reports
- Mihail Dimitrov
- Veselin Radoychev Please Change Surname
Morning Bulletin - 29 April 2024
The Bulgarian equity market started the final session of the week on higher note, building on gains throughout the week. Reloaded buying interest in First Investment bank (FIB, BGN 3.08, +8.45%) and Shelly Group (SLYG, BGN 68.00, +0.59%) provided a boost to the participants, which led SOFIX (818.59, +0.41%) to new 15-years high. The broad indexes BGTR30 (822.07, +0.31%) and BGBX40 (165.97, +0.31%) underperformed the benchmark indexes with significant part of untraded names and expectations for t...
- Mihail Dimitrov
- Veselin Radoychev Please Change Surname
Morning Bulletin - 28 March 2024
Selling pressure ruled the trading and SOFIX (803.52, -0.12%) closed in red on Wednesday. Chimimport (CHIM, BGN 0.682, -3.13%), First Investment Bank (FIB, BGN 2.42, -1.63%) and Sopharma (SFA, BGN 6.24, -1.27%) fully offset the positive moves of Sirma Group Holding (SGH, BGN 0.75, +2.74%) and M+S Hydraulic (MSH, BGN 10.40, +1.96%). 1.76m shares of Gradus (GR6, BGN 1.70, +13.33%) lifted the company to daily top gainers’ place and pushed up BGTR30 (813.04, +0.53%) and BGBX40 (164.71, +0.31%).
- Mihail Dimitrov
- Veselin Radoychev Please Change Surname
Morning Bulletin - 22 March 2024
Opposite moves of SOFIX (811.02, -0.04%) members fixed the main index almost unchanged. Eurohold (EUBG, BGN 1.27, -0.78%), Doverie United Holding (DUH, BGN 9.14, -0.65%) and Chimimport (CHIM, BGN 0.70, -0.57%) slipped without significant daily volume and fully offset the positive moves of Central Cooperative Bank (CCB, BGN 1.55, +3.33%), M+S Hydraulic (MSH, BG 10.80, +0.93%) and First Investment Bank (FIB, BGN 2.54, +0.79%). Overall liquidity remained low as institutional investors stayed away f...
- Mihail Dimitrov
- Veselin Radoychev Please Change Surname
Morning Bulletin - 29 February 2024
Mixed trading session fixed SOFIX (784.03, +0.08%) and BGREIT (191.49, +0.26%) positive while BGBX40 (161.66, -0.11%) and BGTR30 (805.07, -0.01%) closed negative on Wednesday. First Investment Bank (FIB, BGN 2.84, +3.65%), BSE (BSE, BGN 15.35, +2.68%) and Chimimport (CHIM, BGN 0.72, +2.27%) led the daily gainers on the ground of moderate daily volume. The negative impact on SOFIX came from M+S Hydraulic (MSH, BGN 10.30, -1.90%) and Neochim (NEOH, BGN 21.10, -1.86%).
- Mihail Dimitrov
- Veselin Radoychev Please Change Surname
Morning Bulletin - 26 January 2024
Several heavy names weighted on SOFIX 782.07 (-0.21%) and the main index closed negative on Thursday. Eurohold (EUBG, BGN 1.31, +5.07%) and Chimimport (CHIM, BGN 0.736, -5.40%) dropped under huge selling pressure while First Investment Bank (FIB, BGN 3.20, -3.03%) and Neochim (NEOH, BGN 25.00, -0.79%) slipped without significant daily volume. Speculative trades shook Shelly Group (SLYG, BGN 55.20, +3.37%) in the range BGN 52.60–55.20 but the company closed in the green zone without corporate new...
- Mihail Dimitrov
- Veselin Radoychev Please Change Surname
Weekly bulletin - 11 December - 15 December 2023
Negative sentiment spread over last week and all local indexes finished the week negative. The weekly turnover (BGN 60m) increased more than 4 times compared to the average one YTD but most of it was concentrated in few names. Despite the absence of corporate news Bulgarian Stock Exchange (BSE, BGN 11.85, +6.8%) and First Investment Bank (FIB, BGN 2.98, +5.7%) lead weekly gainers on the ground of moderate weekly turnover while the weekly loser Stara Planina Hold (SPH, BGN 9.70, -5.8%) dropped wi...
- Mihail Dimitrov
- Veselin Radoychev Please Change Surname
Morning Bulletin - 18 December 2023
Opposite moves of blue chips fixed SOFIX 745.32 (-0.39%) negative on Friday. The drops of Sopharma (SFA, BGN 5.80, -2.36%), Advance Terrafund (ATER, BGN 3.25, -1.52%) and First Investment Bank (FIB, BGN 2.98, -1.32%) fully offset the jump of Eurohold (EUBG, BGN 1.49, +2.76%). All other local indexes lost altitude but BGBX40 slipped the most to 154.41 (-0.71%) reflecting negative moves of Stara Planina Hold (SPH, BGN 9.70, -5.83%), Gradus (GR6, BGN 1.40, -2.10%) and Trace (T57, BGN 3.82, -2.55%).
- Mihail Dimitrov
- Veselin Radoychev Please Change Surname
Morning Bulletin - 29 November 2023
The major indexes settled Tuesday session with gains in environment lacking of interest and with poor volumes. The daily movers Eurohold (EUBG, BGN 1.66, +4.40%) and Central Cooperative Bank (CCB, BGN 1.47, -2.65%) changed after small trades in widen Bid/Ask spreads. Chimimport (CHIM, BGN 0.632, +0.32%) maintained some buying interest around BGN 0.632 while Shelly Group (SLYG, BGN 41.00, +0.24%) traded around BGN 40.63 on average. The percentage of untraded members for the major indexes exceeded...
- Mihail Dimitrov
- Veselin Radoychev Please Change Surname
Morning Bulletin - 30 August 2023
The Bulgarian equity market had another strong showing on Tuesday due to carryover upside momentum to build on recent gains. The major indices saw choppy action, but held onto decent gains for the entirety of the session in a range between +0.25% to +0.80%. Bulgarian Stock Exchange's (BSE, BGN 9.42, +5.37%) big upside move was another support factor for the market, followed by the recovery of Sopharma Trading (SFT, BGN 6.60, +3.94%) and latest favourite Shelly Group (SLYG, BGN 46.80, +3.77%). Th...
- Mihail Dimitrov
- Veselin Radoychev Please Change Surname
Weekly bulletin - 3 July - 7 July 2023
Dividend distributions and reinvestments, buy-back programs and several insider-trading announcements supported moderate optimism on BSE last week. As such, the blue-chip SOFIX advanced 0.4% WoW to 672.49, while the wider BGBX40 and BGTR30 both added 0.2% WoW to 146.42 and 758.05, respectively. The only decliner amongst the indices was BGREIT (-0.2% WoW; 191.89). On the other hand summer vacations had an adverse effect on liquidity and weekly turnover slowed down by 16% to BGN 6.8m. Industrial c...
- Mihail Dimitrov
- Veselin Radoychev Please Change Surname
Morning Bulletin - 4 July 2023
The Bulgarian equity market closed yesterday’s session, which marked second half of the year, on a slightly lower note. The major indexes traded around their flat lines during the session and ultimately settled mixed with modest gains and losses. SOFIX (668.79) registered 0.17% decline, pressed by First Investment Bank (FIB, BGN 2.06, -4.63%) and Doverie (DUH, BGN 8.64, -2.70%), which volatility came from widened Bid/Ask spreads. The volumes were naturally lighter as the summer holidays began, t...
- Research Team
The Rear-View Mirror – EME markets: markets rally as inflation continu...
EME Equity Market – June 2023 Market performance – in the mostly green month of June, Czech Index’s red performance stands out; Turkish gains eclipsed by TRY devaluation. The MSCI EM Europe Index gained 3.3% mom in EUR terms and 6.0% mom in USD in June. The Polish WIG20 advanced the most (+11.1% mom in EUR terms), followed by the Hungarian BUX Index (+6.2% mom in EUR terms), the Greek ASE Index (+4.9% mom in EUR terms) and the Romanian BET Index (with a more modest, but positive performance: +2....
JMT JERONIMO MARTINS SGPS S.A.
OMV OMV AG
WIZZ WIZZ AIR HOLDINGS PLC
SPL SANTANDER BANK POLSKA SA
MIL BANK MILLENNIUM SA
LAMDA LAMDA DEVELOPMENT S.A.
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
TPS ORANGE POLSKA S.A.
CAI CA IMMOBILIEN ANLAGEN AG
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
LPP LPP S.A.
CCC CCC SA
GTC GLOBE TRADE CENTRE S.A.
2310 SAHARA INTERNATIONAL PETROCHEMICAL COMPANY
AUG1L AGROWILL GROUP AB
LVC LIVECHAT SOFTWARE SA
OTP OTP BANK NYRT
MBR MO-BRUK S.A.
GPW WARSAW STOCK EXCHANGE
11B 11 BIT STUDIOS S.A.
DAT DATAWALK SA
BANK OF CYPRUS PCL
WPL WIRTUALNA POLSKA HOLDING SA
SKK SIRMA GROUP HOLDING JSC
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
H4L1 HALYK SAVINGS BANK OF KAZAKHSTAN GDR
SNP PETROM S.A.
SNN SOCIETATEA NATIONALA NUCLEARELECTRICA SA
ELSA SOCIETATEA ENERGETICA ELECTRICA
TGN SOCIETATEA NATIONALA DE TRANSPORT GAZE NATURALE TRANSGAZ S.A.
RICHT RICHTER
ALPHA ALPHA BANK
SF3 STS GROUP AG
TEN TEN SQUARE GAMES
PEN PHOTON ENERGY NV
ALG ALLEGRO.EU SA
DUNAHOUSE DUNA HOUSE
KSPI KASPI KZ
INPST INPOST S.A.
PCF PCF GROUP SA
HUGE HUUUGE
4IG 4IG NYRT
IGN1L IGNITIS GRUPE
WPS W.A.G PAYMENT SOLUTIONS PLC
PCO PEPCO GROUP NV
GPP GRUPA PRACUJ DA
KLKIM KALEKIM KIMYEVI MADDELER SANAYI VE TICARET AS
ADNOCDRILL ADNOC DRILLING CO
7202 ARABIAN INTERNET & COMMUNICATIONS SERVICES CO
4071 ARABIAN CONTRACTING SERVICES CO
BOROUGE BOROUGE
- Mihail Dimitrov
- Veselin Radoychev Please Change Surname
Weekly Bulletin - 26 June - 30 June 2023
The Bulgarian equity market lost 0.5% on average last week as SOIFX (669.90) declined the most 1.3%, lowering the gain from the beginning of the year to 11.4% at the end of the second quarter. The advance-decline line favored advancers by 11-to-9 margin, but the negative moves were sharper for names like Alcomet (ALCM, BGN 7.90, -11.2%), M+S Hydraulic (MSH, BGN 10.00, -7.4%) and Eurohold Bulgaria (EUBG, BGN 1.74, -7.0%). On the positive side, Bulgarian Stock Exchange (BSE, BGN 9.80, +4.3% YoY) l...
- Mihail Dimitrov
- Veselin Radoychev Please Change Surname
Morning Bulletin - 29 June 2023
The Bulgarian equity market showed some unconvincing retreat on Wednesday. The supportive names from previous sessions rolled over and tipped the scales on negative territory, like the real estate sector, represented by Advance Terrafund (ATER, BGN 3.33, -0.30%) and Bulgarian Real Estate Fund (BREF, BGN 2.10, -0.94% ), tech sector - Alterco (A4L, BGN 26.00, -2.99%), Sirma Group (SGH, BGN 0.65, -2.42%), and M+S Hydraulic (MSH, BGN 10.20, -6.48%). SOFIX (669.07, -0.16%) continued to move slowly do...
- Mihail Dimitrov
- Veselin Radoychev Please Change Surname
Weekly bulletin - 12 June - 16 June 2023
The Bulgarian stock market had shifted into another gear last week and finished mixed on Friday, balancing after the strong performance from the previous ones. The local benchmark SOFIX increased modestly by 0.2% to settle at 684.87, while the broad ones BGBX40 (149.35, -0.6%) and BGTR30 (757.51, +0.3%) finished on opposite directions. Rising stocks outnumbered the declining ones in our list of selected companies by 14 to 10, 5 ended unchanged. The weekly top performer was Industrial Holding Bul...
- Mihail Dimitrov
- Veselin Radoychev Please Change Surname
Morning Bulletin - 19 June 2023
The Bulgarian stock market closed out the week mixed, but the moves in both directions were relatively slim when considering the big gains recently. The major indexes spent most of the session oscillating around their flat lines before finding some up or down momentum in the afternoon. SOFIX (684.87) slipped 0.27%, following its mover's negative directions – Sopharma (SFA, BGN 5.50, -1.08%) and Chimimport (CHIM, BGN 0.736, -1.87%), while the broader index BGBX40 (149.35, +0.03%) remained on the ...
- Research Team
WOOD Daily: SGH BU; STH PW; JMT PL; SNP RO; VGO PW; RO Energy
HEADLINES: • Sirma Group Holding: weak 1Q23, driven by revenues mix • STS Group: Entain calls for 100% stake at PLN 24.8/share; Juroszek family agree to sell POSITIVE • Jeronimo Martins: another PLN 161m fine from the antimonopoly watchdog NEGATIVE • OMV Petrom: discovers over 30m boe of resources POSITIVE • VIGO Photonics: EGM to decide on issue of up to 145,799 shares NEUTRAL • Romanian energy: price caps for power and gas could be removed at end-2023 NEUTRAL
- Bram Buring
- CFA
- Piotr Raciborski
- CFA
WOOD Flash – Sirma Group Holding: weak 1Q23, driven by revenues mix
Recently, Sirma posted a weaker set of 1Q23 earnings, driven by the revenues mix, specifically System Integration sales, with a high component of hardware resales costs. Profitability may improve in the coming quarters, but within the context of broad-based pullbacks in IT spending in the current uncertain investment environment. The business cycle notwithstanding, investors may wish to revisit the story at these levels, post the recent Sirma AI/Ontotex disposal, in our view.
- Mihail Dimitrov
- Veselin Radoychev Please Change Surname
Morning Bulletin - 31 May 2023
The Bulgarian stock market finished the session on a decidedly upbeat note, getting closer to the end of the month and attempting to recover some of previous two days declines. SOFIX (666.25) closed +0.83%, supported by the well-known from last few weeks Allterco (A4l, BGN 27.30, +2.25%) and Doverie (DUH, BGN 8.80, +4.51%) with the latter announcing excellent financial results. The broad indexes BGBX40 (147.50, +0.72%) and BGTR30 (746.59, +0.38%) underperformed the benchmark as Chimimport (CHIM,...
- Mihail Dimitrov
- Veselin Radoychev Please Change Surname
Weekly bulletin - 2 May - 5 May 2023
The Bulgarian stock market finished the last trading week on a positive note, balancing after the mixed financial results for the first quarter of the year. At the close in Sofia the benchmark SOFIX gained 1.1% to settle at 613.91 as the broad ones BGBX40 (140.53, +0.6%) and BGTR30 (722.36, +0.2%) also managed to stay on the green side. The weekly volume (-17.7% YTD) remained below the average numbers, while the turnover boasted a massive increase (+165.8% YTD) mainly thanks to block trades with...
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