Από τα γραφεία των Χρηματιστών (6.11.2024)

Ισχυρές ανοδικές τάσεις καταγράφουν οι τιμές των μετοχών στη σημερινή  συνεδρίασης του Χρηματιστηρίου Αθηνών με την αγορά να υπερβαίνει και τα επίπεδα των 1.420 μονάδων. Το Χρηματιστήριο Αθηνών ακολουθεί το θετικό κλίμα των ευρωπαϊκών αγορών με ώθηση τη μεγάλη άνοδο των futures των δεικτών της Wall Street μετά την επικράτηση του Donald Trump στις αμερικανικές εκλογές.

Ο δείκτης υψηλής κεφαλαιοποίησης σημειώνει άνοδο σε ποσοστό 1,9%, ενώ ο δείκτης της μεσαίας κεφαλαιοποίησης ενισχύεται σε ποσοστό 1,04%. Ο τραπεζικός δείκτης εκτινάσσεται κατά 2,34% με άλμα της Eurobank (2,99%), της Alpha (2,79%) και της Πειραιώς (2,19%), ενώ στο 2,02% είναι η άνοδος για την ΕΤΕ.

Από τις μετοχές της υψηλής κεφαλαιοποίησης, τη μεγαλύτερη άνοδο καταγράφουν οι μετοχές της Τιτάν και της Coca Cola HBC. Αντιθέτως, οριακή πτώση 0,05% καταγράφει μόνο η μετοχή της Τέρνα Ενεργειακή.

Άνοδο κατά 0,65% κατέγραψε ο Γενικός ∆είκτης του Χ.Α. στη χτεσινή συνεδρίαση
κλείνοντας στις 1399,66 µονάδες. Παράλληλα, η αξία των συναλλαγών διαµορφώθηκε στα
126,3 εκ. ευρώ. Οι αγοραστές ανέλαβαν από το ξεκίνηµα την υπεροπλία και οδήγησαν το
Γ.∆. µόνο σε θετικό έδαφος µε οδηγό για µια ακόµη ηµέρα τον τραπεζικό κλάδο και
συµπαραστάτες µερικούς ακόµη τίτλους υψηλής κεφαλαιοποίησης και µε την Πειραιώς να
συµµετέχει στο 39% των συναλλαγών (50,1 εκ. ευρώ). Με το κλείσιµο στις δηµοπρασίες να
καταγράφεται στο υψηλό της ηµέρας και µε τις ευρωπαϊκές αγορές να συγχρονίζονται
ανοδικά. Την ίδια ώρα, οι αποδόσεις των 10ετών τίτλων διαµορφώνονταν στο 3,323%.
Έτσι, ο τραπεζικός κλάδος (+1,83%) κατέγραψε κέρδη µε την Εθνική (+2,85%) να
υπεραποδίδει. Κέρδη ακόµη κατέγραψε ο ΟΤΕ (+1,24%), ο Ελλάκτωρ (+2,45%), η
ΓΕΚΤΕΡΝΑ (+0,47%), το ∆ΑΑ (+0,97%), η ΕΛΧΑ (+0,91%), ο Τιτάν (+0,76%) αλλά και η
Intralot (+3,89%) από τη µικρή κεφαλαιοποίηση. Στον αντίποδα, απώλειες κατέγραψε το
Jumbo (-1,14%), η Cenergy (-0,68%), o Σαράντης (-1,27%), η Lamda (-1,09%) και η
Βιοχάλκο (-0,19%). Απολογιστικά, 56 µετοχές κατέγραψαν κέρδη έναντι 41 εκείνων που
υποχώρησαν. Η εκλογική διαδικασία των Προεδρικών εκλογών στις ΗΠΑ είναι σε εξέλιξη
και όλος ο πλανήτης παρακολουθεί µε ιδιαίτερο ενδιαφέρον την έκβασή καθώς δεν
προκύπτει προβάδισµα για κανένα εκ των 2 υποψηφίων. Το βράδυ ανακοινώνεται η
αναδιάρθρωση των δεικτών MSCI. Σε πλήρη εξέλιξη και η αναµέτρηση του Γ∆ στο Χ.Α. µε
τις 1400 µονάδες σε συνέχεια θετικών εξελίξεων του τραπεζικού δείκτη.

Coca-Cola HBC: Τιµή-στόχο τα 36 ευρώ δίνει η Χρυσοχοΐδης ΑΧΕΠΕΥ.

Νέα, υψηλότερη τιµή-στόχο για τη µετοχή της ΚΡΙ-ΚΡΙ στα 16,6 από 13,6 ευρώ, δίνει η
Eurobank Equities σε έκθεσή της στην οποία διατηρεί τη σύσταση buy. Aναβαθµίζει τις
εκτιµήσεις της για τα µεγέθη της εταιρείας κατά 14-17% σε επίπεδο κερδών π.φ. έως το
2026. Θα διαµορφωθούν σε επίπεδα άνω των 40 εκατ. ευρώ στη φετινή χρήση.

Cenergy Holdings: η Hellenic Cables, ο κλάδος καλωδίων της, επελέγη από την RTE
(Réseau de Transport d’Électricité) για την προµήθεια 170 χλµ. καλωδίων 90kV, 420 χλµ.
καλωδίων 225kV, των σχετικών εξαρτηµάτων τους, καθώς και την υλοποίηση της
συναρµολόγησης των συστηµάτων καλωδίων για το υπόγειο δίκτυο σε όλη τη Γαλλία.

Profile: Ανέβασε το ποσοστό της πάνω από το 5% η Norges Bank. Το γνωστό
sovereign fund της Νορβηγίας διαχειρίζεται χαρτοφυλάκιο της τάξης του 1,6 τρισ. ευρώ.
Premia: Αύξηση 35% στα λειτουργικά κέρδη 9µήνου. 56 ακίνητα και περ. 400 χιλιάδες τ.µ.
κτιρίων υπό διαχείριση από τον Όµιλο µε τη συνολική αξία επενδύσεων να διαµορφώνεται
σε €350,7 εκατ., αυξηµένη κατά 14% σε σχέση µε το τέλος του 2023.

Ένωση Ασφαλιστικών Εταιριών Ελλάδος: Αυξηµένη κατά 8,8% εµφανίζεται η
ασφαλιστική παραγωγή στο διάστηµα Ιανουαρίου – Αυγούστου, καθώς ανήλθε στα 3,71
δισ. ευρώ. Ανοδο 8,9% καταγράφει η παραγωγή από τις ασφαλίσεις ζωής, καθώς
ανέρχεται στα 1,81 δισ. ευρώ. Η παραγωγή από τις ασφαλίσεις κατά ζηµιών κινείται 8,7%
υψηλότερα, στα 1,9 δισ. ευρώ,

ATHEX headed north yesterday for a 4^th session in a row, in line with the European stock markets. In more detail, the General Index climbed by 0.65% at 1,399.66 units (FTSE Large Cap: +0.77%, FTSE Mid Cap: +0.36%, Banks Index: +1.83%) and the traded value was shaped at EUR 125.4m, up from Monday’s EUR 67.4m. We expect ATHEX to move in line with the European stock markets today.

Sector Headlines

Energy Sector || Greek retail electricity market (EnexGroup) – October 2024

Greek retail electricity market: IPPs market share rose to 51.8% in October 2024 (according to data from Greek Energy Exchange – EnEx). Other key statistics: a) monthly average clearing Price at EUR 90.06/MWh, down by EUR 22.3/MWh m-o-m and by EUR 21.1/MWh y-o-y, b) total Electricity demand at 4,754/GWh, up by 10.8% y-o-y. In more detail, Mytilineos’ Protergia ranks first with 17.62% (19.59% combined with the recently acquired Volterra), GEKTERNA’s Heron follows with 12.90%, ELPE’s Elpedison with 5.87% and MOH’s NRG with 5.16%.

As a result, PPC’s retail market share in October 2024 dropped by 2.4% m-o-m to 48.2%, below the EU-mandated 50% mark. Regarding the Generation mix traded in the Day-Ahead Market, RES ranks first with 49% of total (vs. 37% in September), Natural Gas follows with 32% (vs. 36% in the previous month), Hydro Plants 3% (5%), Lignite and Oil-Powered Plants contributed 1% (3%) and 3% (3%) respectively and finally, Imports 13% (16%).

Fraport is expected to increase capacity of the airports of Santorini, Mykonos, Kos and Corfu

According to Euro2day, the CEO of Fraport (operator of 14 regional airports of the country) stressed that the company has an ongoing EUR 150m investment program with the main focus to upgrade the capacity of the airports of Santorini, Mykonos, Kos and Corfu in the near future with the support of RRF funds.

Market Headlines

MSCI quarterly Index Review announcement today amc

MSCI will announce the quarterly index review today after the market close (rebalancing effective date on November 25th, at the closing).

Company Headlines

Athens Airport releases strong passenger traffic for October

Athens International Airport (AIA) released its passenger traffic data for October 2024, according to which total passenger traffic up by 10.0% y-o-y, driven by international traffic (up by 11.1% YoY), while domestic traffic was also up +7.4% y-o-y. For the 10M24 total passenger traffic was up by +12.9% y-o-y, reaching 27.5m passengers with international passengers up by 15.5% (+2.6m passengers) y-o-y and domestic passengers up by 7.3% y-o-y.

CENERGY signs a large HV and EHV underground cable with France

Cenergy Holdings announced that its cable segment, has been selected by the French electricity operator RTE to supply and assemble 170km of 90kV cables, 420km of 225kV cables and associated accessories for its underground network development projects across France. This three-year framework agreement will be manufactured at Hellenic Cables’ facilities in the Thiva plant, which has recently expanded its production capacity.

GEKTERNA signs an SPA with Terna Energy to acquire its non-core assets

In the framework agreement for the sale of Terna Energy to Masdar, GEKTERNA and TE signed an SPA for the transfer of the latter’s non-core assets (mainly waste management and ultra-high-bandwidth infrastructure projects) for EUR 67.5m.

Ideal Holdings is evaluating potential new investments

Ideal Holdings announced that is actively evaluating potential new investments and that there is no information regarding press reports about the potential acquisition of Barba Stathis.

Norges Bank increased its stake to 5.08% in Profile Software

Profile Software announced that Norges Bank increased on 29 October its stake to 5.08%, corresponding to 1,250,932 voting rights.

The Board of Directors of Noval Property has accepted the resignation of Mr. Panagiotis Kapetanakos

The BoD of the company accepted the resignation of Mr. Panayiotis Kapetanakos (CEO and Vice-Chairman of the BoD) and will elect Mr. Michael Panagi as a new CEO and Vice- Chairman.

  

The ASE Index finished the day with gains of 0.6%, led by banks, with the trading value standing at EUR 125.4m. The banking sector outperformed, rising 1.8%, supported by NBG’s 2.8% gains, while Piraeus and Eurobank both recorded a 1.5% increase. Among market’s top performers, ATHEX gained 1.3%, OTE was up 1.2%, Titan marked a 0.7% advance, while Metlen and GEK Terna rose c.0.5%. On red, Sarantis lost 1.2%, Jumbo and Lamda slipped c.1.1%, followed by PPA and Cenergy at -0.6%.

MACRO – CORPORATE NEWS

TITAN CEMENT <TITC GA, OW>

Titan Cement is due to report 3Q24 results tomorrow before the market opens. In our numbers, we forecast 3Q24 sales of EUR 664m, EBITDA of EUR 155m (flattish yoy) and a net profit of EUR 76m (vs. EUR 87m in the same period last year). We expect an overall solid quarter despite the negative impact in US volumes from the hurricanes and one-off costs related to the IPO.

EUROBANK (EUROB GA, OW)

Eurobank will post 3Q24 results tomorrow after the market close. We expect net profits of EUR 375m (consensus at EUR 377m) on EUR 676m NII, EUR 302m opex and EUR 88m provisions. The results will include the first time full consolidation of Hellenic Bank.

NBG <ETE GA, OW>

NBG will release 3Q24 results tomorrow after the market close. We expect another very strong quarter with recurring net profits at EUR 318m (consensus at EUR 309m) despite the softer NII on a qoq basis (EUR 579m on our numbers, down 1.4% qoq). We expect the PPI at EUR 211m, flattish on a qoq basis.

CENERGY <CENER GA, OW>

Cenergy announced that its cable segment, Hellenic Cables, signed a three-year agreement with RTE (Réseau de Transport d’ Électricité) up to 2028, for the supply of 170km of 90kV cables, as well as 420km of 225kV cables, for its underground network development projects in France.

ATHENS INTERNATIONAL AIRPORT <AIA GA, OW>

AIA released its monthly traffic development update for October 2024, reporting a 10% yoy increase in total traffic at 3m passengers. The increase was mainly driven by international activity rising 11.1% while domestic traffic was up 7.4% yoy. YTD AIA’s total passenger traffic is up 12.9%, with international traffic recording a 15.5% increase, compared to 7.3% for domestic traffic.

GEK TERNA <GEKTERNA GA, OW>

GEK Terna and Terna Energy announced that the Boards of Directors of the two companies approved a sale and purchase agreement between the two, regarding Terna Energy’s non-core assets, of a total value of EUR 67.5m. The contract will be signed by December 20^th 

TRADE ESTATES <TRESTATE GA>

Trade Estates announced the finalization of the special authorization granted by the BoD, for the coverage of an unsecured Bond Loan up to EUR 9m to be issued by EVITENCO, Trade Estates 44.69% subsidiary.

 

Market Comment // The Greek market traded higher on Tuesday, rising by 0.65% to close at 1,399.66 points. Trading activity bounced back to the established YTD levels, with turnover reaching €125mn, 4% above the 100-day average. Intralot led the gains with a 3.9% rise, followed by strong performances from NBG (+2.9%) and Ellaktor (+2.5%), while Piraeus Bank (+1.6%), Eurobank (+1.6%), Hellenic Exchanges (+1.3%), and OTE (+1.2%) also posted gains over 1%. Conversely, Sarantis and ADMIE Holding each declined by 1.3%, with Jumbo (-1.1%), Lamda (-1.1%), and Autohellas (-0.9%) also trading lower. Today, EU markets appear set for a mixed opening as investors gauge the potential impact for European stocks from the likelihood of Trump returning to office, following yesterday’s elections.

MSCI // The MSCI November index review announcement is scheduled for today after market. As a reminder, the MSCI Greece Standard Index currently consists of 9 stocks, namely OTE, OPAP, Jumbo, PPC, Eurobank, Alpha Bank, NBG, Piraeus Bank and Mytilineos. Changes will become effective after the close of Monday, November 25th (flow).

Eurobank // Eurobank will report its Q3 2024 earnings tomorrow after market close, followed by a conference call at 16:00 UK time. We remind that the results will include the full consolidation of HB. According to Visible Alpha, Net Interest Income (NII) and total revenues are estimated at €652mn and €831.3mn, respectively. Operating expenses, including HB, are projected at €277mn, with loan provisions at €84mn. Consequently, adjusted net profit is seen at €378mn, translating to a RoTE of c16.9%, above the FY target of 16.5%.

National Bank // National Bank will report Q3 2024 earnings tomorrow (after market close), followed by a conference scheduled for 17:00 UK time (19:00 GR time). We expect adjusted net profit to ease to €321mn from €330mn in Q2, primarily due to slightly lower NII qoq and an increased CoR. This corresponds to an adjusted RoTE (post-AT1) of 16.4% (Core RoTE at c16%) for Q3 and 18.2% (Core RoTE of 17%) for 9M, comfortably exceeding the FY guidance of >16% Core RoTE.

Titan Cement // Scheduled to report Q3 2024 earnings tomorrow, before the opening of the trading session. In a quarter facing tough comps and IPO-related cost pressures, we expect Titan Cement to report relatively stable results, with Q3’24e revenue at €654mn (-1% YoY) and Q3’24 EBITDA at €154mn (-1% YoY). In terms of bottom line, we estimate Q3’24 net profit at €76.7mn, -12% YoY due to the tough comparative.

Energy // According to Kathimerini, the Greek Ministry of Energy is considering imposing a special tax on revenue from older RES projects, connected before 2021, to offset the deficit in the Special Account for RES (ELAPE), which is projected to reach €257mn this year. Meanwhile, the article suggests that the subsidies through the FiT/FiP schemes for older RES cost about €900mn annually.

Kri-Kri // In our update note “Sweet scoop of growth; US entry bolsters outlook” we have recalibrated our forecasts materially (14-17% at EBIT level in 2024-26e) envisaging EBIT settling at over €40m in 2024e, propelled by very strong volume growth (+20%) underpinned by international expansion (e.g. protein yogurt in European markets, entry into the US through frozen yogurt). We model 14% EBIT growth for 2025e and high single digit thereafter, envisaging EBIT margins stabilizing near the 16% area. We have raised our 12m fwd PT to €16.60/share (from €13.6 previously), effectively valuing KRI at c10x 2025e EV/EBITDA, namely more in symphony with the valuation of foreign peers. We reiterate our high-conviction Buy, given the stock is trading at <8.5x 2025e EV/EBITDA, namely c15% discount vs foreign peers despite offering superior growth and ample balance sheet optionality.

Premia Properties // 9M results announced yesterday showcase a 13% revenue increase (to €15.7m) and c35% adj. EBITDA growth (€10.4m). Post revaluation gains, pre-tax profits amounted to €23.1m vs €7.6m in 9M’23. The company’s portfolio settled at €351m, +14% vs December 2023. NAV per share as of Sep’24 stands at €1.93 (price at c40% discount).

ADMIE Holding // According to energypress.gr, the U.S. Development Finance Corporation is proposing a loan of up to €400mn for the Great Sea Interconnector and has shown interest in potentially acquiring a direct equity stake in the project. This comes alongside active discussions with other investors, including France’s Meridiam and UAE’s TAQA.

Cenergy Holdings // Hellenic Cables awarded a 3-year frame agreement by RTE for the supply of HV and EHV underground cables for interconnection projects in France. The agreement encompasses the production of 170km of 90kV land cables and 420km of 225kV land cables. The cables will be manufactured in Hellenic Cables’ plant in Thiva.

 * 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.