reports
- 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 - 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
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...
- Mihail Dimitrov
- Veselin Radoychev Please Change Surname
Morning Bulletin - 16 December 2024
The trading activity was poor on Friday with price actions on narrow base. The major indexes closed with gains in range between 0.22% and 0.28%, while BGREIT (213.07, -0.53%) underperformed as the recent gainer Sopharma Buildings (SFB, BGN 16.00) dropped by 4.76% after low-volume trades. Agria Group (AGH, BGN 20.00, +3.36%) along with Sirma Group (SGH, BGN 0.95, +1.06%) led the positive flow within the SOFIX (843.95, +0.22%), while Eurohold (EUBG, BGN 1.47, +1.38%) and Sopharma (SFA, BGN 5.70, 0...
- Mihail Dimitrov
- Veselin Radoychev Please Change Surname
Weekly bulletin - 2 December - 6 December 2024
The Bulgarian stock market ended the week with no clear direction, as the local benchmark SOFIX added 0.1% to settle at 847.67. The broader BGBX40 (166.63, +0.3%) and BGTR30 (846.93, -0.4%) performed in different directions, while the sector BGREIT (213.60,+0.6 %) gained the most, supported by the strong movement of Sopharma Buildings (SFB, BGN 16.50, +19.57%). The weekly top performer within our selected companies was Trace Group Hold (T57, BGN 6.0,+6.2%), followed by Telematic Interactive Bul...
- Mihail Dimitrov
- Veselin Radoychev Please Change Surname
Weekly bulletin - 25 November - 29 November 2024
The Bulgarian stock market managed to end the week slightly lower on Friday, as the benchmark SOFIX (846.60, +0.0%) remained flat, while all other major indexes closed down, ranging from -0.2% to -0.4%. It was another great week for shares of Telematic Interactive (TIB, BGN 20.80, +6.1%), which led the gainers in our list of selected securities, followed by industrial Alcomet (ALCM, BGN 6.80, +4.6%) and Trace Group Hold (T57, BGN 5.65, +2.7%). The decliners led the advancers by 12-to 10, as the ...
- Mihail Dimitrov
- Veselin Radoychev Please Change Surname
Morning Bulletin - 3 December 2024
The major indexes started December with gains while BGREIT (211.60, -0.34%) reflected the negative price actions in the real estate and alone settled with losses. BGBX40 (166.82, +0.44%) reflected the investors’ focus fully with narrower base names included in the daily activity. Bulgarian Stock Exchange (BSE, BGN 8.05, +4.55%), Smart Organic (SO, BGN 21.20, +3.92%) and Telematic Interactive (TIB, BGN 22.20, +6.73%) were among top daily advancers, while Bianor Holding (BNR, BGN 5.15, -5.50%), Pe...
- Mihail Dimitrov
- Veselin Radoychev Please Change Surname
Morning Bulletin - 2 December 2024
The Bulgarian market was mixed on Friday but a narrow range of names registered significant deviations in otherwise quiet session. The major indexes settled with losses as SOFIX (846.60, -0.20%) erased part of previous day gain, following the negative price actions in Agria Group (AGH, BGN 19.70, -2.48%) and First Investment Bank (FIB, BGN 3.80, -4.04%), while the BGBX40 (166.09, -0.13%) and BGTR30 (850.17, -0.03%) performed slightly better, supported by Petrol (PET, BGN 0.89, +23.61%) and Sirma...
- Mihail Dimitrov
- Veselin Radoychev Please Change Surname
Weekly bulletin - 18 November - 22 November 2024
The Bulgarian stock market finished the last trading week on a negative note, despite the improving global markets’ sentiment. The benchmark SOFIX retreated -0.8% to settle at 846.41, as the broad one- BGBX40 (166.48, -0.7%) performed similar. The sector index BGREIT (212.82, +0.0%) and BGTR30 (853.52, -0.1%) remained flat. Gradus (GR6, BGN 1.08, +8.0%) led the list of gainers within our list of selected companies, followed by the SOFIX members Agria Group (AGH, BGN 20.40, +3.8%) and Chimimport ...
- Mihail Dimitrov
- Veselin Radoychev Please Change Surname
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%) ...
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