*ΚΥΚΛΟΣ Χρηματιστηριακή Α.Ε.Π.Ε.Υ.* (http://www.cyclos.gr/)
Reds: Στα €3,8 εκατ. τα καθαρά κέρδη 9µήνου. Ο Όµιλος εµφάνισε στο εννεάµηνο του 2023 έσοδα ύψους περίπου €7,6 εκατ. έναντι εσόδων €6,5 εκατ. την αντίστοιχη περίοδο του, +16,8%, λόγω αύξησης της επισκεψιµότητας του Smart Park.
Με τιµή-στόχο στα 2,79 ευρώ, διπλάσια από τα τρέχοντα επίπεδα της µετοχής, ξεκινά κάλυψη για τον τίτλο της Avax η Optima Bank. Προβλέπει µέση ετήσια άνοδο του τζίρου κατά 18% στην περίοδο 2022-26, µε τα EBITDA να ενισχύονται 13% ετησίως και τα επαναλαµβανόµενα καθαρά κέρδη κατά 40%.
Η JP Morgan διατηρεί ουδέτερη (neutral) συνολικά σύσταση για την Ελλάδα στη στρατηγική των µετοχών της για το επόµενο έτος για τις αναδυόµενες αγορές, αλλά
συστήνει υπεραπόδοση (overweight) σε σχέση µε τις µετοχές της περιοχής της Κεντρικής, Ανατολικής Ευρώπης, Μέσης Ανατολής και Αφρικής.
Πτώση 13,5% στις τιµές παραγωγού στη βιοµηχανία τον Οκτώβριο.
Ο Γενικός ∆είκτης Κύκλου Εργασιών κατά τον µήνα Σεπτέµβριο 2023, σε σύγκριση µε τον αντίστοιχο δείκτη του Σεπτεµβρίου 2022, παρουσίασε αύξηση 3,3%. Ο Γενικός
∆είκτης Όγκου (κύκλος εργασιών σε σταθερές τιµές), κατά τον µήνα Σεπτέµβριο 2023, σε σύγκριση µε τον αντίστοιχο δείκτη του Σεπτεµβρίου 2022, παρουσίασε µείωση 3,3%.
Σε µονοψήφιο ποσοστό η ανεργία, στο 9,6% τον Οκτώβριο.
Στο 3% έπεσε ο πληθωρισµός στην Ελλάδα τον Νοέµβρη από 3,8% τον Οκτώβρη. Στο 2,4% κατέβασε ταχύτητα στην ευρωζώνη, από 2,9% τον Οκτώβρη, σύµφωνα µε τη
Eurostat
*∆ΙΕΘΝΕΙΣ ΑΓΟΡΕΣ*
Στη Wall Street, o Dow Jones ενισχύθηκε 1,47% ή 520 µονάδες στις 35.950 ο S&P 500 σηµείωσε άνοδο 0,38% στις 4.567 µονάδες ενώ o Nasdaq
κινήθηκε χαµηλότερα 0,23% στις 14.226 µονάδες.
Ο ευρωπαϊκός Stoxx 600 ενισχύθηκε 0,55% στις 461 µονάδες, ο FTSE 100 στο Λονδίνο σηµείωσε άνοδο 0,41% στις 7.453 µονάδες, ο DAX 30 στη
Φρανκφούρτη κινήθηκε υψηλότερα 0,30% στις 16.215 µονάδες και ο CAC 40 στο Παρίσι κατέγραψε κέρδη 0,59% στις 7.310 µονάδες.
*PANTELAKIS SECURITIES* (https://www.pantelakis.gr/)
* Fitch could upgrade Greece to IG status in today’s scheduled credit rating review
* Inflation eases in November
* Unemployment hits lowest level since 2009
* Retail sales decline in 2023
* OTE (HTO GA) to cancel +8.2m own shares, as expected
* GEK Terna (GEKTERNA GA): government reportedly allows 7.6-7.7% increase in tolls charges in 2024
Optima bank Research (https://www.optimabank.gr)
ATHEX extended gains yesterday, for a 2rd consecutive session, in line with the European stock markets. In more detail, the General Index rose by 0.31% at 1,275.13 units (FTSE Large Cap: +0.54%, FTSE Mid Cap: +0.11%, Banks Index: +0.83%) and the traded value was shaped at EUR 258.0m, up from Wednesday’s EUR 106.7m. We expect the positive momentum to continue, with stock picking in place, ahead of Fitch announcement after the market close.
Macro Headlines
Greek CPI drops in November (Eurostat)
According to a flash estimate from Eurostat, Greek annual inflation is expected to shape at 3.0% in November 2023, down from 3.8% in October, above the respective EU area figure (down to 2.4% in November 2023 from 2.9% in October).
Greek unemployment down to 9.6% in October (ELSTAT)
ELSTAT announced that the seasonally adjusted unemployment rate came in at 9.6% in October 2023, lower than the upwards revised 10.3% in September 2023 and the 11.8% in October 2022. The number of unemployed persons amounted to 453,783, lower by 17.9% y-o-y and by 5.9% m-o-m.
Retail Sales up in September (ELSTAT)
According to the Hellenic Statistical Authority, retail sales (excluding automotive fuel) rose by 3.3% y-o-y in September 2023 (while decreased by 3.3% y-o-y in volume terms), while including automotive fuel, retail sales increased by 5.4% y-o-y. Per main store category, the turnover of the Food sector increased by 11.9% y-o-y, driven by higher prices and sales volume were also up by (3.5% y-o-y), while Non-food sector (except automotive fuel) sales slightly reduced by 0.7% y-o-y with sales volume down by -4.9% y-o-y. Finally, the turnover of the Automotive fuel sector decreased by 6.0% y-o-y, with sales volume also down by 6.7% y-o-y.
PPI in industry drops in October (ELSTAT)
According to ELSTAT, Producer Price Index in Industry (PPI) dropped by 13.5% y-o-y in October 2023, driven by the sharp price decreases in Energy goods (-23.3% y-o-y; October-22: +57.6% y-o-y), while higher producer prices were gauged in Non-Durable Consumer goods (+6.5% y-o-y; October-22: +8.3% y-o-y). In the November 2022-October 2023 period, Producer Price Index in Industry (PPI) decreased by 3.0% in comparison with the corresponding index for the period from November 2021 to October 2022.
Sector Headlines
Eurometaux President Mr. Mytilineos urges EU to address the increased energy costs in the metals sector
The President of the European Metal industries (and also Mytilineos), in a meeting with the EU commissionaire Mrs. Von Der Lyen, reportedly stressed the elevated energy costs that threaten the sector, proposing also the adoption of the Green Pool model (i.e. the state grants of 80-85% on electricity generated from renewables) as a tool to address the issue.
Company Headlines
OTE EGM approved cancellation of 8.2m own shares and new share buyback program
Shareholders approved the cancellation of 8,245,534 own shares, purchased by the company under the approved own share buyback program, with a corresponding reduction of its share capital by EUR 23.3m as well as the commencement of a new share buyback program for a period of two years (22.02.2024-22.02.2026) and up to 10% of the outstanding shares (42,624,754 shares) at a price range between EUR 1.00 and EUR 30.00 per share.
ADMIE Holding 9M23 results release date
ADMIE Holding will release its 9M23 results on Thursday, 7 December amc.
Euroxx Χρηματιστηριακή (https://www.euroxx.gr)
Strong trading activity of c.EUR 258m on MSCI rebalancing with the index marginally up (+31bps). Banking index up 80bps with Piraeus being the best performing bank, up 1.6%, followed by NBG up 1.3%. Terna Energy up 1.4%, on top of the +3.5% on Wednesday. On the contrary, Sarantis continues to correct after a strong rally recorded in mid-November, down2.7%. Good day also for HTO, up 2.2% and Mytilineos +1.6%.
MACRO – CORPORATE NEWS
MACRO
*According to EU Commission data, ESI in Nov’23 stood at 106.2, 0.4pts lower on mom.
*According to ELSTAT, seasonally adjusted unemployment rate in Oct’23 amounted to 9.6% vs 11.8% in Oct’22 and to the upwards revised 10.3% in Sept’23. In addition, the volume Index in retail trade in Sept’23, decreased by 3.3% yoy and 7.3% on mom comparison.
*According to Eurostat, inflation in Greece slowed in November to 3.0% following the uptick in Oct (3.8%)
*Fitch rating review today. Current rating at BB+, one notch below investment grade
HELLENIC TELECOM <HTO GA>
The EGM approved the cancellation of 8,245,534 own shares of EUR 23.33m value, with a corresponding reduction of its share capital.
PUBLIC POWER CORPORATION <PPC GA>
In the context of its buy-back program, PPC’s own shares stand at 4.45%.
Eurobank Equities (https://www.eurobankequities.gr)
Market Comment // In a volatile session yesterday, the ASE Index swung between gains and losses, before jumping at the final auction settling at 1,275.13 points (+0.31%). Trading activity surged due to the MSCI rebalancing, with turnover amounting to €258mn, above the 100-day moving average of €114m, with NBG alone representing c23% of the total value, Mytilineos c14% and Jumbo c10%. Among gainers, Fourlis (+2.5%) and HTO (2.2%) stood out, with Piraeus Bank, Mytilineos, Terna Energy, TITC, NBG, Cenergy and PPC also posting gains (>1%). On the other hand, Sarantis (-2.7%), Autohellas (-2.7%), Hellenic Exchanges (-2.3%), EYDAP (-2.2%) and Ellaktor (-2%) were among the laggards, followed by Viohalco, Gekterna, Admie Holdings and Lamda Development (all posting losses >1%). Today, EU futures point to a positive opening, on investor optimism over easing inflation on both sides of the Atlantic and potential rate cuts next year.
Economy // Fitch to provide its rating update on Greece today post market close. As a reminder, Fitch currently rates Greece one notch below investment grade and, despite the stable outlook, it is widely expected to proceed to an upgrade becoming the second of the big 3 agencies (after S&P) to place Greece in IG.
Economy // According to Eurostat inflation in Greece showed signs of cooling, with November Core CPI -1.1% month-on-month and +3.0% yoy (following +3.8% in October).
Concessions // The Ministry of Infrastructure and Transportation came to an agreement with concessionaires to implement a 7.6-7.7% rise in tolls for 2024.
OTE // EGM approved yesterday i) a share buyback program ii) the cancelation of 8.2mn shares acquired through the program.
* Tα παραπάνω σχόλια μπορείτε να τα διάβασετε πρώτοι στο viber του mikrometoxos.gr
ΑΠΟΠΟΙΗΣΗ ΕΥΘΥΝΩΝ: Το περιεχόμενο και οι πληροφορίες της στήλης προσφέρονται αποκλειστικά και μόνο για ενημερωτικούς σκοπούς και σε καμία περίπτωση δεν μπορούν να εκληφθούν ως συμβουλή, πρόταση, προσφορά για αγορά ή πώληση των κινητών αξιών, ούτε ως προτροπή για την πραγματοποίηση οποιασδήποτε μορφής επένδυσης. Κατά συνέπεια δεν υφίσταται ουδεμία ευθύνη για τυχόν επενδυτικές και λοιπές αποφάσεις που θα ληφθούν με βάση τις πληροφορίες αυτές.
