Bulgarian Stock Exchange Weekly Bulletin – 2024-10-28

INDEXES DROP AMID GLOOMY Q3 FINANCIALS

28 October 2024

Stock Exchange Stats

BSE Weekly Gainers & Losers

Market Overview (21 October- 25 October)

The main Bulgarian index SOFIX decreased this week by 0.85% to 847.18 points. The broad index BGBX40 decreased this week by 1.60% to 167.02 points and BGREIT decreased less this week to 211.07 points, down by 0.30%.

Corporate News

Telematic Interactive (TIB) announced their Q3 results, where they show increased revenues by 12.3% YoY to BGN driven by the 11.2% YoY growth in revenues to BGN 85.7mln from casino games, but also the 29.4% YoY increase to BGN 6.8mln in sportsbetting. Active clients increase by 5% as well as average revenue per client by 7%. Conversion rate more than doubles from 35% to 74%. EBITDA and Net Profit, however, were hurt because of the soaring expenses for external services (19.7% to BGN 47.5mln) and personnel (44.6% to BGN 7.1mln). EBITDA dropped 10.8% to BGN 17.4mln and Net Profit decreased 9.2% to BGN 15.9mln. Further comments can be seen in our upcoming Q3 review of the company, existing reviews are at Telematic Interactive Bulgaria AD – SIS.

Neochim (NEOH) announced their Q3 results where revenues drop by 19.2% YoY to BGN 177mln. The massive drop of the prices of materials of 32.1% YoY to BGN 127mln, however, lead to nearly erasing the massive loss of BGN 23mln last year, which went down to BGN 1.3mln. Further comments can be seen in our upcoming Q3 review of the company, current reviews are at Neochim AD – SIS

BREF (BREF) announced that they will be holding a webinar discussing their Q3 results and performance. It will be on 05.11.2024 from 14:00 EET (GMT+3) and can be seen at: https://shorturl.at/f2VB2

Eleven Capital (11C) announced that they will be holding a virtual investor meeting on 13.11.2024 from 15:00 EET (GMT+3) discussing current performance and future opportunities. https://lu.ma/e3l5o8i0

Wiser Technology / Bianor (BNR) announced that following the merger of Triller Hold Co LLC, in which they held 1,285,596 shares, with AGBA, they had been supposed to received 402,520 shares of the new entity considering the announced methodology of the reverse split. On 22.10.2024, however, Bianor received notification from the transfer agent Continental Stock Transfer & Trust Company for 311,957 shares. With regards to this discrepancy of 22.5% of the value of their investment, Bianor has started investigation and is communicating with all sides to clear out the issue. Further developments will be communicated as soon as they are received.

EMKA AD (EMKA) announced their Q3 results where sales increased 14.9% to BGN 122.9mln.The growth of OPEX, however, with 16% to BGN 113.7mln, primarily due to the growth of materials by 17.5% to BGN 101.1mln, lead to profit remaining practically the same at BGN 8.2mln (a marginal drop of 0.5%).

Stara Planina Hold (SPH) announced Q3 results, where sales drop 32.97% on consolidated level to BGN 196.7mln. The biggest contributor for the negative development this year is its largest company M&S Hydraulic (MSH), whose sales have dropped over 44% till end of September (BGN 102mln). Other major companies in the group marked decreases as well – Hydraulic Elements & Systems (HES) dropped 17.6% to BGN 56.5mln and Elhim Iskra (ELHM) decreased by over 14% to BGN 26mln.

Sopharma (SFA) announced that for the 9 months of 2024 they have realised sales that are decreased by 8% driven by the decrease of 16% of exports predominantly targeted at Russia and the countries from the former USSR. Domestic sales marked a 5% increase.

Economic News

• no economic news this week

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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