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: • ING | clear beat of consensus across the board; new EUR 1.0bn share buyback • IMCD | revenue growth driven by acquisitions – organic performance negative • Arcadis | encouraging start to the year – reiterates guidance for the year • DHL | better than expected EBIT despite lower revenues • Dutch housing market | showing some early signs of cooling • Dutch CPI | up 0.1% YoY at 2.8%; sequential increase suggests acceleration though</li></ul>

In this edition: • ING | clear beat of consensus across the board; new EUR 1.0bn share buyback • IMCD | revenue growth driven by acquisitions – organic performance negative • Arcadis | encouraging start to the year – reiterates guidance for the year • DHL | better than expected EBIT despite lower revenues • Dutch housing market | showing some early signs of cooling • Dutch CPI | up 0.1% YoY at 2.8%; sequential increase suggests acceleration though

New Zealand Professional Investment Services Firm, Forsyth Barr

Forsyth Barr

New Zealand Professional Investment Services Firm

We are proud to be a New Zealand owned firm, with 21 offices throughout the country and over 300 employees. We assist personal, institutional and corporate clients providing a full range of investment services.

Forsyth Barr is a foundation New Zealand Exchange firm (NZX) and accredited market participant. We have been confirmed by the Financial Markets Authority as a Qualifying Financial Entity (QFE).

Research is the cornerstone of our advice. We have one of New Zealand's leading teams of analysts. Our global affiliations ensure comprehensive research coverage of all major investment markets.

<ul><li>Old Dominion Freight Line (ODFL), a key international peer for Mainfreight (MFT) operating in the North American less-than-truckload (LTL) market, reported its 1Q26 result overnight with its share price down -~5% at the time of writing.</li><li>The key result read-through for MFT is modestly positive given a weak but sequentially improving volume backdrop in the North American LTL market.</li><li>Moreover, the pricing environment remains rational and is supported by significant yield increases in the truck-load (TL) market assisting a mix shift towards LTL.</li></ul>

Old Dominion Freight Line (ODFL), a key international peer for Mainfreight (MFT) operating in the North American less-than-truckload (LTL) market, reported its 1Q26 result overnight with its share price down -~5% at the time of writing.The key result read-through for MFT is modestly positive given a weak but sequentially improving volume backdrop in the North American LTL market.Moreover, the pricing environment remains rational and is supported by significant yield increases in the truck-load (TL) market assisting a mix shift towards LTL.

Mainfreight (MFT.NZ) - ODFL Q1 Read-through

<ul><li>DSV (DSV.CO), a key international peer for Mainfreight (MFT), reported its 1Q26 result overnight with its share price down ~-4% on the day.</li><li>The key result read-through for MFT is mixed.</li><li>Other key peer results to look out for this week include: DHL (30 April), and SAIA (30 April).</li></ul>

DSV (DSV.CO), a key international peer for Mainfreight (MFT), reported its 1Q26 result overnight with its share price down ~-4% on the day.The key result read-through for MFT is mixed.Other key peer results to look out for this week include: DHL (30 April), and SAIA (30 April).

Mainfreight (MFT.NZ) - DSV Q1 Read-Through

<ul><li>Kuehne & Nagel (KNIN.S), a key international peer for Mainfreight (MFT), reported its 1Q26 result on Friday.</li><li>Its share price declined -4% on the day.</li><li>Key peer results to look out for this week include DSV (29 April), ODFL (29 April), CH Robinson (29 April), DHL (30 April), and SAIA (30 April).</li></ul>

Kuehne & Nagel (KNIN.S), a key international peer for Mainfreight (MFT), reported its 1Q26 result on Friday.Its share price declined -4% on the day.Key peer results to look out for this week include DSV (29 April), ODFL (29 April), CH Robinson (29 April), DHL (30 April), and SAIA (30 April).

Mainfreight (MFT.NZ) - Kuehne & Nagel Q1 Read-through

Equity Research Analyst, Maritime sector, Drewry Maritime Financial Research

Ankush Kathuria CFA, FRM

Equity Research Analyst, Maritime sector

Maritime Sector, Equity & Credit Research

Drewry Maritime Financial Research

With no ties to other players in the shipping, finance or banking world, we provide a uniquely impartial view of the markets and companies we cover. Our parent organization, Drewry is a leading independent provider of research services to the maritime and shipping industry, employing over 100 professionals across an international network of offices in London, Delhi, Singapore and Shanghai. Combining our market-leading resources with seasoned sector expertise DFRS offers a highly differentiated and comprehensive range of investment and financial research services to lenders and prospective investors in publicly listed maritime and shipping companies. The full service of reports, supporting resources and sector orientated webinars provides our clients with the most complete picture of the organisations under coverage as is possible. We have been charting and analysing the world’s maritime markets for more than 40 years. This unrivalled intelligence and understanding provides the foundation of our research service. Our analysts have access to one of the most up-to-date, comprehensive and reliable sources of market insight and research data available today. We look at globally listed companies within the following sectors: Port Operators, Container Shipping, Container Manufacturing & Leasing, LNG Shipping, Dry Bulk Shipping and Tanker Shipping. Combine in-depth sector expertise with financial analysis focusing on over 50 stocks globally.

Thematic (Sector/Industry)

Container Shipping - Asia Import Drive Will Boost Asia-Europe-Asia Box Profits for CarriersBackground - Space shortage has disrupted the Europe-Asia container trade in February and March and European exporters face highly unusual space crunch. This is highly unusual for a ‘back-haul’ route where ship utilization rarely reaches 70%. Carriers charged an ‘emergency minimum rate’ to accept bookings and some of them have put a stop to bookings until mid-April. Boxes already on the quay are getting…

Container Shipping - Asia Import Drive Will Boost Asia-Europe-Asia Box Profits for CarriersBackground - Space shortage has disrupted the Europe-Asia container trade in February and March and European exporters face highly unusual space crunch. This is highly unusual for a ‘back-haul’ route where ship utilization rarely reaches 70%. Carriers charged an ‘emergency minimum rate’ to accept bookings and some of them have put a stop to bookings until mid-April. Boxes already on the quay are getting…

Container Shipping - Asia Import Drive Will Boost Asia-Europe-Asia Box Profits for Carriers

Germany

Deutsche Post AG provides mail delivery and other services to the public and businesses. The Company offers domestic mail delivery, international parcel and mail delivery services, and freight delivery and logistics services.

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Deutsche Post (DHL GR)

IMCD Group NV - What's News in Amsterdam

In this edition: • ING | clear beat of consensus across the board; new EUR 1.0bn share buyback • IMCD | revenue growth driven by acquisitions –...

The IDEA!

Mainfreight (MFT.NZ) - ODFL Q1 Read-through

Old Dominion Freight Line (ODFL), a key international peer for Mainfreight (MFT) operating in the North American less-than-truckload (LTL) market,...

Forsyth Barr

Mainfreight (MFT.NZ) - DSV Q1 Read-Through

DSV (DSV.CO), a key international peer for Mainfreight (MFT), reported its 1Q26 result overnight with its share price down ~-4% on the day. The...

Forsyth Barr

Mainfreight (MFT.NZ) - Kuehne & Nagel Q1 Read-through

Kuehne & Nagel (KNIN.S), a key international peer for Mainfreight (MFT), reported its 1Q26 result on Friday. Its share price declined -4% on...

Forsyth Barr

Container Shipping - Asia Import Drive Will Boost Asia-Europe-Asia Box Profits for Carriers

Container Shipping - Asia Import Drive Will Boost Asia-Europe-Asia Box Profits for CarriersBackground - Space shortage has disrupted the...

Drewry Maritime Financial Research

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