Από τα γραφεία των Χρηματιστών (13.05.2024)

*ΚΥΚΛΟΣ Χρηματιστηριακή Α.Ε.Π.Ε.Υ.* (http://www.cyclos.gr/)
Άνοδο κατά 0,46% κατέγραψε ο Γενικός ∆είκτης του Χ.Α. στην τελευταία συνεδρίαση της προηγούµενης εβδοµάδος κλείνοντας στις 1484,06 µονάδες (+2,19% ο Γ.∆. & +3,31% οι τράπεζες την προηγούµενη εβδοµάδα, +14,76% ο Γ.∆. & +21,59% οι τράπεζες στο έτος). Παράλληλα, η αξία των συναλλαγών διαµορφώθηκε στα 112,9 εκ. ευρώ. Η συνεδρίαση ήταν συναλλακτικά µάλλον υποτονική µε εύρος διακύµανσης µόλις 6 µονάδες. Ο Γ.∆. ωστόσο κινήθηκε µόνο σε θετικό έδαφος πετυχαίνοντας νέο ιστορικό υψηλό 13 ετών, ενδοσυνεδριακά στις 1486 µονάδες και 2 µονάδες χαµηλότερα στις δηµοπρασίες σε συγχρονισµό µε τις ανοδικές διεθνείς αγορές που προσβλέπουν στις επιτοκιακές µειώσεις, προσπερνώντας τις γεωπολιτικές αβεβαιότητες. Την ίδια ώρα, οι αποδόσεις των 10ετών τίτλων διαµορφώνονταν στο 3,498%. Ανοδικά κινήθηκε η Πειραιώς (+2,12%), η Alpha (+1,01%), ο Ελλάκτωρ (+2,67%), η ΜΟΗ (+1,55%), η Aegean (+2,57%), ο Τιτάν (+1,12%), η ΕΥ∆ΑΠ (+1,56%), η ΓΕΚΤΕΡΝΑ (+0,84%) αλλά και ο Α∆ΜΗΕ (+1,14%) µε τον ΟΛΠ (+1,21%) από τη µεσαία κεφαλαιοποίηση. Στον αντίποδα, απώλειες κατέγραψε η Jumbo (- 0,72%), ο ΟΠΑΠ (-0,77%), ο ΟΤΕ (-0,48%), η Βιοχάλκο (-1,15%), η ΕΛΧΑ (-0,99%) και η Cenergy (-1,79%). Απολογιστικά, 67 µετοχές κατέγραψαν κέρδη έναντι 37 εκείνων που υποχώρησαν. Την Τρίτη ανακοινώνεται η αναδιάρθρωση των δεικτών MSCI (ΟΤΕ, ΟΠΑΠ, Jumbo, ∆ΕΗ, Eurobank, Alpha Bank, Εθνική, Τράπεζα Πειραιώς, Μυτιληναίος και Motor Oil οι 10 µετοχές που συµµετέχουν στον MSCI Standard Greece) µε το rebalancing να γίνεται στις 3/6, ενώ την Πέµπτη 16/5 η Eurobank και η Alpha Bank ανακοινώνουν τα αποτελέσµατα του 1ου τριµήνου. Νέος άθλος για το Γ.∆. η προσέγγιση των 1500 µονάδων, ενώ στις 1460 προσδιορίζει την πλησιέστερη στήριξη η τεχνική ανάλυση.
Citi: παραµένει θετική για τη µετοχή της Mytilineos µε σύσταση αγοράς και τιµήστόχο στα 46 ευρώ. Στα εναλλακτικά σενάρια που παρουσιάζει, εκτιµά ότι στο θετικό σενάριο για τη µετοχή της Mytilineos, η τιµή-στόχος αυξάνεται στα 61 ευρώ ανά µετοχή.

Q & R: Ποσό περίπου €19 εκατ. θα διατεθεί εντός 36 µηνών από την ολοκλήρωση της ΑΜΚ 31 εκ. ευρώ (Γ.Σ. στις 31/5) για την απόκτηση συµµετοχών/ εξαγορών σε άλλες εταιρείες πληροφορικής. Jumbo: Αύξηση τζίρου 10% από Γενάρη έως Πάσχα. Η διοίκηση διατηρεί τις εκτιµήσεις της για αύξηση κύκλου εργασιών και κερδών, τη φετινή χρονιά, σ’ ένα εύρος µεταξύ +8% έως +10%.

ΕΥ∆ΑΠ: Στο τραπέζι επιστροφή κεφαλαίου, προσέλαβε σύµβουλο. ∆ιαθέσιµα €325 εκ. είχε στο τέλος του 2023 η εταιρεία, που βρίσκεται σε φάση µετασχηµατισµού και υψηλών επενδύσεων για την προσεχή 10ετία €2,1 δις. Αναµένει να ανακτήσει το σύνολο των κεφαλαίων που δαπανά η ίδια, µετά τον καθορισµό της Ρυθµιζόµενης Περιουσιακής Βάσης. ΕΛΛΑΚΤΩΡ: Πρόταση για επιστροφή κεφαλαίου €0,5 ανά µετοχή. Η πρόταση αφορά στην επιστροφή κεφαλαίου ύψους 174 εκατ. ευρώ. Πρώτη διανοµή προς τους µετόχους µετά από 13 χρόνια.

AVE: Εισήγηση του ∆Σ για αύξηση µετοχικού κεφαλαίου κατά 6 εκατ. ευρώ. Στόχος να ολοκληρωθεί εντός της χρήσης 2024. Premia Properties: Αύξηση 21% στη λειτουργική κερδοφορία τριµήνου.

ΕΛΣΤΑΤ: Μείωση 0,6% στη βιοµηχανική παραγωγή Μαρτίου. 1 ο τρίµηνο: Το έλλειµµα του εµπορικού ισοζυγίου ανήλθε σε €7.974,5 εκ. έναντι €7.333,7 εκ. κατά το ίδιο διάστηµα του έτους 2023, + 8,7%. Στο -11% οι εξαγωγές στα €12,3 δις. Στο -4,2% οι εισαγωγές στα €20,3 δις.

 
*PANTELAKIS SECURITIES* (https://www.pantelakis.gr/)

* OTE (HTO GA) Q1 2024 results out tomorrow morning: EBITDA seen +1.2% y-o-y to €326m

* Jumbo (BELA GA) year-to-5 May top-line +10% (vs +8% in 4M24) with Easter sales boost in full swing; April up by 11%; moves 2024 guidance review in early-July

* Lamda Dev. (LAMDA GA) sees retail EBITDA doubling to €160m-plus over the next three to four years (in line with our est.), bolstered by the two new Ellinikon malls

* Manufacturing slows but continues to expand in Q1 (+2.1% yoy)

*Optima bank Research (https://www.optimabank.gr)

ATHEX headed north on Friday for a 4th consecutive session and in line with the European stock markets, setting a new 13-year high. In more detail, the General Index rose by 0.46% at 1,484.06 units (FTSE Large Cap: +0.36%, FTSE Mid Cap: +0.87%, Banks Index: +0.90%) and the traded value was shaped at EUR 112.2m, down from Thursday’s EUR 284.3m. On a weekly basis, the General Index jumped by 2.19% w-o-w (FTSE Large Cap: +2.12%, FTSE Mid Cap: +1.11%, Banks index: 3.31%). We expect the positive momentum to continue today. Ahead this week: OTE 1Q24 results-MSCI Quarterly Index announcement tomorrow, Alpha Services & Holdings-Eurobank Holdings-HelleniQ Energy 1Q24 results on Thursday.

Sector Headlines

SSM Directive for LLPs from State guaranteed loans-Press

Press reports (euro2day) suggest that according to the directive of SSM, loan loss provisions from State guaranteed loans will be deducted automatically from CET1 from 31 December 2024. The same reports indicate that according to the Law 5104, the Greek State must repay the guarantees to Greek banks. Recall both National Bank of Greece and Piraeus Financial Holdings moved in line with the aforementioned directive in 1Q24 and deducted EUR 100m and EUR 70m respectively from CET1.

Company Headlines

Optima Bank Financial Calendar 

Optima Bank announced that will report 1Q24 results on Tuesday 21 May, the AGM will take place on Thursday 23 May and the stock will trade ex-dividend (DPS: EUR 0.44, DY: 3.9%) on Tuesday 25 June.

Jumbo sales up by 11% y-o-y in April; Maintain guidance for 8-10% in 2024e

Jumbo released on Friday, April sales up by c. 11% y-o-y aided by Easter sales and maintained guidance for FY24e sales growth of 8-10% (in line with our 2024e estimate of EUR 1.18bn). Greece and Cyprus sales were up by c. 9% and c. 1% y-o-y respectively while the hyperstore in Karditsa restarted its operations. Romania and Bulgaria maintained their positive momentum exhibiting strong growth with sales up c. +10% y-o-y and c. +7% respectively. Additionally, in 4M24, Group’s sales were up by 8%, with Greek sales up by 5% y-o-y, Cyprus sales up by 3% y-o-y, Romanian sales up by +12% y-o-y and Bulgarian sales also up by +9% y-o-y. Management highlighted that due to the continued military operations in the Middle East, management decided to review its estimates for 2024 post 1H24 results. Also, a new store added in Oradea, Romania increasing the total number of Jumbo stores in Romania to 18. Note that in the next AGM on Wednesday 22 May management will propose the dividend distribution of EUR 1 per share.

OTE 1Q24 results out tomorrow  

OTE will report 1Q24 results tomorrow, before the opening of ATHEX and management will host a CC at 13:00 Athens/11:00 London Time. We expect a solid quarter with revenues at EUR 837.8m (+4.1% y-o-y), adj. EBITDA AL at EUR 328.1m (+1.4% y-o-y) and net profit at EUR 137.0m (+0.1% y-o-y). 

Motor Oil gained an additional extension for the FID regarding the Dioryga Gas FSRU (press)

According to Capital.gr, the energy regulator offered Motor Oil an additional 6-month extension to reach a FID regarding the construction of the Dioryga Gas FSRU in Agioi Theodoroi, offshore of the refinery. As a reminder, Dioryga Gas, the FSRU is planned to be anchored offshore the refinery with Regasification capacity of 132 GWh/d) and annual total demand at 2.5bnm³, at a total cost of EUR 340m.

ELLAKTOR AGM on 31st May to approve the EUR 0.50/share capital return

ELLAKTOR will hold its AGM on 31st May to approve among others the distribution of a EUR 0.50/share capital return (Yield: 18.6%) 

Viohalco to proceed with the IPO of Noval Property around 20 May (press)

According to Powergame.gr, Viohalco will proceed with the IPO of its REIC subsidiary, Noval Property around 20 May, aiming to raise EUR 100m.

Mr. Apostolos Vakakis total holdings in Jumbo reduced to 16.4%

Jumbo announced that Mr. Apostolos Vakakis, CEO of the group reduced its total holdings in the Company’s voting rights from 19.36% to 16.42%.

Profile AGM on 31 May 

The company announced that the AGM of shareholders will be held on Friday 31 May at 14:00 Athens/12:00 London Time instead of 20 May.

Orilina presales a residential building under construction in the Ellinikon Marina

Orilina properties announced that it signed a deed for the sale of a residential asset which will be developed in the Ellinikon Marina, for a total consideration of EUR 6.8m.

Alpha Trust Andromeda ex-dividend today

The stock is trading ex-dividend today (DPS: EUR ca0,316, DY: 4.6%) and payment will commence on 06 June.  

*Euroxx Χρηματιστηριακή (https://www.euroxx.gr)

The ASE Index ended the day with modest gains up 0.4%, on a low EUR 112m turnover, while the banking index marked a 0.9% rise with Piraeus Bank standing out up 2.1%. Among top gainers was Ellaktor and Aegean Airlines up c.2.7% and c.2.6% respectively, followed by Hellenic Exchanges recording a c.1.9% increase and Fourlis (+1.7%). On red, Cenergy marked a -1.8% drop, Jumbo was down -0.7%, while OPAP and PPC marked -0.7% and -0.5% losses.

MACRO – CORPORATE NEWS

MACRO

According to ELSTAT, the deficit of the trade balance excluding oil products and ships marked a 13.5% yoy advance in 1Q24.

BANKS

Reportedly, from end of 2024 the SSM will require banks to deduct from capital the provisions for government guaranteed loans that are past due.

News is expected and already included in the capital guidance provided by banks.

PREMIA PROPERTIES <PREMIA GA>

The company announced its 1Q24 results, highlighting a 9% yoy rise in revenue reaching EUR 4.6m, as well as a 21% yoy adjusted EBITDA growth to a total of EUR 3.2m, while net debt stood EUR 166m. As of March 2024, Premia owned 53 properties with a Gross Asset Value of EUR 319m (+4% yoy)  and a NAV of EUR 148.5m with the current discount to NAV amounting to 32%. Premia has expended its portfolio through six new projects in the first quarter, amid the continuing implementation of its investment program, with the conversion of Athens Heart shopping center and the development of Xanthi student residences in progress, set to be delivered within 1H24.

JUMBO <BELA GA, EW>

Company announced that from January until May 5th (Orthodox Easter holidays) Group sales increased +10% yoy. For the month of April,, Group sales stood 11% higher yoy, while management maintains its 2024 sales guidance at +8-10%. Per geographical breakdown, Greek sales in April rose 9% yoy, with Jan-April sales at +5% yoy. For the month of April, Cyprus remained broadly flat, while in the four month period starting January, sales are up 3% yoy. Sales in Bulgaria in April increased 7% yoy with Jan-April sales at +9% yoy. Last but not least, Romanian sales in April increased 10% yoy with Jan-Apr sales up 12% yoy. AGM scheduled for May 22nd to approve, among others, the distribution of the announced EUR 1.0/share (gross).

HELLENIC TELECOM <HTO GA>

Hellenic Telecom is due to report 1Q24 results tomorrow morning before the opening. According to Bloomberg consensus, EBITDA is set to reach EUR 334m with net profit at EUR 132m. The management will host a conference call on the same day at 13:00 Greek time.

ELLAKTOR <ELLAKTOR GA >

The company announced a capital return of EUR 0.5/share, for the first time in thirteen years. The dividend yield on Friday’s close stands at 18.6%.

OPTIMA <OPTIMA GA>

Optima will report 1Q24 results on May 21.

*Eurobank Equities (https://www.eurobankequities.gr)

 

Market Comment // Trading in positive territory throughout Friday’s session, the ASE Index posted a new 13-year record high rising to 1,484.06 points (+0.46%). During the holiday-shortened week, the benchmark index surged by 2.2%, extending its ytd gains to 14.7% (with banks +21.6% ytd). In terms of trading activity, turnover shaped at €112m, below the 100-day avg of €138m, with transactions in banks representing c39%. Profile led gainers (+5.8%), followed by Ellaktor, Aegean and Piraeus Bank (all up >2%). On the negative side, Cenergy shed 1.8%, followed by Viohalco (-1.1%) and Dimand (-1.1%), while Elvalhalcor, OPAP, Jumbo, PPC, OTE, HelleniQ Energy, and Terna Energy suffered mild losses <1%. Today markets look poised for a mixed opening amid lingering uncertainty about the timing of Fed rate cuts, with the key risk event this week being the release of US inflation data on Wednesday.

OTE // Q1’24 results tomorrow pre market open; we expect a satisfactory start to the year, also helped by the easy comp, with adj. EBITDAaL +1.3% yoy at €326m. We expect revenues to be optically propelled by low-margin segments (international wholesale and ICT) but with core trends in mobile also providing support. Assuming modest VES costs, we anticipate Q1 net profit just slightly down yoy at €135m (-0.5%).

Jumbo // Year-to-date trading update (until 5th May) shows sales +10% yoy, namely in sync with the upper end of the FY target (which has been reiterated) while indicating a robust Easter season. April revenues settled 11% yoy. Meanwhile, the shareholders’ meeting on 22nd May will be called to approve the €1 dividend announced recently.

Ellaktor // The Group’s BoD has proposed a capital return of €174mn, or €0.5/share (19% yield), subject to the approval of the AGM scheduled for 31/5.

MSCI // MSCI index review announcement is scheduled for tomorrow (14th May). As a reminder, the MSCI Greece Standard Index currently consists of 10 stocks, namely OTE, OPAP, Jumbo, PPC, Eurobank, Alpha Bank, NBG, Piraeus Bank, Mytilineos and Motor Oil.

* Tα παραπάνω σχόλια μπορείτε να τα διαβάσετε πρώτοι στο viber του mikrometoxos.gr

ΓΙΝΕΤΕ ΜΕΛΟΣ ΕΔΩ

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.