Morning Notes : ASM NA, MAAT FP

: ASM NA, MAAT FP

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...

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...

ASM International/Technology outperformance/BUY

AI strength and ongoing technology transitions are key tailwinds for ASM International (ASM). We expect the company to significantly outgrow its peers. While we leave our longer-term revenue estimates largely unchanged, we increase our operational leverage assumptions. We reiterate our BUY rating and raise our target price to €700 per share (from €650). ASM remains on the ING Benelux Favourites list.

Morning Notes : ASM NA, CMBT BB, AUTL US

: ASM NA, CMBT BB, AUTL US

Morning Notes : AGFB BB, AKZA NA, GBLB BB, UMI BB, MAAT FP

: AGFB BB, AKZA NA, GBLB BB, UMI BB, MAAT FP

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...

Nvidia 3FQ26 preview: strong setup into the print and entering 2026

Nvidia will report earnings this week, here is our preview and expectations with the print.

MaaT Pharma Launches capital increase for gross proceeds of € 9m &#x07...

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.

Morning Notes : HOMI BB, HYL BB, IVA FP, NEXTA BB, RET BB, MAAT FP

: HOMI BB, HYL BB, IVA FP, NEXTA BB, RET BB, MAAT FP

ING Benelux Favourites/Weekly performance and valuation update

The ING Benelux Favourites list comprises ASM, Basic-Fit, DSM-Firmenich, Lotus Bakeries, SBM Offshore, Vopak, Wolters Kluwer and Xior.

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 ...

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 ...

Cloud growth, AI capex, Nvidia Guide, Memory, Auto Semi Cycle and more...

As always, during earnings season, we wrap-up what happened in the previous week. For our main takes summarized on a single slide, and a few words on each of the names we followed last week, follow the link below.

Nvidia revenues to exceed consensus by at least 30% next year; raising...

With comments made at GTC Washington earlier this week, follow up conversations with the company and the tsunami of raises in capex outlook last night, we confidently step up our forecast for Nvidia. Follow the link for details summarized on a single slide.

ODDO BHF SECURITIES LARGE CAPS MORNING NEWS 10/29/2025

ODDO BHF SECURITIES LARGE CAPS MORNING NEWS 29/10/2025

Benelux Morning Notes

Adyen: 3Q25 results – solid net revenue, FY25 guidance reiterated. Aedifica: Guidance raised, positive tenant trends and good portfolio valuation. Ageas: China Taiping Life 3Q25 Solvency much lower, remains solid. Allfunds Group PLC: Strong flows. ASM International: 3Q25 results - disappointing orders, much better margins. Corbion: Iron wills and nerves of steel. Lotus Bakeries: peer Mondelez 3Q25 results. Melexis: 3Q25 results, ongoing gross margin pressure. Staffing: Dutch figs...

Morning Notes : ADYEN NA, AED BB, ASM NA, CRBN NA, HEIA NA, INGA NA, M...

: ADYEN NA, AED BB, ASM NA, CRBN NA, HEIA NA, INGA NA, MTLS US, MELE BB