General Index ended
lower on Thursday, as investors took profits after a seven-day rally in the
market which pushed the composite index 8.37 pct up. Heightened geopolitical
worries because of developments in Ukraine hit European stock markets
affecting also ASE. As August ends investors may track H1 results and
restructure their portfolio’s while a positive open may be excused as
foreign markets seem to stabilize after yesterday’s drop.
In today’s
agenda Bank of Piraeus, Eurobank, Aegean Air, Ellaktor and MIG will post
their results after market hours while Producer Price index and June retail
sales data will come out at 12:00. Last but not least MSCI rebalancing will
take place today with market consensus expecting €20m inflows affecting
more or less the ten stocks that participate in the index.
Two days left
before the expiration of the deadline for Q2/H1 2014 announcements. So far 90
ASE listed companies (c39%) improved their financial position as
restructuring efforts start bringing results primarily on EBITDA. Despite a
small decrease in turnover (-0.6%) EBITDA has increased by 6% while Net
profits (excl. banks) is down by 15% affected by a number of positive one
offs in 2013 (Hel Exchanges, HTO and FF Group). Profitable vs loss making
companies ratio improved to as 14 companies returned to positive bottom line
while in the same period only 4 companies reversed their profits to losses.
¢ In the Spotlight
Banking Sector: Deposits
grew slightly in July to 163.2 billion euros, from 163.1 billion in June, the
Bank of Greece said on Thursday. It was the fifth successive month of
increase for bank deposits. Lending to households, businesses fell annual
3.7% in July, compared with annual 3.5% fall in June.
Bank of Cyprus: Shareholders
of Bank of Cyprus on Thursday approved plans for a 1 billion euro capital
issue ahead of EU-wide stress tests later this year. The European Bank for
Reconstruction and Development, partly owned by the European Union, and
investors represented by US-based billionaire Wilbur Ross, were among those
signing up for the equity issue pricing Bank of Cyprus at 0.24 euro per
share. Just over 87 percent of shareholders present approved the motion at an
extraordinary meeting in Nicosia on Thursday. The issue will take the bank's
core Tier 1 capital to 15.1 percent from 11.3 percent.
Bank
of Piraeus (Results Q2/H1 2014 results): Bank of Piraeus
will announce its Q2/H1 results today after market hours and hold a
conference call to review results. Apart from the key sector trends (deposit
cost improvement, deleveraging, lower NPL formation but higher coverage)
there are two key points to focus on Q2 results of Piraeus Bank. 1- Trading
income north of EUR100m expected mainly owing to restructuring deal with
Marfin Investment Group, 2- on the opex, the
staff
costs are improving, but there is a seasonal pick up in administrative costs
– promotion and third parties fees.
A conference call is scheduled today at 19:00 GR time.
Focus will be on ECB stress test, NPL’s and Geniki bank merge schedule.
The following table summarizes market estimates for
H1:
Conference call details (19:00 GR time):
¡ GR + 30
211 180 2000,
¡ UK + 44
(0) 800 368 1063
¡ USA + 1
866 288 9315
Eurobank
(Results Q2/H1 2014 results): Eurobank: Eurobank
will publish today its H1/Q2 group results today at 18:00 Athens Time (16:00 London).
Consensus
sees Eurobank’s H1 2014 net interest income and provisions at EUR744m
(vs EUR564m in H1 2013) and EUR935m (vs EUR836m a year earlier),
respectively. In addition, market expects Eurobank to report a net loss of
EUR418m H1 2014, compared with a net income of EUR44.5m over the same period
a year ago.
Other
key results highlights:
¡ Eurobank’s
revenues to show a single-digit q-o-q growth, mirroring better deposit
pricing (NIM improvements) but also higher commissions income.
¡ Efficiency
gains thanks to lower operating expenses (again low single-digit cuts on
q-o-q basis)
¡ Q2 2014
visible drop in NPL formation
¡ Provisioning
expenses declines to the tune of 5-6% q-o-q, on the back of higher coverage
ahead of comprehensive assessment..
A conference call is scheduled today at 18:00 GR time.
Focus will be on ECB stress test, NPL’s and deleveraging.
The following table summarizes market estimates for
H1:
Conference call details (18:00 GR time):
¡ GR + 30
211 180 2000,
¡ UK + 44
(0) 800 368 1063
¡ USA + 1
866 288 9315
¡
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