СЕДМИЧЕН БЮЛЕТИН НА СИС (29 НОЕМВРИ – 3 ДЕКЕМВРИ) С НАЙ-ВАЖНИТЕ СЪБИТИЯ НА БЪЛГАРСКИЯ КАПИТАЛОВ ПАЗАР
GROWTH MARKS THE BEGINNING OF EARNINGS SEASON
Market Overview (18th October – 25th October)
The main Bulgarian index SOFIX decreased by 1.36% this week, down to 571.66 points. The broad index BGBX40 decreased by 0.85% to 133.20 points. BGREIT decreased this trading week to 158.40 points, down by 1.43%.
M+S Hydraulic AD (MSH) reports a 58% revenue growth to BGN 110 mln. for the first nine months of the year. On the other hand, for the same period, the company has improved its net margin from 12.5% to 13.2%. It expects to generate approximately BGN 13.1mln of revenue for October.
First Investment Bank (FIB) has released its individual financial statements. It reports a 34% net income growth YoY for the first 9 months of the year. The net interest income has increased by 8.6% YoY and the net income from fees and commissions has surged by 21%. Total net income from bank operations amounts to BGN 292 mln, compared to 257 mln last year. The after-tax income has also increased to BGN 51 mln from BGN 38 mln marking a 35% growth. In parallel, the assets and the customers’ deposits have expanded to BGN 11.2 mln from 10.8 mln and 9.373 mln from 9.1 mln, respectively.
Gradus AD (GR6) records a 17.5% growth up to BGN mln at the end of September. The net income increased at the same pace – to BGN 6.784 mln for the period compared to the last year. Similarly, the company reports a 16.7% growth from the dividend income and 17% in the interest income due to a change in the interest rate from 0.86% to 1.15%.
The inflation Rate in Bulgaria increased to 4.8% in September from 3.7% in August of 2021. Inflation quickened mainly for Transport (16%), Housing and Utilities (5.9%) and Food & Non-alcoholic beverages (4.4%). Bulgaria recorded a Current Account surplus of 328.30 EUR Million in August of 2021
Active COVID-19 cases in Bulgaria are on an increasing trend with a 7-day MA of 4,244 cases. The active cases at the end of the week were 82,910. The total number of fully vaccinated people so far is 1,5 mln, which is 21.05% of the population in Bulgaria.
You can access the pdf file here.
The analyst (s) responsible for the preparation of this document shall ensure that: (1) they take all necessary care to accurately reflect the information contained in this document; (2) no part of the analyst’s remuneration is, has been or will be linked, directly or indirectly, to the recommendation or opinions expressed in this document.
Financial interest: Sofia International Securities may trade or own the financial instruments specified in this document. Sofia International Securities does not own more than 5% of the financial instruments in circulation, subject to analysis or comment in this document. The analyst (s) do not own any shares of the companies, unless explicitly mentioned.
Disclosure of information
Due care has been taken to ensure the accuracy of the facts cited, the reliability of the sources of information and the clear definition of the assumptions, predictions, forecasts and expected prices in this document. The information presented in this document is based on publicly available information, which is considered reliable, but for which no responsibility is taken for completeness and accuracy. Neither Sofia International Securities nor the company’s employees should be held responsible for the publicly available information used. The opinion expressed in this document may differ from the disclosed views in other departments and divisions of Sofia International Securities or from other employees. Additional information on this document is available upon request. The sources of information in the tables and graphs in this document are calculations by Sofia International Securities, unless otherwise stated.
Risks for investors
This document has been prepared and presented for the purpose of summary and informational purposes only and does not constitute a study within the meaning of Art. 13 of Commission Delegated Directive (EU) 2017/593 of 7 April 2016. The information in this document should not be considered as an offer to buy or sell financial instruments or an independent investment council within the meaning of Directive 2014/65 / EU of The European Parliament and the Council of 15 May 2014, Sofia International Securities AD has not assessed the appropriateness in relation to the financial instruments mentioned in this document. The investment opportunities discussed in this document may not be appropriate for certain investors depending on their investment objectives and time horizon or in the context of their overall financial condition. The risks associated with investing in the financial instruments mentioned in this document are not fully explained. The price or value of the investment may decrease or increase. Securities or investments can lead to losses for the investor. A previous achievement is not a guarantee of future performance. Changes in exchange rates may have an adverse effect on the value, price or return on investment in securities. Sofia International Securities AD assumes no responsibility for losses incurred in connection with investments made on the basis of information contained in this document.
The analyzes of Sofia International Securities are the exclusive property of the investment intermediary and any publication, distribution, reprinting and citation of content is possible only after the explicit written consent of the „Research and Analysis“ department of the company. It is not allowed to use the analyzes of the investment intermediary from a third party for commercial purposes.