Greek Market Watch: Industrial production, Piraeus Bank, Jumbo, ELLAKTOR, INTRAKAT

Today’s Headlines

·        Industrial production up in May (ELSTAT)

·        Piraeus Bank issued new green bond

·        Jumbo sales up by 9% y-o-y in June

·        REGGEBORGH increases its stake in ELLAKTOR

·        Management comments during INTRAKAT’s AGM (press) 

Market Comment

ATHEX headed south yesterday after five positive sessions, underperforming the European stock markets. In more detail, the General Index fell by 0.48% at 1,444.31 units (FTSE Large Cap: -0.63%, FTSE Mid Cap: -0.11% Banks Index: -0.84%) and the traded value was shaped at EUR 88.7m, down from Tuesday’s EUR 108.2m. We expect ATHEX to move in line with the European markets today, with Jumbo in the spotlight.

 Macro Headlines 

Industrial production up in May (ELSTAT)

According to ELSTAT, the Industrial Production Index (IPI) rose by 6.7% y-o-y in May 2024, due to the jump by 21.2% y-o-y in the Electricity Supply Index.  

Company Headlines 

Piraeus Bank issued new green bond

Reportedly (Bloomberg), Piraeus Bank raised EUR 650.0m through the issue of a new green senior preferred bond (MREL eligible) at a yield of 4.625%. The bond has a maturity of five years and an embedded issuer call option after four years. The same reports suggest that demand exceeded EUR 3.25bn. Piraeus is one of our top picks with TP of EUR 5.50/share. 

Jumbo sales up by 9% y-o-y in June

Jumbo released yesterday, June sales up by c. 9% y-o-y and released a new guidance for FY24 sales growth of 8% in the lower burden of the initial growth estimate and remained cautious for the remaining FY24 period.

Jumbo is facing delays in the delivery of products due to the closure of the Suez Canal that according to the management will continue to affect the global supply chain probably even after the US elections.

Also, the company postponed the expected opening of the second hyperstore in Timisoara, Romania for early 2025. Greece sales were up by c. 6% while the restored Jumbo hyper-store in Larissa, became operational again in June as well as the Store in Karditsa, which will further support group’s sales growth compared to the 2H23 when the stores were closed.

Cyprus sales were also up by c. 6% y-o-y respectively while Romania and Bulgaria maintained their positive momentum exhibiting strong growth with sales up c. +17% y-o-y and c. +19% respectively.

Additionally, in 1H24, Group’s sales were up by 8%, with Greek sales up by 7% y-o-y, Cyprus sales up by 4% y-o-y, Romanian sales up by +14% y-o-y and Bulgarian sales also up by +11% y-o-y. Management also maintained its plans for the opening of a new owned hyper-store in Nicosia and a new owned hyper-store in Bucharest (Romania). 

REGGEBORGH increases its stake in ELLAKTOR

REGGEBORGH announced that following the exercise of the call option with Motor Oil, extended its participation in ELLAKTOR’s share capital to 48.1551% from 45.1682% previously. 

Management comments during INTRAKAT’s AGM (press)

During yesterday’s AGM, INTRAKAT’s management reportedly (Kathimerini) reiterated that the company plans new acquisitions in the concessions and the Renewables sector, targeting at a 40%/30%/30% split in the company’s activities from construction/RES/Concessions & PPPs in the medium term. 

Calendar of Events

Macros

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

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)

05/08/24 | Mediterra (EGM)

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

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

16/07/24 | Austriacard Holdings (EUR 0.10)

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

Ακολουθήστε το στο Google News και μάθετε πρώτοι όλες τις ειδήσεις
Δείτε όλες τις τελευταίες Ειδήσεις από την Ελλάδα και τον Κόσμο, στο