Beta Sec: Daily Report 23 ΔΕΚ 2021 (Market monitor, Market Comment, In the Spotlight)

  • Beta Sec: Daily Report (Market monitor, Market Comment, In the Spotlight)

The three most important blue chips outside the banks sector at the Greek stock market kept the benchmark on the positive side on Wednesday despite early losses. The majority of stocks still ended in the red, though. Coca-Cola HBC, OTE and OPAP propped up the main index against a reluctant majority of traders who see the economy facing more coronavirus restrictions in the weeks and months to come.

  • The Athens Exchange (ATHEX) general index closed at 884.03 points, adding 0.32% to Tuesday’s 881.19 points. The large-cap FTSE-25 index expanded 0.39%, ending at 2,123.62 points, though mid-caps contracted 0.32% to 1,491.79 points. The banks index improved 0.23%, as National earned 0.88%, Piraeus added 0.47%, Alpha fell 0.14% and Eurobank was a non-mover. CCHBC grabbed 1.12%, OPAP collected 2.13% and OTE telecom advanced 1.27%, while Viohalco parted with 2.55% and PPC declined 1.74%.

In total 39 stocks posted gains, 68 endured losses and 54 remained unchanged. Turnover amounted to €45.5mn, up from Tuesday’s €42.3mn.

  • Omicron variant fears make up for another lackluster trade today with consolidation around current levels being the predominant trading pattern, low volumes due to holiday mood persisting and the market tackling broader international trends. 

As it is the last trading session for the domestic market before Christmas, we would like to grab this opportunity and wish you all:

  •  A HAPPY AND PROSPEROUS MERRY CHRISTMAS. 

Ιn the Spotlight

Greece/Economy: Bank of Greece revised to the better its 2021 GDP forecast to over 8%, while growth is projected to be 5.0% in 2022 and 3.9% in 2023, subject to continued strong support from international tourism, euro area recovery and an acceleration of investment. Inflation is seen posting a slightly positive annual average rate in 2021, driven mainly by rising energy and food prices. Inflation is expected to pick up in 2022, with positive contributions from all of its components. “However, inflationary pressures are expected to ease in 2023, conditional on an unwinding of global supply bottlenecks, and a fall in the prices of energy and imported raw materials and intermediate products,” BoG said in its Interim Monetary Report. As regards as local banks, BOG warned hat there is “no room for complacency, as new NPLs continue to emerge and the full impact of the pandemic on banks’ asset quality is expected to become visible with a lag.” The banking sector has its own share of challenges to face: weak profitability and the need to quantitatively and qualitatively enhance their capital adequacy ratios, in view of the high share of deferred tax credits (DTCs) in banks’ capital and the still high NPL ratio,” BoG noted.

 

Greece/Economy: The European Stability Mechanism (ESM) on Wednesday completed the disbursement to Greece of €644.42mn, which the latter called the “sixth transfer of amounts equivalent to the income earned on SMP/ANFA holdings, part of debt relief measures for Greece tied to policy commitments.” The Eurogroup had previously approved the disbursement on Dec. 6, following the release of the 12th enhanced surveillance report for Greece by the European Commission late last month, which was based on the findings of a mission in October.

Greece/Travel Services Account Balance: Greece’s travel services surplus rose sharply in October, to €1.3bn from a surplus of €490mn in the year-ago month, provisional data from the Bank of Greece showed. In October, travel receipts increased 160% to €1.4bn while travel payments settled at €64mn, up 168% y-o-y. “The rise in travel receipts resulted from a 124.5% increase in inbound traveler flows and a 13.8% rise in average expenditure per trip. Net receipts from travel services offset 55.0% of the goods deficit and contributed 69.9% to total net receipts from services,” BoG said in a statement. The number of inbound visitors stood at 2.1 million in October and at 13.8 million euros in the 10-month period. In the January-October period, the balance of travel services showed a surplus of €9.3bn, up from a surplus of €3.5bn in the respective period of 2020.

FOURLIS: Its real estate REIT subsidiary TRADE ESTATES acquired the largest retail box in Greece named FLORIDA 1 with a total leasing area of 31.5Km2 fully leased to big retailers (Leroy Merlin, AB Vasilopoulos, Jumbo, Kotsovolos, Moustaks, Jysk among others). The acquisition is expected to add €4.5mn annual turnover with NAV exceeding the €200mn threshold. Recall that Trade Estates inauguration NAV was €183mn. Fourlis plans to list Trade Estates on the ASE in 2022.

 

ATTICA BANK: As of today, the 1,200,000,000 new (CR) shares of the company are admitted to trading on the ATHEX following the recent share capital increase with rights issue. On December 23, 2021, the total number of the company’s listed shares amounts to 1,224,229,445 (CR) shares.

 

TECHNICAL OLYMPIC: The company’s Cypriot subsidiary PFC Premier Finance Corporation, a100% subsidiary of Technical Olympic International Holding, and following due diligence completion concluded the acquisition of a 50% stake in the Irish Company Mount Street Hellas HOLDCO Ltd for €450K.

 

HELLENIC EXCHANGES: On December 21, the company bought 11,350 shares at €3.7076/share for a total consideration of €42.08K. On December 22, the company bought 10,900 shares at €3.7135/share for a total consideration of €40.477K. Total treasury at 187,923 shares or 0.3114% of share capital.

MOH: On December 21, the company bought 911 shares at €13.51/share for a total consideration of €12.307K. Total treasury at 557,131 shares or 0.5% of share capital at €12.604/share average acquisition cost.

 

LAMDA DEVELOPMENT: On December 21, the company bought 40K shares at €6.867/share for a total consideration of €274.664K. Total treasury at 285,314 shares or 0.161% of share capital.

 

MYTILINEOS: On December 21, the company bought 14,263 shares at €15.0199/share for a total consideration of €214.228K. Total treasury at 7,875,994 shares or 5.5119% of share capital.

 

GEK TERNA: On December 21, the company bought 4,000 shares at €9.32/share for a total consideration €37.28K.

INTRAKAT: Major shareholder Mr Lazarakis bought on December 17, 15K shares for a total consideration of €34.606K (€2.31/share).

 

PROFILE: On December 20 and December 21, the company bought 4K shares for a total consideration of €22.792K (€5.7/share).

 

SPACE HELLAS: On December 22, the company bought 278 shares at €9.24863/share for a total consideration €2.57K. Total treasury at 73,232 shares or 1.134% of share capital.

Kind Regards, 

John Kalogeropoulos

Equity Analyst 

29 Alexandras Avenue

11473 Athens,Greece

Tel: +30 210 6478989

Email: ikalogeropoulos@beta.gr