BASF目前正在进行全面重组，包括精简产品组合、出售非核心资产、分拆农业业务以及裁员。 BASF同时确认了2025年初步业绩：销售额596.6亿欧元，同比下降2.9%；扣除特殊项目前的息税折旧摊 销前利润下降9.5%，至65.5亿欧元。 这家总部位于路德维希港的公司表示，已加快推进现有成本削减计划。截至2025年底，公司年度年化成 本节约规模达到约17亿欧元，较原目标增加1亿欧元。 BASF宣布维持每股2.25欧元的股息。 BASF在成本削减计划与组织精简的支撑下，第四季度重返净利润。 这家化工巨头周五表示，第四季度实现净利润5.6亿欧元（合6.608亿美元），而去年同期为亏损7.86亿 欧元。根据公司公布的市场一致预期，该数据远超分析师预测的2.85亿欧元。 当期销售额下降5.6%，至140.3亿欧元，略低于分析师预估的140.4亿欧元。 当期销售额下降5.6%，至140.3亿欧元，略低于分析师预估的140.4亿欧元。 BASF目前正在进行全面重组，包括精简产品组合、出售非核心资产、分拆农业业务以及裁员。 BASF同时确认了2025年初步业绩：销售额596.6亿欧元，同比下降2.9%；扣除特殊项目前的息税折 ...

Core Insights - The chemical giant returned to net profit in the fourth quarter, indicating a recovery in financial performance supported by cost-saving programs and organizational streamlining [1] Financial Performance - The company achieved net profit in the fourth quarter, marking a significant turnaround from previous losses [1] - Cost-saving initiatives played a crucial role in enhancing profitability [1] - Streamlining of the organization contributed to improved operational efficiency [1]

13 February 2026 | 6:07PM GMT Equity Research GS EQUITY RADAR Old economy and Chemicals, AI disruption, GOAL positioning plus Week Ahead and key research from the week Old economy and Chemicals. Peter Oppenheimer wrote this week about the return of physical assets including 'old economy' areas. Chemicals are an area Georgina Fraser thinks are interesting, turning pro-cyclical in her ratings and making seven rating changes to reflect her view that the cycle is already turning despite muted company commentary ...

Core Viewpoint - The quantum computing sector is facing scrutiny from activist investors, with all four major publicly-traded companies being targeted for short-selling due to their high market valuations relative to modest revenues [1] Company Overview - D-Wave Quantum, one of the key players in the quantum computing industry, has seen its stock price triple since being targeted by short-seller Kerrisdale Capital, which questioned the efficacy of its technology [2][3] - D-Wave reported a revenue increase to $22 million for the most recent nine-month period, up from $6.5 million the previous year, despite a market cap of $7.4 billion [6] - The company has over 100 paying customers, including notable names like Ford and BASF, and recently secured a $10 million licensing deal with a Fortune 100 company [15][16] Market Dynamics - The total addressable market for quantum computing is estimated to be between $200 billion and $1 trillion, leading to speculative investments in the sector [8] - D-Wave's business model is distinct, with less than 10% of its revenue coming from government contracts, contrasting with many competitors that rely heavily on government funding [17] Technological Challenges - Quantum computing technology is complex, with qubits needing to be error-corrected, which presents significant engineering challenges [9][10] - D-Wave's recent acquisition of Quantum Circuits for $550 million aims to enhance its technology by improving the efficiency of qubit error correction [12][13] - The company acknowledges the difficulties in advancing quantum technology and the potential for delays in future product developments [11] Strategic Moves - D-Wave is focusing on commercializing its quantum annealing method, which optimizes solutions by identifying the lowest energy state [15] - The acquisition of Quantum Circuits is expected to revolutionize D-Wave's capabilities by reducing the number of physical qubits needed for error correction [14]

Core Insights - The article discusses the niche of litigation investing, highlighting historical cases and current opportunities in the sector, emphasizing the complexity and potential for significant returns despite the inherent risks involved [1][17]. Historical Context - The investment landscape in the 1990s included litigation stocks related to Nazi-era claims, particularly focusing on IG Farben, a major German chemical company involved in war crimes [3][4]. - Following the fall of the Berlin Wall, there was a resurgence of interest in compensation claims for expropriated assets, leading to significant price increases for related securities [5][6]. Notable Cases - Commerzbank Restquoten and A. Riebeck'sche Montanwerke are examples of companies with complex legal claims that saw dramatic price fluctuations, with Commerzbank Restquoten's price increasing over 200 times [8][11]. - IG Farben's liquidation ultimately failed, but its spin-offs like BASF and Bayer performed well, showcasing the potential for indirect success in litigation investing [13][14]. Current Landscape - The sector of litigation investing today is characterized by unclear ownership rights and political disputes, with opportunities spanning various industries and regions [17][41]. - Examples of current litigation investments include Rusoro Mining, which saw its stock rise 22-fold due to expropriation claims in Venezuela, and GCM Resources, which holds significant coal reserves but faces legal challenges [25][29]. Investment Strategies - Investors are advised to adopt a gradual de-risking strategy as legal cases progress, rather than relying solely on final verdicts [24][76]. - The article outlines a phased approach to investing in litigation claims, suggesting initial investments at low percentages of claim value and increasing exposure as litigation funding is secured and proceedings advance [26][27]. Upcoming Opportunities - The article highlights several companies with ongoing litigation claims, such as Panthera Resources, which is pursuing a significant claim against India for expropriation, and Energy Transition Minerals, which is involved in international arbitration against Greenland [66][46]. - The upcoming Litigation Investing online conference aims to provide insights into these opportunities and educate investors on the complexities of the sector [73][74].

Group 1 - HOCHTIEF has secured a €230m ($273m) contract from the Federal Agency for Real Estate (BImA) to construct the Max Rubner Institute (MRI) research centre in Kiel, Germany, with completion scheduled for autumn 2028 [1] - The MRI centre will provide approximately 6,250m² of usable floor space and will facilitate collaboration among scientists from various disciplines [2] - The building will adhere to strict safety protocols and will be equipped with a security system in line with Federal Criminal Police Office (BKA) guidelines [3] Group 2 - HOCHTIEF is involved in multiple research-related construction projects, including those at the University of California in Berkeley and University of Cleveland in Ohio, indicating a strong position in the healthcare/biopharma growth market [4] - The project will meet the federal BNB silver standard for sustainable construction and EGB 40 energy efficiency criteria, utilizing near-surface geothermal sources for heating [3][4] - HOCHTIEF's ability to integrate design, construction, and operation is expected to optimize the project's life cycle for the client's benefit [5]

Market Performance - European stocks showed a positive trend with the pan European Stoxx 600 climbing 0.89%, while the U.K.'s FTSE 100 gained 0.59%, Germany's DAX jumped 0.94%, and France's CAC 40 closed up by 0.43% [1] - Major European markets such as Austria, Denmark, Finland, and Spain closed higher, while Belgium, Greece, and Russia ended weak [2] Company Earnings and Movements - Burberry Group, IAG, and HSBC Holdings saw gains between 2% and 5.2%, while BP, Standard Chartered, and Rolls-Royce Holdings also moved up sharply [2][3] - Vinci reported stronger-than-expected results, with a full-year 2025 net income of €4.90 billion, up from €4.86 billion the previous year, leading to a nearly 10% increase in its stock price [5] - Stellantis plummeted 25% after announcing a €22 billion charge related to restructuring efforts and plans to sell its 49% stake in NextStar Energy [6] Sector Performance - In the German market, Siemens Energy climbed 4.3%, while Siemens Healthineers dropped more than 3% [4] - In France, ArcelorMittal gained about 4.75%, and Schneider Electric ended higher by 1%-2.3% [5] Economic Indicators - Germany's industrial production decreased by 1.9% month-on-month in December, reversing a previous rise, while exports increased by 4% and imports growth doubled to 1.4% [7][8] - France's foreign trade deficit increased to €4.8 billion in December, as imports grew faster than exports [9]

Core Insights - Manila hemp pulp is a specialty non-wood pulp derived from banana fiber, characterized by long fiber length, high tensile strength, and excellent wet strength, distinguishing it from traditional wood pulp [2] - The global Manila hemp pulp market is projected to reach USD 184 million by 2032, with a compound annual growth rate (CAGR) of 6.2% from 2026 to 2032 [2][15] Market Overview - The top three manufacturers of Manila hemp pulp are Newtech Pulp, Specialty Pulp Manufacturing, and Pulp Specialties Philippines, which together hold approximately 70.86% of the market share as of 2025 [6] - The supply chain for Manila hemp pulp relies on Manila hemp fiber and sodium hydroxide, with the fiber sourced from smallholder farmers, leading to variability in fiber quality and supply stability [6] Industry Dynamics - The midstream segment of the Manila hemp pulp industry focuses on supply reliability, product consistency, and performance adaptability for specific applications, with a strong emphasis on quality control and batch management [7] - Downstream applications include food-grade filter paper, industrial filtration materials, and high-end specialty paper, with key customers being companies that require high-performance stability [8] Growth Drivers - The global push to reduce carbon emissions is driving the paper industry to adopt alternative natural fibers, with Manila hemp pulp aligning with sustainability regulations and consumer preferences [9] - As paper and packaging companies seek to decouple growth from deforestation risks, Manila hemp pulp is transitioning from a niche material to a strategically significant alternative raw material [9] Challenges - Manila hemp is highly susceptible to various viral diseases, which can significantly impact fiber quality and yield, posing a long-term biological constraint on the industry [10] - Extreme weather events, such as typhoons and heavy rainfall, can disrupt banana fiber cultivation, leading to supply interruptions and increased market volatility [10] Industry Trends - The market is shifting from a focus on quantity expansion to ensuring stable supplies of high-grade pulp, which is critical for applications like food filtration and electrical insulation [11] - There is an increasing emphasis on batch stability and quality predictability among international customers, driving demand for standardized natural pulps and stricter quality management practices [11]

Core Viewpoint - The company is expected to achieve a compound annual growth rate (CAGR) of approximately 16% in net profit from its modified plastics business between 2025 and 2028, driven by its strong position in the domestic market and overseas expansion, particularly in the automotive sector [1][10]. Industry Growth - The modified plastics market is projected to maintain a robust growth rate of 15%-16% CAGR from 2020 to 2024 globally and in China, with significant contributions from the automotive and electronics sectors [2][11]. - The global market for organic high polymers and composite materials is expected to reach 1.5 trillion yuan by 2024, with a forecasted CAGR of 12.6% globally and 14.1% in China from 2024 to 2029 [2][11]. Market Dynamics - China's modified plastics market has potential for growth, with the modification rate expected to rise from 30% in 2024, compared to 50% globally [3][12]. - The increasing penetration of electric vehicles and the trend towards lightweight automotive designs are anticipated to drive demand for modified plastics [3][12]. Company Positioning - The company is the largest modified plastics producer in China, with a projected revenue of 32.1 billion yuan in 2024 and a market share of approximately 6% [5][15]. - The company has a diverse customer base with over 8,000 active clients and maintains a high gross margin of over 20% from 2022 to 2024, significantly above its peers [5][15]. Competitive Advantages - The company benefits from early overseas expansion, having established production bases in India, the US, Germany, and Malaysia, with plans for further expansion in Poland, Mexico, and South Africa [6][16]. - The automotive segment is expected to grow faster than the domestic automotive production rate, with a compound annual growth rate of 23% in overseas sales from 2021 to 2024 [6][16]. Product Development - The company invests heavily in R&D, with an expected expenditure of 2.49 billion yuan in 2024, and holds 2,977 valid patents, which is significantly higher than domestic competitors [8][18]. - The automotive sector is projected to account for 45.5% of the company's sales in 2024, with expectations for continued growth in high-performance modified plastics [8][18].

Core Insights - Henkel has agreed to acquire Stahl Group for €2.1 billion ($2.48 billion), purchasing the majority stake from Wendel, a French private equity firm [1][4] - Stahl specializes in coatings for flexible materials across various sectors, including packaging, automotive, fashion, and lifestyle [1][2] - The acquisition is expected to create commercial synergies due to the complementary nature of products offered by both companies [3] Company Overview - Stahl employs approximately 1,700 people and reported adjusted sales of around €725 million ($854.6 million) for the 2025 fiscal year [2] - The ownership structure of Stahl includes Wendel (68.5%), BASF (16.1%), and Clariant (14.6%) [2] - Under Wendel's ownership, Stahl has transformed into a focused specialty coatings company with a strong global presence [3] Strategic Implications - The acquisition aligns with Henkel's strategic agenda for purposeful growth, particularly in its Adhesive Technologies business unit [4] - Henkel has also announced plans to acquire ATP Adhesive Systems, which together with the Stahl acquisition, will add nearly €1 billion in sales [5] - Henkel plans to introduce new packaging for its Pritt glue sticks in European markets, with updated cardboard blister packs expected by early 2026 [5]