Greek Market Watch: Current account balance, GGB reopening, New ATHEX regulation, Optima Bank, Coca Cola HBC, IPTO, Mytilineos, Fourlis

Today’s Headlines

·         Current account deficit widens in March (BoG)

·         Greece taps additional EUR 250m through the 2034 Bond

·         New ATHEX regulation critical dates-Press

·         Optima Bank AGM tomorrow

·         Coca Cola HBC to trade ex-dividend on 30 May

·         US state fund expresses intention to participate in the Great Sea Interconnection

·         Ev. Mytilineos disposes 7.2mio company shares (press)

·         Fourlis Holdings results out

Market Comment

ATHEX headed south yesterday, in line with the European markets. In more detail, the General Index slipped by 0.43% at 1,496.35 units, (FTSE Large Cap: -0.44%, FTSE Mid Cap: +0.04%, Banks Index: -0.24%) and the traded value was shaped at EUR 165.0m, up from Monday’s EUR 111.3m. We expect the market to follow the international markets today; private placement in Mytilineos to weigh on the stock today.

Macro Headlines 

Current account deficit widens in March (BoG)

According to BoG provisional data, Greece’s current account balance in March 2024 recorded a deficit of 2,963.5m, vs. a deficit of 2,396.7m in the same period a year ago, due to a deterioration in the secondary income account and, to a lesser extent, in the goods and services balances, while the primary income account improved. Additionally, in the 1Q24 period, the current account deficit widened by EUR 255.3m and stood at EUR 4,151.8m. Finally, travel receipts in March 2024 stood at EUR 372.3m, up by 34.2% y-o-y, while in the Jan-Mar 2024 period, travel receipts rose by 28.2% y-o-y to EUR 942m. 

Greece taps additional EUR 250m through the 2034 Bond

PDMA announced that it will tap the markets today with EUR 250m through the reopening of the existing 10-year bond with a 3.375% coupon. 

Market Headlines 

New ATHEX regulation critical dates-Press

Reportedly (euro2day), according to the new regulation, ATHEX will suspend from trading on May 2025 the listed companies that have exceeded the two years stay in the surveillance status. ATHEX will also examine on 01 July 2025 the free float of listed companies, which should be at least 25% for companies with a market cap of EUR <200.0m and 15% for larger companies. Companies that have less than the minimum free float requirement a) they will be given an adjustment period of six months, which can be doubled under conditions, b) if they do not adjust, then will enter the surveillance status for a maximum period of two years and c) if they do not adapt again, then will enter the trading suspension status for a maximum period of 12 months and then they will be deleted. 

Company Headlines 

Optima Bank AGM tomorrow

The AGM of shareholders will take place tomorrow at 11:00 Athens/09:00 London Time. Shareholders will approve among other issues of the agenda, the distribution of a dividend of EUR 0.44 per share (DY: 3.8%). Management reiterated yesterday on the CC that it targets net profit to exceed EUR 124.0m and RoTE to surpass 20% in 2024, assuming YE 3M Euribor at 3.0% and thus there is upside risk in case ECB will decrease interest rates at a slower pace than expected. 

Coca Cola HBC to trade ex-dividend on 30 May

The AGM of shareholders approved yesterday the distribution of a gross dividend of EUR 0.93 per share (DY: 2.8%). The stock is set to trade ex-dividend on 30 May and payment will be made on 24 June. 

US state fund expresses intention to participate in the Great Sea Interconnection

IPTO (in which ADMIE Holding participated with 51%) announced yesterday that it received a letter of intent from the US state fund DFC to participate in the Greece-Cyprus-Israel interconnection (namely Great Sea Interconnection), either through the participation in the share capital of the project, or with loan financing or with a combination of the two. 

Ev. Mytilineos disposes 7.2mio company shares (press)

According to various press reports, the chairman and CEO of Mytilineos proceeded yesterday with the disposal of 7.2mio company shares (c.5.04% of total) to institutional investors from the US for EUR 255.6m or EUR 35.5/share (8.8% discount to yesterday’s closing price). Following the completion of the transaction, Mr. Mytilineos holds 21.5% of the company’s share capital (from 26.54% previously). 

Fourlis Holdings results out

The company announced sales of EUR 122.0m for 1Q24 ( +4.7% y-o-y) driven by volume increase in retail business (sales up by 4%) and the contribution of Trade Estates ( rental income up by 68.8% y-o-y) , Operating EBITDA of EUR 6.5m vs. EUR 2.6m or up by 155.6% y-o-y, (improved margin of 5.4% vs. 2.2% a year ago) and net loss of EUR 2.5m vs. EUR 4.3m last year.  Finally, Trade Estates’ NAV stood at EUR 302.7m at the end of March, up by EUR 89.9m y-t-d. Management will host a CC at 17:00 Athens /13:00 London Time. Dial-in numbers- GR: +30 210 94 60 800 or +30 213 009 6000, UK & INTL:+44 (0) 800 368 1063-+44 (0) 203 059 5872, US: +1 516 447 5632.  

Calendar of Events

Macros

28/05/24 | Building Activity FEB

30/05/24 | Unemployment Rate APR, Producer Price Index in Industry APR & Economic Sentiment Indicator MAY

31/05/24 | Turnover Index in Retail Trade MAR

31/05/24 | Fitch – Greek sovereign credit review

03/06/24 | S&P Global Greece Manufacturing PMI MAY

07/06/24 | 1Q:24 GDP (provisional data)

1Q24 Results Release

22/05/24 | ElvalHalcor (trading update) (Aft-mkt), QUEST Holdings (Aft-mkt)

23/05/24 | Ideal Holdings (trading update) (Bef-mkt), Lavipharm (trading update)

24/05/24 | Aegean Airlines (trading update) (Bef-mkt)

27/05/24 | Hellenic Exchanges

28/05/24 | Motor Oil (Aft-mkt), Epsilon Net (trading update) (Bef-mkt)

29/05/24 | OPAP (Aft-mkt), Cenergy Holdings, KRI-KRI (Aft-mkt)

31/05/24 | Austriacard Holdings

28/06/24 | Attica Bank

EGM / AGM

22/05/24 | Jumbo (AGM), REDS (EGM)

23/05/24 | Optima bank (AGM), ElvalHalcor (AGM), Motodynamics (AGM)

28/05/24 | Viohalco (AGM), Cenergy (AGM)

29/05/24 | Intracom (AGM), Thrace Plastics (AGM), Karelias (AGM)

30/05/24 | Intralot (AGM)

31/05/24 | Ellaktor (AGM), Profile (AGM), Premia Properties (AGM), Quality & Reliability (EGM)

03/06/24 | Euroconsultants (AGM), Orilina Properties (EGM)

04/06/24 | Mytilineos (AGM)

06/06/24 | Ideal Holdings (AGM)

07/06/24 | Kekrops (AGM)

10/06/24 | Galaxy Cosmos Mezz Plc (AGM)

11/06/24 | Prodea Investments (AGM)

12/06/24 | AVAX (AGM)

13/06/24 | Hellenic Exchanges (AGM), Quest Holdings (AGM)

14/06/24 | Trade Estates (AGM), Intercontinental International REIC (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)

21/06/24 | Fourlis (AGM), Elton (AGM)

25/06/24 | GEK TERNA (AGM)

27/06/24 | HELLENiQ ENERGY (AGM), PPC (AGM), LAMDA Development (AGM), Elastron (AGM), Space Hellas (AGM)

28/06/24 | Piraeus Financial Holdings (AGM), OTE (AGM), Epsilon Net (AGM), EKTER (AGM)

02/07/24 | Intrakat (AGM), KRI-KRI (AGM)

03/07/24 | ADMIE Holding (AGM)

04/07/24 | Piraeus Port (AGM), Alumil (AGM), Elinoil (AGM)

05/07/24 | ILYDA (AGM), Sunrise Mezz PLC (AGM)

09/07/24 | Austriacard Holdings (AGM)

10/07/24 | Attica Bank (AGM)

11/07/24 | EYDAP (AGM)

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

23/07/24 | Eurobank Holdings (AGM)

25/07/24 | Alpha Services and Holdings (AGM)

30/08/24 | Ble Kedros (AGM)

Ex-Dividend

30/05/24 | Coca Cola HBC (EUR 0.93)

03/06/24 | Thrace Plastics (rem. EUR 0.17), Karelias

04/06/24 | Profile Software

06/06/24 | Premia Properties (EUR 0.07)

12/06/24 | BriQ Properties (EUR 0.1045)

14/06/24 | Prodea Investments

19/06/24 | Trade Estates

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 0.12), Intercontinental International

26/06/24 | Motor Oil (rem. EUR 1.40), Mytilineos (EUR 1.50), Fourlis (EUR 0.12)

01/07/24 | Loulis Food

04/07/24 | OTE (EUR 0.71)

05/07/24 | Trastor REIC (EUR 0.02)

08/07/24 | EKTER

10/07/24 | HELLENiQ ENERGY (rem. EUR 0.60), Jumbo (EUR 1.00), AS Company

16/07/24 | Austriacard Holdings, Epsilon Net

18/07/24 | ILYDA (EUR 0.02)

22/07/24 | PPC (EUR 0.25), EYDAP (EUR 0.10), Space Hellas

29/07/24 | Piraeus Port (EUR 1.34), AVAX (EUR 0.03)

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

02/09/24 | ADMIE Holding

11/09/24 | Ble Kedros

Ex-Capital Return

25/06/24 | OPAP (EUR 0.25)

02/07/24 | Intracom Holdings

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

28/08/24 | GEK TERNA

ATHEX Companies Presentations (Hellenic Fund & Asset Management Association)

28/05/24 | Alpha Trust Holdings (10:00 GR Time) 

Research Department Equity Research  Τ: 210 8173 383 F: 210 3279 287 E: [email protected] 32 Aigialeias & Paradissou str., 15125, Maroussi optimabank.gr