Bible 4Q25 - Semicap: growth outlook strengthens, but less than the do...

Today, we are publishing the Semicap Equipment section of our 30th 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 Automotive, Hyperscale & Cloud, Telecom Equipment, PCs, Enterprise IT, and Foundry. 4Q25 semicap revenues increased 9% QoQ led by DRAM, while China...

ASM International/Industry outperformance at a discount/BUY

ASM provided a very solid guidance for FY26. We expect this strength to continue in subsequent years as AI strength and ongoing technology transitions are key tailwinds for ASM. We expect the company to significantly outgrow its peers. We again increase our estimates, up our DCF-based target price to €950 per share (from €900) and reiterate our BUY. ASM remains on the ING Benelux Favourites list.

ASM International Upside on FY26 estimates already reflected in the va...

We provide more colour in this note on our change in TP and recommendation following ASMi FY25 results, which were good given the improved outlook. We see upside on the FY26 estimates, yet expectations for FY27 are already high and leave little room for upside, while the valuation is also above the historical average. We derive a fair value of €658 p.s. based on our FY27 diluted EPS of € 22.1 and a PE multiple of 30x. Given the downside we reduced our recommendation this morning from Accumulate ...

ODDO BHF SECURITIES LARGE CAPS MORNING NEWS 03/04/2026

ODDO BHF SECURITIES LARGE CAPS MORNING NEWS 04/03/2026

Benelux Morning Notes

Aedifica and Cofinimmo: Aedifica acquires c.80% of the shares in Cofinimmo. ASM International: 4Q25 results; strong FY26 guidance. D'Ieteren: Bloomberg reports on Belron IPO, valuation above $30bn, close to $40bn. dsm-firmenich: Symrise 2025 results and guidance. Kinepolis: Feb reassures - US box office revenue up +1% YoY, France visitors up +25% YoY. KPN: Odido data breach

Morning Notes : AED BB, ASM NA, DIE BB, IMMO BB, UCB BB

: AED BB, ASM NA, DIE BB, IMMO BB, UCB BB

ASM International N.V : The reacceleration is confirmed with advanced ...

ASM International N.V : Une ré accélération qui se confirme avec l’Adv...

Morning Notes : COLR BB, EVS BB, EKOP BB, CTPNV NA, SYENS BB

: COLR BB, EVS BB, EKOP BB, CTPNV NA, SYENS BB

The Citrini report: a revival of Marxism.

The Citrini report is an interesting thought experiment. It qualifies fully as neo-marxist, calling for the tendency of profit rates to fall. Like Marx 165 years ago, the authors are nevertheless getting a couple of things wrong. Click the link below for our thoughts and our perspective on the matter.

Benelux Morning Notes

Ahold Delhaize: Peer Walmart 4Q25/26 results. Arcadis: Main topics 4Q25/FY25 conference call. ASM: 4Q25 preview, FY26 should be strong. Brunel: 4Q25 result beats and trends stabilise; DACH back to growth in 1Q26; additional cost savings announced and special dividend. Cofinimmo: Beat on bottom line, strong investment outlook for 2026. IMCD: Another step in EMEA. Magnum Ice Cream Company: Peer Danone 4Q25 results. Recticel: Peer Kingspan FY25 results. Software sector: Cheaper code...

Benelux Morning Notes

Aedifica: Conference call highlights. Basic-Fit: Belgian VAT increase for culture, sports and takeaway meals postponed. BE Semiconductor Industries: 4Q25 Preview, incremental strength. Kendrion: Preview - Clean into 2026. Magnum Ice Cream Company: Acquisition of Kwality Wall's launched. Retail Estates: Re-letting progress highlights portfolio quality. Semi Equipment: AMAT readthrough strength. Universal Music Group: EU Commission approves UMG's Downtown acquisition, requires full Curve Ro...

ING Benelux Favourites/Weekly performance and valuation update

We update the performance of our ING Benelux Favourites list as well as all valuation and ranking tables for our coverage universe. Performance on the front page is dated from the 28 January 2026, while historical performance is included on the second page. The methodology for our favourites selection is based on a bottom-up approach with a focus on absolute performance with clear near-term triggers. It is a rolling list, ie, stocks can enter/exit whenever we think opportune. The ING Benelux Fav...

Morning Notes : ABI BB, ADYEN NA, DSFIR NA, FAGR BB, FLOW NA, NEXTA BB...

: ABI BB, ADYEN NA, DSFIR NA, FAGR BB, FLOW NA, NEXTA BB, MONT BB, NN NA, ONTEX BB, SIP BB, WDP BB, NXFIL NA

Morning Notes : FAGR BB, EKOP BB, ZEAL DC

: FAGR BB, EKOP BB, ZEAL DC

Ekopak Delivery Waterkracht permit and Dutch wastewater plant acquisit...

Yesterday evening an article was published in the local Antwerp newspaper GVA. It stated Flemish Minister of the Environment Jo Brouns (CD&V) has granted a permit for the Waterkracht project. As a result, all chemical companies in the Port of Antwerp will use purified wastewater to cool their production processes starting at the end of 2027. Earlier on the target was to start commercial operations early 2027 and this is still reflected in our earnings model. We will overhaul our model once it is...

Capex revisions, Replatforming, Memory Pricing, Semicap, Tesla, Apple....

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 27 names we followed last week, follow the link.

What returns to expect on Cloud AI?

After a string of multi-GW contracts and capex announcements, the attractiveness of cloud AI returns remains a hot question amongst investors. In this report, we build a simple framework to answer that question. We estimate Cloud AI returns from CSP disclosures and what we know about large real-world contracts, and benchmark them against what we know about the economics of traditional cloud.