reports
- Guy Sips
- Hilde Van Boxstael
- Jacob Mekhael
- Michiel Declercq
- Wim Lewi
- Sharad Kumar S.P
Holdings Report - August 2024 KBCS Holdings Universe Up 0.5% Thanks To...
1M Performance - Absolute: During July'24 (1M period), the KBCS Holdings Universe posted a return of 0.5% which was mainly driven by multi-asset holdings (+1.7%) while single-asset holdings posted a negative return of -1.3%. The 3 top performers during the period were HAL Trust (+5.1%), Texaf (+2.9%), and The Infrastructure Company (TINC, +9.6%) while the 3 worst performers were Brederode (-2.8%), Solvac (-5.3%), and Whitestone Group (-7.2%). YTD Performance - Relative: On a YTD basis (as of A...
GBLB GROUPE BRUXELLES LAMBERT SA
HAL HAL TRUST
DIE D'IETEREN SA
SOF SOFINA SA
SOLV SOLVAC S.A.
GIMB GIMV NV
QFG QUEST FOR GROWTH
ACKB ACKERMANS & VAN HAAREN NV
TUB FINANCIERE DE TUBIZE S.A.
HEIO HEINEKEN HOLDING N.V.
KBCA KBC ANCORA SCA
TEXF TEXAF
BREB BREDERODE S.A.
TINC TINC COMM. VA
ROCK WHITESTONE GROUP
- Guy Sips
- Jacob Mekhael
- Kristof Samoy
- Lynn Hautekeete
- Michiel Declercq
- Sharad Kumar S.P
- Thibault Leneeuw
- Thomas Couvreur
- Thomas Vranken
- Wim Hoste
- Wim Lewi
Dynamic Top Pick List Update September 2024 –Cofinimmo & Kinepolis in;...
In this September update of our Dynamic Top Pick List we make 4 changes. •We include Cofinimmo in our Dynamic Top Pick List after our recent upgrade from Accumulate to Buy. We expect the name to outperform in a decreasing interest rate environment given its relatively high leverage and cheap valuation. We also believe the risk of a dilutive equity raise eased when the FY24 capex decreased from € 320m to € 250m. The management stays disciplined in its capex program and continues to focus on asse...
BEKB BEKAERT SA
ABN ABN AMRO BANK NV DEPOSITARY RECEIPTS
FAGR FAGRON SA
EVS EVS BROADCAST EQUIPMENT SA
XIOR XIOR STUDENT HOUSING N.V.
SOLB SOLVAY SA
COFB COFINIMMO SA
DIE D'IETEREN SA
SOF SOFINA SA
VAN VAN DE VELDE S.A.
IBAB ION BEAM APPLICATIONS SA
ACKB ACKERMANS & VAN HAAREN NV
CPINV CARE PROPERTY INVEST SA
KIN KINEPOLIS GROUP NV
TINC TINC COMM. VA
FUR FUGRO NV
SYENS SYENSQO
- Sharad Kumar S.P
Holdings Report - July 2024 KBCS Holdings Universe Up 1.2% Thanks To M...
1M Performance - Absolute: During July'24 (1M period), the KBCS Holdings Universe posted a return of 1.2% which was mainly driven by multi-asset holdings (+3.6%) while single-asset holdings posted a negative return of -2.4%. The 3 top performers during the period were Financière de Tubize (+17.0%), Ackermans & van Haaren (+9.8%), and Compagnie du Bois Sauvage (+9.6%) while the 3 worst performers were Texaf (-3.9%), Heineken Holding (-7.5%), and Gimv (-8.4%). YTD Performance - Relative: On a YT...
GBLB GROUPE BRUXELLES LAMBERT SA
HAL HAL TRUST
SOF SOFINA SA
SOLV SOLVAC S.A.
GIMB GIMV NV
QFG QUEST FOR GROWTH
ACKB ACKERMANS & VAN HAAREN NV
TUB FINANCIERE DE TUBIZE S.A.
HEIO HEINEKEN HOLDING N.V.
KBCA KBC ANCORA SCA
TEXF TEXAF
BREB BREDERODE S.A.
TINC TINC COMM. VA
ROCK WHITESTONE GROUP
Financiere De Tubize S.A.: 1 director
A director at Financiere De Tubize S.A. bought 11,744 shares at 121.400EUR 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 two...
Crescent NV: 1 director
A director at Crescent NV bought 23,809,524 shares at 0.010EUR and the significance rating of the trade was 50/100. 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 clearl...
- Guy Sips
- Jacob Mekhael
- Kristof Samoy
- Lynn Hautekeete
- Michiel Declercq
- Sharad Kumar S.P
- Thibault Leneeuw
- Thomas Couvreur
- Thomas Vranken
- Wim Hoste
- Wim Lewi
Dynamic Top Pick List Update August 2024: argenx & Tubize out after de...
In July, our Dynamic Top Pick List selection was up on average 0.9%; outperforming our benchmark indices (Bel20, AEX, EuroStoxx50) by 1.7% on average. Helped by this July performance, the selection is now up by 11.4% since the start of the 2024 selection (published Mid-December 2023). In this August 2024 update of our KBC Securities Dynamic Top Pick List we remove argenx and Tubize after delivering upon expectations. * Over the past two months, argenx has delivered upon our expectations on the...
BEKB BEKAERT SA
ABN ABN AMRO BANK NV DEPOSITARY RECEIPTS
FAGR FAGRON SA
EVS EVS BROADCAST EQUIPMENT SA
XIOR XIOR STUDENT HOUSING N.V.
SOLB SOLVAY SA
DIE D'IETEREN SA
SOF SOFINA SA
VAN VAN DE VELDE S.A.
IBAB ION BEAM APPLICATIONS SA
ACKB ACKERMANS & VAN HAAREN NV
TUB FINANCIERE DE TUBIZE S.A.
CPINV CARE PROPERTY INVEST SA
TINC TINC COMM. VA
ARGX ARGEN-X SE
FUR FUGRO NV
SYENS SYENSQO
- ING Helpdesk
Benelux Morning Notes
ABN Amro: CEO leaving in 1H 25, another management change AB InBev: Does what it says on the can AMG: Solid 2Q24 beat and guidance raise, Brazil on track for full capacity by 4Q24 Aperam: Good quarter on EBITDA and FCF, 3Q24 guide in-line Ayvens: Mixed bag Azelis: In-line 2Q24, cautious return to organic growth in Americas yet outlook remains fragile Fagron: Nice 2Q24 beat and guidance raise, higher capex to support growth Fugro: 15% beat but missing balance in its results GBL: Lackluster NAV pe...
- Sharad Kumar S.P
GBL 1H FY24: Exceptional Dividend Thanks To Trimming Adidas Stake
NAVps remained flat at €113.9 (vs. €113.6 during FY23-end). What surprised us was the management's decision to payout a dividend of €5.0ps, up 82% YoY. The massive uptick in dividend payment is possible thanks to the €630.0 cap. gains which came from decreasing the stake in Adidas from 7.6% to 5.1% (€999.0m proceeds). Given that GBL materially trimmed its position in Adidas and has entered into a forward contract to sell another €250.0m, we feel that, over the medium term, the stake in Adidas an...
- Guy Sips
- Hilde Van Boxstael
- Jacob Mekhael
- Lynn Hautekeete
- Sharad Kumar S.P
- Thibault Leneeuw
- Thomas Couvreur
- Thomas Vranken
- Wim Hoste
- Wim Lewi
- Wim Hoste
Heineken Model update after 1H results and CR Beer impairment
After Heineken posted slightly weaker than expected 1H24 operating results and narrowed its FY24 guidance range, we lowered our FY24 operating profit (beia) growth forecast from +8% to +7%. We view the negative share reaction to the results release and the partial CR Beer impairment as exaggerated, and continue to appreciate the combination of category resilience with underlying premiumization trends whilst we expect Heineken to also benefit from further savings potential in the next few years, ...
- Hilde Van Boxstael
- Lynn Hautekeete
- Michiel Declercq
- Sharad Kumar S.P
- Thibault Leneeuw
- Thomas Couvreur
- Wim Hoste
- Wim Lewi
- Sharad Kumar S.P
Tubize Financiere We Raise Our Target Price To €150
UCB has had a spectacular run, returning upwards of ~100.0% on a YTD basis. This was due to investor confidence in the launch of flagship product ‘Bimzelx' and UCB successfully launching Rystiggo and Zilbrysq for the neuromuscular disease myasthenia gravis. Both these advancements mark the start of a new growth phase for UCB and we upgraded our UCB TP to €159.0. On the back of favourable results at UCB, Tubize rallied as well and has returned ~70.0% on a YTD basis. After updating our model for 1...
- Michael B. Schäfer
- Thomas Zlowodzki
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 07/30/2024
With regard to our list of recommended stocks, i) we are adding: adidas, Merck KGaA, Santander, Technip FMC, Unilever and Vivendi , ii) we are maintaining ASMi, Atlas Copco, AXA, Deutsche Boerse, GSK, Holcim, Inditex, Lonza, Sodexo, RELX and Rolls-Royce, iii) we are removing: BASF, Nemetschek, Nestlé and TUI AG. - ...
1COV COVESTRO AG
HEIA HEINEKEN NV
DBK DEUTSCHE BANK AG
RCO REMY COINTREAU SA
RXL REXEL SA
HEI HEIDELBERGCEMENT AG
ANA ACCIONA SA
MERLIN MERLIN PROPERTIES SOCIMI S.A.
BP. BP P.L.C.
SIK SIKA AG
KBX KNORR-BREMSE AG
ANE CORPORACION ACCIONA ENERGIAS RENOVABLES SA
DSFIR KONINKLIJKE DSM N.V.
- Michael B. Schäfer
- Thomas Zlowodzki
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 30/07/2024
Au sein de notre liste de valeurs recommandées, i) nous faisons entrer : adidas, Merck KGaA, Santander, Technip FMC, Unilever et Vivendi, ii) nous maintenons ASMi, Atlas Copco, Axa, Deutsche Boerse, GSK, Holicm, Inditex, Lonza, Sodexo, RELX et Rolls-Royce, iii) nous faisons sortir : BASF, Nemetschek, Nestlé, TUI AG. - ...
1COV COVESTRO AG
HEIA HEINEKEN NV
DBK DEUTSCHE BANK AG
RCO REMY COINTREAU SA
RXL REXEL SA
HEI HEIDELBERGCEMENT AG
ANA ACCIONA SA
MERLIN MERLIN PROPERTIES SOCIMI S.A.
BP. BP P.L.C.
SIK SIKA AG
KBX KNORR-BREMSE AG
ANE CORPORACION ACCIONA ENERGIAS RENOVABLES SA
DSFIR KONINKLIJKE DSM N.V.
- Robert Jan Vos
Heineken N.V. : 2024 a year of investment rather than a year of recove...
>Heineken’s H1 2024 results disappointed on most lines - Heineken’s organic beer volume growth, revenue growth and operating profit growth all fell (marginally) short of both our expectations and consensus. In three of its four regions, Heineken reported materially lower than expected operating profit, which was partly offset by the solid operating profit performance in the Americas region in H1 2024.Mixed regional performance, with only the Americas beat...
- Bruno Cavalier
- Oliver Metzger
- Wim Gille
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 07/29/2024
Questions are mounting for the equity markets on multiple fronts: economic (turbulence or slowdown), monetary (how quickly will central banks cut rates) and geopolitical (France, US, Russia/Ukraine, China). For the rest of the summer, we are maintaining our positive bias on US vs European equities. On European equities, we are returning to a neutral stance between cyclicals and defensives, between value and growth styles, between large caps and small caps, and recommend increasing pos...
LHN HOLCIM AG
HEIA HEINEKEN NV
AI AIR LIQUIDE SA
SGO COMPAGNIE DE SAINT-GOBAIN SA
DG VINCI SA
MC LVMH MOET HENNESSY LOUIS VUITTON SE
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
DAI DAIMLER AG
EN BOUYGUES SA
EL ESSILORLUXOTTICA SA
AMUN AMUNDI SA
PHIA KONINKLIJKE PHILIPS N.V.
BRBY BURBERRY GROUP PLC
MRK MERCK KGAA
KER KERING SA
ENI ENI S.P.A.
CAP CAPGEMINI SE
01913 PRADA S.P.A.
EDW EDP RENOVAVEIS SA
MONC MONCLER SPA
MAP MAPFRE SA
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
RMV RIGHTMOVE PLC
8TRA TRATON SE
SHEL SHELL PLC
- Bruno Cavalier
- Oliver Metzger
- Wim Gille
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 29/07/2024
Les questions s’accumulent pour les marchés actions : sur les plans économique (trou d’air ou ralentissement ?), monétaire (à quel rythme les banques centrales vont-elles baisser les taux) et (géo)politique (France, Etats-Unis, Russie/Ukraine, Chine). Pour le reste de cet été, nous conservons notre biais positif sur les actions américaines vs européennes. Sur les actions européennes, nous revenons à la neutralité entre cycliques et défensives, entre les styles Value et Growth, entre L...
LHN HOLCIM AG
HEIA HEINEKEN NV
AI AIR LIQUIDE SA
SGO COMPAGNIE DE SAINT-GOBAIN SA
DG VINCI SA
MC LVMH MOET HENNESSY LOUIS VUITTON SE
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
DAI DAIMLER AG
EN BOUYGUES SA
EL ESSILORLUXOTTICA SA
AMUN AMUNDI SA
PHIA KONINKLIJKE PHILIPS N.V.
BRBY BURBERRY GROUP PLC
MRK MERCK KGAA
KER KERING SA
ENI ENI S.P.A.
CAP CAPGEMINI SE
01913 PRADA S.P.A.
EDW EDP RENOVAVEIS SA
MONC MONCLER SPA
MAP MAPFRE SA
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
RMV RIGHTMOVE PLC
8TRA TRATON SE
SHEL SHELL PLC
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