Market Comment
ATHEX headed south yesterday for a 4th session in a row, underperforming the European stock markets. In more detail, the General Index narrowed by 0.32% at 1,402.60 units (FTSE Large Cap: -0.46%, FTSE Mid Cap: -0.03%, Banks Index: -1.40%) and the traded value was shaped at EUR 120.9m, up from Wednesday’s EUR 118.2m. We expect ATHEX to rebound today after four sessions in the red, with banks in the spotlight.
Today’s Headlines
· Scope Ratings on Greece: Continued debt reduction supports favourable credit trajectory
· Total building activity increased in July
· PPC 9M24 results on 13 November, Business update presentation 14 November
· PPC Share Buyback
· Lamda Development completes the sale of land plot in Belgrade for EUR 36m
· Trade Estates will cover a EUR 9m bond loan issued by EVITENCO
· Papoutsanis declared a EUR 0.03/share interim dividend
· Intracom Holdings bought Intralot shares
Macro Headlines
SCOPE Ratings on Greece: Continued debt reduction supports favourable credit trajectory
Scope Ratings released its macro forecasts for Greece, assuming GDP growth of 2.4% for this year and 1.9% for 2025, modestly revised up from its July estimates. Additionally, SR expects that the government will meet or even slightly exceed its 2024 primary surplus objective of 2.1% of GDP, and forecasts primary fiscal surplus to average 2.5% of GDP over 2025-27. Consequently, the ratings agency projects that Greece’s Debt/GDP ratio will fall to 150.5% of GDP by the end of this year and to 132.8% by 2029, the lowest debt-to-GDP ratio since the beginning of the Greek crisis in 2009, and below the debt ratio of Italy (rated a higher BBB+).
Total building activity increased in July
According to ELSTAT, total building activity (private-public), as this is measured by the number of building permits issued, increased by 15.2% y-o-y in July 2024. In surface and volume terms, building activity increased by 6.5% and decreased by 6.3% y-o-y respectively. In the August 2023- July 2024 period, Greek building activity grew by 12.8% y-o-y in terms of permits, while also increased by 15.3% y-o-y in terms of surface and by 13.5% y-o-y in terms of volume.
Company Headlines
PPC 9M24 results on 13 November, Business update presentation 14 November
PPC will release its 9M24 results on 13 November after the market close, followed by an online event via webcast in order to provide an update on 9M2024 financial performance as well as on the Group’s Strategic Plan for the period 2025-2027.
PPC Share Buyback
The company announced that during 17/10/2024 – 23/10/2024, it purchased 385,196 own shares at an average price of EUR 12.0185 per share and now holds 28,349,065 own shares or 7.421% of the total shares outstanding.
Lamda Development completes the sale of land plot in Belgrade for EUR 36m
LAMDA Development completed yesterday the sale of land plots of a total area 2.7m sqm to the Serbian company SPARK INVESTMENT D.O.O. for EUR 36m, equivalent to the property’s NAV. The transaction forms part of the company’s existing strategy aimed at focusing on its core activities in Greece.
Trade Estates will cover a EUR 9m bond loan issued by EVITENCO
The company announced that the BoD approved to cover an unsecured bond loan of up to EUR 9m issued by EVITENCO DEVELOPMENT, in order for the latter to cover the construction of logistics center. The main Bond terms will be as follows: duration of three years with fixed interest rate of 5% per annum with one-time repayment of principal and interest at maturity.
Papoutsanis declared a EUR 0.03/share interim dividend
Papoutsanis announced that the BoD approved a EUR 0.03/share interim dividend (Div. yield: 1.3%) with cut-off date set for Monday 11 November.
Intracom Holdings bought Intralot shares
Intralot announced that Intracom Holdings purchased on 24 October, 170,000 common shares of Intralot at an average price of EUR 1.079 and for a total value of EUR 183,576.00.
Calendar of Events
Macros
30/10/24 | Producer Price Index in Industry SEP (ELSTAT) & Economic Sentiment Indicator OCT
31/10/24 | Turnover Index in Retail Trade AUG (ELSTAT) & Unemployment Rate SEP (ELSTAT)
01/11/24 | S&P Global Greece Manufacturing PMI OCT (09:00 UTC)
08/11/24 | CPI OCT (ELSTAT) & Industrial Production SEP (ELSTAT)
22/11/24 | Fitch – Greek sovereign credit review
Market
06/11/24 | MSCI Index Review announcement (Effective date: November 26, 2024)
3Q/9M24 Results Release
30/10/24 | Athens Airport (Aft-mkt)
31/10/24 | Coca-Cola HBC (7:00am GMT)
01/11/24 | Piraeus Financial Holdings
05/11/24 | Premia Properties
07/11/24 | National Bank of Greece, Eurobank Holdings (Aft-mkt), Titan Cement, Alpha Trust Andromeda
08/11/24 | Alpha Services and Holdings (08:00 GR Time)
11/11/24 | Optima bank (Bef-mkt)
13/11/24 | PPC (Aft-mkt), LAMDA Development (Aft-mkt)
14/11/24 | HELLENiQ ENERGY (Aft-mkt), OTE (Bef-mkt), Aegean Airlines (Aft-mkt), Austriacard Holdings, Lavipharm
20/11/24 | OPAP (Aft-mkt), ElvalHalcor (Aft-mkt), QUEST Holdings (Aft-mkt)
21/11/24 | Ideal Holdings (Bef-mkt)
25/11/24 | Hellenic Exchanges
26/11/24 | Fourlis (Aft-mkt)
19/12/24 | Attica Bank
EGM / AGM
30/10/24 | Kloukinas-Lappas (EGM)
04/11/24 | PPC (EGM)
06/11/24 | TERNA Energy (EGM)
08/11/24 | Biokarpet (EGM)
15/11/24 | BriQ Properties (EGM)
Ex-Dividend
04/11/24 | OPAP (interim dividend EUR 0.60)
11/11/24 | Papoutsanis (interim dividend EUR 0.03)
02/12/24 | CNL Capital (interim dividend EUR 0.25)
Share Capital Increase – Attica Bank
21/10/24-30/10/24 | Trading period of rights
21/10/24-04/11/24 | Exercise period of rights
13/11/24 | Commencement of trading of new shares SCI
Warrants – Attica Bank
21/10/24-04/11/24 | Offer Period
08/11/24-28/11/24 | Exercise Period
04/12/24 | Commencement of trading of the warrant exercise shares
Research Department
Equity Research
Τ: 210 8173 383 F: 210 3279 287 E: [email protected]
32 Aigialeias & Paradissou str., 15125, Maroussi optimabank.gr
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