Market Comment
Momentum is gaining traction as investors increasingly show an appetite for risk, positioning their portfolios for potential opportunities at the start of the new fiscal year. However, we note that interest is not equally spread therefore the selective stance is likely to continue.
Bank stocks outperformed for yet another day – the third in a row –driving AthEx higher on Wednesday, while the daily turnover continued to expand as well. This has taken the benchmark to a six-week high, with traders now awaiting the report by Scope Ratings on the Greek sovereign debt and the third-quarter GDP figures tomorrow.
General Index closed at 1,436.79 points, adding 0.53% to Tuesday’s 1,429.22 points. The large-cap FTSE-25 index expanded 0.63%, ending at 3,490.76 points. The banks index advanced 1.62%, as Piraeus soared 3.62%, Eurobank jumped 2.47% and Alpha grabbed 1.03%.
- National stayed put. Cenergy Holdings augmented 2.71%, Motor Oil collected 2.35% and ElvalHalcor earned 1.80%, whereas OTE telecom parted with 1.52%, Metlen was down 1.40% and PPC fell 0.86%. In total 76 stocks registered gains, 32 suffered losses and 53 remained unchanged. Turnover amounted to €144.1m, up from Tuesday’s €137.2m.
¢ In the Spotlight
Greece/PDMA: During the auction of EUR 500 mln of 52W T-Bills conducted yesterday, the total bids reached EUR 955 mln and the amount finally accepted was EUR 600 mln. No additional non-competitive bids will be accepted on December 5, 2024. Coverage ratio at 1.91x vs 1.83x times in the previous auction (September 4, 2024) and coupon at 2.27% from 2.82% previously.
Greece/Economy: In its semi-annual report, OECD projects Greek GDP growth of 2.2% in 2025 and 2.5% in 2026 following a 2.3% growth this year (2024). Primary surpluses of 2.4% of GDP both in 2025 and 2026 will bring Debt/GDP ratio to 148.1% in 2026.
Greece/Privatizations: Kalamata airport privatization allocated to Fraport (51%) – Delta Airport (Kopelouzos, 24.5%) – Pileas Holding (Konstantakopoulos, 24.5%) for €71.2mn of which €45mn as advance prepayment. CAPEX for the airport’s upgrade at €28.3mn in the next 3 years.
Greece/Economy: Scope Ratings to review Greece’s credit rating tomorrow after market; it currently assigns to Greece a BBB- rating (investment grade) with Positive outlook.
Banking Sector: According to the Bank of Greece, in October 2024, the weighted average interest rate on new deposits remained almost unchanged at 0.53%, while the corresponding rate on new loans decreased to 5.41%, from 5.60% in September 2024. The interest rate spread between new deposits and loans decreased to 4.88% compared with the previous month at 5.07%.
- Moreover, the weighted average interest rate on outstanding amounts of deposits remained almost unchanged at 0.51%, whereas the corresponding rate of loans decreased to 5.83% from 5.97% in the previous month. Lastly, the interest rate spread between outstanding amounts of deposits and loans decreased to 5.32%, from 5.45% in the previous month.
Premia: Renti to Go SA, a JV of Premia and Antetomoumpo brothers, bought a cinema complex in Southern Athens Area (Rentis), namely village Cinemas Rentis, for €14.1mn.
PPC: EDGNEX Data Centers by DAMAC and PPC Group announced the construction of a new data center in Attica, Greece. PPC will hold a 45% stake in the JV named Data in Scale and Damac 55%. The first phase will involve a EUR 150 million investment to develop 12.5MW of capacity, with plans to scale up to 25MW in subsequent phases. The project is currently in the design and licensing stages, with construction set to begin in Q1 2025.
Terna Energy: Prospectus for the mandatory tender offer to be submitted in HCMC for the remaining 30% stake from Masdar, already owner of 70% stake in the company, a step to initiate the tender offer for the remaining stake that Masdar does not own.
Attica Bank: The bank announced that after the completion of the listing to trading of the 1,257,995,354 new common voting shares of the bank resulting from the share capital increase of the Bank following the exercise of 359,427,364 warrants, the percentage of voting rights held by e-EFKA in the share capital of the Bank is 1.59% from 7.13%, corresponding to 25,657,201 voting rights of common registered shares out of a total of 1,617,995,358 common registered shares.
Karelias (9M/Q3:24): Turnover at €1.124m up 14.1% in the 9M period with net profit at €80m up 11.5%. In Q3:24 net profit is down 27.9%. Results include negative fx of €9.1m vs. positive fx €4.6m in 9M:23. Net cash at €230m vs. €210m at end 2023.
|
Karelias |
2023 |
2024 |
Y-o-Y |
2023 |
2024 |
Y-o-Y |
|
EUR thous. |
9Μ |
9Μ |
(%) |
Q3 |
Q3 |
(%) |
|
Sales |
984,501 |
1,124,639 |
14.2% |
364,149 |
418,167 |
14.8% |
|
EBITDA |
82,658 |
90,053 |
8.9% |
29,565 |
30,248 |
2.3% |
|
EBITDA Mrg |
8.4% |
8.0% |
-39 bps |
8.1% |
7.2% |
-89 bps |
|
Net Income |
71,791 |
80,062 |
11.5% |
28,934 |
20,849 |
-27.9% |
|
Net Mrg |
7.3% |
7.1% |
-17 bps |
7.9% |
5.0% |
-296 bps |
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