Today’s Headlines
· Banking System Loans | September 2024
· Banking System Deposits | September 2024
· HRADF says 3 bidders submit offers for a public park contract valued EUR 421m
· Piraeus and Eurobank will exceed FY net credit expansion targets-Press
· Possible takeover scenario of Novibet by OPAP
· GEKTERNA awarded a EUR 220.5m irrigation contract (press)
· Bank of Cyprus 3Q/9M2024 results out on 12 November
· Intracom Holdings bought Intralot shares
Market Comment
ATHEX headed north on Friday for a 5th consecutive session, underperforming the European stock markets. In more detail, the General Index dropped by 0.88% at 1,390.25 units (FTSE Large Cap: -1.14%, FTSE Mid Cap: 0.17%, Banks Index: -1.30%) and the traded value was shaped at EUR 130.0m, up from Thursday’s EUR 120.9m. On a weekly basis, the General Index tumbled by 3.69% w-o-w (FTSE Large Cap: -4.78%, FTSE Mid Cap: -1.06%, Banks index: -7.20%). We expect ATHEX to try to move higher today. Ahead this week: Athens Airport 9M24 results and INTRAKAT investor day tomorrow, Coca-Cola HBC results on Thursday and Piraeus Financial Holdings results on Friday.
Sector Headlines
Banking System Loans | September 2024
|
(EURm) |
Jul ’24 |
Aug ’24 |
Sep ’24 |
|
Total credit |
193,524 |
193,328 |
194,775 |
|
General Government |
74,999 |
74,678 |
74,951 |
|
Private sector |
118,525 |
118,650 |
119,823 |
|
Corporate |
77,572 |
77,724 |
79,409 |
|
Sole Proprietors |
4,474 |
4,468 |
4,390 |
|
Household |
36,480 |
36,458 |
36,025 |
|
Monthly net flow |
-1,242 |
-371 |
2,048 |
|
% y-o-y |
3.7% |
3.8% |
3.2% |
|
Private sector Monthly net flow |
-1,143 |
102 |
1,943 |
|
% y-o-y |
6.4% |
6.9% |
6.6% |
source: BoG
Facts: According to BoG, total credit to the economy (incl. the general government) came in at EUR 194.8bn in September 2024 (+3.2% y-o-y, positive monthly net flow by EUR 2,048m), on the back of positive monthly net flow both the general government and the private sector. Loans to the private sector rose by 6.6% y-o-y to EUR 119.8bn (positive monthly net flow of EUR 1,943m).
Comment: Net credit expansion was positive in September thanks to corporate loans that reached EUR 79.4bn (+10.9% y-o-y, positive monthly flow by EUR 1,915m). Loans to sole proprietors stood at EUR 4.39bn (+0.3% y-o-y, positive monthly net flow by EUR 48m). Moreover, household lending was shaped at EUR 36.0bn (-0.9% y-o-y, negative monthly net flow by EUR 21m). Housing loans came in at EUR 27.06bn (-2.9% y-o-y, negative monthly net flow of EUR 86m). Consumer credit reached EUR 8.75bn (+5.9% y-o-y, positive monthly net flow of EUR 69m). Corporate loans accounted for 66% of private sector loans, household loans for 30% and other loans for 4% respectively.
Banking System Deposits | September 2024
|
(EURm) |
Jul ’24 |
Aug ’24 |
Sep ’24 |
|
System Deposits |
200,773 |
201,939 |
204,241 |
|
General Government |
6,649 |
6,584 |
6,647 |
|
Private sector |
194,124 |
195,355 |
197,594 |
|
Corporate |
48,219 |
48,597 |
50,534 |
|
Household |
145,906 |
146,758 |
147,060 |
|
Private Sector Monthly net flow |
-607 |
1,401 |
2,324 |
|
Private Sector % y-o-y |
2.7% |
3.3% |
3.3% |
|
Private Sector % y-t-d |
-0.3% |
0.3% |
1.4% |
source: BoG
Facts: BoG announced that system deposits came in at EUR 204.2bn (+2.6% y-o-y, positive monthly net flow of EUR 2,361m) in September 2024. General Government deposits reached EUR 6.65bn (-14.2% y-o-y, positive monthly net flow by EUR 37m) and private sector deposits amounted to EUR 197.6bn (+3.3% y-o-y, positive monthly net flow of EUR 2,324m). Corporate deposits came in at EUR 50.5bn (+6.2% y-o-y, positive monthly net flow by EUR 1,994m), whilst household deposits reached EUR 147.06bn (+2.4% y-o-y, positive monthly net flow by EUR 330m). Household deposits accounted for 74% of private sector deposits and corporate for the remaining 26%.
Comment: The monthly increase in private sector deposits (EUR 2,324m) in September is attributed primarily to corporate deposits (EUR 1,994m). Time deposits posted a negative monthly net flow by EUR 154.8m and accounted for 18.8% of private sector depos vs. 19.1% in August. Liquidity remains ample, with the LDR at 60.6% vs. 60.7% in August and the commercial surplus increased further to EUR 77.8bn from 76.7bn in August.
HRADF says 3 bidders submit offers for a public park contract valued EUR 421m
The Hellenic Asset Development Fund announced that three bidders have expressed interest in the first phase of a EUR 421m tender for the development of a public park, namely a) Gekterna, b) AVAX-AKTOR Concessions JV and c) the METLEN-INTRAKAT JV.
Company Headlines
Piraeus and Eurobank will exceed FY net credit expansion targets-Press
Reportedly (mononews), Eurobank and Piraeus will report net credit expansion in 9M2024 that will exceed their FY targets. Our estimates for Piraeus call for NCE of EUR 2.0bn and for Eurobank of EUR 1.3bn in Greece in 2024e. Piraeus is scheduled to report 3Q/9M2024 results on Friday 01 November at 10:00 Athens/08:00 London Time. We are buyers on the stocks with TP of EUR 6.00 for Piraeus and EUR 2.80 for Eurobank.
Possible takeover scenario of Novibet by OPAP
According to powergame.gr OPAP may be interested in buying Novibet and the sports site Gazzetta.
GEKTERNA awarded a EUR 220.5m irrigation contract (press)
According to OT.gr, GEKTERNA was awarded a EUR 220.5m PPP irrigation contract in Northern Greece.
Bank of Cyprus 3Q/9M2024 results out on 12 November
Bank of Cyprus announced that it will report 3Q/9M2024 results on Tuesday 12 November before the opening of ATHEX.
Intracom Holdings bought Intralot shares
Intralot announced that Intracom Holdings purchased on 25 October, 170,000 common shares of Intralot at an average price of EUR 1.084 and for a total value of EUR 184,349.68.
Calendar of Events
Macros
30/10/24 | Producer Price Index in Industry SEP (ELSTAT) & Economic Sentiment Indicator OCT
31/10/24 | Turnover Index in Retail Trade AUG (ELSTAT) & Unemployment Rate SEP (ELSTAT)
01/11/24 | S&P Global Greece Manufacturing PMI OCT (09:00 UTC)
08/11/24 | CPI OCT (ELSTAT) & Industrial Production SEP (ELSTAT)
22/11/24 | Fitch – Greek sovereign credit review
Market
06/11/24 | MSCI Index Review announcement (Effective date: November 26, 2024)
3Q/9M24 Results Release
30/10/24 | Athens Airport (Aft-mkt)
31/10/24 | Coca-Cola HBC (7:00am GMT)
01/11/24 | Piraeus Financial Holdings
05/11/24 | Premia Properties
07/11/24 | National Bank of Greece (Aft-mkt), Eurobank Holdings (Aft-mkt), Titan Cement, Alpha Trust Andromeda
08/11/24 | Alpha Services and Holdings (08:00 GR Time)
11/11/24 | Optima bank (Bef-mkt)
12/11/24 | Bank of Cyprus (Bef-mkt)
13/11/24 | PPC (Aft-mkt), LAMDA Development (Aft-mkt)
14/11/24 | HELLENiQ ENERGY (Aft-mkt), OTE (Bef-mkt), Aegean Airlines (Aft-mkt), Austriacard Holdings, Lavipharm
20/11/24 | OPAP (Aft-mkt), ElvalHalcor (Aft-mkt), QUEST Holdings (Aft-mkt)
21/11/24 | Ideal Holdings (Bef-mkt)
25/11/24 | Hellenic Exchanges
26/11/24 | Fourlis (Aft-mkt)
12/12/24 | Attica Bank
EGM / AGM
30/10/24 | Kloukinas-Lappas (EGM)
04/11/24 | PPC (EGM)
06/11/24 | TERNA Energy (EGM)
08/11/24 | Biokarpet (EGM)
15/11/24 | BriQ Properties (EGM), Intercontinental International REIC (EGM)
Ex-Dividend
04/11/24 | OPAP (interim dividend EUR 0.60)
11/11/24 | Papoutsanis (interim dividend EUR 0.03)
02/12/24 | CNL Capital (interim dividend EUR 0.25)
Share Capital Increase – Attica Bank
21/10/24-30/10/24 | Trading period of rights
21/10/24-04/11/24 | Exercise period of rights
13/11/24 | Commencement of trading of new shares SCI
Warrants – Attica Bank
21/10/24-04/11/24 | Offer Period
08/11/24-28/11/24 | Exercise Period
04/12/24 | Commencement of trading of the warrant exercise shares
Research Department
Equity Research
Τ: 210 8173 383 F: 210 3279 287 E: [email protected]
32 Aigialeias & Paradissou str., 15125, Maroussi optimabank.gr
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