Νο.1 @11:35 πμ – Το χρηματιστηριακό σημειωματάριο του μικρομέτοχου (17 Ιουνίου 2020)

Wednesday, June 17, 2020

Market Monitor – Market Comment

Athens joined a global rally on Tuesday ahead of the US Federal Reserve’s announcement for a stimulus bond buying program. Banks were the day’s frontrunners as bonds performed strongly with the yield on the 10-year benchmark falling to 1.13% from 1.20% late Monday. General index ended at 676.91 points, adding 4.46% to Monday’s 647.98 points. The large-cap FTSE 25 index expanded 4.73% to 1,642.25 points.

The banks index soared 7.22%, with Piraeus jumping 9.81%, National rising 8.06%, Alpha advancing 6.98% and Eurobank collecting 5.85%.  Public Power Corporation fetched 8.85%, Aegean Air earned 8.44%, GEK Terna augmented 6.87% and Coca-Cola HBC grabbed 6.44%. Ellaktor was the only blue chip to drop, shedding 1.28%. In total 85 stocks boasted gains, 21 took losses and 21 stayed put. Turnover amounted to €59.6m, up from Monday’s €43.7m.

Banks set the tone, some profit taking should be expected after considerable yesterday gains. 

In the Spotlight

Greece/Economy: Finance Minister Staikouras reiterated that Greece will not tap the European Stability Mechanism pandemic credit line, as it will not face a cash problem even if Europe delays reaching a final decision on the Recovery Fund and related disbursements come in the first quarter of 2021. Addressing a parliamentary committee, Staikouras added that all Greek programs have been approved by the European Commission, but first disbursements are estimated after the end of July. 

Greece/IMF: Finance Minister Staikouras appointed Mr Masourakis as Greece’s new representative to the International Monetary Fund (IMF), according to the ministry statement. 

Banking Sector: The nominal value of loans serviced by domestic Credit Servicing Firms increased in Q1’20 to €30.8bn compared to €23.5bn in Q4’19, the Bank of Greece said. The value of serviced corporate loans increased to €8.85bn in the first quarter from €6.4bn in the previous quarter. Some €5.9bn corresponds to loans to small and medium-sized enterprises (SMEs). The value of loans to individuals and private non-profit institutions increased by €2.5bn q-o-q in the first quarter to €16.3bn. In further detail, the serviced consumer loans decreased by €299mn to €11.8bn at the end of the first quarter of 2020, while the corresponding housing loans increased by €2.1bn to €4.4bn. 

Greece/Privatizations: Greece has shortlisted seven investors in the sale of a majority stake in DEPA Commercial, the country’s privatization agency TAIPED said. TAIPED said the investors advancing to the next stage of the tender namely are: C.G. GAS Limited, a consortium comprised of Hellenic Petroleum & Edison, a consortium made up of Motor Oil, Corinth Refineries & PPC, Gek-Terna, Met Holding, Mytilineos and Shell Gas.

  • TAIPED said that there is an option of acquiring the total of its issued share capital by virtue of a Memorandum of Understanding between DEPA shareholders TAIPED and Hellenic Petroleum.
  • Following the signing of the relevant Confidentiality Agreement candidates will enter phase B (Binding Offers Phase) by acquiring access to VDR where data and information related to DEPA Commercial S.A. will be available for the finalization of the candidates’ binding bids.  

Alpha Bank: Reportedly Alpha Bank is in talks with at least five US investment firms including Cerberus and PIMCO in a fresh attempt to offload a portfolio of bad debt worth more than €10bn.

The portfolio, known as Galaxy, consists of retail loans worth €7.6bn plus loans to medium-sized and large corporate clients worth €3bn. Recall that Alpha launched the process, which includes the sale of loan servicing platform Cepal, early this year but halted negotiations as the coronavirus crisis struck.

It has asked bidders to submit tentative offers by June 29. Bain Capital Credit and Apollo are looking to join the race, alongside US investment firm Centerbridge, which recently agreed to sell its 60% stake in Cepal to Alpha. Cerberus and Bain declined to comment. Alpha Bank, PIMCO, Centerbridge and Apollo were not immediately available for comment. Alpha aims to sign a deal by the end of the year.

The process is expected to gain momentum after the summer and close in the fourth quarter. Alpha Bank is looking to apply this year for the Hercules scheme, which provides state guarantees on the senior tranches of the securitization, after finalizing the Galaxy disposal. 

CCHBC: AGM clears FY’19 gross dividend distribution €0.62/share with dividend ex-date on July 2 and dividend payment on July 28. 

KRI KRI: AGM called for July 7 to approve FY’19 gross dividend distribution €0.18/share (DY 3.3% based on yesterday’s €5.50 closing price). 

AUTOHELLAS: AGM called for July 7 to discuss among others profits distribution for FY’19. 

MLS: The company according to a filling to ASE intends to proceed to a restatement of FY’19 accounts based on IFRS 8 module and to assign an international credit firm to do so. 

BRIQ PROPERTIES: On June 15, the company bought 3,000 own shares at €1.625/share (total amount consideration €4.876K). 

FOURLIS: On June 15, the company bought 500 own shares at €3.69/share for a total consideration of €1.845K. Fourlis now commands 448,395 own shares or 0.8622% of share capital. 

OTE: On June 15, the company bought 53,447 own shares at €12.3166/share for a total consideration of €658.283K. OTE now controls 3,771,625 total shares or 0.802% of share capital. 

MYTILINEOS: On June 15, the company bought 37,464 own shares at €7.5326/share and a total consideration of €282.2K. The company now owns 455,029 shares or 0.3184% of share capital. 

TERNA ENERGY: On June 15, the company bought 29,093 own shares for a total consideration of €267.147K (€9.1825 avg price per share).

Other FY:19 results: 

ELINOIL

2018

2019

Y-o-Y

EUR thous.

FY

FY

(%)

Sales

2,204,390

1,950,162

-11.5%

EBITDA

13,357

18,305

37.0%

EBITDA Mrg

0.6%

0.9%

+33 bps

Net Income

2,822

3,308

17.2%

Net Mrg

0.1%

0.2%

+4 bps

OPTRONICS

2018

2019

Y-o-Y

EUR thous.

FY

FY

(%)

Sales

7,201

9,615

33.5%

EBITDA

515

402

-21.9%

EBITDA Mrg

7.2%

4.2%

-297 bps

Net Income

377

270

-28.4%

Net Mrg

5.2%

2.8%

-243 bps

Manos Chatzidakis

Head of research

29 Alexandras Avenue

11473 Athens,Greece

Tel: +30 210 6478755/754

Fax:+30 210 6410139

Email: [email protected]