Greek Market Watch: ESI, PPI in Industry, Retail Sales, Banks (SSM), Optima bank, Piraeus Financial Holdings, OTE, PPC, Intracom

OPTIMA

Today’s Headlines

·        Greek ESI down in June

·        PPI in Industry slightly drops in May (ELSTAT)

·        Retail Sales down in April (ELSTAT)

·        SSM puts pressure on banks to dispose real estate assets

·        Optima Bank dividend payment today

·        Piraeus Financial Holdings AGM approved dividend  

·        OTE AGM approved dividend, New CEO as of today

·        RAEEYY gives PPC the green light for a new Pump and Storage project

·        Intracom Holdings to trade ex-capital return tomorrow

Market Comment

ATHEX recorded marginal gains on Friday, in line with the European stock markets. In more detail, the General Index rose by 0.27% at 1,404.26 units (FTSE Large Cap: +0.31%, FTSE Mid Cap: +0.78% Banks Index: +0.31%) and the traded value was shaped at EUR 140.0m, up from Thursday’s EUR 127.9m. On a weekly basis, the General Index slipped by 1.39% w-o-w (FTSE Large Cap: -1.49%, FTSE Mid Cap: -1.05%, Banks index: -2.25%). We expect ATHEX to head north today, in line with the European stock markets.

Macro Headlines 

Greek ESI down in June

Greece’s Economic Sentiment Indicator (ESI) eased to 110.6 in June 2024 from 111.0 in May, remaining well above the EU average ESI (up to 96.4 in June from 96.6 in May). 

PPI in Industry slightly drops in May (ELSTAT)

According to ELSTAT, Producer Price Index in Industry (PPI) dropped by 1.4% y-o-y in May 2024, driven by the price decreases in Energy goods (-4.8% y-o-y), while higher producer prices were gauged in non-durable consumer goods (+5.1% y-o-y;). In the June 2023- May 2024 period, Producer Price Index in Industry (PPI) decreased by 6.5% in comparison with the corresponding index for the period from June 2022 to May 2023. 

Retail Sales down in April (ELSTAT)

According to the Hellenic Statistical Authority, retail sales (excluding automotive fuel) decreased by 1.8% y-o-y in April 2024 (while also decreased by 6.4% y-o-y in volume terms), while including automotive fuel, retail sales decreased by 1.4% y-o-y. Per main store category, the turnover of the Food sector decreased by 5.9% y-o-y, despite higher prices, sales volume were down by (10.2% y-o-y), while Non-food sector (except automotive fuel) sales increased by 1.9% y-o-y with sales volume slightly down by 1.0% y-o-y. Finally, the turnover of the Automotive fuel sector increased by 0.8% y-o-y, with sales volume down by 1.5% y-o-y. 

Sector Headlines 

SSM puts pressure on banks to dispose real estate assets

Reportedly (euro2day), SSM exerts pressure on Greek banks to reduce the stock of their real estate assets. 

Company Headlines 

Optima Bank dividend payment today

The payment of 2023 dividend (EUR 0.44 per share) will commence today. 

Piraeus Financial Holdings AGM approved dividend  

The AGM of shareholders approved on Friday among others the distribution of a dividend of EUR 0.063 per share (DY: 1.8%, ex-dividend: 10 July) after 16 years. The CEO reiterated that Piraeus targets a dividend payout of 30% in 2024 and 50% in 2025. Snappi received a banking license from the European Central Bank and will launch banking products and services both in Greece and abroad. Piraeus is one of our top picks in the sector with TP of EUR 5.50/share, implying a potential upside of 61%. 

OTE AGM approved dividend, New CEO as of today

The AGM of shareholder approved on Friday among others the distribution of a dividend of EUR 0.71 per share (DY: 5.3%, ex-dividend: 04 July) and the cancellation of 5,308,440 own shares. Recall that Mr. Nebis is taking over today as the new CEO of the group. 

RAEEYY gives PPC the green light for a new Pump and Storage project

The Energy regulator reportedly (Radar.gr) approved the construction of a new Pump and Storage project of 227MW capacity from PPC in Kozani, NW Greece. 

Intracom Holdings to trade ex-capital return tomorrow

The stock is set to trade ex-capital return tomorrow (EUR 0.07, Yield: 2.2%). 

Calendar of Events

Macros

01/07/24 | Unemployment Rate MAY & S&P Global Greece Manufacturing PMI JUN

09/07/24 | CPI & Harmonized CPI JUN

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

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)

EGM / AGM

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

03/07/24 | ADMIE Holding (AGM), Quality & Reliability (rep. EGM)

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

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

08/07/24 | ELLAKTOR (EGM), Real Consulting (AGM)

09/07/24 | Austriacard Holdings (AGM), Lavipharm (AGM), Centric (AGM)

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

11/07/24 | EYDAP (AGM), Alpha Real Estate (AGM)

12/07/24 | Attica Group (AGM)

16/07/24 | Attica Bank (AGM)

17/07/24 | Motor Oil (EGM)

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)

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), Unibios (AGM)

10/09/24 | Epsilon Net (AGM)

Ex-Dividend

01/07/24 | Loulis Food (EUR 0.12)

02/07/24 | Flexopack (EUR 0.15)

03/07/24 | Interlife (EUR 0.16)

04/07/24 | OTE (EUR 0.71)

05/07/24 | Trastor REIC (EUR 0.02), Mevaco (EUR 0.15)

08/07/24 | Terna Energy (EUR 0.3821128409), EKTER

10/07/24 | Piraeus Financial Holdings (EUR 0.063), HELLENiQ ENERGY (rem. EUR 0.60), Jumbo (EUR 1.00), AS Company (EUR 0.13762556)

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

16/07/24 | Austriacard Holdings, Alpha Real Estate

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)

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)

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

02/07/24 | Intracom Holdings (EUR 0.07)

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)

10/10/24 | Unibios

ATHEX Companies Presentations (Hellenic Fund & Asset Management Association)

02/07/24 | AS Company (09:30 Athens time) 

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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