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: • Ahold Delhaize | holding on to our neutral stance despite solid 3Q25 results • KPN | post investor update event comment • Unilever/The MICC | conflict with Ben & Jerry's flares up ahead of IPO • Wolters Kluwer | good growth acceleration in 3Q25; new buyback announced • AMG Critical Materials | upward revision of FY25 adjusted EBITDA outlook solely due to antimony (and not lithium) • BAM Group | reiterates to deliver adjusted EBITDA margin of at least 5% • CM.com | receives offer of EUR 5.16 per share from Bird • ForFarmers | 3Q25: impressive example of cost management (and more) • DHL | 3Q25: clear beat of consensus; reiterates FY25 guidance • bpostgroup | post earnings call comment • E-commerce & Logistics | French authorities attempting to block Shein website in France</li></ul>

In today's edition: • Ahold Delhaize | holding on to our neutral stance despite solid 3Q25 results • KPN | post investor update event comment • Unilever/The MICC | conflict with Ben & Jerry's flares up ahead of IPO • Wolters Kluwer | good growth acceleration in 3Q25; new buyback announced • AMG Critical Materials | upward revision of FY25 adjusted EBITDA outlook solely due to antimony (and not lithium) • BAM Group | reiterates to deliver adjusted EBITDA margin of at least 5% • CM.com | receives offer of EUR 5.16 per share from Bird • ForFarmers | 3Q25: impressive example of cost management (and more) • DHL | 3Q25: clear beat of consensus; reiterates FY25 guidance • bpostgroup | post earnings call comment • E-commerce & Logistics | French authorities attempting to block Shein website in France

Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

A full service Thai brokerage

Krungthai XSpring

Krungthai XSpring is a full service broker. The company provides a wide range of investment services such as Securities Brokerage, Derivative Agent Business, Securities Borrowing and Lending, Securities Trading, Underwriting, Financial Advisory, Wealth Advisory, Private Fund Management and International Markets Securities Trading. 

In terms of credibility, Fitch Ratings has assigned Krunghtai XSpring a long-term rating of AA- and a national short-term rating of F1+ with stable outlook.

Thematic (Sector/Industry)

<ul><li>The SET came under continued selling pressure amid a lack of fresh positive catalysts, slipping below the 1,300-point level for the first time in nine days.</li><li>The index’s drop below the 1,300-point support has turned sentiment slightly bearish, signaling weakening momentum.</li><li>We maintain our “buy on dip” view, anticipating short-term consolidation before a near-term rebound.</li></ul>

The SET came under continued selling pressure amid a lack of fresh positive catalysts, slipping below the 1,300-point level for the first time in nine days.The index’s drop below the 1,300-point support has turned sentiment slightly bearish, signaling weakening momentum.We maintain our “buy on dip” view, anticipating short-term consolidation before a near-term rebound.

Krungthai XSpring Technical Eng. November 5, 2025

<ul><li>In this edition: • ABN Amro | warns for margin pressure impacting its 3Q25 results • BAM Group | Femern Link Contractors joint venture threatens with EUR 2bn claim • Sligro Food Group | slight moderation of FY25 guidance after uninspiring 3Q25 • bpostgroup | following up on the ‘Night Delivery’ service • E-commerce & Logistics | Temu’s pre-tax profit more than doubled in 2024 • E-commerce & Logistics | Dutch plan for national levy on non-EU low-value parcels imports</li></ul>

In this edition: • ABN Amro | warns for margin pressure impacting its 3Q25 results • BAM Group | Femern Link Contractors joint venture threatens with EUR 2bn claim • Sligro Food Group | slight moderation of FY25 guidance after uninspiring 3Q25 • bpostgroup | following up on the ‘Night Delivery’ service • E-commerce & Logistics | Temu’s pre-tax profit more than doubled in 2024 • E-commerce & Logistics | Dutch plan for national levy on non-EU low-value parcels imports

Deutsche Post AG - What's News in Amsterdam

<ul><li>The SET opened with a rebound ahead of the MPC meeting, supported by gains in DELTA and BAM.</li><li>We believe the index’s upward momentum is not yet over and expect it to hold above the 1,300-point level.</li><li>Meanwhile, blue-chip stocks have taken the lead, supported by strength in the banking sector.</li></ul>

The SET opened with a rebound ahead of the MPC meeting, supported by gains in DELTA and BAM.We believe the index’s upward momentum is not yet over and expect it to hold above the 1,300-point level.Meanwhile, blue-chip stocks have taken the lead, supported by strength in the banking sector.

Krungthai XSpring Technical Eng. October 9, 2025

<ul><li>Although concerns over the US government shutdown pressured the market and triggered sell-offs in energy, banking, finance, and commerce stocks, clarity on the “Khon La Khrueng” co-payment scheme, strong gains in DELTA and AOT, and renewed foreign investor buying helped the SET edge higher.</li><li>The index’s rebound still lacks conviction, as it relied heavily on DELTA in the previous session.</li><li>We maintain our buy-on-dips recommendation, as we expect the index to eventually rebound given its quick attempts to bounce back.</li></ul>

Although concerns over the US government shutdown pressured the market and triggered sell-offs in energy, banking, finance, and commerce stocks, clarity on the “Khon La Khrueng” co-payment scheme, strong gains in DELTA and AOT, and renewed foreign investor buying helped the SET edge higher.The index’s rebound still lacks conviction, as it relied heavily on DELTA in the previous session.We maintain our buy-on-dips recommendation, as we expect the index to eventually rebound given its quick attempts to bounce back.

Krungthai XSpring Technical Eng. October 2, 2025

Netherlands

Koninklijke BAM Groep N.V. offers residential and non-residential construction services.  The Company offers property development, civil construction, cable and pipe systems, road, and mechanical and electrical systems construction services.  BAM operates primarily in the Netherlands and Belgium.

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Koninklijke Bam Groep Nv (BAMNB NA)

bpost SA - What's New(s) in Amsterdam

In today's edition: • Ahold Delhaize | holding on to our neutral stance despite solid 3Q25 results • KPN | post investor update event...

The IDEA!

Krungthai XSpring Technical Eng. November 5, 2025

The SET came under continued selling pressure amid a lack of fresh positive catalysts, slipping below the 1,300-point level for the first time in...

Krungthai XSpring

Deutsche Post AG - What's News in Amsterdam

In this edition: • ABN Amro | warns for margin pressure impacting its 3Q25 results • BAM Group | Femern Link Contractors joint venture threatens...

The IDEA!

Krungthai XSpring Technical Eng. October 9, 2025

The SET opened with a rebound ahead of the MPC meeting, supported by gains in DELTA and BAM.We believe the index’s upward momentum is not yet over...

Krungthai XSpring

Krungthai XSpring Technical Eng. October 2, 2025

We maintain our buy-on-dips recommendation, as we expect the index to eventually rebound given its quick attempts to bounce back.

Krungthai XSpring

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