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ING Helpdesk
  • ING Helpdesk

Benelux Morning Notes

CTP: Good results, continuation of strong demand dynamics. KBC: 2025 outlook, strong uplift post 2Q. RELX, Wolters Kluwer: Thomson Reuters 2Q25 results. SBM Offshore: Guidance up, one-offs play a role. Xior Student Housing: On track, continued focus on pricing and pipeline

 PRESS RELEASE

KBC Groupe: Résultat du deuxième trimestre: 1 018 millions d'euros

KBC Groupe: Résultat du deuxième trimestre: 1 018 millions d'euros Aperçu KBC Groupe (consolidé, IFRS)2TR20251TR20252TR20241S20251S2024Résultat net (en millions d'EUR)1 0185469251 5641 431Bénéfice de base par action (EUR)2,501,322,253,823,44Ventilation du résultat net, par division (en millions d'EUR)     Belgique607281519888761République tchèque240207244447441Marchés internationaux237135224372370Centre de groupe-65-77-61-143-141Capitaux propres des actionnaires de la société mère par action (en EUR, fin de période)58,958,853,258,953,2 "Nous avons enregistré un exc...

 PRESS RELEASE

KBC Group: Second-quarter result of 1 018 million euros

KBC Group: Second-quarter result of 1 018 million euros KBC Group – overview (consolidated, IFRS)2Q20251Q20252Q20241H20251H2024Net result (in millions of EUR)1 0185469251 5641 431Basic earnings per share (in EUR)2.501.322.253.823.44Breakdown of the net result by business unit (in millions of EUR)     Belgium607281519888761Czech Republic240207244447441International Markets237135224372370Group Centre-65-77-61-143-141Parent shareholders’ equity per share (in EUR, end of period)58.958.853.258.953.2 ‘We recorded an excellent net profit of 1 018 million euros in the second quarter of 2...

 PRESS RELEASE

KBC Groep: Resultaat tweede kwartaal van 1 018 miljoen euro

KBC Groep: Resultaat tweede kwartaal van 1 018 miljoen euro KBC Groep – overzicht (geconsolideerd, IFRS)2KW20251KW20252KW20241H20251H2024Nettoresultaat (in miljoenen euro)1 0185469251 5641 431Gewone winst per aandeel (in euro)2,501,322,253,823,44Nettoresultaat per divisie (in miljoenen euro)     België607281519888761Tsjechië240207244447441Internationale Markten237135224372370Groepscenter-65-77-61-143-141Eigen vermogen van de aandeelhouders per aandeel (in euro, per einde periode)58,958,853,258,953,2 “We boekten een uitstekende nettowinst van 1 018 miljoen euro in het tweede kwart...

Julia Pan Mengyao ... (+2)
  • Julia Pan Mengyao
  • Ming San Soong

Tencent Holdings (700 HK): 2Q25 results preview: Strong game pipeline ...

Tencent will release its 2Q25 results on 13 Aug 25. We forecast its 2Q25 revenue growing 11.5% yoy, driven by resilient game grossing and online ad revenue growth. We like Tencent as it is a key proxy for benefitting from the online games sector’s countercyclical resilience feature and the accelerating adoption of AI which has played a role in enhancing cost efficiency and boosting game development productivity. Maintain BUY with a target price of HK$650.00.

Damon Shen ... (+7)
  • Damon Shen
  • Gigi Cheuk
  • Greater China Research Team
  • Jieqi Liu
  • Julia Pan Mengyao
  • Kate Luang
  • Ming San Soong

Greater China Daily: Wednesday, August 6, 2025

KEY HIGHLIGHTS Strategy China & Hong Kong Property The 30 Jul Politburo meeting emphasised strict controls on hidden government debt and high-quality/prudent urban renewal. CR Land’s acquisition of two prime residential projects in Shanghai (Rmb24.5b) highlights opportunities for SOE developers as LGFVs divest assets under stricter oversight. While Tier 1 and 2 cities show further sales weakness, Hong Kong is progressing with destocking, with potential changes to ease capital transfers for mai...

Audrey Celia ... (+14)
  • Audrey Celia
  • Benjaphol Suthwanish
  • Damon Shen
  • Gigi Cheuk
  • Jack Goh Tooan Orng
  • Jieqi Liu
  • Jonathan Koh
  • Julia Pan Mengyao
  • Kate Luang
  • Kitpon Praipaisarnkit
  • Ming San Soong
  • Tanapon Cholkadidamrongkul
  • Thanawat Thangchadakorn
  • Willinoy Sitorus

Regional Morning Meeting Notes: Wednesday, August 6, 2025

GREATER CHINA Strategy China & Hong Kong Property: CR Land’s acquisition of Shanghai projects points to further consolidation towards SOEs; potential easing of capital transfer will be key focus for Hong Kong market. Results Launch Tech (2488 HK/NOT RATED/HK$12.03): 1H25: Robust overseas and software business growth; step-up in dividend. Update Tencent Holdings (700 HK/BUY/HK$559.00/Target: HK$650.00): 2Q25 results preview: Strong game pipeline and AI-powered adtech as key catalysts. INDONESIA ...

Greater China Research Team ... (+5)
  • Greater China Research Team
  • Johnny Yum
  • Malaysia Research Team
  • Singapore Research Team
  • Thailand Research Team

Regional Strategy: Alpha Picks - August 2025

GREATER CHINA Strategy Alpha Picks: August Conviction Calls: Add JBM Healthcare and Lenovo to our BUY list. Take profit on CATL, Han’s Laser, KE Holdings and Longfor. INDONESIA Strategy Alpha Picks: Underperformance In July: Our new Alpha Picks are ASSA, AKRA, ARCI, BBNI, KLBF, MTEL, and MYOR. MALAYSIA Strategy Alpha Picks: Some Opportunities Amid A “Summer Lull”: Our July 25 Alpha Picks outperformed. Aug 25 picks: Coraza, Eco World, Gamuda, Hume Cement, IJM, Inari, RHB and Zetrix. SINGAPORE ...

MAJOR MAJOR CINEPLEX GROUP PCL
OU8 CENTURION
544 CSE GLOBAL LTD.
CTRA CIPUTRA DEVELOPMENT
EGCO ELECTRICITY GENERATING PUBLIC CO. LTD.
BBRI PT BANK RAKYAT INDONESIA (PERSERO) TBK CLASS B
V03 VENTURE CORPORATION LIMITED
ERW ERAWAN GROUP
EZQ CHINA MENGNIU DAIRY CO. LTD.
U96 SEMBCORP INDUSTRIES LTD.
B8O YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD.
SXC SUNNY OPTICAL TECHNOLOGY (GROUP) CO. LTD.
JSMR PT JASA MARGA (PERSERO) TBK CLASS B
00285 BYD ELECTRONIC (INTERNATIONAL) CO. LTD.
01299 AIA GROUP LIMITED
00027 GALAXY ENTERTAINMENT GROUP LIMITED
3816 MISC BHD
BMRI PT BANK MANDIRI (PERSERO) TBK
KBANK KASIKORNBANK PUBLIC CO. LTD.
7113 TOP GLOVE CORPORATION BHD.
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
601668 CHINA STATE CONSTRUCTION ENGINEERING CORP. LTD. CLASS A
X2S SINOPHARM GROUP CO. LTD. CLASS H
599A SANDS CHINA LTD.
CPN CENTRAL PATTANA PUBLIC CO. LTD.
ASII PT ASTRA INTERNATIONAL TBK
00700 TENCENT HOLDINGS LTD.
TRUE TRUE CORP. PUBLIC CO. LTD.
2318 PING AN INSURANCE (GROUP) COMPANY OF CHINA LTD. CLASS H
SATS SP SATS LTD.
D01 DAIRY FARM INTERNATIONAL HOLDINGS LIMITED
G13 GENTING SINGAPORE LIMITED
03690 MEITUAN CLASS B
RHBBANK RHB BANK BHD
GAM GAMUDA BHD
VSI V.S. INDUSTRY BERHAD
3933 THE UNITED LABORATORIES INTE
MYEG MY EG SERVICES BHD
MINT MAPLETREE INDUSTRIAL TRUST
CPALL TB CP ALL
SDPL SIME DARBY PLANTATION BHD
ECW ECO WORLD DEVELOPMENT GROUP
RATCH RATCH GROUP PUBLIC CO. LTD.
2013 WEIMOB INC
RGB RGB INTERNATIONAL BHD
WHA TB WHA CORP PCL
MPM MARCO POLO MARINE LTD
CSSC CHINA SUNSINE CHEMICAL HOLDINGS LTD
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
3692 HANSOH PHARMACEUTICAL GROUP
MNSO MINISO GROUP HOLDING ADS (N SHARES)
CVL CIVMEC
002920 HUIZHOU DESAY SV AUTOMOTIVE CO LTD
02618 JD LOGISTICS INC
BBTN BANK TABUNGAN NEGARA PERSERO TBK PT
BBNI BANK NEGARA INDONESIA PERSER
CMRY PT CISARUA MOUNTAIN DAIRY TBK
ITC I-TAIL CORPORATION PUBLIC COMPANY LIMITED
STM SEATRIUM LTD
NCKL PT TRIMEGAH BANGUN PERSADA TBK (HARITA NICKEL)
2232 CRYSTAL INTERNATIONAL GROUP LTD
YINSON YINSON HOLDINGS BHD
09961 CTRIP.COM INTERNATIONAL
BTG BETAGRO PUBLIC COMPANY LIMITED
LAGENDA LAGENDA PROPERTIES BHD
PEKAT PEKAT GROUP BHD
1523 PLOVER BAY TECHNOLOGIES LTD (1523 HK)
GEELY GEELY AUTOMOBILE
EXCL XLSMART TELECOM SEJAHTERA
Greater China Research Team
  • Greater China Research Team

Greater China Strategy Alpha Picks: August Conviction Calls

In July, the HSI and MSCI China index extended their growths, rising 2.9% mom and 4.5% mom respectively to reach their peak on 24 July before pulling pack in the latest week, as investors tend to take profit after the Politburo announcement. With another 90-day tariff delay from the US, we maintain a positive outlook for leading domestic stocks in healthcare and IT. New additions to our BUY list are JBM Healthcare and Lenovo. We take profit on CATL, Han’s Laser, KE Holdings and Longfor.

Steven Gould
  • Steven Gould
Steven Gould
  • Steven Gould
 PRESS RELEASE

KBC Group: KBC remains well-capitalised under 2025 EU-wide EBA stress ...

KBC Group: KBC remains well-capitalised under 2025 EU-wide EBA stress test KBC notes the announcements made today by the European Banking Authority (EBA) regarding the results of the 2025 EU-wide stress test. A brief on the KBC data is available at . Under the base scenario of the stress test, KBC's fully loaded Common Equity Tier-1 (CET1) ratio (Basel IV restated) of 14.56% at year-end 2024 increases by 2.66 percentage points to 17.22% at year-end 2027. Under the adverse scenario, KBC’s fully loaded CET1 ratio would fall by 2.73 percentage points to 11.82% at year-end 2027, which is sign...

 PRESS RELEASE

KBC Groupe: KBC reste bien capitalisé selon le test de résistance 2025...

KBC Groupe: KBC reste bien capitalisé selon le test de résistance 2025 mené par l'ABE à l'échelle de l'UE KBC prend note de l'annonce faite aujourd'hui par l'Autorité bancaire européenne (ABE) concernant les résultats du test de résistance 2025 mené à l'échelle de l'UE. Une brève relatives à KBC est disponible sur . Dans le scénario de base du test de résistance, le ratio Common Equity Tier-1 (CET1) à pleine charge (Bâle IV retraité) de KBC de 14,56% à la fin de l'année 2024 augmenterait de 2,66 points de pourcentage, à 17,22%, à la fin de l'année 2027. Dans le scénario défavorable, le ra...

 PRESS RELEASE

KBC Groep: KBC blijft goed gekapitaliseerd volgens de Europese stresst...

KBC Groep: KBC blijft goed gekapitaliseerd volgens de Europese stresstest 2025 van de EBA KBC meldt dat de Europese Bankautoriteit EBA vandaag de resultaten bekendmaakte van de Europese stresstest voor 2025. Een beknopte van de gegevens van KBC vindt u op . In het basisscenario van de stresstest stijgt de fully loaded Common Equity Tier-1 (CET1)-ratio (aangepast aan Basel IV) van KBC van 14,56% eind 2024 met 2,66 procentpunten tot 17,22% eind 2027. In het ongunstige scenario zou de fully loaded CET1-ratio van KBC dalen met 2,73 procentpunten tot 11,82%. Dit is significant beter dan de imp...

Julian Dobrovolschi ... (+2)
  • Julian Dobrovolschi
  • Steven Boumans
BRE MBANK SA
V1S ARKEMA
LHN HOLCIM AG
LR LEGRAND
BMW BAYERISCHE MOTOREN WERKE AKTIENGESELLSCHAFT
AC ACCOR SA
ENX EURONEXT NV
VIE VEOLIA ENVIRONNEMENT SA
SGO COMPAGNIE DE SAINT-GOBAIN SA
ENGI ENGIE SA.
EDP EDP-ENERGIAS DE PORTUGAL SA
DG VINCI SA
SU SCHNEIDER ELECTRIC SE
RNO RENAULT SA
ADS ADIDAS AG
APAML APERAM SA
LI KLEPIERRE SA
COV COVIVIO SA
OUT1V OUTOKUMPU OYJ
GFC GECINA SA
NXI NEXITY SA CLASS A
FLY SOCIETE FONCIERE LYONNAISE SA
EN BOUYGUES SA
GYC GRAND CITY PROPERTIES SA
MERY MERCIALYS SA
GLE SOCIETE GENERALE S.A. CLASS A
INEA FONCIERE INEA
WHA WERELDHAVE N.V.
TEP TELEPERFORMANCE SE
IAG INTERNATIONAL CONSOLIDATED AIRLINES GROUP SA
BLND BRITISH LAND COMPANY PLC
ITRK INTERTEK GROUP PLC
KOF KAUFMAN & BROAD SA
ALTA ALTAREA SCA
VNA VONOVIA SE
ACX ACERINOX SA
XIOR XIOR STUDENT HOUSING N.V.
SAF SAFRAN S.A.
BCP BANCO COMERCIAL PORTUGUES S.A.
HEI HEIDELBERGCEMENT AG
VER VERBUND AG CLASS A
ENEL ENEL SPA
ICAD ICADE SA
BYG BIG YELLOW GROUP PLC
COFB COFINIMMO SA
NEM NEMETSCHEK SE
CAI CA IMMOBILIEN ANLAGEN AG
TEG TAG IMMOBILIEN AG
FCC FOMENTO DE CONSTRUCCIONES Y CONTRATAS S.A.
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
EVK EVONIK INDUSTRIES AG
LEG LEG IMMOBILIEN AG
CPINV CARE PROPERTY INVEST SA
SAFE SAFESTORE HOLDINGS PLC
ANDR ANDRITZ AG
ARG ARGAN SA
VGP VGP NV
COL INMOBILIARIA COLONIAL SOCIMI SA
DIC DIC ASSET AG
WLN WORLDLINE SA
MERLIN MERLIN PROPERTIES SOCIMI S.A.
CLNX CELLNEX TELECOM S.A.
RACE FERRARI NV
DKG DEUTSCHE KONSUM REIT-AG
HOME NEINOR HOMES SA
AT1 AROUNDTOWN SA
PIRC PIRELLI & C. S.P.A.
REY REPLY S.P.A.
BBVA BANCO BILBAO VIZCAYA ARGENTARIA S.A.
LAND LAND SECURITIES GROUP PLC
MVC METROVACESA SA
NSI NSI N.V.
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
KBX KNORR-BREMSE AG
NEXI NEXI S.P.A.
CPR DAVIDE CAMPARI-MILANO N.V.
WDP WAREHOUSES DE PAUW SCA
UMG UNIVERSAL MUSIC GROUP NV
ECMPA EUROCOMMERCIAL PROPERTIES NV
DTG DAIMLER TRUCK
CTPNV CTP NV
ONE ONE UNITED PROPERTIES SA
SHUR SHURGARD SELF STORAGE LIMITED
TEN TENARIS S.A.
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