Από τα γραφεία των Χρηματιστών (18.05.2024)

*ΚΥΚΛΟΣ Χρηματιστηριακή Α.Ε.Π.Ε.Υ.* (http://www.cyclos.gr/)
Υποχώρηση κατά 0,20% κατέγραψε ο Γενικός ∆είκτης του Χ.Α. στη χτεσινή συνεδρίαση κλείνοντας στις 1404,11 µονάδες. Παράλληλα, η αξία των συναλλαγών διαµορφώθηκε στα 94,9 εκ. ευρώ. Η συνεδρίαση χαρακτηρίστηκε από νευρικότητα και εναλλαγή προσήµου, µε το αρνητικό πρόσηµο να κυριαρχεί στο µεγαλύτερο µέρος της συνεδρίασης. Με τις τράπεζες να είναι ο αδύναµος κλάδος της αγοράς καθώς η Citibank υποβάθµισε τις ευρωµετοχές. Η διαδικασία αυτή που δεν αντιρροπήθηκε από άλλους δεικτοβαρείς τίτλους, ούτε κατά τη διάρκεια των δηµοπρασιών και παρά το γεγονός ότι οι ευρωπαϊκοί δείκτες κινήθηκαν ανοδικά. Την ίδια ώρα, οι αποδόσεις των 10ετών τίτλων διαµορφώνονταν στο 3,633%. Έτσι, ο τραπεζικός κλάδος (-1,03%) κατέγραψε απώλειες µε την Πειραιώς (- 2,33%) να υποαποδίδει. Απώλειες ακόµη κατέγραψε η ΕΛΧΑ (-0,98%), η ΓΕΚΤΕΡΝΑ (- 0,73%), η Aegean (-1,59%), ο ΟΤΕ (-0,44%), ο ΟΠΑΠ (-0,20%) και τα ΕΛΠΕ (-0,19%). Στον αντίποδα, κέρδη κατέγραψε ο Μυτιληναίος (+1,48%), ο Ελλάκτωρ (+0,86%), το Jumbo (+1,64%), η Lamda (+3,38%) σε συνέχεια της τοποθέτησης από τον εφοπλιστή Προκοπίου, η ΕΕΕ (+0,82%), η Cenergy (+0,67%), η Autohellas (+0,71%), ο Σαράντης αλλά και η Intrakat (+2,83%) από τη µεσαία κεφαλαιοποίηση. Απολογιστικά, 48 µετοχές κατέγραψαν κέρδη έναντι 50 εκείνων που υποχώρησαν. Με µεγάλη νευρικότητα ξεκίνησε η νέα εβδοµάδα. Ο Γ.∆. άλλαξε αρκετές φορές πρόσηµο κατά την διάρκεια της συνεδρίασης, για να κλείσει τελικά σχεδόν αµετάβλητος, επιβεβαιώνοντας τη στήριξη της περιοχής 1392- 1397 που επέτρεψε το κλείσιµο να γίνει από τις 1400 µονάδες. Ο Α∆ΜΗΕ ανακοινώνει τα µεγέθη του για το 1ο τρίµηνο.
Entersoft για ∆Π: ∆ίκαιο και εύλογο το προσφερόµενο αντάλλαγµα. Στη δηµοσιότητα δόθηκε η Αιτιολογηµένη Γνώµη του ∆Σ της Entersoft για την ∆ηµόσια Πρόταση της Unity Holding. Στα 8 ευρώ το αντάλλαγµα.

Η Citi υποβαθµίζει τις ευρωµετοχές λόγω πολιτικού ρίσκου. «Σηµαντική αβεβαιότητα», από την πιθανότητα «ακροδεξιάς πλειοψηφίας» στη Γαλλία, λένε οι αναλυτές. Ερωτήµατα για δηµοσιονοµική εξυγίανση, χρηµατοδότηση Ουκρανίας και βιοµηχανική πολιτική ΕΕ. Στροφή στις ΗΠΑ και από άλλες επενδυτικές τράπεζες.

AS Company: Μπαίνει στις αγορές ειδών για βρέφη και παιδιά. Οι νέες συνεργασίες, µε την ιταλική Artsana Spa AS Company: Οι νέες συνεργασίες εντάσσονται στην στρατηγική της Εταιρίας για διεύρυνση του προϊοντολογικού της χαρτοφυλακίου µε νέες κατηγορίες προϊόντων.

Εξαγορά δύο Φ/Β στη Ρουµανία από τη Motor Oil. Ενισχύει την παρουσία της στη χώρα η εισηγµένη. Σε συνεργασία µε θυγατρική της Premium Energy η εξαγορά των δύο φωτοβολταϊκών, ισχύος 86 MW.
Στον εφοπλιστή Γιώργο Προκοπίου το 2% της Lamda Development. Η εισηγµένη προχώρησε σε πώληση των ιδίων µετοχών της, ύψους άνω των 25 εκατ. ευρώ, µε premium στον εφοπλιστή µέσω προσυµφωνηµένης συναλλαγής (στα 7,1 ευρώ/µετχ).
Κτίριο γραφείων στη Λεωφ. Βουλιαγµένης απέκτησε η BriQ Properties. Στα 4 εκατ. ευρώ το τίµηµα. Πλήρως µισθωµένο το ακίνητο, µέσω δανεισµού η χρηµατοδότηση για την εισηγµένη.
A∆ΜΗΕ: MOU µε Meridiam για είσοδο στη Great Sea Interconnnector. Στόχος η συµµετοχή στη µετοχική σύνθεση της εταιρείας για την υλοποίηση της ηλεκτρικής διασύνδεση Ελλάδας-Κύπρου-Ισραήλ. Το fund διαχειρίζεται πάνω από $22 δισ., σε 56 χώρες. Servicers:
Η συνολική αξία των δανείων αυξήθηκε σε 70.045 εκατ. ευρώ στο τέλος του α΄ τριµήνου του 2024, έναντι 69.466 εκατ. ευρώ το προηγούµενο τρίµηνο. Στα €22.9 δις. τα επιχειρηµατικά δάνεια.
5µηνο: Πρωτογενές πλεόνασµα 3.152 εκατ. ευρώ, έναντι στόχου για πρωτογενές πλεόνασµα 802 εκατ. ευρώ. Οι δαπάνες ανήλθαν στα 27.418 εκατ. ευρώ και παρουσιάζονται µειωµένες κατά 723 εκατ. ευρώ έναντι του στόχου (28.141 εκατ. ευρώ). Τα έσοδα από φόρους ανήλθαν σε 24.827 εκατ. ευρώ, +1.443 εκατ. ευρώ ή 6,2% έναντι του στόχου.
 
*Optima bank Research (https://www.optimabank.gr)

ATHEX headed south yesterday, reversing earlier gains, underperforming the European markets. In more detail, the General Index slipped by 0.20% at 1,404.11 units, (FTSE Large Cap: -0.17%, FTSE Mid Cap: -0.01%, Banks Index: -1.03%) and the traded value was shaped at EUR 93.5m, down from Friday’s EUR 140.6m. We expect the market to try to move higher, after the recent sell-off.

Macro Headlines

Central government budget execution January-May 2024 (preliminary)

Facts: According to preliminary MoF data for the central government budget execution on a modified cash basis in January-May 2024, the central government budget recorded a EUR 580 deficit vs. a targeted deficit of EUR 2,728m (based on the 2024 Budget introductory report) and a EUR 1,116m deficit in the same period in 2023. On a primary basis, the budget recorded a EUR 3,152m surplus vs. a targeted surplus of EUR 802m and a EUR 2,300m surplus in the same period in 2023.

Comment: In more detail, state budget net revenues in Jan-May 2024 shaped at EUR 26,838m, showing an outperformance vs. target of EUR 1,426m. This outperformance was mainly driven by a) the increased tax revenues of EUR 1,501m, after deducting tax refunds and b) the increased PIB revenues of EUR 1,049m, which more than offset the earlier receipt in 2023 of RRF funds of EUR 1.8bn which was supposed to be collected in 2024. Revenues from taxes stood at EUR 24,827m, beating the target by EUR 1,443m, mainly due to the better performance of the previous year’s income taxes of EUR 647m and b) to the better performance in the collection of the current year’s taxes. On the expenditures front, primary budget expenditures shaped at EUR 27,418m, EUR 723m below the target.

Sector Headlines

Loans of Credit Servicing Firms increased to EUR 70.0bn in 1Q24-BoG

According to Bank of Greece, the nominal value of loans to the domestic private sector serviced by domestic Credit Servicing Firms that have been transferred to non-resident specialized financial institutions accelerated by EUR 579.0m q-o-q to EUR ca70.05bn in 1Q24.

International passenger traffic up in May (Fraport Greece)

According to Fraport Greece (operator of the 14 regional Greek airports), international passenger traffic in Greek airports in May 2024 rose by 11.6% y-o-y, while in 5M24, international passenger traffic increased by 9.6% y-o-y to 4,811k travelers.

Company Headlines

Alpha Services and Holdings AGM on 24 July, ex-dividend on 26 July

Alpha announced that the AGM of shareholders will take place on Wednesday 24 July. The stock is set to trade ex-dividend (EUR 0.026/share) on Friday 26 July and payment will be made on 01 August. Finally, Alpha will report 2Q24 results on Friday 02 August.

Piraeus Financial Holdings to announce strategic partnership with Dimand-Press

Press reports (naftemporiki) indicate that Piraeus will announce next week a strategic partnership with real estate developer Dimand regarding the creation of its new headquarters at the center of Athens and the utilization of a significant land plot in Lavrio.

Motor Oil jointly acquires a 86MW solar park and 18MW energy storage project in Romania

Motor Oil announced that the Joint Venture with PREMIER ENERGY, in which MOH’s subsidiary MORE participates with 49%, has been awarded a RES project for the construction of two solar parks of 86MW installed capacity and an energy storage capacity of 18MW in Buzău, Romania, with the completion of the construction of the above projects expected in 2H25.

Comment: It is reminded that during 9M23 results, Motor Oil’s management expressed its confidence that it will meet its 2030 RES 2GW target without further acquisitions, adding that it maintains its selective and opportunistic approach in the M&A market with an eye for projects that add value and also allow for further development beyond 2030.

Meridiam enters a MoU with ADMIE for the Great Sea Interconnector

According to Energypress.gr, ADMIE and Meridiam signed a memorandum of understanding for the potential entrance of the latter in the shareholder structure of the Greece-Cyprus-Israel interconnection, namely Great Sea Interconnector. As a reminder, Meridiam in a JV with Phaethon Holdings and State Grid International are the two qualified investors for the binding offers phase of the tender for the acquisition of a 20% stake of Ariadne interconnection. In other news, ADMIE Holdings will report 1Q24 results today.

LAMDA Development sells 2% of company shares to the Prokopiou family

LAMDA Development proceeded on 14.06.2024 to the sale of 3,534,734 own shares, (2% of the Company’s total shares and voting rights), at a sale price of EUR 7.10/share, to a company of interests of the family of Mr. George Prokopiou.

Comment: The transaction was agreed at a 9.2% premium compared to Friday’s closing price and a 11.7% discount compared to NAV as of 31 March 2024. The sale forms part of a broader strategic cooperation between the parties, which includes the establishment of an International Curriculum school as well as residential and office space developments within The Ellinikon project, of a total permitted buildable area 86,000 sqm.

AVAX commences its share buyback programme

Following the relevant approval by the AGM, AVAX’s BoD gave the green light to commence the 2-year Share Buyback Programme of up to 10,000,000 Company shares, at a EUR 0.50-4.00/share price range.

Autohellas share distribution to executives

The company announced that granted 19,000 own shares to executives as a reward scheme for meeting annual targets. The aforementioned shares were acquired through the company’s share buyback.

Noval Property to trade ex-dividend tomorrow

The stock is trading ex-dividend tomorrow (DPS: EUR 0.025, DY: 0.9%).

Trade Estates to trade ex-dividend tomorrow

The stock is trading ex-dividend tomorrow (DPS: EUR 0.08, DY: 4.8%).

Real Consulting AGM on 08 July

The AGM of the company will be held on Monday 08 July at 14:00 Athens/12:00 London Time. Shareholders will approve among others the transition of the company to the Main Market from the Alternative, performance stock awards to BoD members and company executives as well as the renewal of its buyback program.

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

The ASE Index ended yesterday’s session with modest losses, down -0.2%, on a relatively low EUR 93m turnover, with banks slipping -1%, driven by Piraeus and Alpha’s -2.3% and -1% losses. Among top gainers, Lamda rose c3.4%, followed by Jumbo and Metlen up 1.6% and c1.5% respectively, while Ellaktor marked a 0.8% advance. On red, Titan fell -2.3%, Aegean was down -1.6% and Fourlis recorded a -c1.3% drop.

MACRO

According to the Ministry of Finance, for the period of January – May of 2024 the State Budget Primary Balance on a modified cash basis, recorded a primary surplus of EUR 3,152m, against the primary surplus target of EUR 802m

ALPHA BANK <ALPHA GA>

Financial Calendar 2024; AGM on 24 July; Ex-div date on 26 July (EUR 0.026/share); 2Q24 results on 2 August.

LAMDA DEVELOPMENT <LAMDA GA, OW>

Lamda Development announced that it proceeded with the sale of 3.5m own shares (2% of outstanding) at a price of EUR 7.1/share to ZERKO Enterprizes , which represents the interest of the family of Mr Prokopiou (active in shipping via Dynacom). The sale of own shares took place at a premium of 9.2% vs. Friday’s close. In addition, Mr Prokopiou reached a preliminary agreement to purchase land plots of total permitted buildable area 86k sqm within the Ellinikon project. The details of the agreement will be announced once the final agreement (SPA) is signed within the next month.

We remind that in the recent post results conference call the management mentioned that it plans to sell c.80k with the average price in the area at c.EUR 2.1k per sqm. Thus, the sale of the own shares and the land plots could result in a cash inflow of >EUR 200m, on our numbers. The cash inflow from land plot sales and the EUR 190m cash position at Ellinikon as of end May further strengthens the liquidity and de-risking of the project.  News is positive and highlights the attractiveness of Ellinikon, a unique asset that is largely self-funded, with an upside risk in selling prices, a solid track record of delivery and a valuation floor clearly evidenced from these land plot sales (we remind the availability of c.1m sqm land for residential development, of which c.900k in Phase 2 up to 2037E).

GEK TERNA <GEKTERNA GA, OW>

Reportedly  the handover of Attica Motorway concession to GEKTERNA may be finalized after October, due to technical issues related to the transition (maintenance works, revenue recognition from prepaid tolls etc). GEKTERNA has already secured the funding of EUR 2.7bn from the syndicate of the four Greek systemic banks.

MOTOR OIL <MOH GA, OW>

Motor Oil announced its participation in a Joint Venture with Alive Renewable Ltd (subsidiary of Premier Energy) with 49% stake. The JV has been awarded the construction of two PV parks of 86MW capacity, with 18MW energy storage facility. Completion is anticipated in the 2H25.

 

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

Market Comment // Despite a positive opening, the ASE index ended 0.20% lower on Monday at 1,404.11 points underperforming the mild gains eventually registered by most European markets after a volatile session. Trading activity was subdued at €93m, with banks representing c51% of the total value. Banks (-1.0%) led decliners, with Piraeus Bank and Alpha Bank shedding 2.3% and 1.0% respectively, followed by Eurobank (-0.6%) and NBG (-0.6%). Titan and Profile slumped more than 2%, trailed by losses of >1% in Aegean Airlines, Fourlis, Intralot and AIA. On the flipside, Lamda Development stood out among gainers rallying by 3.4% followed by Ideal (+2.3%), while Jumbo, Mytilineos, Motodynamics and Austriacard advanced >1%. EU futures point to a positive opening today, as risk-on sentiment revives thanks to subsiding concerns about the French political situation and a bullish pulse from yesterday’s US market momentum.

Economy // 5-month primary surplus at €3.15bn, some €800m better than the targeted amount. The underlying outperformance in tax collection stands at some €600m (vs €1.4bn reported), accounting for the phasing of some tax categories.

ADMIE Holding // Scheduled to release its Q1 2024 results today (before-market). We expect its affiliate, IPTO, to report improved results, estimating Q1 2024 EBITDA at €71.4mn (+1.9% YoY) due to higher demand compared to Q1 2023. Consequently, we forecast a 2.9% growth in ADMIE Holding’s Q1 2024 net profit (€15.2mn), translating to EPS of €0.08 per share, up from €0.07 per share a year ago.

Lamda // Announced yesterday the sale of 3.5m own shares (c2% of Lamda share capital) to ZEPKO Enterprises Co. Ltd., which represents the interests of the family of Mr. George Prokopiou, for €7.10/share, namely 9% higher than the closing price prior to the announcement. The transaction is expected to be completed within July.

Noval Property // Ex-div tomorrow, net DPS of €0.025 per share (DY at 0.9%). Payment will commence on 27th June.

Trade Estates // Ex-div tomorrow, net DPS of €0.08 per share (dividend yield at 4.8%). Payment will commence on 26th June.

BriQ // BriQ completed the first stage of its absorption of Intercontinental International, following the acquisition of the 17th investment property, an office building located at 152 Vouliagmenis Avenue in Glyfada, for a price of €4m.

Intercontinental International // The AGM on 14th June approved a net DPS of €0.43 per share (dividend yield at 9.4%) from the profits of FY23, as well as an amount of €1.78 per share from the profits of previous fiscal years up to 2022. The ex-date has been set for 25th June, while payment will commence on 28th June.

  

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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.