Morning Comment Sweden-05/26/2026

研报英文原文证据摘录

Morning Comment Sweden-05/26/2026

Morning Comment Sweden

26 MAY 2026

Today’s research focus

• KINV - Kinnevik - Buy, TP SEK 71: We remain positive following the

appointment of Helena Saxon as new CEO. Her profile, combined with

Chairman Stenbeck's comments, reduces the risk of unprofitable new

investments from the SEK 7.5bn net cash position (43% of mcap). Portfolio

multiples appear undemanding after the Q1 mark-down, and NAV should

be revised up ~5% q/q in Q2 if guidance holds and peer multiples sustain.

Shares still trade at a 41% discount to reported NAV (56% excl. cash),

leaving room for the discount to narrow as NAV growth resumes and the

portfolio is gradually reshaped toward more profitable holdings. LINK

• CORE.B - Corem - Hold (Buy), TP SEK 3.5 (4.3): Yesterday Ericsson

announced its decision to relocate Stockholm operations from Kista to

Hagastaden, starting in 2028. While Corem's lease for Ericsson's Swedish

HQ (7.8% of YE25 rental value) was recently extended to Q3 2030, leaving

estimates intact, the announcement is a clear blow to the Kista narrative

and to the sentiment for decentralised office locations. Combined with

continued operational headwinds and IFPM growth driven by bank share

dividends rather than underlying improvement, we see few near-term

catalysts and downgrade Corem to Hold (Buy), TP SEK 3.5 (4.3). LINK

• DIOS - Diös - Buy, TP SEK 79: Diös have extended a lease agreement

with Bravida for ~1,300 sqm in Skellefteå by six years, with Bravida

expanding the premises by more than 300 sqm in connection with a larger

refurbishment. Diös will invest ~SEK 9m in the property, corresponding to

a yield-on-cost of ~8%, with the upgraded premises expected to be

completed in January 2027.