Equity, Bottom-up Analyst, Investics Research

Sameer Taneja

Equity, Bottom-up Analyst

Investics Research

It is important to note that the information provided by Investics Research is based on publicly available data and own knowledge, which has been gathered and analyzed from a variety of sources. While every effort has been made to ensure the accuracy and completeness of the information provided, it is not guaranteed to be free from errors or omissions. All forecasts and estimates are based on information that has been obtained from public sources that are considered to be reliable. The sources include but are not limited to, company announcements, exchange filings, presentations, etc. Investics does not guarantee the accuracy and completeness of the forecasts, estimates, and/or other information.

Equity Bottom-up Research

Equity Bottom-Up

Multi Bintang Indonesia / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/multi-bintang-indonesia-pt" target="_blank" data-smartkarma-citation="entities:11651:1" rel="noopener">Multi Bintang Indonesia (MLBI IJ)</a> experienced a massive inflection in its revenue with 21.9%/35% revenue/net profit growth as we approach the Q4 high season. </li>
<li>Earlier, parent <a href="https://www.smartkarma.com/entities/heineken-nv" target="_blank" data-smartkarma-citation="entities:21117:1" rel="noopener">Heineken NV (HEIA NA)</a> <a href="https://www.smartkarma.com/entities/heineken-holding-nv" target="_blank" data-smartkarma-citation="entities:21118:1" rel="noopener"></a> had flagged in its H1 2024 report that Indonesia was experiencing double-digit growth following excise duties implemented in January 2024.</li>
<li>Trading at 11.5x FY24/net cash with &gt;8% dividend yield and historical ROCEs averaging over 80%, we see a turning point in the share price now. </li>
</ul>



Multi Bintang Indonesia (MLBI IJ) experienced a massive inflection in its revenue with 21.9%/35% revenue/net profit growth as we approach the Q4 high season. 
Earlier, parent Heineken NV (HEIA NA)  had flagged in its H1 2024 report that Indonesia was experiencing double-digit growth following excise duties implemented in January 2024.
Trading at 11.5x FY24/net cash with &gt;8% dividend yield and historical ROCEs averaging over 80%, we see a turning point in the share price now. 


Multi Bintang (MLBI IJ): Massive Inflection in Q3 FY24 with Double Digit Growth !!

Analyst

Steve

China Resources Beer Holdings / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/china-resources-beer-holdings" target="_blank" data-smartkarma-citation="entities:399:1" rel="noopener">China Resources Beer Holdings (291 HK)</a> is a USD21bn red-chip company, and the largest beer company in China in terms of sales volume.</li>
<li>The company is a perfect fit for the GARP (growth at a reasonable price) strategy, and visibility in earnings is also high for the next 3-5 years.</li>
<li>Weak sentiment in H-share stocks and in overall China macro/consumption numbers provide a good entry opportunity for the stock.  </li>
</ul>



China Resources Beer Holdings (291 HK) is a USD21bn red-chip company, and the largest beer company in China in terms of sales volume.
The company is a perfect fit for the GARP (growth at a reasonable price) strategy, and visibility in earnings is also high for the next 3-5 years.
Weak sentiment in H-share stocks and in overall China macro/consumption numbers provide a good entry opportunity for the stock.  


China Resources Beer (291 HK):  High Visibility; Steady Growth; Reasonable Valuation

European Event-Driven Analyst

Jesus Rodriguez Aguilar

Event-Driven

<ul>
<li>Discounts to NAV of covered holdcos didn't follow a clear trend during February 2025. Discounts to NAV: C.F.Alba, 14.1% (vs. 12.9% as of 31 January 2025); GBL, 38.7% (vs. 40%);</li>
<li>Heineken Holding, 13% (vs. 13.2%); Industrivärden C, 5.1% (vs. 3.0%); Investor B, 2.3% (vs. 4.5%); Porsche Automobile Holding, 38.1% (vs. 36%). Rio DLC spread tightened to 17% (vs. 20.3%).</li>
<li>What seems interesting (unchanged views): Porsche SE vs. listed assets and the Rio DLC (long RIO LN/short RIO AU).</li>
</ul>


Discounts to NAV of covered holdcos didn't follow a clear trend during February 2025. Discounts to NAV: C.F.Alba, 14.1% (vs. 12.9% as of 31 January 2025); GBL, 38.7% (vs. 40%);
Heineken Holding, 13% (vs. 13.2%); Industrivärden C, 5.1% (vs. 3.0%); Investor B, 2.3% (vs. 4.5%); Porsche Automobile Holding, 38.1% (vs. 36%). Rio DLC spread tightened to 17% (vs. 20.3%).
What seems interesting (unchanged views): Porsche SE vs. listed assets and the Rio DLC (long RIO LN/short RIO AU).


Selected European HoldCos and DLC: February 2025 Report

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.

Thematic (Sector/Industry)

<ul>
<li>In yesterday’s initial comment, we already zoomed in on the bank’s 4Q24 and FY24 results. On an overall, basis, we were pleased with the results and with NII in particular.</li>
<li>We feel that the FY25 NII guidance has been adequately substantiated in the FY25 results presentation slides.</li>
<li>We were also pleased wit the development in costs on an underlying basis. We feel that management’s guidance of flattish costs (excl. one-offs) is based on a clear foundation. </li>
</ul>


In yesterday’s initial comment, we already zoomed in on the bank’s 4Q24 and FY24 results. On an overall, basis, we were pleased with the results and with NII in particular.
We feel that the FY25 NII guidance has been adequately substantiated in the FY25 results presentation slides.
We were also pleased wit the development in costs on an underlying basis. We feel that management’s guidance of flattish costs (excl. one-offs) is based on a clear foundation. 


<ul><li>In this edition: • ABN Amro | strong finish of the year in income; costs inflated by incidentals • Ahold Delhaize | strong performance Europe, US disappoints; outlook no surprises • Heineken | clear beat of market expectations; EUR 1.5bn share buyback • Randstad | challenging trading conditions resulting in additional write-downs, impairments and integration costs – proposes its floor dividend • Shell | Milieudefensie turns to Dutch Supreme Court in climate case</li></ul>

In this edition: • ABN Amro | strong finish of the year in income; costs inflated by incidentals • Ahold Delhaize | strong performance Europe, US disappoints; outlook no surprises • Heineken | clear beat of market expectations; EUR 1.5bn share buyback • Randstad | challenging trading conditions resulting in additional write-downs, impairments and integration costs – proposes its floor dividend • Shell | Milieudefensie turns to Dutch Supreme Court in climate case

Randstad Holding NV - What's News in Amsterdam

Netherlands

Heineken NV produces and distributes beverages internationally. The Company produces beers, spirits, wines, and soft drinks under various brand names.

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Heineken NV (HEIA NA)

Multi Bintang (MLBI IJ): Massive Inflection in Q3 FY24 with Double Digit Growth !!

We summarise the superb Multibintang (MLBI IJ) results—trading at 11.4x FY24 with a >8% dividend yield and a 10-year average ROCE>80%; this is a...

Sameer Taneja

China Resources Beer (291 HK): High Visibility; Steady Growth; Reasonable Valuation

A stock with strong growth, reasonable valuation, and high visibility for the next three to five years, in one of the best consumer sectors in...

Steve

Selected European HoldCos and DLC: February 2025 Report

February 2025 saw varying discounts to NAV for covered holdcos, with some tightening and others widening, highlighting opportunities in Porsche SE...

Jesus Rodriguez Aguilar

What's New(s) in Amsterdam

In yesterday’s initial comment, we already zoomed in on the bank’s 4Q24 and FY24 results. On an overall, basis, we were pleased with the results...

The IDEA!

Randstad Holding NV - What's News in Amsterdam

In this edition: • ABN Amro | strong finish of the year in income; costs inflated by incidentals • Ahold Delhaize | strong performance Europe, US...

The IDEA!

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Multi Bintang (MLBI IJ): Massive Inflection in Q3 FY24 with Double Digit Growth !!

We summarise the superb Multibintang (MLBI IJ) results—trading at 11.4x FY24 with a >8% dividend yield and a 10-year average ROCE>80%; this is a...

Sameer Taneja

China Resources Beer (291 HK): High Visibility; Steady Growth; Reasonable Valuation

A stock with strong growth, reasonable valuation, and high visibility for the next three to five years, in one of the best consumer sectors in...

Steve

Selected European HoldCos and DLC: February 2025 Report

​February 2025 saw varying discounts to NAV for covered holdcos, with some tightening and others widening, highlighting opportunities in Porsche SE...

Jesus Rodriguez Aguilar

What's New(s) in Amsterdam

In yesterday’s initial comment, we already zoomed in on the bank’s 4Q24 and FY24 results. On an overall, basis, we were pleased with the results...

The IDEA!

Randstad Holding NV - What's News in Amsterdam

In this edition: • ABN Amro | strong finish of the year in income; costs inflated by incidentals • Ahold Delhaize | strong performance Europe, US...

The IDEA!

February 2025 saw varying discounts to NAV for covered holdcos, with some tightening and others widening, highlighting opportunities in Porsche SE...