Daily report 26-09-2013

Manos Chatzidakis	9:39 π.μ. (Πριν από 43 λεπτά)

¢           Market Comment

General Index tested the waters around 1,030 points on Wednesday before returning to the 1,020-point level in what was the third consecutive session of gains for many stocks. Despite stabilize trends in banking sector most industrials stayed in positive territory at the end of the day while turnover settled at the considerable level of €67m.  After three positive days we expect some modest profit taking in today’s session and a consolidation around current levels. 

¢           In the Spotlight

Greece/Trade deficit:   Greece’s trade deficit declined by 17.4 percent in the January-July 2013 period on an annual basis, mostly thanks to the decline in imports, Hellenic Statistical Authority figures revealed on Wednesday. It amounted to 11.1 billion euros, from 13.5 billion a year earlier.

Greece/Food production:  Food production in Greece is contracting in 2013 for a fifth year in succession, having slumped 11 percent in the first seven months compared to the same period in 2005 despite a number of food products registering exports growth, Hellenic Statistical Authority (ELSTAT) data showed on Wednesday. The data showed that in the first seven months of 2013 production volume dropped by 3 percent year-on-year.

Jumbo (Results 12M 2012): Jumbo will announce its 2012/Q4 results today after market hours. The management has already informed investors that full year revenues increased by 1.6% yoy to €502.2m, pointing to 2Q sales of €120.3m, increased 5.6% yoy. We expect that in Q4 Jumbo will incorporate the full effect of Cypriot deposits haircut subtracting another €5m in Q4 from the EBITDA line which is expected to settle at €109m. Accordingly net earnings are expected at €72m while the adjusted figure for the year is €92m. However we note that conservative policy regarding Cypriot deposits provisioning will have a positive impact on next year results as the company has not taken into account any value of the stocks of Bank of Cyprus that it will get in exchange when the shares start trading. We also expect minimum or zero dividend payout for cash purposes. Jumbo Estimates  12M 2012/2013 In thous. euro 2012 2013 Δ Sales 494.289  502.200  1,6%  Q4 113.980  120.347  5,6%  EBITDA 134.423  109.000  -18,9%  (% Sales) 27,20%  21,70%  -549 bps  Q4 38.897  37.246  -4,2%  (% Sales) 34,13%  30,95%  -318 bps  Net Income 97.374  72.000  -26,1%  (% Sales) 19,70%  14,34%  -536 bps  Q4 29.466  23.849  -19,1%  (% Sales) 25,85%  19,82%  -604 bps

Ellactor: Actor, the construction subsidiary of Ellactor has won the project of Psitaleia budgeted at €200m.

PPC: The sum total of unpaid electricity bills reached 1.3 billion euros at the end of July, from 1.2 billion at end-May, forcing the Public Power Corporation to delay payment of its arrears to grid operator ADMIE and electricity market operator LAGIE, which came to 240 million euros in August, up from 140 million in July.

Bank of Piraeus: In an interview Piraeus’ deputy CEO Anthimos Thomopoulos said that system NPLs are still rising but this is the fourth quarter where the bank sees new NPL flows decelerating. Thomopoulos said also that accumulated provisions will reach 20-25% of the bank’s loan book in the coming years (vs. 16.3 in 2Q13) adding that banks acquired were heavily provided alleviating possible pressures on Piraeus.