reports
- Jacob Mekhael
- Thibault Leneeuw
ASM nominates CEO and SB member for reappointment, SB chair to retire ...
ASM nominates CEO and SB member for reappointment, SB chair to retire in 2027 Almere, The Netherlands December 8, 2025, 6:00 p.m. CET The Supervisory Board (SB) of ASM International N.V. (Euronext Amsterdam: ASM) announced today that it intends to reappoint Mr. Hichem M’Saad for a second term, for four years, as member of the Management Board and as CEO. It also intends to reappoint Supervisory Board Member Mr. Marc de Jong for a new term of two years. Supervisory Board Chair Ms. Pauline van der Meer Mohr has expressed her intention to retire as per the Annual General Meeting (AGM) 2027, w...
- Guy Sips
- Jacob Mekhael
- Kristof Samoy
- Livio Luyten
- Lynn Hautekeete
- Mathijs Geerts Danau
- Michiel Declercq
- Thibault Leneeuw
- Thomas Couvreur
- Wim Hoste
- Wim Lewi
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...
EVS EVS BROADCAST EQUIPMENT SA
DIE D'IETEREN SA
SOF SOFINA SA
ASM ASM INTERNATIONAL N.V.
IBAB ION BEAM APPLICATIONS SA
ROYAL VOPAK NV
AED AEDIFICA SA
CSM CORBION NV
ABI ANHEUSER-BUSCH INBEV SA/NV
ARGX ARGEN-X SE
WDP WAREHOUSES DE PAUW SCA
AZE AZELIS GROUP NV
DEME DEME GROUP NV
SHUR SHURGARD SELF STORAGE LIMITED
- Marc Hesselink
- CFA
- Thymen Rundberg
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.
- Jacob Mekhael
- Kristof Samoy
- Thibault Leneeuw
- Antoine Chkaiban
- Pierre FerraguÊ
- Marc Zwartsenburg
- CEFA
- Pierre FerraguÊ
NOW SERVICENOW INC.
DAI DAIMLER AG
WDC WESTERN DIGITAL CORPORATION
TER TERADYNE INC.
STX SEAGATE TECHNOLOGY PLC
MPWR MONOLITHIC POWER SYSTEMS INC.
GOOGL ALPHABET INC. CLASS A
GLW CORNING INC
FB FACEBOOK INC. CLASS A
EQIX EQUINIX INC.
CTSH COGNIZANT TECHNOLOGY SOLUTIONS CORPORATION CLASS A
AVT AVNET INC.
ARW ARROW ELECTRONICS INC.
ASM ASM INTERNATIONAL N.V.
AIXA AIXTRON SE
ASM PACIFIC TECHNOLOGY LIMITED
6723 RENESAS ELECTRONICS CORPORATION
8035 TOKYO ELECTRON LTD.
MELE MELEXIS NV
KLAC KLA CORPORATION
UMCB UNITED MICROELECTRONICS CORP (ADR)
AMZN AMAZON.COM INC.
AAPL APPLE INC.
MSFT MICROSOFT CORPORATION
VOW VOLKSWAGEN (VOW GR)
CKP CHECKPOINT SYSTEMS INC
NET CLOUDFLARE INC CLASS A
CADE CADENCE BANK
TEAM ATLASSIAN CORPORATION
CLS CELESTICA INC.
5930 SAMSUNG GROUP
- Pierre FerraguÊ
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.
- Margaux van Oerle
- Oliver Metzger
- Wim Gille
DB1 DEUTSCHE BOERSE AG
BN DANONE SA
BNP BNP PARIBAS SA CLASS A
ADS ADIDAS AG
FORTUM FORTUM OYJ
DAI DAIMLER AG
OMV OMV AG
AMUN AMUNDI SA
PHIA KONINKLIJKE PHILIPS N.V.
ELE ENDESA S.A.
NXT NEXT PLC
BAS BASF SE
CAP CAPGEMINI SE
SY1 SYMRISE AG
SPL SANTANDER BANK POLSKA SA
ASM ASM INTERNATIONAL N.V.
MONC MONCLER SPA
IBE IBERDROLA SA
SNP PETROM S.A.
STM STMICROELECTRONICS NV
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
ADYEN ADYEN NV
8TRA TRATON SE
STMN STRAUMANN HOLDING AG
FER FERROVIAL SA
AENA AENA S.M.E. SA
TKMS TKMS AG & CO. KGAA
- Margaux van Oerle
- Oliver Metzger
- Wim Gille
DB1 DEUTSCHE BOERSE AG
BN DANONE SA
BNP BNP PARIBAS SA CLASS A
ADS ADIDAS AG
FORTUM FORTUM OYJ
DAI DAIMLER AG
OMV OMV AG
AMUN AMUNDI SA
PHIA KONINKLIJKE PHILIPS N.V.
ELE ENDESA S.A.
NXT NEXT PLC
BAS BASF SE
CAP CAPGEMINI SE
SY1 SYMRISE AG
SPL SANTANDER BANK POLSKA SA
ASM ASM INTERNATIONAL N.V.
MONC MONCLER SPA
IBE IBERDROLA SA
SNP PETROM S.A.
STM STMICROELECTRONICS NV
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
ADYEN ADYEN NV
8TRA TRATON SE
STMN STRAUMANN HOLDING AG
GSK GSK PLC
FER FERROVIAL SA
AENA AENA S.M.E. SA
TKMS TKMS AG & CO. KGAA
- ING Helpdesk
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...
- Guy Sips
- Lynn Hautekeete
- Thibault Leneeuw
- Thomas Couvreur
- Wim Hoste
- Thibault Leneeuw
ASM International Strong 3Q25 results, weak order intake and 4Q25 outl...
ASMi revenues were above expectations driven by advanced logic/foundry demand. Gross profit margin benefited from a favorable product mix, supported by China. This combined with lower SG&A cost resulted in a better than expected adj. EBIT. However, order intake and 4Q25 outlook disappoint. FY25 guidance of approximately 10% y/y growth at CER is unchanged although we expect FY25 estimates to decrease with 1-2%. We expected large headwinds for ASMi from China in the short term. However, in the lon...
- Martin Marandon-Carlhian
- Stephane Houri
- Martin Marandon-Carlhian
- Stephane Houri
ASM reports third quarter 2025 results
ASM reports third quarter 2025 results Almere, The Netherlands Oct 28, 2025, 6 p.m. CET Strong Q3 earnings amid mixed market conditions ASM International N.V. (Euronext Amsterdam: ASM) today reports its Q3 2025 results (unaudited). Financial highlights € million Q3 2024 Q2 2025 Q3 2025 New orders 815.3 702.5 636.8 yoy change % at constant currencies 30% (4%) (17%) Revenue 778.6 835.6 800.0 yoy change % as reported 25% 18% 3% yoy change % at co...
- ING Helpdesk
Benelux Morning Notes
Allfunds Group PLC: 3Q25 Preview. Ahold Delhaize: Amazon to invest €1.4bn in the Netherlands. ASM International: 3Q25 preview – derisked estimates. Basic-Fit: Acquires low-cost franchise operator Clever Fit; now Germany market leader. JDE Peet's: Ad hoc progress update. Lotus Bakeries: Product recall for waffles in Belgium. Melexis: 3Q25 preview, slow cyclical recovery
- 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
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