BENO is a small-cap German light-industrial real estate platform, combining the typical disadvantages of limited liquidity and visibility with embedded opportunity, as operational progress and execution capabilities are often only gradually reflected in valuation. The core asset of the equity story is BENO’s fully implemented, digital, and scalable asset-management platform, whose fixed cost base is already covered by the existing cash flow generating portfolio and which enables efficient execution in a market constrained by management capacity rather than capital. In a pronounced buyer’s market, BENO is structurally positioned to pursue acquisitions that generate cashflow from day one and are immediately earnings- and value-accretive. Despite this, the shares trade at a discount to NAV. We therefore initiate coverage with a BUY rating and a PT of EUR 12.50, offering attractive long-term potential for patient investors. The full update can be downloaded under https://research-hub.de/companies/beno-holding-ag

AI is emerging as Infineon’s next structural growth engine, as rising power intensity and higher-voltage data center architectures turn power efficiency into a system bottleneck, structurally expanding the company’s role from grid to core. Infineon expects AI revenues to more than double to ~EUR 1.5bn in FY26, a target we see potential to be exceeded given current demand momentum. Meanwhile, the company continues to frame a EUR 8–12bn addressable market by decade-end, implying a potential ~EUR 3.5bn revenue opportunity by 2030 (mwb est.). While the AI ecosystem remains concentrated, with the top three customers accounting for ~60% of revenues (mwb est.), demand appears structurally supported by rapid innovation cycles, rising power density and an increasing material power-infrastructure build-out. That said, outside AI the recovery remains uneven and slow, with idle costs, inherent pricing pressure and FX headwinds still constraining near-term margins. As a result, we maintain our HOLD rating, but raise our price target to EUR 40.00, reflecting stronger confidence in Infineon’s AI trajectory balanced against still-muted momentum across the core business. The full update can be downloaded under https://research-hub.de/companies/infineon-technologies-ag

Circus has secured a contract with the German Armed Forces (Bundeswehr) to deploy its CA-1 AI robot for autonomous food supply at a military barracks in Germany. We see potential for a broader rollout across up to 280 major garrison sites if successful. The CA-1 is well suited for military use, offering 24/7 access to hot meals, efficient use of space, rapid deployment, and relief from staffing shortages through fully automated food preparation. Alongside this contract, Circus continues to expand its blue-chip customer base, with deployments at Meta and Mercedes-Benz, an ongoing pilot with REWE, and access to over 200 enterprise clients through its partnership with Secura, including Shell, Audi, and Thyssenkrupp. As the company enters serial production and commercial operations, supported by a recent capital raise, Circus continues its journey from a startup to a scalable industrial partner. We confirm our BUY recommendation with PT EUR 46.00 based on DCF. The full update can be downloaded under https://research-hub.de/companies/circus-se

Viromed has partnered with Saarland University and Hannover Medical School to conduct an ex-vivo lung study using a validated porcine lung model that closely mimics human physiology, aiming to accelerate the approval of PulmoPlas while avoiding ethical and regulatory hurdles of animal and human trials. The ex-vivo model bridges in-vitro and in-vivo research, enabling realistic testing of inhalative therapies in intact, functioning lungs. Saarland University is a global leader in this field, having developed a porcine lung system that remains physiologically active for up to 30 hours, forming the basis of a specialized spin-off serving the pharmaceutical industry. Viromed has acquired a 35% stake in this spin-off, securing strategic access to a unique research platform that both de-risks and accelerates PulmoPlas’ regulatory pathway while offering diversified revenue potential. On this basis, we confirm our BUY rating and price target of EUR 10.00. The full update can be downloaded under https://research-hub.de/companies/viromed-medical-ag

Multitude AG received confirmation of its B+ Long-Term Issuer Default Rating from Fitch Ratings, while the standalone credit profile was upgraded to bb- and the rating of Multitude Bank was raised to BB-. The decision represents a qualitative improvement and confirms the operational progress achieved over recent quarters. Fitch particularly acknowledged higher profitability, more stable earnings, and improvements in capitalization and risk management. The improved rating is especially relevant for refinancing, as lower funding costs could become achievable over the medium term. Overall, Multitude’s risk profile continues to improve, supporting greater earnings sustainability. The price target of EUR 14.40 and the BUY rating remain unchanged. The full update can be downloaded under https://research-hub.de/companies/multitude-ag

Singulus has received a follow-up order for its TIMARIS MicroLED deposition system (mwb est. ~EUR 4–6m), reinforcing momentum in its semiconductor activities and marking a shift from pilot use toward early industrial scaling. The repeat nature of the order highlights successful system validation and underlines the attractiveness of the modular TIMARIS platform, enabling incremental capacity expansion. While not transformational in size, the order supports the view that MicroLED commercialization is gradually taking shape and that Singulus’ process know-how is aligned with concrete industry roadmaps rather than long-dated R&D. Despite an unchanged high-risk profile, increasing follow-up and expansion orders point to improving execution signals, which could meaningfully support confidence in the company’s outlook and balance-sheet development. We reiterate our Speculative BUY rating and maintain our EUR 3.00 price target. The full update can be downloaded under https://research-hub.de/companies/singulus-technologies-ag

The U.S. Supreme Court’s decision to review the Durnell case marks an inflection point in Bayer’s long-running Roundup litigation, removing the largest procedural uncertainty around the company’s federal preemption strategy. While the individual case is financially immaterial, the Court’s review, aimed at resolving a split among appellate courts, has the potential to materially reshape the litigation endgame for the ~65,000 remaining claims. Backed by the Solicitor General and the EPA’s long-standing position on glyphosate labeling, Bayer now has a clearer, time-bound path toward legal resolution by mid-2026. Although the outcome remains binary, improved visibility meaningfully strengthens the probability-weighted risk profile, supporting a gradual easing of the litigation discount. We reiterate our BUY rating and EUR 54.00 price target, reflecting decent upside potential as the legal overhang is progressively addressed. The full update can be downloaded under https://research-hub.de/companies/bayer-ag

Daimler Truck (DTG) announced FY25 unit sales, closing the year on a mixed note, with seasonal strength helping Q4 deliveries. Mercedes-Benz Trucks benefited from catch-up effects in Europe, while Trucks North America faced ongoing headwinds due to cautious fleet investments amid tariff and geopolitical uncertainties. Trucks Asia remained stable, and Daimler Buses saw modest growth. Overall, the global truck market shows mixed signals, with temporary demand spikes in Europe driven by catch-up effects after several weak sales years, offset by broader macroeconomic weakness, US uncertainties, and trade tensions. Against this backdrop, we remain cautious and maintain our SELL rating with a price target of EUR 30.00. The full update can be downloaded under https://research-hub.de/companies/daimler-truck-holding-ag

Revo Hospitality Group has filed for insolvency in self-administration following a largely self-inflicted liquidity crisis caused by an overly aggressive, debt-financed expansion, including the acquisition of more than 60 H-Hotels. While the restructuring process may allow Revo to survive, the insolvency is likely to damage its reputation with hotel chains and institutional investors, potentially opening the door for competitors. This situation creates clear opportunities for MHP Hotel, which could benefit from contract terminations or expiries and selectively acquire attractive upper-upscale and luxury assets from Revo’s portfolio. Overall, the development reinforces our positive long-term growth outlook for MHP, supporting the maintained EUR 3.30 price target and BUY rating. The full update can be downloaded under https://research-hub.de/companies/mhp-hotel-ag

The share price momentum has been striking, with SUSS MicroTec stock more than doubling since November 2025, driven largely by industry newsflows around the memory bottleneck. While this narrative has not yet translated into meaningful near-term orders, recent signals from across the ecosystem, including TSMC’s pull-forward of advanced packaging and backend capacity investment, point to increasing urgency in capacity build-out. For SUSS, this suggests increasing pressure in customer decision-making around UV scanners and HBM-related bonding applications. Although order visibility remains limited, the combination of structural memory constraints and accelerating backend investment supports our view that today’s opportunities can convert into orders sooner rather than later. We reiterate our BUY rating with an unchanged price target of EUR 56.00. The full update can be downloaded under https://research-hub.de/companies/suss-microtec-se