Beta Sec – Daily report 03-12-2024- Market Comment- In the Spotlight

Relief has been brought to the domestic investment community by the end of the rumour of a special tax on bank profits. The… happy news came from London and Prime Minister Kyriakos Mitsotakis, who was attending the proceedings of the Greek Investment Conference, organized by HHSE and Morgan Stanley. Just 18 sessions to go for 2024 AthEx had its best session this year.

General Index gained 30.84 points or +2.21% and closed at 1,424.33 points. The high for the day was found at 1,426.40 points and the low for the day at 1,399.30 points. Monday’s rally was the strongest in “depth” of more than a year, namely since mid-November 2023. The same is true for banks, with the sector index “climbing” over +4%. Eurobank (+5.6%) led the buying spree in the sector, with the rest of the systemic following in equally bullish territory. Strong gains were also registered by some blue chips with weight on the board, such as Metlen (3.7%), PPC (2.8%), Motor Oil (2.4%), HELLENiQ ENERGY (2.6%), and Viohalco Group (+3%) shares. Domestic market capitalization returned to levels above 100 billion euros. In total 72 stocks registered gains, 43 suffered losses and 46 remained unchanged. Turnover amounted to €125.2m, up from Thursday’s €96.2m.

Positive vibes from London presentations may keep the upbeat momentum in today’s session yet offer may increase as specific shares reach critical resistance levels related to recent placements strike prices.

 ¢     In the Spotlight

Banking Sector: PM Mr. K. Mitsotakis declared that there is no option in the government’s 2025 plan to impose an extraordinary levy on Greel listed banks. 

Energy Sector: Impose of extra levy on 2024 out of the picture as said by PM Mr. Mitsotakis in HELEX roadshow in London.

Hellenic Exchanges: Roadshow continues today in London with 38 listed companies participating namely: IPTO, Aegean Airlines, Alpha Bank, EXAE, Athens International Airport, EYDAP, AustriaCard, Autohellas, Avax, Bank of Cyprus, Cenergy Holdings, Coca Cola HBC, Ellaktor, Eurobank, Fourlis, GEK Terna, Terna Energy, OPAP, OTE, Helleniq Energy, Intrakat, Intralot, KRI KRI, Lamda Development, METLEN, Motor Oil, National Bank, Optima bank, Piraeus Bank, Piraeus Port Authority, Profile, PPC, Sarantis, Titan, Trade Estates, Viohalco, ElvalHalcor and Noval Properties.

Greece/PDMA: On December 4, 2024 the Hellenic Republic will auction 52 Weeks T-Bills, in book entry form, with maturity December 5, 2025. The amount to be auctioned is 500 million euro. Settlement date is December 6, 2024. During the auction non – competitive bids can be submitted up to 20% of the auction amount. No additional non-competitive bids will be accepted on December 5, 2024. 

Greece/PMI: PMI index dropped to 50.9 in November 2024 from 51.2 in October. 

Greece/Economic Climate – Consumer Confidence Indices: The IOBE index retreated to 106.1 in November from 106.9 in October. Consumer Confidence Index improved to -47.3 from -50.3 in October. 

Attica Bank: New shares resulting from warrants exercise commence trading tomorrow. 

PPC: Electricity tariffs in Greece are soaring with the special or green tariffs increasing by up to 62% in Dec. compared to prices in Nov. Providers were prompted to raise the tariffs in Dec. due to a surge in the wholesale market last month. Electricity providers have updated their websites with the new rates for special or green electricity tariffs, according to which household consumers will see significant increases; competitive charges ranging from 0.15499 euros per kWh to 0.1993 euros per kWh. In an attempt to alleviate the economic burden on citizens, the Ministry of Environment and Energy plans to offer subsidies for electricity bills. Initially, these will apply to household consumers for December’s consumption. Professional electricity tariffs will also be subsidized, with a platform being set up for businesses to submit applications. PPC has absorbed significant increases with a 68% discount on the base supply price. Main tariff is 0.15499 per kWh for a monthly consumption of up to 500 kWh. For consumption above 500 kWh per month the tariff is 0.1588 euros per kWh. The night tariff will be set at 0.14514 euros per kWh.

Ideal Holdings: Regarding the put option of its €100mn outstanding listed bond21 bond holders holding 303 bonds exercised the put option to repay €303K in total aggregate amount, payable on December 16 at 1% premium. Remaining bonds will continue trading on the ASE.

VIS: HCMC approved the prospectus regarding the mandatory tender offer at €0.44/share related to the remaining 8.69% stake (4,747,169 shares out of the total 49,907,431 shares) that majority (91.31%) shareholder HELLENIC QUALITY FOODS SA does not own. Tender offer and acceptance period will run from December 3 to January 7, 2025. Hellenic Foods will squeeze out and delist VIS from the ASE following the completion of the tender offer. 

Attica Holding (9M:24 results): Results burdened by €18.5mn related to one off expenses due to the absorption of Anek Lines and €14.1mn for CO2 emission costs applicable for the 1^st time.  Gross cash at €42.3,m vs €103.4mn in FY:23. Gross Debt at €588.5mn from €578.2mn in FY:23. CAPEX €145.1mn.

Aloumil (9M:24 results): Strong set in 9M/Q3:24. Turnover increased 13.7% at €332m with EBITDA soaring 55.5% at €40.9m.

Web Sources: Bloomberg, Reuters, Euro2day, Capital, Liberal, Newmoney, Kathimerini, Energypress, Naftermporiki, Athens Macedonian News Agency , Oikonomikos Tahidromos, Mononews, Business Daily, Morning View, Economistas, Power Game, Insider, Bankingnews, Economico, AthEx.