Beta Sec – Daily report 05-11-2025 (Market Comment & In the Spotlight)

 Indications of more trade friction between Washington and Beijing inflicted losses on most stock markets, including AthEx, which on Tuesday lost some of the ground earned on Monday. Energy stocks were in the spotlight with PPC giving the tone. Session ended at the day’s high, while turnover retreated at lower levels — the lowest of the past three sessions.

General index closed at 2,013.59 points, shedding 0.50% from Monday’s 2,023.80 points. The large-cap FTSE-25 index also contracted 0.50%, ending at 5,081.22 points. The banks index declined 1.02%, as Eurobank conceded 2.13%, Optima lost 1.86%, Piraeus dropped 1.29%, Alpha gave up 1%, Bank of Cyprus eased 0.50% and National slipped 0.04%. Helleniq Energy parted with 2.28% and Athens Airport fell 2.06%. In total 33 stocks reported gains, 93 posted losses and 25 remained unchanged. Turnover amounted to €201.6m, down from Monday’s €228.9m.

A volatile session is expected today as investors take cues from foreign markets, which will likely dictate the domestic trend. Global sentiment remains mixed amid ongoing geopolitical tensions, interest rate uncertainty, and fluctuating commodity prices. The energy sector is likely to stay in focus, while the banking sector could see action ahead of quarterly earnings updates.  

AthEx Small Cap Conference: ATHEX Small Cap Conference will be held today November 5, 2025, from 09:00 to 18:00 in Athens. The investment conference aims to enhance small-cap companies’ access to capital. The following companies have confirmed their participation: Alpha Trust Andromeda, AS Company, Elton Group, European Innovation Solutions, Interlife, Kiriakoulis Group, Loulis Food Ingredients, Mediterra, Moda Bagno, Onyx, Orilina Properties, Papoutsanis, Performance Technologies, Petropoulos, Quality & Reliability, Real Consulting, Revoil, Softweb and Unibios. 

MSCI: Semi Annual rebalancing to take place today. Changes effective from November 25.

Greece/Economic Indicators: Greece’s economic sentiment index rose slightly in October 2025, reaching 107.5 points from 106.2 in September, according to IOBE’s latest survey. The improvement was driven by stronger expectations in most business sectors, although industry saw a marginal decline. Consumer confidence continued to weaken due to growing pessimism about household finances. Despite Greece’s growth rate remaining above the eurozone average, concerns persist over investment momentum post-Recovery Fund programs. Inflation has eased slightly but remains elevated, affecting household expectations. Upcoming economic policy measures announced at the Thessaloniki International Fair are expected to boost sentiment from early next year.

Metlen: On November 3rd, CEO and major shareholder Mr. E. Mytineos bought 12.728 shares at €44.8132/share. Before this latest purchase, Mr. Mytilineos had already acquired shares worth €5.7 million, bringing the total value of his acquisitions to over €6.3 million.

In other news Metlen has secured 65 million euros in financing for the construction of Porto Torres and Casale Monferrato, two large-scale solar parks totaling 60 megawatts, expected to be completed by the end of 2025. The projects will be located in Sardegna and Piemonte, two strategically important regions for Metlen’s expansion in Italy.

The solar parks benefit also from a state-backed incentive tariff granted by the GSE (Gestore dei Servizi Energetici) for a period of 20 years and are expected to produce approximately 110 GWh of clean energy annually, enough to meet the energy needs of over 50,000 Italian households and prevent the emission of 26,000 tons of CO2 per year.

IPTO: Reportedly, the group is targeting for a SCI.

BriQ Properties: The shares of the company are traded on ASE without the amount of €0.08 per share (net amount).

Interwood: The issuing of the €2mn common bond loan—fully subscribed by the connected party CINCINO LIMITED—is now deemed definitively valid.

Titan (9M/Q3:25 Results preview): Titan is set to announce on Thursday November 6th before the opening. Despite the soft start in H1:25 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

NBG (Q3/9M:25 preview): We expect the bank to deliver a quarter in line with full-year guidance. Rate normalization is nearing completion, setting the stage for a stronger Q4. NII normalization continues, though the pace of decline has moderated; a marginal drop is estimated, potentially the last one, with NII projected at €520mn (-2% q-o-q). Trading income, which contributed significantly in Q1’25 (90mn) and Q2’25 (50mn), is now expected to fall close to zero, exerting further pressure on overall profitability. Operating costs are estimated to rise 2.5% q-o-q, consistent with the H1:25 trajectory, reflecting strategic investments in IT and workforce rejuvenation. Cost-to-income remains below 35%. Net profit is expected at €240mn after one-offs (incl. €25mn one-off CSR donation for school renovations). Credit growth was seasonally soft in Q3, yet the bank remains confident in surpassing its €2.5bn FY target. Deposit repricing continues to support NII, while the shift from time deposits to mutual funds is driving fee income, which is expected to reach c.€123mn (7% q-o-q). Provisions remain stable at €39mn (CoR <45bps), with no surprises anticipated. Despite softer figures, the bank remains on track to meet its FY25 targets of €1.1bn Net Profit and €2.1bn NII. The bank’s strong capital base underpins a dividend payout greater than 60%. A potential acquisition aimed at enhancing fee income could serve as an upside catalyst, with further updates expected in early 2026 when the bank unveils its new business plan. Looking ahead, Q4 is expected to be the strongest quarter of the year, supported by credit expansion and a more favorable rate environment.

The following table summarise our estimates:

NBG will release their nine-month results on tomorrow November 6^th, the conference call is scheduled for 10:30am (GR). Conference call details,

·          GR: +30 213 009 6000 or +30 210 9460 800

·          UK: +44 (0) 800 368 1063 or +44 (0) 203 059 5872

·          US: +1 516 447 5632

·          Web: https://hdg.choruscall.com/?h=true&passcode=80271326&info=company&r=true

Motor Oil: The company will release their nine-month results on Wednesday, November 19th followed by a conference call the following day, Thursday November 20th, at 17:30 (GR).

Hellenic Exchanges: Piraeus Asset Management stake at 3.37% from 3.34% previously. Praude Asset Management also increased its stake to 8.12% while Jefferies stake dropped to 0.46% from 0.51%.

Alpha Trust: The company announced a strong shareholder response to its five-year Dividend Reinvestment Program (2023–2028), with 23.62% of eligible share capital opting to reinvest dividends. As a result, 29,809 new shares will be issued and listed for trading, with dividend payment scheduled for November 7th, 2025. The company highlighted that shareholders participating in all four reinvestment phases to date have seen a total return of 31.40%, nearly double the standalone share return, reflecting both the program’s effectiveness and favorable market conditions.

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