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Alpha Services and Holdings S.A: 1 director
A director at Alpha Services and Holdings S.A sold 48,170 shares at 1.573EUR and the significance rating of the trade was 56/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last tw...
- Philip Wong
Alpha IVF Group (ALPHA MK) - 3QFY24: Expected Sequential Recovery As E...
3QFY24: Expected Sequential Recovery As Earnings Meet Expectations Performance improved sequentially due to fewer doctors being on long leave. It is even more impressive given that the quarter is a seasonal low. Ultimately, earnings are within our expectations. The quarters ahead should grow from strength to strength, starting with Alhaya. We like Alpha IVF for its industry-leading success rates, growth off a low base, and superior margins relative to its peers. Maintain BUY. Target price: RM0.4...
- Anas Fitri Bin Ahmad
- Benjaphol Suthwanish
- Ceilica Su Rui
- Damon Shen
- Jieqi Liu
- Kasemsun Koonnara
- Philip Wong
- Roy Chen Chengzhi
- Stevanus Juanda
- Tham Mun Hon
Regional Morning Notes - Wednesday, April 17, 2024
GREATER CHINA Economics Economic Activity: 1Q24 surprises with 5.3% yoy growth. Sector Hong Kong Property: Expect modest pull-back of primary sales in 2Q24; we prefer retail landlords over developers. Top pick: Wharf REIC. INDONESIA Sector Consumer: Cocoa price spikes accompanied by increases in sugar and coffee prices. MALAYSIA Initiate Coverage Sime Darby (SIME MK/BUY/RM2.76/Target: RM3.13): A conglomerate giant speeding to the top. Results Alpha IVF (ALPHA MK/BUY/RM0.34/Target: RM0.40): 3QF...
- Research Team
WOOD Daily: ALPHA GA; EUROB GA; ETE GA; TPEIR GA; CPS PW; PKN PW; ING ...
HEADLINES: • Greek banks: life after the windfall (Alpha, Eurobank, NBG and Piraeus – transfer of coverage) • Cyfrowy Polsat: key takeaways from the 4Q23 earnings call NEUTRAL • Orlen: announces PLN 1.6bn of probable trading losses NEGATIVE • ING BSK: AGM approves PLN 33.35 DPS NEUTRAL • Public Power Corporation: partners with Mytilineos for 2GW solar portfolio NEUTRAL • InPost: PPF realises option to buy 10% stake • ONE United Properties: founders and others selling up to 9.5% in ABB • PKO BP: ...
EUROB EUROBANK ERGASIAS SERVICES & HOLDINGS SA
PKO PKO BANK POLSKI S.A.
KOMB KOMERCNI BANKA A.S.
BSK ING BANK SLASKI S.A.
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
TPEIR PIRAEUS BANK SA
ALPHA ALPHA BANK AE
PPC PUBLIC POWER CORPORATION S.A.
CPS CYFROWY POLSAT SA
WPL WIRTUALNA POLSKA HOLDING SA
MONET MONETA MONEY BANK AS
NBGGY NATIONAL BANK OF GREECE S.A. ADS
INPST INPOST S.A.
ONE ONE UNITED PROPERTIES SA
- Can Demir
- Miguel Dias
Greek Banks: life after the windfall (Alpha, Eurobank, NBG and Piraeus...
We are revisiting and transferring coverage of the Greek banks. We estimate their earnings to plateau, and their ROTEs to normalise in 2024-26E, as the market expects short-term Euribor rates to decline. Capital and liquidity gain importance as there is less easy money. The emphasis will be on optimising balance sheets, returning capital, and minimising funding costs relative to Euribor. We like National Bank of Greece (NBG; BUY) for its profitability, simplicity, and potential to return capital...
- Philip Wong
Alpha IVF Group (ALPHA MK) - Fertilising Alpha Growth
Fertilising Alpha Growth A distinguished fertility group, Alpha IVF is poised to extend its established footprint into neighbouring countries. Strategic expansion into underserved markets and segments, alongside favourable industry trends, fuels our projected three-year earnings growth at an impressive three-year CAGR of 19.0% (FY23-36). Its margins surpass those of its peers, showcasing Alpha IVF’s leading capabilities and execution. Initiate coverage with BUY and target price of RM0.40.
- Carol Dou Xiao Qin
- Jonathan Koh
- Kampon Akaravarinchai
- Philip Wong
- Sunny Chen
Regional Morning Notes - Tuesday, April 09, 2024
GREATER CHINA Update Sino Biopharmaceutical (1177 HK/BUY/HK$2.83/Target: HK$3.80): Enters into strategic partnership with Boehringer Ingelheim. MALAYSIA Initiate Coverage Alpha IVF (ALPHA MK/BUY/RM0.33/Target: RM0.40): Initiate coverage on Alpha IVF with a BUY call. Alpha IVF offers industry-leading success rates, which are expected to be replicated across its exciting regional expansion. SINGAPORE Sector Banking: Higher for slightly longer. THAILAND Update CP ALL (CPALL TB/BUY/Bt56.00/Target...
- Philip Wong
Alpha IVF Group (ALPHA MK) - Fertilising Alpha Growth
Fertilising Alpha Growth A distinguished fertility group, Alpha IVF is poised to extend its established footprint into neighbouring countries. Strategic expansion into underserved markets and segments, alongside favourable industry trends, fuels our projected three-year earnings growth at an impressive three-year CAGR of 19.0% (FY23-36F). Its margins surpass those of its peers, showcasing Alpha IVF’s leading capabilities and execution. Initiate coverage with BUY and target price of RM0.40.
- Pedro Fonseca
Alpha Bank - Full steam ahead
Alpha Bank (Alpha) reported €611m in net profit, a 66% jump from FY22, as the bank benefited from an elevated interest rate environment with little impact from deposit migration and strong cost control. Alpha delivered a normalised return on tangible equity (RoTE) of 12.9% in FY23, beating its own upgraded target of >11.5%. The increased profitability coupled with a robust capital position (fully loaded common equity tier 1 (FL CET1) of 14.3%) have enabled a proposed dividend of €0.05 a share, s...
- Andreas Souvleros
- CFA
GREEK BANKS | Dividends Ahoy
Resilient NII despite funding challenges and likely interest rate cuts – Following a >50% surge in NII in 2023e (58% in the 9m period), investor focus has been clearly shifting to prospects for 2024-25e, especially in view of likely rate cuts. Despite the upcoming peak in NII (in Q4’23 or Q1’24), we project resilience in 2024, supported by credit growth (c4% p.a. in 2024-25e), the gradual benefit from deposit hedges (contributing c4% of NII by 2025e) as well as the lower-than-anticipated deposit...
- Andreas Souvleros
- CFA
GREEK BANKS | Dividends Ahoy
Resilient NII despite funding challenges and likely interest rate cuts – Following a >50% surge in NII in 2023e (58% in the 9m period), investor focus has been clearly shifting to prospects for 2024-25e, especially in view of likely rate cuts. Despite the upcoming peak in NII (in Q4’23 or Q1’24), we project resilience in 2024, supported by credit growth (c4% p.a. in 2024-25e), the gradual benefit from deposit hedges (contributing c4% of NII by 2025e) as well as the lower-than-anticipated deposit...
- Pedro Fonseca
Alpha Bank - The trusted relationship bank of Greece
Alpha Bank is the third largest Greek bank with a presence in Cyprus, Romania, Luxembourg and the United Kingdom. Through its subsidiaries, Alpha Bank provides a range of services including banking services (comprising both retail and corporate banking), financing services by providing leasing and factoring solutions, financial services through asset management and brokerage support, investment services (setting up the first private equity/venture capital firm in Greece), real estate management ...
- Andreas Souvleros
- CFA
GREEK BANKS | Laggards No More
Profit momentum continuing unfettered in Q2’23… – Managements' concerns over rising deposit betas have proved excessive in hindsight as migration to term deposits seems to have remained limited in Q2 (2-3% q/q) with a low pass-through rate (70% ytd, partly propelled by earnings upgrades (12m fwd EPS +40% ytd) and partly by re-rating. With the sector still at 5.7x 2024e PE and 0.68x 2024e P/TBV, there is further upside in our view, especially as current prices still incorporate CoE in the mid-tee...
- Andreas Souvleros
- CFA
GREEK BANKS | Laggards No More
Profit momentum continuing unfettered in Q2’23… – Managements' concerns over rising deposit betas have proved excessive in hindsight as migration to term deposits seems to have remained limited in Q2 (2-3% q/q) with a low pass-through rate (70% ytd, partly propelled by earnings upgrades (12m fwd EPS +40% ytd) and partly by re-rating. With the sector still at 5.7x 2024e PE and 0.68x 2024e P/TBV, there is further upside in our view, especially as current prices still incorporate CoE in the mid-tee...
- Andreas Souvleros
- CFA
- Stamatios Draziotis CFA
GREEK BANKS | Upside hard to ignore as fundamentals re-take center sta...
Banks’ fundamentals outlook intact – The global banking sector turmoil since early March has tested the Greek Banking sector's resilience, more in terms of sentiment than in terms of fundamentals. Still, the rise in risk-premia precipitated by the fallout of SVB/CS led to a >20% sell-off in Greek banks in March. With funding markets now calmer and confidence in the EU banking system gradually restored, we believe visibility on earnings has improved again and this has been manifested in the c8% b...
- Andreas Souvleros
- CFA
- Stamatios Draziotis CFA
GREEK BANKS | Upside hard to ignore as fundamentals re-take center sta...
Banks’ fundamentals outlook intact – The global banking sector turmoil since early March has tested the Greek Banking sector's resilience, more in terms of sentiment than in terms of fundamentals. Still, the rise in risk-premia precipitated by the fallout of SVB/CS led to a >20% sell-off in Greek banks in March. With funding markets now calmer and confidence in the EU banking system gradually restored, we believe visibility on earnings has improved again and this has been manifested in the c8% b...
- Andreas Souvleros
- CFA
- Natalia Svyriadi
- Nikos Athanasoulias CFA
- Stamatios Draziotis CFA
Greek Equity Strategy – 2023 outlook | Clear and rewarding destination...
2022: The comeback – Greek equities staged an impressive comeback in 2022, outpacing most international markets with a 7% total return vs a 2-digit drop suffered by other European indices (and the S&P in EUR terms). Underpinning the ASE was certainly the better macroeconomic backdrop, with the Greek economy expanding by >5% in 2022 compared with c3% for the EU. Light positioning, healthy corporate profitability and more attractive yield gaps than in other regions were additional supporting facto...
EXAE HELLENIC EXCHANGES SA
HTO HELLENIC TELECOMMUNICATIONS ORGANIZATION SA
ELPE HELLENIC PETROLEUM SA
TITK TITAN CEMENT CO. SA
LAMDA LAMDA DEVELOPMENT S.A.
FOYRK FOURLIS HOLDINGS S.A.
MYTIL MYTILINEOS S.A.
MOH MOTOR OIL (HELLAS) CORINTH REFINERIES S.A.
SAR GR. SARANTIS S.A.
AEGN AEGEAN AIRLINES SA
TENERGY TERNA ENERGY S.A.
ALPHA ALPHA BANK AE
ETE NATIONAL BANK OF GREECE S.A.
PPC PUBLIC POWER CORPORATION S.A.
CCH COCA-COLA HBC AG
BELA JUMBO S.A.
TPEIR PIRAEUS FINANCIAL HOLDINGS S.A.
ADMIE IPTO HOLDING S.A.
QUEST QUESTBACK GROUP AS
- Andreas Souvleros
- CFA
- Natalia Svyriadi
- Nikos Athanasoulias CFA
- Stamatios Draziotis CFA
Greek Equity Strategy – 2023 outlook | Clear and rewarding destination...
2022: The comeback – Greek equities staged an impressive comeback in 2022, outpacing most international markets with a 7% total return vs a 2-digit drop suffered by other European indices (and the S&P in EUR terms). Underpinning the ASE was certainly the better macroeconomic backdrop, with the Greek economy expanding by >5% in 2022 compared with c3% for the EU. Light positioning, healthy corporate profitability and more attractive yield gaps than in other regions were additional supporting facto...
EXAE HELLENIC EXCHANGES SA
HTO HELLENIC TELECOMMUNICATIONS ORGANIZATION SA
ELPE HELLENIC PETROLEUM SA
TITK TITAN CEMENT CO. SA
LAMDA LAMDA DEVELOPMENT S.A.
FOYRK FOURLIS HOLDINGS S.A.
MYTIL MYTILINEOS S.A.
MOH MOTOR OIL (HELLAS) CORINTH REFINERIES S.A.
SAR GR. SARANTIS S.A.
AEGN AEGEAN AIRLINES SA
TENERGY TERNA ENERGY S.A.
ALPHA ALPHA BANK AE
ETE NATIONAL BANK OF GREECE S.A.
PPC PUBLIC POWER CORPORATION S.A.
CCH COCA-COLA HBC AG
BELA JUMBO S.A.
TPEIR PIRAEUS FINANCIAL HOLDINGS S.A.
ADMIE IPTO HOLDING S.A.
QUEST QUESTBACK GROUP AS
Moody's assigns Caa1(hyb) to Alpha Services and Holdings' Additional T...
Moody's Investors Service ("Moody's") has today assigned Caa1(hyb) rating to Alpha Services and Holdings S.A.'s proposed Euro denominated Additional Tier 1 (AT1) perpetual capital instrument with non-viability loss absorption features. The instruments include a call option for the issuer after five ...
- Andreas Souvleros
- CFA
- Stamatios Draziotis CFA
GREEK BANKS | Solidified fundamentals but re-rating may take a pause f...
Strong fundamentals despite macro uncertainties – We remain constructive on Greek Banks’ 2023 outlook, despite the uncertainty around the impact of higher rates on economic growth and asset quality, the still precarious external environment and the trickier political backdrop. Notwithstanding the challenges, the fundamental dynamics for the sector are quite solid, with the overriding driver being the benefit from asset re-pricing in the light of rate hikes and the volume growth. Q3 results were ...
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