Kepler Cheuvreux cuts Azelis to 'hold' on lower expectations

** Kepler Cheuvreux cuts European chemicals distributor Azelis Group AZE to "hold" from "buy," as Q2 results have tempered expectations

** Azelis posted a 11.5% drop in Q2 adjusted EBITDA at 114.8 million euros ($133.78 million) pushing the broker to lower its 2025 EBIDTA estimates by 7%

** Kepler highlights a "particularly weak" performance in APAC region, with softness in Australia and New Zealand, and Chinese suppliers dumping excess capacity

** The broker lowers target price to 14 euros per share from 19 euros on the back of its lower estimates

** Out of 16 analysts that cover Azelis, 13 rate the stock "strong buy" or "buy"​ and three rate it "hold" - LSEG data

($1 = 0.8581 euros)