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Eleftheria Kourtali
The lack of turnover in the Athens Stock Exchange, which has reached the lowest level in the last 18 months, as well as the dramatic contraction in transactions, which has reaches levels that refer to difficult times for the conditions of the country and are in no way in tune with the current era, where Greece is only … 35 days to leave the programs
Whoever monitors what happens on the scoreboard finds that the devaluation of the stock market does not match the apparent improvement in the bond market which, while evolving at low turnover rates, shows a country whose country ratio risk has dropped considerably, with many funds and international companies having a positive attitude towards Greek government securities.
It is significant that the transaction value of June amounted to 1.03 billion euros, down 39.1% with the transaction activity riotita the previous month, while compared with as of June 2017, the turnover has decreased by 37.4%. According to badysts, the lack of flow of entry and the "bargain" bargain will continue to maintain any upward movement of the overall index within a very narrow range, It is now out of catalysts that could "wake up" buyers, and there is a lot of concern that the slowdown in daily trading may continue beyond the summer period, which has started anyway too early for the market. Wolling "Folli Follie
National political developments, elections and disagreements between the two sides of the government – coupled with the international climate still" fragile "because of trade tensions, as well as political uncertainty and fears on financially or slowing down in Europe, as well as the new era of cheap money with a change of attitude towards international monetary policy – have added to the damage caused to the investment trust of Folli Follie, whose "imprint" does not seem to erase
The resurrection of Gabriel Grego, head of the investment fund of QCM, which on May 4 "broke the waters" of the Greek market with its report on Folli Follie, which led to the collapse and the fact that it did not put any other Greek society in the spotlight, shows that the stigma of this affair continues to haunt the Greek stocks [19659003] Grego reiterated that, according to the estimate there is no other case of "fragile" fraud on the Greek stock market, like that of Folli Follie. Referring to the climate of caution that prevails at the Greek Stock Exchange since the day of the MCQ show and the rumor that can be created, he pointed out that he did not think that what was being done in the particular Greek list was to be generalized. Greek market. However, he advises investors to be very rigorous and selective before buying or relocating on the basis of a reputation or intuition, but to review the accounts, listen to teleconferences and examine any discrepancies between cash flow and profits. this in ATHEX. there are market opportunities
What Analysts Look At
The general picture of the market can be indifferent, however, according to badysts, should not be lost … the forest . Some securities are the point of view of the investment community and can be part of a long-term portfolio.
As Pantelakis Securities reports in its new report, it maintains an overweight in Jumbo, with a target of 20 euros, operating results for 2017-2018, where the group's sales increased by 11% to EUR 753.31 million against EUR 681.43 million the previous year due to the strong growth rates in the Romanian and Bulgarian markets, reflecting the moment improvement (19659003) At EUR 1.20, the IBG raised the indicative price from Intralot from 1.10 EUR previously, retaining the recommendation "Neutral". As pointed out by the stock market score, the increase in the target price is related to the company's lower net debt compared to expectations. However, it remains neutral because of the low visibility of the renewal of the contract in Turkey. In addition, he emphasizes that he can not fail to recognize the opportunities that arise in the United States, which could radically alter the attractiveness of the title as an investment.
With a recommendation "Buy" and a target price of 10 euros per share, Axia the cover of Aegean Airlines, pointing out that it is a full-service airline which participates exclusively in one of the most dynamic aviation markets of the EU, Greece. Aegean is a leader in a market that is growing at a compound annual growth rate of 9.5% in recent years and is expected to continue to grow at a rapid pace due to tourism demand and macroeconomic improvement. With respect to the recent weakness of Aegean shares on the ATHEX Board, he notes that they constitute an attractive entry point.
The Image of the Bank
Greek Banks Face Huge Challenges Despite the progress made, warns Bank of America – Merrill Lynch in his report, pointing out that She has a negative attitude towards the industry. Thus, it made changes in the target prices for National and Eurobank, keeping unchanged those of Alpha Bank and Piraeus. The target price of Ethniki is reduced to 0.31 euro, against 0.32 euro previously, and for Eurobank to 1.17 euro, from 1.14 euro, with a "neutral" recommendation, while price for Alpha Bank and Piraeus remains unchanged at € 1.60 and € 3.23 respectively, with a recommendation "underperforming".
As he points out, there are still many barriers to becoming an attractive badet for investors. Examining the price of Greek banks recently, the US bank notes that progress has been made in reducing bad debt, but stresses the importance of improving the pace of online auctions. At the same time, he notes that there has been a partial improvement in the financing of Greek banks, but this is partly due to the lower financing of borrowers due to deleveraging. According to the US bank, more work is needed in terms of cost management, especially since revenues could continue to fall further
Referring to electronic auctions, she notes that early data suggests that they have had so far little impact in the behavior of the bad payers. At the same time, he notes that he does not expect a rebound in housing prices in Greece in the coming years, and that he sees risky risks because the banks are withdrawing of goods from their books
A significant vote of confidence in the Greek market is also the successful publication of corporate bonds as well as the upgrading of the covered bonds of Greek banks
The issuance of a 4-year OTE bond was ridden about 5 times as to pump the $ 400 million. euros in international markets. The coupon was 2.375% per annum, the lowest coupon issued by the OTE group in the last decade. As noted by badysts, this successful release is a vote of confidence in international markets in the prospects of the Greek economy and the OTE. The guarantee of a significantly lower interest rate further reduces the cost of loan services for the Agency and demonstrates market confidence in the business outlook
Defining NBG's access to international markets, contributing to the overall improvement of market liquidity conditions, is the improvement of its bonds secured by S & P
S & P
For the first time since the financial crisis, S & P is rated "investment grade" securities angry. This is the three-year 750 million euro term issued by the National Bank in October 2017. This bond was "designed" by the bank to be eligible for the program. purchases of securities of the ECB as part of its expansion decide the QE. S & P also improved the Estia I securitization of the Piraeus bank. Piraeus and Piraeus are now clbadified "BBB-", four grades above "B +", in which they have recently improved Greece, which is the highest possible rating according to S & P methodology
This improvement is crucial for the recent exit of Greek banks in international markets, contributing to the overall improvement of liquidity conditions in the market. According to National Bank sources, S & P's decision is a big step towards the qualitative expansion of the bank's investment base and should have wider impacts as it will facilitate the efforts of others domestic systemic banks to pursue similar actions, thus improving the overall liquidity conditions of the market to the benefit of the real economy. It should be noted that this decision also gives a significant boost to the projects of Greek banks to enter the markets during the next period through new issues of bonds, but after a publication of the Greek government.
For Greek banks, Commerzbank calls for investment grade to be covered by NBG's covered bonds, pointing out that this puts them in the ECB's monetary policy eligibility path, and thus makes it more "Interesting" for investors, improving spreads. According to his estimates, the title of NBG should be added soon to the list of eligible badets for the ECB pension market
Nordea, according to Nordea, covered bonds are generally a good alternative to government bonds, who are not so sure. "The risk profile of covered bonds is comparable to bank deposits, which are guaranteed up to EUR 100,000.In the past 200 years, none of the European covered bonds has been declared in default." Nordea refers in particular to Greece, pointing out that Greek sovereign bond investors suffered significant losses during the financial crisis, while the covered bonds of the National Bank have fully recovered. Creditors also went bankrupt in Iceland in 2008 and Cyprus in 2012, while covered bonds suffered no losses
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