KBC Securities

We are a financial services provider for several types of professional clients, each with distinct needs.

 

Coverage

  • Research Category: Equity, Market Commentary
  • Asset Class: Equity
  • Geographic Coverage: Australia, Austria, Belgium, Bermuda, Canada, China, France, Germany, Indonesia, Luxembourg, Mexico, Netherlands, Poland, Portugal, Spain, Switzerland, United Kingdom, United States
  • Size Coverage: Large Cap, Mid Cap, Small Cap, Micro Cap, Nano Cap
  • Sector Coverage: Banks, Beverages, Chemicals, Construction & Materials, Electricity, Electronic & Electrical Equipment, Equity Investment Instruments, Financial Services, Fixed Line Telecommunications, Food & Drug Retailers, Food Producers, Gas, Water & Multi-utilities, General Industrials, General Retailers, Health Care Equipment & Services, Household Goods & Home Construction, Industrial Engineering, Industrial Metals & Mining, Industrial Transportation, Leisure Goods, Life Insurance, Media, Mining, Mobile Telecommunications, Nonlife Insurance, Oil & Gas Producers, Oil Equipment, Services & Distribution, Personal Goods, Pharmaceuticals & Biotechnology, Real Estate Investment & Services, Real Estate Investment Trusts, Software & Computer Services, Support Services, Technology Hardware & Equipment, Travel & Leisure
  • Underlying Coverage: 144
Export
Ticker Underlying First Report Latest Report
11B PL11BTS00015 11 Bit Studios S.A. 2018/10/18 2019/03/29
3PL AU0000003PL9 3P Learning 2019/01/21 2019/01/21
A0M4F2 CNE000001790 Gemdale (A) (SC SH) 2019/01/14 2019/01/24
A115DY NL0010773842 NN Group 2018/08/16 2019/08/16
A116FD BE0974276082 Ontex Group NV 2018/05/25 2019/07/31
A14M4D NL0010937066 Grandvision B.V. 2018/10/31 2019/07/31
A14R82 BE0974281132 Biocartis Group NV 2018/05/28 2019/09/06
A14S3R BE0974282148 TINC Comm VA 2018/09/12 2019/09/11
A14V4E BE0974283153 Mithra Pharmaceuticals 2018/05/31 2019/09/19
A14V70 NL0011279492 Flow Traders 2019/03/15 2019/03/15
A1W0FA BE0974268972 bpost SA 2018/06/21 2019/08/19
A1W7Q9 BE0974260896 CELYAD 2018/06/19 2019/09/17
A2AJSS NL0011832811 Forfarmers 2018/06/12 2019/08/16
A2AJXD NL0011872650 Basic Fit N.V. 2018/06/29 2019/04/24
A2AKBT NL0011872643 ASR Nederland 2018/06/29 2019/08/23
A2DR7Z BE0974314461 Balta Group 2018/11/05 2019/08/28
A2JLD1 NL0000339760 BE Semiconductor Industries N.V. 2019/07/19 2019/07/19
A2PB32 NL0000009132 Akzo Nobel N.V. 2018/06/18 2019/07/19
AALB NL0000852564 Aalberts NV 2018/09/11 2019/02/26
ABE AT0000824206 AB Effectenbeteiligungen AG 2018/07/18 2019/09/18
ABLYF BE0003877942 Ablynx N.V. 2018/06/19 2018/06/19
ABN NL0011540547 ABN AMRO Group NV 2018/05/28 2019/08/07
ACKB BE0003764785 Ackermans & Van Haaren N.V. 2018/05/25 2019/09/17
ACmx MX01AC100006 Arca Continental SAB de CV 2018/10/25 2018/10/25
AED BE0003851681 Aedifica 2018/06/01 2019/09/05
AGF BE0003755692 Agfa-Gevaert N.V. 2018/06/22 2019/08/28
AGN NL0000303709 Aegon N.V. 2018/07/03 2019/08/12
AGS BE0974264930 Ageas 2018/06/06 2019/08/08
ANA ES0125220311 Acciona S.A. 2018/08/09 2018/08/09
ARCAD NL0006237562 Arcadis N.V. 2018/06/28 2019/07/17
ARGX NL0010832176 Argenx S.E 2018/06/06 2019/05/22
ASC BE0003856730 Ascencio 2019/01/02 2019/08/09
ASIT BE0974289218 Asit Biotech SA 2018/06/11 2019/09/18
ASM NL0000334118 ASM International N.V. 2019/07/19 2019/07/19
ASML NL0010273215 ASML Holding N.V. 2019/07/19 2019/07/19
ASRI ID1000108400 Alam Sutera Realty 2018/10/10 2019/02/20
ATEB BE0003837540 Atenor Group 2018/05/29 2019/09/05
AVTX NL0012047823 Avantium NV 2018/06/12 2019/08/20
BAMNB NL0000337319 Koninklijke BAM Groep N.V. 2018/07/04 2019/07/08
BANI BE0003870871 Banimmo 2018/06/19 2019/08/29
BAR BE0003790079 Barco N.V. 2018/06/14 2019/09/11
BBED NL0000339703 Beter Bed Holding N.V. 2018/09/12 2019/08/30
BEFB BE0003678894 Befimmo S.C.A. 2018/07/18 2019/07/19
BEKB BE0974258874 Bekaert S.A. N.V. 2018/06/01 2019/07/19
BELG BE0003810273 Proximus 2018/07/13 2019/09/16
BINCK NL0000335578 BinckBank N.V. 2018/06/27 2019/08/08
BOKA NL0000852580 Koninklijke Boskalis Westminster N.V. 2018/07/13 2019/09/12
BOLS NL0010998878 Lucas Bols NV 2018/11/20 2019/05/23
BOTHE BE0974280126 Bone Therapeutics SA 2018/07/20 2019/08/30
BP. GB0007980591 BP PLC 2018/08/09 2018/08/09
BREB LU1068091351 Brederode S.A. 2018/12/07 2019/09/06
BRNL NL0010776944 Brunel International N.V. 2018/08/14 2019/05/03
CFE AU000000CFE0 Cape Lambert Resources 2018/09/04 2019/09/04
CFEB BE0003883031 Cie d'Entreprises CFE 2018/05/24 2019/09/10
CFN PTCFN0AE0003 Cofina SGPS S/A 2019/05/29 2019/05/29
CNR GB00B8225591 Condor Gold 2019/01/03 2019/01/03
COFB BE0003593044 Cofinimmo S.A. 2018/05/25 2019/09/16
COLR BE0974256852 Colruyt 2018/06/21 2019/06/20
COMB BE0003592038 Compagnie du Bois Sauvage S.A. 2019/02/07 2019/09/09
CPINV BE0974273055 Care Property Invest 2018/06/11 2019/09/04
CSM NL0010583399 Corbion NV 2018/07/26 2019/08/07
DECB BE0003789063 Deceuninck S.A. 2018/10/09 2019/08/20
DIEA BE0974259880 D'Ieteren N.V. S.A. 2018/10/02 2019/08/29
DSM NL0000009827 Royal DSM 2018/06/19 2019/09/17
ECONB BE0974313455 Econocom Group 2018/07/20 2019/09/05
ELI BE0003822393 Elia System Operator 2018/11/30 2019/07/16
EURN BE0003816338 Euronav 2018/06/11 2019/09/06
EVS BE0003820371 EVS Broadcast Equipment S.A. 2018/07/18 2019/09/16
EXM BE0003808251 Exmar N.V. 2018/09/27 2019/09/17
FLOB BE0003215143 Floridienne S.A. 2018/10/01 2019/05/20
FLUX BE0974265945 Fluxys Belgium 2018/09/27 2019/09/03
FUR NL0000352565 Fugro N.V. 2018/09/25 2019/07/31
GBL. CA36150M1032 GB Minerals Ltd 2018/12/04 2019/07/09
GBLB BE0003797140 Groupe Bruxelles Lambert 2018/11/02 2019/09/09
GIMB BE0003699130 GIMV N.V. 2018/05/24 2019/09/05
GIMO US37518B1026 Gigamon Inc 2019/06/24 2019/06/24
GLPG BE0003818359 Galapagos Genomics NV 2018/05/31 2019/08/16
GSZ FR0010208488 Engie 2019/02/19 2019/02/19
HAL BMG455841020 HAL Trust 2018/11/22 2019/08/29
HEIA NL0000009165 Heineken N.V. 2018/07/20 2019/07/29
HEIJM NL0009269109 Heijmans N.V. Cert, 2018/06/28 2019/08/21
HEIO NL0000008977 Heineken Holding N.V. 2019/02/07 2019/05/10
HOMI BE0003760742 Home Invest Belgium 2019/03/19 2019/09/06
IBAB BE0003766806 Ion Beam Applications S.A. 2018/05/29 2019/09/12
IMMO BE0003599108 Immobel SA 2018/07/12 2019/09/18
INGA NL0000303600 ING Groep N.V. 2018/08/22 2019/01/16
INTO BE0003746600 Intervest Offices & Warehouses 2018/05/28 2019/06/27
IVA FR0013233012 Inventiva SA 2018/06/21 2019/09/03
JEN BE0003858751 Jensen-Group 2018/08/10 2019/09/06
KBCA BE0003867844 KBC Ancora 2019/02/07 2019/09/02
KDS NL0011323407 Kiadis Pharma 2018/09/27 2019/09/11
KIN BE0974274061 Kinepolis Group 2018/06/14 2019/09/19
KPN NL0000009082 Royal KPN N.V. 2018/07/18 2019/09/06
LEAS BE0003770840 Leasinvest Real Estate 2018/08/22 2019/08/29
LOTB BE0003604155 Lotus Bakeries N.V. 2019/02/11 2019/08/20
MELE BE0165385973 Melexis N.V. 2018/09/12 2019/08/05
MIKO BE0003731453 Miko N.V. 2018/09/19 2019/03/26
MMM US88579Y1010 3M Co. 2019/06/14 2019/06/14
MOB BE0003735496 Orange Belgium 2018/05/25 2019/09/16
MONT BE0003853703 Montea C.V.A. 2018/08/21 2019/09/19
MTLS US57667T1007 Materialise ADS 2018/05/24 2019/09/19
NYR BE0974294267 Nyrstar N.V. 2018/05/31 2019/05/27
ONCOB BE0003844611 MDxHealth S.A. 2018/06/06 2019/08/29
ONT AU000000ONT7 1300 Smiles Ltd. 2019/03/29 2019/03/29
OPTI BE0003836534 Option N.V. 2018/10/17 2019/07/15
PIC BE0003807246 Picanol N.V. 2018/08/22 2019/09/03
PIN BE0003765790 Greenyard 2018/06/06 2019/06/04
PNL NL0009739416 PostNL 2018/06/18 2019/09/05
POR US7365088472 Portland General Electric 2019/09/05 2019/09/05
QFG BE0003730448 Quest for Growth 2018/10/26 2019/09/06
QRF BE0974272040 QRF Comm 2018/08/21 2019/08/21
RAND NL0000379121 Randstad NV 2018/07/24 2019/04/24
RCUS BE0003874915 Fagron 2018/06/27 2019/09/09
REA BE0003899193 Realdolmen 2018/05/25 2018/08/14
REC BE0003656676 Recticel S.A. 2018/10/26 2019/08/30
REN NL0006144495 Relx NV 2018/07/26 2019/02/21
RES BE0003707214 Resilux N.V. 2019/03/08 2019/08/30
RET BE0003720340 Retail Estates 2018/06/19 2019/07/29
ROU BE0003741551 Roularta Media Group N.V. 2018/07/10 2019/08/14
RTLL LU0061462528 RTL Group S.A. 2018/06/12 2019/09/05
SBMO NL0000360618 SBM Offshore 2018/07/03 2019/09/06
SEQUA BE0974340722 Sequana Medical 2019/05/27 2019/09/19
SIOE BE0003743573 Sioen Industries N.V. 2018/11/16 2019/09/02
SIP BE0003898187 Sipef S.A. 2018/06/14 2019/08/14
SLIGR NL0000817179 Sligro Food Group N.V. 2018/07/19 2019/08/08
SMAR BE0974323553 Smartphoto Group 2018/09/03 2019/08/30
SOF BE0003717312 Sofina S.A. 2018/05/28 2019/09/06
SOLB BE0003470755 Solvay S.A. 2018/07/19 2019/09/02
SOLV BE0003545531 SOLVAC S.A. 2019/02/07 2019/05/10
TERB BE0003573814 Ter Beke N.V. 2019/03/01 2019/08/30
TESB BE0003555639 Tessenderlo Group NV 2018/08/22 2019/08/26
TEXF BE0974263924 Texaf 2018/12/21 2019/09/06
TGXSF BE0003864817 Tigenix NV 2018/06/06 2018/06/13
THR. BE0003846632 Oxurion NV 2018/05/25 2019/09/10
TNET BE0003826436 Telenet Group Holding NV 2018/05/25 2019/09/18
TUB BE0003823409 Financiere De Tubize 2018/07/26 2019/03/01
TWEKA NL0000852523 TKH GROUP N.V 2018/08/14 2019/08/13
UCB BE0003739530 UCB S.A. 2018/05/24 2019/07/22
UMI BE0974320526 Umicore S.A. 2018/06/01 2019/07/31
VAN BE0003839561 Van De Velde S.A. 2018/09/03 2019/08/30
VGP BE0003878957 VGP N.V. 2018/09/25 2019/08/23
WDP BE0003763779 Warehouses de Pauw 2018/05/29 2019/07/31
WES NL0000395317 Wessanen 2018/07/20 2019/09/09
WKL NL0000395903 Wolters Kluwer N.V. Cert. 2018/10/30 2019/07/31

Analysts

  • Alan Vandenberghe

    Co-Head, Research
  • Lenny Van Steenhuyse

    Analyst
  • Sandra Cauwenberghs

    Analyst
  • Alexander Makar

    Analyst
  • Jan Opdecam

    Analyst
  • Wim Hoste

    Analyst
  • Bart Cuypers

    Analyst
  • Cedric Duinslaeger

    Analyst
  • Guy Sips

    Analyst
  • Jason Kalamboussis

    Analyst
  • Ruben Devos

    Analyst
  • Thomas Couvreur

    Analyst
  • Joachim Vansanten

    Analyst
  • Marcel Achterberg

    Analyst
  • Alan Vandenberghe

    Co-Head, Research
Guy Sips ...
  • Jan Opdecam
  • Lenny Van Steenhuyse
  • Sandra Cauwenberghs

Morning Note: KIN BB, MTLS US, MITRA BB, MONT BB, SEQUA:BB

Kinepolis: Number 13 in France and number 108 including MJR Materialise: Feedback BeNeLux AM conference Mithra: Sufficient cash to bridge from R&D to launch Montea: Kick-off construction of logistics hub in Meyzieu Sequana Medical: Scientific advisory committee on heart failure

Jan Opdecam ...
  • Ruben Devos
  • Sandra Cauwenberghs
  • Wim Hoste

Morning Note: ABI BB, ASIT BB, IMMO BB, TNET BB

AB InBev: Details of APAC IPO ASIT biotech: New gp-ASIT+ phase III results expected Dec-2019 Immobel: 1H19 results already beating last full year’s result Telenet: Revives offer for Brutélé

Cedric Duinslaeger ...
  • Joachim Vansanten
  • Sandra Cauwenberghs
  • Wim Hoste

Morning Note: ACKB BB, CYAD BB, DSM NA, EXM BB

Ackermans: Delen acquires Nobel Vermogensbeheer Celyad: Global offering of ordinary shares (US ADS, EU PP) DSM: Interested in Dupont Nutrition & Biosciences? EXMAR: Formation of LNG JV with Anglo-Eastern

Guy Sips ...
  • Jan Opdecam
  • Ruben Devos

Morning Note: COFB BB, EVS BB, OBEL BB, PROX BB

Cofinimmo: Acquisition of MOB in NL EVS: New AI-driven solution for lower cost productions Orange Belgium: Breaking out of low growth mode Proximus: Mrs. Leroy steps down as CEO per 20 Sep’19

Ruben Devos

Orange Belgium: Breaking out of low growth mode

We have raised our EBITDAaL forecasts for Orange Belgium by 5-9% factoring in the draft publication by the regulators of the wholesale access tariffs for the cable networks, the announcement of the mobile network sharing agreement with Proximus, the launch of its new dual-play offer “Love Duo”, the acquisition of BKM and the strong 2Q19 results release. After having faced many years of MVNO revenue losses and regulatory headwinds, we believe investors can have confidence in the strength of Orange Belgium’s underlying business, driven by fundamental growth of mobile service revenues and improve...

Guy Sips ...
  • Jan Opdecam
  • Lenny Van Steenhuyse
  • Sandra Cauwenberghs

Morning Note: KIN BB, MTLS US, MITRA BB, MONT BB, SEQUA:BB

Kinepolis: Number 13 in France and number 108 including MJR Materialise: Feedback BeNeLux AM conference Mithra: Sufficient cash to bridge from R&D to launch Montea: Kick-off construction of logistics hub in Meyzieu Sequana Medical: Scientific advisory committee on heart failure

Jan Opdecam ...
  • Ruben Devos
  • Sandra Cauwenberghs
  • Wim Hoste

Morning Note: ABI BB, ASIT BB, IMMO BB, TNET BB

AB InBev: Details of APAC IPO ASIT biotech: New gp-ASIT+ phase III results expected Dec-2019 Immobel: 1H19 results already beating last full year’s result Telenet: Revives offer for Brutélé

Cedric Duinslaeger ...
  • Joachim Vansanten
  • Sandra Cauwenberghs
  • Wim Hoste

Morning Note: ACKB BB, CYAD BB, DSM NA, EXM BB

Ackermans: Delen acquires Nobel Vermogensbeheer Celyad: Global offering of ordinary shares (US ADS, EU PP) DSM: Interested in Dupont Nutrition & Biosciences? EXMAR: Formation of LNG JV with Anglo-Eastern

Guy Sips ...
  • Jan Opdecam
  • Ruben Devos

Morning Note: COFB BB, EVS BB, OBEL BB, PROX BB

Cofinimmo: Acquisition of MOB in NL EVS: New AI-driven solution for lower cost productions Orange Belgium: Breaking out of low growth mode Proximus: Mrs. Leroy steps down as CEO per 20 Sep’19

Ruben Devos

Orange Belgium: Breaking out of low growth mode

We have raised our EBITDAaL forecasts for Orange Belgium by 5-9% factoring in the draft publication by the regulators of the wholesale access tariffs for the cable networks, the announcement of the mobile network sharing agreement with Proximus, the launch of its new dual-play offer “Love Duo”, the acquisition of BKM and the strong 2Q19 results release. After having faced many years of MVNO revenue losses and regulatory headwinds, we believe investors can have confidence in the strength of Orange Belgium’s underlying business, driven by fundamental growth of mobile service revenues and improve...

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