ODDO : Mémoire : Et si nous étions à l’aube d’un ‘supercycle’ ?

Les prix de la mémoire ont progressé de 15% sur un mois et de ~30% YTD. Cela reflète une forte tension sur l’offre alors que la demande IA est plus élevée qu’attendu. Les stocks de mémoires sont, par ailleurs, au plus bas, ouvrant la voie en 2026 à un supercycle, tiré par l’IA mais aussi par l’intégration de l’Edge AI dans les smartphones/PC. Un marché des semis à ~+15/20% en 2026 est crédible dans ce contexte. Dans notre couverture, cela devrait d’abord bénéficier à ASML, VAT, Siltronic, ASMi e...

ODDO BHF SECURITIES LARGE CAPS MORNING NEWS 10/13/2025

ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 13/10/2025

ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 10/13/2025

ODDO BHF SECURITIES LARGE CAPS MORNING NEWS 13/10/2025

ASML : Le réveil de la mémoire, tiré par l’IA, améliore la visibilité ...

ASML : AI-powered memory revival improves visibility to 2026 and beyon...

ODDO : Memory: What if we were on the eve of a super cycle?

Memory prices have risen by 15% m-o-m and by ~30% since the start of 2025. This reflects a tight supply situation, with demand for AI stronger than expected. Memory inventories are also at an all-time low, paving the way for a super cycle in 2026, driven by AI but also by the integration of Edge AI in smartphones/PCs. A semis market at ~+15-20% in 2026 is a credible scenario in this context. In our coverage, this should first benefit ASML, VAT, Siltronic, ASMi and SUSS (Outperform vs Neutral), f...

Semicap and the $3tn AI bull-case: material upside, but well below the...

We published earlier this week our updated view on the Semicap rally, looking at the implication of AI spending tripling by 2030 for WFE spending. Today, we publish a follow-up looking at the implications of the $3tn AI bull case for Semicap on a single slide.

Benelux Morning Notes

Ageas: AG Real Estate looking to reduce exposure to Interparking, lower capital charges. Air France-KLM: 3Q25 a bit light? ASML: Preview 3Q25, riding the AI wave. Barco: Preview 3Q25, self-help offsets macro headwind. D'Ieteren: Belron starts to roll out static mobile recalibration. Euronext: September's seasonal recovery. Tessenderlo More focus on capital allocation and returns. TomTom: Preview 3Q25, Cost cutting offsets slow markets. Umicore: Gold inventory sale-and-lease-back

Does the Semicap rally have legs? Downgrading ASML to Neutral

The outlook for AI spending has strengthened in recent months, driving a rally in Semicap stocks. Our forecast embeds AI capex tripling by 2030, requiring ~$130bn of cumulative WFE spending, but driven by the first-order derivative of AI deployments, i.e. peak acceleration this year and peak spending next year; a trajectory in expectations already and resulting in a weak outlook beyond 2026. With near-term uncertainty, limited upside to 2026 forecasts, and valuations 2–12 turns above historic ...

Benelux Morning Notes

Acomo: Acquires Manuzzi, expanding footprint in Southern Europe ASR: Ingrid de Swart to succeed Jos Baeten as CEO of ASR in May 2026 Fagron: Antitrust clearance for Brazilian Purifarma and Injeplast deals PostNL: Relaxation USO D+3 brought forward, pre-earnings analyst call 3Q25 Sofina: Over €0.5bn of additional firepower

INFORME DIARIO 02 OCTUBRE (ANÁLISIS BANCO SABADELL)

COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: SECTOR BANCARIO. EUROPA: ASML, INFORME ANUAL, NOKIA. Subidas en bolsa con malos datos A pesar de un comienzo con dudas, las bolsas europeas terminaron con ganancias después de que los malos datos desde EE.UU. apoyen bajadas de tipos por parte de la Fed. Sobre el shutdown pocos avances, el gobierno federal habría congelado 26.000 M dólares para los estados de tendencia demócrata (18.000 M dólares en infraestructuras para la ciudad de Nueva York). E...

Morning Notes : JEN BB, NEXTA BB, PNL NA, UCB BB, MRUS US

: JEN BB, NEXTA BB, PNL NA, UCB BB, MRUS US

Morning Notes : JEN BB, NEXTA BB, PNL NA, MRUS US

: JEN BB, NEXTA BB, PNL NA, MRUS US

PostNL From Volume to Value Amid Mail Uncertainty

During the CMD mid-September, PNL announced a normalized EBIT target of at least € 175m by 2028. The improvement is expected to come from strong international growth and a significant margin uplift in domestic e-commerce. Key drivers include the expansion of the APL network and the shift from next-day to best-day delivery. While we see these initiatives as logical next steps, we expect uncertainty in the mail business and negative mix effects at parcels to persist. As most of the guided margin i...

Recticel/1H25 results: Insulation Boards still a drag/BUY

Benelux Morning Notes

B&S: Sarabel launches recommended all cash offer; Belgian Telecoms: Digi confirms possible minority stake disposal in Spain; market test for Flanders cooperation agreement due any time; Exor: Great companies outperforming the benchmark; PostNL: Feedback on Capital Markets Day event 2025 - new strategy and ambitions 2028; UCB: Encouraging P2a data for Galvokimig in Atopic Dermatitis; Wolters Kluwer: Accelerating share buyback programme and good start to 2H25

Coffee, Croissants & Credit/Inmobiliaria Colonial, Benelux TMT Credits

Real Estate: Inmobiliaria Colonial was back in the market with a green bond; TMT: Benelux TMT Credits - How's it going? Where's the value?