Pipeline Offensive Against Swiss Dual Platform

Following our foray into the world of logistics—DSV $DSV (+2,49 %) versus Kühne+Nagel $KNIN (+2,37 %) —we’re heading back to the healthcare sector today.

This time, however, it’s not two interchangeable pharmaceutical giants going head-to-head.

AstraZeneca $AZN (-0,13 %) and Roche $ROP (-0,53 %) are both among the world’s leaders, but they make their money in different ways:

AstraZeneca relies on an exceptionally broad drug pipeline and a rapid pace of development.

Roche combines innovative pharmaceuticals with its own diagnostics division.

That’s exactly what makes this comparison so fascinating.

On one side is the more aggressive growth-oriented company AstraZeneca with many late-stage clinical opportunities. On the other side is a Swiss quality company withgreater cash flow strength, decades of consistent dividends, and a unique combination of pharmaceuticals and diagnostics.

The question, therefore, is not only which company is earning more today, but which model will offer the better balance of growth, security, and valuation over the next few years.

Financials and Ten Key Metrics

AstraZeneca reported revenue of $46.9 billion in the first nine months of 2026, up 7 percent at constant exchange rates. Oncology accounted for 47 percent of revenue and grew by 16 percent.

Roche reported revenue of CHF 46.5 billion, with 78 percent coming from pharmaceuticals and 22 percent from diagnostics. Roche’s five largest growth drivers generated a combined CHF 16.8 billion and grew by 12 percent.

Roche wins the financial category: higher operating margin, better cash conversion, higher return on equity, and lower debt.

AstraZeneca is growing faster and increased its core EPS by 14 percent after nine months. Due to differing definitions of reporting and FCF, these figures should be viewed as rough estimates.

Pipeline: Where will tomorrow’s growth come from?

AstraZeneca lists 180 projects. Of these, 116 are new active ingredients or major lifecycle projects in Phase II or III; 20 new active ingredients are in late-stage development; and two therapies are under review. According to the company’s estimates, twelve positive Phase III results in 2026 are expected to have a non-risk-adjusted peak revenue potential of more than 10 billion USD.

Roche advanced five new potential drugs to Phase III in 2026 and aims to launch up to 20 new drugs by 2030. Its particular strength lies in the combination of drugs, diagnostics, and biomarkers. AstraZeneca leads in terms of visible breadth and pace; Roche scores with its integrated platform.

Important: The rumors circulating in 2026 about a possible AstraZeneca bid for Rhythm Pharmaceuticals are unconfirmed and are not included in the base case. The officially finalized Summit deal for Ivonescimab, valued at over two billion USD, is taken into account.

Shareholder Structure, Free Float, and Tradability

AstraZeneca has a single class of stock with equal voting rights and no controlling shareholder. BlackRock held 6.50 percent, Capital Group 4.97 percent, Wellington 4.20 percent, and Investor AB 3.33 percent. The estimated external free float of approximately 96.8 percent is not a company-defined figure. The London-listed stock trades an average of about 2.71 million shares daily and is highly liquid.

At Roche , the founding family pool controls 64.97 percent of the voting bearer shares. In addition, there are 702.6 million non-voting participation certificates. The ROP participation certificate is the more liquid class and trades an average of about 1.05 million shares over a 20-day period. A reliable company-reported free-float ratio per class is not available. Minority shareholders have little influence; however, practical tradability remains very good.

Verdict: AstraZeneca wins in terms of voting rights clarity and free float. Roche ROP is highly liquid but does not confer voting rights. A one-time narrow spread is no guarantee for every market phase, and free float should never be used as a synonym for liquidity.

Customer Concentration and Artificial Intelligence

Neither of the two companies publishes a reliable top-10 customer ratio. Therefore, the traffic light remains yellow: lack of disclosure does not automatically mean diversification. In 2025, AstraZeneca generated approximately 43 percent of its revenue in the U.S.; for Roche, the U.S. accounted for about 40 percent of its nine-month pharmaceutical revenue.

The direct risk of AI substitution is low. AI can accelerate target identification, study design, image analysis, biomarker development, and regulatory documentation. Roche has a unique data advantage through its diagnostics business, while AstraZeneca has a significant productivity advantage due to the breadth of its pipeline. Clinical validation remains crucial.

Dividends and Capital Allocation

Roche raised its dividend for 2025 to CHF 9.80—the 39th consecutive increase. At the current share price, this represents a yield of approximately 2.5 percent.

AstraZeneca announced a dividend of $3.20 per share, representing a yield of about 1.7 percent. Roche is thus the clear favorite for income; AstraZeneca is investing more aggressively in its pipeline and growth.

Technical Analysis and Entry Strategy

AstraZeneca is facing resistance at 142 to 144 GBP; the 128 to 132 GBP range offers the better risk-reward ratio.

Roche is maintaining its long-term uptrend but faces resistance at 405 to 419 CHF. The more attractive entry point for Roche is during a pullback to 376 to 385 CHF. Clinical news could cause the price to jump over stops, creating gaps.

Valuation and DCF

Both base-case scenarios are slightly below the current price.

AstraZeneca needs successful pipeline commercialization and normalized cash flows, Roche needs consistently strong margins and new products to offset patent expirations. The models are highly sensitive to the cost of capital and terminal growth and represent a range of expectations, not price targets.

My personal conclusion:

AstraZeneca
wins for me, 7.8 to 7.7 points.

The lead is so small that it says less about absolute quality than about the weighting.

Those who prioritize growth and the pipeline will choose AstraZeneca.

Those who place greater emphasis on cash flow, dividends, and balance sheet strength will choose Roche.

My conclusion, therefore, is not: buy immediately.

It is: wait for these two exceptional companies to reach the right price levels. AstraZeneca below 132 GBP or after a confirmed breakout; Roche preferably in the 376 to 385 CHF range.

What do you think? Does AstraZeneca’s larger pipeline win you over—or does Roche’s combination of pharmaceuticals, diagnostics, cash flow, and dividend continuity?

In the next stock showdown, Johnson & Johnson and Abbott Laboratories face off: a diversified healthcare giant versus a focused medical technology and diagnostics specialist.

Sources and Notes

AstraZeneca: Q3/9M 2026 Results, Annual Report 2025, official pipeline, stock, and dividend data.

Roche: 9M 2026 sales, Annual Report 2025, AGM/share capital data, as well as pipeline and dividend data.

SIX, LSE/FT market data, four provided charts, and two fully analyzed research PDFs.

Valuations, scores, traffic light ratings, and entry scenarios are based on my own model assumptions. This is not investment advice.

@Tigawutz

@Keineui

@Aktienhauptmeister

@Multibagger

@Tenbagger-Capital

@Get_Rich_or_Die_Tryin

@Stocktective

@Simpson

@WarrenamBuffet

@SAUgut777

@TradingHase

@PikaPika0105

@Derspekulant1

@NichtRelevant

@Klein-Anleger

@Dividendenopi

and, of course, all the others :)

Hello, everyone,

Following our last stock showdown between Eli Lilly $LLY (+1,22 %) and Novo Nordisk $NOVO B (+1,44 %) , today we’re deliberately switching industries.

Away from weight-loss injections, drug pipelines, artificial intelligence, and major tech topics—and toward a business that operates behind the scenes, yet without which our modern economy could hardly function:

global logistics.

Because no matter which new smartphone is sold, which medication is produced, or which online store is supplied—in the end, raw materials, components, and finished goods actually have to get from one place to another.

By plane, container ship, truck, and finally to the warehouse or directly to the customer.

This is exactly where companies like DSV $DSV (+2,49 %) and Kühne+Nagel $KNIN (+2,37 %) make their money.

These may not be the stocks everyone talks about every day. But they ensure that the products of the big stock market stars actually make it onto the roads, into the factories, and to the customers.

That’s why two of the world’s leading logistics groups are going head-to-head today:

DSV from Denmark and Kühne+Nagel from Switzerland.

Both manage global supply chains, but they take different approaches.

DSV has relied heavily on major acquisitions for years and must now prove whether the massive integration of DB Schenker is truly paying off.

Kühne+Nagel is growing less spectacularly but is currently impressing with a stronger balance sheet, solid operational performance, and new growth areas centered on cloud infrastructure, healthcare, and its partnership with Amazon and AWS.

As always, we’ll take a look at the business models, current figures, balance sheets, cash flows, dividends, valuations, as well as opportunities and risks.

Of course, this also includes daily and weekly charts, as well as specific potential entry points.

The key question this time is:

Is DSV, with its enormous potential for synergies and growth, the more exciting stock—or is Kühne+Nagel, with its proven quality, stronger balance sheet, and cleaner chart the better choice in the end?

Enjoy today’s stock duel: DSV $DSV (+2,49 %)
vs. Kühne+Nagel $KNIN (+2,37 %)
— integration giant versus quality leader.

What this duel is really about

Neither company sells its own ships or aircraft; instead, they manage global supply chains. Their most important “raw material,” therefore, isn’t steel but information:

Whoever does a better job of coordinating capacity, routes, customs, warehousing, and customer demand earns revenue from every container shipped or every air freight shipment.

That’s what makes scale valuable—and explains why DSV has been acquiring companies for decades, while Kühne+Nagel grows more through organic expansion and specialization.

DSV has become a global platform following the acquisition of DB Schenker.

Kühne+Nagel remains more compact but, by its own account, is the world’s number one in air and ocean freight volume.

The comparison is therefore less a case of David versus Goliath than two different operating systems:

DSV buys scale and squeezes out synergies; Kühne+Nagel tries to use its existing scale in a more profitable and customer-oriented way.

DSV: The Schenker Bet

The enterprise value of the Schenker transaction was 106.7 billion DKK.

DSV expects annual synergies of approximately 9 billion DKK, with full financial impact beginning in 2027. By the end of the third quarter of 2026, approximately 8.7 billion DKK of the expected 11 billion DKK in integration and transaction costs had been booked. Nearly all countries have been integrated or are in the midst of the process.

This is both a major opportunity and the greatest risk. If the integration succeeds, buying power, network utilization, cross-selling, and back-office efficiency will all increase.

If it fails in part, the result will be customer losses, duplicate structures, and high debt. DSV reports a gearing ratio of 2.5, while the long-term target is less than 2.0.

Cash flow must therefore first repair the balance sheet before large share buybacks once again become the dominant driver of returns.

Four points are crucial for me:

• Road must stabilize,
• the DKK 9 billion in synergies must not be delayed any further,
• adjusted free cash flow must increase without real estate sales, and
• gearing should fall below 2.0 by 2027.

Kühne+Nagel: Quality with a New Growth Edge

In 2026, Kühne+Nagel announced a seven-year strategic partnership with Amazon and AWS. The focus is on infrastructure, equipment, maintenance, and the expansion of cloud data centers. The agreement is accompanied by a performance-based option on existing Kühne+Nagel shares. This locks Amazon in for the long term but also increases the bargaining power of an already very large customer.

In addition, air freight for cloud and semiconductor customers, healthcare logistics, and integrated contract logistics are growing. In the third quarter, EBIT for Air Logistics rose by 84 percent, Sea Logistics by 55 percent, Road by 40 percent, and Contract Logistics by seven percent.

This is broad enough that we cannot speak of just a single division.

The downside is the valuation. Anyone buying Kühne+Nagel at around 24.6 times expected earnings is assuming that 2026 will not mark a short-term cyclical peak.

The company can hardly afford to make any operational mistakes.

Q3 2026: Who currently has the better momentum?

Kühne+Nagel delivered the stronger quarter. All four segments grew; Air Logistics saw a 10 percent increase in volume in the third quarter, and management raised its forecast once again. At DSV, Air & Sea and Contract Logistics are strong, but Road remains a work in progress. There, quarterly EBIT fell by 35.1 percent because integration, productivity, and customer retention are not yet functioning as planned.

Kühne+Nagel clearly wins the balance sheet comparison. DSV’s debt is strategically justified by the Schenker acquisition, but it is a real economic burden. On the positive side, net interest-bearing debt has been declining since the end of 2025. On the downside, part of the strong Q3 cash flow came from real estate sales. At Kühne+Nagel, cash on hand covers a large portion of the debt, making it easier to weather economic downturns.

Dividends and Capital Returns

Kühne+Nagel is the clear favorite when it comes to dividends.

The six CHF paid for 2025 represent a yield of approximately 2.5 percent at the current price. DSV pays seven DKK, which amounts to only about 0.5 percent.

At DSV, share buybacks have historically been more important than dividends; following the Schenker acquisition, debt reduction is the priority for now.

Kühne+Nagel, on the other hand, distributes a large portion of its profits— in 2025, the payout ratio was around 81 percent.

Valuation and My Own DCF

In the base case, both stocks are trading above my DCF value.

This is not evidence of overvaluation, but rather an indication of market expectations.

For DSV , following the Schenker acquisition, a normalized free cash flow of around 18 billion DKK and several years of growth are needed.

For Kühne+Nagel , it requires free cash flow of around 1.15 billion CHF and consistently solid margins. About three-quarters of both base-case values come from the terminal value—small changes in the cost of capital and long-term growth significantly impact the fair value.

Customer Concentration and AI

Neither DSV nor Kühne+Nagel publishes a reliable top-10 customer ratio. Kühne+Nagel reports having around 400,000 customers. Amazon is strategically important, but the overall customer base remains broad. At DSV, the issue is less about a single major customer and more about the loss of several customers during the Road integration.

DSV expects total productivity gains of approximately 9 billion DKK by 2030 from AI, technology, and network optimization—in addition to the Schenker synergies. Kühne+Nagel expects significant AI effects starting in 2027 and is enhancing its data and cloud infrastructure via AWS. For me, AI is not a competitive moat for either company. It is becoming a tool for route planning, capacity management, quote generation, customs, warehousing, and back-office operations. Whoever integrates processes and data more seamlessly will win; however, the physical network remains indispensable.

Technical Analysis and Entry Strategy

Kühne+Nagel is trading above the 50-day and 200-day EMAs on the daily chart; the RSI is around 63, and the MACD is positive.

The weekly chart confirms the trend but is approaching the resistance zone of 240 to 245 CHF. Entering the position on a pullback around 224 CHF offers a better risk-reward ratio than buying directly at the high.

DSV has made a strong turnaround on the daily chart but remains below the 200-day moving average at 1,432 DKK.

The weekly chart is still neutral: RSI just below 50, MACD still negative but improving. Therefore, I’d like to see either a pullback into the 1,300s or a confirmed breakout above 1,475 DKK.

My Final Verdict

This stock showdown goes to Kühne+Nagel—albeit by a narrow margin.

For me, DSV remains the more exciting bet on successful integration and strong synergies, while Kühne+Nagel currently scores points with its stronger balance sheet, better operational execution, and more convincing chart.

Now I’m curious to hear your thoughts:

Which of the two logistics companies would you prefer?

Are you betting on the greater leverage at DSV $DSV (+2,49 %) or on the currently more visible quality of Kühne+Nagel $KNIN (+2,37 %) ?

Do you even have stocks like these in your portfolio?

In the next stock showdown, we’ll return to the healthcare sector.

Then, AstraZeneca $AZN (-0,13 %)
and Roche $ROP (-0,53 %) . Among other things, we’ll be discussing oncology, diagnostics, pipeline quality, patent risks, dividends, and, of course, current valuations.

See you at the next Stock Duel!

Your Raketentoni from Denmark

Sources and Notes

DSV: Q3 2026 Interim Report, Annual Report 2025, Capital Markets Day 2026, and official Schenker data.

Kühne+Nagel: Q3 2026 Earnings, Annual Report 2025, Q3 Presentation, and Amazon/AWS announcement.

ECB reference rates as of October 29, 2026; two research PDFs provided and four charts as of October 30, 2026.

Valuations and scores are based on my own scenario calculations; this is not investment advice.

@Tigawutz

@Keineui

@Aktienhauptmeister

@Multibagger

@Tenbagger-Capital

@Get_Rich_or_Die_Tryin

@Stocktective

@Simpson

@WarrenamBuffet

@SAUgut777

@TradingHase

@PikaPika0105

@Derspekulant1

@NichtRelevant

@Klein-Anleger

@Dividendenopi

and, of course, everyone else :)

After more than 25 years of negotiations, the EU and the South American economic alliance Mercosur (Brazil, Argentina, Paraguay, Uruguay) have concluded a historic free trade agreement. This creates one of the largest free trade zones in the world - with over 700 million people and a combined economic area worth around 22 trillion USD.

This agreement could trigger global economic and stock market effects - for companies, industries and investors.

_________________________

🛃🚢 What will happen to the Mercosur agreement?

• Tariffs on up to 91% of EU exports and 92% of Mercosur exports are to be gradually eliminated.
• The aim is to create a larger single market, better market access, simplified rules and more stable trading conditions between Europe and South America.
• Until now, high tariffs have applied to cars (approx. 35%), machinery (14-20%) and chemical products (up to 18%).

_________________________

📊 Possible effects on the stock market

📈 1. industries with strong exports benefit from higher demand

Europe can sell its products more easily in South America:

• 👩‍🏭 Cars & car parts
• 🏭 Mechanical engineering
• 🧪 Chemicals & pharmaceuticals
• 🪄 Electronics & high-tech

The elimination of customs duties and fewer trade barriers will increase the margins and competitiveness of these industries.

Possible examples of Frofiteurs:

• VW $VOW (+0,73 %) BMW $BMW (-0,73 %) Daimler $DTG (-1,58 %)
• Siemens $SIE (+1,1 %)
• BASF $BAS (-0,02 %) Covestro $1COV (+0,5 %)
• SAP $SAP (+0,63 %) , ASML $ASML (+2,17 %)

➡️ Expected share price impetus from higher export revenues and capped production costs.

_________________________

🍖 2. agricultural & food sector in focus

The agricultural business is also becoming more closely networked on both sides:

• Tariffs on wine, oil, cheese, dairy products and luxury foods are being reduced or gradually created.
• EU producers will gain greater market access in South America; conversely, South American agricultural exports (e.g. beef, sugar) will have better access to the EU.

Possible beneficiaries:

• Nestlé $NESN (-1,26 %) Danone $BN (-0,63 %)
• Heineken $HEIA (-1,08 %) AB InBev $ABI (-1,58 %)
• FrieslandCampina $FCEPL

⚠️ However, critics point out that price pressure on local farmers* also arises and environmental risks can increase, for example due to cheaper imports.

_________________________

🚗 3. raw materials & energy: medium to long-term effects

Mercosur countries export large quantities of raw materials:

• Soy, sugar, coffee, ethanol, grain
• Brazil is also a major supplier of crude oil and minerals

One of the aims of the agreement is more stable commodity trade with fewer tariffs, which can influence commodity prices and move the shares of commodity and energy companies.

Possible beneficiaries:

• Vale $VALE3 (+1,52 %) Petrobras $PETR3 (+1,26 %)
• Bunge $BG (+1,58 %) , ADM $ADM (+2,53 %)

_________________________

🏦 4. finance & services sector

The agreement also facilitates:

• Market access for financial services
• Opening of telecom and transportation markets
• Opening of public procurement to EU suppliers

➡️ This could strengthen banks, insurers and logistics companies that operate across borders.

Possible beneficiaries:

• Allianz $ALV (+0,34 %) Deutsche Bank $DBK (+1,11 %)
• DHL/Deutsche Post $DHL (+1,68 %) Kuehne + Nagel $KNIN (+2,37 %)

_________________________

🔄 Short-term market risks

Not everything is automatically positive:

• 🇪🇺 Agricultural protests in Europe show resistance to cheap imports.
• Political uncertainties remain - many parliaments need to ratify.
• Sectors with low competitiveness could come under price pressure.

_________________________

📌 Conclusion

The Mercosur agreement could be an issue with far-reaching effects:

✅ Strong export industry gains new sales markets

✅ Agricultural and luxury food sector gains sales opportunities

✅ Financial and service sector benefits from market expansion

✅ Raw material exporting countries in South America could become more integrated

⚠️ At the same time, there are risks for local producers and price distortions that could have a regional impact on share prices

_________________________

Question for you: What is your opinion on the agreement? And in which sectors or listed companies do you see the biggest winners in the long term?

_________________________

Sources:

- 🌎🤝 Mercosur-Freihandelsabkommen zwischen EU & Mercosur unterzeichnet – größte Freihandelszone weltweit

- 💶📈 Wirtschaftliche Chancen für EU-Exporteure und Importeure durch Zollerleichterungen

- ⚙️🚗 Branchenanalysen mit Zollabbau-Effekten für Maschinen, Autos, Chemie etc.

- 🌾🥩 Agrar- und Rohstoff-Impakte durch neue Marktchancen und Quotenregelungen

Kühne + Nagel $KNIN (+2,37 %) has to make savings, according to a newspaper article.

The Swiss logistics group Kühen + Nagel is responding to the downturn in its own business with a cost-cutting program. The company is initiating a cost-cutting program in which up to 1,500 jobs are to be cut in order to reduce costs by more than 200 million Swiss francs per year. The objectives include reducing costs through process optimization and automation as well as responding to overcapacity in the market.

• Reason: A slump in profits and falling margins.
• Measures: A cost-cutting program with various measures.
• Targets: Annual savings of over 200 million francs.
• Job cuts: Up to 1,500 jobs will be lost, equivalent to around 2% of the workforce.

In the third quarter of 2025, the Group's turnover fell by seven percent to six billion francs. Net profit even slumped by 39% to 206 million francs.

Kuehne + Nagel's share price has fallen by a quarter to 154 francs since the beginning of the year.

What do you think? When will the low point be reached, when will the investment be worthwhile?

Good morning dear Getquin community 👋

Today I would like to introduce you to The Humanoid 66 and what it's all about. The market for humanoid robotics is just taking off and is facing one of the biggest upheavals since the advent of the automobile. Morgan Stanley and Goldman Sachs expect the market to be worth between 38 billion and three trillion US dollars by 2035. By 2050, over 60 million humanoid robots could be in use in the USA alone.

With The Humanoid 66, Morgan Stanley has compiled a list of 66 companies that are likely to benefit directly or indirectly from this development. These include not only the manufacturers themselves, but also suppliers and technology groups that provide the necessary infrastructure, from semiconductor and battery producers to sensor technology and software through to platform operators for artificial intelligence.

The leading players include $TSLA (+3,65 %) Tesla with Optimus, Figure AI with Figure 02, Agility Robotics with Digit, Boston Dynamics with Atlas and Unitree with H1 and G1. Tesla is already planning to use more than a thousand Optimus robots in its own factories by 2024. The goal is clear: to make humanoid machines suitable for mass production at prices between 20,000 and 30,000 US dollars. Figure AI works closely with $MSFT (-2,14 %) Microsoft, OpenAI and $BMW (-0,73 %) BMW and was able to raise over 675 million US dollars in a financing round.

Technological progress is the key driver of this development. Multimodal generative AI enables humanoid robots to understand speech, communicate with humans and perform tasks autonomously. Advances in actuator technology, LiDAR systems, force sensors and battery technology are making the machines more efficient and more human-like. The energy density of modern lithium-ion cells is increasing by around 20 percent every two years, while the cost per kilowatt hour is expected to fall to 80 US dollars by 2030.

At the same time, wage costs for human labor are rising significantly. In the USA, they currently stand at just under 40 US dollars per hour, while in China they are around 6.50 US dollars and in India 4.45 US dollars. Studies show that automation can reduce labor costs in industrialized countries such as Germany, Japan and the USA by up to a third by 2025. Sectors such as agriculture, construction, care, logistics and manufacturing, where millions of jobs remain unfilled today, will be particularly affected.

The Humanoid 66 shows that this change goes far beyond individual companies. A new industrial ecosystem is emerging that links hardware, software, energy and data. Price reduction, scalability and integration into existing value chains will determine who will be among the winners.

Takeaway: Humanoid robotics is no longer a vision of the future, but the beginning of a structural reorganization of the global economy. Those who invest early in key areas such as AI chips, batteries, sensor technology and automation are positioning themselves in a sector that is likely to have a similarly profound impact as the invention of the car. The crucial question is just how far society is prepared to accept and integrate this new form of workforce.

For those who want to delve deeper: These are the companies featured in the Morgan Stanley report Humanoids @Tenbagger2024
@Multibagger

1. Tesla - USA - $TSLA (+3,65 %)

2. Toyota - Japan - $7203 (+0,67 %)

3. Xpeng - China - $XPEV (-2,2 %)

4. Naver - South Korea - (not listed)

5. CATL - China - $3750 (+4,5 %)

6. LG Energy Solution - South Korea - $373220 Subsidiary of LG

7. Samsung / Samsung SDI - South Korea - $SMSN (+10,14 %)

8. SK Innovation - South Korea - $096770

9. HD Hyundai Infracore / Doosan (component) - South Korea - $042670

10. Hengli Hydraulic - China - $601100

11. NTN - Japan - $6472 (+3,07 %)

12. NSK - Japan - $6471 (+2,68 %)

13. Sanhua - China - $002050

14. Siemens - Germany - $SIE (+1,1 %)

15. Top Group ("Topu") - China - $601689

16. Ambarella - USA - $AMBA (+4,46 %)

17. Synopsys - USA - $SNPS (+0,73 %)

18. NXP - Netherlands / USA - $NXPI (+3,05 %)

19. Qualcomm - USA - $QCOM (+1,5 %)

20. TSMC - Taiwan - $TSM (+5,07 %)

21. Wolfspeed - USA - $WOLF

22. ARM - UK - $ARM (+12,9 %)

23. onsemi - USA - $ON (+6,17 %)

24. cadence - USA - $CDNS (-0,3 %)

25. STMicroelectronics - Netherlands - $STM (+3,99 %)

26. NVIDIA - USA - $NVDA (+0,58 %)

27. SK hynix - South Korea - $HY9H (+10,83 %)

28. sociionext - Japan - $6526 (+10,66 %)

29. SMIC - China - $0981

30. infineon - Germany - $IFX (+5,54 %)

31. Renesas - Japan - $6723 (+8,93 %)

32. Dassault Systèmes - France - $DSY (+0,67 %)

33. Mobileye - Israel / Intel ecosystem - $MBLY

34. Hexagon - Sweden - $HEXA B (+1,22 %)

35. Knight Transportation - USA - $KNX (+0,9 %)

36. DSV - Denmark - $DSV (+2,49 %)

37. Werner Enterprises - USA - $WERN (+0,8 %)

38. DHL Group - Germany / international - $DHL (+1,68 %)

39. Kuehne + Nagel - Switzerland - $KNIN (+2,37 %)

40. Obayashi - Japan - $1802 (+1,99 %)

41. China State Construction Engineering Corporation (CSCEC) - China - $601668

42. RBG (presumably an Asian construction company) - (not listed)

43. Shimizu - Japan - $1803 (+2,49 %)

44. Taisei - Japan - $1801 (+5,86 %)

45. Baker Hughes - USA - $BKR (+2,99 %)

46th SLB (Schlumberger) - USA - $SLB

47. Tenaris - Luxembourg / multinational - $TEN (+1,92 %)

48. Halliburton - USA - $HAL (+3,5 %)

49. amazon - USA - $AMZN (-1,28 %)

50th Coupang - South Korea $CPNG (-1,13 %)

51. JD.com - China - $JD (-0,99 %)

52. BMW - Germany - $BMW (-0,73 %)

53rd Mercedes-Benz - Germany - $MBG (-0,32 %)

54th General Motors - USA - $GM (-0,66 %)

55. BYD - China - $1211 (-1,93 %)

56. Stellantis - NL / multinational - $STLAM (-3,04 %)

57. Ford - USA - $F (+0,27 %)

58. McDonald's - USA - $MCD (-1,9 %)

59th Domino's - USA - $DPZ (-0,34 %)

60. BGF Retail - South Korea - $282330

61. GS Retail - South Korea - $007070

62nd Lotte - South Korea - $004990

63. Yum China - China - $YUMC (-0,67 %)

Source: Morgan Stanley Research Bluepaper Humanoids Investment Implications of Embodied AI and Stock3 drumbeat of Germany's humanoid robot manufacturers The Humanoid 66, 05.10.2025

https://api.guidants.com/db/e6/4/e134c52068e8c98a.pdf

First the new transaction.

$PEP (+0,74 %) 2 further shares.

$COLO B (+0,96 %) increased by 4 shares and also $KNIN (+2,37 %) into the portfolio. In return $HLAG (+8,82 %) out soon.

On the actual topic: After I reached my first $SOFI (+0,41 %) my first 100% + share, the first 200% share was also reached today with Sofi🎉. Robinhood was close to the 200%, but didn't crack it. Considering that the euro/US dollar exchange rate is now clearly somewhere else, it's considerable either way.

As shares listed on 🇨🇭 are once again easily tradable, the first foot is in the door.

Companies that I find interesting but do not yet have in my portfolio and that have a 10-year average ROIC of over 10% and a 5-year average ROCE and ROIC of over 10%, $ANET, $MA (+0,83 %) , $VRTX (+0,51 %) , $RMS (+0,74 %) , $PGHN (-3,75 %) , $COLO B (+0,96 %) , $ACN (-1,16 %) , $MNST (-0,02 %)
$FICO (+0,73 %) , $MCO (+0,65 %) , $KNIN (+2,37 %) , $S&P Global, $ISRG (+0,52 %)
$III (-0,03 %) , $BKNG (+1,08 %)
$HLAG (+8,82 %) , $QCOM (+1,5 %) , $CFR (-0,13 %) and $IFX (+5,54 %) . Already blatant companies

$KNIN (+2,37 %) Kuehne+Nagel - Quarterly figures

Kuehne+Nagel shares started regular trading on Tuesday with slightly firmer prices after the publication of the half-year figures. The decline in profits published by the logistics specialist in the morning was roughly in line with expectations.

At around 9.20 a.m., the shares were trading 0.4 percent higher at CHF 265. This contrasts with a 0.09 percent decline in the SMI market as a whole. However, the Central Swiss company will not get rid of the red lantern in the current year.

According to analysts, there were no major surprises in the second quarter. The profit figures were a touch above most analysts' expectations. "The efficiency improvements are bearing fruit," one expert put it in a nutshell.

The second important takeaway: air freight volumes are picking up again significantly. Because the freight routes via the Red Sea have been disrupted, more and more customers are having the transportation times of their goods shortened by plane.

With regard to the outlook, the company is - as usual - not yet giving a clear picture. Some analysts see this as a dampening factor for the shares.

Kuehne+Nagel's shares have never really recovered since the drop in the share price caused by the figures at the end of February. And in view of the rapidly changing geopolitical climate, they are subject to strong mood swings. With a drop of a good 8 percent, the shares were the SMI laggards in 2024.

(Source: awp)

Key figures H1 2024 (comparison with H1 2023):

• Net salesCHF 11.6 billion (2023: CHF 12.7 billion, -9%)
• Gross profitCHF 4.3 billion (2023: CHF 4.6 billion, -8%)
• EBIT: CHF 778 million (2023: CHF 1,135 million, -32%)
• Earnings per share: CHF 4.74 (2023: CHF 7.21, -34%)
• Conversion rate: 18% (2023: 24%)
• Free cash flowCHF 40 million
• Cash and cash equivalents (net)CHF 657 million

Outlook per segment:

• Ocean Freight:
• Expansion of customer service with seven new locations
• Focus on small and medium-sized companies to increase service quality
• Contract logistics:
• Expansion of the e-commerce business with new fulfillment centers in Italy, the USA and Dubai
• Healthcare:
• Introduction of a new solution for temperature-controlled sea freight containers to reduce CO2 emissions
• Digitalization:
• Accelerated implementation of AI-based solutions to increase efficiency
• Expansion of the cloud data platform and the digital twin to make better use of data

Happy investing

GG

(Switzerland) - The most important dates for this trading week

This week is the best of the year for real number crunchers: More than forty listed companies will be presenting their half-year reports. These include small companies such as the Walliser Kantonalbank (WKBN), but also big names on the Swiss market such as $ROG (-0,53 %) and $NESNE / $NESN (-1,26 %) . Naturally, observers will be keeping a close eye on the outlook for the second half of the year.

On Monday, only the climate specialist Belimo $B9H will report on the first half of the year.

Seven companies have announced their reports for Tuesday. They are the logistics company Kuehne + Nagel $KNIN (+2,37 %)
, the chocolate manufacturer Lindt & Sprüngli
$LISN (-3,13 %) and the fragrance producer Givaudan $GIVN (+0,49 %)
, also reporting Logitech $LOGN (+3,01 %), Dätwyler $DAE (+1,1 %)
, Temenos $TEMN (-0,32 %) and the Valais Cantonal Bank ($WKBN). At Lindt & Sprüngli $LISN (-3,13 %) will be watching for comments on the high cocoa prices. At Kühne + Nagel $KNIN (+2,37 %) the renewed increase in the complexity of sea transportation due to the threat to shipping in the Red Sea could have an initial positive effect.

On Wednesday, nine companies will give an insight into their finances. For example, the goods inspector SGS
$SGSN (+0,25 %) and also Bobst ($BOBNN) , So $ALSN (+2 %)
Cembra Money Bank $CMBN (-0,16 %)
, Cicor $CICN (-1,26 %)
Cosmo Pharmaceuticals $COPN (-0,16 %)
EFG International $EFGN (-0,32 %)

and Medacta $MOVE (+0,67 %)
. At SGS $SGSN (+0,25 %) it is to be expected that, as in previous quarters, decent sales growth will be offset by negative exchange rate effects.

Thursday is the highlight of the interim reporting season: a total of sixteen company reports are on the agenda. Among them are Nestlé $NESN (-1,26 %)
, Roche $ROG (-0,53 %)
, Lonza
$LONN (-0,11 %) and Julius Baer $BAER (+0,21 %)
, but also Bachem $BANB, Bucher $BUCN (+0,38 %)
, Galderma $GALD (+2,87 %)
, Autoneum $AUTN (+0,07 %)
, Bellevue $BBN (-2,13 %)
, Calida $CALN (-1,22 %)
, Idorsia $IDIA (-3,24 %)
, Leonteq $LEON (-0,58 %)
, the Graubündner Kantonalbank $GRKP (-0,18 %)
, Meier Tobler $MTG (-0,21 %)
, StarragTornos $STGN (-0,27 %) and Valiant $VATN (-0,12 %)
. At Nestlé $NESN (-1,26 %) the question is whether a return to positive growth rates can be achieved.

Many listed companies have once again announced their half-year figures for Friday. These are Holcim $HOLN (-0,65 %)
Sulzer $SUN (+0,86 %)
, Vontobel $VONN (+0,78 %)
, Forbo $FORN (-0,31 %)
, APG $APGN (+0,68 %)
, Zehnder $ZEHN (+1,29 %)
, Orell Füssli $OFN (+0,83 %)
, Lem $LEHN (+0,52 %)
, AMS Osram $AMS and BB Biotech $BION (+1,64 %) and the SIX as the operator of the Swiss stock exchange. The industrial group Sulzer $SUN (+0,86 %) should deliver a positive surprise after a strong performance that has been ongoing for some time.

Have a good week everyone!

GG