reports
- Guy Sips
- Jacob Mekhael
- Kristof Samoy
- Livio Luyten
- Lynn Hautekeete
- Michiel Declercq
- Thibault Leneeuw
- Thomas Couvreur
- Wim Hoste
- Wim Lewi
Dynamic Top Pick List Update February 2026: Removing ASMi; Adding UCB
After today's changes (ASMi out, UCB in), we maintain a balanced approach in our Dynamic Top Pick List, with a particular emphasis on value stocks that have been overlooked. Our defensive holdings are overweight, including real estate, which stands to benefit from lower interest rates. We remove ASMi from our Dynamic Top Pick List as the recent share price performance has driven the valuation meaningfully ahead of fundamentals. Since early December, FY27 diluted EPS expectations have risen by a...
EVS EVS BROADCAST EQUIPMENT SA
UCB UCB S.A.
DIE D'IETEREN SA
SOF SOFINA SA
IBAB ION BEAM APPLICATIONS SA
ROYAL VOPAK NV
AED AEDIFICA SA
CSM CORBION NV
ABI ANHEUSER-BUSCH INBEV SA/NV
ARGX ARGEN-X SE
WDP WAREHOUSES DE PAUW SCA
AZE AZELIS GROUP NV
DEME DEME GROUP NV
SHUR SHURGARD SELF STORAGE LIMITED
- ING Helpdesk
- Guy Sips
- Jacob Mekhael
- Livio Luyten
- Wim Lewi
- Jacob Mekhael
MaaT Pharma Randomises first patient in MaaT033 phase 2 trial in NSCLC
MaaT announced that the first patient has been randomised in the investigator sponsored multicenter phase 2 (IMMUNOLIFE) trial evaluating MaaT033 (microbiome therapy, oral capsule) in combination with cemiplimab (anti PD-1 antibody) in patients with advanced non-small cell lung cancer (NSCLC) who have developed resistance to PD-1/PD-L1 blockade following antibiotic (ATB) exposure and who present ATB-induced gut dysbiosis. Primary results after 1-year follow-up post-treatment could be expected in...
- Jacob Mekhael
- Thibault Leneeuw
- Jacob Mekhael
MaaT Pharma Final Xervyteg phase 3 data confirm strong survival outcom...
MaaT reported the final results from the phase 3 (ARES) trial of Xervyteg (MaaT013, microbiome therapy, enema formulation) in aGvHD at the American Society of Hematology (ASH) conference, being held 6-9 December 2025. The final OS results from the phase 3 (ARES) trial of MaaT013 coming in at 54% at 1 year confirm the previously reported 54% probability of survival that was shared with the topline readout in January 2025. We believe this brings a significant benefit vs. the 15% 1-year OS reported...
- Guy Sips
- Jacob Mekhael
- Kristof Samoy
- Livio Luyten
- Lynn Hautekeete
- Mathijs Geerts Danau
- Michiel Declercq
- Thibault Leneeuw
- Thomas Couvreur
- Wim Hoste
- Wim Lewi
Dynamic Top Pick List How to start 2026?
How to start 2026? We have selected for the KBC Securities Dynamic Top Pick List 12 large-cap companies — AB InBev, Aedifica, Argenx, ASMi, Azelis, DEME, D'Ieteren, Shurgard, Sofina, Vopak, WDP, and Wolters Kluwer — along with 3 small and mid-cap names (under €1.5bn in market capitalization): Corbion, EVS, and IBA. So, going into 2026, we maintain a balanced approach in our Dynamic Top Pick List, featuring 8 cyclical and 6 defensive stocks, with a particular emphasis on value stocks that have b...
EVS EVS BROADCAST EQUIPMENT SA
DIE D'IETEREN SA
SOF SOFINA SA
ASM ASM INTERNATIONAL N.V.
IBAB ION BEAM APPLICATIONS SA
ROYAL VOPAK NV
AED AEDIFICA SA
CSM CORBION NV
ABI ANHEUSER-BUSCH INBEV SA/NV
ARGX ARGEN-X SE
WDP WAREHOUSES DE PAUW SCA
AZE AZELIS GROUP NV
DEME DEME GROUP NV
SHUR SHURGARD SELF STORAGE LIMITED
- Guy Sips
- Jacob Mekhael
- Livio Luyten
- Wim Hoste
- Jacob Mekhael
MaaT Pharma Model update post € 9.1m capital raise
MaaT announced the completion of a capital raise of € 9.1m (at a 9% discount to closing price prior to deal announcement), and expects to use the net proceeds of € 8.7m to fund Xervyteg commercialisation preparation in Europe, advance MaaT033 development, and prepare for a pivotal US study of Xervyteg in 2026. This capital raise unlocks a € 6m EIB tranche, extending the company's cash runway to August 2026. Upon anticipated EU approval of Xervyteg in mid-2026, MaaT is eligible to receive a € 12m...
- Mathijs Geerts Danau
MaaT Pharma Launches capital increase for gross proceeds of € 9m ...
MaaT announced the launch of a capital increase through a private placement with qualified investors and retail investors. The company intends to raise € 9m, the funds will extend the runway to summer 2026 (previously February 2026). MaaT plans to use the proceeds to fund the company's development and commercialization of Xervyteg. Trading will be suspended until at least November 14 after market close. We view this raise as a positive and reiterate our BUY rating and € 17 TP.
- Hilde Van Boxstael
- Lynn Hautekeete
- Mathijs Geerts Danau
- Wim Lewi
- ING Helpdesk
Benelux Morning Notes
Adecco: 3Q25 strong beat; outlook 4Q25 seems in line. Air France-KLM: Bit light but outlook unchanged. ArcelorMittal: In line 3Q25, supportive medium-term outlook. AMG: 3Q25 EBITDA beats by 5%, ‘only' modest FY guidance increase might disappoint. BAM Group: Maintains outlook as expected. CTP: Guidance at the lower end due to a missed deal in Romania. Strong operational trends continued. IMCD: 3Q showed pressure on gross margin. Kinepolis: US peer AMC; better revenues and EBITDA in ...
MT ARCELORMITTAL SA
RAND RANDSTAD NV
BAMNB KONINKLIJKE BAM GROEP NV
SOLB SOLVAY SA
AF AIR FRANCE-KLM SA
SOF SOFINA SA
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
MELE MELEXIS NV
VGP VGP NV
KIN KINEPOLIS GROUP NV
INX IMCD N.V.
CTPNV CTP NV
SYENS SYENSQO
TALABAT TALABAT HOLDING PLC
- Guy Sips
- Kristof Samoy
- Livio Luyten
- Michiel Declercq
- Thibault Leneeuw
- Thomas Couvreur
- Wim Hoste
- Wim Lewi
Dynamic Top Pick List Update November: Removing Xior; Adding Aedifica
The tariff war has eased, but with Trump, uncertainty has become a guarantee. While the macro-economic impact has been limited so far, the prolonged situation could still result in significant and long-lasting economic damage. We are maintaining a defensive stance in our Benelux Dynamic Top Pick List. The Federal Reserve (FED) has started its easing cycle, but the final amount of interest rate cuts is uncertain. The European Central Bank (ECB) has now largely completed its interest rate cutting ...
- Jacob Mekhael
MaaT Pharma Uneventful 3Q25 cash and revenues
MaaT reported uneventful 3Q25 cash and revenues, where its cash and cash equivalents came in at € 22.4m, providing the company with a cash runway until the end of February 2026. We note that continued growth in revenues from MaaT013's early access program (only billable in France) is a positive sign ahead of its potential EMA approval expected mid-2026. MaaT did not provide a pipeline update, though it has previously guided for results from the investigator initiated phase 2a (PICASSO) trial of ...
- Jacob Mekhael
ASH abstracts: Autolus, Galapagos, MaaT
The abstracts for presentations at the American Society of Haematology conference (ASH, 6-9 December) became available yesterday during the day (HERE). While we may have to wait until the actual conference for the latest datasets, here in this note are some key takeaways for our coverage including updates from Autolus (new data for Aucatzyl in paediatric ALL, real world data in adult ALL, amongst others), Galapagos (additional CAR-T data in r/r MCL and r/r DLBCL) and MaaT (longer follow up from ...
- Hilde Van Boxstael
- Jacob Mekhael
- Livio Luyten
- Thibault Leneeuw
- Wim Lewi
- Jacob Mekhael
- Kristof Samoy
- Thomas Couvreur
- Wim Lewi
- Jacob Mekhael
MaaT Pharma Safety board recommends MaaT033 phase 2b continues as plan...
MaaT announced that the independent data safety monitoring board (DSMB) has completed the second pre-planned safety interim analysis of the ongoing randomised controlled phase 2b (PHOEBUS) trial of MaaT033 (microbiome therapy, oral capsule) in patients undergoing an allogeneic hematopoietic stem cell transplantation (allo-HSCT), and recommended that the study continue as planned. There were no safety concerns and no excessive mortality related to MaaT033 as of today. The upcoming routine DSMB re...
- ING Helpdesk
Benelux Morning Notes
Acomo: Acquires Manuzzi, expanding footprint in Southern Europe ASR: Ingrid de Swart to succeed Jos Baeten as CEO of ASR in May 2026 Fagron: Antitrust clearance for Brazilian Purifarma and Injeplast deals PostNL: Relaxation USO D+3 brought forward, pre-earnings analyst call 3Q25 Sofina: Over €0.5bn of additional firepower
- Guy Sips
- Kristof Samoy
- Livio Luyten
- Michiel Declercq
- Thibault Leneeuw
- Thomas Couvreur
- Wim Hoste
- Wim Lewi
Dynamic Top Pick List Update October: Removing VGP – Adding Shurgard a...
In this October update of our Dynamic Top Pick List we are removing VGP while adding Shurgard and Wolters Kluwer. Since its recent inclusion in our Dynamic Top Pick List in July-25, VGPs share rose by 10.6%. While we still believe there is significant upside to the share price, we don't see short term catalysts. In fact, the macro picture remains cloudy with the jury still out on the impact of tariffs and the erratic US policy shifts. Also, we are a bit concerned that competition in Western Eur...
WKL WOLTERS KLUWER NV
EVS EVS BROADCAST EQUIPMENT SA
XIOR XIOR STUDENT HOUSING N.V.
DIE D'IETEREN SA
SOF SOFINA SA
ROYAL VOPAK NV
VGP VGP NV
KIN KINEPOLIS GROUP NV
ABI ANHEUSER-BUSCH INBEV SA/NV
EXO EXOR N.V.
WDP WAREHOUSES DE PAUW SCA
AZE AZELIS GROUP NV
DEME DEME GROUP NV
SHUR SHURGARD SELF STORAGE LIMITED
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