(22/5/2020)- Στο ΠΙ και ΦΙ από και για τον κόσμο του ελληνικού χρηματιστηρίου…

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(22/5/2020)- Στο ΠΙ και ΦΙ από και για τον κόσμο του ελληνικού χρηματιστηρίου…

@4:50μμ

ΑΞΙΑ ΣΥΝΑΛΛΑΓΩΝ: 39,8 εκατ.

ΑΝΟΔΙΚΕΣ – ΠΤΩΤΙΚΕΣ 58 – 50

ΗΛΙΑΣ ΖΑΧΑΡΑΚΗΣ: Tα stop στο Intraday ανεβαίνουν στο 1451 και 601 αντίστοιχα. Θυμίζουμε σε ημερήσιο, είσοδο έχουμε με κλείσιμο πάνω από το 1480 και το 613 αντίστοιχα.

  • ΓΕΚΤΕΡΝΑ VS ΛΑΜΔΑ

Βίοι παράλληλοι το τελευταίο διάστημα…


  • ΜΗΝΥΜΑ:

AKAZOO VS FF GROUP

  • ΕΠΙΤΡΟΠΗ ΚΕΦΑΛΑΙΑΓΟΡΑΣ ΗΠΑ VS ΕΠΙΤΡΟΠΗ ΚΕΦΑΛΑΙΑΓΟΡΑΣ ΕΛΛΑΔΟΣ

ΧΩΡΙΣ ΣΧΟΛΙΟ


Axia: Θεωρεί ότι οι ελληνικές τράπεζες παρουσιάζουν εντυπωσιακές και άκρως ελκυστικές αποτιμήσεις, ακόμη και αν ληφθούν υπόψη οι προκλήσεις του επόμενου διαστήματος. Απόλυτα θετικό για την πορεία των μετοχών τους είναι  το γεγονός ότι έχουν πλήρη στήριξη από την ελληνική κυβέρνηση και τις ευρωπαϊκές αρχές σχετικά με τη ρευστότητα, τα κεφάλαια και την αναγνώριση των NPEs.

  • Σύσταση “ΑΓΟΡΑ” και για τις τέσσερις με τιμές στόχου: για την ΑΛΦΑ τα 1,30 ευρώ (από 2,50 ευρώ πριν) με περιθώριο ανόδου της τάξης του 160%, για την ΕΥΡΩΒ η τιμή-στόχος είναι το 0,90 ευρώ (από 1,20 πριν) με περιθώριο ανόδου 190%, για την ΕΤΕ τα 1,90 ευρώ (από 3,80 ευρώ πριν) με περιθώριο ανόδου 107% και για την ΠΕΙΡ η τιμή-στόχος είναι τα 2,00 ευρώ (από 3,50 ευρώ πριν) με περιθώριο ανόδου 96%.
  • SPREADS
ΧΩΡΑ ΑΠΟΔΟΣΗ % Spread vs BUND
ΕΛΛΑΔΑ 1,69 +2,18
ΠΟΡΤΟΓΑΛΙΑ 0,74 +1,23
ΙΣΠΑΝΙΑ 0,70 +1,19
ΙΤΑΛΙΑ 1,61 +2,10

 

Daily Monitor

Macros

Greece/Industrial Sales: Industrial sales growth remained in contraction in March, with the annual rate falling 9.3 y-o-y after a drop of 2.4% in the previous month, data from the National Statistics Service of ELSTAT showed. In March 2019, sales were down 5.7%. On a monthly basis, industrial sales slipped 2.0%. Sales for the domestic market dropped 8.9% while the non-domestic market revenues were down 10%. Mining and quarrying turnover fell 10% while manufacturing turnover dropped 9.3% y-o-y.

Greece/Current Account Balance: Greece’s current account balance showed a deficit of €1.1bn in March, down by €432mn y-o-y, data from the Bank of Greece showed. Improved balance of goods offset a decline in the services balance. “The deficit of the balance of goods decreased by €319mn due to an improved non-oil balance of goods and despite a decline of 5.4% in non-oil exports, as the corresponding imports fell at a much faster pace (-12%). These developments are largely attributable to the halt of economic activity worldwide as a result of the lockdown imposed in order to rein in the COVID-19 pandemic. The oil balance did not change considerably,” BoG said. The surplus of the services balance shrank, due to a deterioration primarily in the transport balance and secondarily in the travel and other services balances. “The travel balance decreased, as non-residents’ arrivals fell by 46.8% and the corresponding receipts by 71%, given that air traffic was suspended and hotels were shut down. Residents’ travel spending abroad also fell sharply by 75.7%, without, however, fully offsetting the drop in receipts,” the central bank added. In the first quarter of the year, the deficit of the current account narrowed by €201mn y-o-y and stood at €3.5bn.

Corporate

OPAP: OPAP said its chief commercial officer Karas will assume responsibilities as acting CEO as of June 1 and until a new CEO is appointed. Ziegler, Executive Chairman of the OPAP Board of Directors, will continue with executive responsibilities assigned to him. Following the resignation of CEO Damian Cope as of May 31, “the succession search of internal and external candidates for the permanent role of CEO is ongoing and OPAP is expected to issue an announcement when it has been completed,” OPAP said in a bourse filing.

Banking Sector: Moody’s argues that Greek banks’ increased ECB funding will help them mitigate the challenge to their profitability as “the coronavirus-related economic disruption reduces quality lending opportunities, erodes fee and commission income and leads to lower trading gains and potential losses on investment securities.” ECB financing programs provide cheap funding to all euro area banks, but in April, the ECB allowed Greek government bonds as eligible loan collateral despite their non-investment-grade rating (B1 stable). Greek banks increased their ECB funding to €21.5bnin April, from €12.4bn in March 2020. Greek bank’s ECB funding is entirely through the LTRO mechanism, which is offered to the euro area’s commercial banks at -0.5%. “The -0.5% cost of funding through the LTRO combined with increased private-sector deposit balances of around 145 billion euros as of March 2020 at a cost marginally higher than 0.3% will support the banks’ net interest margins and profitability during the economic challenges of this year,” Moody’s says. Moody’s expects banks’ profitability to weaken as coronavirus-related economic and financial market disruption reduces quality lending opportunities and erodes fee and commission income mainly due to lower disbursements of new loans. Greek banks are also likely to generate lower trading gains and potential losses on investment securities because of widening credit spreads. The agency estimates that the Greek economy will likely contract more than 5% this year because of the country’s nearly two-month coronavirus-driven lockdown, and disruption of tourism, which contributed approximately 12% of GDP in 2019. Also, Moody’s expects large banks’ net interest income and margins to remain pressured by falling loan balances and very low interest rates but it does not see a major decline in customer deposits this year given that ‘business-related deposits that will likely reduce from the pandemic will be counterbalanced by higher retail deposits because of a decline in household consumption.”

PPC: PPC’s market share in the retail segment dropped slightly in April, with the utility’s market share declining to 67.4% from 69.9% in the previous month, according to data provided by the Energy Exchange. The three largest independent retailers increased their market share with Mytilineos’ Protergia controlling 6.84%, Heron 5.81%, Elpedison 5.06%. Recall that Greece has agreed with its creditors to slash PPC’s market share below 50% by 2020. Moreover, that PPC’s management had stated that company’s budget for 2020 assumes a market share of 65%.

In other news the process for the construction of the first solar park in Kozani, northwestern Greece, has entered the final stretch. Its capacity will be 15 megawatts and it forms part of a mega-project of 230 MW in the area. Public Power Corporation subsidiary PPC Renewables has completed the tender procedure for the concession and construction of the first unit of 15 MW in the record time of 90 days. Four companies took part in this first tender for the project budgeted at about 10 million euros. Same press says the preferred bidder appears to be METKA, while the project’s construction will probably begin in July. In the tender for the second photovoltaic unit, also with a capacity of 15 MW but with a budget of €15 million, Terna appears to be the winning bidder.

Upon completing the two tenders, PPC Renewables will allow the launch of the construction of Greece’s biggest solar energy park and one of the largest in Europe, in the area of the PPC mines at Kozani, laying the groundwork for a post-lignite energy growth model in Western Macedonia. May 28 is the deadline for the submission of bids for the big photovoltaic unit of 200 MW, which along with the two smaller ones will take the cluster to 230 MW.

FTSE/Athens General Index: Note that as of June 12 the maximum weight per share in FTSE-25 is limited to 10% (capping factor) which Coca Cola and OTE to be directly impacted (currently 22.9% and 15.9% respectively) and OPAP and Jumbo post review.. All constituent changes will be effective after close of business on Friday, 19th June 2020 (i.e. on Monday, 22nd June 2020).

Hellenic Exchanges: HellEx said that Franklin Templeton has reduced its indirect stake in the bourse operator below the 5% disclosure threshold, to 4.98% from 5.16% previously. The triggering transaction took place May 20.

Bank of Piraeus: According to HCMC daily bulletin Oceanwood announced short position of 0.53% in BoP on May 20.

Dromeas: Andromeda Seafood files for a squeeze out in the company by acquiring the remaining 349,888 shares that it does not own.

Autohellas: Mr Vassilakis bought 10K shares for €38.112K (€3.8112/share).

BRIQ PROPERTIES: On May 20, the company bought 4,000 own shares at €1.673/share (€6.69K)

Fourlis: On May 20, the company bought 11,123 own shares at €3.4898/share for a total consideration of €38.817K. Fourlis now owns 334,030 own shares or 0.6423% of share capital.

OTE: On May 20, the company bought 52,931 own shares at €12.4006/share (total cost €656.378K). OTE now owns 2,862,071 total own shares or 0.609% of share capital.

Terna Energy: On May 20, the company bought 8,096 own shares for a total consideration of €73.934K (€9.1322 avg price per share). 

Other Q1:20 Results

ELVALHALCOR

2019

2020

Y-o-Y

EUR thous.

Q1

Q1

(%)

Sales

551,900

530,300

-3.9% 

EBITDA

38,300

20,100

-47.5% 

EBITDA Mrg

6.9% 

3.8% 

-315 bps 

Net Income

16,100

900

-94.4% 

Net Mrg

2.9% 

0.2% 

-275 bps

 

AthEx Calendar – Upcoming General Meetings

25/05 Elvalhalcor AGM, Dividend €0.03

26/05 Viohalco: AGM

27/05 Jumbo AGM, AUDIOVISUAL EGM change of corporate id

29/05 Intralot, AGM HELEX, AGM,

02/06 Dromeas AGM

04/04: Attica Bank AGM, Mytilineos AGM

10/06: Loulis Mills AGM

16/06 Cretan Plastics AGM

17/06 Elton Chemicals

18/06 Lavipharm AGM

19/06 Thessaloniki Water AGM

24/06 Hellenic Petroleum AGM

25/06 BYTE AGM, Sidma AGM, PPA AGM, PPC AGM

26/06 Ellaktor AGM, Athens Water AGM, Flecopack AGM, Forthnet AGM, Motodynamics AGM, Quest Holdings AGM

27/06 Jumbo AGM Dividend €0.062, Paperpack AGM

29/06 Petropoulos AGM Intralot AGM

30/06 Intercontinental REIC, HAIDEMENOS AGM

07/07 KRI – KRI AGM

15/07 Thrace Plastics

16/07 IPTO AGM

17/07 Motor oil AGM

27/07 Varvaressos AGM

30/07 Trastor AGM

01/09 ANEK AGM

02/09 Newsphone AGM 

Results Announcements

25/05   Athens Exchange Q1:20

28/05   NBG Q1:20 Alpha Bank Q1:20

29/05   BYTE FY:19, Eurobank Q1:20

01/06   Piraeus Bank Q1:20 (After Market)

09/06   Quest Q1:20

30/05    Athens Water FY:19

30/06   Athens Medical FY:19