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

BE Semiconductor Industries NV / Equity Bottom-Up

<ul><li>In this edition: • BE Semiconductor Industries | order intake remains soft, 1Q25 outlook below market expecttions • KPN | VodafoneZiggo continues to lose broadband clients in 4Q24 • NN Group | better-than-expected OCG thanks to non-life and Insurance Europe • Fagron | continues its track record of marked organic revenue growth and strong free cash flows • SBM Offshore | directional revenue and EBITDA in line; new buyback and upbeat guidance • Vopak | 2025 guidance disappoints; EUR 100m share buyback</li></ul>

In this edition: • BE Semiconductor Industries | order intake remains soft, 1Q25 outlook below market expecttions • KPN | VodafoneZiggo continues to lose broadband clients in 4Q24 • NN Group | better-than-expected OCG thanks to non-life and Insurance Europe • Fagron | continues its track record of marked organic revenue growth and strong free cash flows • SBM Offshore | directional revenue and EBITDA in line; new buyback and upbeat guidance • Vopak | 2025 guidance disappoints; EUR 100m share buyback

BE Semiconductor Industries NV - What's New(s) in Amsterdam

Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

<ul>
<li>The SE600 index is one of the most widely followed benchmark indices in Europe. This index is rebalanced on a quarterly basis.</li>
<li>In this insight, we take a look at the potential index changes that could take place between now and the end of the June 2024 index rebal event.</li>
<li>Currently, I see 7 ADDs and 7 DELs for the SE600 index. There are more names just outside the border requiring small price changes to get involved in index changes. </li>
</ul>


The SE600 index is one of the most widely followed benchmark indices in Europe. This index is rebalanced on a quarterly basis.
In this insight, we take a look at the potential index changes that could take place between now and the end of the June 2024 index rebal event.
Currently, I see 7 ADDs and 7 DELs for the SE600 index. There are more names just outside the border requiring small price changes to get involved in index changes. 


Quiddity Leaderboard SE600 Mar 24: 7 Changes Likely; Expected ADDs Could Outperform Expected DELs

Event-Driven

<ul>
<li>In this insight, we take a look at the names leading the race to become ADDs/DELs for the SE600 and EURSTX Indices for the September 2023 Rebalance.</li>
<li>
<a href="https://www.smartkarma.com/entities/simcorp-a-s" target="_blank" data-smartkarma-citation="entities:22483:1" rel="noopener">SimCorp A/S (SIM DC)</a> could trigger an intra-review ADD prior to the September 2023 Rebalance.</li>
<li>Apart from that, I expect four other changes during the regular rebalance in September 2023. These expected ADDs and DELs are different from those in my last insight.</li>
</ul>


In this insight, we take a look at the names leading the race to become ADDs/DELs for the SE600 and EURSTX Indices for the September 2023 Rebalance.

SimCorp A/S (SIM DC) could trigger an intra-review ADD prior to the September 2023 Rebalance.
Apart from that, I expect four other changes during the regular rebalance in September 2023. These expected ADDs and DELs are different from those in my last insight.


Quiddity Leaderboard SE600 Sep 23: CD Projekt Could Become an Intra-Review ADD

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.

<ul><li>SCGP reported steady growth in 2Q21, which was in line with our expectation, and the momentum should continue in 2H21E.</li><li>The firm's earnings are expected to achieve a 31% CAGR in the next two years, driven by production capacity expansion and M&A deals to support growth in the client base, including large producers of consumer goods.</li><li>Our Buy rating is reaffirmed, with the target price of Bt69.50/share (DCF, WACC 6.9%, LT growth 2%).</li></ul>

SCGP reported steady growth in 2Q21, which was in line with our expectation, and the momentum should continue in 2H21E.The firm's earnings are expected to achieve a 31% CAGR in the next two years, driven by production capacity expansion and M&A deals to support growth in the client base, including large producers of consumer goods.Our Buy rating is reaffirmed, with the target price of Bt69.50/share (DCF, WACC 6.9%, LT growth 2%).

Steady Growth in 2Q21; Two-Year Growth at a 31% CAGR

<ul><li>We have a positive view on SCPG's decision to acquire a 75% stake in the Intan Group to expand to the food and beverage packaging business in Indonesia.</li><li>Two-year core profit growth is expected to achieve a 23% CAGR, driven by potential capacity expansion and acquisition deals to support growth in the client base, which includes large producers of consumer goods.</li><li>We maintain our Buy rating, with the target price of Bt59.30/share (DCF, WACC at 6.9% and LT growth at 2%).</li></ul>

We have a positive view on SCPG's decision to acquire a 75% stake in the Intan Group to expand to the food and beverage packaging business in Indonesia.Two-year core profit growth is expected to achieve a 23% CAGR, driven by potential capacity expansion and acquisition deals to support growth in the client base, which includes large producers of consumer goods.We maintain our Buy rating, with the target price of Bt59.30/share (DCF, WACC at 6.9% and LT growth at 2%).

Acquisition of Stake in Intan Group in Indonesia

Netherlands

Koninklijke Vopak NV is an independent tank terminal operator. The Company provides conditioned storage facilities for bulk liquids such as oil products, gaseous chemicals, petrochemicals, biofuels and vegetable oils.

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Koninklijke Vopak Nv (VPK NA)

BE Semiconductor Industries NV - What's New(s) in Amsterdam

In this edition: • BE Semiconductor Industries | order intake remains soft, 1Q25 outlook below market expecttions • KPN | VodafoneZiggo continues...

The IDEA!

Quiddity Leaderboard SE600 Mar 24: 7 Changes Likely; Expected ADDs Could Outperform Expected DELs

My latest estimate for one-way flow is US$95mn. The expected ADDs have strong positive momentum while the expected DELs have strong negative momentum.

Janaghan Jeyakumar, CFA

Quiddity Leaderboard SE600 Sep 23: CD Projekt Could Become an Intra-Review ADD

CD Projekt (CDR PW) is leading the race to become an intra-review ADD if Simcorp gets deleted but the final choice would depend on FFMC rankings as...

Janaghan Jeyakumar, CFA

Steady Growth in 2Q21; Two-Year Growth at a 31% CAGR

SCGP reported steady growth in 2Q21, which was in line with our expectation, and the momentum should continue in 2H21E. The firm's earnings are...

Krungthai XSpring

Acquisition of Stake in Intan Group in Indonesia

We have a positive view on SCPG's decision to acquire a 75% stake in the Intan Group to expand to the food and beverage packaging business in...

Krungthai XSpring

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