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Market
Comment
General
Index ended sharply lower (-2.83%) for seventh continuous session as weakness
in banking sector stocks spread across the board. Main index is running a non
stop fall of 7.51 pct while turnover yesterday exceeded the €100m mark
indicating strong selling momentum. General Index ended the session at
day’s low.
Despite
significant short term losses in major blue chips the absence of a positive
catalyst (news flow, result surprises, corporate) will keep volatility high
in today’s session.
In the
Spotlight
NBGI/Goldman
Sachs AM-Deutsche Bank: According to press reports, the
private-equity arms of Goldman Sachs Group and Deutsche Bank are in talks
with National Bank of Greece to buy out NBGI Private Equity offering some
GBP300m (USD506m) – roughly a third less than the Greek bank originally
invested.
Greece/PDMA:
Greece
successfully auctioned a six-month Treasury bill issue raising 0.813 billion
euros from the market at a reduced cost. Τhe interest rate of the issue was
set at 2.02
pct,
down from 2.05 pct of
the previous auction of same issue in July 08. Bids
submitted totaled 1.894 billion euros, 3.03 times more than the asked sum.
Motor
Oil: The
company announced that it holds 88.96% stake of Cyclon Hellas
HTO
(Results 2Q/H1 2014): HTO will announce its 2Q/H1 14 results
tomorrow before the opening of the market. Te Group is expected to announce
recurring
net profits of 59 million in the second quarter from 79.1 million the same
period last year (-21% y-o-y). On adjustment basis (excluding the sale of
Globul) net profits are up by 3%. Q2 Turnover will settle
at €960m
(Fixed line Greece -4%, Cosmote -6%, Romtelecom +3%) decreased by -4% while
EBITDA is expected down by 11.4% at €340m.
Despite the improvements in operating costs Q2 is negatively affected by MTR
cuts in Romania.
HTO’s
management will host a conference call at 17:00 (GR Time) following the
release, to review the results. Focus on Nova bid, trends in domestic market
and the upcoming tender for the renewal of spectrum licenses.
Conference
call details:
¡
Greek participants 00800 4413 1378
¡
UK participants 800 953 0329
¡
US participants 1866 819 7111
Frigoglass (Results
2Q/H1 2014): The company will release its H1/Q2 2014 results on
August 7, before market opening (08:30 Athens Time/06:30 London), and host a
conference call the same day (16:00 Athens Time/14:00 London).
Conference
phone: Greek participants (+30 210 969 6444), UK/Other International
participants (+44 203 139 4830), US participants (+1 718 873 9077) -
Participant Access Code 13868825#.
Consensus
expects Frigoglass H1 2014 group sales, EBITDA and net earnings at EUR273m
(-13% y-o-y), EUR38m (-20%) and EUR0.2m (compared with EUR9.9m in Q2 2013),
respectively, hit by deteriorating market dynamics in all-important cool
division (particularly painful in Asia) and lower margins (owing to lower
utilization rates and negative FX movements), adversely affected also by the
fire incident at Ice-Cold Merchandiser (beverage coolers) manufacturing
facility in India (April 6). That said, we anticipate a progress
at the operating cost front in Q2, as well as a picking up of demand in
developed markets – more evident with regards to Frigoglass’
glass division.
Coca
Cola (Results 2Q/H1 2014): CCHBC will publish its H1/Q2 2014
results on August 7, before market opening (09:00 Athens Time/07:00 London),
and host a conference call the same day (11:00 Athens Time/09:00 London).
Conference
phone: Greek participants (+30 210 969 6444), UK/Other International
participants (+44 203 139 4830), US participants (+1 718 873 9077) -
Participant Access Code 13868825#.
In Q2
2014 terms, CCHBC group sales is expected to fall 6% y-o-y to EUR1.83bn
against EUR1.95bn a year earlier, mirroring a softer demand across all
regions, down c3% y-o-y volume wise (ranging from -2% y-o-y in emerging
markets to -4% and -5% in established and developing countries). Weaker
consumer spending and negative FX moves should take its toll on key Russian
operations (now on a negative sales momentum), putting CCHBC emerging markets
top-line under strong pressure.
In turn,
Q2 group EBIT is seen dropping 12% y-o-y to EUR158m from EUR179m last year,
on the back of operating efficiency declines (mostly attributed to lower
volumes). At the net level, however, CCHBC is expected to report group
earnings of EUR140m, rising 11% higher y-o-y vs EUR126m in Q2 2013, driven by
much reduced financial expenses.
Mytilineos
(Results 2Q/H1 2014): Mytilineos is expected to announce its
Q2/H1 today before market opens. We expect a sequential improvement in EBITDA
and Net Earnings on strong METKA performance, flat Energy sector results
while Metallurgy (Aluminium) is starting to gain momentum. Despite the
reduction in domestic energy demand and the regulatory changes in ADMIE
formula energy sector is expected to post zero growth rates y-o-y in bottom
line (Η1:€12mn)
due to capacity payments increases (79K/ΜW vs 44K/MW) effective from January
1st. We expect Metallurgy to post EBITDA €10mn and marginal
losses. On the Group level we expect H1 sales to land at €650mn (-12%),
EBITDA will reach €118mn (+26%) and net earnings at €24mn (+91%)
on lower financials. Focus on the CC deleveraging, developments in Energy
market, small PPC and Aluminium spot prices.
METKA
(Results 2Q/H1 2014): METKA will announce its Q2/H1 2014
results today
before the opening of the market. We look for a strong Q2 in terms of
EBITDA and net profits as the company accelerates the execution of EPC
projects across all regions. In Q2 METKA should post 10% increase in Sales,
13% in EBITDA and -22% on Net earnings due to €12.5mn
deferred tax booked 2Q:2013. Adjusting for DT we see net earnings up
by 30%. We point out that since Q1 no new EPC projects were added reducing
our estimated backlog to €1.3bn at the end of
Q2. On the positive side we expect resilient operating margins helped by
lower tax rate and rich cash position (Q1: €204m). Focus
on the conference call (same day 17:45 GR time) will be on future projects
award, participation in regional airports tender and business outlook in
Syria.
In other
news METKA announced yesterday the award of a new gas fired open cycle
project in Iraq. The budget of the new project is $166,5mn and the expected
completion period is one year.
Conference
call details:
¡
Greek participants +30 211180 2000
¡
UK participants + 44 (0) 800 3681063
¡
US participants + 1 866 288 9315
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