reports
- Pierre FerraguÊ
TSLA TESLA INC
NVDA NVIDIA CORPORATION
COHR COHERENT INC.
AMAT APPLIED MATERIALS INC.
2330 TSMC
00992 LENOVO GROUP LIMITED
3661 ALCHIP TECHNOLOGIES INC.
00700 TENCENT HOLDINGS LTD.
CSCO ASML HOLDING N.V.
ASML CISCO SYSTEMS INC.
40978Z ASML HOLDING NV
2357 TT HUAWEI TECHNOLOGIES CO
ASUSTEK COMPUTER
BE Semiconductor Industries N.V: 1 director
A director at BE Semiconductor Industries N.V sold 13,755 shares at 124.220EUR and the significance rating of the trade was 100/100. 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...
- Pierre FerraguÊ
- Marc Hesselink
- CFA
- Thymen Rundberg
ASM International/High visibility, high reward/BUY
ASM International is mostly exposed to secular technological shifts, which makes it relatively resilient to the ongoing downcycle. In our view, its key drivers are the shift to GAA, shrinkage and the use of new materials. We expect all of these to remain strong and, as such, ASM should continue to strongly outperform the sector. We reiterate our BUY rating but lower our target price to €650 (from €750) following lower near-term estimates. ASM International is on the ING Benelux Favourites list.
- Marc Hesselink
- CFA
- Thymen Rundberg
ASML/Slower 2026, long-term intact/BUY
Despite a slower growth outlook for 2026 we remain positive on the ASML investment case. We believe that the long-term outlook for semiconductor capex remains strong. On top of that, we expect continued increases in litho intensity resulting in above-industry growth. The current valuation close to previous lows, the risk-reward is attractive in our view. We reiterate our BUY rating but slightly lower our target price from €825 to €800 per share.
- Pierre FerraguÊ
ASM announces completion of share buyback program
ASM announces completion of share buyback program Almere, The NetherlandsJuly 28, 2025, 5:45 p.m. CET ASM International N.V. (Euronext Amsterdam: ASM) today announces that its €150 million share buyback program 2025 has been completed. On February 25, 2025, ASM announced the authorization of a new share buyback program of up to €150 million. The program started on April 30, 2025, and was completed on July 25, 2025. In total, we repurchased 322,533 shares at an average price of €465.07, under the 2025 program. This share buyback program was executed by a third party. ASM has the intention...
- Pierre FerraguÊ
- Pierre FerraguÊ
- Pierre FerraguÊ
ASML: best positioned for 2026 in the Semicap pack. Upgrade to Buy, €7...
Consensus expects ASML to grow revenues 2% next year, compared to 6-12% for its peers. That is conservative. If anything, we see room for ASML to outperform, driven by high leading-edge exposure. Beyond 2026, we also expect ASML to grow in the upper end of its peer group. Normal order intake in 3Q would allow management to ease concerns around 2026 growth, and with the stock trading on 25x forward earnings we see limited risk of further de-rating. We hence upgrade the stock to Buy, €790 Target...
- Pierre FerraguÊ
- Rolf Bulk
- Olfa Taamallah
- Yan Derocles
EQNR EQUINOR ASA
RNO RENAULT SA
KPN ROYAL KPN NV
TKA TELEKOM AUSTRIA AG
HO THALES SA
LONN LONZA GROUP AG
GLE SOCIETE GENERALE S.A. CLASS A
RAND RANDSTAD NV
ALO ALSTOM SA
ASM ASM INTERNATIONAL N.V.
GAS NATURGY ENERGY GROUP S.A.
FCC FOMENTO DE CONSTRUCCIONES Y CONTRATAS S.A.
UCG UNICREDIT S.P.A.
IBE IBERDROLA SA
BRD BRD-GROUPE SOCIETE GENERALE
TLV BANCA TRANSILVANIA S.A.
VACN VAT GROUP AG
SAP SAP SE
BG BAWAG GROUP AG
ERF EUROFINS SCIENTIFIC SOCIETE EUROPEENNE
AM DASSAULT AVIATION
STMN STRAUMANN HOLDING AG
- Olfa Taamallah
- Yan Derocles
EQNR EQUINOR ASA
RNO RENAULT SA
KPN ROYAL KPN NV
TKA TELEKOM AUSTRIA AG
HO THALES SA
LONN LONZA GROUP AG
GLE SOCIETE GENERALE S.A. CLASS A
RAND RANDSTAD NV
ALO ALSTOM SA
ASM ASM INTERNATIONAL N.V.
GAS NATURGY ENERGY GROUP S.A.
FCC FOMENTO DE CONSTRUCCIONES Y CONTRATAS S.A.
UCG UNICREDIT S.P.A.
IBE IBERDROLA SA
BRD BRD-GROUPE SOCIETE GENERALE
TLV BANCA TRANSILVANIA S.A.
VACN VAT GROUP AG
SAP SAP SE
BG BAWAG GROUP AG
ERF EUROFINS SCIENTIFIC SOCIETE EUROPEENNE
AM DASSAULT AVIATION
STMN STRAUMANN HOLDING AG
- ING Helpdesk
Benelux Morning Notes
ASM International: 2Q25 Results; Positive tone, weak orders. CM.com: 1H25 results; disappointing performance, guidance downgrade. Gimv: Gimv fuels Hemink's sustainable expansion. KPN: Solid 2Q25, guidance raised largely on €25m IPR claim benefit. Philips: 2Q25 Preview; improvement needed. Randstad: 2Q25 in line; outlook touch below; FX spoils the party but operational leverage story is unfolding. Sofina: Newsletter #16. Universal Music Group: EU opens in-depth investigation into Downtown ...
- Hilde Van Boxstael
- Jacob Mekhael
- Livio Luyten
- Lynn Hautekeete
- Michiel Declercq
- Thibault Leneeuw
- Thomas Couvreur
- Wim Hoste
- Martin Marandon-Carlhian
- Stephane Houri
- Martin Marandon-Carlhian
- Stephane Houri
ASM reports second quarter 2025 results
ASM reports second quarter 2025 results Almere, The Netherlands July 22, 2025, 6 p.m. CET Solid Q2 results against a backdrop of continued mixed market conditions ASM International N.V. (Euronext Amsterdam: ASM) today reports its Q2 2025 results (unaudited). Financial highlights € million Q2 2024 Q1 2025 Q2 2025 New orders 755.4 834.2 702.5 yoy change % at constant currencies 56% 14% (4%) Revenue 706.1 839.2 835.6 yoy change % as reported 6% 31% 18% ...
ASM share buyback update July 14 – 18, 2025
ASM share buyback update July 14 – 18, 2025 Almere, The NetherlandsJuly 21, 2025, 5:45 p.m. CET ASM International N.V. (Euronext Amsterdam: ASM) reports the following transactions, conducted under ASM's current share buyback program. DateRepurchased sharesAverage priceRepurchased valueJuly 16, 20254,942€ 509.82€ 2,519,531July 17, 20254,348€ 518.38€ 2,253,926Total9,290€ 513.83€ 4,773,457 These repurchases were made as part of the €150 million share buyback program which started on April 30, 2025. Of the total program, 43.6% has been repurchased. For further details including individual tran...
ASML reports transactions under its current share buyback program
ASML reports transactions under its current share buyback program ASML reports transactions under its current share buyback program VELDHOVEN, the Netherlands – ASML Holding N.V. (ASML) reports the following transactions, conducted under ASML's current share buyback program. DateTotal repurchased sharesWeighted average priceTotal repurchased value14-Jul-2518,016€682.42€12,294,50215-Jul-2517,471€703.75€12,295,20916-Jul-25---17-Jul-25---18-Jul-25--- ASML’s current share buyback program was announced on 10 November 2022, and details are available on our website at This regular update of the...
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