Το χρηματιστηριακό σημειωματάριο του μικρομέτοχου – Τρίτη 7 Ιουλίου 2020

 

¢     Market Comment 

Resembling a so-called “bull trap” session but on a small scale – i.e. one that starts attracting buyers, raises prices and then ends up in losses – the first day of the week at the ASE rather disappointed traders who chose to take positions in the morning.  Stocks lost steam midway through the session and gave up the early gains. Volumes remain light while banks ended little changed. 

The Athens Exchange (ATHEX) general index ended up at 655.79 points, shedding 0.42% from Friday’s 658.55 points. The large-cap FTSE 25 index contracted 0.47% to 1,587.79 points. FTSE Mid Cap index marginally retreated by 0.15% to 856.94 points. The banks index expanded 0.31%, as National earned 0.71%, Eurobank climbed 0.45% and Alpha grew 0.29%, while Piraeus conceded 0.68%. Fourlis Holdings declined 4.34%, Mytilineos parted with 3.05%, OPAP decreased 2.47%, Hellenic Exchanges dropped 1.82%, Motor Oil gave up 1.73% and Athens Water (EYDAP) was down 1.69%, just as Sarantis improved 1.81% and Aegean Air advanced 1.72% 

In total 53 stocks secured gains, 45 sustained losses and 21 remained unchanged.  Turnover remained thin and amounted to €37.8mn, up from Friday’s €30.1mn.


For today’s session worldwide economic optimism along with USA positive upbeat contributes to rally on albeit at a slower pace for Greek equity market. Also a technical rebound following two consecutive loss making trading sessions is in the cards. 


¢     In the Spotlight 

Greece/ASE Stats: Foreign investors remained net sellers in local stocks in June with outflows amounting to €99.5mn, on top of outflows of some €127mn in May, the Athens Stock Exchange said. They made 48.3% of total turnover compared to 59.5% in the previous month. Market capitalization reached €37.6bn, down 1.8% and 19.3% m-o-m and y-o-y, respectively. 

Greece/PDMA: Greece seeks to raise €625mn through the offering of 13-week Treasury-bills on Wednesday, July 8, the debt office said. The auction will be conducted via primary dealers and the government may accept non-competitive bids of up to 30% of the initially offered amount during the auction and another 30% by Thursday, July 9. Settlement will take place Tuesday, July 10. 

Greece/Economy: Hotels and accommodation business in Greece experienced a 92% y-o-y drop in their revenues in April while catering business and restaurants saw their turnover shrinking 73.5% y-o-y, data from the National Statistics Service of ELSTAT showed. Also, hotels and accommodation business revenues were down 17.1% in the first quarter, while catering business and restaurants saw their turnover shrinking 10.3% in the first quarter, y-o-y. 

Greece/Economy: Based on the revised estimates of the Ministry of Finance the country’s fiscal record is being sacrificed to the containment of the recession and unemployment, as the 2020 budget now appears destined for a deficit of 7% of gross domestic product. 

Greece/Athens Airport Traffic: Athens International Airport continued to feel the impact of the coronavirus pandemic in June despite the restart Greece’s international flights to and from the country’s main airports restarting in the middle of the month. Total passenger traffic plunging by 88% y-o-y to just 0.31 million passengers. In May, traffic was down 96%. Traffic in domestic flights dropped for twelfth straight month in June, -75.4% y-o-y while traffic in international flights was down 93.4%. In the first half, traffic was down 65% y-o-y, to 3.9 million passengers. 

EPSILON NET: As of today the Athens Stock Exchange decided the suspension of trading of the shares of the company in order to be transferred to the ASE Main Market (currently trading in E.NA). Public offer of 2,224,560 new shares for listing to ASE Main Market (from E.NA) to run from July 8 to July 10.  Price range set between €2.35-€2.70/share vs max upper limit of €2.80 initially announced. PE’19 between 27.1-31.1. 

TERNA ENERGY: The company will report Q1’20 financial results on July 9 before market opening. During July 3 session, the company bought 8,272 shares for a total consideration of €81.89K (avg share price €9.89). 

THRACE PLASTICS: On July 3, the company bought 3,800 own shares at €1.9507/share for a total consideration of €7.41K. 

MYTILINEOS: On July 3, the company bought 45,892 own shares at €7.6971/share and a total consideration of €353.234K. The company now controls 980,921 shares or 0.6865% of share capital. 

AVE: BOD to propose to the upcoming Extraordinary GM a share capital increase of €4mn to be completed by year end 2020. 

AUTOHELLAS: CEO Mr Vasilakis bought 26,818 shares of the company for €95.1K (avg price €3.54/share). 

BRIQ PROPERTIES: On July 3, the company bought 1,108 own shares at €1.655/share for a total consideration of €1.84K. 

PRODEA REIC: The company entered an agreement with municipality of Piraeus for the exploitation for a 99 years period of a real estate property in Piraeus port for €1.01mn. Prodea will hold a 30% stake in the JV whereas the remaining 70% will be held by Cante Holding Ltd (in which Dimand commands a 65% stake and EBRD 35%). Total development cost will sum to €50mn. 

SPACE HELLAS: The company trades ex FY’19 gross dividend €0.065/share (net €0.06175/share) on July 9. Payment to be concluded on July 15. 

Other Results: 

ADMIE: The company announced Q1’20 results yesterday after market close. CAPEX in Q1’20 stood at €51.2mn. Net Debt at €179.5mn.

FY’19 remaining gross dividend €0.029/share. FY’20 interim gross dividend €0.089/share. Total dividend to be distributed gross €0.118/share. 

ADMIE

2019

2020

Y-o-Y

EUR thous.

Q1

Q1

(%)

Sales

64,737

70,295

8.6%

EBITDA

52,400

51,400

-1.9%

EBITDA Mrg

80.9%

73.1%

-782 bps

Net Income

26,473

20,685

-21.9%

Net Mrg

40.9%

29.4%

-1,147 bps