Independent Investment Research, The IDEA!

The IDEA!

Independent Investment Research

The Idea-Driven Equities Analyses company (the IDEA!) is an employee-owned boutique providing independent investment research and financial consultancy services with a clear focus on the Benelux countries. The company was founded in the summer of 2007 by Henk Slotboom and Maarten Verbeek, both with more than 35 years of professional experience in the financial sector. The IDEA! differentiates itself by focusing on adding value through self-initiated in-depth, idea-driven investment research, as well as by bespoke research assignments for institutional investors, hedge funds and private equity. In addition, we provide market intelligence, strategic research and – together with our business partners – consultancy services to businesses. In case you are interested in receiving more information, a sample of our products or an introductory meeting, please send a message to info@theidea.nl.

Equity Bottom-Up

<ul><li>In this edition: • ABN Amro | new CEO will focus on costs and the risk management model • ASML | wants free passage for machine parts; no evidence that China cracked the EUV puzzle • KPN | continued to deliver on its promises in 1Q25 • Fugro | 1Q25 trading update does not really contain much news • SBM Offshore | completes EUR 130m share buyback; starts new program of EUR 141m • Triodos Bank | facing new setback in its attempts to settle claims</li></ul>

In this edition: • ABN Amro | new CEO will focus on costs and the risk management model • ASML | wants free passage for machine parts; no evidence that China cracked the EUV puzzle • KPN | continued to deliver on its promises in 1Q25 • Fugro | 1Q25 trading update does not really contain much news • SBM Offshore | completes EUR 130m share buyback; starts new program of EUR 141m • Triodos Bank | facing new setback in its attempts to settle claims

<ul><li>In this edition: • ASML Holding | reiterates FY25 outlook – order intake below long-term desired level • dsm-firmenich | deadline for non-binding offers for ANH this Thursday • Van Lanschot Kempen | Bank Delen further expands its presence in the Netherlands • Vopak | partnership with OQ to accelerate development of Duqm as integrated industrial hub • PostNL | main takeaways from yesterday’s AGM • TomTom | change in accounting strongly beneficiary for profitability – no impact on FCF</li></ul>

In this edition: • ASML Holding | reiterates FY25 outlook – order intake below long-term desired level • dsm-firmenich | deadline for non-binding offers for ANH this Thursday • Van Lanschot Kempen | Bank Delen further expands its presence in the Netherlands • Vopak | partnership with OQ to accelerate development of Duqm as integrated industrial hub • PostNL | main takeaways from yesterday’s AGM • TomTom | change in accounting strongly beneficiary for profitability – no impact on FCF

Tracking developments across tech supply chains, Tech Supply Chain Tracker

Tech Supply Chain Tracker

Tracking developments across tech supply chains

<ul><li>Tesla has strengthened ties with Baidu amid the US-Sino tech crossfire, showcasing the complex dynamics between the two countries.</li><li>China achieves a breakthrough in semiconductor technology with EUV, while lawmakers propose anonymous semiconductor purchases to secure the industry.</li><li>VCI Global's plan to establish India's first semiconductor wire plant in Chennai marks a significant milestone for the tech industry in the country, with Alibaba's Tongyi Qianwen aiming to revolutionize China's AI.</li></ul>

Tesla has strengthened ties with Baidu amid the US-Sino tech crossfire, showcasing the complex dynamics between the two countries.China achieves a breakthrough in semiconductor technology with EUV, while lawmakers propose anonymous semiconductor purchases to secure the industry.VCI Global's plan to establish India's first semiconductor wire plant in Chennai marks a significant milestone for the tech industry in the country, with Alibaba's Tongyi Qianwen aiming to revolutionize China's AI.

Tech Supply Chain Tracker (18-Mar-2025): Tesla strengthens ties with Baidu amid US-China tech tensions.

<ul><li>ASML CEO suggests Trump's tariffs could give US tech industry an advantage, potentially benefiting India's tech sector as well.</li><li>Tongfu begins trial assembly of HBM2, signaling potential growth in India's tech industry in response to changing tariff policies.</li><li>India lowers tariffs in response to Trump's tariff policy, indicating a willingness to adapt and potentially increase trade opportunities.</li></ul>

ASML CEO suggests Trump's tariffs could give US tech industry an advantage, potentially benefiting India's tech sector as well.Tongfu begins trial assembly of HBM2, signaling potential growth in India's tech industry in response to changing tariff policies.India lowers tariffs in response to Trump's tariff policy, indicating a willingness to adapt and potentially increase trade opportunities.

Tech Supply Chain Tracker (11-Feb-2025): Can Trump's tariffs benefit India's tech?

<ul><li>In this edition: • AkzoNobel | 4Q24 shows a mixed picture; some bright spots ahead • ASML Holding | reiterates FY25 and long-term outlook / record quarterly FCF • InPost | AliExpress survey shows Polish shoppers are looking for 'engaging experiences'</li></ul>

In this edition: • AkzoNobel | 4Q24 shows a mixed picture; some bright spots ahead • ASML Holding | reiterates FY25 and long-term outlook / record quarterly FCF • InPost | AliExpress survey shows Polish shoppers are looking for 'engaging experiences'

What's New(s) in Amsterdam - 29 January (AkzoNobel | ASML Holding | | InPost)

Netherlands

ASML Holding N.V. develops, produces, and markets semiconductor manufacturing equipment, specifically machines for the production of chips through lithography. The Company services clients worldwide.

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ASML Holding NV (ASML US)

What's News in Amsterdam - 24 April (ABN Amro | ASML | KPN | Fugro | SBM Offshore | Triodos Bank)

In this edition: • ABN Amro | new CEO will focus on costs and the risk management model • ASML | wants free passage for machine parts; no evidence...

The IDEA!

PostNL NV - What's New(s) in Amsterdam

In this edition: • ASML Holding | reiterates FY25 outlook – order intake below long-term desired level • dsm-firmenich | deadline for non-binding...

The IDEA!

Tech Supply Chain Tracker (18-Mar-2025): Tesla strengthens ties with Baidu amid US-China tech tensions.

Weekly news roundup: Tesla strengthens ties with Baidu amid US-Sino tech tensions, China makes EUV breakthrough in semiconductors, lawmakers...

Tech Supply Chain Tracker

Tech Supply Chain Tracker (11-Feb-2025): Can Trump's tariffs benefit India's tech?

ASML CEO believes US tariffs could benefit India's tech industry, Tongfu begins HBM2 trial as India reduces tariffs in response to Trump's policy.

Tech Supply Chain Tracker

What's New(s) in Amsterdam - 29 January (AkzoNobel | ASML Holding | | InPost)

In this edition: • AkzoNobel | 4Q24 shows a mixed picture; some bright spots ahead • ASML Holding | reiterates FY25 and long-term outlook /...

The IDEA!

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