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Benelux Morning Notes
Alfen: Preview - kitchen sinking again? CM.com: New CFO appointed. Cofinimmo: Good results a touch better than forecasts, guidance reconfirmed, DEME Group: Wins strategic position in Brazil. D'Ieteren: State Farm TPA contract details emerge. Signify: 3Q25 results – guidance cut. Xior Student Housing: 5.4% LFL growth and full occupancy – operational trends solid.
- Lynn Hautekeete
Cofinimmo 3Q25 results: far ahead of minimum guidance but no increase
Cofinimmo reports higher than expected EPRA earnings on the back of lower interest charges and lower taxes. 75% of the EUR 100.0m divestment plan is completed and only EUR 66.0m investments, out of the EUR 170.0m guided. Despite Cofinimmo reporting EPRA results far ahead of its minimum EUR 6.20 guided, it does not increase its guidance. Important to note, is that the one-off costs related to the Aedifica merger (approx. EUR 3.0m in 3Q25 in other expenses) and the divestment of financial lease re...
- Guy Sips
- Hilde Van Boxstael
- Jacob Mekhael
- Lynn Hautekeete
- Wim Hoste
- Wim Lewi
SOITEC: SOITEC AND CEA PARTNER TO DEVELOP AUTOMOTIVE CYBERSECURITY WIT...
SOITEC: SOITEC AND CEA PARTNER TO DEVELOP AUTOMOTIVE CYBERSECURITY WITH ADVANCED FD-SOI TECHNOLOGY SOITEC AND CEA PARTNER TO DEVELOP AUTOMOTIVE CYBERSECURITY WITH ADVANCED FD-SOI TECHNOLOGY Bernin (Grenoble), France, October 20, 2025 – As vehicles become increasingly software-defined and connected, ensuring robust hardware cybersecurity is ever more critical. A modern car can contain 100 or more microcontrollers, each of which may introduce vulnerabilities that leave vehicles or even fleets open to dangerous remote hacking. To address this growing challenge, Soitec and CEA have demons...
SOITEC : SOITEC ET LE CEA S’ASSOCIENT POUR FAIRE PROGRESSER LA CYBERSÉ...
SOITEC : SOITEC ET LE CEA S’ASSOCIENT POUR FAIRE PROGRESSER LA CYBERSÉCURITÉ AUTOMOBILE GRÂCE À LA TECHNOLOGIE FD‑SOI SOITEC ET LE CEA S’ASSOCIENT POUR FAIRE PROGRESSER LA CYBERSÉCURITÉ AUTOMOBILE GRÂCE À LA TECHNOLOGIE FD‑SOI Bernin (Grenoble), France, le 20 octobre 2025 – Avec des voitures qui intègrent de plus en plus de fonctions digitales, garantir une cybersécurité physique robuste est plus que jamais essentiel. Un véhicule moderne peut contenir cent microcontrôleurs ou plus, chacun pouvant introduire des vulnérabilités exposant des véhicules, voire des flottes entières, à des pi...
- Pierre FerraguÊ
Semicon West: 2026 outlook? Does AI drive growth? DRAM architectures? ...
Last week we attended the 2025 edition of the Semicon West conference, the key event for investors focused on the semiconductor equipment market. Over two days we hosted more than a dozen meetings with companies across the semiconductor value chain. Here are our key takeaways.
TSFA TAIWAN SEMICONDUCTOR MANUFACTURING CO. LTD. SPONSORED ADR
NVDA NVIDIA CORPORATION
MU MICRON TECHNOLOGY INC.
LRCX LAM RESEARCH CORPORATION
AMAT APPLIED MATERIALS INC.
BSI BE SEMICONDUCTOR INDUSTRIES N.V.
2330 TSMC
SOI SOITEC SA
ASM ASM INTERNATIONAL N.V.
8035 TOKYO ELECTRON LTD.
KLAC KLA CORPORATION
AMD ASML HOLDING N.V.
ASML ASML HOLDING NV
AVGO ADVANCED MICRO DEVICES INC.
SOH1 ASML
BESI BROADCOM INC.
SOITEC
- Emmanuel Matot
- Emmanuel Matot
- Emmanuel Matot
- 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
INFORMATION RELATING TO THE TOTAL NUMBER OF VOTING RIGHTS AND SHARES ...
INFORMATION RELATING TO THE TOTAL NUMBER OF VOTING RIGHTS AND SHARES FORMING THE SHARE CAPITAL Bernin, on October 6, 2025 INFORMATION RELATING TO THE TOTAL NUMBER OF VOTING RIGHTS AND SHARES FORMING THE SHARE CAPITAL (Article L. 233-8 II of the French Commercial Code and article 223-16 of the General Regulation of the French financial markets authority (AMF)) Corporate name and address of the company: SOITECParc Technologique des Fontaines - Chemin des Franques 38190 Bernin (FRANCE) Statement date Total number of shares forming the share capital Total number of ...
INFORMATION RELATIVE AU NOMBRE TOTAL DE DROITS DE VOTE ET D’ACTIONS CO...
INFORMATION RELATIVE AU NOMBRE TOTAL DE DROITS DE VOTE ET D’ACTIONS COMPOSANT LE CAPITAL SOCIAL Fait à Bernin, le 6 octobre 2025 INFORMATION RELATIVE AU NOMBRE TOTAL DE DROITS DE VOTE ET D’ACTIONS COMPOSANT LE CAPITAL SOCIAL (Article L. 233-8 II du Code du commerce et article 223-16 du Règlement Général de l’Autorité des Marchés Financiers) Dénomination sociale et adresse de la société : SOITEC Parc Technologique des Fontaines - Chemin des Franques 38190 Bernin Date d’arrêté des informations Nombre d’actions composant le capital social Nombre total de d...
- Nicolas David
- Steven Boumans
LI KLEPIERRE SA
COV COVIVIO SA
OSE OSE IMMUNOTHERAPEUTICS SA
GFC GECINA SA
NXI NEXITY SA CLASS A
FLY SOCIETE FONCIERE LYONNAISE SA
EXE EXEL INDUSTRIES SA
GYC GRAND CITY PROPERTIES SA
MERY MERCIALYS SA
INEA FONCIERE INEA
WHA WERELDHAVE N.V.
BLND BRITISH LAND COMPANY PLC
MTU MANITOU BF SA
KOF KAUFMAN & BROAD SA
PIG HAULOTTE GROUP SA
ALTA ALTAREA SCA
VNA VONOVIA SE
ACX ACERINOX SA
EBRO EBRO FOODS SA
ELE ENDESA S.A.
XIOR XIOR STUDENT HOUSING N.V.
ICAD ICADE SA
REP REPSOL SA
BYG BIG YELLOW GROUP PLC
COFB COFINIMMO SA
KWS KWS SAAT SE & CO KGAA
COR CORTICEIRA AMORIM SGPS SA
BKT BANKINTER SA
CAI CA IMMOBILIEN ANLAGEN AG
TEG TAG IMMOBILIEN AG
VASTB VASTNED RETAIL BELGIUM NV
PSPN PSP SWISS PROPERTY AG
UBS UBM DEVELOPMENT AG
SPSN SWISS PRIME SITE AG
PAT PATRIZIA AG
MONT MONTEA SCA
AED AEDIFICA SA
CARM CARMILA SAS
LEG LEG IMMOBILIEN AG
CPINV CARE PROPERTY INVEST SA
EDR EDREAMS ODIGEO SA
LOG COMPANIA DE DISTRIBUCION INTEGRAL LOGISTA HOLDINGS S.A.
NVG NAVIGATOR COMPANY SA
ENG ENAGAS SA
A3TV ATRESMEDIA CORPORACION DE MEDIOS DE COMUNICACION SA
MAP MAPFRE SA
SAFE SAFESTORE HOLDINGS PLC
ENC ENCE ENERGIA Y CELULOSA SA
LTA ALTAMIR ACT PORTEUR
ARG ARGAN SA
RENE REDES ENERGETICAS NACIONAIS SA
CABK CAIXABANK SA
ROVI LABORATORIOS FARMACEUTICOS ROVI S.A.
VGP VGP NV
COL INMOBILIARIA COLONIAL SOCIMI SA
DIC DIC ASSET AG
MERLIN MERLIN PROPERTIES SOCIMI S.A.
HBH HORNBACH HOLDING AG & CO. KGAA
DKG DEUTSCHE KONSUM REIT-AG
ALM ALMIRALL SA
SLR SOLARIA ENERGIA Y MEDIO AMBIENTE S.A.
HOME NEINOR HOMES SA
AT1 AROUNDTOWN SA
BFSA BEFESA SA
BBVA BANCO BILBAO VIZCAYA ARGENTARIA S.A.
LAND LAND SECURITIES GROUP PLC
MVC METROVACESA SA
ATRY ATRYS HEALTH
NSI NSI N.V.
CAF CONSTRUCCIONES Y AUXILIAR DE FERROCARRILES S.A.
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
INS INSTONE REAL ESTATE GROUP AG
AEDAS AEDAS HOMES SA
WDP WAREHOUSES DE PAUW SCA
ECMPA EUROCOMMERCIAL PROPERTIES NV
CTPNV CTP NV
ONE ONE UNITED PROPERTIES SA
SHUR SHURGARD SELF STORAGE LIMITED
FER FERROVIAL SA
ENER GRUPO ECOENER S.A.
HBX HBX GROUP INTERNATIONAL PLC
CIRSA CIRSA ENTERPRISES S.A.
- Nicolas David
- Steven Boumans
LI KLEPIERRE SA
COV COVIVIO SA
OSE OSE IMMUNOTHERAPEUTICS SA
GFC GECINA SA
NXI NEXITY SA CLASS A
FLY SOCIETE FONCIERE LYONNAISE SA
EXE EXEL INDUSTRIES SA
GYC GRAND CITY PROPERTIES SA
MERY MERCIALYS SA
INEA FONCIERE INEA
WHA WERELDHAVE N.V.
BLND BRITISH LAND COMPANY PLC
MTU MANITOU BF SA
KOF KAUFMAN & BROAD SA
PIG HAULOTTE GROUP SA
ALTA ALTAREA SCA
VNA VONOVIA SE
ACX ACERINOX SA
EBRO EBRO FOODS SA
ELE ENDESA S.A.
XIOR XIOR STUDENT HOUSING N.V.
ICAD ICADE SA
REP REPSOL SA
BYG BIG YELLOW GROUP PLC
COFB COFINIMMO SA
KWS KWS SAAT SE & CO KGAA
COR CORTICEIRA AMORIM SGPS SA
BKT BANKINTER SA
CAI CA IMMOBILIEN ANLAGEN AG
TEG TAG IMMOBILIEN AG
VASTB VASTNED RETAIL BELGIUM NV
PSPN PSP SWISS PROPERTY AG
UBS UBM DEVELOPMENT AG
SPSN SWISS PRIME SITE AG
PAT PATRIZIA AG
MONT MONTEA SCA
AED AEDIFICA SA
CARM CARMILA SAS
LEG LEG IMMOBILIEN AG
CPINV CARE PROPERTY INVEST SA
EDR EDREAMS ODIGEO SA
LOG COMPANIA DE DISTRIBUCION INTEGRAL LOGISTA HOLDINGS S.A.
NVG NAVIGATOR COMPANY SA
ENG ENAGAS SA
A3TV ATRESMEDIA CORPORACION DE MEDIOS DE COMUNICACION SA
MAP MAPFRE SA
SAFE SAFESTORE HOLDINGS PLC
ENC ENCE ENERGIA Y CELULOSA SA
LTA ALTAMIR ACT PORTEUR
ARG ARGAN SA
RENE REDES ENERGETICAS NACIONAIS SA
CABK CAIXABANK SA
ROVI LABORATORIOS FARMACEUTICOS ROVI S.A.
VGP VGP NV
COL INMOBILIARIA COLONIAL SOCIMI SA
DIC DIC ASSET AG
MERLIN MERLIN PROPERTIES SOCIMI S.A.
HBH HORNBACH HOLDING AG & CO. KGAA
DKG DEUTSCHE KONSUM REIT-AG
ALM ALMIRALL SA
SLR SOLARIA ENERGIA Y MEDIO AMBIENTE S.A.
HOME NEINOR HOMES SA
AT1 AROUNDTOWN SA
BFSA BEFESA SA
BBVA BANCO BILBAO VIZCAYA ARGENTARIA S.A.
LAND LAND SECURITIES GROUP PLC
MVC METROVACESA SA
ATRY ATRYS HEALTH
NSI NSI N.V.
CAF CONSTRUCCIONES Y AUXILIAR DE FERROCARRILES S.A.
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
INS INSTONE REAL ESTATE GROUP AG
AEDAS AEDAS HOMES SA
WDP WAREHOUSES DE PAUW SCA
ECMPA EUROCOMMERCIAL PROPERTIES NV
CTPNV CTP NV
ONE ONE UNITED PROPERTIES SA
SHUR SHURGARD SELF STORAGE LIMITED
FER FERROVIAL SA
ENER GRUPO ECOENER S.A.
HBX HBX GROUP INTERNATIONAL PLC
CIRSA CIRSA ENTERPRISES S.A.
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