reports
- Martin Marandon-Carlhian
- Stephane Houri
ODDO : Mémoire : Et si nous étions à l’aube d’un ‘supercycle’ ?
Les prix de la mémoire ont progressé de 15% sur un mois et de ~30% YTD. Cela reflète une forte tension sur l’offre alors que la demande IA est plus élevée qu’attendu. Les stocks de mémoires sont, par ailleurs, au plus bas, ouvrant la voie en 2026 à un supercycle, tiré par l’IA mais aussi par l’intégration de l’Edge AI dans les smartphones/PC. Un marché des semis à ~+15/20% en 2026 est crédible dans ce contexte. Dans notre couverture, cela devrait d’abord bénéficier à ASML, VAT, Siltronic, ASMi e...
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.
JEN JENOPTIK AG
ARM ARM HOLDINGS PLC
AMS AMS-OSRAM AG
- Bruno Cavalier
MC LVMH MOET HENNESSY LOUIS VUITTON SE
HO THALES SA
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
EL ESSILORLUXOTTICA SA
TEP TELEPERFORMANCE SE
BRBY BURBERRY GROUP PLC
KER KERING SA
ELG ELMOS SEMICONDUCTOR SE
TPE PVA TEPLA AG
BAS BASF SE
01913 PRADA S.P.A.
SOI SOITEC SA
ASM ASM INTERNATIONAL N.V.
AIXA AIXTRON SE
PFV PFEIFFER VACUUM TECHNOLOGY AG
ATS AT & S AUSTRIA TECHNOLOGIE & SYSTEMTECHNIK AKTIENGESELLSCHAFT
MONC MONCLER SPA
WAF SILTRONIC AG
MELE MELEXIS NV
SMHN SUESS MICROTEC AG
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
MERLIN MERLIN PROPERTIES SOCIMI S.A.
RACE FERRARI NV
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.
SIK SIKA AG
JEN JENOPTIK AG
STLA STELLANTIS N.V.
ZGN ERMENEGILDO ZEGNA NV
ARM ARM HOLDINGS PLC
AMS AMS-OSRAM AG
- Bruno Cavalier
MC LVMH MOET HENNESSY LOUIS VUITTON SE
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
EL ESSILORLUXOTTICA SA
BRBY BURBERRY GROUP PLC
KER KERING SA
ELG ELMOS SEMICONDUCTOR SE
TPE PVA TEPLA AG
01913 PRADA S.P.A.
SOI SOITEC SA
ASM ASM INTERNATIONAL N.V.
AIXA AIXTRON SE
TIETO TIETOEVRY OYJ
NDA AURUBIS AG
PFV PFEIFFER VACUUM TECHNOLOGY AG
PAL PALFINGER AG
ATS AT & S AUSTRIA TECHNOLOGIE & SYSTEMTECHNIK AKTIENGESELLSCHAFT
TECN TECAN GROUP AG
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
MONC MONCLER SPA
WAF SILTRONIC AG
MELE MELEXIS NV
SMHN SUESS MICROTEC AG
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
VACN VAT GROUP AG
FTG111 FLATEXDEGIRO AG
XFAB X-FAB SILICON FOUNDRIES SE
ASML ASML HOLDING NV
STM STMICROELECTRONICS NV
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
JEN JENOPTIK AG
VUL VULCAN ENERGY RESOURCES
ZGN ERMENEGILDO ZEGNA NV
SHUR SHURGARD SELF STORAGE LIMITED
ARM ARM HOLDINGS PLC
ARVEN ARVERNE GROUP SA
AMS AMS-OSRAM AG
- Bruno Cavalier
MC LVMH MOET HENNESSY LOUIS VUITTON SE
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
EL ESSILORLUXOTTICA SA
BRBY BURBERRY GROUP PLC
KER KERING SA
ELG ELMOS SEMICONDUCTOR SE
TPE PVA TEPLA AG
01913 PRADA S.P.A.
SOI SOITEC SA
ASM ASM INTERNATIONAL N.V.
AIXA AIXTRON SE
TIETO TIETOEVRY OYJ
NDA AURUBIS AG
PFV PFEIFFER VACUUM TECHNOLOGY AG
PAL PALFINGER AG
ATS AT & S AUSTRIA TECHNOLOGIE & SYSTEMTECHNIK AKTIENGESELLSCHAFT
TECN TECAN GROUP AG
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
MONC MONCLER SPA
WAF SILTRONIC AG
MELE MELEXIS NV
SMHN SUESS MICROTEC AG
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
VACN VAT GROUP AG
FTG111 FLATEXDEGIRO AG
XFAB X-FAB SILICON FOUNDRIES SE
ASML ASML HOLDING NV
STM STMICROELECTRONICS NV
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
JEN JENOPTIK AG
VUL VULCAN ENERGY RESOURCES
ZGN ERMENEGILDO ZEGNA NV
SHUR SHURGARD SELF STORAGE LIMITED
ARM ARM HOLDINGS PLC
ARVEN ARVERNE GROUP SA
AMS AMS-OSRAM AG
- Bruno Cavalier
MC LVMH MOET HENNESSY LOUIS VUITTON SE
HO THALES SA
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
EL ESSILORLUXOTTICA SA
TEP TELEPERFORMANCE SE
BRBY BURBERRY GROUP PLC
KER KERING SA
ELG ELMOS SEMICONDUCTOR SE
TPE PVA TEPLA AG
BAS BASF SE
01913 PRADA S.P.A.
SOI SOITEC SA
ASM ASM INTERNATIONAL N.V.
AIXA AIXTRON SE
PFV PFEIFFER VACUUM TECHNOLOGY AG
ATS AT & S AUSTRIA TECHNOLOGIE & SYSTEMTECHNIK AKTIENGESELLSCHAFT
MONC MONCLER SPA
WAF SILTRONIC AG
MELE MELEXIS NV
SMHN SUESS MICROTEC AG
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
MERLIN MERLIN PROPERTIES SOCIMI S.A.
RACE FERRARI NV
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.
SIK SIKA AG
JEN JENOPTIK AG
STLA STELLANTIS N.V.
ZGN ERMENEGILDO ZEGNA NV
ARM ARM HOLDINGS PLC
AMS AMS-OSRAM AG
- Martin Marandon-Carlhian
- Stephane Houri
ODDO : Memory: What if we were on the eve of a super cycle?
Memory prices have risen by 15% m-o-m and by ~30% since the start of 2025. This reflects a tight supply situation, with demand for AI stronger than expected. Memory inventories are also at an all-time low, paving the way for a super cycle in 2026, driven by AI but also by the integration of Edge AI in smartphones/PCs. A semis market at ~+15-20% in 2026 is a credible scenario in this context. In our coverage, this should first benefit ASML, VAT, Siltronic, ASMi and SUSS (Outperform vs Neutral), f...
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.
JEN JENOPTIK AG
ARM ARM HOLDINGS PLC
AMS AMS-OSRAM AG
- Guy Sips
- Hilde Van Boxstael
- Jacob Mekhael
- Kristof Samoy
- Michiel Declercq
- Thomas Couvreur
- Wim Lewi
Melexis: update on the share buy-back program
Melexis: update on the share buy-back program Press release - Regulated Information Ieper, Belgium – 22 September 2025, 17.45 hrs CET Further to the initiation of the share buy-back program announced on 10 December 2024, Melexis reports the purchase of 14,249 Melexis shares on Euronext Brussels in the period from 15 to 19 September 2025. Trade dateTotal shares purchasedAverage price (€)Min price (€)Max price (€)Buyback amount (€)15/9/20253,00064.8364.8065.00194,50216/9/20254,00064.6464.4565.00258,58017/9/20255,00064.0163.3064.50320,03418/9/202559164.6764.4565.0038,21719/9/20251,65864.68...
Melexis: update over het aandeleninkoopprogramma
Melexis: update over het aandeleninkoopprogramma Persbericht - Gereglementeerde informatie Ieper, België – 22 september 2025, 17.45 uur CET Naar aanleiding van het aandeleninkoopprogramma dat op 10 december 2024 werd aangekondigd, maakt Melexis bekend dat er 14.249 eigen aandelen ingekocht werden op Euronext Brussel tussen 15 en 19 september 2025. InkoopdatumAantal verworven aandelenGemiddelde prijs (€)Laagste prijs (€)Hoogste prijs (€)Aankoop bedrag (€)15/9/20253.00064,8364,8065,00194.50216/9/20254.00064,6464,4565,00258.58017/9/20255.00064,0163,3064,50320.03418/9/202559164,6764,4565,00...
- Guy Sips
- Hilde Van Boxstael
- Livio Luyten
- Michiel Declercq
- Wim Hoste
- Wim Lewi
- ING Helpdesk
Benelux Morning Notes
Azelis: Highlights ING Benelux Conference London. Barco: Highlights ING Benelux Conference London. Kinepolis: Highlights ING Benelux Conference London. Melexis: Highlights ING Benelux Conference London. ABN AMRO: Dutch State reducing stake to 20%. ASML: x Mistral, a bet on A.I.. Kinepolis: Cineplex August 2025 box office revenue at 87% of 2019 level, down 27% YoY
Melexis: update on the share buy-back program
Melexis: update on the share buy-back program Press release - Regulated Information Ieper, Belgium – 8 September 2025, 17.45 hrs CET Further to the initiation of the share buy-back program announced on 10 December 2024, Melexis reports the purchase of 1,768 Melexis shares on Euronext Brussels in the period from 1 to 5 September2025. Trade dateTotal shares purchasedAverage price (€)Min price (€)Max price (€)Buyback amount (€)1/9/20250----2/9/20250----3/9/20251,76865.0064.9565.00114,9164/9/20250----5/9/20250----TOTAL1,76865.0064.9565.00114,916 As a result of purchases made since the launc...
Melexis: update over het aandeleninkoopprogramma
Melexis: update over het aandeleninkoopprogramma Persbericht - Gereglementeerde informatie Ieper, België – 8 september 2025, 17.45 uur CET Naar aanleiding van het aandeleninkoopprogramma dat op 10 december 2024 werd aangekondigd, maakt Melexis bekend dat er 1.768 eigen aandelen ingekocht werden op Euronext Brussel tussen 1 en 5 september 2025. InkoopdatumAantal verworven aandelenGemiddelde prijs (€)Laagste prijs (€)Hoogste prijs (€)Aankoop bedrag (€)1/9/20250----2/9/20250----3/9/20251.76865,0064,9565,00114.9164/9/20250----5/9/20250----TOTAAL1.76865,0064,9565,00114.916 Als gevolg van aan...
- Hilde Van Boxstael
- Kristof Samoy
- Livio Luyten
- Lynn Hautekeete
- Michiel Declercq
- Pierre FerraguÊ
Bible 2Q25 – Autos: Semi recovery underway; tangible risks of pull-for...
Today, we are publishing the Autos section of our 28th Tech Infrastructure Quarterly Bible. The Tech Bible is a must-read for any tech investor, as it summarizes the quarterly earnings reports from the over 140 companies we track, providing an update on our key perspectives and convictions. In the coming weeks we will publish sections on Hyperscale & Cloud, Telecom Equipment, PCs, Enterprise IT, Foundry and Semicap Equipment. The auto semiconductor recovery is underway, with revenues up 4% QoQ ...
- Guy Sips
- Kristof Samoy
- Wim Lewi
- Marc Hesselink
- CFA
- Thymen Rundberg
Melexis/Slow cyclical recovery/HOLD
Melexis reported a mixed 2Q25 update with the early signs of a market recovery but at the same time disappointing gross margins. We believe that automotive semiconductors will recover further from current lows, but we also expect ongoing uncertainty and low visibility given the major ongoing changes in the auto sector and tariff discussions We reiterate our HOLD rating but increase our target price from €60 to €70 per share given the early signs of an uptrend.
- Guy Sips
- Kristof Samoy
- Michiel Declercq
- Jerôme Bodin
CLN CLARIANT AG
BEKB BEKAERT SA
APAML APERAM SA
OUT1V OUTOKUMPU OYJ
MF WENDEL SE
INF INFOTEL SA
DEC JCDECAUX SA
FAGR FAGRON SA
NTG NETGEM SA
MRN MERSEN SA
MTU MANITOU BF SA
ELG ELMOS SEMICONDUCTOR SE
BB SOCIETE BIC SA
NEX NEXANS SA
ERA ERAMET SA
ELIS ELIS SA
AIXA AIXTRON SE
VIS VISCOFAN S.A.
ATS AT & S AUSTRIA TECHNOLOGIE & SYSTEMTECHNIK AKTIENGESELLSCHAFT
SESL SES-IMAGOTAG SA
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
FDR FLUIDRA S.A.
MELE MELEXIS NV
CSM CORBION NV
SPIE SPIE SA
MEL MELIA HOTELS INTERNATIONAL S.A.
TKO TIKEHAU CAPITAL SCA
DUFN DUFRY AG
ALD ALD SA
MEDCL MEDINCELL SA
HAG HENSOLDT AG
COP COMPUGROUP MEDICAL SE & CO. KGAA
ZEL PHARMA MAR SA
TCH TECHNICOLOR SA
TE TECHNIP ENERGIES NV
ALHRS HYDROGEN REFUELING SOLUTIONS
HGEA HGEARS AG
AZE AZELIS GROUP NV
IVG IVECO GROUP
FLOW FLOW TRADERS LTD
AF AIR FRANCE - KLM
ORP ORPEA
PLNW PLANISWARE
EXENS EXOSENS
LOCAL SOLOCAL GROUP
HBX HBX GROUP INTERNATIONAL PLC
- Jerôme Bodin
CLN CLARIANT AG
BEKB BEKAERT SA
APAML APERAM SA
OUT1V OUTOKUMPU OYJ
MF WENDEL SE
INF INFOTEL SA
DEC JCDECAUX SA
FAGR FAGRON SA
NTG NETGEM SA
MRN MERSEN SA
MTU MANITOU BF SA
ELG ELMOS SEMICONDUCTOR SE
BB SOCIETE BIC SA
NEX NEXANS SA
ERA ERAMET SA
ELIS ELIS SA
AIXA AIXTRON SE
VIS VISCOFAN S.A.
ATS AT & S AUSTRIA TECHNOLOGIE & SYSTEMTECHNIK AKTIENGESELLSCHAFT
SESL SES-IMAGOTAG SA
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
FDR FLUIDRA S.A.
MELE MELEXIS NV
CSM CORBION NV
SPIE SPIE SA
MEL MELIA HOTELS INTERNATIONAL S.A.
TKO TIKEHAU CAPITAL SCA
DUFN DUFRY AG
ALD ALD SA
MEDCL MEDINCELL SA
HAG HENSOLDT AG
COP COMPUGROUP MEDICAL SE & CO. KGAA
ZEL PHARMA MAR SA
TCH TECHNICOLOR SA
TE TECHNIP ENERGIES NV
ALHRS HYDROGEN REFUELING SOLUTIONS
HGEA HGEARS AG
AZE AZELIS GROUP NV
IVG IVECO GROUP
FLOW FLOW TRADERS LTD
AF AIR FRANCE - KLM
ORP ORPEA
PLNW PLANISWARE
EXENS EXOSENS
LOCAL SOLOCAL GROUP
HBX HBX GROUP INTERNATIONAL PLC
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