Today’s Headlines
· Greek CPI up by 2.4% y-o-y in May (ELSTAT)
· Industrial production up in April (ELSTAT)
· Foreign investors had outflows in May
· Piraeus Financial Holdings new agreement with Brook Lane Capital-Press
· PPC’s CEO comments (press)
Market Comment
ATHEX headed north yesterday, outperforming the European markets. In more detail, the General Index advanced by 0.03% at 1,458.84 units, (FTSE Large Cap: +0.15%, FTSE Mid Cap: -0.20%, Banks Index: +1.22%) and the traded value was shaped at EUR 79.0m, down from Friday’s EUR 93.3m. We expect ATHEX to move in line with the European markets today.
Macro Headlines
Greek CPI up by 2.4% y-o-y in May (ELSTAT)
According to ELSTAT, CPI (national index) increased by 2.4% y-o-y while dropped by 0.3% m-o-m in May 2024, while the annual average rate of CPI increased by 2.8% over the trailing 12 months. The sectors with the most notable y-o-y movements were Hotel-Cafés-Restaurants (+5.0%) and Clothing and footwear (+6.4%). Additionally, the harmonized CPI in May 2024 rose by 2.4% y-o-y (upwards revised compared to the 2.3% flash estimate released earlier this month) and dropped by 0.3% m-o-m.
Industrial production up in April (ELSTAT)
According to ELSTAT, the Industrial Production Index (IPI) rose by 10.8% y-o-y in April 2024, due to the jump by 12.9% YoY in the Electricity Supply Index.
Market Headlines
Foreign investors had outflows in May
According to Athens Stock Exchange, foreign investors had outflows of EUR 243.4m in May vs. inflows of EUR ca53.5m in April and accounted for 68.7% of total transactions’ value in May 2024 from 58.7% in April.
Company Headlines
Piraeus Financial Holdings new agreement with Brook Lane Capital-Press
Reportedly (newmoney), Piraeus Financial Holdings is close to reach an agreement with Brook Lane Capital regarding the management of its real estate assets. Moreover, other press reports (euro2day) suggest that the CEO of the group stated that Piraeus is focusing on increasing its Assets Under Management that amount to EUR 10.0bn and in this spectrum it will examine any opportunities that may arise.
PPC’s CEO comments (press)
According to press reports, PPC’s chairman and CEO commented that the company’s strategy is the further expansion of the RES and the retail business in Greece and the neighboring markets, among which Bulgaria, so as to exploit the geographic and commercial synergies. Additionally, Mr. Stassis said that he sees opportunities in the wholesale telecom market, with the data interconnection with the Middle East. Finally, with respect to PPC’s intention to develop Data centers, Mr. Stassis said that PPC already has enough land plots and electricity connections to support such projects in the old lignite mining areas.
Calendar of Events
Macros
13/06/24 | Evolution of Turnover of Enterprises APR
14/06/24 | Import Price Index in Industry APR
20/06/24 | Current Account Balance APR & Turnover Index in Industry APR
Market
20/06/24 | MSCI 2024 Annual Market Classification Review
1Q24 Results Release
12/06/24 | LAMDA Development (Aft-mkt)
28/06/24 | Attica Bank
EGM / AGM
11/06/24 | Prodea Investments (AGM), Performance (AGM)
12/06/24 | AVAX (AGM), Noval Property (AGM)
13/06/24 | Hellenic Exchanges (AGM), Quest Holdings (AGM), DIMAND (AGM), Quality & Reliability (rep. EGM)
14/06/24 | Trade Estates (AGM), Intercontinental International REIC (AGM), Interlife (AGM)
17/06/24 | Loulis Food (AGM)
19/06/24 | Motor Oil (AGM), Biokarpet (AGM), Iktinos (AGM)
20/06/24 | Terna Energy (AGM), AS Company (AGM), Elton (AGM), Mevaco (AGM)
21/06/24 | Fourlis (AGM), Flexopack (AGM)
26/06/24 | GEK TERNA (AGM), Technical Olympic (AGM), INTERTECH (AGM), Voyatzoglou Systems (AGM)
27/06/24 | HELLENiQ ENERGY (AGM), PPC (AGM), LAMDA Development (AGM), Elastron (AGM), Space Hellas (AGM), Athens Medical (AGM)
28/06/24 | Piraeus Financial Holdings (AGM), OTE (AGM), EKTER (AGM), Frigoglass (AGM), Creta Plastics (AGM), Alumil (AGM), AVE (AGM), Pairis (AGM), Bitros (AGM)
02/07/24 | Intrakat (AGM), KRI-KRI (AGM), Centric (AGM)
03/07/24 | ADMIE Holding (AGM)
04/07/24 | Piraeus Port (AGM), Elinoil (AGM)
05/07/24 | ILYDA (AGM), Sunrise Mezz PLC (AGM), Phoenix Vega Mezz PLC (AGM), Medicon (AGM)
09/07/24 | Austriacard Holdings (AGM), Lavipharm (AGM)
10/07/24 | Attica Bank (AGM), AVE (AGM)
11/07/24 | EYDAP (AGM), Alpha Real Estate (AGM)
19/07/24 | Quality & Reliability (AGM)
23/07/24 | Eurobank Holdings (AGM)
25/07/24 | Alpha Services and Holdings (AGM)
26/07/24 | Evrofarma (AGM)
20/08/24 | Thessaloniki Water & Sewage Co. (AGM)
30/08/24 | Ble Kedros (AGM)
04/09/24 | ELVE (AGM)
06/09/24 | Domiki Kritis (AGM)
10/09/24 | Epsilon Net (AGM)
Ex-Dividend
12/06/24 | BriQ Properties (EUR 0.1045)
14/06/24 | Prodea Investments (rem. EUR 0.137)
19/06/24 | Trade Estates, Noval Property
25/06/24 | Optima bank (EUR 0.44), Titan Cement (EUR 0.85), Hellenic Exchanges (EUR 0.24), ElvalHalcor (EUR 0.04), Viohalco (EUR 0.12), Cenergy (EUR 0.08), Quest Holdings (EUR 0.22), Intracom (EUR 0.05), Intercontinental International
26/06/24 | Motor Oil (rem. EUR 1.40), Mytilineos (EUR 1.50), Fourlis (EUR 0.12)
01/07/24 | Loulis Food
02/07/24 | Flexopack
03/07/24 | Interlife
04/07/24 | OTE (EUR 0.71)
05/07/24 | Trastor REIC (EUR 0.02)
08/07/24 | Terna Energy (EUR 0.38), EKTER
10/07/24 | HELLENiQ ENERGY (rem. EUR 0.60), Jumbo (EUR 1.00), AS Company
15/07/24 | Vogiatzoglou Systems (EUR 0.145), Medicon
16/07/24 | Austriacard Holdings, Alpha Real Estate
18/07/24 | ILYDA (EUR 0.02)
22/07/24 | PPC (EUR 0.25), EYDAP (EUR 0.10), Space Hellas (EUR 0.16)
29/07/24 | Piraeus Port (EUR 1.34), AVAX (EUR 0.03)
01/08/24 | Creta Plastics
22/08/24 | KRI-KRI (EUR 0.35)
27/08/24 | Thessaloniki Water & Sewage Co.
02/09/24 | ADMIE Holding
11/09/24 | Ble Kedros
12/09/24 | Evrofarma
17/09/24 | Epsilon Net
Ex-Capital Return
25/06/24 | OPAP (EUR 0.25)
02/07/24 | Intracom Holdings (EUR 0.07)
22/07/24 | ELLAKTOR (EUR 0.50)
25/07/24 | Ideal Holdings (EUR 0.20)
28/08/24 | GEK TERNA
Research Department
Equity Research
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