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Research Team
  • Research Team

WOOD Daily: BIMAS TI; ENA PW; TPE PW; PGE PW; GPW PW; FTSHP CP; MOL HB...

HEADLINES: • BIM: 4Q25 results – strong beat POSITIVE • Enea: preliminary 4Q25 EBITDA 25% below expectations on Supply one-offs; adjusted EBITDA 2% below forecast NEUTRAL • Enea / Tauron: URE orders additional payments to the Price Difference Payment Fund NEUTRAL • PGE: completes acquisition of 350 MW Bałtyk II offshore wind project from RWE NEUTRAL • Warsaw Stock Exchange: PLN 10.7m impairment losses to spoil otherwise strong quarter (due on 23 March) NEGATIVE • Footshop: preliminary 4Q25 resul...

Jakub Caithaml
  • Jakub Caithaml

WOOD Flash – CEE real estate: yields cheat sheet

The majority of European real estate seems to have sailed through the rate hikes surprisingly smoothly. There appears to be a broad consensus among companies and realtors that the trough in values may have passed, and that 2026E may see a continued transaction volume recovery, led by prime assets. Valuations are broadly expected to be income driven, with limited room for yield compression, as rates remain stable. Investors appear selective, favouring prime, core assets; while secondary, older st...

Damon Shen ... (+2)
  • Damon Shen
  • Jieqi Liu

China Property: NPC Signals Policy Support, Property Sales Stay Subdue...

The 2026 NPC Government Work Report sets a supportive policy tone for the property sector, focusing on supply control, destocking and HPF reform. However, high-frequency data in early-Mar 26 remains weak partly due to the high base and we expect Tier 1-2 new-home sales to stay soft in 1Q26. We maintain UNDERWEIGHT on the sector but suggest keeping some exposure as a hedge against policy volatility; CR Land remains our top pick.

Francesca Ferragina ... (+2)
  • Francesca Ferragina
  • Michiel Vereycken

Behind the bricks/ING Real Estate Monthly – February roundup

This edition marks the launch of the ING Real Estate Monthly, your one-stop snapshot of what is moving in European real estate, with a focus on the Benelux.

Damon Shen ... (+2)
  • Damon Shen
  • Jieqi Liu

China Property: POEs’ Financing Channels Improve, But New Home Market ...

Seazen’s C-REIT application signals improving financing channels. Sector fundamentals remain weak, with 2M26 developers’ contract sales and major cities’ new-home data still under pressure, despite relatively resilient secondary transactions. Second-hand property prices modestly recovered mom in four Tier 1 cities. We maintain UNDERWEIGHT but see potential for incremental policy support after the March NPC. Our top pick is CR Land, trading at 0.65x 2026F P/B, 0.6SD below the mean and with a 4.3%...

Adrian Loh Tzum Yung ... (+15)
  • Adrian Loh Tzum Yung
  • Alden Gabriel Lam
  • Damon Shen
  • Desmond Chong Chee Wai
  • Heidi Mo Jinghui
  • Jieqi Liu
  • John Cheong Ming Chern
  • Johnny Yum
  • Kai Jie Tang
  • Kong Ho Meng
  • Malaysia Research Team
  • Singapore Research Team
  • Suryaputra Wijaksana
  • Vincent Khoo Boo Aik
  • Willinoy Sitorus

Regional Morning Meeting Notes: Tuesday, March 3, 2026

Greater China Sector Update | China Property Seazen’s C-REIT application signals improving financing channels. Sector fundamentals remain weak, with 2M26 developers’ contract sales and major cities’ new-home data still under pressure, despite relatively resilient secondary transactions. Second-hand property prices modestly recovered mom in four Tier 1 cities. We maintain UNDERWEIGHT but see potential policy after the March NPC. Our top pick is CR Land, trading at 0.65x 26PB, 0.6SD below mean...

The A2 Milk Co Ltd: 4 directors

Four Directors at The A2 Milk Co Ltd sold 646,953 shares at between 10.990NZD and 11.285NZD. The significance rating of the trade was 77/100. 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...

Bruno Cavalier ... (+4)
  • Bruno Cavalier
  • Maissa Keskes
  • Stephane Houri
  • Thomas Zlowodzki
SN. SMITH & NEPHEW PLC
LHN HOLCIM AG
FME FRESENIUS MEDICAL CARE AG
FP TOTAL SE
SGO COMPAGNIE DE SAINT-GOBAIN SA
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
MC LVMH MOET HENNESSY LOUIS VUITTON SE
LI KLEPIERRE SA
COV COVIVIO SA
GFC GECINA SA
NXI NEXITY SA CLASS A
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
GYC GRAND CITY PROPERTIES SA
MUV2 MUNICH REINSURANCE COMPANY
MERY MERCIALYS SA
AGS AGEAS SA/NV
NOKIA NOKIA OYJ
EL ESSILORLUXOTTICA SA
INEA FONCIERE INEA
WHA WERELDHAVE N.V.
BLND BRITISH LAND COMPANY PLC
BRBY BURBERRY GROUP PLC
KOF KAUFMAN & BROAD SA
KER KERING SA
ALTA ALTAREA SCA
VNA VONOVIA SE
ENI ENI S.P.A.
XIOR XIOR STUDENT HOUSING N.V.
ICAD ICADE SA
01913 PRADA S.P.A.
REP REPSOL SA
BYG BIG YELLOW GROUP PLC
UTG UNITE GROUP PLC
COFB COFINIMMO SA
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
AMS AMADEUS IT GROUP SA CLASS A
CARM CARMILA SAS
LEG LEG IMMOBILIEN AG
MONC MONCLER SPA
IRES IRISH RESIDENTIAL PROPERTIES REIT PLC
CPINV CARE PROPERTY INVEST SA
YPSN YPSOMED HOLDING AG
SAFE SAFESTORE HOLDINGS PLC
ARG ARGAN SA
VGP VGP NV
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
COL INMOBILIARIA COLONIAL SOCIMI SA
DIC DIC ASSET AG
MERLIN MERLIN PROPERTIES SOCIMI S.A.
BP. BP P.L.C.
HOME NEINOR HOMES SA
AT1 AROUNDTOWN SA
ARGX ARGEN-X SE
LAND LAND SECURITIES GROUP PLC
MVC METROVACESA SA
IGD IMMOBILIARE GRANDE DISTRIBUZIONE SIIQ S.P.A.
NSI NSI N.V.
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
RMV RIGHTMOVE PLC
INS INSTONE REAL ESTATE GROUP AG
AEDAS AEDAS HOMES SA
ALC ALCON INC.
WDP WAREHOUSES DE PAUW SCA
ANE CORPORACION ACCIONA ENERGIAS RENOVABLES SA
ECMPA EUROCOMMERCIAL PROPERTIES NV
ZGN ERMENEGILDO ZEGNA NV
CTPNV CTP NV
SHEL SHELL PLC
SHUR SHURGARD SELF STORAGE LIMITED
CVC CVC CAPITAL PARTNERS PLC
Ahmed Ben Salem ... (+3)
  • Ahmed Ben Salem
  • Bruno Cavalier
  • Thomas Zlowodzki
FP TOTAL SE
EQNR EQUINOR ASA
SESGL SES SA FDR (CLASS A)
GALP GALP ENERGIA SGPS SA CLASS B
MC LVMH MOET HENNESSY LOUIS VUITTON SE
LI KLEPIERRE SA
COV COVIVIO SA
GFC GECINA SA
NXI NEXITY SA CLASS A
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
GYC GRAND CITY PROPERTIES SA
KORI KORIAN SA
MERY MERCIALYS SA
EL ESSILORLUXOTTICA SA
INEA FONCIERE INEA
WHA WERELDHAVE N.V.
CGM CEGEDIM SA
BLND BRITISH LAND COMPANY PLC
BRBY BURBERRY GROUP PLC
FII LISI SA
KOF KAUFMAN & BROAD SA
KER KERING SA
ALTA ALTAREA SCA
VNA VONOVIA SE
ENI ENI S.P.A.
XIOR XIOR STUDENT HOUSING N.V.
BON BONDUELLE SCA
ICAD ICADE SA
01913 PRADA S.P.A.
REP REPSOL SA
BYG BIG YELLOW GROUP PLC
UTG UNITE GROUP PLC
COFB COFINIMMO SA
SUN SULZER AG
CAI CA IMMOBILIEN ANLAGEN AG
WIE WIENERBERGER 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
MONC MONCLER SPA
IRES IRISH RESIDENTIAL PROPERTIES REIT PLC
CPINV CARE PROPERTY INVEST SA
SAFE SAFESTORE HOLDINGS PLC
ARG ARGAN SA
VGP VGP NV
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
COL INMOBILIARIA COLONIAL SOCIMI SA
DIC DIC ASSET AG
MERLIN MERLIN PROPERTIES SOCIMI S.A.
TRE TECNICAS REUNIDAS SA
IBG IBERPAPEL GESTION S.A.
PSG PROSEGUR COMPANIA DE SEGURIDAD SA
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
CASH PROSEGUR CASH SA
BP. BP P.L.C.
HOME NEINOR HOMES SA
AT1 AROUNDTOWN SA
LAND LAND SECURITIES GROUP PLC
MVC METROVACESA SA
IGD IMMOBILIARE GRANDE DISTRIBUZIONE SIIQ S.P.A.
NSI NSI N.V.
CAF CONSTRUCCIONES Y AUXILIAR DE FERROCARRILES S.A.
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
VK VALLOUREC SA
ZEL PHARMA MAR SA
WDP WAREHOUSES DE PAUW SCA
ECMPA EUROCOMMERCIAL PROPERTIES NV
ZGN ERMENEGILDO ZEGNA NV
CTPNV CTP NV
SHEL SHELL PLC
TTS TRANSPORT TRADE SVCS
SHUR SHURGARD SELF STORAGE LIMITED
EXENS EXOSENS
ARYN ARYZTA AG

Castellum AB: 1 director

A director at Castellum AB bought 17,174 shares at 116.350SEK and the significance rating of the trade was 63/100. 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 two years clearly...

Fatma Agnès Hamdani
  • Fatma Agnès Hamdani
Fatma Agnès Hamdani
  • Fatma Agnès Hamdani
Fatma Agnès Hamdani
  • Fatma Agnès Hamdani
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