16 november 2020
18:12
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The sector rotation continues after positive vaccine news from Moderna, but some ‘stay in your kot’ stocks are also doing well. Zenitel is rebounding strongly after a takeover bid from its family majority shareholder.
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After the Asian markets, the European stock markets also went higher on Monday. The economic recovery in China is continuing, according to industrial production and retail sales figures. The People’s Republic is well on its way to being the only major economy to show growth this year – thus taking the rest of the world in tow. Growing opposition to the reintroduction of a national lockdown in the United States and positive vaccine news are also bolstering sentiment. Just before 1 pm Moderna published a protection level of no less than 94.5 percent.
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By Bel20
closed with a gain of 1.7 percent. The sector rotation – from stocks benefiting from the lockdowns to stocks that were heavily punished and benefited from a reopening of the economy – continues.
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The imaging group Barco won 5.3 percent and took the lead in the Bel20. Also beer brewer AB InBev
(+ 3.1%) strength again. The typically defensive values like UCB
(-0.4%) and Colruyt
(+ 0.2%) did less well.
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Growth story
Aedifica
won 1.6 percent to 97.40 euros. The healthcare real estate lessor got a slightly lower price target from Kepler Cheuvreux as a result of the most recent capital increase. The target price is now 125 euros instead of 128.94 euros previously. However, the stock exchange remains very positive about Aedifica and maintains its purchase advice.
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The most recent – and largest – capital increase of the lessor of healthcare real estate amounted to no less than 459 million euros. That indicates that the growth story is far from over, says Kepler. Since 2006, Aedifica’s portfolio has grown by an average of 27.6 percent per year.
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That growth rate could slow down, but Kepler Cheuvreux still sees a lot of potential in Europe. Even more so in a post-Covid-19 world. However, selectivity is becoming more important than ever.
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Aedifica’s latest transaction yields a return of 4.25 percent. This shows that yields are continuing to decline, notes the stock exchange. Nevertheless, in a world of long-term low interest rates, healthcare real estate is an excellent alternative to bonds, it says.
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After Friday’s gain of 2.7 percent – in response to solid third-quarter results – Ageas went
(+ 4%) on its impetus. The insurer was on Finance Avenue one of the tipped stocks to take advantage of the growth in Asia. ‘Ageas has been investing in China at low prices since the last century. In the valuation of the share, the insurer is not sufficiently regarded as an Asian growth stock, ‘said De Belegger’s editor-in-chief Gert Bakelants.
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‘Leave your house’ or ‘stay in your room’?
The strong recovery of ‘leave your home’ Kinepolis shares took place in the broad market
and Jensen Group
further. The cinema group added another 14 percent. A price recovery that is ahead of the hoped-for reopening of the cinemas, at full capacity and with all the snacks and drinks that go with it. Jensen-Group, a manufacturer of industrial washing systems, recovered more than 10 percent to 23.80 euros. This mainly happens in anticipation of a recovery in world tourism.
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Bpost
is a real ‘stay in your kot’ share, but it went up 3 percent to 9.35 euros. The mail and parcel company received a higher price target from Kepler Cheuvreux. It increases from 8.50 to 10.50 euros. The new price target offers 21 percent upside potential, so that buy advice is preserved.
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After the third-quarter results, Kepler Cheuvreux has updated its model for Bpost. ‘In our opinion Bpost is able to present a turnover growth of 5.5 percent, twice as much as its peers. We think it deserves a premium rating. ‘
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The analyst points out that volume growth slowed slightly in the third quarter – from 78 percent to a still strong 49 percent – but margins doubled. He sees Bpost’s superior growth compared to peers resulting in a strong margin improvement for the e-commerce activities.
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He raises his price target from 8.50 to 10.50 euros. With 21 percent upside potential, he maintains the buy recommendation.
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Zenitel
It looks like another company will disappear from the stock exchange at the hands of the family shareholders. After VPK Packaging, Duvel Moortgat, CMB and Sioen (see below), it is now Zenitel’s turn
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3D, the investment company of the entrepreneurial families Donck and Desimpel, is launching a takeover bid for the shares it still owns at € 22.75 per share. That is 38 percent more than Friday’s closing price (16.50 euros). 3D owns 38 percent of the specialist in secure communication systems. Zenitel closed 28.5 percent higher on the fixing market at 21.20 euros.
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Also Sioen Industries
may be in its last weeks or months of scholarship. That is, if the voluntary takeover bid from the family majority shareholder Sihold (at 23 euros per share) can convince enough shareholders to offer their securities.
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The third quarter brought less recovery than expected for the manufacturer of industrial fabrics. Sales did grow by 2.2 percent, but on a comparable basis there was a decrease of 4.4 percent. The Coating divisions (for tarpaulins for trucks) and Apparel (protective clothing) are particularly struggling. The share fell 1.4 percent to 21.70 euros.
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