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: • Ahold Delhaize | U.S. grocery demand weakens as volume declines outweigh inflation • E-commerce & Logistics | Chinese platforms facing increasing legal & regulatory risks • Corporate Agenda | week 30 - 33</li></ul>

In this edition: • Ahold Delhaize | U.S. grocery demand weakens as volume declines outweigh inflation • E-commerce & Logistics | Chinese platforms facing increasing legal & regulatory risks • Corporate Agenda | week 30 - 33

What's News in Amsterdam - 20 July (Ahold Delhaize | E-commerce & Logistics | Corporate agenda)

<ul><li>Summary & Conclusions Is the Market Missing a Hidden Catalyst?</li><li>A renewed strategic proposal has introduced an unexpected dimension to the investment case for AkzoNobel just weeks before shareholders vote on one of the sector's most consequential transactions.</li><li> While market attention remains focused on the proposed combination with Axalta, recent developments raise broader questions around value realisation, capital allocation and the board's strategic flexibility.</li></ul>

Summary & Conclusions Is the Market Missing a Hidden Catalyst?A renewed strategic proposal has introduced an unexpected dimension to the investment case for AkzoNobel just weeks before shareholders vote on one of the sector's most consequential transactions. While market attention remains focused on the proposed combination with Axalta, recent developments raise broader questions around value realisation, capital allocation and the board's strategic flexibility.

AkzoNobel Nippon Paint’s proposed offer just added a fresh coat of value

<ul><li>In this edition: • AkzoNobel | Russian subsidiaries placed under temporary external administration • KPN | ACM joins investigations into data breach at Odido • Shell | divests Sprng Energy to Aditya Birla Renewables for USD 1.8bn • Allegro | strong momentum continued in 2Q26</li></ul>

In this edition: • AkzoNobel | Russian subsidiaries placed under temporary external administration • KPN | ACM joins investigations into data breach at Odido • Shell | divests Sprng Energy to Aditya Birla Renewables for USD 1.8bn • Allegro | strong momentum continued in 2Q26

What's News in Amsterdam - 14 July (AkzoNobel | KPN | Shell | Allegro)

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

Shanghai Shenzhen CSI 300 Index / Technical Analysis

Shanghai Shenzhen CSI 300 Index (SHSZ300 INDEX EQUITY)

<p>Global equities (MSCI ACWI, ACWI ex-US, and EAFE) remain bullish with their uptrends intact, and the MSCI Emerging Markets index continues to hold above major support at $52 on the EEM-US. Additionally, Europe’s STOXX 50 and Hong Kong’s Hang Seng are on the cusp of short-term breakouts, while the major indexes in China (Shanghai Composite &amp; CSI 300) are currently breaking above short-term resistance... <em>see chart below</em>. Considering the absence of breakdowns and the fact that market dynamics remain largely positive, our overall constructive outlook remains appropriate.</p>

Global equities (MSCI ACWI, ACWI ex-US, and EAFE) remain bullish with their uptrends intact, and the MSCI Emerging Markets index continues to hold above major support at $52 on the EEM-US. Additionally, Europe’s STOXX 50 and Hong Kong’s Hang Seng are on the cusp of short-term breakouts, while the major indexes in China (Shanghai Composite &amp; CSI 300) are currently breaking above short-term resistance... see chart below. Considering the absence of breakdowns and the fact that market dynamics remain largely positive, our overall constructive outlook remains appropriate.

Chinese Indexes Headed Higher; Actionable Themes: Transportation, Materials, and Services

<ul><li>In this edition: • ASM Int’l / KPN | Mr. Chris Figee to succeed Mr. Paul Verhangen as CFO • ING | acquired a 40% stake in Singular Bank • Shell | faces allegations of misleading UK Courts regarding Niger Delta pollution litigation • E-com & Logistics | Canada Post and China’s Chunghwa Post suspend parcel deliveries to EU • Corporate agenda | week 28 - 32</li></ul>

In this edition: • ASM Int’l / KPN | Mr. Chris Figee to succeed Mr. Paul Verhangen as CFO • ING | acquired a 40% stake in Singular Bank • Shell | faces allegations of misleading UK Courts regarding Niger Delta pollution litigation • E-com & Logistics | Canada Post and China’s Chunghwa Post suspend parcel deliveries to EU • Corporate agenda | week 28 - 32

Netherlands

PostNL NV collects, transports, stores, sorts, and distributes letters, printed matter, parcels, documents, and freight items.  The Company provides mail and logistics services domestically and internationally.

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PostNL NV (PNL NA)

What's News in Amsterdam - 20 July (Ahold Delhaize | E-commerce & Logistics | Corporate agenda)

In this edition: • Ahold Delhaize | U.S. grocery demand weakens as volume declines outweigh inflation • E-commerce & Logistics | Chinese...

The IDEA!

AkzoNobel Nippon Paint’s proposed offer just added a fresh coat of value

Summary & Conclusions Is the Market Missing a Hidden Catalyst? A renewed strategic proposal has introduced an unexpected dimension to the...

The IDEA!

What's News in Amsterdam - 14 July (AkzoNobel | KPN | Shell | Allegro)

In this edition: • AkzoNobel | Russian subsidiaries placed under temporary external administration • KPN | ACM joins investigations into data...

The IDEA!

Chinese Indexes Headed Higher; Actionable Themes: Transportation, Materials, and Services

The evidence continues to suggest that value remains leadership and we recommend adding exposure to cyclical value on this minor pullback in the...

Vermilion Research

Shell PLC - What's News in Amsterdam

In this edition: • ASM Int’l / KPN | Mr. Chris Figee to succeed Mr. Paul Verhangen as CFO • ING | acquired a 40% stake in Singular Bank • Shell |...

The IDEA!

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