Market Comment
AthEx completed eight positive consecutive weeks for its benchmark, which on Friday climbed to yet another 14-year high thanks to small daily gains. The Greek stock market managed to absorb profit taking during the intra-session, resulting in extending its 14-year high.
General index closed at 1,604.29 points, adding 0.21% to Thursday’s 1,600.97 points. On a weekly basis it earned 2.98%. The large-cap FTSE-25 index expanded 0.06%, ending at 3,924.54 points, but the banks index contracted 0.48%. Optima Bank soared 3.29%, OTE telecom augmented 2.38% and Motor Oil fetched 1.98%, while National Bank gave up 2.14% and Jumbo decreased 1.44%. In total 80 stocks reported gains, 45 sustained losses and 36 remained unchanged. Turnover amounted to 114.2 million euros, down from Thursday’s €213m.
Domestic Q4:24 announcements are about to kick-off this week providing fresh content to investors. We expect the market to move sideways in today’ session as short term gains may tempt more traders to take some chips of the table.
In the Spotlight
Greece/PDMA: On February 19, 2025 the Hellenic Republic will auction 26 Weeks T-Bills, in book entry form, with maturity August 22, 2025. The amount to be auctioned is 500 million euro. Settlement date is February 21, 2025. 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 February 20, 2025.
Greece/Economic Sentiment Index: The Greek economic sentiment index rose to 108.1 points in January from 101.6 in December and 101.0 points in the same month last year, the Foundation for Economic and Industrial Research (IOBE) said in a report.
Greece/Industrial Production Index: Industrial production increased by 5.9% in December compared to a year earlier. The trends in the individual sectors of industry in December were mixed. In particular, an increase was recorded in manufacturing (3.7%) and electricity (16.4%), but a decline in mining and quarrying (-4.3%).
- In sectors of high importance for the Greek economy, an increase was recorded in basic metals (14.8%), pharmaceuticals (13%) and food (6.4%).
In the third quarter of 2024, employment in industry increased by 0.3% to 429.1 thousand people compared to the corresponding quarter of 2023. The labor cost index in manufacturing stood at 112.7 in the third quarter of 2024, recording an increase of 5.2% compared to a year ago.
Greece/CPI: CPI reading of 2.7% in January 2025 according to ELSTAT, following a 2.6% rise in December 2024.
Greece/GDP: BoG forecasts 2025 GDP growth at 2.5%.
Alpha Trust Andromeda: NAV as of end January 2025 stood at €8.89/share vs an ASE closing price of €6.48/share implying a discount of 27.1% over NAV. Top 10 holdings: Titan 6.41%, Metlen 6.22%, Quest 5.9%, PPC 4.31%, OTE 3.83%, Petropoulos 3.56%, Kri Kri 3.53%, Piraeus Bank 3.47%, Sarantis 3.16% and MOH 3.04% summing to 43.44% of total NAV.
Interwood: FY:24 results on April 30. H1:25 results on September 30. AGM on June 18 with Debt/GDP ratio retreating below the 150% threshold.
Performance: FY:24 results on March 31. AGM on May 15. Ex-dividend date June 3. Dividend record date June 4. Dividend payment June 10. H1:25 results September 15.
Motodynamics: Through its 100% subsidiary Autodirect Motodynamics becomes an official dealer of TOYOTA brand in Greece.
Gek Terna: Construction permit for the Casino at the Hellinikon was approved by local authorities. The total investment for the project amounts to €1.5bn.
Bank of Cyprus (Results FY:24): The bank will release its FY:24 results tomorrow before the opening of the market. Note that the bank has guided for net interest income for 2024 to around €800 million.
As for 2025, net interest income is expected to be below the levels of 2024, but to remain strong at the same time, exceeding €700 million. In terms of loan portfolio quality, Bank of Cyprus aims for a NPL to loan ratio below 3% by 31 December 2024 and below 2.5% by2031.
Consensus expects NII to reach €808.5m, Pre-Provision-Income at €676m and Net Income of €478.5m. BoC dividend is estimated at 0.51 eur/share (vs. 0.25 eur/share in FY:23) implying 10% yield on 50% earnings payout. The bank trades at 0.89x its FY:24 T/BV.
Buybacks
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