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: • Nexperia | Chinese management ordered to follow Chinese law • E-commerce & Logistics | national surcharge on non-EU low-value parcels “is illegal” • Dutch politics | D66 clearly benefits from first TV debate • Corporate Agenda | week 43 - 47</li></ul>

In this edition: • Nexperia | Chinese management ordered to follow Chinese law • E-commerce & Logistics | national surcharge on non-EU low-value parcels “is illegal” • Dutch politics | D66 clearly benefits from first TV debate • Corporate Agenda | week 43 - 47

Thematic (Sector/Industry)

<ul>
<li>Ahold Delhaize | Albert Heijn Belgium did not violate the law Albert Heijn did not breach competition or consumer protection laws with its high-profile ‘2+5’ discount promotions, according to an investigation ordered by Belgian Consumer Protection Minister Rob Beenders.</li>
<li>The probe found no evidence of selling below cost or misleading promotions despite complaints about empty shelves and unclear conditions.</li>
<li>Authorities will continue monitoring pricing strategies to ensure transparency and prevent cross-subsidization through price increases on other products.</li>
</ul>


Ahold Delhaize | Albert Heijn Belgium did not violate the law Albert Heijn did not breach competition or consumer protection laws with its high-profile ‘2+5’ discount promotions, according to an investigation ordered by Belgian Consumer Protection Minister Rob Beenders.
The probe found no evidence of selling below cost or misleading promotions despite complaints about empty shelves and unclear conditions.
Authorities will continue monitoring pricing strategies to ensure transparency and prevent cross-subsidization through price increases on other products.


Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Equity Capital Markets

<ul>
<li>Shein Group Ltd filed its prospectus for a Hong Kong listing on July 26th. SHEIN has adopted a dual-class share structure, which it expects to maintain post-IPO.</li>
<li>Shein is widely classified as the leading example of ultra-fast fashion.  It pushes traditional fast-fashion models to an extreme level through real-time trend tracking and massive daily output.</li>
<li> US de minimis exemption ended in August 2025,  increasing fulfillment costs for China-origin shipments. EU DSA investigation and escalating regulatory fines across multiple jurisdictions create compliance costs and reputational risk.</li>
</ul>


Shein Group Ltd filed its prospectus for a Hong Kong listing on July 26th. SHEIN has adopted a dual-class share structure, which it expects to maintain post-IPO.
Shein is widely classified as the leading example of ultra-fast fashion.  It pushes traditional fast-fashion models to an extreme level through real-time trend tracking and massive daily output.
 US de minimis exemption ended in August 2025,  increasing fulfillment costs for China-origin shipments. EU DSA investigation and escalating regulatory fines across multiple jurisdictions create compliance costs and reputational risk.


Index Rebalance and Special Situations, Quiddity Advisors

Afridi Reyal

Index Rebalance and Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

<ul>
<li>In this insight, we look at the potential ADDs/DELs for the DAX and MDAX indices ahead of the December 2026 index rebal event.</li>
<li>Currently, we don't expect any changes in the DAX or MDAX indices, but two MDAX names are close to the border for inclusion in the DAX.</li>
<li>Only the Fast Entry/Exit rules apply for the December rebalance, so names face stricter requirements to trigger index changes than in March and September, when Regular Entry/Exit rules also apply.</li>
</ul>


In this insight, we look at the potential ADDs/DELs for the DAX and MDAX indices ahead of the December 2026 index rebal event.
Currently, we don't expect any changes in the DAX or MDAX indices, but two MDAX names are close to the border for inclusion in the DAX.
Only the Fast Entry/Exit rules apply for the December rebalance, so names face stricter requirements to trigger index changes than in March and September, when Regular Entry/Exit rules also apply.


Quiddity Leaderboard DAX/MDAX Dec 26: A Few Names Are Close to the Border

<ul>
<li>Heineken | no real triggers for the near term; October may bring more clarity</li>
<li>The key-question that remains after yesterday’s earnings call is whether Heineken’s decision to hold on to its earlier FY25 guidance is an attempt to under promise and overdeliver or rather a signal that the current market environment is still rather challenging.</li>
<li>In case of the latter, management would have an additional buffer to avoid new disappointments.</li>
</ul>


Heineken | no real triggers for the near term; October may bring more clarity
The key-question that remains after yesterday’s earnings call is whether Heineken’s decision to hold on to its earlier FY25 guidance is an attempt to under promise and overdeliver or rather a signal that the current market environment is still rather challenging.
In case of the latter, management would have an additional buffer to avoid new disappointments.


What's New(S) In Amsterdam - 29 July (Heineken | Philips | JET | E-Com | Housing Market)

Germany

Zalando SE provides online sale of fashion accessories. The Company offers clothing, sports products, shoes, bags, and other accessories for men, women, and children. Zalando markets its products worldwide.

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Zalando (ZAL GR)

Zalando SE - What's News in Amsterdam

In this edition: • Nexperia | Chinese management ordered to follow Chinese law • E-commerce & Logistics | national surcharge on non-EU...

The IDEA!

What's News in Amsterdam

Albert Heijn Belgium did not violate the law Albert Heijn did not breach competition or consumer protection laws with its high-profile ‘2+5’...

The IDEA!

HK IPO WATCH: Shein - Behind the Seams!!

Shein Global Holdings reported 1% net revenue growth in the first half of 2026 as the online fashion retailer grapples with slowing demand and...

David Mudd

Quiddity Leaderboard DAX/MDAX Dec 26: A Few Names Are Close to the Border

No changes are expected in DAX or MDAX for December 2026, but thyssenkrupp and Lufthansa are close enough that a strong outperformance could...

Afridi Reyal

What's New(S) In Amsterdam - 29 July (Heineken | Philips | JET | E-Com | Housing Market)

The key-question that remains after yesterday’s earnings call is whether Heineken’s decision to hold on to its earlier FY25 guidance is an attempt...

The IDEA!

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