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...

Benelux Morning Notes

Aalberts: Preview: Another quarter in no man's land? / Ahold Delhaize: Confirms the acquisition of Delfood / AGEAS: China – state to inject capital into insurers / AkzoNobel: Tepid 4Q25 results and FY26 outlook / D'Ieteren: Belgian car registrations down 19%, 65% of 2019 level, VW down only 5% / Xior Student Housing: Sound organic trends continue, two-year guidance revealed

ING Benelux Favourites/Aedifica, Ageas, ASM International, Basic-Fit, ...

We refresh our ING Benelux Favourites list. We apply a fundamental bottom up approach in which we select stocks which provide the best upside within our Benelux coverage universe and these stocks need clear catalysts. Additions/deletions: We add the following names to the ING Benelux Favourites list: Ageas: Ageas has done multiple deals; its most recent purchase of the 25% stake BNP Paribas had in its Belgian ops, is an accretive deal and we believe makes the Belgian operations ready for a pot...

Morning Notes : AGS BB, AGFB BB, CPINV BB, DIE BB, IBAB BB, KIN BB, DE...

: AGS BB, AGFB BB, CPINV BB, DIE BB, IBAB BB, KIN BB, DEME BB

Benelux Morning Notes

AGEAS: strong upgrade to FY25 earnings guidance (€1.3 to €1.6bn) due to one-off from China; ASM: The beat comes early; D'Ieteren: Possible Belron IPO by end 2026, Belron debt repricing; IBA: IBA to install three P1 systems at University of Texas MD Anderson Cancer Center

Benelux Morning Notes

D'Ieteren: PHE does nice mid-size M&A in Spain / Fastned: Beat on gross profit, organic growth lags, high cash burn / JDE Peet's: Caffè Americano / Semi equipment: TSMC puts capex where its mouth is / Theon International: Increasing Harder Digital's capacity.

Morning Notes : DIE BB, GBLB BB, NEXTA BB, CTPNV NA, FAST NA, JDEP NA

: DIE BB, GBLB BB, NEXTA BB, CTPNV NA, FAST NA, JDEP NA

D'Ieteren PHE enters into exclusive negotiations for two acquisitions ...

PHE has entered into exclusive negotiations to acquire a 51% stake in two AD Parts distributors in Spain, Polaris and Regueira. Polaris and Regueira are major players in light vehicle spare parts distribution in Madrid, Galicia, Castile-La Mancha, Castile and León, Cantabria, and Asturias. The two entities generated € 340m in sales in 2025. This compares to PHE's current 12 month trailing revenue of € 2.84bn. Although no financials have been disclosed, the transaction will allow PHE to leverage ...

Jensen Group NV: 1 director

A director at Jensen Group NV bought 5,000 shares at 57.660EUR and the significance rating of the trade was 53/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearl...

Benelux Morning Notes

D'Ieteren: Belgium December car registrations up 23.2%, VW up 8.7%. Universal Music Group: UMG acquires 30% Stake in India's Excel Entertainment for $267m. Vastned: CFO departure. Events Calendar.

Benelux Morning Notes

D'Ieteren: A welcome move to restart the €100m buyback.

ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 12/19/2025

ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 19/12/2025

NX Filtration : Longer lead times, NX Filtration readjusts its full ye...

Morning Notes : BAR BB, COFB BB, FAGR BB, GLPG NA, IBAB BB, DEME BB, N...

: BAR BB, COFB BB, FAGR BB, GLPG NA, IBAB BB, DEME BB, NXFIL NA, ENRGY BB

NX Filtration Trouble comes in fours, yet another profit warning erodi...

NX Filtration just sent out another profit warning. For the fourth time in a row the company confessed it will not be able to realise its issued revenue guidance. At the 1H25 release the company reiterated its FY25 revenue guidance calling for y/y growth in the 50-70% range with KBC est. at the 60% midpoint. Today management warns FY25 revs are expected to be ca. €14m, representing a y/y growth just topping 25%. No quantified insights in profitability and cash position were given but surprisingl...

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...

Local Champions Mid Cap Conference Book 11.12.2025

This conference book is your guide to our annual Local Champions Mid Cap Conference set to take place on Thursday, 11 December 2025 at our historic building at Grand Place in Brussels. This event offers the possibility to have one-on-one meetings and/or attend small group sessions with the top management and/or IR of the following companies: BARCO | BEKAERT | DECEUNINCK | DEME | EVS | IBA | JENSEN GROUP | MATERIALISE | ONTEX | PROXIMUS | RECTICEL | XFAB

Benelux Morning Notes

CM.com: Bird goes directly after CM.com customers (again). D'Ieteren: Belgium November car registrations down 11.8%, VW down 24%

Morning Notes : JEN BB, MONT BB, BTLS BB, AUTL US

: JEN BB, MONT BB, BTLS BB, AUTL US