First Financial Brokerage House

First Financial Brokerage House (FFBH) is a leading non-banking financial institution on the Bulgarian capital market. Founded in 1991, FFBH offers the complete spectrum of investment banking services spanning corporate finance, privatisation advisory, mergers and acquisitions, financial consulting, brokerage services, research & analysis and asset management.

FFBH provides its services mainly to major international banks and corporations seeking investment in Bulgaria. FFBH is not only local contractor and partner to its clients but also an information source and provider for all major news and events in the economic and political life of the country.

We are the main contact point for the large majority of foreign and local institutional investors in the Bulgarian equity market. FFBH is providing access to the Bulgarian Stock Exchange by either its highly experienced sales trading desk or by order routing across the Bloomberg network.

Additionally, FFBH is offering a range of tools, specifically tailored for the retail investor. Both domestic and international markets are only a click away, via electronic trading solutions. As a major advantage, our customers are able to benefit from the broad range of Analysis & Research products with premium quality, provided by our team of dedicated analysts.

Clients of our research products are most of the largest foreign and local institutional investors looking for opportunities in Bulgaria. More than 100 investment banks, investment funds and other institutional investors use our Equity research and Economic review on a regular basis. FFBH’s Morning Bulletin and Weekly Bulletin reach more than 300 clients over different countries and continents.

Our major Research and Analysis Services include:

  • Semi-Annual Outlook of the Bulgarian economy and the domestic capital markets;
  • Equity analyses of the biggest and/or most liquid companies listed on Bulgarian Stock Exchange - Sofia;
  • Quarterly Bulgarian Real Estate sector and REITs overview;
  • Quarterly Bulgarian Banking System overview;
  • Quarterly macroeconomic overeview, with details on the major economic sectors, commentaries, and statistical indicators;
  • Daily and Weekly bulletins, including an overview of the capital markets and the most important macroeconomic & corporate events.

Regulatory Information

  • Regulatory Status: Ltd.
  • ID Number: BG000694724

Mihail Dimitrov ... (+2)
  • Mihail Dimitrov
  • Veselin Radoychev Please Change Surname

Morning Bulletin - 20 December 2024

The Bulgarian market had another strong showing on Thursday, where SOFIX (879.19) recorded new 16-years high with 1.94% gain. The sharp positive actions of Eurohold (EUBG, BGN 1.85, +9.47%) and First Investment Bank (FIB, BGN 4.06, +4.10%) reflected less on the broad indexes, BGBX40 (170.33, +1.22%) and BGTR30 (856.82, +0.61%), while the real estate sector underperformed and BGREIT (214.21) declined by 0.22%. The volumes improved compared to previous days mainly on block trades with Bulgarian St...

Mihail Dimitrov ... (+2)
  • Mihail Dimitrov
  • Veselin Radoychev Please Change Surname

Morning Bulletin - 19 December 2024

The major indexes traded slightly higher on Wednesday, reflecting carryover upside momentum to build on recent gains. Buying efforts continued to move Eurohold (EUBG, BGN 1.69) ahead by fresh 2.42% increase, which in combination with Bulgarian Stock Exchange’s (BSE, BGN 7.95, +1.27%) and First Investment Bank’s (FIB, BGN 3.90, +0.52%) advance led the indexes to positive territory with SOFIX (862.47, +0.29%) on top. The daily volumes improved significantly as close to 32m warrants of Eurohold (EU...

Mihail Dimitrov ... (+2)
  • Mihail Dimitrov
  • Veselin Radoychev Please Change Surname

Morning Bulletin - 18 December 2024

Tuesday’s session was impacted by Central Cooperative Bank’s (CCB, BGN 1.68, +5.00%) and Eurohold’s (EUBG, BGN 1.65, +7.84%) jumps, though no fresh news were announced lately for neither name. All major indexes settled on positive territory as SOFIX (859.94) led with 1.33% gain, while the broad indexes BGBX40 (168.00, +0.84%) and BGTR30 (850.17, +0.38%) provided increased turnover compared to average, coming from Galata Invest (GTH, BGN 2.50, +2.45%) and Velgraf Asset Managed (VAM, BGN 4.82, +0....

Mihail Dimitrov ... (+2)
  • Mihail Dimitrov
  • Veselin Radoychev Please Change Surname

Morning Bulletin - 17 December 2024

The participants on the Bulgarian equity market continued to be in stay and see mode and only narrow range of names defined the daily outcome on Monday. The positive price actions with Eurohold (EUBG, BGN 1.53, +4.08%), Bulgarian Real Estate Fund (BREF, BGN 3.84, +1.05%) and Doverie (DUH, BGN 8.06, +1.51%) turned out to be enough for SOFIX (848.63) to gain 0.55%, while the broad indexes endured some opposite moves from names like Eleven Capital (11C, BGN 15.40, -2.53%) and Central Cooperative Ba...

Mihail Dimitrov ... (+2)
  • Mihail Dimitrov
  • Veselin Radoychev Please Change Surname

Weekly bulletin - 9 December - 13 December 2024

The Bulgarian stock market closed the week lower on Friday, pressured by decreasing investor’s activity and lack of fresh positive sentiment. Leading index SOFIX decreased the most by -0.4% to settle at 843.95, while the extended BGBX40 (166.20) lost -0.3%, BGTR30 (735.72) remained flat. The top gainers within our list of selected companies were Korado Bulgaria (KBG, BGN 4.44, +4.2%) and agricultural Agria Group (AGH, BGN 20.00, +3.4%). SOFIX member Sirma Group Holding (SGH, BGN 0.95, -3.1%) led...

Ivo Kolarov
  • Ivo Kolarov

FFBH - Bulgarian Economy Q4 2018

Consumption and investments peaked in 2018; The trade deficit put a limit on growth; Unemployment was at an all-time low Record consumption and investment spending pushed 2018 GDP growth to 3.1%, Q4’18 GDP added 3.0% boosted by higher GCF. HICP change decreased to 2.3% from its mid-2018 cyclical peak. Unemployment reached an all-time low of 4.7% at a lower participation. Q4’18 exports grew by 2.7% to BGN 14.6bn on growing trade with EU and a boost from an increased trade with China. 2018 ...

Ivo Kolarov
  • Ivo Kolarov

FFBH - Bulgarian Economy Q3 2018

Consumption propelled Q3 GDP growth despite investment slowdown and worsening net exports; Inflation peaked; Unemployment reached a through  Bulgaria’s Q3’18 real GDP growth amounted to 2.7% YoY with higher final consumption (+7.5%) offset by lower GCF and tightening net export position in an EU-wide slowdown. Real estate’s GVA surged 14.9% YoY – highest amongst all sectors. HICP change stabilized at 3.6% in September as oil prices retracted from a 4-year peak. The unemployment rate reache...

Ivo Kolarov
  • Ivo Kolarov

FFBH - Bulgarian Economy Q2 2018

Strong individual consumption supports GDP growth hindered by the trade deficit; Inflation reaches cyclical highs together with employment Bulgaria’s Q2’18 real GDP growth advanced 3.2% YoY with higher final consumption (+6.3%) and GCF (+6.3%), partly offset by surge in the trade deficit. Real estate output led the sector growth, rising by 8.3% YoY, followed by financial services (+7.6% YoY), while construction registered a small decline. June’18 HICP reached the 3.0% mark with transportati...

Nadejda Dafinkicheva
  • Nadejda Dafinkicheva

FFBH - Bulgarian Economy Q1 2018

Surge in Gross Capital Formation and Cyclical Upswing in Construction Help GDP Growth Rebound; Record High Employment Feed Individual Consumption. Bulgaria’s Q1’18 real GDP growth rebounded from Q4’17 slowdown coming to 3.5% - coinciding with record GCF (+10% YoY), but relatively slow final consumption (+3.2%). Construction output led the sector growth, rising by 9.3% YoY, followed by Real estate (+5.4% YoY). March’18 HICP fell 0.1 p.p. short of 2% on rebounding oil prices resulting in 23.1...

Nadejda Dafinkicheva
  • Nadejda Dafinkicheva

FFBH - Bulgarian_Economy Q3 2017

Key Economic Developments in Q3 2017 Bulgaria’s Q3’17 seas. adj. GDP growth was 3.9%, powered by sustainable final consumption growth and GCF recovery – both up by 4.2% YoY. The real estate sector was the top performing GDP sector in Q3’17 – it soared 8.5% YoY, followed by Financial and insurance activities, +7.7% YoY. September’17 HICP increased by 1.3% YoY, on strong education and housing & utilities prices. The seasonally adjusted unemployment rate dropped by 1.4% YoY to a 33-consecutiv...

Nadejda Dafinkicheva
  • Nadejda Dafinkicheva

FFBH Daily Bulletin - 07.10.2020

SOFIX (422.19, +0.07%) remained flat on Tuesday as the overall sentiment on Bulgarian Stock exchange was in awaiting mood and retails defined the moves. The volumes of Gradus (6GR, BGN 1.40) and Advance Terrafund (6A6, BGN 1.75) exceeded the 3-months average volumes without change in the price. M+C Hydraulic (5MH, BGN 5.5) led the gainers with 4.76% increase, while Albena (6AB, BGN 21.80) appeared on the losers’ list with 2.68% fall.

Nadejda Dafinkicheva
  • Nadejda Dafinkicheva

Bulgarian Economy Q2 2020

GDP DIVES 8.7% OVER COVID-RELATED ECONOMIC RESTRICTIONS IN Q2, UNEMPLOYMENT STEADILY INCREASES, BUDGET STILL AT A SURPLUS Negative trends in consumption and investments resulted in an 8.7% YoY drop of Q2 GDP. Information & communication as well as financial & insurance activities were the most resilient, registering increases on an annual basis. Slowdown in both imports and exports resulted in a lower YoY trade deficit of BGN 0.7bn. H1’20 deficit came to BGN 1.9bn. HICP (MoM) kept on fallin...

Nadejda Dafinkicheva
  • Nadejda Dafinkicheva

FFBH Daily Bulletin - 06.10.2020

The local indexes advanced slightly with insignificant daily turnover on Monday. The main index SOFIX added 0.38% to 421.91 points, with the increase being mostly on low-volume trades with Holding Varna (5V2, BGN 39.4, +4.79%) and First Investment Bank (5F4, BGN1.86, +2.20%). There were no notable moves on the negative side and none of the constituents was traded with substantial volume. BGREIT advanced by 0.11% to 135.3 points, with the advance being entirely on the back of Advance Terrafund (6...

Nadejda Dafinkicheva
  • Nadejda Dafinkicheva

Weekly Bulletin - 28 September - 02 October 2020

SOFIX lost 0.5% (-26% YTD) last week and for a third time in the last 15 days hit 420.33, which becomes a support level for the main index. From a technical point of view 420 zone is important to resist as the very next bottom comes at 400, level we haven’t seen since March 23rd this year. All other local indexes finished the week positive on the back of mixed financial data and corporate news released from GSM’s. Weekly turnover slightly decreased below the average YTD and most of local institu...

Nadejda Dafinkicheva
  • Nadejda Dafinkicheva

FFBH Daily Bulletin - 05.10.2020

SOFIX lost altitude on Friday as a few heavy index members suffered from selling pressure. Eurohold (4EH, BGN 1.53, -5.56%), Holding Varma (5V2, BGN 37.60, -5.05%), Chimimport (6C4, BGN 0.925, -2.12%) and First Investment Bank (5F4, BGN 1.82, -2.15%) weighed on the main index, which closed at 420.33 (-1.25%). Elana Agrocredit (0EA, BGN 1.01, +2.02%) and Gradus (GR6, BGN 1.41, +1.44%) advanced on the back of small speculative trades.

Veselin Radoychev Please Change Surname
  • Veselin Radoychev Please Change Surname

Banking System Overview Q4 2017

Q4’17 NET PROFIT SURGES 59.8% YoY WITH DECLINING NET INTEREST MARGIN

Veselin Radoychev Please Change Surname
  • Veselin Radoychev Please Change Surname

Banking System Overview Q3 2017

Q3’17 NET PROFIT DROPS 29.5% YOY ON ONE-OFF IMPAIRMENT OF UBB PORTFOLIO

Veselin Radoychev Please Change Surname
  • Veselin Radoychev Please Change Surname

Banking System Overview Q2 2017

Q2’17 NET PROFIT DECLINES 20.4% YOY ON THE ONE-OFF EFFECT FROM VISA DEAL IN THE COMPARABLE PERIOD

Veselin Radoychev Please Change Surname
  • Veselin Radoychev Please Change Surname

Banking System Overview Q1 2017

YIELD ON IE ASSETS CONTINUES ERODING; THE BOTTOM LINE AFFECTED BY THE ONE-OFF OPERATING COST

Veselin Radoychev Please Change Surname
  • Veselin Radoychev Please Change Surname

Banking System Overview Q4 2016_Sample

LOWER COST OF RISK FOLLOWING AQR ADJUSTMENTS AND OPEX OPTIMISATIONS DRIVE UP Q4’16 NET INCOME

Ivo Kolarov
  • Ivo Kolarov

FFBH Daily Bulletin - 21.02.2019

The local indexes decreased on Wednesday, where the benchmark index SOFIX came down 0.28% to 576.50 points. Monbat (5MB, BGN 7.25, -6.45%) weighed most on the main index with substantial traded volume, presumably on its possible exclusion from SOFIX after its prospective rebalancing in March. Central Cooperative Bank (4CF, BGN 1.52, -2.57%) also came down significantly on small speculative trades, while top gainer among the members was Eurohold Bulgaria (4EH, BGN 1.55, +3.33%) with moderate turn...

Ivo Kolarov
  • Ivo Kolarov

FFBH Daily Bulletin - 20.02.2019

Huge fluctuations of SOFIX members did not change the index on Tuesday. Unsuccessful capital increase of Sirma Group (SKK, BGN 0.85, -6.3%) and possible exit from the main index of Trace Group (T57, BGN 2.80, -6.67%) crushed both companies. Speculative trades with Central Cooperative Bank (4CF, BGN 1.555, +2.96%), Eurohold (4EH, BGN 1.50, +2.04%) and Sopharma (3JR, BGN 3.50, +2.98%) offset the negative impact from the daily losers. Financial sector stepped back that day as Chimimport (6C4, BGN 1...

Ivo Kolarov
  • Ivo Kolarov

FFBH Daily Bulletin - 19.02.2019

Main indexes on BSE registered positive start of the week on Monday, following world sentiment with modest optimism and moderate volume. BGBX40 (115.13) was an exception, ending with 0.14% fall, as a few members struggled from sell-offs - Allterco (A4L, BGN 2.20), a mobile service company, dropped most - by 8.33%. Trace Group (T57, BGN 3.00) became a top gainer by 3.45% growth, while Sirma Group (SKK, BGN 0.908, 0.67%) provided the most liquidity on the market. Doverie United Holding (5DOV, BGN ...

Ivo Kolarov
  • Ivo Kolarov

FFBH Weekly Bulletin 11 February – 15 February 2019

All BSE indexes finished the week on green territory, despite negative sentiment correcting prices on Friday. The main index SOFIX came up 0.4% WoW to 577.24, while BGBX40 and BGTR30 added 0.7% and 2.5% to 115.29 and 503.88 points, respectively. The jump of BGTR30 was mostly on Doverie United Holding (5DOV, BGN 2.55, +39.3%) increasing on positive corporate news, whereby it ranked top weekly gainer and 3rd most traded company in our universe. More liquid were only REITs Advance Terrafund (6A6, B...

Ivo Kolarov
  • Ivo Kolarov

FFBH Daily Bulletin - 18.02.2019

The local indexes slipped on Friday with higher daily turnover than the average YTD. The benchmark index SOFIX dropped the most and came down by 0.64% to 577.24 points. Sopharma (3JR, BGN 3.45, - 2.82) and Albena (6AB, BGN 41.8, -2.34%) weighed on the index the most with insignificant traded volume, while the top loser among the members was Trace Group Hold (T57, BGN 2.9, -3.33%), again on small speculative trades. BGBX40 slipped by only 0.38% to 115.29 and BGTR30 even added 0.08% to 503.88 poin...

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