ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 09/30/2025

ODDO BHF SECURITIES LARGE CAPS MORNING NEWS 09/30/2025

ODDO BHF SECURITIES LARGE CAPS MORNING NEWS 30/09/2025

Benelux Morning Notes

AB InBev: On Track. UCB: Galvokimig, an opportunity for long-term growth

Morning Notes : AGFB BB, OPTI BB, EVS BB, TINC BB, UCB BB, CTPNV NA

: AGFB BB, OPTI BB, EVS BB, TINC BB, UCB BB, CTPNV NA

CTP Brownfields in Germany, Not another Walk in the CTPark

The CMD showcased its German growth strategy that depends largely on brownfields in NRW. The company wants to complete 200-250k sqm/yr after 2027. We visited 4 brownfields for 500k sqm GLA. Contrary to its CEE Park developments on a large green canvas, these projects demand a different approach. It follows intense negotiations with municipalities. They focus on bringing back employment and preserve heritage. The permit can take up to 3 years and the deconstruction can be complex. Hence, CTP is m...

UCB Galvokimig R&D call highlights potential in AD, model update

Yesterday, UCB hosted an R&D call to highlight the phase 2a data for galvokimig from EADV 2025, which showed strong efficacy in atopic dermatitis (AD), with a 52.6% placebo-adjusted EASI75 response at week 12, outperforming other biologics in cross-trial comparison. The KOL highlighted galvokimig's potential for broad positioning across the AD treatment paradigm if the early data is replicated in later stage trials, especially as a monotherapy. We update our model for UCB, which brings us to a n...

CTP NV : CMD 2025 highlights: scaling new heights, targeting 30m sqm b...

ODDO BHF SECURITIES LARGE CAPS MORNING NEWS 09/29/2025

ODDO BHF SECURITIES LARGE CAPS MORNING NEWS 29/09/2025

Benelux Morning Notes

Kendrion: Divests remaining automotive business. UCB: Competitor Sonelokimab fails to impress in HS

Morning Notes : JEN BB, NEXTA BB, PNL NA, UCB BB, MRUS US

: JEN BB, NEXTA BB, PNL NA, UCB BB, MRUS US

UCB Bimzelx competitor sonelokimab shows mixed phase 3 results in HS

In UCB related news, MoonLake Therapeutics (no coverage) reported topline phase 3 data for Bimzelx competitor, sonelokimab (IL-17A/F nanobody) in hidradenitis suppurativa (HS) that showed mixed results. Averaging both VELA-1 and VELA-2 trials brings us to a 13.5% placebo adjusted HiSCR75 response, which is lower than the 17.5% that Bimzelx showed in BE HEARD I and II, and the approx. 20% delta bar set by MoonLake's management earlier this year. Acknowledging the high placebo response in VELA-2, ...

UCB : Further potential for Bimzelx

UCB : Bimzelx peut encore voir venir

WOOD Flash - CTP: 2025 CMD takeaways

Over the past two days, CTP held a CMD in and around Wuppertal, Germany. The company specified its near-term expansion targets, while increasing its long-term growth ambitions materially. It is targeting doubling its size by 2030E, from just under 15m sqm by end-2025, to 30m sqm by 2030E. This marks an ambitious acceleration from what was already industry-leading growth. Between 2020 and 2025E, CTP is set to grow its standing portfolio from 5.9m sqm to c.14.6-14.9m sqm GLA, or by c.9m sqm over t...

Benelux Morning Notes

Aedifica: €21m investment in the development of 3 care homes in Finland. CTP: Highlights from 2-day CMD in Germany. dsm-firmenich: Softly does it. Prosus: Expanding the ecosystem. Randstad: Preliminary preview 3Q25F results due 22 October. TKH Group: Change is coming. UCB: Renewed tariff threat on US branded pharma unlikely to affect UCB

WOOD Daily: LPP PW; RBW PW; VGO PW; DSPW CP; CTPNV NA; CEZ CP; THYAO T...

HEADLINES: • LPP: 2Q25 small beat vs. our ambitious expectations; 22% yoy sales growth in 3Q-to-date; FY25E guidance maintained POSITIVE • Rainbow Tours: disappointing 2Q25 results; strong cash flow, driven by prepayments, should support the 3Q25E results NEGATIVE • VIGO Photonics: 2Q25 results review - adj. EBITDA -84% yoy, below our estimates; order intake growth rose to 69% yoy NEUTRAL • Doosan Skoda Power: 2Q25 higher than expected, but a lower backlog, with only CZK 0.5bn in new contracts d...

Coffee, Croissants & Credit/CTP

Real Estate - Key credit takeaways from CTP's 2025 capital markets day

CTP CMD comments from the management presentation

The CMD started in a brownfield in Wuppertal with management presentations after the Press Release. A lot of attention was given on explaining the increase of the 2030 GLA target from 20m to 30m. This drew some scepticism in the Q&A. It is largely explained by compounding 10-15% growth, adding 2-3m sqm in acquisitions and opening up new regions like Italy or Vietnam. After the opening remarks, the dust has settled in this old industrial production hall and more presentations follow. We are inte...