reports
- Mihail Dimitrov
- Veselin Radoychev Please Change Surname
Morning Bulletin - 4 March 2025
The Bulgarian market had a rough showing on Friday though the initial selling pressure in the early hours was replaced by more optimistic price actions at the end on the session. The major indexes settled mixed as Agria Group (AGH, BGN 20.40, -2.86%) and the heavy member Shelly Group (SLYG, EUR 37.50, -0.53%) weighed on the indexes, while M+S Hydraulic (MSH, BGN 9.35, +2.19%) and Smart Organic (SO, BGN 26.20, +2.34%) recovered the losses on the opposite side. SOFIX (904.25, -0.13%) slipped below...
- Mihail Dimitrov
- Veselin Radoychev Please Change Surname
Weekly bulletin - 17 February - 21 February 2025
The Bulgarian stock market ended the week mixed, as the main indexes followed the global mood and recorded a strongly negative Friday trading session. The local benchmark SOFIX lost 0.5% to settle at 892.61, while the broad ones BGBX40 (171.40, -0.3%) and BGTR30 (862.12, +0.2%) closed in opposite directions. The industrial M+S Hydraulic (MSH, BGN 9.40, +4.4%) was the top gainer within our list, followed by SOFIX members Chimimport (CHIM, BGN 0.72, +2.9%) and Shelly Group (SLYG, EUR 37.20, +2.5%)...
- Mihail Dimitrov
- Veselin Radoychev Please Change Surname
Morning Bulletin - 21 February 2025
The opposite moves of index members fixed SOFIX (902.61, +0.05%) almost unchanged. The drops of First Investment Bank (FIB, BGN 3.80, -2.56%), Sopharma (SFA, BGN 5.80, -1.69%) and Chimimport (CHIM, BGN 0.70, -1.41%) fully offset the positive move of Bulgarian Stock Exchange (BSE, BGN 7.70, +2.67%). BGREIT (217.28, +0.21%) closed slightly positive reflecting the north move of Bulgarian Real Estate Fund (BREF, BGN 4.16, +0.97%). Small speculative trades dominated the trading session on Thursday an...
- Mihail Dimitrov
- Veselin Radoychev Please Change Surname
Morning Bulletin - 20 February 2025
The positive sentiment raised SOFIX to 902.19 (+0.58%) on Wednesday. The main index crossed psychological level of 900 for a third time this year on the back of Advance Terrafund (ATER, BGN 3.24, +2.86%), Chimimport (CHIM, BGN 0.71, +2.16%) and First Investment Bank (FIB, BGN 3.90, +1.04%). Negative impact on SOFIX came from Bulgarian Real Estate Company (BREF, BGN 4.12, -0.48%) driven by small speculative trades. Liquidity remained low as most of investors are awaiting the release of Q4 2024 co...
- Mihail Dimitrov
- Veselin Radoychev Please Change Surname
Morning Bulletin - 11 February 2025
The Bulgarian market settled the first day of the week mixed as the negative bias came from light-volume trades with recent top gainers, like M+S Hydraulic (MSH, BGN 8.80, -6.88%), Synergon (SNRG, 0.985, -4.37%) and Korado (KBG, BGN 4.14, -5.91%). The advancer-decliner line was in balance within SOFIX (896.11, +0.20%) and settled slightly above previous close led by Sopharma (SFA, BGN 5.78, +1.40%) and Bulgarian Real Estate (BREF, BGN 4.22, +1.93%). The block trades with Synthetica (SYN, BGN 72....
- Martin Dimitrov
- Veselin Radoychev Please Change Surname
Weekly bulletin - 27 January - 31 January 2025
The Bulgarian stock market managed to end the week slightly higher on Friday, while global markets continued with the volatile performance. The local Benchmark SOFIX added 0.5% to settle at 892.36, as all the other major indexes closed up, ranging from 0.1% to 0.7%. The shares of three companies- SOFIX members were the top gainers within our list of selected names – Sirma Group Holding (SGH, BGN 1.00, +6.4%), Bulgarian Real Estate Fund (BREF, BGN 4.08, +4.1%) and Central Cooperative Bank (CCB,...
- Mihail Dimitrov
- Veselin Radoychev Please Change Surname
Morning Bulletin - 31 January 2025
There was some increased activity under the surface on a broad range of sectors, though the main indexes settled near previous session’s levels. Sirma Group (SGH, BGN 0.97, +2.11%) led the gainers and together with increased value of the real estate sector, settled SOFIX (891.87, +0.33%) and BGREIT (213.56, +0.11%) with gains. The widened Bid/Ask spreads accelerated the negative effect of the light-volume trades with Smart Organic (SO, BGN 23.40, -4.88%) and Stara Planina (SPH, BGN 8.65, -3.89%)...
Weekly bulletin - 20 January - 24 January 2025
All indexes on the BSE retraced during the last week with the blue-chip SOFIX falling the least (887.56, -0.3%), while the broader BGTR30 dropped the most (854.80, -0.8%). The gainers within out watchlist were led by Doverie United Holding (DUH, BGN 8.06, +3.3%), which rose on the news of record profits of its subsidiary Moldindconbank. On the other hand, Wiser Technology (WISR, BGN 4.80, -5.9%) and Neochim (NEOH, BGN 27.20, -4.2%) dropped the most. Both the volumes (+114.2% YtD average) and the...
- Mihail Dimitrov
- Veselin Radoychev Please Change Surname
Morning Bulletin - 24 January 2025
Thursday’s session run under mixed actions, yet the calculations led to slight dip for the major index in range between -0.11% to -0.08%, while BGREIT (213.76) alone gained 0.44% supported by the real estate sector, represented by Bulgarian Real Estate Fund (BREF, BGN 3.92, +1.55%) and Advance Terrafund (ATER, BGN 3.25, +0.62%). Elana Agrocredit (EAC, BGN 1.07, -2.73%) led the losers within the SOFIX (891.80, -0.08%) while Synergon (SNRG, BGN 1.03, -6.36%) weighed on BGBX40 (171.63, -0.08%). The...
- Mihail Dimitrov
- Veselin Radoychev Please Change Surname
Morning Bulletin - 21 January 2025
A positive reaction to the latest financial data from the Moldavian Bank, the main subsidiary of Doverie (DUH, BGN 8.18, +4.87%) and increased buying interest in First Investment Bank (FIB, BGN 4.32, +1.89%) were the engine of this otherwise quiet first session of the week. The major indexes settled mixed as SOFIX (892.69) advanced by 0.27%, while BGBX40 (171.84, +0.08%) and BGTR30 (861.31, -0.05%) remained almost unchanged as the negative bias from Texim Bank (TXIM, BGN 3.60, -2.70%) and Sophar...
- Mihail Dimitrov
- Veselin Radoychev Please Change Surname
Morning Bulletin - 16 January 2025
The Bulgarian market had a volatile session on Wednesday, but finally the major indexes settled with small deviations from the previous close. The advancers and decliners were in balance within the SOFIX (891.23, -0.08%) as the Central Cooperative Bank (CCB, BGN 1.68, -2.33%) weighed the most on the benchmark. M+S Hydraulic (MSH, BGN 9.30, -2.11%), Neochim (NEOH, BGN 27.20, -2.16%) and Zarneni Hrani (ZHBG, BGN 0.13, -2.26%) added a negative spice to broad indexes. Despite the light-volume choppy...
- Mihail Dimitrov
- Veselin Radoychev Please Change Surname
Bulgaria Outlook 2025
OUTLOOK 2025 – 6 VALUE STOCKS FOR YOUR PORTFOLIO Bulgaria's economy showed resilience despite the world and domestic challenges. In the first three quarters of 2024, the country posted steady annual GDP growth of 1.9% in Q1, 2.3% in Q2 and 2.6% in Q3 (non-seasonally adjusted data). The main drivers behind the growth were the individual and government consumption, which accelerated their contribution throughout the three quarters. Inflation has been on a downward trend, aligning with global ...
- Mihail Dimitrov
- Veselin Radoychev Please Change Surname
Morning Bulletin - 8 January 2025
The Bulgarian market weakened and only few outstanding names like Shelly Group (SLYG, EUR 34.00, -2.58%), the freshly renamed Wiser Technology (WISR, BGN 5.00, -4.76%) and Doverie (DUH, BGN 7.70, -1.28%) concentrated the investors’ focus and provided significant liquidity to the market. The negative bias was reinforced by low-volume price actions with Agria (AGH, BGN 19.50, -3.47%) and First Investment Bank (FIB, BGN 4.20, -2.33%) on poor buy order side within the benchmark, while BG Agro (BGAG,...
- Mihail Dimitrov
- Veselin Radoychev Please Change Surname
Weekly bulletin - 30 December 2024 - 3 January 2025
The Bulgarian stocks marked a mixed start of the year, as during the two trading days, local benchmark SOFIX lost 0.4% to settle at 889.27. The broader BGBX40 (171.79, +0.0%) and BGTR30 (865.04, +0.2%) kept to a tighter range. The weekly top performer within our selected companies were Industrial Capital Holding (HIKA, BGN 2.68, +5.5%) and Alcomet (ALCM, BGN 6.75, +5.5%), while two of the SOFIX members – Eurohold Bulgaria (EUBG, BGN 1.92, -3,5%) and Doverie United Holding (DUH, BGN 7,80, -2,0%)...
- Mihail Dimitrov
- Veselin Radoychev Please Change Surname
Morning Bulletin - 6 January 2025
The Bulgarian market was in retreat mode on Friday, following sell-off of the heavy member Shelly Group (SLYG, EUR 34.00, -2.58%) as well as Telematic Interactive (TIB, BGN 22.20, -2.63%) and BG Agro (BGAG, BGN 1.06, -8.62%). SOFIX (889.27) plunged 1.68% during the session, reflecting low-volume trade with Eurohold (EUBG, BGN 1.92, 0.00%) on the bid side, but late-hour trade covered the decrease and the benchmark booked 0.25% loss. The activity was broadly based with volumes close to 15-days ave...
- Mihail Dimitrov
- Veselin Radoychev Please Change Surname
Morning Bulletin - 3 January 2025
The Bulgarian equity market experienced some volatility on the first session of the year. The major indexes initially moved lower, pressed by poor trading activity in names related with some rebalancing at the end of the year, like Elana Agrocredit (EAC, BGN 1.08, -2.70%) and Eurohold (EUBG, BGN 1.92, -3.52%), but finally with the positive price actions in the tech sector – Shelly (SLYG, EUR 34.90, +3.87%) and Sirma (SGH, BGN 0.965, +2.12%) and the significant support from Alcomet (ALCM, BGN 7.0...
- Research Team
WOOD Flash – Alkaloid AD Skopje/ Hellenic Bank/ ONE United Properties/...
We discontinue our coverage of the following stocks, with immediate effect: Alkaloid AD Skopje Hellenic Bank ONE United Properties Photon Energy Sirma Group Holding Sopharma AD Telecom Egypt We caution against using the forecasts, ratings and price target guidance issued previously on these stocks.
- 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
- 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
- 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....
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