Bible 3Q23 – Autos: The cyclical pullback we were expecting in semis i...

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 11/28/2023

The negative results from the phase III (ADVANCE-SC) study evaluating efgartigimod SC in the treatment of primary immune thrombocytopenia or ITP has prompted us to remove Argenx from our ODDO BHF European Large Cap Convictions List this morning to limit the impact of this bad news which will no doubt weigh on the share price in the short term. Our analyst covering the stock has cut the target price from € 600m to € 550 but is sticking with an Outperform recommendation. - ...

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 28/11/2023

Les résultats négatifs de l’étude de phase 3 (ADVANCE-SC) évaluant efgartigimod SC dans le traitement de la thrombopénie immunitaire primaire ou ITP nous conduisent à sortir ce matin ArgenX de notre liste de valeurs recommandées Larges Caps afin de limiter l’impact de cette mauvaise nouvelle qui ne manquera pas de peser sur les cours à court terme. Notre analyste baisse son OC de 600 € à 550 €, mais maintient sa recommandation Surperformance. - ...

Infineon Technologies AG : Structural growth leverage with AI, GaN and...

>Positive tone on AI, GaN and SIC, without masking the correction for industry and slowdown in renewables, Outperform rating (€ 45 target price) maintained - Infineon yesterday organised a conference call devoted to its Power Systems business, which is included in the PSS (Power & Sensor Systems) and GIP (Green Industrial Power) divisions. While the group made no secret of the slightly less favourable momentum in the short term, particularly for the industry segment (...

Infineon Technologies AG : Des leviers de croissance structurels avec ...

>Ton positif sur l’AI, le GAN et le SIC, sans masquer la correction sur l’industrie et le ralentissement des renouvelables, Opinion positive (OC 45 €) maintenue - IFX a organisé hier une conference call sur ses activités Power Systems, incluses au sein des divisions PSS (Power & Sensor Systems) et GIP (Green Industrial Power). Si le groupe n’a pas caché les dynamiques un peu moins favorables à CT, notamment dans l’industrie (correction d’inventaire) et les renouvelabl...

ODDO : Three major risks for the premium segment in 2024

We reiterate our relatively cautious view of the German premium OEM segment (BMW, Mercedes-Benz), which we think faces several significant risks heading into 2024: 1/ price-mix normalisation after several very buoyant years and the emergence of initial signs of an inflection; 2/ significant exposure to the Chinese market, for which the outlook remains uncertain in both the short term (macro, price pressures) and medium long term (competition); 3/ lacklustre momentum in the EV se...

ODDO : Trois grands risques pour le premium en 2024

Nous avons toujours une vision assez prudente des constructeurs premium allemands (BMW, Mercedes-Benz) qui font face à plusieurs risques importants selon nous : 1/ la normalisation du prix/mix après quelques années très porteuses et l’apparition des premiers signes d’inflexion, 2/ une exposition importante au marché chinois dont les perspectives restent incertaines, tant à CT (macro, pressions prix) qu’à MLT (concurrence), 3/ un ralentissement de l’électrique qui pose surtout des...

Vonovia SE: 1 director

A director at Vonovia SE bought 21,999 shares at 24.958EUR 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 years clearly s...

ODDO BHF Small & MIDCAP MORNING NEWS - 11/23/2023

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ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 11/23/2023

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ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 23/11/2023

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ODDO : Recap France: Iliad and Bouygues advance their lead

>On the commercial front: a volume effect of +4% at Iliad and Bouygues Telecom - From the commercial standpoint, Iliad and Bouygues Telecom continue to gain market share. In fixed-line internet, Bouygues Telecom has added 81,000 clients vs 50,000 for Iliad, whilst Orange lost -31,000 (impact of price hikes) and SFR was down -44 000 (continued commercial decline). In the mobile segment, Iliad gained 274,000 contracts vs Bouygues Telecom at 108,000, Orange was up 83,000...

ODDO : Recap France: Iliad et Bouygues accentuent leur avance

>Commercialement : effet volume de +4% chez Iliad et Bouygues Telecom - Commercialement, Iliad et Bouygues Telecom continuent de gagner des parts de marché. Sur l’internet fixe, Bouygues Telecom a ajouté 81 000 clients vs Iliad 50 000, Orange -31 000 (impact des hausses de prix) et SFR -44 000 (poursuite du recul commercial). Sur le mobile, Iliad gagne 274 000 contrats vs Bouygues Telecom 108 000, Orange 83 000 et SFR -118 000 (ajustement ODDO BHF). En résumé, nous ca...

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 11/20/2023

The market wants to see the glass as half full, with lower inflation ending the central bank tightening cycle and leading to an easing of yields. This complacency could last until the next meetings of the Fed (13 December) and the ECB (14 December). For those wishing to play this short-term sequence, we recommend continuing to overweight US equities, overweighting Growth vs Value, as well as Quality, remaining Market Weight on Cyclicals and Defensives, and adjusting the sector allocat...

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 20/11/2023

Saint-Gobain a fait le choix de se transformer pour ne pas mourir. Pour autant, le marché reste sceptique quant aux changements très substantiels survenus depuis l’ère Bazin. Le meilleur reste encore à venir. Rien de mieux qu’une année 2024 encore difficile pour convaincre de la solidité du nouveau modèle : les économies de coûts que nous estimons à 400 M€e devraient permettre de compenser une baisse de volume de ~3%. Nous restons convaincus que le rerating titre n’est qu’une question...

Coca-Cola Europacific Partners : Strong finish to the year expected; G...

>Q3 2023 recap: soft, with consumers trading down - CCEP reported a soft Q3 2023 trading update, with a 3% sales miss versus consensus. CCEP realised volumes of -5% and -4.5%, respectively, for the Away From Home and the Home channels. However, the company reported 9% revenue growth per unit case, driven by headline price increases, promotional optimisation, and favourable brand mix. The company reiterated its 8-9% FY 2023 sales guidance despite YTD 2023 FX-neutral re...