Equity, Bottom-up Analyst, Investics Research

Sameer Taneja

Equity, Bottom-up Analyst

Investics Research

It is important to note that the information provided by Investics Research is based on publicly available data and own knowledge, which has been gathered and analyzed from a variety of sources. While every effort has been made to ensure the accuracy and completeness of the information provided, it is not guaranteed to be free from errors or omissions. All forecasts and estimates are based on information that has been obtained from public sources that are considered to be reliable. The sources include but are not limited to, company announcements, exchange filings, presentations, etc. Investics does not guarantee the accuracy and completeness of the forecasts, estimates, and/or other information.

Equity Bottom-up Research

Equity Bottom-Up

Multi Bintang Indonesia / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/multi-bintang-indonesia-pt" target="_blank" data-smartkarma-citation="entities:11651:1" rel="noopener">Multi Bintang Indonesia (MLBI IJ)</a> experienced a massive inflection in its revenue with 21.9%/35% revenue/net profit growth as we approach the Q4 high season. </li>
<li>Earlier, parent <a href="https://www.smartkarma.com/entities/heineken-nv" target="_blank" data-smartkarma-citation="entities:21117:1" rel="noopener">Heineken NV (HEIA NA)</a> <a href="https://www.smartkarma.com/entities/heineken-holding-nv" target="_blank" data-smartkarma-citation="entities:21118:1" rel="noopener"></a> had flagged in its H1 2024 report that Indonesia was experiencing double-digit growth following excise duties implemented in January 2024.</li>
<li>Trading at 11.5x FY24/net cash with &gt;8% dividend yield and historical ROCEs averaging over 80%, we see a turning point in the share price now. </li>
</ul>



Multi Bintang Indonesia (MLBI IJ) experienced a massive inflection in its revenue with 21.9%/35% revenue/net profit growth as we approach the Q4 high season. 
Earlier, parent Heineken NV (HEIA NA)  had flagged in its H1 2024 report that Indonesia was experiencing double-digit growth following excise duties implemented in January 2024.
Trading at 11.5x FY24/net cash with &gt;8% dividend yield and historical ROCEs averaging over 80%, we see a turning point in the share price now. 


Multi Bintang (MLBI IJ): Massive Inflection in Q3 FY24 with Double Digit Growth !!

Analyst

Steve

<ul>
<li>
<a href="https://www.smartkarma.com/entities/china-resources-beer-holdings" target="_blank" data-smartkarma-citation="entities:399:1" rel="noopener">China Resources Beer Holdings (291 HK)</a> is a USD21bn red-chip company, and the largest beer company in China in terms of sales volume.</li>
<li>The company is a perfect fit for the GARP (growth at a reasonable price) strategy, and visibility in earnings is also high for the next 3-5 years.</li>
<li>Weak sentiment in H-share stocks and in overall China macro/consumption numbers provide a good entry opportunity for the stock.  </li>
</ul>



China Resources Beer Holdings (291 HK) is a USD21bn red-chip company, and the largest beer company in China in terms of sales volume.
The company is a perfect fit for the GARP (growth at a reasonable price) strategy, and visibility in earnings is also high for the next 3-5 years.
Weak sentiment in H-share stocks and in overall China macro/consumption numbers provide a good entry opportunity for the stock.  


China Resources Beer (291 HK):  High Visibility; Steady Growth; Reasonable Valuation

European Event-Driven Analyst

Jesus Rodriguez Aguilar

Event-Driven

<ul>
<li>Vivendi remains our highest-conviction idea, trading at a 43.6% discount to NAV despite UMG representing over 80% of value and potential corporate optionality.</li>
<li>Dispersion widened in May, with Vivendi rerating, Porsche SE's discount expanding, Rio's DLC premium increasing and Nordic holding companies remaining near NAV.</li>
<li>Catalysts continue to matter more than valuation: discounts converged only where strategic triggers emerged, while structurally cheap names without catalysts remained cheap.</li>
</ul>


Vivendi remains our highest-conviction idea, trading at a 43.6% discount to NAV despite UMG representing over 80% of value and potential corporate optionality.
Dispersion widened in May, with Vivendi rerating, Porsche SE's discount expanding, Rio's DLC premium increasing and Nordic holding companies remaining near NAV.
Catalysts continue to matter more than valuation: discounts converged only where strategic triggers emerged, while structurally cheap names without catalysts remained cheap.


Selected European HoldCos and DLC: May 2026 Report

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

<ul>
<li>We will stay near-term bullish as long as crucial support levels of 6780-6824 on SPX and $141.50 on ACWI-US continue to hold.</li>
<li>We are not fighting the bullish trend with all the MSCI global indexes (MSCI ACWI, EAFE, ACWI ex-US, and EM) hitting multi-year highs, but we are monitoring potential concerns--notably...</li>
<li>...global defensives Staples (KXI-US), Utilities (JXI-US), RealEstate (RWO-US) at 5+ month RS highs, U.S. dollar (DXY) holding above $96.40, crude oil prices bottoming, gasoline (UGA) breaking out from 3.5+year downtrend.</li>
</ul>


We will stay near-term bullish as long as crucial support levels of 6780-6824 on SPX and $141.50 on ACWI-US continue to hold.
We are not fighting the bullish trend with all the MSCI global indexes (MSCI ACWI, EAFE, ACWI ex-US, and EM) hitting multi-year highs, but we are monitoring potential concerns--notably...
...global defensives Staples (KXI-US), Utilities (JXI-US), RealEstate (RWO-US) at 5+ month RS highs, U.S. dollar (DXY) holding above $96.40, crude oil prices bottoming, gasoline (UGA) breaking out from 3.5+year downtrend.


Defensives Leading; Concerns Persist. Actionable Themes: Staples, Utilities, Energy, Transports

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.

Thematic (Sector/Industry)

<ul>
<li>ABN Amro | post earnings call comment In yesterday’s initial comment on the bank’s 4Q25 and FY25 results, we concluded that an investment in ABN Amro will require some patience.</li>
<li>A closer look at the results and the main takeaways from the earnings call have strengthened our confidence that the bank is taking the right steps in the implementation of its strategy.</li>
<li>Cost savings are well on track with 30% (or ~1,500) of the FTE reductions for 2028 had already been realized by YE25. More than one-third (580 FTE) of this was realized in 4Q25.</li>
</ul>


ABN Amro | post earnings call comment In yesterday’s initial comment on the bank’s 4Q25 and FY25 results, we concluded that an investment in ABN Amro will require some patience.
A closer look at the results and the main takeaways from the earnings call have strengthened our confidence that the bank is taking the right steps in the implementation of its strategy.
Cost savings are well on track with 30% (or ~1,500) of the FTE reductions for 2028 had already been realized by YE25. More than one-third (580 FTE) of this was realized in 4Q25.


Netherlands

Heineken NV produces and distributes beverages internationally. The Company produces beers, spirits, wines, and soft drinks under various brand names.

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Heineken NV (HEIA NA)

Multi Bintang (MLBI IJ): Massive Inflection in Q3 FY24 with Double Digit Growth !!

We summarise the superb Multibintang (MLBI IJ) results—trading at 11.4x FY24 with a >8% dividend yield and a 10-year average ROCE>80%; this is a...

Sameer Taneja

China Resources Beer (291 HK): High Visibility; Steady Growth; Reasonable Valuation

A stock with strong growth, reasonable valuation, and high visibility for the next three to five years, in one of the best consumer sectors in...

Steve

Selected European HoldCos and DLC: May 2026 Report

Holding company discounts are increasingly catalyst-driven. Vivendi remains the key idea at a 43.6% NAV discount, while Porsche SE, GBL and Rio...

Jesus Rodriguez Aguilar

Defensives Leading; Concerns Persist. Actionable Themes: Staples, Utilities, Energy, Transports

Defensives Leading; Concerns Persist. Actionable Themes: Staples, Utilities, Energy, and Transports. Remain Overweight Emerging Markets $EEM,...

Vermilion Research

What's News in Amsterdam

ABN Amro | post earnings call comment In yesterday’s initial comment on the bank’s 4Q25 and FY25 results, we concluded that an investment in ABN...

The IDEA!

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