reports
- Mihail Dimitrov
- Veselin Radoychev Please Change Surname
Morning Bulletin - 25 July 2025
Bulgarian stocks were little changed in Thursday’s quiet session with light volumes keeping the main indexes flat. SOFIX slipped 0.05% to 1 043.42, with turnover at just 14% of the 3-month average. Sirma Group (SGH, BGN 1.44, +2.13%) and Smart Organic (SO, BGN 31.00, -1.90%) led the individual movers. Broader indexes BGBX40 (191.49, -0.04%) and BGTR30 (951.34, -0.04%) were also marginally lower, as losses in Bulmetal (BMTL, BGN 9.10, -2.15%) offset gains in Hydraulic Elements and Systems (HES, B...
- Research Team
WOOD Daily: AEGN GA; HSBK LI; MONET CP; WIZZ LN; PEO PW; GTC PW; CTPNV...
HEADLINES: • Aegean Airlines: after a strong 1Q, earnings momentum may slow (downgrade to HOLD) • Halyk Savings Bank: acquires 49% of Uzbekistan’s Click POSITIVE • MONETA: 2Q25 results in line - guidance offers CZK 300-400m of upside risk to the bank's 2025E net profit forecast NEUTRAL • Wizz Air: 1QF26 results - EBITDA 5% below our estimate, 14% below consensus NEGATIVE • Bank Pekao: Polish FinMin is drafting a bill to ban the sale of the State-owned shares of the bank NEUTRAL • GTC: Fitch down...
OPAP GREEK ORGANISATION OF FOOTBALL PROGNOSTICS SA
EXAE HELLENIC EXCHANGES SA
CEZ CEZ AS
WIZZ WIZZ AIR HOLDINGS PLC
DOC DO & CO AKTIENGESELLSCHAFT
GTC GLOBE TRADE CENTRE S.A.
AEGN AEGEAN AIRLINES SA
MONET MONETA MONEY BANK AS
H4L1 HALYK SAVINGS BANK OF KAZAKHSTAN GDR
CTPNV CTP NV
- Mihail Dimitrov
- Veselin Radoychev Please Change Surname
Morning Bulletin - 22 July 2025
A mixed trading session fixed SOFIX (1 045.48, +0.18%) positive. The north moves of Shelly (SLYG, EUR 49.90, +2.46%), Bulgarian Real Estate Fund (BREF, BGN 5.20, +0.97%) and Telematic Interactive (TIB, BGN 22.60, +0.89%) offset the negative impact of Wiser (WISR, BGN 5.15, -2.83%), First Investment Bank (FIB, BGN 5.06, -1.17%) and Chimimport (CHIM, BGN 0.74, -1.33%). Advance Terrafund (ATER, BGN 2.98, -0.67%) stepped back but BGREIT (231.19, +0.06%) closed in the green zone. Overall liquidity re...
- Mihail Dimitrov
- Veselin Radoychev Please Change Surname
Weekly bulletin - 13 July - 18 July 2025
The past week was negative for the major indexes on the Bulgarian Stock Exchange, with SOFIX (1 043.55) recording the largest decline, down 1.0%. Key underperformers from our watchlist that dragged the indexes lower included Neochim (NEOH, BGN 20.00, -7.4%), Stara Planina Hold (SPH, BGN 9.00, -7.2%), and Sopharma (SFA, BGN 2.49, -4.2%). In contrast, BGREIT (231.04) edged up by 0.05%, supported by gains in its heaviest constituents – Advance Terrafund (ATER, BGN 3.00, +0.7%) and Bulgarian Real Es...
- Mihail Dimitrov
- Veselin Radoychev Please Change Surname
Weekly bulletin - 7 July - 11 July 2025
The Bulgarian stock market marked a stable week with less volatility amid subdued trading activity, as all major indexes closed on green , ranging from 1.4% to 3.0%. Benchmark SOFIX added 3.0% to settle at 1054.19, reflecting the strong performance of the index members Sopharma (SFA, BGN 2.60, +9.9%) and the powerhouse Shelly Group (SLYG, EUR 50.00, +5.5%). The top gainer within our list of selected companies was the industrial Stara Planina Hold (SPH, BGN 9.70, +13.5%), while the red side start...
- Mihail Dimitrov
- Veselin Radoychev Please Change Surname
Morning Bulletin - 16 July 2025
The Bulgarian Stock Exchange indexes weakened on Tuesday, with SOFIX slipping by 0.38% to close at 1 053.22. Over two-thirds of the benchmark turnover came from Sopharma (SFA, BGN 2.60, -2.26%) as the stock price suffered increased selling pressure. The top performer within SOFIX was Central Cooperative Bank (CCB, BGN 1.74, +3.57%), while Sopharma (SFA), Bulgarian Stock Exchange (BSE, BGN 9.00, -1.10%) and Telematic Interactive (TIB, BGN 22.40, -0.88%) lost the most. The broader indices also pos...
- Mihail Dimitrov
- Veselin Radoychev Please Change Surname
Morning Bulletin - 10 July 2025
The Bulgarian equity market ended Wednesday’s session on a positive note, led by strong performance from Shelly Group (SLYG, EUR 48.90, +2.30%), following the release of robust H1 preliminary results. Bulgarian Stock Exchange (BSE, BGN 9.15, +2.81%) also contributed significantly to the upbeat sentiment. The benchmark index SOFIX advanced to a new 18-year high, closing at 1 032.04, supported by gains in key constituents. However, broader market indexes lagged slightly, weighed down by declines i...
- Research Team
The Rear-View Mirror – EME markets: rebound in Türkiye
EME Equity Market – June 2025 All EME indices in the green in June, with a rebound in Türkiye. The MSCI EM Europe Index advanced by 3.2% mom in EUR terms and 6.9% in USD terms. The Turkish ISE 30 Index was the best performer in our region, recouping the losses from the previous month and adding +6.6% mom in EUR terms. The Hungarian BUX and the Polish WIG indices added 3.1% and 2.8% mom in EUR terms, respectively, followed closely by the Romanian BET and the Greek ASE, with both adding 2.0% mom i...
EUROB EUROBANK ERGASIAS SERVICES & HOLDINGS SA
PEO BANK POLSKA KASA OPIEKI SA
OPAP GREEK ORGANISATION OF FOOTBALL PROGNOSTICS SA
EXAE HELLENIC EXCHANGES SA
MOL MOL NYRT
CEZ CEZ AS
CDR CD PROJEKT S.A.
OMV OMV AG
TITK TITAN CEMENT CO. SA
WIZZ WIZZ AIR HOLDINGS PLC
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
SPL SANTANDER BANK POLSKA SA
GEKTERNA GEK TERNA
KTY GRUPA KETY SA
DOC DO & CO AKTIENGESELLSCHAFT
TPS ORANGE POLSKA S.A.
MYTIL MYTILINEOS S.A.
LPP LPP S.A.
BRISA BRISA-BRIDGESTONE SABANCI LASTIK SANAYI VE TICARET A.S.
CCC CCC SA
CCOLA COCA-COLA ICECEK A.S.
2310 SAHARA INTERNATIONAL PETROCHEMICAL COMPANY
DOM DOM DEVELOPMENT SA
AEGN AEGEAN AIRLINES SA
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
PGSUS.E PEGASUS HAVA TASIMACILIGI AS
APR AUTO PARTNER SA
LVC LIVECHAT SOFTWARE SA
TPEIR PIRAEUS BANK SA
ALPHA ALPHA BANK AE
PPC PUBLIC POWER CORPORATION S.A.
CAR INTER CARS S.A.
ARCLK ARCELIK A.S.
THYAO TURK HAVA YOLLARI A.O.
MBR MO-BRUK S.A.
GPW WARSAW STOCK EXCHANGE
11B 11 BIT STUDIOS S.A.
BELA JUMBO S.A.
BRD BRD-GROUPE SOCIETE GENERALE
TLV BANCA TRANSILVANIA S.A.
SNP PETROM S.A.
PBK PATRIA BANK SA
DNP DINO POLSKA S.A.
NBGGY NATIONAL BANK OF GREECE S.A. ADS
RICHT RICHTER
MAVI MAVI GIYIM SANAYI VE TICARET A.S.
R22 R22
MCOV B MEDICOVER AB
CGEO GEORGIA CAPITAL
TEN TEN SQUARE GAMES
CZG CESKA ZBROJOVKA GROUP
DUNAHOUSE DUNA HOUSE
INPST INPOST S.A.
HUGE HUUUGE
4IG 4IG NYRT
VRC VERCOM SA
ADNOCDRILL ADNOC DRILLING CO
2381 ARABIAN DRILLING CO.
SHO SHOPER SA
ACAG AUSTRIACARD HOLDINGS AG
BOROUGE BOROUGE
MUR2 MURAPOL SA
THEON THEON INTERNATIONAL PLC
GEV GEVORKYAN A.S.
- Mihail Dimitrov
- Veselin Radoychev Please Change Surname
Weekly bulletin - 23 June - 27 June 2025
Green color and huge weekly turnover set SOFIX at 1025.22 (+1.8%) – level we haven’t seen since September 2008. Weekly turnover tripled and reached BGN 44m., compared to the average one YTD of BGN 15.6m. Main distributors for the increased volume were Doverie Unted Holding’s buy-back and Sopharma’s sales of its treasury shares. The week was highlighted also by the first IPO this year of Green Innovation which raised almost BGN 8m. on Tuesday.
- Mihail Dimitrov
- Veselin Radoychev Please Change Surname
Morning Bulletin - 30 June 2025
The Bulgarian benchmark index SOFIX climbed 1.12% to 1025.22, reaching a record 16-year high on the final trading day of the week. The rise was driven by strong performances from Bulgarian Real Estate Fund (BREF, BGN 4.94, +2.23%) and Sopharma (SFA, BGN 7.00, +6.06%). Meanwhile Neochim (NEOH, BGN 22.00, -2.65%) and Albena (ALB, BGN 26.20, -2.96%) traded lightly and curbed the broader market’s momentum. As a result, BGBX40 and BGTR30 posted modest gains of 1.17% (188.81) and 0.76% (942.08), respe...
- Research Team
WOOD Daily: BRISA TI; MBK PW; Polish telecoms; MYTIL GA
HEADLINES: • Brisa: takeaways from the virtual CMD, and FY25E guidance • mBank: 2Q25 FX mortgage saga costs at PLN 539.6m NEUTRAL • Polish telecoms: T-Mobile Poland announces new 2P mobile & fibre bundle POSITIVE • Metlen: details of the 1-for-1 share exchange offer • Short News (CEZ)
- Mihail Dimitrov
- Veselin Radoychev Please Change Surname
Morning Bulletin - 25 June 2025
The Bulgarian equity market traded on a positive note throughout Tuesday’s session and the major indexes settled with gains in range between 0.09% and 0.21% while BGREIT (220.06, -0.21%) was an exception once again, following Advance Terrafund’s (ATER, BGN 2.80) slip by 1.06%. The positive bias came from names like Sirma Group (SGH, BGN 1.41, +2.92%), Eleven Capital (11C, BGN 15.50, +2.65%) and Chimimport (CHIM, BGN 0.71, +3.65%). The volumes remained low compared to 3-month average as the inves...
- Mihail Dimitrov
- Veselin Radoychev Please Change Surname
Morning Bulletin - 24 June 2025
The Bulgarian equity market saw some sharp moves in the first day of the week but finally the main indexes finished with losses as the exception was BGREIT (220.53, +0.21%) supported by Advance Terrafund (ATER, BGN 2.83, +1.07%). The tech sector, represented by Shelly (SLYG, EUR 49.10, -2.19%), Wiser Technologies (WISR, BGN 5.25, -2.78%) and Sirma Group (SGH, BGN 1.37, -1.44%) met some profit taking action from the retail. The daily volumes barely reached 60% of the 3-months average though the t...
- Research Team
WOOD Daily: EMEA Airlines; RO Banks; MOL HB; GSPARK HB; CEZ CP; SNP RO...
HEADLINES: • EMEA airlines: disruption in Middle East operations • Romanian banks: draft government plan suggests new tax on banks is being considered • MOL: to acquire Budapest University of Technology and Economics NEGATIVE • Graphisoft Park: sells residential land plot POSITIVE • CEZ: AGM approves dividend of CZK 47/share NEUTRAL • OMV Petrom: to invest in solar power plant in Bulgaria NEUTRAL • OPAP: Greece invites bidders for State lotteries licence NEUTRAL • Short News (BFT, CDR)
- Mihail Dimitrov
- Veselin Radoychev Please Change Surname
Weekly bulletin - 16 June - 20 June 2025
The Bulgarian stock market did not manage to find support during the past week and indexes finished the week mainly on the red side, as the benchmark SOFIX (1007.57, +0.1%) was the only one in green. Three index members – Shelly Group (SLYG, EUR 50.20, +5.7%), Wiser (WISR, BGN 5.40, +1.9%) and Sopharma Trading (SFT, BGN 5.80, +0.9%) were on the top of the gainers within our list of selected securities. On the other side, Speedy (SPDY, BGN 190.00, -5.0%) and Alcomet (ALCM, BGN 5.95, -4.8%) lost t...
- Mihail Dimitrov
- Veselin Radoychev Please Change Surname
Morning Bulletin - 23 June 2025
The major indexes finished the week mixed as no conviction was seen from either buyers or sellers. The heavy members Shelly (SLYG, EUR 50.20, -1.18%) weighed on SOFIX (1007.57, -0.22%), and the benchmark index registered a loss despite the equilibrium in the advancer-decliner line, while Neochim (NEOH, BGN 23.00, +8.49%) boosted the broad indexes and BGTR30 (931.71) registered a 0.20% gain. The activity was moderate and the turnover within the SOFIX covered the 3-month average.
- Mihail Dimitrov
- Veselin Radoychev Please Change Surname
Morning Bulletin - 17 June 2025
Poor trading activity marked the first trading day of the week. The major indexes trended lower from the opening bell as the decliners led the advancers in roughly 4-to-3 margin. Telematic Interactive (TIB, BGN 22.60, +4.63%) and Sirma Group (SGH, BGN 1.44, +1.41%) led the gainers in this trading session, while Bulgarian Stock Exchange (BSE, BGN 9.30, -2.11%) and Speedy (SPDY, BGN 190.00, -5.00%) ended on the opposite side. The daily volumes slipped significantly below the 15-day average as the ...
- Mihail Dimitrov
- Veselin Radoychev Please Change Surname
Weekly bulletin - 9 June - 13 June 2025
The main indexes on the BSE retreated last week with the exception of BGREIT (221.17; +0.6% WoW). The blue-chip SOFIX (1006.98) lost 0.6%, while the wider BGBX40 lost the most (187.06; -0.7% WoW). The top gainer within our universe was Bulgarian Real Estate Fund (BREF, BGN 4.88, +4.7%), while Shelly Group (SLYG, EUR 47.5, -4.8%) and Telematic Interactive Bulgaria (TIB, BGN 21.60, -4.4%) lost the most. Both the volumes (+123.1% YtD) and the weekly turnover (+156.2% YtD) were well above their YtD ...
- Mihail Dimitrov
- Veselin Radoychev Please Change Surname
Morning Bulletin - 11 June 2025
The Bulgarian equity market finished strong on Tuesday, leaving the major indexes at fresh record highs. The broad base buying activity left SOFIX (1 017.91) with 0.89% gain, followed by BGBX40 (189.33, +0.69%) and BGTR30 (941.90, +0.44%). Bulgarian Real Estate Fund (BREF, BGN 4.90, +6.06%) and the heavy-weighted Sopharma (SFA, BGN 6.68, +3.73%) and Shelly (SLYG, EUR 50.80, +2.01%) attracted the most investors focus with higher than 3-month average volume. Doverie (DUH, BGN 9.14, -0.87%), Advanc...
- Research Team
WOOD Daily: WIZZ LN; MAVI TI; CCOLA TI; CEZ CP; DOC AV; RICHT HB
HEADLINES: • Wizz Air: despite setbacks, upside risks may prevail (stays BUY) • Mavi: strong set of results in 1Q25, share buyback programme initiated POSITIVE • Coca-Cola Içecek: investigations launched into the company NEGATIVE • CEZ: ANO proposes State subsidises power prices NEUTRAL • DO & CO: dividend proposal of EUR 2.00/share NEUTRAL • Richter: to voluntarily restrict price of one OTC drug NEUTRAL • Short News (CAR, MBR, SHO)
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