Beta Sec – Daily report 04-11-2025 (Market Comment & In the Spotlight)

The empire strikes back: The first trading session of the week — and of November — was marked by a “comeback” of buyers in many large-cap stocks, with investors gaining confidence also from the positive momentum of major European peers. AthEx moved consistently in positive territory assisted by energy sector and Banks, though turnover was clearly lower compared to Friday’s session. Buyers were more selective in mid- and small-cap stocks.

General index closed at 2,023.8 points, gaining 1.43% from Friday’s 1,995.2 points. The large-cap FTSE-25 index rose 1.53%, ending at 5,106.85 points, and the banks index soared 2.17%. Banks had a positive session with Piraeus gaining 3.43%NBG followed with 2.75%, Alpha up 2.62% and Eurobank 0.9%. In non-financials PPC had a strong 4.04%, Helleniq Energy and Viohalco rose 3.4% and 3.2% respectively while MOH and Jumbo followed with daily gains of 2.4% and 2.2%. In total 81 stocks reported gains, 35 posted losses and 22 remained unchanged. Turnover amounted to €228.9m, up from Friday’s €350.3m.

Correction abroad may weight in domestic sentiment; however selective interest may limit downside.  

Greece/Public Investment: The government announced a €16.2bn investment plan for the 2026–2030 National Development Program, targeting seven strategic sectors: social cohesion, infrastructure development, civil protection, innovation and competitiveness, digital transformation, and green growth. The program, funded entirely from national resources, aims to support new development projects and absorb delayed or underfunded initiatives from the previous cycle. 

Greece/Social Policy: Greece’s Ministry of Labor and Social Security launched a €220mn job subsidy program targeting unemployed individuals aged 30 and above. The initiative, implemented through the Public Employment Service (DYPA), aims to create 50,000 new private-sector positions, focusing on long-term unemployed, women, middle-aged jobseekers, and those at risk of poverty. Participants will receive six months of on-the-job training, with the program co-funded by the EU’s 2021–2027 Partnership Agreement.

BOC: Wellington stake retreated to below the 5% threshold from 5.98% previously to 4.94%.

Metlen (insiders’ transactions): On October 31, CEO and major shareholder Mr. E. Mytineos bought 15K shares at €44.1077/share. 

Fourlis: 9M:25 results out on November 25 after market close.

Aegean Air: 9M:25 trading update to be announced on November 11 after market close.

Trastor: The company announced that its newly developed office building at 34 Amarousiou–Chalandriou Street in Marousi received LEED Gold certification for Core & Shell (BD+C).

Dimand: Deputy CEO and major shareholder Mr. Dimtsas bought on October 30, 1.5K shares for a total consideration of €14.37K (€9.58/share).  In other news Ms. Polyxeni  Kazoli resigned from her role as Independent Non-Executive Board Member and member of the Remuneration and Nominations Mr. Konstantinos Gontikas was appointed to replace Ms. Kazoli on the Committee.

Flexopack: The company announced the completion of its Stock Option Plan, resulting in the issuance of 74,400 new common shares at €3.00 each, raising €223,200. 

Alpha Trust Andromeda: NAV at end October was €9.54, while the market price stood at €7.42, reflecting a discount of -22.22%.

Iatriko Athinon: Mr. Emmanouil Markopoulos retiring from his role as Chief Financial Officer. His responsibilities will be assumed by Ms. Marina Mazaraki, the Group CFO of Iatriko Athinon.

Titan (9M/Q3:25 Results preview): Titan is set to announce on Thursday November 6th before the opening. Despite the soft start we expect a good quarter as projects accelerate and demand peak up in major geographies. Lower freights, energy costs and relatively stable FX q-o-q support margins. As per region we expect Greece to post strong volumes and pricing into ready‐mix and aggregates. USA markets are characterized by resilient pricing but volume challenges may mute growth. Egypt is improving while Turkey footprint changed post-Adocim disposal. In SE Europe we expect normalizing volumes – making margin management important. All in Group sales are seen flattish up 1.5% in Q3:25, EBITDA up 11.5% y-o-y at €173.5m and Q3:25 net profit up 14.1% y-o-y. On nine-month basis Titan is expected to post net profits of 163.9m down 27% y-o-y on the back of €52m impairment charges in Q2:25 related to the sale of Turkish subsidiary Adocim. Note that Titan America announce Q3:25 results on November 5 after market. Focus in the conference call on CapEx, digitalization and Outlook

The following table summarise consensus estimates:

Conference Call 6/11, 16:00 GR-Time

§   Greek: +30 213 009 6000 or +30 210 94 60 800

§   UK: +44 (0) 800 368 1063

§   USA: +1 516 447 5632

§   Other International: +44 (0) 203 0595872

§   WEB: https://87399.themediaframe.eu/links/titan251106.html

 Titan America Conference Call 5/11, 00:00 GR-Time

§   WEB: https://viavid.webcasts.com/starthere.jsp?ei=1739511&tp_key=1ad2f8d217

 AIA (Q3/9M:25 trading update): Athens International Airport posted a satisfactory set of 9M results. Results were impacted by the gradual depletion of the carry-forward but on the other hand top line was supported by strong passenger traffic. In more details.

§   Strong summer season: Athens ranked 8th most connected European hub, with transatlantic routes expanding to 9 U.S. cities and 103 weekly departures—nearly double vs two years ago. Sales up 3.5% to €526.9mn vs €509mn in 9M:24. Air activities revenues +2.5% to €397.5mn (€387.7mn in 9M:24). Non air activities sales up 6.7% to €129.5mn vs €121.3mn in 9M:24.

§   Operating expenses: €180.1m (+14.1%), mainly from higher traffic-handling costs, wage increases, energy prices, and maintenance. EBITDA at -1.2% to €346.9mn against €351.2mn reading in 9M:24.

§   Net income reached €185.8mn, €9.3 million or 4.8% lower than in the same period last year.

§   FY:25 net profit guidance to exceed €200mn, fully achievable in our view based on 9M:25 performance.

§   During 9Μ 2025, the Airport’s passenger traffic totaled 26.2mn, 6.7% higher vs 9Μ 2024 with domestic traffic growing by 2.2% and international traffic growing by 8.5%. Passenger traffic has outperformed the prior year during each quarter this year (% 2025/2024: Q1: +11.4%, Q2: +5.3%, Q3: +5.4%).

§   AIA expects continued mid-single-digit traffic growth, though notes potential risks from geopolitical and macroeconomic uncertainty. In our view guidance for €200m net profits will be comfortably delivered.

§   Mr. G.Kallimasias to succeed AIA’s current CEO Mr. Parashis as of February 2026.

Eurobank: The bank has launched a €600 million Additional Tier 1 (AT1) bond issuance, drawing strong investor interest with orders totaling approximately €2.8bn. The non-upsizeable instrument carries an 8-year call option and offers an initial coupon of 6.25% for the first five years, after which the rate will be reset. The bond is expected to receive a Ba3 rating from Moody’s, is issued in €200,000 denominations, and will be listed on the Luxembourg Stock Exchange. Also, the Eurobank Cyprus and Hellenic Bank finalized their merger, forming the largest financial institution in Cyprus. The new entity, Eurobank Ltd, boasts assets exceeding €28bn and represents a strategic €1.3bn investment by Eurobank. Eurobank Ltd reaffirmed its strategic commitment to Cyprus, aiming to grow its AuMs from €22bn to €30bn within three years, with €11bn expected from Cyprus alone. The bank highlighted Cyprus’s role as a wealth management hub, supported by strong deposit levels (€23.4bn), a CET1 ratio of 36%, and a ROTE of 15%. 

Alpha Bank: The Bank completed its acquisition of AstroBank through its subsidiary Alpha Bank Cyprus Ltd. This transaction is expected to boost the Group’s EPS by approximately 5% once synergies are fully realized, with only a limited 40bps on the Group’s CET1 ratio. The move aligns with Alpha Bank’s strategic goal of strengthening its market position in Cyprus. Following the completion of the acquisition, Alpha Bank Cyprus is now positioned as the third-largest bank in the country, with over €6.6bn in assets, €2bn in loans, and €5.6bn in deposits. Alpha Bank will release their nine-month results on Friday November 7th, the conference call is scheduled on the same date at 12:00pm (GR). 

NBG: Michalis Tsamaz and Oscar Rodriguez were appointed as independent Non-Executive Members of its Board of Directors, following the resignation of Claude Piret due to loss of independence. NBG will release their nine-month results on Thursday November 6th, the conference call is scheduled on the same date at 10:30am (GR).

MOH: The company decided on a FY:25 gross interim dividend distribution of €0.35/share compared to an interim dividend of €0.3/share in 2024. Ex-dividend date December 23. Dividend record date December 29. Payment January 5, 2026.

Performance Technologies: The company signed a contract with the Hellenic Police Headquarters to supply the Chainalysis Reactor software, valued at approximately €200,000. This advanced blockchain analysis platform will be used by the Cybercrime Division to trace and investigate cryptocurrency transactions. 

MIG (Q3/9M:25 results): 9M:25 gains form RE assets revaluations and assets sales (RKB) at €5.8mn.

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