SCA
AED AEDIFICA SA
CPINV CARE PROPERTY INVEST SA
VGP VGP NV
NSI NSI N.V.
WDP WAREHOUSES DE PAUW SCA
ECMPA EUROCOMMERCIAL PROPERTIES NV
EBUS EBUSCO HLDG NV
CTPNV CTP NV
- Roy Külter
- Steven Boumans
INTO INTERVEST OFFICES & WAREHOUSES SA
XIOR XIOR STUDENT HOUSING N.V.
COFB COFINIMMO SA
VASTN VASTNED RETAIL NV
MONT MONTEA SCA
AED AEDIFICA SA
CPINV CARE PROPERTY INVEST SA
VGP VGP NV
NSI NSI N.V.
WDP WAREHOUSES DE PAUW SCA
ECMPA EUROCOMMERCIAL PROPERTIES NV
EBUS EBUSCO HLDG NV
CTPNV CTP NV
- Gerardo Ibanez
- Roy Külter
- Steven Boumans
ODDO : Dutch transfer tax to be reduced to 8%, supporting NAV and LTVs...
>Dutch real estate transfer tax to be reduced from 10.4% to 8% - The Dutch government will reduce the transfer tax for commercial buyers to 8%, according to leaked documents that newspaper De Telegraaf released. This is still more than the 6% it was before 2021, but less than the current 10.4%. The budget has now been sent to the Council of State. On “Prinsjesdag”, September 17, the House of Representatives will officially receive the plans, and the budget will be mad...
- Hilde Van Boxstael
- Thomas Couvreur
- Thomas Vranken
- Thomas Vranken
Hyloris FIRST LOOK: Pipeline extends into veterinary medicine
Hyloris adds a new asset to the pipeline that is geared toward veterinary medicine. HY-095 is long-acting injectable formulation of a well-known proton pump inhibitor for the treatment of equine gastric ulcer syndrome, allowing more reliable drug delivery and lower dosing frequency vs. existing orals. Together with its partner, Hyloris will fund development costs and manage clinical trials in exchange for a 90%/10% profit sharing. We reiterate our € 5 TP and Hold rating.
- Hilde Van Boxstael
- Jacob Mekhael
- Thomas Couvreur
- Wim Lewi
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