SHELLY GROUP ACQUIRES TROUBLED SMART LOCKS PRODUCER
15 July 2024
Stock Exchange Stats
Index | Close | Weekly Change % | YTD |
SOFIX | 863.83 | 1.32 | 12.90 |
BGBX 40 | 169.43 | 0.82 | 7.32 |
BGREIT | 190.22 | -0.05 | -0.04 |
Index | P/E | EV/S | P/BV |
SOFIX | 7.52 | -0.07 | 1.83 |
BGBX 40 | 10.95 | 0.30 | 1.82 |
BGREIT | 18.40 | n/a | 2.27 |
BSE Weekly Gainers & Losers
Top Gainers | Price | Change % | ||
BRP | Bulgarian River Shipping | 0.65 | 11.11 | |
BBRD | Billboard AD | 0.46 | 9.62 | |
SLYG | Shelly Group | 74.80 | 7.16 | |
BNR | Bianor Holding | 6.20 | 6.90 | |
TCH | TK Hold | 7.00 | 6.09 |
Top Losers | Price | Change % | ||
LOMP | Lomsko Pivo | 0.16 | -9.60 | |
GAMZ | Severcoop Gamza Holding | 4.00 | -8.68 | |
PET | Petrol AD | 0.80 | -6.98 | |
11C | Eleven Capital | 17.70 | -6.35 | |
SFB | Sopharma Buildings | 12.50 | -4.58 |
Market Overview (8 July – 12 July)
The main Bulgarian index SOFIX increased this week by 1.32% to 863.82 points. The broad index BGBX40 increased this week by 0.82% to 169.43 points and BGREIT decreased this week to 190.22 points, down by 0.05%.
Corporate News
Sirma Group (SGH) – announced a dividend for 2023 in the amount of BGN 0.02 per share representing 1.72% dividend yield for a total amount of BGN 1.15mln.
Shelly Group (SGH) – announced the acquisition of the producer of smart door locking systems LOQED B.V., which is going through bankruptcy proceedings. The acquisition is for EUR 150,000 and includes all physical and intellectual property assets, as well access to their production partner in China, the materials suppliers and all major counterparties. Shelly Group expects this acquisition to be very beneficial to expanding the product portfolio and the contribution towards revenues and profit to be noticeable 2025 and forward.
Additionally, the company announced preliminary results for the first 6 months. The company revenues increase by 49% to BGN 81.6 (EUR 41.7mln). Unaudited consolidated financial results for H1 2024 will be announced on 14.08.2024.
Sopharma Properties (SFI) – announced a dividend for 2023 in the amount of BGN 0.16 per share representing a 1.7% dividend yield for a total amount of BGN 3.5mln.
Trace Group (T57) – announced that the joint venture “TRP Burgas 2023” with Patstroi VDH where Trace Group holds 50%, has won the contract for maintenance and reconstruction of the road network in Burgas. The contract is for BGN 161.6mln and is for 48 months.
Economic News
The trade deficit widened sharply to BGN 1,249 million in May from BGN 791 million in the corresponding month of the previous year, preliminary estimates showed. Exports declined by 9% YoY to BGN 6,669 million, driven by lower shipments to both the EU (-5.2%) and non-EU countries (-16.8%). Meanwhile, imports also fell YoY by -2.8% to BGN 7,918 million, due to lower purchases from the EU (-15%). In contrast, imports increased from non-EU countries (+16.4%). In the first 5 months of the year, the country’s trade gap increased to BGN 5,590 million from BGN 3,760 million in the same period a year earlier.
Industrial production slumped 6.3% YoY in May, slipping further from an upwardly revised 0.4% fall in the previous month. This marked the 17th consecutive month of falling industrial activity, as output continued to fall sharply for mining & quarrying (-15.6% vs -7.7% in April) and manufacturing (-6% vs -1.8%). Moreover, output tumbled for electricity, gas, steam & air-conditioning supply (-1.1% vs 9.9%). On a seasonally adjusted monthly basis, industrial production dropped 3.3% in May, shifting from a 2.8% rise in the previous month.
Construction output grew by 4.5% YoY in May, accelerating from a revised 3% rise in the previous month. Civil engineering remained steady (at 3.5%), while building construction rebounded (0.02% vs -0.5% in April).
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
The report can be downloaded in a pdf format here.
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