Το χρηματιστηριακό σημειωματάριο του μικρομέτοχου – Παρασκευή 10 Ιουλίου 2020

Beta Securities – Daily Report 10-07-2020

 Market Comment 

The benchmark of the Greek stock market closed lower on Thursday for the fifth session in a row, with sales of stocks in the credit sector weighing on blue chips and the main index. 

The ASE GI ended up at 636.84 points, shedding 0.66% from Wednesday’s 641.07 points. The large-cap FTSE 25 index contracted 0.63% to 1,540.01 points, while FTSEM declined to 840.77 points losing 0.66% of its value. The banks index sank 2.17%, as Piraeus slumped 4.85%, National dropped 2.75%, Alpha parted with 1.99% and Eurobank lost 0.99%.  Fourlis achieved a 4.33% rise and OPAP climbed 1.77%, while OTE telecom conceded 2.88%, Jumbo shrank 2.41% and Hellenic Petroleum gave up 1.85%. 

In total 48 stocks posted gains, 47 endured losses and 21 closed unchanged.

Persistent low volumes in the domestic market coupled with investors’ risk-off mode weigh in ASE’s downturn over the past week. Furthermore, international markets picture reflects fears over a second pandemic wave making investor’s reluctant to equities.

As for today, we expect another volatile session with GI hovering around current levels.

In the Spotlight

GREECE/UNEMPLOYMENT: Greece’s unemployment growth rate rose to 15.5% in April from the slightly upwardly revised reading of 14.5% in March, seasonally-adjusted data from statistics office ELSTAT showed. In April 2019, the respective rate was 17.5%.

The number of unemployed persons decreased by 123.571 persons compared with April 2019 (a 14.8% rate of decrease) and increased by 52.717 persons compared with March 2020 (a 8.0% rate of increase). The number of inactive persons increased by 133.523 persons compared with April 2019, up 4.2%, and decreased by 30.720 persons compared with March 2020, down 0.9%. 

GREECE/ECONOMY: Greece’s new car registrations dropped 25% y-o-y with the number of new or imported second hand cars amounting to 16,170, the statistics office or ELSTAT said. Sales of new cars alone declined 38%.

  • Sales of new or imported second-hand motorcycles-over 50cc- declined 3% y-o-y in June, reaching 5,306, with the sales of new motorcycles falling also 3%.
  • In the first half of the year, new car registrations decreased 33% while new car sales were down 44%. Also, new motorcycles registrations and new sales slipped 18% each. 

CORPORATE NEWS 

ALPHA BANK: The bank calls its AGM on July 31. 

COCA COLA HELLENIC: The company will report Q2/H1’20 financial results on August 5 prior to market opening. 

CENERGY HOLDINGS:  The company assumed through its subsidiary Hellenic cables a new contract in the UK regarding the interconnection of the offshore wind energy park Seagreen (1.075MW by Subsea 7 company) though an inter-array 66kV cable. No further financial details were disclosed. 

OTE: Over the period of July 2 to July 6 the company bought 159,340 own shares at avg. price € 12,41666/share and a total consideration of € 1,98mn. The company now controls 4,578,951 shares or 0,974% of share capital. 

MYTILINEOS: On July 8, the company bought 25,000 own shares at avg. price € 7,3436/share and a total consideration of €183.6K. The company now controls 1,055,921 shares or 0.7390% of share capital. 

TERNA ENERGY: The company announced that revenues in Q1 2020 increased by 7.5% to €89.0mn vs €82.8mn in Q1 2019. EBITDA over the same period increased by 13.7% to €61.3mn primarily driven by new parks operation in the US (Fluvanna 2 and Bearkat). Net Profit landed at €19.6mn (-18.5% y-o-y).

  • Net Debt settled at €747mn (+4.3% y-o-y) on increased capex requirements €35,4mn regarding new wind parks construction in Greece.
  • New long term target in terms of installed capacity was set at 2800 MW within next 5 years.
  • Current installed capacity amounts to 1,390MW broken down to Greece 607 MW, USA 651 MW, Poland 102 MW, Bulgaria 30 MW. 

  Segmental analysis:

o    Construction:  Revenue €0.5mn, EBITDA €0.1mn

o    Energy:          Revenue €76.2mn, EBITDA €60.3mn

o    Concessions:   Revenue €3.5mn, EBITDA €0.6mn

o    Trading:         Revenue €8.9mn, EBITDA €0.3mn

On July 8, the company bought 20,000 own shares for a total consideration of €199.6K (€9.98 avg price per share). 

SARANTIS: On July 8, the company bought 4,000 shares at avg. price €8,18/share for a total consideration of €32.7K. The company now controls 2,756,440 shares or 3,94% of share capital. 

KRI-KRI: On July 8, CEO & Chairman Mr. Panagiotis Tsinavos sold 40,000 common shares at €5,8008/share. 

EPSILON NET: Public offer of 2,224,560 new shares for Public offer to ASE Main Market (from E.NA) expires today. 

THRACE PLASTICS: On July 8, the company bought 4,000 shares at € 1,8932/share for a total consideration of €7.6K. 

AUTOHELLAS: CEO Mr Vasilakis bought on July 7 22,500 shares for a total consideration of €78.962K (avg €3.59/share). 

LAMDA DEVELOPMENT: New 7-year €320mn bond issue to take place between July 15 to July 17.  IPO prospectus approved yesterday by HCMC. 

PAPOUTSANIS: AGM on July 29 to approve additional 0.02 share capital return to shareholders in addition to the €0.03/share already distributed in April. 

ELINOIL: AGM decides on no dividend distribution for FY 2019. 

FLEXOPACK: AGM clears FY’19 gross dividend distribution €0.062/share (net €0.06/share). Ex dividend date set on Monday July 13th. Dividend payment July 20. 

PASAL: Rights issue €10.1mn fully subscribed. 

PERSEAS: Andromeda concludes squeeze out option for the company and now controls 100% stake. 

INFORM LYKOS: AGM clears FY’19 gross dividend distribution €0.04/share (net €0.038/share). Ex dividend date on July 20. Dividend payment on July 27. 

TRASTOR REIC: AGM on July 30.

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