February 26, 2024

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Piraeus has changed course, foreigners are buying (also) HEXA, new regulation is just around the corner, rebalancing pace, marble resurrection, incentive for banks and (heavy) bells for POS

Piraeus has changed course, foreigners are buying (also) HEXA, new regulation is just around the corner, rebalancing pace, marble resurrection, incentive for banks and (heavy) bells for POS

The investment community will deal with 2023 corporate results announcements in the coming days. The most important post is hers Piraeus Bank. The bank publishes its results for the year tomorrow (2/14) and analysts expect an excellent path and above the guidance provided by management. Of course, apart from the profits, the interest will also convert to the amount of profits that will be declared. It will be the first bank in many years whose management proposes to distribute dividends.

The average EPS estimate by analysts is €0.76, and management has given an estimate of more than €0.65 for the full year 2023. Non-performing exposure is expected to be 4.9%, on top of management estimates of less than 5% and tangible equity per share. It is expected at the end of the year at 5.1 euros.

The CEO, Christos Megalo, has managed to turn the bank around in a short time and is now leading it into the major salons, because after the publication of the results, the 20% – 27% held by the HFSF will be put up with the market showing through the dashboard that it expects a selling price approaching 4 euros. .


It should be noted that in cooperation with Piraeus Bank, the results will also be published coca cola. A few months ago, management had said the stock price was low and gave some guidance on targets, while also promising better remuneration for shareholders. From here we also expect other positive news that will help the market.


with her Greek Stock Exchange To obtain stable inflows from abroad, it makes sense for the HEXAE share to be targeted by investors, who expect an improvement in volume due to increased market turnover, as well as valuation. We are now looking at 100 billion euros.

The group's president, Yiannos Kontopoulos, is proving himself to be a “gorilla” as the climate has changed since he took office. Of course, the situation changed mainly due to the investment grade, but it also made some moves and was credited with part of the rise. But the main thing is the ability to improve the financial position of the group and maintain a good dividend policy.

The column explains that on the issue of the new regulation, there are consultations with the Capital Market Commission. The problem is mainly the amount of dispersion associated with the valuation, so when the limit is exceeded, the company must change the dispersion as well. On the other hand, it's also about what will happen to those companies that won't go ahead with increased dispersion.

“Punishment” for “surveillance” cannot be a solution, and in this way small investors lose out. Perhaps other solutions should be offered, such as moving to the alternative market, for example, which some market executives are proposing.

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Today (2/13) its stock closes Athens Airport It is expected to be included in the FTSE Russell indices, namely FTSE All World, FTSE MPF All World, FTSE Global Large Cap and FTSE Emerging. So, at the close of the session, we will see rebalancing movements due to the change with increased trading volume. The stock closed yesterday with significant losses and less than 9 euros.


At Friday's meeting, I heard some rumors that… ideal It would buy Elton, causing Elton's stock to rise sharply. Lambros Papakonstantinou, who has built a group now worth more than €300 million and cash, has become a topic of discussion after promising growth through acquisitions. This is not the first rumor to appear about the company's acquisition. It has been rumored for some time that he would buy Motodynamics, but this has again been denied. That's why it's a good idea for investors to only look at official announcements.


Finally improving the image of the stock market for actinus, Its shares suffered for a long time, as its prices approached 0.40 euros last October. For several weeks, there was heavy selling, but at the lows, buyers absorbed the supply and gradually took the stock from €0.40 to €0.48.

In recent sessions they have become more aggressive and pushed the title above €0.50, while yesterday it rose to €0.59. The Chinese market affected the overall sales of Greek marble by influencing volumes. The catalyst for the stock will be the sale of the property in Crete, which will enable debt reduction and support the core business.


High demand for Greek assets and analysts' expectations of higher bank share prices should boost earnings per share, but also the fact that Greece's major banking companies look 40% cheaper, on average, than the shares of their central European banking counterparts. The Mediterranean, Middle East and African countries are the main factors explaining its recent outperformance.

As stated in its relevant report η JP MorganSince June 2022, banks have shown a strong return of over 100% since June 2022 and 15% YTD.

The above data prompted JP Morgan to provide positive recommendations for the four (overweight) Greek systemic banks. At the same time, it expects an additional average upside margin of about 28%.

Meanwhile, JPMorgan raised its price target for the stock to €2.4 alpha bank, 2.40 euros for eurobank, 8.30 euros for National Bank And 5 euros to the bank Piraeus.


Service providers face “heavy” fines starting at 10,000 and escalating to 300,000 euros POS Companies and independents if they do not comply with the provisions of the legislation regarding linking cash registers to points of sale and do not take appropriate measures by February 29.

For cash register and point-of-sale service providers, the fine will start at €200,000 and escalate to €300,000 if the offender is a repeat offender.

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Businesses and freelancers who do not connect cash registers and POS machines will be fined by February 29. The 35 new branches that have joined the list of points of sale and electronic transactions have until February 29 to supply points of sale, while based on the latest extension, a fine of 1,500 euros will not be imposed, until the end of March.

On the contrary, industries already required to use POS if they do not connect them based on the current deadlines as of March 1 will face a fine of 10,000 euros.

But it is certain that the Ministry of Finance will not grant another extension because the specific project is included in the recovery fund and delaying its implementation will mean the loss of European funds.


Prices decreased by 12.1% Commercial real estate in Germany In the fourth quarter of last year on an annual basis, according to a statement issued by the VDP Banking Association. This is the largest decline ever for the market, which is going through the worst crisis in decades. The price decline for the whole of 2023 was 10.2%, accelerating compared to the previous two years.

The trend is not expected to reverse for commercial real estate prices and the situation will remain difficult in 2024, according to VDP estimates. For many years, the real estate market in Europe has been booming, especially in Germany, with low interest rates and strong demand. But the landscape has changed with the rapid rise in interest rates. Germany is the most affected market in Europe so far, but its counterparts in China and the United States have also been affected.

According to German Finance Minister Christian Lindner, the commercial real estate market is going through an adjustment period as rising interest rates intensify “pressure” on this category around the world. In the European Union, German and French banks have the greatest exposure to the commercial real estate market through loans. German banks take provisions to cover bad debts on these loans.

× Deutsche Bank It doubled its loan provisions in the US commercial real estate market this month. It granted loans worth about 17 billion euros, equivalent to 3.5% of its loan portfolio.


As AI has entered our vocabulary for good and global stock markets have jumped on its bandwagon, investment interest has been focused on a few companies mostly that are expected to benefit significantly from the developments and foray of AI applications into our lives. the Nvidia (NVDA Nasdaq), Dr Microsoft (MSFT Nasdaq), η Super micro (SMCI NASDAQ) and in recent days Holding arm The ARM NASDAQ is perhaps one of the most recognizable examples of the US stock market.

So far, investors are looking more to companies that support AI applications either through their hardware and manufacturing technology (NVDA, SMCI, ARM) or through the related software and cloud computing services they offer (cases like Microsoft).

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But there is also an opinion that it will not be long before the time comes when artificial intelligence will come closer to the devices we use every day and will not be limited to the cloud computing systems through which it is currently offered to most users of these applications.

That was the topic of his feature article on Saturday Baron and Eric Savitz At the beginning of last November. Savitz cited the opinions of technology experts, who indicated that by 2024 microprocessors will be released that will give our personal computers the ability to “run” artificial intelligence applications on them without having to ask for help from Amazon’s remote mainframe cloud. Microsoft and Google.

Last week, Savitz returned to the topic with two studies released on Wednesday by Gartner and IDC, two of the largest research companies in the global computer market.

They both see that starting in 2024, every year we will see a very large increase in the number of personal computers that will be able to use AI applications on their own. This will become much easier in the coming months as well ηAMD (AMD Nasdaq) and Intel Corporation (INTC NASDAQ), is expected to launch microprocessors designed just for this purpose.

As Savitz points out, the advantages of these computers over a cloud computing solution are three-fold: lower operating costs when running AI applications, higher operating speed, and superior security and privacy.

Η Gartner He even claims that we will soon see something similar in the field of smart mobile phones. One question that has yet to be answered is what kind of AI applications AI-based personal computers will be able to accomplish, and these applications are likely to include video games, personal productivity, and increased user creativity.

If estimates by Savitz and analysts at Gartner and IDC are correct, some companies will be very profitable a few months from now. Intel, AMD and Qualcomm (QCOM NASDAQ), which prepares microchips for mobile phones. Companies that make personal computers, such as Dell (DELL NYSE) and HP Inc. (HPQ NYSE) and Lenovo China (0992 HK). Of course, whether their shares will also benefit is another question.

Evacuation responsibilaty

This material is provided for informational purposes only. This may in no way be considered an offer, advice or solicitation to buy or sell the products mentioned. Although the information contained is based on sources believed to be reliable, there is no guarantee that it is complete or accurate and it should not be relied upon as such.