Από τα γραφεία των Χρηματιστών (08.04.2025)

Υποχώρηση κατά 7,43% κατέγραψε ο Γενικός Δείκτης του Χ.Α. στη χτεσινή συνεδρίαση κλείνοντας στις 1478,92 μονάδες. Παράλληλα, η αξία των συναλλαγών διαμορφώθηκε στα 403,3 εκ. ευρώ. Οι πωλητές ανέλαβαν από το ξεκίνημα την υπεροπλία καθώς τόσο η Wall Street όσο και οι ασιατικές αγορές είχαν καταγράψει μεγάλες απώλειες. Με το ΓΔ να καταγράφει στο ξεκίνημα το ενδοσυνεδριακό χαμηλό στις 1455 μονάδες, να ανακάμπτει στη συνέχεια καταγράφοντας περί τις 2μμ ενδοσυνεδριακό υψηλό στις 1521 μονάδες. Για να υποχωρήσει και πάλι στη συνέχεια με το κλείσιμο στις δημοπρασίες να είναι πιο κοντά στο ενδοσυνεδριακό χαμηλό (συνολική μεταβλητότητα 66 μονάδες). Με ρευστοποιήσεις τραπεζών και του συνόλου των blue chips. Την ίδια ώρα, οι αποδόσεις των 10ετών τίτλων διαμορφώνονταν στο 3,48% με τις ευρωπαϊκές αγορές πάλι να υποχωρούν Έτσι, ο τραπεζικός κλάδος (-8,87%) κατέγραψε απώλειες με την Alpha (- 10,10%) να υποαποδίδει. Απώλειες ακόμη κατέγραψε η Βιοχάλκο (-10,43%), η ΓΕΚΤΕΡΝΑ (- 6,94%), η ΔΕΗ (-11,79%), η ΕΕΕ (-8,33%), ο Ελλάκτωρ (-11,31%), ο ΟΤΕ (-7,97%), η Cenergy (- 7,46%), η Lamda (-8,73%), η ΕΛΧΑ (-10,97%), η Optima (-14,98%), o Aktor (-9,13%), η Helleniq Energy (-6,88%), η Motor Oil (-4,60%) και ο ΟΠΑΠ (-5,06%). Απολογιστικά, 3 μετοχές κατέγραψαν κέρδη έναντι 112 εκείνων που υποχώρησαν. Ο Φουρλής ανακοινώνει σήμερα τα ετήσια αποτελέσματά του ενώ σήμερα διεξάγεται η Γ.Σ. της ΤτΕ κατά την οποία ο Γιάννης Στουρνάρας θα αναφερθεί στο μακροοικονομικό περιβάλλον. Το βράδυ, ο οίκος FTSE Russell ανακοινώνει την έκθεσή του για το Χ.Α. και την πιθανή αναβάθμισή του στις ανεπτυγμένες αγορές. Στις 1464 μονάδες η πλησιέστερη ισχυρή στήριξη του Γ.Δ. στο Χ.Α.

O Βασίλειος Ευγένιος αναλαμβάνει Διευθύνων Σύμβουλος στην Foodlink. Ο κ. Βασίλειος Ευγένιος θα είναι επιφορτισμένος με την εύρυθμη εσωτερική λειτουργία της Εταιρείας και των θυγατρικών της.

Δύο κορυφαίοι ενεργειακοί όμιλοι, η RWE και η ΔΕΗ, συνεχίζουν να προωθούν την ενεργειακή μετάβαση της Ελλάδας μέσω της κοινής εταιρείας τους ΜΕΤΩΝ Ενεργειακή ΑΕ. Η εταιρεία έλαβε την τελική επενδυτική απόφαση για την κατασκευή δύο μεγάλης κλίμακας Φ/Β έργων στη Περιφέρεια της Κεντρικής Μακεδονίας. Τα Φ/Β έργα «Κοτύλι» και «Νέο Συρράκο» θα έχουν συνολική ισχύ 567 MWp.

Η ΑΒΑΞ ξεκινά την επέκταση των εγκαταστάσεων της Παπαστράτος. Η έναρξη της 4ης φάσης της μεγάλης επένδυσης της Παπαστράτος στο εργοστάσιό της, σηματοδοτεί ένα νέο κεφάλαιο στη μακροχρόνια στρατηγική συνεργασία της με την ΑΒΑΞ. Η πρώτη φάση του σχεδίου έχει προϋπολογισμό 30 εκατ. ευρώ.

ΔΑΑ: Νέα αύξηση 10% στην επιβατική κίνηση τον Μάρτιο. Τόσο η εγχώρια όσο και η διεθνής επιβατική κίνηση, ξεπέρασαν τα επίπεδα του 2024 κατά 2,1% και 14,4% αντίστοιχα. Διακινήθηκαν 5,81 εκατ. επιβάτες το πρώτο τρίμηνο.

Mevaco: Αναλαμβάνει την κατασκευή του στεγάστρου για το έργο Riviera Galleria. Αναμένεται να αποτελέσει ένα από τα πιο εντυπωσιακά εμπορικά και ψυχαγωγικά σημεία στην Αθήνα, με ιδιαίτερη αρχιτεκτονική ταυτότητα και διεθνείς προδιαγραφές. Το συνολικό τίμημα του έργου ανέρχεται σε 10,45 εκατομμύρια ευρώ.

Η συνολική αξία των εξαγωγών κατά το χρονικό διάστημα Ιαν.-Φεβρουαρίου 2025 ανήλθε στο ποσό των €8.179,0 εκατ. +1,6%. Η συνολική αξία των εισαγωγών ανήλθε στο ποσό των €13.439,3 εκ. 1,3%.Το έλλειμμα του εμπορικού ισοζυγίου ανήλθε σε 5.260,3 εκατ. ευρώ (5.393,1 εκατ. δολάρια) έναντι €5.572,6 εκ., -5,6%.

Πακέτο από συμβουλές του ΔΝΤ για τόνωση της ελληνικής ανάπτυξης. Χαιρετίζει τα υψηλά επίπεδα ανάπτυξης και ζητά διατήρηση πρωτογενών πλεονασμάτων άνω του 2% του ΑΕΠ. Επίμονος ο δομικός πληθωρισμός. Εισηγείται «περιορισμένες» αυξήσεις σε συντάξεις και μισθούς δημοσίου.

ATHEX headed south yesterday for a third session in a row and in line with the European stock markets. In more detail, the General Index plunged by 7.43% at 1,478.92 units (FTSE Large Cap: -7.72%, FTSE Mid Cap: -7.15%, Banks Index: -8.87%) and the traded value was shaped at EUR 401.3m, down from Friday’s EUR 413.1m. We expect ATHEX to rebound ahead of FTSE Russell announcement tonight.

Macro Headlines

IMF Executive Board Concludes 2025 Article IV Consultation with Greece

IMF in its concluding statements under the IV consultation said that:

• Greece’s near-term economic outlook remains favorable, with real GDP remaining high at 2.1% in 2025
• Investment will continue to be a key driver, supported by NGEU-funded projects
• Private consumption growth will remain solid, underpinned by favorable employment and income growth.
• headline inflation is expected to resume its downward trend, while core inflation will be more persistent due to services inflation and wage growth
• The banking system has further enhanced its resilience underpinned by balance sheet strengthening.
• Asset quality in systemically important banks has improved further, with the NPL ratio dropping to around 3% percent.
• Banks sustained high profits, which, along with capital instrument issuances, have boosted capital adequacy.
• Liquidity and funding risks have been markedly reduced, with buffers well above prudential requirements and the EU average.
• Risks to the growth outlook are balanced, while those to inflation are tilted upward.
• Potential headwinds include the growth slowdown in major euro area countries, a deterioration of regional conflicts, and global policy uncertainty.
• The acceleration of ambitious structural reforms could further improve growth prospects. Stronger- and more persistent-than-expected wage growth could further fuel service inflation

Market Headlines

FTSE Russell Equity Country Classification Interim Review Announcement today

FTSE Russell is expected to release its interim review for potential reclassification of ATHEX to developed market today after the market close.

Sector Headlines

International Airlines increased capacity for Greece by 4.6% y-o-y in 2025.

According to INSETE, scheduled airline available seats from international curriers is up by 4.6% y-o-y, to c. 28.2m. These data reflect the stability of tourism demand and highlight the continued strong preference for Greece, especially from major European markets while there is also strengthening of tourism dynamics from markets outside Europe, such as the USA, the Middle East and Southeastern Europe.

Company Headlines

RWE and PPC to build new solar projects of 567 MWp in Central Macedonia

PPC and RWE took the investment decisions for construction of two photovoltaic projects with a total capacity of 567 MWp in Central Macedonia at a EUR 418m budget, out of which EUR 175m will be made available by RRF sources. The commencement of construction is expected in spring 2025 and the commercial commissioning in 2027. The project company, (a 51%/49% JV between RWE and PPCR) Meton Energy S.A. has signed 10-year bilateral Power Purchase Agreements with PPC and RWE Supply & Trading, which will purchase the green electricity produced by the new solar farms.

Comment: This development is part of PPC’s strategy to expand its RES capacity, either organically, through acquisitions or through strategic partnerships. In this context, as a reminder, the RWE-PPC JV is developing large-scale solar projects in Greece with a total capacity of up to 2,000MW.

KNDS France and METLEN Partner for the Production of the VBCI PHILOCTETES armored vehicle

METLEN has entered into an exclusive partnership with KNDS France for the production of the French latest generation of 8×8 Infantry Fighting armoured Vehicle, VBCI PHILOCTETES® marking a significant milestone in European defence industrial cooperation. This exclusive alliance will involve the transfer of knowhow concerning aluminium armour and the local production of the VBCI Mk2 welded structure. This strategic industrial agreement is designed to meet the Hellenic Army’s operational requirement for a large number of 8×8 infantry fighting vehicles as well as that of other European armies. By locating key manufacturing and maintenance operations within Greece, the partnership enhances equipment availability.

Comment: METLEN is expanding is footprint in the defence industry, leveraging on the recently announced Rearm EU EUR 800bn programme (recall that METLEN recently announced an agreement with IDV, one of the leading European manufacturers of military trucks and combat vehicles). In this context, METLEN has announced the expansion of its defence hub in Volos, which will provide state-of-the-art defence solutions to the Hellenic Armed Forces and potentially to other Armed Forces of other European Nations. It is noted that the management will hold a capital markets day on 28 April to provide a more detailed business plan for 2025-28e, which will boost operating profitability from EUR 1.05bn in 2024 to EUR 2bn by 2028e.

Athens Airport releases strong passenger traffic for March

Athens International Airport (AIA) released its passenger traffic data for March 2025, according to which total passenger traffic up by 10.8% y-o-y, driven by international traffic (up by 14.4% YoY), while domestic traffic was also up +2.1% y-o-y. For the 3M25 total passenger traffic was up by +11.4% y-o-y, reaching 5.81m passengers with international passengers up by 15.0% y-o-y and domestic passengers up by 3.1% y-o-y.

Intralot signed contract extension in New Zealand until 2032

Intralot announced that its subsidiary Intralot New Zealand Ltd, has signed with the Department of Internal Affairs of New Zealand a six-year contract extension from 2026 to 2032, with a one-year further extension option, for the provision of Electronic Monitoring System (EMS) solution for Class 4 (non-casino) electronic gaming machines. In parallel, DIA has exercised its right to utilise the one-year extension option in the current EMS Service Agreement with INTRALOT New Zealand for continued supply of the EMS, extending the agreement from 10 May 2025 to 10 May 2026. The news is positive.

Fourlis 2024 results out today 

Fourlis will report 4Q/FY24 results today, after the market close.

BoG AGM today

The AGM of Bank of Greece is taking place today. Shareholders will approve among others the distribution of a dividend of EUR 0.6720/share (DY: 5.0%). The stock is set to trade ex-dividend on 23 April.

Aegean Airlines AGM set for 29 April

Aegean Airlines announced that it will hold its Annual General Meeting on Tuesday 29 April to approve among others the dividend distribution of EUR 0.80/share, (DY:7.6%) and a new buyback programme for up to 10% of the company’s share capital.

Autohellas AGM today

The company will hold its AGM today to approve among others the dividend distribution of EUR 0.85 per share (DY: 7.5%, ex-date 10 April).

The sell-off continued on Monday with the benchmark index recording heavy losses of 7.4%, with turnover at EUR 401m. The banking index was down 8.8% on the day, with Alpha Bank and Eurobank both losing 10%, followed by Piraeus Bank slipping 9.3% and NBG down c.6.3%. On non-financials, PPC marked a c.11.8% drop, Lamda was down 8.7%, Metlen and GEK Terna both recorded 6.9% losses and Titan ended at -5.4%. Moreover, OPAP slipped 5%, Motor Oil and Aegean finished 4.6% and 4.5% lower respectively, while Jumbo recorded mild losses of -0.9%. Fourlis reports FY24 number today, after the market close. 

MACRO – CORPORATE NEWS

MACRO

According to ELSTAT, the trade deficit excluding oil products and ships amounted to EUR 4.1bn in Jan-Feb 2025, EUR 0.1bn lower yoy. Exports excluding oil products and ships rose 8% yoy in the period, with the corresponding imports recording a 3.6% yoy increase.

MARKETS

The interim review from FTSE Russell regarding the potential upgrade of ΑΤΗΕΧ to developed markets is expected today.

ENERGY SECTOR

The Ministry of Environment and Energy has signed a ministerial decree granting Chevron the right to explore and exploit hydrocarbons in marine areas south of Crete, following the official acceptance of interest on March 26^th.

ALPHA BANK <ALPHA GA, OW>

Reportedly, Alpha Bank plans to proceed with an acquisition in the insurance space in Cyprus, following the acquisition of Astrobank, as part of the strategy for bolt-on acquisitions. 

AEGEAN AIRLINES <AEGN GA, OW>

Aegean Airlines will host its EGM on April 29 to approve, among other topics, a share buyback of up to 10% of the share capital for a period of 24 months a price range of EUR 1 to EUR 20.

ATHENS INTERNATIONAL AIRPORT <AIA GA, OW>

AIA announced a 10.8% yoy increase in passenger traffic in March 2025, driven by a 14.4% yoy rise in international traffic vs a 2.1% yoy increase in domestic traffic. Passenger traffic in the period of January-March 2025 was up 11.4% yoy, reaching 5.8m passengers, with international and domestic traffic growing 15% yoy and 3.1% yoy respectively.

PPC GROUP <PPC GA, OW>

PPC announced the construction of two large-scale photovoltaic projects in Central Macedonia, through the joint venture with RWE, Meton Energy, in an investment worth EUR 418m. The two photovoltaic farms will have a capacity of up to 567 MW, with the construction scheduled to commence this spring and the commissioning expected in 2027. Out of the EUR 418m, EUR 175m have been secured from RRF funds.

METLEN <MYTIL GA, OW>

Metlen announced it has entered into a partnership with KNDS France for the production of the French latest generation of 8×8 Infantry Fighting armoured Vehicle, VBCI PHILOCTETES.

INTRALOT <INLOT GA, OW>

Intralot announced that its subsidiary Intralot New Zealand, signed a six-year contract extension to 2032 with the Department of Internal Affairs of New Zealand, for the provision of its Electronic Monitoring System solution for Class 4 (non-casino) electronic gaming machines. The contract also includes a one-year further extension option.