Αναμένουμε ότι η αγορά θα προσπαθήσει να κινηθεί υψηλότερα σήμερα, μετά από δύο συνεχόμενες συνεδριάσεις με απώλειες.
Market Comment
ATHEX headed south yesterday, in line with the European stock markets. In more detail, the General Index dropped by 0.80% at 1,452.80 units (FTSE Large Cap: -1.03%, FTSE Mid Cap: +0.01%, Banks Index: -1.02%) and the traded value was shaped at EUR 121.0m, up from Monday’s EUR 117.4m. We expect the market to try to move higher today, after two consecutive sessions with losses.
Today’s Headlines
· Piraeus targets net credit expansion of EUR 10.0bn in the next four years
· Moody’s upgraded Bank of Cyprus outlook to positive
· Agreement for the sale of HELLENiQ ENERGY’s 35% stake in DEPA Commercial to be announced today (press)
· Athens Water–solid 9M24 results
· Autohellas increased its stake in Aegean Airlines
Company Headlines
Piraeus targets net credit expansion of EUR 10.0bn in the next four years
Reportedly (Kathimerini), the CEO of the bank stated that net interest income is expected to reach EUR 2.1bn in 2024 with NIM at 2.7%, in line with our estimates. Furthermore, the CEO cited that Piraeus targets a net credit expansion of EUR 10.0bn over the next four years (EUR 2.5bn pa and above our estimates of EUR 2.0bn pa) and NIM to squeeze slightly to 2.3%-2.4% from 2.7% in 2024e.
- Corporate loans will be the spearhead of growth, while the bank will also focus on housing repair loans. Recall that NCE reached EUR 1.9bn in 9M24. The news is positive and we reiterate our Buy rating and TP of EUR 6.00/share.
Moody’s upgraded Bank of Cyprus outlook to positive
Moody’s affirmed all ratings and assessments of Bank of Cyprus Public Company Limited and those of its holding company, Bank of Cyprus Holdings Public Ltd Company. The outlook on Bank of Cyprus’ long-term deposit and senior unsecured debt ratings has been changed to positive from stable.
Agreement for the sale of HELLENiQ ENERGY’s 35% stake in DEPA Commercial to be announced today (press)
According to Mononews.gr, the announcement of the agreement for the sale to HRADF of HELLENiQ ENERGY’s 35% stake in DEPA Commercial is expected today after the market close. As a reminder, according to press reports, the consideration for the sale of 35% stake in DEPA will shape at EUR 200m.
Athens Water–solid 9M24 results
Athens Water reported that 9M24 revenues increased by 6.4% YoY to EUR 279.6m (on increased water consumption of 6.2%), EBITDA up by 17.2% y-o-y to EUR 51.1m, also aided by contained increase in Opex by 4% y-o-y and net profit at EUR 17m vs EUR 10.7m last year.
Autohellas increased its stake in Aegean Airlines
The company announced that Autohellas a company linked with the Chairman of the BoD of the company bought on 16 December 28,500 shares for a total consideration of EUR 294,144.
Calendar of Events
Macros
20/12/24 | Current Account Balance OCT (BoG) & Turnover Index in Industry OCT (ELSTAT)
27/12/24 | Building Activity SEP (ELSTAT)
30/12/24 | Producer Price Index in Industry NOV (ELSTAT)
31/12/24 | Turnover Index in Retail Trade OCT (ELSTAT)
Market
20/12/24 | ATHEX/FTSE Semi-Annual Index Review (changes effective after market close)
EGM / AGM
19/12/24 | Technical Olympic (EGM)
24/12/24 | MED (EGM)
Ex-Dividend
19/12/24 | AS Company (extraordinary cash distribution EUR 0.0530201439)
23/12/24 | Motor Oil (interim dividend EUR 0.30)
20/01/25 | HELLENiQ ENERGY (interim dividend EUR 0.20)
23/01/25 | Thrace Plastics (interim dividend EUR 0.0685848289)
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Research Department Τ: 210 8173 383 F: 210 3279 287 E: [email protected] 32 Aigialeias & Paradissou str., 15125, Maroussi optimabank.gr |
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