• Macro: US markets were weaker yesterday with the S&P500 down modestly. Europe was also down slightly with the Stoxx 600 broad index ending in the red. Later today, we have French February Business and Manufacturing confidence indices, after this we get Manufacturing, Services and Composite PMI data for France, Germany, UK and the Eurozone, when small improvements are expected. Then later from the US we get PMI data, expected to improve slightly, followed by the finalised U. of Michigan sentiment index and existing home sales. The only central banker speaking is Lane from the ECB.
• Stock: We have an update on Kingspan’s FY24 earnings release. (Comment attached)
• Debt: Core bond yields were little changed yesterday as we await PMI releases later today.

Opportunities this week:

• With Kingspan’s shares ending last week at a 52-week low, we believe it opportune to highlight our €93 price target which implies over 30% upside, supporting our reiterated BUY recommendation.  
• During our recent meeting, Kerry CFO, Marguerite Larkin, struck an optimistic tone, highlighting the group’s growth drivers in its key markets. BUY PT: €104.
• We continue to rate Uniphar as a Buy with PT €3.50 (60% upside) given the low valuation levels for this well run, steadily growing business, with a strong niche business model, and potential for debt reduction in the foreseeable future.