HAL Trust disclosed a new 5.3% stake in Siltronic worth about EUR 140mInvestment out of their comfort zone that for now does not move the needle, either reason to increase stake into double digits or keep in ‘liquid portfolio'For now, no impact on investment case but needs to be followed up closely. We estimate today's NAV at EUR 153.7 p/s, implying a discount of 25.4%. TP of EUR 114 reiterated as well as our Hold rating.
