Benelux Morning Notes

Azelis: Highlights ING Benelux Conference London. Barco: Highlights ING Benelux Conference London. Kinepolis: Highlights ING Benelux Conference London. Melexis: Highlights ING Benelux Conference London. ABN AMRO: Dutch State reducing stake to 20%. ASML: x Mistral, a bet on A.I.. Kinepolis: Cineplex August 2025 box office revenue at 87% of 2019 level, down 27% YoY

ASML investing in Mistral – Strategic core or distraction?

Media reported yesterday that ASML will invest €1.3bn in Mistral AI, a French start-up developing frontier AI models, as part of a €1.7bn Series C funding round valuing Mistral at €10bn pre-money. Click on the link below for our quick read.

Coffee, Croissants & Credit/ASML reportedly now Mistral's biggest shar...

Technology - ASML reportedly becomes the largest shareholder of Mistral

Bible 2Q25 – Semicap: Cautious view justified; expectations at risk fo...

Today, we are publishing the Semicap section of our 28th Tech Infrastructure Quarterly Bible. The Tech Bible is a must-read for any tech investor, as it summarizes the quarterly earnings reports from the over 140 companies we track, providing an update on our key perspectives and convictions. In the coming weeks we will publish sections on Hyperscale & Cloud, PCs, Enterprise IT and Foundry. 2Q25 semicap revenues up 2% QoQ, 2% above consensus. China up 19% after a 17% decline in 1Q, with manufac...

Bible 2Q25 – Memory: margins of conventional DRAM to expand as HBM gro...

Today, we are publishing the Memory section of our 28th Tech Infrastructure Quarterly Bible. The Tech Bible is a must-read for any tech investor, as it summarizes the quarterly earnings reports from the over 140 companies we track, providing an update on our key perspectives and convictions. In the coming weeks we will publish sections on Automotive, Hyperscale & Cloud, Telecom Equipment, PCs, Enterprise IT, Foundry and Semicap Equipment. DRAM COGS up 25% YoY and 21% QoQ, driven by seasonality,...

CoreWeave profitability; DeepSeek’s ASIC try; Semicap; PC pull-forward...

As always, during earnings season, we wrap-up what happened in the previous week. For our main takes summarized on a single slide, and a few words on each of the 9 names we followed last week, follow the link below.

AMD GPUs, Cyber HW refresh, Arista, Auto cycle and more.

As always, during earnings season, we wrap-up what happened in the previous week. For our main takes summarized on a single slide, and a few words on each of the 34 names we followed last week, follow the link below.

ASML/Slower 2026, long-term intact/BUY

Despite a slower growth outlook for 2026 we remain positive on the ASML investment case. We believe that the long-term outlook for semiconductor capex remains strong. On top of that, we expect continued increases in litho intensity resulting in above-industry growth. The current valuation close to previous lows, the risk-reward is attractive in our view. We reiterate our BUY rating but slightly lower our target price from €825 to €800 per share.

AI capex & replatforming; semicap into 2026; Apple, Arm & more.

As always, during earnings season, we wrap-up what happened in the previous week. For our main takes summarized on a single slide, and a few words on each of the 34 names we followed last week, follow the link below.

2026 AI Capex, HBM Pricing, Auto Semi Recovery, and more.

As always, during earnings season, we wrap-up what happened in the previous week. For our main takes summarized on a single slide, and a few words on each of the 22 names we followed last week, follow the link below.

America’s AI Action Plan. Our 5 quick takes.

The Trump administration published its AI Action Plan yesterday. Please click the link below to see our summary on the 5 most relevant points for tech infrastructure and the broader AI supply chain.

ASML: best positioned for 2026 in the Semicap pack. Upgrade to Buy, €7...

Consensus expects ASML to grow revenues 2% next year, compared to 6-12% for its peers. That is conservative. If anything, we see room for ASML to outperform, driven by high leading-edge exposure. Beyond 2026, we also expect ASML to grow in the upper end of its peer group. Normal order intake in 3Q would allow management to ease concerns around 2026 growth, and with the stock trading on 25x forward earnings we see limited risk of further de-rating. We hence upgrade the stock to Buy, €790 Target...

H20 ban, TSMC beats, ASML cautious, Auto pull-ins, RAN muted. Our week...

As always, during earnings season, we wrap-up what happened in the previous week. For our main takes summarized on a single slide, and a few words on each of the 4 names we followed last week, follow the link below.

ASML 2Q25: Cautious tone on 2026 is justified. Maintain Neutral, €680 ...

ASML reported 2Q25 this morning. Please click below for our take on the print.

ASML sees risks to 2026 growth/AI remains driver of semiconductor indu...

ASML reported solid 1H25 results and confirmed its FY25 and FY30 outlooks. Also, the net bookings were solid in 2Q25 at €5.5bn. However, ASML sees risks from geopolitical uncertainty to FY26 revenues. Nevertheless, ASML has a very strong balance sheet and good growth prospects. We continue to like the ASML notes. Moreover, they offer good value when compared to the notes of Orange in the belly of the curve.

Semi cycle update. Much ado about nothing: Tariff and DeepSeek effects...

We publish today our quarterly and extensive review of where fundamentals, expectations, and valuations stand in semis and give our views on how investors should be positioned for the rest of the year. For details, please follow the link below.

ODDO BHF SECURITIES LARGE CAPS MORNING NEWS 07/17/2025

ODDO BHF SECURITIES LARGE CAPS MORNING NEWS 17/07/2025