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 today's edition: • ING / Van Lanschot Kempen | ING completes acquisition of Van Lanschot Kempen stake • RELX Group | held talks with investors to move prime listing to New York • Signify | 25Q2 results broadly in line with consensus - marginally adjusts FY25 outlook • BAM Group | revises FY25 adjusted EBITDA-margin upward to at least 5%</li></ul>

In today's edition: • ING / Van Lanschot Kempen | ING completes acquisition of Van Lanschot Kempen stake • RELX Group | held talks with investors to move prime listing to New York • Signify | 25Q2 results broadly in line with consensus - marginally adjusts FY25 outlook • BAM Group | revises FY25 adjusted EBITDA-margin upward to at least 5%

What's New(s) in Amsterdam - 25 July (ING / Van Lanschot Kempen | RELX Group | Signify | BAM Groe

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

iShares MSCI ACWI ETF / Technical Analysis

<ul>
<li>With the MSCI ACWI (ACWI-US) approaching the top-end of our expected 2023 trading range at $93, we see limited upside from here, and we believe caution is warranted.</li>
<li>We want to remain overweight Europe and the UK, but we prefer to buy only on pullbacks.</li>
<li>The Hang Seng and MSCI China (MCHI-US) are both getting rejected at their important resistances discussed last week, and we would expect to see a basing process develop below resistance.</li>
</ul>


With the MSCI ACWI (ACWI-US) approaching the top-end of our expected 2023 trading range at $93, we see limited upside from here, and we believe caution is warranted.
We want to remain overweight Europe and the UK, but we prefer to buy only on pullbacks.
The Hang Seng and MSCI China (MCHI-US) are both getting rejected at their important resistances discussed last week, and we would expect to see a basing process develop below resistance.


Caution Warranted; ACWI-US At $93 Resistance; Buys in Communications, Staples, Materials, Financials

<ul><li>In this edition: • BE Semiconductor Industries | expects order intake to increase significantly in 25Q3 • ING | Tanate Phutrakul to step down as CFO at 2026 AGM • KPN | post earnings call comment • RELX Group | another strong half year; solid outlook for 2H25 • Aalberts | lowers FY25 organic revenue growth and EBITA-margin outlook • e-Commerce and Logistics | pressure building on Chinese platforms selling unsafe goods • Consumer confidence | Dutch consumers less negative in July</li></ul>

In this edition: • BE Semiconductor Industries | expects order intake to increase significantly in 25Q3 • ING | Tanate Phutrakul to step down as CFO at 2026 AGM • KPN | post earnings call comment • RELX Group | another strong half year; solid outlook for 2H25 • Aalberts | lowers FY25 organic revenue growth and EBITA-margin outlook • e-Commerce and Logistics | pressure building on Chinese platforms selling unsafe goods • Consumer confidence | Dutch consumers less negative in July

Koninklijke KPN NV - What's New(s) in Amsterdam

<ul><li>In this edition: • ABN Amro / ING | EC is intensifying its crackdown on national interference in bank mergers • AkzoNobel | said to be the only strategic potential bidder for BASF’s coatings unit • Van Lanschot Kempen | acquires Wilton Family Office • PostNL | Mail division’s head: Dutch postal services could face the same fate as Denmark’s • Corporate calendar | week 30 - 35</li></ul>

In this edition: • ABN Amro / ING | EC is intensifying its crackdown on national interference in bank mergers • AkzoNobel | said to be the only strategic potential bidder for BASF’s coatings unit • Van Lanschot Kempen | acquires Wilton Family Office • PostNL | Mail division’s head: Dutch postal services could face the same fate as Denmark’s • Corporate calendar | week 30 - 35

<ul><li>In this edition: • ABN Amro | completes the acquisition of Hauck Aufhäuser Lampe • ING | cutting 230 senior roles globally within its Wholesale Banking • InPost | EVRi intends to deploy 10,000 APMs by 2030 • PostNL | proposed changes in postal legislation do not go down well at PostNL • Dutch retail sales | up 2.2% YoY in May; sales volume down 2.2% • Dutch inflation | continued to trend down in June</li></ul>

In this edition: • ABN Amro | completes the acquisition of Hauck Aufhäuser Lampe • ING | cutting 230 senior roles globally within its Wholesale Banking • InPost | EVRi intends to deploy 10,000 APMs by 2030 • PostNL | proposed changes in postal legislation do not go down well at PostNL • Dutch retail sales | up 2.2% YoY in May; sales volume down 2.2% • Dutch inflation | continued to trend down in June

Netherlands

ING Groep N.V. offers financial services to individuals, corporations, and other institutions.  The Company offers corporate, investment, and private banking services, asset and portfolio management, treasury services, and insurance.  ING Groep has offices throughout the world.

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ING Groep NV (INGA NA)

What's New(s) in Amsterdam - 25 July (ING / Van Lanschot Kempen | RELX Group | Signify | BAM Groe

In today's edition: • ING / Van Lanschot Kempen | ING completes acquisition of Van Lanschot Kempen stake • RELX Group | held talks with investors...

The IDEA!

Caution Warranted; ACWI-US At $93 Resistance; Buys in Communications, Staples, Materials, Financials

With the MSCI $ACWI approaching the top-end of our expected 2023 trading range at $93, we see limited upside from here and believe caution is...

Vermilion Research

Koninklijke KPN NV - What's New(s) in Amsterdam

In this edition: • BE Semiconductor Industries | expects order intake to increase significantly in 25Q3 • ING | Tanate Phutrakul to step down as...

The IDEA!

PostNL NV - What's News in Amsterdam

In this edition: • ABN Amro / ING | EC is intensifying its crackdown on national interference in bank mergers • AkzoNobel | said to be the only...

The IDEA!

PostNL NV - What's News in Amsterdam

In this edition: • ABN Amro | completes the acquisition of Hauck Aufhäuser Lampe • ING | cutting 230 senior roles globally within its Wholesale...

The IDEA!

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