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

Universal Music Group NV / Equity Bottom-Up

<ul><li>In this edition: • AkzoNobel | Nippon Paint and Sherwin-Williams no longer pursue joint takeover plan • Universal Music Group | Pershing Square plans to divest its stake • Unilever | Fernández robustly defends the deal with McCormick despite upheaval • Dutch housing market | ‘code yellow’ based on early signals TU’s housing market monitor • E-commerce & Logistics | DHL study shows rising share of OOH deliveries</li></ul>

In this edition: • AkzoNobel | Nippon Paint and Sherwin-Williams no longer pursue joint takeover plan • Universal Music Group | Pershing Square plans to divest its stake • Unilever | Fernández robustly defends the deal with McCormick despite upheaval • Dutch housing market | ‘code yellow’ based on early signals TU’s housing market monitor • E-commerce & Logistics | DHL study shows rising share of OOH deliveries

Universal Music Group NV - What's News in Amsterdam

<ul><li>In this edition: • KPN | Delta Fiber: solid growth in Wholesale in FY25; targets 1m clients by 2030 • Unilever | shareholders express discontent for having no say on the McCormick deal • E-commerce & Logistics | French unilateral tax on non-EU parcels not effective</li></ul>

In this edition: • KPN | Delta Fiber: solid growth in Wholesale in FY25; targets 1m clients by 2030 • Unilever | shareholders express discontent for having no say on the McCormick deal • E-commerce & Logistics | French unilateral tax on non-EU parcels not effective

What's News in Amsterdam - 15 May (KPN | Unilever | E-commerce & Logistics)

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<p>Developed international equities (MSCI EAFE) have been underperforming relative to global equities (MSCI ACWI). However, within EAFE, SMID-caps tell a different story and are a great source of investment ideas within the EAFE region. In today’s report we use a bottom-up approach to highlight actionable charts, sorted by market cap (all buys at current levels).</p>

Developed international equities (MSCI EAFE) have been underperforming relative to global equities (MSCI ACWI). However, within EAFE, SMID-caps tell a different story and are a great source of investment ideas within the EAFE region. In today’s report we use a bottom-up approach to highlight actionable charts, sorted by market cap (all buys at current levels).

Making sense of the Global Market, Euromonitor International Ltd.

Yu Mitsuhashi

Making sense of the Global Market

Euromonitor International Ltd.

We are a global market research company focused on industries, countries, economies and consumers worldwide. Our cross-country comparable research helps your organisation identify opportunities and develop growth strategies in countries and regions across the globe. With offices around the world, 1,200 analysts in 100 countries and market research on every key trend and driver, we give you powerful access to the real story behind consumer change.

Thematic (Sector/Industry)

<ul><li>Price continues to be the primary reason for Singaporeans’ embrace of internet retailing</li><li>Qoo10 still maintains its position as Singapore’s largest internet retailing brand, but Amazon’s entry is expected to give it some competition</li><li>Internet retailing will continue to grow strongly in the coming years as it gradually becomes a habit</li></ul>

Price continues to be the primary reason for Singaporeans’ embrace of internet retailingQoo10 still maintains its position as Singapore’s largest internet retailing brand, but Amazon’s entry is expected to give it some competitionInternet retailing will continue to grow strongly in the coming years as it gradually becomes a habit

Sector Capsule: Internet Retailing in Singapore

Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

<ul>
<li>In this insight, we take a look at the potential index changes for F100 and F250 in the run-up to the September 2025 index rebal event.</li>
<li>Our latest estimates suggest there could be two regular changes for F100 and six regular changes for F250 during the September 2025 rebalance.</li>
<li>After that, we expect multiple M&amp;A-related intra-review changes over the next few weeks.</li>
</ul>


In this insight, we take a look at the potential index changes for F100 and F250 in the run-up to the September 2025 index rebal event.
Our latest estimates suggest there could be two regular changes for F100 and six regular changes for F250 during the September 2025 rebalance.
After that, we expect multiple M&amp;A-related intra-review changes over the next few weeks.


Quiddity Leaderboard F100/F250 Sep25: ~10 Regular & Intra-Review Changes Likely in September

United Kingdom

ASOS is a British online fast-fashion and cosmetic retailer, primarily aimed at young adults. The company sells over 850 brands, as well as its own range of clothing, accessories, and beauty products, shipping globally from fulfillment centers in the UK, US, and Europe. ASOS was founded in London in 2000.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

ASOS (ASC LN)

Universal Music Group NV - What's News in Amsterdam

In this edition: • AkzoNobel | Nippon Paint and Sherwin-Williams no longer pursue joint takeover plan • Universal Music Group | Pershing Square...

The IDEA!

What's News in Amsterdam - 15 May (KPN | Unilever | E-commerce & Logistics)

In this edition: • KPN | Delta Fiber: solid growth in Wholesale in FY25; targets 1m clients by 2030 • Unilever | shareholders express discontent...

The IDEA!

Focus on Outperforming EAFE SMID-Caps

Developed international equities (MSCI EAFE) have been underperforming relative to global equities (MSCI ACWI). However, within EAFE, SMID-caps...

Vermilion Research

Sector Capsule: Internet Retailing in Singapore

Price continues to be the primary reason for Singaporeans’ embrace of internet retailing Qoo10 still maintains its position as Singapore’s largest...

Euromonitor International Ltd.

Quiddity Leaderboard F100/F250 Sep25: ~10 Regular & Intra-Review Changes Likely in September

F100/250 Sep25 index changes will be confirmed after market close today. Yesterday was the base date for final ranks. Please see discussion point...

Janaghan Jeyakumar, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)