BIANOR SUCCESSFULLY RAISES CAPITAL VIA IPO

21 October 2024

Stock Exchange Stats

Index Close Weekly Change % YTD
SOFIX 854.43 -0.11 11.67
BGBX 40 169.74 -0.28 7.52
BGREIT 211.71 1.44 11.25
Index P/E EV/S P/BV
SOFIX 9.81 0.22 1.59
BGBX 40 13.71 0.44 2.04
BGREIT 21.12 n/a 2.36

BSE Weekly Gainers & Losers

Top Gainers Price Change %
NEOH Neochim AD 26.00 28.71
BBRD Billboard AD 0.60 9.09
FPP Fairplay Properties AD 0.95 8.00
BREF BREF AD 3.96 7.03
HES Hydraulic Elements & Systems 5.55 3.74
Top Losers Price Change %
PET Petrol AD 0.71 -17.06
ZHBG Zarneni Hrani Bulgaria AD 0.12 -6.15
TCH TK Hold AD 7.75 -5.49
SPDY Speedy AD 216.00 -3.57
MONB Monbat AD 2.60 -2.99

Market Overview (14 October- 18 October)

The main Bulgarian index SOFIX decreased this week by 0.11% to 854.44 points. The broad index BGBX40 decreased this week by 0.28% to 169.74 points and BGREIT increased this week to 211.71 points, up by 1.44%.

Corporate News

Telematic Interactive (TIB) announced they would be taking steps to close the company, which they operate with in Macedonia, essentially shutting down their business in the country. The action is the result of a new law, which allows only one company with at least 51% state ownership to organize gambling games. This effectively leaves Peru and Kenya as the market expansion alternatives at this point.

Wiser Technology / Bianor (BNR) announced the results of the capital raise, which started on 04.09.2024. As a result of it, 4,044,229 new shares were subscribed by 19 companies and 122 individual investors. The companies are responsible for 91.5% of the increased capital. The new capital of Bianor is BGN 16,334,462.

Additionally, they announced that the American company they are shareholders of, Triller Hold Co, and AGBA Group Holding Limited, had received approval for their merger, effective 15.10.2024. The merging process was completed after a reverse split of the AGBA shares in a 4 existing to 1 new share ratio and it did not affect the value of each shareholder share. After the reverse split Bianor holds 402 520 shares of the new company, which is now traded on Nasdaq effective from 16.10.2024. Bianor cannot sell its shares earlier than 165 days from the merger date, i.e. not earlier than 31.03.2025.

Advance Terrafund (ATER) announced that over the last 9 months they have managed to increase the portfolio with 2,565 dca and 73.2% of the expected rent for the 2023/2024 season was collected.

Economic News

  • Bulgaria’s current account surplus sharply widened to €1,070.2 million in August 2024 from €219.2 million in the corresponding month of the previous year. This marked the largest surplus since records began in January 1998, as the primary income shifted to a surplus of €311.7 million, compared to a deficit of €475 million a year earlier. Additionally, the goods account gap narrowed to €287.8 million from €413.8 million. Meanwhile, the services account surplus declined to €1,014.8 million from €1,076.2 million, and the secondary income surplus edged down to €31.4 million from €31.8 million.
  • Bulgaria’s inflation rate eased to 1.2% in September 2024 from 2.1% in the previous month. This marked the lowest reading since March 2021, as prices moderated for health (1.8% vs 2.3% in August), education (6.1% vs 6.7%), and restaurants & hotels (7.2% vs 7.9%). Additionally, costs declined for transport (-4.7% vs -0.2%) and recreation & culture (-1.4% vs 2.7%). Meanwhile, inflation increased for food & non-alcoholic beverages (2.4% vs 2.3%) and alcoholic beverages & tobacco (5.6% vs 5.5%). On a monthly basis, consumer prices fell by 1%, reversing from a 0.1% rise in the preceding period.

Ivaylo Valchev
Equity Analyst
Tel.: +359 2 937 9862
e-mail: valchev@sis.bg

Svetozar Abrashev
Senior Managing Partner
Tel.: +359 2 937 9869
e-mail: abrashev@sis.bg

Sofia International Securities
Sofia 1000,
140 G. S. Rakovski Str.
Tel.: + 359 2 937 98 65
e-mail: info@sis.bg

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