Industrials

Kloeckner (KCO GY, €5.41) looks to be turning a corner. The low-margin Distribution segment now accounts for less than 20% of sales with a 5% target, while North America—benefiting from U.S. industrial reshoring and auto activity in Mexico—has been the main growth engine and now contributes about 60% of revenue. Price normalization in Q3 is pressuring EBITDA margins near term, but Germany is poised to become the key driver as new defense and infrastructure plans gather momentum, even if current operations are loss-making at roughly 60% capacity utilization. U.S. customers have shifted to a wait-and-see stance amid policy uncertainty, yet the stock’s valuation—around 0.36x price/book—remains strikingly cheap, suggesting the worst may be largely behind the company.

InPost managed to grow its overall parcels volume by 22.5% in 2Q25. This is well above the 12% increase it reported in 1Q25, which is largely caused by the consolidation of Yodel as of early May 2025. Volume growth outpaced the growth of the market in all geographies. Adj. EBITDA was in line with consensus. Adjusted EBIT showed a clear beat though. The company reaffirmed its FY25 guidance for volume growth, Group revenue growth and adj. EBITDA growth, albeit with a slightly modified breakdown.

Retail

Research Greece are keen to see the contribution from the new IKEA stores in Patra and Crete; the roll-out of Foot Locker stores; and the recovery from the recent cyber-attack. In short, evidence that the business plan is working. Management guides for E600m in retail sales and E38m in cash EBITDA in 2025, vs Q1 sales of E118m and EBITDA loss of E1.1m. Upcoming Q2 results will be key in assessing if the implied 2025-2027 CAGR +12% sales and +24% EBITDA are on track. Research Greece rate Fourlis as OI (Own it).

Consumer Discretionary

Odigeo delivered a strong Q1 FY25/26, with year-on-year gains in revenue, earnings and profitability, though cash flow weakened on working-capital outflows and higher cash interest and taxes. Reported net leverage was broadly flat quarter-on-quarter and liquidity remains comfortable. The company reaffirmed full-year targets for adding 1 million Prime subscribers and cash EBITDA of €215–220 million, while trimming FCF (ex-non-Prime working capital) to €103–108 million. Lucror still expect a robust FY25/26 underpinned by sustained Prime subscriber growth, with profitability set to strengthen over the coming quarters as newer Prime cohorts enter their second year.

Financials

Intesa Sanpaolo SpA, has seen its stock price experience a moderate decline in recent days. The overall market trend has been negative, with the STOXX 50 index falling by around 1% on Tuesday. This decline has been attributed to a weak market sentiment, with investors pulling back from the market. Despite this, Intesa Sanpaolo's stock price has remained relatively stable, with no significant news or announcements affecting the company's performance. The company's market capitalization remains substantial, and its offerings in consumer credit, asset management, and other financial services continue to be in demand.

Technology

86Research attended Kuaishou’s Investor Day in Chengdu, where management highlighted how AI is boosting engagement and monetisation across its core community while scaling Kling AI. OneRec has already lifted time spent and GMV, with full rollout and ecommerce upgrades ahead. Management frames Kling as a sustainable long-term business in a US$140bn video market, though further proof points are still needed.

Technology

While China’s e-commerce sector is mired in subsidy fuelled competition, Arete argues this is outweighed by strength in gaming and online entertainment. Record approvals and blockbuster titles underpin upgrades for Tencent and NetEase, while Alibaba shows early signs of a turnaround in quick commerce and cloud. The report also examines mounting cost pressures at Meituan, the lack of near term catalysts at Xiaomi and SEA, and the structural headwinds still facing JD and Baidu.

Industrials

Raiznext sits near historic lows with strong cash generation and a healthy yield, supported by Hikari Tsushin and ENEOS as key holders. Management points to growing demand from renewables and sustainable fuels, though challenges in hiring engineers and a peaking maintenance cycle remain. Recent earnings weakness looks timing-related, with recovery expected in the coming quarters.

India and China are witnessing their most significant thaw in relations since 2020, with border trade, flights and visas reopening. Yet India’s dependence on Chinese imports, especially in pharmaceuticals and electronics, leaves its deficit at record highs. The revived engagement appears to offer greater benefits to Chinese companies for now, with names like Xiaomi, Alibaba, BYD and Tencent best positioned, while Indian groups such as Cipla, Dixon and Adani seek to leverage selective partnerships.

Industrials

Insight LLP lifts its target price for Salik to AED11 on expectations of new toll gates and the rollout of variable pricing. The Dubai concessionaire continues to deliver strong cash generation and dividend growth, while its unique rights to future gates underline long-term potential. Sensitivity to bond yields and inflation remains a key watchpoint.

Technology

Vision Research closed two Asian shorts in 3Q25, locking in sizeable alpha from WPG Holdings and Powertech after initiations in 2024. Earlier exits in 2025 included Shimano and Ricoh, while the short book remains broad with 39 positions across Asia, Europe and the US. The team highlights liquidity, short interest dynamics and timing as key ingredients behind recent wins.