Το χρηματιστηριακό σημειωματάριο του μικρομέτοχου – Δευτέρα 20 Ιουλίου 2020

Closing auctions at Friday’s bourse session made buyers the clear winners on the last day of a week of ups and downs and significantly reduced turnover, which ended in the black after three successive sessions of gains for the benchmark.

The general index ended at 641.48 points, adding 0.62% to Thursday’s 637.55 points. On a weekly basis it advanced 1.34%. The large-cap FTSE 25 index expanded 0.37% to 1,549.77 points, while this time the banks index outperformed growing 1.36%.  Public Power Corporation stood out with its rise of 6.19%. OTE telecom climbed 2.20%, Eurobank earned 2.06%, National improved 2.01%, Sarantis increased 1.75%, Aegean Air gained 1.38% and Terna Energy collected 1.15%, as Jumbo lost 2.50%, Viohalco parted with 2.22% and Hellenic Petroleum decreased 1.61%. In total 43 stocks recorded gains, 35 notched up losses and 32 remained unchanged. Turnover was the lowest of the last two weeks, amounting to €36.6m, down from Thursday’s €38.8m.

For today’s session, with EU recovery summit still to come to agreement, we expect market to move sideways. Growing concerns over the final outcome and warnings from various EU leaders that talks could still fail create a not so positive big picture for domestic equity markets, yet we expect investors to keep a waiting stance.


In the Spotlight

Greece/Economy: The total value of 59 government measures designed to offset losses from the health crisis has come to €24bn, Finance Minister Staikouras said in response to a question in Parliament on Friday. 

Greece/Economy: Most sectors of the Greek economy continued to see a contraction in their revenues in May as the shutdown under coronavirus lockdown measures took its toll, with some business sectors witnessing a drop in their revenues of as high as 15% in the first quarter, data from the National Statistics Services or ELSTAT showed. Enterprises and activities of the economy as a whole, first quarter turnover declined 3% to €65mn.

“Τhe largest decrease in turnover, between the first quarter of 2020 and the first quarter of 2019 was recorded from the enterprises of the section Arts, Entertainment and Recreation (14.9%),” ELSTAT said. In contrast, the enterprises of the section Water Supply; Sewerage, Waste Management and Remediation Activities, and the enterprises of the section of Agriculture, Forestry and Fishing, recorded the largest increase in turnover, 5.8% and 5.3% respectively, in the first quarter of 2020 compared with the first quarter of 2019.

Among enterprises, obliged to double-entry accounting bookkeeping, that suspended operation, the largest decrease in turnover, between the first quarter of 2020 and the first quarter of 2019 was recorded from the enterprises of the Accommodation activity class (19.1%), while the respective smallest decrease in turnover was recorded from the enterprises in the activity class Creative Arts and Entertainment Activities (3.5%).

Enterprises under suspension of operations, obliged to double-entry accounting bookkeeping, for which data are available on a monthly basis, the turnover in May amounted to 709,442K euro, recording a decrease of 55.8% in comparison with May 2019. 

Energy Sector/June Stats: According to Energy Exchange data, electricity demand decreased (-15%) relatively to June 2019 demand. Average SMP for June stood at 34.04 €/MWh which is 0.232 €/MWh lower than the SMP of the previous month and 34.10 €/MWh lower comparing to the same month of the previous year. Generation from Natural Gas Units covered 36.56% of the monthly Load. RES the 26.43%. Imports covered 23.93%. Hydro Production the 7.43%. and Lignite Units the 5.64%.

Comparing to June 2019. Natural Gas Units Generation decreased (-6%). Imports increased slightly (3%) and Exports increased significantly (211%). Lignite Generation decreased significantly (-74%) and Hydro Generation decreased (-6%). Finally, RES generation increased (21%).

The monthly Consumption Share of PPC in June was 66.13% (High Voltage: 16.36%. Medium Voltage: 6.56%. Low Voltage: 43.21%). The second higher consumption share belongs to MYTILINEOS 7.73% (HV: 0.68%. MV: 4.16%. LV: 2.90%) and the third to HERON 6.22% (HV: 0.00%. MV: 2.94%. LV: 3.28%). The relevant numbers for the previous month were PPC: 66.29%. MYTILINEOS: 7.30% and HERON: 6.27%.

As PPC is targeting to decrease substantially (-40% y-o-y) its exposure to lignite power generation in order to reduce Co2 footprint, June stats are encouraging and assist materially. More, taking into account half year figures lignite generation is down 57% y-o-y we see the target feasible while PPC has a more favorable cost for liquid and gas fuels during this period. 

Alpha Bank: Alpha Bank said completed the disposal of a €1.1bn Neptune portfolio of secured non-performing loans extended to SMEs to debt purchaser Fortress. The aggregate consideration for the so-called Neptune portfolio amounts to 24% approximately of the total on-balance sheet gross book value, and can be increased up to 30% of the total on-balance sheet gross book value through a contingent consideration (earnout). 

PPA: AGM clears gross FY’19 dividend distribution €0.5388/share (net €0.51186). 

LAMDA DEVELOPMENT: €320mn 7-year corporate bond oversubscribed 1.93x with total funds offered amounting to €618.3mn. coupon set at 3.4%. 69.7% of the issue allocated to retail investors (223,000 bonds) with the remainder 30.3% (97,000 bonds) to institutional investors.

QUEST HOLDING: The company trades ex capital return €0.15/share tomorrow July 21st. 

Greece/Privatizations: TAIPED said it is currently launching three separate international public tenders for the development of the ports of Alexandroupolis, Igoumenitsa and Kavala, within the framework of its strategy for the development of the country’s port infrastructure held in its portfolio. The Port Authorities of Alexandroupolis and Igoumenitsa will be developed by a means of a sale of a majority stake, while the Kavala Port Authority will be developed through a tender process for the sub-concession of a multi-purpose terminal within a part of “Philip II” port. 

AUTOHELLAS: The company trades ex FY’19 gross dividend €0.23/share (net €0.2185/share) as of today. 

INFORM LYKOS: The company trades ex FY’19 gross dividend €0.04/share (net €0.038/share) as of today. 

INTRALOT: INTRALOT and its subsidiary in Malta, Maltco Lotteries, announced the launch of U*BET Simulated Reality encompassing a range of football and tennis Artificial Intelligence driven events. The new offering deployed by INTRALOT will enhance Maltco Lotteries’ prestigious sports offering in Malta.

  • The new introduction will incorporate Pre-Game and Live Betting Markets played out over a full 90 minutes with vast betting markets available to choose from.
  • Simulated Reality Events, powered by SPORTRADAR, are AI driven simulated matches generated by computer software which totally reflect the flow, duration, and rules of the real sport.
  • The generated events are based on historical statistics and data of the real teams involved in the respective simulated match whereby results are determined by advanced algorithms, using a certified Random Number Generator infrastructure. 

MYTILINEOS: On July 16, the company bought 44,592 own shares at avg. price € 7.6549/share and a total consideration of € 341.4Κ. The company now controls 1,262,232 shares or 0.8834% of share capital. 

IPTO: BoD cleared buyback program up to 2,320,000 shares to take place from 16/07/2020-15/7/2022 with price ranging from €1 to €10. 

THRACE PLASTICS: On July 17, the company bought 7,500 own shares at €1.9179/share for a total consideration of €14.83K. 

BRIQ PROPERTIES: On July 16, the company bought 3,000 own shares at €1.641/share for a total consideration of €4.9K.

Manos Chatzidakis

Head of research

29 Alexandras Avenue

11473 Athens,Greece

Tel: +30 210 6478755/754

Fax:+30 210 6410139

Email: [email protected]

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