Greek Market Watch: Import Price Index, Greek airports traffic, NBG (HFSF, VES), Mytilineos, GEKTERNA, OTE, OPAP, Intrakat

Market Comment

ATHEX headed south on Friday, in line with the European stock markets. In more detail, the General Index dropped by 1.07% at 1,169.66 units (FTSE Large Cap: -1.17%, FTSE Mid Cap: -0.68%, Banks Index: -1.13%) and the traded value was shaped at EUR 74.7m, down from Thursday’s EUR 119.7m. On a weekly basis, the General Index gained 2.88% w-o-w (FTSE Large Cap: +3.27%, FTSE Mid Cap: -0.21%, Banks index: +3.90%). We expect the international geopolitical developments to set the tone in ATHEX today. 

Today’s Headlines

·        Industry MPI down in August (ELSTAT) 

·        International passenger traffic up in September (Fraport Greece)

·        HFSF BoD to convene tomorrow – Press

·        National Bank of Greece mulls new VES – Press

·        Mytilineos’ main appeal against GEKTERNA for ATTIKI ODOS to be discussed in November (press)

·        GEKTERNA denies press reports on a refusal by a bank to provide the company with a letter of guarantee

·        OTE Share Buyback

·        OPAP share buy-back

·        Intrakat close to sign two PPP contracts (press) 

Macro Headlines 

Industry MPI down in August (ELSTAT) 

According to ELSTAT, the Overall Import Price Index (MPI) in Industry in August 2023 recorded a decrease of 14.6% y-o-y, while in July 2022, the MPI had recorded a y-o-y increase of 32.0%. The 14.6% y-o-y decrease of the MPI was mainly driven by the 28.4% y-o-y decrease of the Energy products sub index, while on the contrary the Capital Goods sub-index rose by 3.9% y-o-y. Over the twelve-month September 2022-August 2023 period, the MPI decreased by 4.1% compared to the September 2021-August 2022 period. 

Sector Headlines 

International passenger traffic up in September (Fraport Greece)

According to Fraport Greece (operator of the 14 regional Greek airports), international passenger traffic in Greek airports in September 2023 rose by 6.1% y-o-y, standing also 16.1% higher compared to the respective month in 2019. In 9M23, international passenger traffic increased by 6.2% y-o-y to 23.5m travelers, standing 13.6% higher compared to 9M19. 

Company Headlines 

HFSF BoD to convene tomorrow – Press

Press reports (euro2day) suggest that the BoD of HFSF will convene tomorrow in order to give the green light for the disposal of a 20.0% stake in National Bank of Greece to foreign and Greek investors. HFSF controls a 40.39% stake in NBG. 

National Bank of Greece mulls new VES – Press

Reportedly (mononews), National Bank of Greece mulls a new VES of 500 employees. NBG had 6.895 employees in Greece in 1H23 and operated a network of 314 branches throughout the country. Recall that 469 employees participated in the VES program last year and its cost amounted to EUR 59.0m. 

Mytilineos’ main appeal against GEKTERNA for ATTIKI ODOS to be discussed in November (press)

According to Euro2day.gr, the request to suspend the tender for a new concession for Attiki Odos, submitted by the Vinci – Mytilineos JV to the Independent Authority for the examination of pretrial appeals, was rejected, with the main appeal expected to be discussed in November. As a reminder, the HRADF had declared last September GEKTERNA as the preferred investor for the new concession period of ATIKI ODOS with an offer of EUR 3.27bn, followed by the Vinci – Mytilineos partnership with an offer of EUR 3.11bn. 

GEKTERNA denies press reports on a refusal by a bank to provide the company with a letter of guarantee

GEKTERNA categorically denied on Friday press report claiming a refusal by a bank to provide the company with a letter of guarantee, adding that it has excellent relations with all the Greek and numerous international financial institutions. 

OTE Share Buyback

OTE announced on ATHEX that during 06/10-12/10/2023 it purchased 529,429 own shares at an average price of EUR 13.31825. The company holds 7,398,821 own shares or 1.736% of the total outstanding shares. 

OPAP share buy-back

OPAP announced on ATHEX that on 12 October acquired 45,500 shares at an average price of EUR 15.44/sh. The company holds 2,204,059 own shares or 0.60% of total share capital. 

Intrakat close to sign two PPP contracts (press)

According to Capital.gr, Intrakat is close to sign two private-public partnership contracts for the construction of two complexes of student dorms in the University of Thessaly and Crete, of EUR 370m combined contract value. 

Calendar of Events

Macros

18/10/23 | GDP 2022 (provisional data)

20/10/23 | Current Account Balance AUG & Turnover Index in Industry AUG

20/10/23 | Standard & Poor’s – Greek sovereign credit review

Results (3Q/9Μ 2023)

26/10/23 | Mytilineos (Bef-mkt)

31/10/23 | Coca Cola HBC (10:00 Athens time)

02/11/23 | PPC (Aft-mkt), HELLENiQ ENERGY

03/11/23 | Piraeus Financial Holdings

07/11/23 | Eurobank Holdings

09/11/23 | Alpha Services & Holding, Titan Cement, ΟΤΕ (Bef-mkt)

20/11/23 | Hellenic Exchanges (Aft-mkt)

21/11/23 | OPAP, ElvalHalcor, Epsilon Net (Bef-mkt), Fourlis (Aft-mkt)

22/11/23 | LAMDA Development, Quest Holdings (Aft-mkt)

EGM / AGM

18/10/23 | Jumbo (EGM)

20/10/23 | ILYDA (EGM)

31/10/23 | REDS (EGM)

03/11/23 | Euroconsultants (EGM)

Ex-Dividend

30/10/23 | Alpha Trust Andromeda (EUR 0.20)

02/11/23 | OPAP (interim EUR 1.00)

23/11/23 | Jumbo (extraordinary cash distribution EUR 1.47)

30/11/23 | Thrace Plastics (interim EUR 0,06858)

Share Capital Increase

13/10/23-23/10/23 | Intralot – Trading period of rights

13/10/23-26/10/23 | Intralot – Exercise period of rights

07/11/23 | Intralot – Commencement of trading of new shares 

OPTIMA BANK

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