Greek Market Watch: CPI, Systemic banks, METLEN, Cenergy Holdings, HELLENiQ ENERGY, Jumbo

OPTIMA

Today’s Headlines

·         Greek CPI up by 2.3% y-o-y in June (ELSTAT)

·         Systemic banks CFOs on medium-term growth pillars

·         Piraeus Financial Holdings trades ex-dividend today, to issue new green bond

·         METLEN (Mytilineos) completes the acquisition of Efa Energy

·         METLEN’s (Mytilineos) METKA eyes construction projects of EUR 4.0bn in Greece (press)

·         CENERGY secures a large offshore project

·         HELLENiQ ENERGY trades ex-dividend

·         Jumbo trades ex-dividend 

Market Comment

ATHEX posted marginal gains yesterday, outperforming the European stock markets. In more detail, the General Index rose by 0.02% at 1,451.22 units (FTSE Large Cap: -0.12%, FTSE Mid Cap: +0.70% Banks Index: -1.06%) and the traded value was shaped at EUR 108.2m, down from Monday’s EUR 114.0m. We expect ATHEX to move lower today after five positive consecutive sessions and in tandem with the dividend cut-offs of Piraeus Financial Holdings, HELLENiQ ENERGY and Jumbo.

Macro Headlines 

Greek CPI up by 2.3% y-o-y in June (ELSTAT)

According to ELSTAT, CPI (national index) increased by +2.3% y-o-y and by 0.5% m-o-m in June 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 – Cafes – Restaurants (+5.3%) and Clothing and footwear (+4.6%). Additionally, the harmonized CPI in June 2024 rose by 2.5% y-o-y (up from 2.4% flash estimate released earlier this month) and increased by 1.0% m-o-m. 

Sector Headlines 

Systemic banks CFOs on medium-term growth pillars

Reportedly (euro2day), the CFOs of the four systemic banks stated that the four pillars of medium-term growth are a) the acceleration of net credit expansion both in corporate and housing loans, b) the return to the system of reperforming loans estimated between EUR 15.0-20.0bn from 2025, c) the increase of asset management fees and d) the careful examination of acquisition opportunities.  

Company Headlines 

Piraeus Financial Holdings trades ex-dividend today, to issue new green bond

The stock is trading ex-dividend today (DPS: EUR 0.06315840, DY: 1.7%) and payment will commence on Tuesday 16 July. In other news, press reports (Bloomberg) suggest that Piraeus has mandated global investment banks to issue a new green senior preferred bond (MREL eligible). Recall that Piraeus issued on 03/11/2021, a green senior preferred bond of EUR 500m with a coupon of 3.875% due 03/11/2027 and callable on 03/11/2026. Piraeus is one of our top picks with TP of EUR 5.50/share. 

METLEN (Mytilineos) completes the acquisition of Efa Energy

METLEN (Mytilineos) announced the completion of Efa Energy, a small Natural Gas and electricity retailer, which is mainly active in Northern Greece, for EUR 4.5m. 

METLEN’s (Mytilineos) METKA eyes construction projects of EUR 4.0bn in Greece (press)

According to Kathimerini, METLEN’s (Mytilineos’) 100% construction subsidiary, METKA, is monitoring and tenders for construction projects of EUR 4bn in Greece. 

CENERGY secures a large offshore project

Cenergy Holdings announced that Corinth Pipeworks, its steel pipe segment, was awarded a contract by Woodside Energy, to manufacture and supply approximately 118km of High Frequency Welded steel pipes. 

HELLENiQ ENERGY trades ex-dividend

As of today, HELLENiQ ENERGY trades ex-dividend of EUR 0.60/share (DY: 7.2%) 

Jumbo trades ex-dividend

Jumbo trades today ex-dividend (DPS: EUR 1.00, DY: 3.66%). 

Calendar of Events

Macros

10/07/24 | Industrial Production Index MAY

12/07/24 | Import Price Index in Industry MAY

12/07/24 | Scope Ratings – Greek sovereign credit review

16/07/24 | Evolution of Turnover of Enterprises MAY

19/07/24 | Turnover Index in Industry MAY

2Q/1H24 Results Release

25/07/24 | Metlen (Flash Note) (Bef-mkt)

29/07/24 | Hellenic Exchanges

30/07/24 | Entersoft (trading update) (Aft-mkt)

31/07/24 | Piraeus Financial Holdings (Bef-mkt), Eurobank Holdings, Titan Cement

01/08/24 | Optima bank, National Bank of Greece

02/08/24 | Alpha Services and Holdings

06/08/24 | PPC (Aft-mkt)

07/08/24 | OTE, Coca-Cola HBC

09/08/24 | BriQ Properties, Intercontintal International

29/08/24 | HELLENiQ ENERGY (Aft-mkt), Austriacard Holdings

03/09/24 | OPAP (Aft-mkt), Sarantis

04/09/24 | Ideal Holdings (Flash Note) (Bef-mkt)

10/09/24 | Fourlis (Aft-mkt), AIA (Aft-mkt)

11/09/24 | ElvalHalcor (Aft-mkt)

EGM / AGM

10/07/24 | Intrakat (AGM), Papoutsanis (EGM)

11/07/24 | EYDAP (AGM)

12/07/24 | Attica Group (AGM), Biokarpet (EGM)

16/07/24 | Attica Bank (AGM)

17/07/24 | Motor Oil (EGM)

18/07/24 | Vioter (AGM)

19/07/24 | Quality & Reliability (AGM)

23/07/24 | Eurobank Holdings (AGM)

24/07/24 | Alpha Services and Holdings (AGM)

25/07/24 | National Bank of Greece (AGM)

26/07/24 | Evrofarma (AGM), Unibios (AGM)

31/07/24 | Alpha Real Estate (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

10/07/24 | Piraeus Financial Holdings (EUR 0.06315840), HELLENiQ ENERGY (rem. EUR 0.60), Jumbo (EUR 1.00), AS Company (EUR 0.13762556)

15/07/24 | Vogiatzoglou Systems (EUR 0.145), Medicon (EUR 0.06), Elinoil (EUR 0.108)

16/07/24 | Austriacard Holdings

18/07/24 | ILYDA (EUR 0.02)

19/07/24 | Attica Group (EUR 0.07)

22/07/24 | PPC (EUR 0.25), EYDAP (EUR 0.10), Space Hellas (EUR 0.16), Athens Medical (EUR 0.02)

25/07/24 | Eurobank Holdings (EUR 0.0933)

26/07/24 | Alpha Services and Holdings (EUR 0.026)

29/07/24 | National Bank of Greece (EUR 0.36), Piraeus Port (EUR 1.34), AVAX (EUR 0.03)

05/08/24 | Alpha Real Estate

01/08/24 | Creta Plastics (EUR 0.5001157168)

22/08/24 | KRI-KRI (EUR 0.35)

27/08/24 | Thessaloniki Water & Sewage Co.

29/08/24 | Real Consulting (EUR 0.04)

11/09/24 | Ble Kedros

12/09/24 | Evrofarma

17/09/24 | Epsilon Net

Ex-Capital Return

22/07/24 | ELLAKTOR (EUR 0.50)

25/07/24 | Ideal Holdings (EUR 0.20)

26/08/24 | Biokarpet (EUR 0.02)

28/08/24 | GEK TERNA (EUR 0.25)

12/09/24 | Unibios 

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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