Greek Market Watch: CPI, Import Price Index, Bank of Cyprus, GEKTERNA, Lamda Development, Motodynamics

Market Comment

ATHEX headed north on Friday for a 3^rd session in a row, outperforming the European stock markets. In more detail, the General Index advanced by 0.21% at 1,604.29 units (FTSE Large Cap: +0.06%, FTSE Mid Cap: +1.02%, Banks Index: -0.48%) and the traded value was shaped at EUR 114.6m, down from Thursday’s EUR 212.4m.

• On a weekly basis, the General Index advanced for the 8^th consecutive week, with gains of 2.98% w-o-w, (FTSE Large Cap: +3.27%, FTSE Mid Cap: +4.13%, Banks index: +3.05%). Week Ahead: Bank of Cyprus FY24 results on Tuesday, METLEN FY24 results on Thursday (bmo). We expect ATHEX to move in line with the international markets today. 

 Today’s Headlines

·         Greek CPI up by 2.7% y-o-y in January (ELSTAT)

·         Overall Import Price Index (MPI) increased in December

·         Bank of Cyprus FY24 results out tomorrow

·         GEKTERNA gains the building permit for the Hellinikon Casino (press)

·         Lamda Development received binding offer for the Mega Malls in Hellinikon (press)

·         Motodynamics agreed for the distribution of Toyota cars for the region of Achaia 

Macro Headlines 

Greek CPI up by 2.7% y-o-y in January (ELSTAT)

According to ELSTAT, CPI (national index) increased by +2.7% y-o-y (vs. 2.6% in December) and decreased by 0.7% m-o-m in January 2025, while the annual average rate of CPI increased by +2.7% over the trailing 12 months. The sectors with the most notable y-o-y movements were clothing and footwear (+5.4%) and Hotel – Cafes – Restaurants (+5.1%). Additionally, the harmonized CPI in January 2025 rose by 3.1% y-o-y (vs. 2.9% in December), in line with 3.1% flash estimate released earlier this month and decreased by 0.7% m-o-m. 

Overall Import Price Index (MPI) increased in December

According to ELSTAT, the Overall Import Price Index (MPI) in Industry in December 2024 recorded an increase of 0.6% y-o-y, while in December 2023, the MPI had recorded a y-o-y decrease of 8.7%. The 0.6% y-o-y increase of the MPI was mainly driven by the 1.8% y-o-y increase of the Energy products sub-index while the capital goods sub-index decreased by 0.8% y-o-y. Over the twelve-month January 2024- December 2024 period, the MPI decreased by 2.0% compared to the January 2023- December 2023 period. 

Company Headlines 

Bank of Cyprus FY24 results out tomorrow

Bank of Cyprus is scheduled to report FY24 results tomorrow, before the opening of the session. According to Factset, consensus expects net interest income to shape at EUR 814.8m (+2.9% y-o-y), revenues at EUR ca1.09bn (-0.4% y-o-y), LLPs at EUR 59.0m (-6.0% y-o-y) and net profit at EUR 494.0m (+1.4% y-o-y). Finally, consensus forecasts remuneration per share to stand at EUR 0.55/share, implying a gross yield of 10.8%. Recall that BoC distributed EUR 137.0m (30% payout) in 2023, of which EUR 112.0m in cash dividend (EUR 0.25/share) and EUR 25.0m in share buyback.  

(EUR m)	Cons 2024e	2023	YoY
Net Interest Income	814.8	792.2	2.9%
Total revenues	1,088	1,092	-0.4%
LLPs	(59.0)	(62.7)	-6.0%
Net Profit	494.0	487.2	1.4%

source: Factset consensus estimates, Company 

GEKTERNA gains the building permit for the Hellinikon Casino (press)

According to press reports, the international Resort Center, a Joint Venture between GEKTERNA and Hardrock International, gained the building permit for the construction of the Hellinikon Casino which is budgeted EUR 1.5bn. 

Lamda Development received binding offer for the Mega Malls in Hellinikon (press)

According to Euro2day.gr, Lamda Development received the binding offers for the construction of the Mega Mall in the Hellinikon area. 

Motodynamics agreed for the distribution of Toyota cars for the region of Achaia

The company announced that it has agreed with Toyota Hellas to provide car distribution as an authorised dealer for the region of Achaia from 14 February 2025 through its new subsidiary Autodirect. The company will open a store in Patras on 17 February. 

Calendar of Events

Macros

19/02/25 | Evolution of Turnover of Enterprises DEC (ELSTAT)

20/02/25 | Turnover Index in Industry DEC (ELSTAT) & Current Account Balance DEC (BoG)

4Q/FY24 Results Release

18/02/25 | Bank of Cyprus (Bef-mkt)

20/02/25 | METLEN (Bef-mkt)

24/02/25 | Piraeus Financial Holdings (Bef-mkt), Athens International Airport (Bef-mkt)

26/02/25 | OTE (Bef-mkt)

27/02/25 | HELLENiQ ENERGY (Aft-mkt), Eurobank Holdings (Aft-mkt), IDEAL Holdings (Bef-mkt)

28/02/25 | Alpha Services & Holdings (08:00 GR time), Premia Properties

04/03/25 | ElvalHalcor (Aft-mkt)

05/03/25 | Cenergy Holdings

06/03/25 | Viohalco

10/03/25 | Attica Bank (Aft-mkt)

12/03/25 | Sarantis (Aft-mkt), Autohellas (Bef-mkt)

19/03/25 | OPAP (Aft-mkt)

26/03/25 | PPC (Aft-mkt), LAMDA Development (Aft-mkt)

27/03/25 | Titan Cement International

31/03/25 | Hellenic Exchanges (Aft-mkt), AUSTRIACARD Holdings (Aft-mkt)

28/04/25 | Alumil

30/04/25 | Motodynamics

EGM / AGM

26/02/25 | Attica Bank (EGM)

06/03/25 | EVROPI Holdings (EGM)

Ex-Capital Return

07/03/25 | IDEAL Holdings (EUR 0.10/share)

24/03/25 | ELLAKTOR (EUR 0.85/share)