Market Comment & Macro. Company News. Please read important information on the last two pages. Page 1 of 3 09/10/2008

Transcription

1 Equity Research Greece 3,400 3,300 3,200 3,100 3,000 03/09 General Index - Trading Value 04/09 05/09 08/09 09/09 09/10/ Last Closing T-1 (ch%) YTD (ch%) Athens Stock Exchange - Main Market Indexes ATHEX-General Index 3, % % FTSE ASE 20 Index 1, % % FTSE ASE 40 Index 3, % % FTSE ASE 80 Index % % Athens Stock Exchange - Main Sector Indexes Banks 4, % % Telecoms 4, % % Oil - Gas 3, % % Construction 4, % % Technology 1, % % Commerce 4, % % Industrial Prod. & Serv. 5, % % 0 (EURm) Market Comment & Macro Morning Briefing The FTSE ASE 20 gained 0.2% on 215m trading value. 69 shares rose and 160 fell. PPC gained 6%and OTE 1.5% while NBG shed 0.9% and OPAP 0.7%. In the absence of major local financial developments the ATHEX follows the course of major European exchanges. The local market should move south today following the drop in the US markets yesterday. According to the National Statistics Service, July Index of Industrial Production fell 1.4% y-o-y from a 3.9% y-o-y growth in July January-July 2007 index fell 2.1% from a 2.3% y-o-y rise in According to the National Statistics Service, July exports rose 14.1% to 1.7bn and imports fell 1.9% y-o-y to 4.9bn. August 07-July 08 exports rose 3.5% y-o-y and imports rose 0.2%. Company News MYTILINEOS <MYTIL GA/MYTr.AT> Following the recent project in Syria won by the group s 53.6% subsidiary METKA <METTK GA/MTKr.AT> adds some 0.50 per share value to parent Mytilineos. Mkt Cap (EURbn) % % Gross Trading (EURm) % 49.80% Block Trades (EURm) ADEX - Index Futures FTSE ASE 20 future 1, % - FTSE ASE 40 future 3, % - State Bonds (maturity) Price Coupon Yield 5-yr (20/08/2012) % 4.47% 10-yr (20/07/2017) % 4.70% 30-yr (20/09/2040) % 5.26% Main Economy Figures GDP Growth 3.6% Nominal CPI 4,7% Unemployment 8,3% Source: Bloomberg Please read important information on the last two pages. Page 1 of 3

2 Important Disclosures & Disclaimers This material has been prepared and issued by Kyprou Securities, which is regulated by the Hellenic Capital Market Commission and is subject to the rules of conduct applicable to investment services firms (EPEYs) as established under Greek regulations. This document has solely informative use. It is not to be used or considered as an offer to sell or solicitation of an offer to buy any securities under any circumstances. Information and opinions contained herein have been compiled or drawn from sources believed to be reliable but it cannot be guaranteed and no warranty or representation is given that such information is accurate or complete and it should not be relied upon as such. Any opinions expressed herein reflect a judgment at the date of issue and are subject to change without any notice. By Company we will refer to the Company (ies) mentioned in this document/report (i.e. the issuer). Bank of Cyprus Group and/or its affiliates or their employees have or may have positions in the securities mentioned herein and realize any transactions with them. Bank of Cyprus Group and/or its affiliates may solicit investment banking business, or may act as a market maker or may participate in an offering of securities or provide other services to any Company mentioned in this report. Therefore, investors should be aware that there might be a conflict of interest that could influence the impartiality of this report. Investors should consider this report as only one of the factors influencing their investment decision. Securities mentioned in this report are subject to investment risks, including the loss of the initial capital invested. This report is addressed to professional investors only. This report and/or any part of it may not be reproduced or passed on, in any manner without any prior written permission from Kyprou Securities. Bank of Cyprus Group operates with Chinese Walls applied in communication among its departments of 1) Equity Research, 2) Sales & Trading and 3) Investment Banking, so that Bank of Cyprus Group abides by the provisions and regulations regarding confidential information and market abuse. Definition of Investment Ratings Outperform : The share is expected to perform better than the ATHEX General Index by more than 10% Market Perform : The share is expected to perform in line with the ATHEX General Index (+/- 10%) Underperform : The share is expected to perform worse than the ATHEX General Index by more than 10% (Under Review: We currently review the Company and possibly change our previous investment rating) All of the above (Overweight, Equal Weight and Underweight) denote investment ratings (i.e. our view) not recommendations and refer to our overall view of the Company based in valuation but also market conditions and qualitative factors. The investment period for the investment ratings is defined as the next 12 months from the day of issue. Page 2 of 3

3 Required Disclosures/Statements Regarding the Company No one from the following statements is valid for the companies we mention except the ones stated in the table below. Company Valid Statements At the date of publication of this report (mentioned in the first page) Bank of Cyprus and/or affiliated companies command 5% or more in the Company. 2. At the date of publication of this report, the Company command 5% or more in Bank of Cyprus and/or its affiliated companies. 3. Bank of Cyprus Group and/or its affiliates act or plan to act in the future as market maker for the Company. 4. Bank of Cyprus Group and/or its affiliates has received in the past 12 months or plans to receive in the future compensation for investment banking and/or any business advisory services from the Company. 5. Bank of Cyprus Group and/or its affiliates has acted in the past 12 months or plans to act in the future as an IPO advisor or underwriter for the Company. 6. Kyprou Securities has agreed with the Company for the issue of this report and there is a financial compensation involved for the preparation and issue of this report. 7. The analyst(s) who participated in the preparation of this report hold a board member position or have significant financial interest in the Company. 8. Kyprou Securities has sent this research report to the Company prior to publication for factual verification. 9. If the previous (note 8) applies, Kyprou Securities has made the following meaningful changes that may significantly affect the investment case: (None) Analyst Certification Opinions and suggestions mentioned in this report reflect personal views of the author(s). The compensation of the author(s) is not linked directly or indirectly in any way now and in the future with the views expressed in this report neither with any investment banking service offered by the credit institution or other affiliate company. The author(s) of this report may hold in the future shares of the Company (ies) mentioned in this report. The analyst or at least one of the analysts mentioned in this report are Certified as Analyst of Equities and the Market by the Hellenic Capital Market Commission. The current research report fulfills the standards of the Hellenic Association of Stockmarket Analysts (HACSA, member of EFFAS, the European Federation of Financial Analysts Societies, and member of ACIIA, the Association of Certified International Investment Analysts). Kyprou Securities 26 Fidipidou Street, Athens, Greece Equity Sales & Trading Equity Research Tel Emmanuel Nerantzis Elias Lazaris Fax Chr.Tsakalogiannis research@kyprousecurities.gr Page 3 of 3

4 Equity Research Greece 3,400 3,300 3,200 3,100 3,000 03/09 General Index - Trading Value 04/09 05/09 08/09 09/09 09/10/ Last Closing T-1 (ch%) YTD (ch%) Athens Stock Exchange - Main Market Indexes ATHEX-General Index 3, % % FTSE ASE 20 Index 1, % % FTSE ASE 40 Index 3, % % FTSE ASE 80 Index % % Athens Stock Exchange - Main Sector Indexes Banks 4, % % Telecoms 4, % % Oil - Gas 3, % % Construction 4, % % Technology 1, % % Commerce 4, % % Industrial Prod. & Serv. 5, % % 0 (EURm) Market Comment & Macro Morning Briefing The FTSE ASE 20 gained 0.2% on 215m trading value. 69 shares rose and 160 fell. PPC gained 6%and OTE 1.5% while NBG shed 0.9% and OPAP 0.7%. In the absence of major local financial developments the ATHEX follows the course of major European exchanges. The local market should move south today following the drop in the US markets yesterday. According to the National Statistics Service, July Index of Industrial Production fell 1.4% y-o-y from a 3.9% y-o-y growth in July January-July 2007 index fell 2.1% from a 2.3% y-o-y rise in According to the National Statistics Service, July exports rose 14.1% to 1.7bn and imports fell 1.9% y-o-y to 4.9bn. August 07-July 08 exports rose 3.5% y-o-y and imports rose 0.2%. Company News MYTILINEOS <MYTIL GA/MYTr.AT> Following the recent project in Syria won by the group s 53.6% subsidiary METKA <METTK GA/MTKr.AT> adds some 0.50 per share value to parent Mytilineos. Mkt Cap (EURbn) % % Gross Trading (EURm) % 49.80% Block Trades (EURm) ADEX - Index Futures FTSE ASE 20 future 1, % - FTSE ASE 40 future 3, % - State Bonds (maturity) Price Coupon Yield 5-yr (20/08/2012) % 4.47% 10-yr (20/07/2017) % 4.70% 30-yr (20/09/2040) % 5.26% Main Economy Figures GDP Growth 3.6% Nominal CPI 4,7% Unemployment 8,3% Source: Bloomberg Please read important information on the last two pages. Page 1 of 3

5 Important Disclosures & Disclaimers This material has been prepared and issued by Kyprou Securities, which is regulated by the Hellenic Capital Market Commission and is subject to the rules of conduct applicable to investment services firms (EPEYs) as established under Greek regulations. This document has solely informative use. It is not to be used or considered as an offer to sell or solicitation of an offer to buy any securities under any circumstances. Information and opinions contained herein have been compiled or drawn from sources believed to be reliable but it cannot be guaranteed and no warranty or representation is given that such information is accurate or complete and it should not be relied upon as such. Any opinions expressed herein reflect a judgment at the date of issue and are subject to change without any notice. By Company we will refer to the Company (ies) mentioned in this document/report (i.e. the issuer). Bank of Cyprus Group and/or its affiliates or their employees have or may have positions in the securities mentioned herein and realize any transactions with them. Bank of Cyprus Group and/or its affiliates may solicit investment banking business, or may act as a market maker or may participate in an offering of securities or provide other services to any Company mentioned in this report. Therefore, investors should be aware that there might be a conflict of interest that could influence the impartiality of this report. Investors should consider this report as only one of the factors influencing their investment decision. Securities mentioned in this report are subject to investment risks, including the loss of the initial capital invested. This report is addressed to professional investors only. This report and/or any part of it may not be reproduced or passed on, in any manner without any prior written permission from Kyprou Securities. Bank of Cyprus Group operates with Chinese Walls applied in communication among its departments of 1) Equity Research, 2) Sales & Trading and 3) Investment Banking, so that Bank of Cyprus Group abides by the provisions and regulations regarding confidential information and market abuse. Definition of Investment Ratings Outperform : The share is expected to perform better than the ATHEX General Index by more than 10% Market Perform : The share is expected to perform in line with the ATHEX General Index (+/- 10%) Underperform : The share is expected to perform worse than the ATHEX General Index by more than 10% (Under Review: We currently review the Company and possibly change our previous investment rating) All of the above (Overweight, Equal Weight and Underweight) denote investment ratings (i.e. our view) not recommendations and refer to our overall view of the Company based in valuation but also market conditions and qualitative factors. The investment period for the investment ratings is defined as the next 12 months from the day of issue. Page 2 of 3

6 Required Disclosures/Statements Regarding the Company No one from the following statements is valid for the companies we mention except the ones stated in the table below. Company Valid Statements At the date of publication of this report (mentioned in the first page) Bank of Cyprus and/or affiliated companies command 5% or more in the Company. 2. At the date of publication of this report, the Company command 5% or more in Bank of Cyprus and/or its affiliated companies. 3. Bank of Cyprus Group and/or its affiliates act or plan to act in the future as market maker for the Company. 4. Bank of Cyprus Group and/or its affiliates has received in the past 12 months or plans to receive in the future compensation for investment banking and/or any business advisory services from the Company. 5. Bank of Cyprus Group and/or its affiliates has acted in the past 12 months or plans to act in the future as an IPO advisor or underwriter for the Company. 6. Kyprou Securities has agreed with the Company for the issue of this report and there is a financial compensation involved for the preparation and issue of this report. 7. The analyst(s) who participated in the preparation of this report hold a board member position or have significant financial interest in the Company. 8. Kyprou Securities has sent this research report to the Company prior to publication for factual verification. 9. If the previous (note 8) applies, Kyprou Securities has made the following meaningful changes that may significantly affect the investment case: (None) Analyst Certification Opinions and suggestions mentioned in this report reflect personal views of the author(s). The compensation of the author(s) is not linked directly or indirectly in any way now and in the future with the views expressed in this report neither with any investment banking service offered by the credit institution or other affiliate company. The author(s) of this report may hold in the future shares of the Company (ies) mentioned in this report. The analyst or at least one of the analysts mentioned in this report are Certified as Analyst of Equities and the Market by the Hellenic Capital Market Commission. The current research report fulfills the standards of the Hellenic Association of Stockmarket Analysts (HACSA, member of EFFAS, the European Federation of Financial Analysts Societies, and member of ACIIA, the Association of Certified International Investment Analysts). Kyprou Securities 26 Fidipidou Street, Athens, Greece Equity Sales & Trading Equity Research Tel Emmanuel Nerantzis Elias Lazaris Fax Chr.Tsakalogiannis research@kyprousecurities.gr Page 3 of 3

7 Equity Research Greece 3,400 3,300 3,200 3,100 3,000 03/09 General Index - Trading Value 04/09 05/09 08/09 09/09 09/10/ Last Closing T-1 (ch%) YTD (ch%) Athens Stock Exchange - Main Market Indexes ATHEX-General Index 3, % % FTSE ASE 20 Index 1, % % FTSE ASE 40 Index 3, % % FTSE ASE 80 Index % % Athens Stock Exchange - Main Sector Indexes Banks 4, % % Telecoms 4, % % Oil - Gas 3, % % Construction 4, % % Technology 1, % % Commerce 4, % % Industrial Prod. & Serv. 5, % % 0 (EURm) Market Comment & Macro Morning Briefing The FTSE ASE 20 gained 0.2% on 215m trading value. 69 shares rose and 160 fell. PPC gained 6%and OTE 1.5% while NBG shed 0.9% and OPAP 0.7%. In the absence of major local financial developments the ATHEX follows the course of major European exchanges. The local market should move south today following the drop in the US markets yesterday. According to the National Statistics Service, July Index of Industrial Production fell 1.4% y-o-y from a 3.9% y-o-y growth in July January-July 2007 index fell 2.1% from a 2.3% y-o-y rise in According to the National Statistics Service, July exports rose 14.1% to 1.7bn and imports fell 1.9% y-o-y to 4.9bn. August 07-July 08 exports rose 3.5% y-o-y and imports rose 0.2%. Company News MYTILINEOS <MYTIL GA/MYTr.AT> Following the recent project in Syria won by the group s 53.6% subsidiary METKA <METTK GA/MTKr.AT> adds some 0.50 per share value to parent Mytilineos. Mkt Cap (EURbn) % % Gross Trading (EURm) % 49.80% Block Trades (EURm) ADEX - Index Futures FTSE ASE 20 future 1, % - FTSE ASE 40 future 3, % - State Bonds (maturity) Price Coupon Yield 5-yr (20/08/2012) % 4.47% 10-yr (20/07/2017) % 4.70% 30-yr (20/09/2040) % 5.26% Main Economy Figures GDP Growth 3.6% Nominal CPI 4,7% Unemployment 8,3% Source: Bloomberg Please read important information on the last two pages. Page 1 of 3

8 Important Disclosures & Disclaimers This material has been prepared and issued by Kyprou Securities, which is regulated by the Hellenic Capital Market Commission and is subject to the rules of conduct applicable to investment services firms (EPEYs) as established under Greek regulations. This document has solely informative use. It is not to be used or considered as an offer to sell or solicitation of an offer to buy any securities under any circumstances. Information and opinions contained herein have been compiled or drawn from sources believed to be reliable but it cannot be guaranteed and no warranty or representation is given that such information is accurate or complete and it should not be relied upon as such. Any opinions expressed herein reflect a judgment at the date of issue and are subject to change without any notice. By Company we will refer to the Company (ies) mentioned in this document/report (i.e. the issuer). Bank of Cyprus Group and/or its affiliates or their employees have or may have positions in the securities mentioned herein and realize any transactions with them. Bank of Cyprus Group and/or its affiliates may solicit investment banking business, or may act as a market maker or may participate in an offering of securities or provide other services to any Company mentioned in this report. Therefore, investors should be aware that there might be a conflict of interest that could influence the impartiality of this report. Investors should consider this report as only one of the factors influencing their investment decision. Securities mentioned in this report are subject to investment risks, including the loss of the initial capital invested. This report is addressed to professional investors only. This report and/or any part of it may not be reproduced or passed on, in any manner without any prior written permission from Kyprou Securities. Bank of Cyprus Group operates with Chinese Walls applied in communication among its departments of 1) Equity Research, 2) Sales & Trading and 3) Investment Banking, so that Bank of Cyprus Group abides by the provisions and regulations regarding confidential information and market abuse. Definition of Investment Ratings Outperform : The share is expected to perform better than the ATHEX General Index by more than 10% Market Perform : The share is expected to perform in line with the ATHEX General Index (+/- 10%) Underperform : The share is expected to perform worse than the ATHEX General Index by more than 10% (Under Review: We currently review the Company and possibly change our previous investment rating) All of the above (Overweight, Equal Weight and Underweight) denote investment ratings (i.e. our view) not recommendations and refer to our overall view of the Company based in valuation but also market conditions and qualitative factors. The investment period for the investment ratings is defined as the next 12 months from the day of issue. Page 2 of 3

9 Required Disclosures/Statements Regarding the Company No one from the following statements is valid for the companies we mention except the ones stated in the table below. Company Valid Statements At the date of publication of this report (mentioned in the first page) Bank of Cyprus and/or affiliated companies command 5% or more in the Company. 2. At the date of publication of this report, the Company command 5% or more in Bank of Cyprus and/or its affiliated companies. 3. Bank of Cyprus Group and/or its affiliates act or plan to act in the future as market maker for the Company. 4. Bank of Cyprus Group and/or its affiliates has received in the past 12 months or plans to receive in the future compensation for investment banking and/or any business advisory services from the Company. 5. Bank of Cyprus Group and/or its affiliates has acted in the past 12 months or plans to act in the future as an IPO advisor or underwriter for the Company. 6. Kyprou Securities has agreed with the Company for the issue of this report and there is a financial compensation involved for the preparation and issue of this report. 7. The analyst(s) who participated in the preparation of this report hold a board member position or have significant financial interest in the Company. 8. Kyprou Securities has sent this research report to the Company prior to publication for factual verification. 9. If the previous (note 8) applies, Kyprou Securities has made the following meaningful changes that may significantly affect the investment case: (None) Analyst Certification Opinions and suggestions mentioned in this report reflect personal views of the author(s). The compensation of the author(s) is not linked directly or indirectly in any way now and in the future with the views expressed in this report neither with any investment banking service offered by the credit institution or other affiliate company. The author(s) of this report may hold in the future shares of the Company (ies) mentioned in this report. The analyst or at least one of the analysts mentioned in this report are Certified as Analyst of Equities and the Market by the Hellenic Capital Market Commission. The current research report fulfills the standards of the Hellenic Association of Stockmarket Analysts (HACSA, member of EFFAS, the European Federation of Financial Analysts Societies, and member of ACIIA, the Association of Certified International Investment Analysts). Kyprou Securities 26 Fidipidou Street, Athens, Greece Equity Sales & Trading Equity Research Tel Emmanuel Nerantzis Elias Lazaris Fax Chr.Tsakalogiannis research@kyprousecurities.gr Page 3 of 3