EUROCORP

Financial Morning News 31/05/2012

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 511.29 posting losses of 3.19% in a turnover of €36.01mn, as a new public opinion poll showed the radical left Syriza party taking the lead ahead of the June polls.

The European Commission said that Greece will need to pick up the pace of reforms in order to secure future funding from international creditors. It reiterated that the economy is seen contracting at an annual pace of 4.7% in 2012.

Corporate Releases

  • 05/31: Alpha Bank, Eurobank Q1’12 results.

Broker Meteorology

  • OTE: UBS reduced its target price to €2.00 from €4.90 (neutral rating), due to higher weighted average cost of capital in Greece, Romania and Bulgaria.
  • MOH: Merrill Lynch reiterates its buy recommendation and price objective at €8.30, due to the strong cash flows, the competitively advantaged refining asset base and the high dividend yield. UBS maintains its buy rating and price target at €11.00, as it traded at 4.3 x EV/EBITDA (FY12E) vs. European refiners at 6.7x vs. US at 2.8x.

Corporate Impacts

  • Banks: The head of the Hellenic Financial Stability Fund said that cash injection of €18bn boosts the capital adequacy to8%, which gives them the ability to get financing from the ECB. The banks will present their restructuring plans in three months and they will be set out in presidential decree.
  • Intralot: The revenues in Q1’12 increased by 15.4% to €347.2mn, while EBITDA increased by 6.9% to €41.7mn, due to the strong diversification and internationalization of its business and despite the adverse sports betting results that impacted the industry. The quarter was cash-flow positive as net debt dropped by €9.6m.
  • NBG: It reported a net loss of €537mn in Q1’12 vs. €157mn profit a year earlier, as provisions for non-performing loans surged by 47% to €539mn. The loan-to-deposit ratio for the group as a whole stood at a relatively robust 111% and 105% for Greece. The Chief Executive Apostolos Tamvakakis said the bank had adequate cash reserves to deal with the outflow and that deposit flight had eased in the first two months of the second quarter.
  • Piraeus Bank: It reported a pretax loss of €80mn, after a €17mn profit in the same period a year earlier. Net profit rose to €298mn from €8mn a year earlier, helped by deferred tax benefit related to the country’s private-sector involvement program on its sovereign debt. The deposits in Greece fell 6% q-o-q to €17.1bn. The CEO Mr. Stavros Lekkakos said that provision expenses of €296mn increased significantly 78% due to the deterioration in economic conditions in Greece where gross domestic product for the same quarter contracted by 6.2% y-o-y.

Technical

  • FTSE 20 June future: Support levels: 180-172-166. Resistance levels: 190-198-207.

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