reports
- Emira Sagaama
- Maissa Keskes
- Margaux van Oerle
- Stephane Houri
BT.A BT GROUP PLC
CA CARREFOUR SA
BVI BUREAU VERITAS SA
BNP BNP PARIBAS SA CLASS A
MC LVMH MOET HENNESSY LOUIS VUITTON SE
DBK DEUTSCHE BANK AG
MTX MTU AERO ENGINES AG
NOKIA NOKIA OYJ
RF EURAZEO SA
ENI ENI S.P.A.
VOW3 VOLKSWAGEN AG PREF
REP REPSOL SA
BKT BANKINTER SA
NEM NEMETSCHEK SE
ELI ELIA GROUP SA/NV
MAP MAPFRE SA
STM STMICROELECTRONICS NV
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
CCEP COCA-COLA EUROPEAN PARTNERS PLC
8TRA TRATON SE
DSY DASSAULT SYSTEMES SA
ML COMPAGNIE GENERALE DES ETABLISSEMENTS MICHELIN
SGSN SGS SA
- Emira Sagaama
- Maissa Keskes
- Margaux van Oerle
- Stephane Houri
BT.A BT GROUP PLC
CA CARREFOUR SA
BVI BUREAU VERITAS SA
BNP BNP PARIBAS SA CLASS A
MC LVMH MOET HENNESSY LOUIS VUITTON SE
DBK DEUTSCHE BANK AG
MTX MTU AERO ENGINES AG
NOKIA NOKIA OYJ
RF EURAZEO SA
ENI ENI S.P.A.
VOW3 VOLKSWAGEN AG PREF
REP REPSOL SA
BKT BANKINTER SA
NEM NEMETSCHEK SE
ELI ELIA GROUP SA/NV
MAP MAPFRE SA
STM STMICROELECTRONICS NV
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
CCEP COCA-COLA EUROPEAN PARTNERS PLC
8TRA TRATON SE
DSY DASSAULT SYSTEMES SA
ML COMPAGNIE GENERALE DES ETABLISSEMENTS MICHELIN
SGSN SGS SA
- Guy Sips
Materialise Macro-economic uncertainty impacting business climate for ...
Although its Medical segment was demonstrating its resilience (nearly +17% y/y in 2Q25), Materialise's overall 2Q25 revenue decreased -5.8% y/y to € 64.8m impacted by increasing geo-political uncertainty and sustained macro-economic headwinds negatively impacted revenues in its Manufacturing and Software segments. Despite revenue pressure, Materialise was able to materially improve its operational profitability in 2Q25 q/q/ through structural and targeted cost control. Unfavourable FX-effects ...
- Martin Marandon-Carlhian
- Stephane Houri
- Martin Marandon-Carlhian
- Stephane Houri
- Guy Sips
- Hilde Van Boxstael
- Jacob Mekhael
- Lynn Hautekeete
- Michiel Declercq
- Thomas Couvreur
- Wim Lewi
- Martin Marandon-Carlhian
- Stephane Houri
- ING Helpdesk
Benelux Morning Notes
Aalberts: Light 1H performance, lowers FY25 outlook. Acomo: Hot chocolate. BAM Group: Solid 1H25 performance. BE Semiconductor Industries: 2Q25 results, light at the end of the tunnel. Econocom: 1H25 REBITA in line, net profit hit by €18m loss on discontinued. Orange Belgium: Better 1H25, guidance increased but MSA hurt perception. RELX: 1H25 results – powering ahead. UCB: 1H25 Preview: focus on US expansion.
- Hilde Van Boxstael
- Jacob Mekhael
- Kristof Samoy
- Thibault Leneeuw
- Wim Lewi
- Pierre FerraguÊ
- Rolf Bulk
- ING Helpdesk
Benelux Morning Notes
ASM: 2Q25 Preview, AI winner BE Semiconductor Industries: 2Q25 Preview, focus on advanced order intake CM.com: Preview 1H25 D'Ieteren: Belron $4.655bn TBL repriced 25bp lower PostNL: Preview 2Q25F; consensus released Wolters Kluwer: To divest Finance, Risk and Regulatory Reporting unit
- Adrian Pehl
- Emira Sagaama
- Klaus Ringel
- Margaux van Oerle
- Adrian Pehl
- Emira Sagaama
- Klaus Ringel
- Margaux van Oerle
- Hilde Van Boxstael
- Michiel Declercq
- Thibault Leneeuw
- Wim Hoste
- Thibault Leneeuw
Moore's law meets Schrodinger's cat Update on the semiconductor market
In this note we look back at developments within the Semi Industry, such as the shift to accelerated compute, the memory wall and memory developments. Single-thread performance slows due to physical limits marking the end of Moore's Law. But multi-thread performance and parallelism keep Moore's Law alive, shifting innovation toward bandwidth, accelerators, and advanced packaging. Furthermore, we provide an update on the Semi Market. Our analysis shows that End markets weakened not only in EUR bu...
- Martijn Den Drijver
- Hilde Van Boxstael
- Jacob Mekhael
- Livio Luyten
- Michiel Declercq
- Thomas Vranken
- Wim Hoste
- Livio Luyten
TINC Reinitiating Our Coverage With a BUY Rating and €14.0 TP
TINC's delivered a stellar 1Q25. Portfolio fair value rose 20.3% to €616.2m QoQ, with a €10.9m portfolio result and €8.0m net profit (€0.22ps). TINC invested €123.1m in 1Q25, including €61m in BESS Project Mufasa. Its diversified portfolio of public, energy, digital and social assets defends well against economic volatility. PPP's stable cash flows underpin a 4.7% dividend yield, while assets like DataCenter Utd, Glasdraad and newly added Azulatis drive growth. After the recent €113.2m rights is...
- ING Helpdesk
- Roy Külter
- Thomas Zlowodzki
LI KLEPIERRE SA
COV COVIVIO SA
GFC GECINA SA
NXI NEXITY SA CLASS A
FLY SOCIETE FONCIERE LYONNAISE SA
GYC GRAND CITY PROPERTIES SA
MERY MERCIALYS SA
SZG SALZGITTER AG
INEA FONCIERE INEA
WHA WERELDHAVE N.V.
BLND BRITISH LAND COMPANY PLC
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
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
SIGHT GENSIGHT BIOLOGICS 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
HOME NEINOR HOMES SA
AT1 AROUNDTOWN SA
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
WDP WAREHOUSES DE PAUW SCA
ECMPA EUROCOMMERCIAL PROPERTIES NV
CTPNV CTP NV
ONE ONE UNITED PROPERTIES SA
SHUR SHURGARD SELF STORAGE LIMITED
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