9/7/14

Daily Report 09-07-2014 x Manos Chatzidakis

Wednesday, July 09, 2014


Market Monitor

           Market Comment

Blue chips came under strong selling pressure, pushing the composite index of the market below the 1,200-point level on Tuesday. Bank shares were at the focus of selling activity on worries that Greek banks might need additional capital and more share capital increase plans, while uncertainty over a Parliamentary vote on a legislation to break up PPC, foreign press reports that the country might need a new support package and a negative climate in European markets, also dampened sentiment in the market. The index fell 3.98 pct to end at 1,193.30 points, its lowest closing since May 23. Turnover rose to €146.95 million while the index ended the session close to day’s low.
Although a technical bounce in the opening phase is very likely we expect a volatile session as no fresh catalyst can provide an incentive for a strong turn around of the short term trend in ASE.

           In the Spotlight

Greece: Greek exports fell further while imports rose in May, official figures showed on Tuesday. Τhe value of import-arrivals totaled 3.970 billion euros in May, from 3.868 billion in May 2013, for an increase of 2.6 pct (excluding oil products the value of imports rose 7.6 pct). The value of export-deliveries totaled 2.249 billion euros in May, from 2.453 billion in May 2013, a decline of 8.3 pct (excluding oil products the value of exports rose 1.5 pct).

Greece/PDMA: Greece successfully auctioned a six-month Treasury bill issue raising 1.625 billion euros from the market at a reduced cost. Τhe interest rate of the issue was set at 2.05 pct, down from 2.15 pct of the previous auction of same issue in June 10. Bids submitted totaled 3.322 billion euros, 2.66 times more than the asked sum. The organization will also accept non-competitive bids up to 30 pct of the asked sum by Thursday, 10 July.

Banking Sector: According to internet articles HFSF will have the right to veto decision in the systemic banks, even in the case its participation fells below 33.4%. The banks, the HFSF and the troika must have agreed by the end of the month on the new RFAs and proceed with new contract that will underline the relationships between the banks and the fund. the drafts of the new RFAs will include this “golden” share. 

Coca Cola AG: As of today the shares of the company are traded ex-dividend for the fiscal year 2013, amounting to € 0.354 per share.

Terna Energy: As today the shares of Terna Energy are traded on the ATHEX under the new par value of € 0.30 per share, and excluding the right to participate in the capital return of € 0.09 per share - through a cash payment - to the shareholders of the company. In other news the company expects to sign a contract with the Ministry of Energy in August to build 3 waste processing units budgeted 160m.

Thessaloniki Port: HRADF approved yesterday all 8 bids for the privatization of 67% the port operator. All 8 parties pass to the 2nd phase of the tender. The eight investment groups are: APM Terminals, B.V., Deutsche Invest Equity Partners, GmbH,  Duferco Particiption Holding, SA, International Container Terminal Services, Inc, Mitsui & Co., Ltd.,  P&O Steam Navigation Company (DP World), Russian Railways JSC / GEK TERNA S.A., Yilport Holding, Inc.

PPC: Public Power Corporation will establish a subsidiary in Sofia in cooperation with the Swiss company ALPIQ Group, announced тхе Bulgarian National Radio. Public Power Corporation (PPC) will own 85% of the share capital, and the remaining 15% will be owned by ALPIQ. The joint venture will be engaged in energy trading. Regarding the “small PPC” bill greek lawmakers will start the discussion today in parliament.

Jumbo: In line with market’s expectations, Jumbo announced that FY 2014 (to June 30) group sales posted an increase of 7.9% y-o-y to EUR541.8m against EUR502.2m a year earlier. More specifically, key Greek sales were slightly up y-o-y in FY 2014, while, in contrast, Cyprus and Bulgaria recorded double digit revenue growths. In turn, Romania’s top-line performance came broadly in line with Jumbo’s estimates. Recall that Jumbo opened 5 new hyperstores during FY 2014: 2 in Greece, 1 in Cyprus and 2 in Romania.
Looking ahead, Jumbo guides for FY 2015 sales growth of 4-5% y-o-y to EUR563-569m and net earnings of EUR90-95m. Key catalyst in our view remains a stronger than expected L-F-L sales recovery in Greece, which thanks to Jumbo’s high operating leverage should boost further earnings growth outlook. For FY 2015, Jumbo plans to launch 4-5 new stores, while focusing also in renovating Greece’s outlet network. Group network currently counts 66 stores, out of which 52 in Greece, 4 in Cyprus, 8 in Bulgaria and 2 in Romania, along with an e-shop.

Ellactor: Anemos IPO starts today and ends on Friday. Priority subscription level for private investors is 1.240 shares. The price range stands at 1.70-1.97. The company will issue 20,667,000 new shares, while the proceeds will be used for the completion of 4 wind park, which are currently under construction

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