First Financial Brokerage House profile

First Financial Brokerage House

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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

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Mihail Dimitrov ... (+2)

Mihail Dimitrov
Veselin Radoychev Please Change Surname

BSO Bulgarian Stock...
EAC ELANA Agrocredi...

Morning Bulletin - 25 April 2024

The Bulgarian equity market finished strong on Wednesday concentrated in a narrow range of names, leaving the major indexes close to their 15-years highs. SOFIX (816.99) advanced by 1.48%, while the broad indexes BGTR30 (820.87) and BGBX40 (165.76) added 0.60% and 0.92%, respectively. First Investment Bank (BSE, BGN 2.90, +4.32%), M+S Hydraulic (MSH, BGN 12.10, +6.14%) and Eurohold (EUBG, BGN 1.35, +3.05%) settled higher while other 5 out 15 names remained untraded. The volumes, on the other han...

BSO BULGARIAN STOCK EXCHANGE
EAC ELANA AGROCREDIT AD

22h / 27m 22h / 27m 1 EN

Mihail Dimitrov ... (+2)

Mihail Dimitrov
Veselin Radoychev Please Change Surname

ATER Advance Terrafu...
EAC ELANA Agrocredi... ... (+5)

Weekly bulletin - 15 April - 19 April 2024

Bulgarian stock indexes ended last week on a negative note, after the tone in global markets seems to have shifted with continuing uncertainty and volatility. The leading local index SOFIX lost 0.5% to close at 805.96, as extended indexes BGBX40 (164.27) and BGTR30 (809.49) declined by -0.5% and -0.8% respectively, repeating benchmark presentation. The weekly top performer within our list of selected companies was the industrial Alcomet (ALCM, BGN 7.0, +7.7%), followed by Speedy (SPDY, BGN 165...

ATER ADVANCE TERRAFUND REIT
EAC ELANA AGROCREDIT AD
5DOV DOVERIE OBEDINEN HOLDING
5BN BULGARIAN-AMERICAN CREDIT BANK
5MH M+S HYDRAULIC

04/24/24 April 24, 2024 1 EN

Mihail Dimitrov ... (+2)

Mihail Dimitrov
Veselin Radoychev Please Change Surname

SFA SOPHARMA AD
5SR Stara Planina H...

Morning Bulletin - 23 April 2024

The Bulgarian equity market met the opposite volatile moves of Monday’s session compared to Friday’s as Chimimport (CHIM, BGN 0.68, -2.86%) and Central Cooperative Bank (CCB, BGN 1.49, -3.25%) erased the gains from previous session, while Zlaten Lev Holding (HLEV, BGN 4.30, +19.44%) and M+S Hydraulic (MSH, BGN 11.10, +2.78%) recovered with the same percentages. The major indexes rebounded, reflecting the continues reactions from positive news of Bulgarian-American Bank’s (BACB, BGN 11.70, +3.54%...

SFA SOPHARMA AD
5SR STARA PLANINA HOLD

04/24/24 April 24, 2024 1 EN

Mihail Dimitrov ... (+2)

Mihail Dimitrov
Veselin Radoychev Please Change Surname

ALB ALBENA AD

Morning Bulletin - 24 April 2024

The Bulgarian equity market had a volatile session on Tuesday and finally the major indexes settled in a range between -0.18% and +0.20%. 370K shares of First Investment Bank (FIB, BGN 2.78, +4.51%) were offered in early hours and attracted significant buying interest not only in the name as 6 out 15 names registered volumes much higher than the 3-months average – Doverie United Holding (DUH, BGN 8.22, -2.61%), Shelly Group (SLYG, BGN 68.00, 0.00%). The trading activity was concentrated on the b...

04/24/24 April 24, 2024 1 EN

Mihail Dimitrov ... (+2)

Mihail Dimitrov
Veselin Radoychev Please Change Surname

ELHM ELHIM-ISKRA AD
5DOV Doverie Obedine... ... (+4)

Morning Bulletin - 22 April 2024

Friday’s session felt similar to other sessions from the previous week with below average volume at BSE as the exception was the registered block trade of Eurohold (EUBG, BGN 1.31, -0.76%) for more than million shares at BGN 1.35. All main indexes finished on negative side as a consequence of lack of conviction from buyers and widened Bid/Ask spreads. Zlaten Lev Holding (HLEV, BGN 3.60, -19.28%), Monbat (MONB, BGN 3.44, -3.37%) and Korado (KBG, BGN 4.28, -2.73%) were the daily laggards, while th...

ELHM ELHIM-ISKRA AD
5DOV DOVERIE OBEDINEN HOLDING
4HE HYDRAULIC ELEMENTS AND SYSTEMS
5MH M+S HYDRAULIC

04/22/24 April 22, 2024 1 EN

Ivo Kolarov

Ivo Kolarov

EUR 100.00

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 ...

03/26/19 March 26, 2019 11 EN

Ivo Kolarov

Ivo Kolarov

EUR 100.00

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...

12/20/18 December 20, 2018 11 EN

Ivo Kolarov

Ivo Kolarov

EUR 305.36

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...

09/25/18 September 25, 2018 11 EN

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...

06/21/18 June 21, 2018 9 EN

Nadejda Dafinkicheva

Nadejda Dafinkicheva

EUR 305.36

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...

02/16/18 February 16, 2018 9 EN

Nadejda Dafinkicheva

Nadejda Dafinkicheva

IHB Industrial Hold...
EUBG Eurohold Bulgar... ... (+3)

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.

IHB INDUSTRIAL HOLDING BULGARIA AD
EUBG EUROHOLD BULGARIA AD
A4L ALLTERCO AD

10/07/20 October 7, 2020 5 EN

Nadejda Dafinkicheva

Nadejda Dafinkicheva

EUR 75.00

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...

10/06/20 October 6, 2020 11 EN

Nadejda Dafinkicheva

Nadejda Dafinkicheva

SFA SOPHARMA AD
EUBG Eurohold Bulgar...

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...

SFA SOPHARMA AD
EUBG EUROHOLD BULGARIA AD

10/06/20 October 6, 2020 4 EN

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...

10/05/20 October 5, 2020 4 EN

Nadejda Dafinkicheva

Nadejda Dafinkicheva

6C4 CHIMIMPORT
MONB MONBAT AD

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.

6C4 CHIMIMPORT
MONB MONBAT AD

10/05/20 October 5, 2020 4 EN