Dynamic Top Pick List Update June: Removing Merus, Shurgard and Adyen ...

In this June update, we've made four adjustments to the KBC Securities Dynamic Top Pick List: 1.Merus (Removed – 27 May) was removed following the release of strong interim Phase 2 data at the ASCO 2025 conference. Its lead asset, petosemtamab, in combination with Keytruda, showed a 63% overall response rate in first-line treatment of head and neck cancer—significantly outperforming Keytruda monotherapy. The resulting share price surge validated our investment thesis. 2. Adyen (Removed) has de...

Benelux Local Champions Feedback document

Below our feedback notes written at the occasion of our annual Benelux Local Champions Conference that took place on 27 May 2025 at our historic building at Grand Place Brussels. This event offered the possibility to have one-on-one meetings and/or small group meetings with the following Benelux companies and their top management & IR: ACKERMANS & VAN HAAREN | AHOLD DELHAIZE | AKZONOBEL | ARCADIS | AZELIS | CORBION | GBL | LOTUS BAKERIES | MELEXIS | PROXIMUS | SOFINA | UMICORE

Benelux Morning Notes

Aedifica and Cofinimmo: Agreement reached to create Europe's leading Healthcare REIT. bpost: CMD press release; #Reshape 2029. D'Ieteren: Belgian new car registrations down 11.7% in May, VW down 13.5% Fugro: Meeting with CEO & IR; 2Q25 also has its challenges. UCB: Peer Moonlake held takeover talks with US Merck, FT reports

Sequana Medical Extends runway into 1Q26 with additional € 6.3m conver...

Sequana announced that SFPIM and other existing shareholders have invested a further € 6.3m in the 2025 convertible loan announced on 18 March 2025. Sequana's cash runway has now been extended into 1Q26 (previously YE25), which will provide Sequana with more breathing room to demonstrate initial commercial traction during the soft launch phase of the alfapump's US commercialisation in 3Q25. This could trigger additional investor interest to fund the company into the broader launch, which is expe...

Morning Notes : NN NA, SEQUA BB

: NN NA, SEQUA BB

Benelux Local Champions 27 May 2025

This conference book is your guide to our annual Benelux Local Champions Conference set to take place on Tuesday, 27 May 2025 at our historic building at Grand Place in Brussels. This event offers the possibility to have one-on-one meetings and/or small group meetings with the following Benelux companies and their top management & IR. ACKERMANS & VAN HAAREN | AGEAS | AHOLD DELHAIZE | AKZONOBEL | ARCADIS | AZELIS | CORBION | GBL | KBC GROUP | LOTUS BAKERIES | MELEXIS | PROXIMUS | SOFINA | UMIC...

ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 05/21/2025

ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 21/05/2025

Greenyard N.V. : Disappointing 2024/25 results; no dividend; guidance ...

Benelux Morning Notes

ABN AMRO: NFLI reaching c.30% level in its ABN stake reduction. ABN AMRO: Relaunch of Belgium private banking using MeesPierson brand. Elia: FY25 profit outlook unchanged, minor reduction in capex. Greenyard: Disappointing 2H24/25, guidance lowered. NN Group, ASR: Parliament votes against amendment to Dutch Pension Reform

Onward Medical FIRST LOOK: Two additional BCI implants completed

Onward has successfully completed the 4th and 5th implants of its ARC-BCI brain-computer interface in two additional spinal cord injury patients. The ARC-BCI system combines Onward's ARC-IM neurostimulation platform with Clinatec's WIMAGINE BCI device to enable AI-driven, thought-controlled movement. With promising prior data on safety and signal stability, WIMAGINE is seen as a strong contender in the competitive BCI space. We reiterate our €10.4 TP and Buy rating.

Morning Notes : ATEB BB, ELI BB, CMBT BB, GREEN BB, HOMI BB, IBAB BB, ...

: ATEB BB, ELI BB, CMBT BB, GREEN BB, HOMI BB, IBAB BB, ONWD BB

Benelux Morning Notes

CFE: Keeps FY25 outlook. Greenyard: Preview of FY24/25 results. Recticel: Peer Rockwool 1Q25 results

Benelux Morning Notes

Alfen: Dead cat bounce? Ayvens: Overhang cure. Belgian telcos: Hey! discontinues €5 offer, OBEL price increases from June 2025. B&S Group: Pulls FY EBITDA guidance in light of tariffs. D'Ieteren: CMD, 1Q25 Preview. Kendrion: Wrestling through difficult macro conditions. NN Group, ASR: Vote on Dutch pension reforms postponed. TKH Group: Not that bad, good progress at Eemshaven. UCB: US Most Favoured Nation initiative back on the agenda. Vastned: Good results, integration ongoing...

Morning Notes : AED BB, BPOST BB, COFB BB, MONT BB, ONTEX BB, PROX BB,...

: AED BB, BPOST BB, COFB BB, MONT BB, ONTEX BB, PROX BB, UCB BB, VGP BB, AUTL US, ECMPA NA

UCB FIRST LOOK: Rystiggo self-administration also approved in Japan

UCB received Japanese approval for two self-administration methods for Rystiggo (anti-FcRn) in generalised myasthenia gravis (gMG), allowing patients to use an infusion pump or manual syringe at home after training. To support the label expansion, UCB also launched a home delivery service in Japan to enhance patient convenience and satisfaction. The move aligns with Rystiggo's self-administration approval in the EU earlier this year and could support its positioning amid growing competition. We ...

Dynamic Top Pick List Update May 2025: Removing Fugro – Adding Merus

The ongoing tariff war continues to create uncertainty for investors, with a trade embargo between the US and China. Although Europe has received a temporary reprieve, the prolonged situation could result in significant economic damage. We are maintaining a defensive stance in our Benelux Dynamic Top Pick List, as the Federal Reserve holds steady and the European Central Bank may continue lowering rates. Pessimism regarding the European industry has increased, though some US-based European compa...

Morning Notes : AALB NA, AD NA, ARCAD NA, SMAR BB, WKL NA, AZE BB, CTP...

: AALB NA, AD NA, ARCAD NA, SMAR BB, WKL NA, AZE BB, CTPNV NA, IMCD NA

Azelis The strong undervaluation is the trigger

In this note we lower our organic growth, gross profit margin expectations and increase OpEx expectations, which results in an estimated adj. EBITA of € 471m for FY25e or 8.1% below our prior estimate. We provide a detailed overview for each region on a quarterly basis. Furthermore, we compare the organic growth dynamics between Azelis and IMCD. Azelis is trading at a very attractive valuation not only compared to IMCD but also to the broader market. The recent market developments drive a lower ...