Greek Market Watch: HICP (Eurostat), Banks (SSM), Eurobank (Hellenic Bank), Cenergy, OTE, Ellaktor/MOH, AVAX, Titan Cement

Today’s Headlines

·         Greek HICP unchanged in June (Eurostat)

·         SSM to meet with systemic banks at the end of July

·         Hellenic Bank to focus on corporate and investment banking-Press

·         Cenergy reaches FID for the US plant

·         OTE to trade ex-dividend tomorrow

·         Reggeborgh partially exercises call option on ELLAKTOR shares from Motor Oil

·         AVAX Group signs new $82m contract in Iraq

·         TITAN and Sinoma CBMI sign MoU to advance technological innovations towards net zero 

Market Comment

ATHEX headed south yesterday, in line with the European markets. In more detail, the General Index dropped by 0.97% at 1,407.03 units, (FTSE Large Cap: -1.03%, FTSE Mid Cap: -0.63%, Banks Index: -2.11%) and the traded value was shaped at EUR 78.6m, down from Monday’s EUR 118.7m. We expect ATHEX to try to move higher today.

Macro Headlines 

Greek HICP unchanged in June (Eurostat)

According to a flash estimate from Eurostat, Greek annual inflation is expected to shape at 2.4% in June, unchanged compared to May and slightly below the respective EU area figure (up to 2.5% in June from 2.6% in May). 

Sector Headlines 

SSM to meet with systemic banks at the end of July

Reportedly (euro2day), SSM will meet with the management teams of the systemic banks at the end of July in order to discuss a series of issues such as the increase of profitability and dividend distributions, DTC, net credit expansion, real estate portfolios and re-performing loans. 

Company Headlines 

Hellenic Bank to focus on corporate and investment banking-Press

Press reports (euro2day) indicate that Eurobank aims Hellenic Bank to focus on corporate, investment, private banking and bancassurance. Recall that the acceptance period of the takeover bid for the shareholders of Hellenic Bank (EUR 2.56/share) commenced on 01 July and ends on 30 July. We reiterate our Buy rating on Eurobank with TP of EUR 2.41/share. 

Cenergy reaches FID for the US plant

Cenergy announced that it reached a final investment decision to build a cable manufacturing facility in the recently acquired 153k sqm waterfront property at Wagners Point, Baltimore Maryland USA.

The first phase includes the construction of a land cables plant at $200m cost (it is reminded that it has already secured a $58m tax credit from the US authorities), with the construction works expected by year end, while a second phase shall include further expansion to manufacturing submarine cables subject to firm developers’ offtake agreements and related final development decisions.

In addition to the above, Cenergy said that following Ørsted’s decision to reposition its US Mid-Atlantic project, the discussions related to potential collaboration between the two companies have paused and will be revisited as this repositioning effort evolves. 

OTE to trade ex-dividend tomorrow

The stock is set to trade ex-dividend tomorrow (DPS: EUR 0.7216, DY: 5.3%) and payment will commence on 10 July. 

Reggeborgh partially exercises call option on ELLAKTOR shares from Motor Oil

ELLAKTOR announced that its major shareholder, Reggeborgh will partially exercise its existing call option with Motor Oil, acquiring 10.4m ELLAKTOR shares at EUR 1.75/share (2.987% of total), no later than the 15th business day after the notification on 28 June (i.e. 19 July). It is reminded that ELLAKTOR has set ex-date for the EUR 0.50/share capital return the 22^nd July. 

AVAX Group signs new $82m contract in Iraq

AVAX Group announced the signing of a $82m contract with Mass Group Holding (MGH) for the engineering, procurement, construction and operation of a 282MW open-cycle power plant in Iraq, with delivery expected by the summer of 2025. 

TITAN and Sinoma CBMI sign MoU to advance technological innovations towards net zero

TITAN Group, and Sinoma CBMI, a world leader in cement technology and engineering system integration, have signed a MoU to explore new business opportunities and drive technological innovations aimed at decarbonizing and digitalizing cement manufacturing.  

Calendar of Events

Macros

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

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), Unibios (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

03/07/24 | Interlife (EUR 0.16)

04/07/24 | OTE (EUR 0.7216)

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

08/07/24 | Terna Energy (EUR 0.3821128409), EKTER (EUR 0.12)

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), 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)

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

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

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