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

SPDY SPEEDY NET EAD
4HE Hydraulic Eleme...

Morning Bulletin - 22 November 2024

The buying power weakened and the Bulgarian equity market shortly shifted into earlier defined mid-term downtrend as investors took the opportunity to go cash. The late hour trades with Shelly Group (SLYG, EUR 34.40, +0.29%) disguised the 5.24% drop during the session, caused by aggressive sell-offs and minimized the losses of major indexes on Thursday. The negative bias from Chimimport (CHIM, BGN 0.70, -2.10%) and Sirma Group (SGH, BGN 1.02, -2.86%) reflected on SOFIX (852.07, - 0.27%) and the ...

SPDY SPEEDY NET EAD
4HE HYDRAULIC ELEMENTS AND SYSTEMS

11/22/24 November 22, 2024 1 EN

Mihail Dimitrov ... (+2)

Mihail Dimitrov
Veselin Radoychev Please Change Surname

SFA SOPHARMA AD
5MH M+S HYDRAULIC

Morning Bulletin - 21 November 2024

The Bulgarian equity market had a strong showing in the middle of the week and all major indexes settled with gains in range between 0.25% and 1.03%. The participants in the improvement were in narrow range but from different sectors and basically the effect came from small trades with Doverie (DUH, BGN 8.22, +2.75%), Speedy (SPDY, BGN 216.00, +8.00%) and Sirma Group (SGH, BGN 1.05, +2.94%). Renewed buying interest appeared in Agria (AGH, BGN 20.10, +2.55%) and Neochim (NEOH, BGN 28.20, +9.30%) ...

SFA SOPHARMA AD
5MH M+S HYDRAULIC

11/21/24 November 21, 2024 1 EN

Mihail Dimitrov ... (+2)

Mihail Dimitrov
Veselin Radoychev Please Change Surname

4HE Hydraulic Eleme...
5MH M+S HYDRAULIC ... (+3)

Morning Bulletin - 20 November 2024

The Bulgarian equity market had a cautious session and the main indexes split up on both sides of the surface. SOFIX (846.34, -0.57%) plunged more, nearing the 200-MA as the pharmaceutical sector, represented by Sopharma (SFA, BGN 5.60, -2.78%), met some negative price actions as the bid side order book weakened significantly after the ex-dividend date. BGBX40 (165.67, -0.81%) declined the most as Speedy (SPDY, BGN 200.00, -7.41%) weighted additionally on the broad index. The volumes remained fa...

4HE HYDRAULIC ELEMENTS AND SYSTEMS
5MH M+S HYDRAULIC
5SR STARA PLANINA HOLD

11/20/24 November 20, 2024 1 EN

Mihail Dimitrov ... (+2)

Mihail Dimitrov
Veselin Radoychev Please Change Surname

Morning Bulletin - 19 November 2024

Negative start of the week pulled back all local indexes on Monday. SOFIX (851.16, -0.28%) stepped back under the negative impact of Shelly Group (SLYG, EUR 34.20, -1.72%), Sirma Group Holding (SGH, BGN 1.03, -1.90%), Central Cooperative Bank (CCB, BGN 1.70, -1.16%) and Bulgarian Stock Exchange (BSE, BGN 7.65, -0.65%). Insignificant speculative trades raised Chimimport (CHIM, BGN 0.72, +2.86%) and Eurohold (EUBG, BGN 1.49, +0.68%) without corporate news.

11/19/24 November 19, 2024 1 EN

Mihail Dimitrov ... (+2)

Mihail Dimitrov
Veselin Radoychev Please Change Surname

ATER Advance Terrafu...
GR6 GRADUS ... (+3)

Weekly bulletin - 11 November - 15 November 2024

This past week, Bulgarian stock market gave back some of the modest gains from the previous ones. The local Benchmark SOFIX lost 0.7% to settle at 853.51, as all the other major indexes closed down, ranging from 0.8% to 0.3%. For a second consecutive week the manufacturer of fertilizers and nitrogen compounds Neochim (NEOH, BGN 29.00, +11.5%) led the list of gainers in our list of selected securities, followed by Telematic Interactive (TIB, BGN 22.40, +3.7%) and Central Cooperative Bank (CCB, BG...

ATER ADVANCE TERRAFUND REIT
GR6 GRADUS
4EH EUROHOLD BULGARIA

11/18/24 November 18, 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