reports
- Hilde Van Boxstael
- Jacob Mekhael
- Michiel Declercq
- Wim Lewi
SCHP SECHE ENVIRONNEMENT
AMS AMS AG
CRI CHARGEURS SA
POM PLASTIC OMNIUM SE
FGA FIGEAC AERO SA
GLO GL EVENTS SA
ELG ELMOS SEMICONDUCTOR SE
TPE PVA TEPLA AG
SOI SOITEC SA
ASM ASM INTERNATIONAL N.V.
AIXA AIXTRON SE
PFV PFEIFFER VACUUM TECHNOLOGY AG
ATS AT & S AUSTRIA TECHNOLOGIE & SYSTEMTECHNIK AKTIENGESELLSCHAFT
KENDR KENDRION NV
CPINV CARE PROPERTY INVEST SA
WAF SILTRONIC AG
MELE MELEXIS NV
SMHN SUESS MICROTEC AG
VLTSA VOLTALIA
VACN VAT GROUP AG
XFAB X-FAB SILICON FOUNDRIES SE
ASML ASML HOLDING NV
STM STMICROELECTRONICS NV
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
ALKAL KALRAY SA
JEN JENOPTIK AG
ARM ARM HOLDINGS PLC
SCHP SECHE ENVIRONNEMENT
AMS AMS AG
CRI CHARGEURS SA
POM PLASTIC OMNIUM SE
FGA FIGEAC AERO SA
GLO GL EVENTS SA
ELG ELMOS SEMICONDUCTOR SE
TPE PVA TEPLA AG
SOI SOITEC SA
ASM ASM INTERNATIONAL N.V.
AIXA AIXTRON SE
PFV PFEIFFER VACUUM TECHNOLOGY AG
ATS AT & S AUSTRIA TECHNOLOGIE & SYSTEMTECHNIK AKTIENGESELLSCHAFT
KENDR KENDRION NV
CPINV CARE PROPERTY INVEST SA
WAF SILTRONIC AG
MELE MELEXIS NV
SMHN SUESS MICROTEC AG
VLTSA VOLTALIA
VACN VAT GROUP AG
XFAB X-FAB SILICON FOUNDRIES SE
ASML ASML HOLDING NV
STM STMICROELECTRONICS NV
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
ALKAL KALRAY SA
JEN JENOPTIK AG
ARM ARM HOLDINGS PLC
- Roy Külter
- Steven Boumans
Care Property Invest : H1 2024 results: The last set of results from t...
>Adj. EPRA EPS outlook raised +1.5%; stable fair values - FY 2024 outlook raised +1.5%, now being adj. EPRA EPS of € 1.025 (vs €1.00-1.02 before) and the company maintains the intention to pay a gross dividend of €1.00/sh.Variations in fair value of investment properties were +0.2% for Q2 (Q1: -0.3%).Indexation (like-for-like rental growth) was 1.7%, similar to Q1 given the majority of leases having added indexation in January.EPRA LTV 46.4% (Q1 2024: 4...
- Guy Sips
- Hilde Van Boxstael
- Kristof Samoy
- Lynn Hautekeete
- Sharad Kumar S.P
- Wim Lewi
- Lynn Hautekeete
Care Property Invest Results in line, guidance at higher end of the ra...
Care property invest reports results in line with our expectations. EPRA earnings came in at EUR 19.9m vs EUR 19.7m KBCSe, +1.3% YoY. The portfolio prove resilient with only -3.3% FV corrections since the FY23 peak and had a slightly upwards valuation of EUR 1.02m in 2Q24. The EPS guided is slightly increased from EUR 1.0-1.02 to EUR 1.025. In 1H24 Care Property Invest elected a new CEO, Patrick Couttenier. It also announced its inclusion in the EPRA index. These were the two main triggers for o...
- 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
- Roy Külter
- Steven Boumans
INTO INTERVEST OFFICES & WAREHOUSES SA
XIOR XIOR STUDENT HOUSING N.V.
COFB COFINIMMO SA
VASTN VASTNED RETAIL NV
MONT MONTEA SCA
AED AEDIFICA SA
CPINV CARE PROPERTY INVEST SA
VGP VGP NV
NSI NSI N.V.
WDP WAREHOUSES DE PAUW SCA
ECMPA EUROCOMMERCIAL PROPERTIES NV
EBUS EBUSCO HLDG NV
CTPNV CTP NV
- Roy Külter
- Steven Boumans
INTO INTERVEST OFFICES & WAREHOUSES SA
XIOR XIOR STUDENT HOUSING N.V.
COFB COFINIMMO SA
VASTN VASTNED RETAIL NV
MONT MONTEA SCA
AED AEDIFICA SA
CPINV CARE PROPERTY INVEST SA
VGP VGP NV
NSI NSI N.V.
WDP WAREHOUSES DE PAUW SCA
ECMPA EUROCOMMERCIAL PROPERTIES NV
EBUS EBUSCO HLDG NV
CTPNV CTP NV
- Gerardo Ibanez
- Roy Külter
- Steven Boumans
ODDO : Dutch transfer tax to be reduced to 8%, supporting NAV and LTVs...
>Dutch real estate transfer tax to be reduced from 10.4% to 8% - The Dutch government will reduce the transfer tax for commercial buyers to 8%, according to leaked documents that newspaper De Telegraaf released. This is still more than the 6% it was before 2021, but less than the current 10.4%. The budget has now been sent to the Council of State. On “Prinsjesdag”, September 17, the House of Representatives will officially receive the plans, and the budget will be mad...
- Hilde Van Boxstael
- Thomas Couvreur
- Thomas Vranken
- Thomas Vranken
Hyloris FIRST LOOK: Pipeline extends into veterinary medicine
Hyloris adds a new asset to the pipeline that is geared toward veterinary medicine. HY-095 is long-acting injectable formulation of a well-known proton pump inhibitor for the treatment of equine gastric ulcer syndrome, allowing more reliable drug delivery and lower dosing frequency vs. existing orals. Together with its partner, Hyloris will fund development costs and manage clinical trials in exchange for a 90%/10% profit sharing. We reiterate our € 5 TP and Hold rating.
- Hilde Van Boxstael
- Jacob Mekhael
- Thomas Couvreur
- Wim Lewi
- Hilde Van Boxstael
- Jacob Mekhael
- Thomas Couvreur
- Wim Lewi
- Jacob Mekhael
Hyloris Governance overhang weighs down the case
Following the FSMA statements and outcome of the independent forensic investigation of the QliniQ transactions, Hyloris will initiate a transition process to a new CEO, and the CFO and CLO will step down. Last week, the stock resumed trading (-75% intraday) following publication of the 2023 annual report, which included a qualified opinion regarding the Pleco agreement. Additionally, the QliniQ transactions case has been referred to the public prosecutor's office. We took a step back to evaluate...
- Guy Sips
- Hilde Van Boxstael
- Jacob Mekhael
- Thibault Leneeuw
- Thomas Couvreur
- Thomas Vranken
- Wim Hoste
- Wim Lewi
- 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
- Hilde Van Boxstael
- Jacob Mekhael
- Thomas Couvreur
- Wim Hoste
- Wim Lewi
- Hilde Van Boxstael
- Jacob Mekhael
- Thibault Leneeuw
- Thomas Couvreur
- Wim Hoste
- Jacob Mekhael
Hyloris FIRST LOOK: Management step down after conclusion of forensic ...
Hyloris provided an update following completion of the independent forensic investigation with respect to the QliniQ transactions. While management dispute the findings of the independent forensic review, they have proposed to step down from their roles in the interest of the company. In addition, we welcome the board's decision to strengthen Hyloris' governance, which in our view will contribute to building investor trust going forward. This aside, we continue to believe in the business case, a...
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