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: • Fugro | nominates Mr. Emiel Jongerius as new CFO • E-commerce & Logistics | French customs data show 30-40% drop in low-value non-EU parcels • Dutch retail sales | consumer demand remained resilient in July • Dutch CPI | rose to 3.3% YoY in August</li></ul>

In this edition: • Fugro | nominates Mr. Emiel Jongerius as new CFO • E-commerce & Logistics | French customs data show 30-40% drop in low-value non-EU parcels • Dutch retail sales | consumer demand remained resilient in July • Dutch CPI | rose to 3.3% YoY in August

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Equity Capital Markets

SHEIN Global Holdings / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/shein-global-holdings-limited" target="_blank" data-smartkarma-citation="entities:55372:1" rel="noopener">SHEIN Global Holdings (625 HK)</a> priced its IPO at HK$48.56 per share, raising gross proceeds of approximately US$1.7 billion. The shares will begin trading on 1 September.</li>
<li>The IPO was discussed in <a href="https://www.smartkarma.com/insights/shein-global-ipo-the-bull-case" target="_blank" data-smartkarma-citation="insights:248212" rel="noopener">SHEIN Global IPO: The Bull Case</a>, <a href="https://www.smartkarma.com/insights/shein-global-ipo-the-bear-case" target="_blank" data-smartkarma-citation="insights:248735" rel="noopener">SHEIN Global IPO: The Bear Case</a> and <a href="https://www.smartkarma.com/insights/shein-global-625-hk-ipo-valuation-insights" target="_blank" data-smartkarma-citation="insights:264754" rel="noopener">SHEIN Global (625 HK) IPO: Valuation Insights</a>. </li>
<li>The retail and international subscription rates are materially below the median for large listings since 2024. Shein is fairly valued at the IPO price, leaving no upside for investors.</li>
</ul>



SHEIN Global Holdings (625 HK) priced its IPO at HK$48.56 per share, raising gross proceeds of approximately US$1.7 billion. The shares will begin trading on 1 September.
The IPO was discussed in SHEIN Global IPO: The Bull Case, SHEIN Global IPO: The Bear Case and SHEIN Global (625 HK) IPO: Valuation Insights. 
The retail and international subscription rates are materially below the median for large listings since 2024. Shein is fairly valued at the IPO price, leaving no upside for investors.


<ul>
<li>
<a href="https://www.smartkarma.com/entities/shein-global-holdings-limited" target="_blank" data-smartkarma-citation="entities:55372:1" rel="noopener">SHEIN Global Holdings (625 HK)</a>, a global online fashion and lifestyle company, has launched an HKEx IPO to raise up to US$1.8 billion.</li>
<li>I discussed the IPO in <a href="https://www.smartkarma.com/insights/shein-global-ipo-the-bull-case" target="_blank" data-smartkarma-citation="insights:248212" rel="noopener">SHEIN Global IPO: The Bull Case</a>, <a href="https://www.smartkarma.com/insights/shein-global-ipo-the-bear-case" target="_blank" data-smartkarma-citation="insights:248735" rel="noopener">SHEIN Global IPO: The Bear Case</a> and <a href="https://www.smartkarma.com/insights/shein-global-ipo-valuation-first-look" target="_blank" data-smartkarma-citation="insights:252773" rel="noopener">SHEIN Global IPO: Valuation First-Look</a> </li>
<li>I have revised lower my forecasts following the 1H trading update. Shein is fairly valued at the IPO price range, leaving little to no upside for investors. </li>
</ul>



SHEIN Global Holdings (625 HK), a global online fashion and lifestyle company, has launched an HKEx IPO to raise up to US$1.8 billion.
I discussed the IPO in SHEIN Global IPO: The Bull Case, SHEIN Global IPO: The Bear Case and SHEIN Global IPO: Valuation First-Look 
I have revised lower my forecasts following the 1H trading update. Shein is fairly valued at the IPO price range, leaving little to no upside for investors. 


SHEIN Global (625 HK) IPO: Valuation Insights

<ul><li>In this edition: • a.s.r. Nederland | solid 1H26; Aegon integration completed, momentum intact • ING | reduces stake in TMBThanachart Bank (TTB) • InPost | EU clearance for the proposed takeover of InPost by the consortium • Alfen | reiterates FY26 as well as FY27 guidance • TomTom | Orbis Maps selected by Cedar Electronics • E-commerce & Logistics | Amazon brings AWD to Europe</li></ul>

In this edition: • a.s.r. Nederland | solid 1H26; Aegon integration completed, momentum intact • ING | reduces stake in TMBThanachart Bank (TTB) • InPost | EU clearance for the proposed takeover of InPost by the consortium • Alfen | reiterates FY26 as well as FY27 guidance • TomTom | Orbis Maps selected by Cedar Electronics • E-commerce & Logistics | Amazon brings AWD to Europe

Index Rebalance and Special Situations, Quiddity Advisors

Afridi Reyal

Index Rebalance and Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

Sma Solar Technology Ag / Index Rebalance

<ul>
<li>In this insight, we look at the potential ADDs/DELs for the DAX and MDAX indices ahead of the September 2026 index rebal event.</li>
<li>Currently, we don't see any changes for DAX or MDAX. But small price swings could change our expectations for both indices.</li>
<li>MDAX member HugoBoss is expected to fall in the rankings (again) due to the takeover effort by Frasier.</li>
</ul>


In this insight, we look at the potential ADDs/DELs for the DAX and MDAX indices ahead of the September 2026 index rebal event.
Currently, we don't see any changes for DAX or MDAX. But small price swings could change our expectations for both indices.
MDAX member HugoBoss is expected to fall in the rankings (again) due to the takeover effort by Frasier.


Quiddity Leaderboard DAX/MDAX Sep 26: Reference Period Started; Few Names Close to the Border

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)

Fugro NV - What's News in Amsterdam

In this edition: • Fugro | nominates Mr. Emiel Jongerius as new CFO • E-commerce & Logistics | French customs data show 30-40% drop in...

The IDEA!

SHEIN Global (625 HK) IPO: Trading Debut

SHEIN priced its IPO at HK$48.56 per share, raising gross proceeds of approximately US$1.7 billion. Shein is fairly valued at the IPO price,...

Arun George

SHEIN Global (625 HK) IPO: Valuation Insights

SHEIN, a global online fashion and lifestyle company, has launched an HKEx IPO to raise up to US$1.8 billion. In this note, I discuss valuation.

Arun George

What's New(s) in Amsterdam - 19 August (asr NL | ING | InPost | Alfen | TomTom | E-com & Logistics)

In this edition: • a.s.r. Nederland | solid 1H26; Aegon integration completed, momentum intact • ING | reduces stake in TMBThanachart Bank...

The IDEA!

Quiddity Leaderboard DAX/MDAX Sep 26: Reference Period Started; Few Names Close to the Border

Lufthansa needs to recover its ranking in the DAX to become an expected ADD. We see HugoBoss becoming the leading potential DEL for MDAX due to the...

Afridi Reyal

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