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Guy Sips ... (+6)
  • Guy Sips
  • Hilde Van Boxstael
  • Lynn Hautekeete
  • Thomas Couvreur
  • Thomas Vranken
  • Wim Lewi
Guy Sips
  • Guy Sips

Melexis Navigating the Impact of Trump's Tariffs and his U-turn

We have updated our model to assess the impact of Trump's tariffs and his U-turn of yesterday. Consequently, we are lowering our Target Price to €70 (previously €76) while maintaining our Buy-rating. Please note that Melexis remains part of the KBC Securities' Dynamic Top Pick List, and we continue to hold a positive outlook. Although Melexis' direct sales to the US account for approximately half of the 9% of FY24 NALA sales, the other half is attributed to clients in Canada and Mexico, with th...

Charlotte Vaisse ... (+3)
  • Charlotte Vaisse
  • Oddo Sustainability Team
  • Stephane Houri
CON CONTINENTAL AKTIENGESELLSCHAFT
FP TOTAL SE
VIE VEOLIA ENVIRONNEMENT SA
MT ARCELORMITTAL SA
DB1 DEUTSCHE BOERSE AG
AAL ANGLO AMERICAN PLC
SU SCHNEIDER ELECTRIC SE
RNO RENAULT SA
ADS ADIDAS AG
LI KLEPIERRE SA
PUM PUMA SE
COV COVIVIO SA
ORA ORANGE SA
HO THALES SA
GFC GECINA SA
NXI NEXITY SA CLASS A
LONN LONZA GROUP AG
FLY SOCIETE FONCIERE LYONNAISE SA
MF WENDEL SE
IDL ID LOGISTICS GROUP
GYC GRAND CITY PROPERTIES SA
MERY MERCIALYS SA
WHA WERELDHAVE N.V.
BLND BRITISH LAND COMPANY PLC
VIRP VIRBAC SA
KOF KAUFMAN & BROAD SA
ALTA ALTAREA SCA
VNA VONOVIA SE
XIOR XIOR STUDENT HOUSING N.V.
GEBN GEBERIT AG
RWE RWE AG
SAF SAFRAN S.A.
BOL BOLLORE SA
ICAD ICADE SA
BYG BIG YELLOW GROUP PLC
COFB COFINIMMO SA
CRG CRH PLC
TUB TUBACEX S.A.
CAI CA IMMOBILIEN ANLAGEN AG
TEG TAG IMMOBILIEN AG
VASTB VASTNED RETAIL BELGIUM NV
PSPN PSP SWISS PROPERTY AG
UBS UBM DEVELOPMENT AG
SPSN SWISS PRIME SITE AG
PAT PATRIZIA AG
MONT MONTEA SCA
AED AEDIFICA SA
CARM CARMILA SAS
LEG LEG IMMOBILIEN AG
KGX KION GROUP AG
CPINV CARE PROPERTY INVEST SA
SAFE SAFESTORE HOLDINGS PLC
ANDR ANDRITZ AG
ARG ARGAN SA
VGP VGP NV
COL INMOBILIARIA COLONIAL SOCIMI SA
DIC DIC ASSET AG
MERLIN MERLIN PROPERTIES SOCIMI S.A.
CLNX CELLNEX TELECOM S.A.
RACE FERRARI NV
DKG DEUTSCHE KONSUM REIT-AG
ASML ASML HOLDING NV
HOME NEINOR HOMES SA
AT1 AROUNDTOWN SA
IMP IMPACT DEVELOPER & CONTRACTOR S.A.
LAND LAND SECURITIES GROUP PLC
MVC METROVACESA SA
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
NSI NSI N.V.
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
INS INSTONE REAL ESTATE GROUP AG
AEDAS AEDAS HOMES SA
WDP WAREHOUSES DE PAUW SCA
ECMPA EUROCOMMERCIAL PROPERTIES NV
CTPNV CTP NV
ONE ONE UNITED PROPERTIES SA
SHUR SHURGARD SELF STORAGE LIMITED
Charlotte Vaisse ... (+3)
  • Charlotte Vaisse
  • Oddo Sustainability Team
  • Stephane Houri
CON CONTINENTAL AKTIENGESELLSCHAFT
FP TOTAL SE
VIE VEOLIA ENVIRONNEMENT SA
MT ARCELORMITTAL SA
DB1 DEUTSCHE BOERSE AG
AAL ANGLO AMERICAN PLC
SU SCHNEIDER ELECTRIC SE
RNO RENAULT SA
ADS ADIDAS AG
LI KLEPIERRE SA
PUM PUMA SE
COV COVIVIO SA
ORA ORANGE SA
HO THALES SA
GFC GECINA SA
NXI NEXITY SA CLASS A
LONN LONZA GROUP AG
FLY SOCIETE FONCIERE LYONNAISE SA
MF WENDEL SE
IDL ID LOGISTICS GROUP
GYC GRAND CITY PROPERTIES SA
MERY MERCIALYS SA
WHA WERELDHAVE N.V.
BLND BRITISH LAND COMPANY PLC
VIRP VIRBAC SA
KOF KAUFMAN & BROAD SA
ALTA ALTAREA SCA
VNA VONOVIA SE
XIOR XIOR STUDENT HOUSING N.V.
GEBN GEBERIT AG
RWE RWE AG
SAF SAFRAN S.A.
BOL BOLLORE SA
ICAD ICADE SA
BYG BIG YELLOW GROUP PLC
COFB COFINIMMO SA
CRG CRH PLC
TUB TUBACEX S.A.
CAI CA IMMOBILIEN ANLAGEN AG
TEG TAG IMMOBILIEN AG
VASTB VASTNED RETAIL BELGIUM NV
PSPN PSP SWISS PROPERTY AG
UBS UBM DEVELOPMENT AG
SPSN SWISS PRIME SITE AG
PAT PATRIZIA AG
MONT MONTEA SCA
AED AEDIFICA SA
CARM CARMILA SAS
LEG LEG IMMOBILIEN AG
KGX KION GROUP AG
CPINV CARE PROPERTY INVEST SA
SAFE SAFESTORE HOLDINGS PLC
ANDR ANDRITZ AG
ARG ARGAN SA
VGP VGP NV
COL INMOBILIARIA COLONIAL SOCIMI SA
DIC DIC ASSET AG
MERLIN MERLIN PROPERTIES SOCIMI S.A.
CLNX CELLNEX TELECOM S.A.
RACE FERRARI NV
DKG DEUTSCHE KONSUM REIT-AG
ASML ASML HOLDING NV
HOME NEINOR HOMES SA
AT1 AROUNDTOWN SA
IMP IMPACT DEVELOPER & CONTRACTOR S.A.
LAND LAND SECURITIES GROUP PLC
MVC METROVACESA SA
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
NSI NSI N.V.
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
INS INSTONE REAL ESTATE GROUP AG
AEDAS AEDAS HOMES SA
WDP WAREHOUSES DE PAUW SCA
ECMPA EUROCOMMERCIAL PROPERTIES NV
CTPNV CTP NV
ONE ONE UNITED PROPERTIES SA
SHUR SHURGARD SELF STORAGE LIMITED
Charlotte Vaisse ... (+3)
  • Charlotte Vaisse
  • Oddo Sustainability Team
  • Stephane Houri
FP TOTAL SE
VIE VEOLIA ENVIRONNEMENT SA
TEMN TEMENOS AG
SU SCHNEIDER ELECTRIC SE
RNO RENAULT SA
ADS ADIDAS AG
LI KLEPIERRE SA
COV COVIVIO SA
ORA ORANGE SA
BFIT BASIC-FIT NV
GFC GECINA SA
NXI NEXITY SA CLASS A
RCO REMY COINTREAU SA
LONN LONZA GROUP AG
FLY SOCIETE FONCIERE LYONNAISE SA
MF WENDEL SE
IDL ID LOGISTICS GROUP
GYC GRAND CITY PROPERTIES SA
MERY MERCIALYS SA
WHA WERELDHAVE N.V.
FAGR FAGRON SA
BLND BRITISH LAND COMPANY PLC
VIRP VIRBAC SA
KOF KAUFMAN & BROAD SA
ALTA ALTAREA SCA
VNA VONOVIA SE
XIOR XIOR STUDENT HOUSING N.V.
GEBN GEBERIT AG
RWE RWE AG
SAF SAFRAN S.A.
BOL BOLLORE SA
ICAD ICADE SA
BYG BIG YELLOW GROUP PLC
COFB COFINIMMO SA
CRG CRH PLC
TUB TUBACEX S.A.
CAI CA IMMOBILIEN ANLAGEN AG
TEG TAG IMMOBILIEN AG
VASTB VASTNED RETAIL BELGIUM NV
PSPN PSP SWISS PROPERTY AG
UBS UBM DEVELOPMENT AG
SPSN SWISS PRIME SITE AG
PAT PATRIZIA AG
MONT MONTEA SCA
AED AEDIFICA SA
SLIGR SLIGRO FOOD GROUP N.V.
FDR FLUIDRA S.A.
CARM CARMILA SAS
LEG LEG IMMOBILIEN AG
KGX KION GROUP AG
CPINV CARE PROPERTY INVEST SA
ALVDM VOYAGEURS DU MONDE SA
SAFE SAFESTORE HOLDINGS PLC
ANDR ANDRITZ AG
ARG ARGAN SA
VGP VGP NV
COL INMOBILIARIA COLONIAL SOCIMI SA
DIC DIC ASSET AG
MERLIN MERLIN PROPERTIES SOCIMI S.A.
CLNX CELLNEX TELECOM S.A.
RACE FERRARI NV
DKG DEUTSCHE KONSUM REIT-AG
SAE SHOP APOTHEKE EUROPE NV
ASML ASML HOLDING NV
HOME NEINOR HOMES SA
AT1 AROUNDTOWN SA
IMP IMPACT DEVELOPER & CONTRACTOR S.A.
LAND LAND SECURITIES GROUP PLC
MVC METROVACESA SA
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
NSI NSI N.V.
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
INS INSTONE REAL ESTATE GROUP AG
AEDAS AEDAS HOMES SA
FQT FREQUENTIS AG WIENER
WDP WAREHOUSES DE PAUW SCA
NXFIL NX FILTRATION HLDG BV
ECMPA EUROCOMMERCIAL PROPERTIES NV
CTPNV CTP NV
ONE ONE UNITED PROPERTIES SA
DEME DEME GROUP NV
STM STABILUS SE
SHUR SHURGARD SELF STORAGE LIMITED
Guy Sips ... (+11)
  • Guy Sips
  • Jacob Mekhael
  • Kristof Samoy
  • Lynn Hautekeete
  • Michiel Declercq
  • Sharad Kumar S.P
  • Thibault Leneeuw
  • Thomas Couvreur
  • Thomas Vranken
  • Wim Hoste
  • Wim Lewi

US Tariffs Navigating the impact on Benelux equities

Trumps reciprocal tariffs caused a massive blow to equity markets, following a pressured period of escalating trade wars. Retaliatory measures can further heavily damage market confidence, as seen Friday when China announced their 34% tarrif of US goods. International trade policies have never moved this erratic and untransparant, with uncertainty and volatility being the baseline for now. In this report we highlight the key stocks in our coverage relevant to this discussion.

ING Helpdesk
  • ING Helpdesk

Benelux Morning Notes

Acomo: Business as usual. IBA: CMD focus on 2028 targets, other accelerators, new CFO announced. Melexis: Sector M&A back in focus. Proximus: Stefaan De Clerck extended as chairman for another year

 PRESS RELEASE

Heineken N.V. reports the progress of transactions under its current s...

Heineken N.V. reports the progress of transactions under its current share buyback programme Heineken N.V. reports the progress of transactions under its current share buyback programme Amsterdam, 7 April 2025 - Heineken N.V. (EURONEXT: HEIA; OTCQX: HEINY) hereby reports transaction details related to the first €750 million tranche of its €1.5 billion share buyback programme as communicated on 12 February 2025. From 31 March 2025 up to and including 4 April 2025 a total of 70,158 shares was repurchased on exchange at an average price of € 74.57. During the same period, 70,194 shares ...

Hilde Van Boxstael ... (+5)
  • Hilde Van Boxstael
  • Kristof Samoy
  • Thibault Leneeuw
  • Thomas Couvreur
  • Wim Lewi
Guy Sips ... (+7)
  • Guy Sips
  • Hilde Van Boxstael
  • Kristof Samoy
  • Lynn Hautekeete
  • Michiel Declercq
  • Thomas Couvreur
  • Wim Hoste
Guy Sips ... (+12)
  • Guy Sips
  • Jacob Mekhael
  • Kristof Samoy
  • Livio Luyten
  • Lynn Hautekeete
  • Michiel Declercq
  • Sharad Kumar S.P
  • Thibault Leneeuw
  • Thomas Couvreur
  • Thomas Vranken
  • Wim Hoste
  • Wim Lewi

Dynamic Top Pick List Update April 2025: Removing Gimv – Adding Adyen

In this April 2025 update of the KBC Securities' Dynamic Top Pick List, we are removing Gimv and adding Adyen. Since adding Gimv to the Dynamic Top Pick List in mid-December 2024, Gimv's performance has remained flat. However, month-to-date, it has increased by nearly 7%, while the indices have all declined. Given the backdrop of a tariff war brewing, we think it's time to remove Gimv from the Dynamic Top Pick List as medium-sized businesses are more likely to feel the pinch of lower demand and...

 PRESS RELEASE

Nextensa welcomes Proximus at Tour & Taxis and acquires Proximus tower...

Nextensa welcomes Proximus at Tour & Taxis and acquires Proximus towers in Brussels PRESS RELEASE                                                                              REGULATED INFORMATION INSIDE INFORMATIONBrussels, 2 April 2025, 5.40pm                                                               Nextensa welcomes Proximus at Tour & Taxis and acquires Proximus towers in Brussels Real estate developer and investor Nextensa is pleased to announce that Proximus will establish its new headquarters on the Tour & Taxis site in Brussels. The deal also includes Nextensa's purchase of...

 PRESS RELEASE

Nextensa accueille Proximus à Tour & Taxis et acquiert les tours Proxi...

Nextensa accueille Proximus à Tour & Taxis et acquiert les tours Proximus à Bruxelles COMMUNIQUÉ DE PRESSE                                                                          INFORMATIONS RÉGLEMENTÉES     INFORMATIONS PRIVILÉGIÉESBruxelles, 2 avril 2025, 17h40                                                                       Nextensa accueille Proximus à Tour & Taxis et acquiert les tours Proximus à Bruxelles Le promoteur et investisseur immobilier Nextensa a le plaisir d'annoncer que Proximus établira son nouveau siège social sur le site de Tour & Taxis à Bruxelles. L'accor...

 PRESS RELEASE

Nextensa verwelkomt Proximus op Tour & Taxis en verwerft Proximus-tore...

Nextensa verwelkomt Proximus op Tour & Taxis en verwerft Proximus-torens in Brussel                     PERSBERICHT                                                                            GEREGLEMENTEERDE INFORMATIE VOORWETENSCHAPBrussel, 2 April 2025, 17u40                                          Nextensa verwelkomt Proximus op Tour & Taxis en verwerft Proximus-torens in Brussel                                                                                                                              Vastgoedontwikkelaar- en investeerder Nextensa is verheugd aan te kondigen dat ...

 PRESS RELEASE

Corbion published agenda for AGM

Corbion published agenda for AGM Corbion has published its agenda for the upcoming Annual General Meeting of Shareholders (AGM) to be held on 14 May 2025. The full AGM agenda together with explanatory notes is available on Corbion's website under Investor relations --> Shareholder information --> Shareholder meetings. Attachment

Roy Külter ... (+2)
  • Roy Külter
  • Steven Boumans
Roy Külter ... (+2)
  • Roy Külter
  • Steven Boumans
LI KLEPIERRE SA
COV COVIVIO SA
OUT1V OUTOKUMPU OYJ
GFC GECINA SA
NXI NEXITY SA CLASS A
FLY SOCIETE FONCIERE LYONNAISE SA
GYC GRAND CITY PROPERTIES SA
MERY MERCIALYS SA
ALDEL DELFINGEN INDUSTRY SA
WHA WERELDHAVE N.V.
BLND BRITISH LAND COMPANY PLC
VRAP VRANKEN-POMMERY MONOPOLE SA
LNA LNA SANTE SA
KOF KAUFMAN & BROAD SA
ALTA ALTAREA SCA
VNA VONOVIA SE
XIOR XIOR STUDENT HOUSING N.V.
ICAD ICADE SA
BYG BIG YELLOW GROUP PLC
COFB COFINIMMO SA
VRNL VERNEUIL PARTICIPATIONS
CAI CA IMMOBILIEN ANLAGEN AG
TEG TAG IMMOBILIEN AG
VASTB VASTNED RETAIL BELGIUM NV
SBO SCHOELLER-BLECKMANN OILFIELD EQUIPMENT AG
PSPN PSP SWISS PROPERTY AG
UBS UBM DEVELOPMENT AG
SPSN SWISS PRIME SITE AG
PAT PATRIZIA AG
MONT MONTEA SCA
AED AEDIFICA SA
SLIGR SLIGRO FOOD GROUP N.V.
CARM CARMILA SAS
LEG LEG IMMOBILIEN AG
MCPHY MCPHY ENERGY SA
CPINV CARE PROPERTY INVEST SA
SAFE SAFESTORE HOLDINGS PLC
ARG ARGAN SA
VGP VGP NV
COL INMOBILIARIA COLONIAL SOCIMI SA
DIC DIC ASSET AG
MERLIN MERLIN PROPERTIES SOCIMI S.A.
DKG DEUTSCHE KONSUM REIT-AG
IBG IBERPAPEL GESTION S.A.
HOME NEINOR HOMES SA
AT1 AROUNDTOWN SA
IMP IMPACT DEVELOPER & CONTRACTOR S.A.
LAND LAND SECURITIES GROUP PLC
MVC METROVACESA SA
NSI NSI N.V.
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
INS INSTONE REAL ESTATE GROUP AG
AEDAS AEDAS HOMES SA
S30 SOLUTIONS 30 SE
VK VALLOUREC SA
KTA KNAUS TABBERT
WDP WAREHOUSES DE PAUW SCA
ECMPA EUROCOMMERCIAL PROPERTIES NV
CTPNV CTP NV
ONE ONE UNITED PROPERTIES SA
IOS IONOS GROUP SE
SHUR SHURGARD SELF STORAGE LIMITED
ACAG AUSTRIACARD HOLDINGS AG
TEN TENARIS S.A.
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