Daily Report - Euro2day.gr

WORLD EQUITY INDICES
Value % Chg % Chg y-t-d
Dow Jones 10,384.64 1.24% -3.69
S & P 500 1,175.65 1.25% -2.99
Nasdaq 1,962.23 1.51% -9.80
FTSE-100 4,882.50 0.44% +3.26
CAC-40 3,987.63 0.80% +4.36
Xetra DAX 4,264.35 0.44% +0.19
Nikkei 225 11,002.11 0.00% -4.24
Corporate Results
US: Activision, Alliant Techsys, Allied Motion, Ashford Hospital, Blockbuster,
Broadwing, Cablevision, Compuware, Cvs, Easylink, Echostar, Fuel-Tech,
Gillette, Global Inds, Globalsantafe, Icos, Immunogen, Jarden, Jones
Apparel, Lexington, Mcafee, MCI, Onyx Pharm, Pac-West Telecom,
Playboy, Qualstar, Reliant Energy, Steinway Musical, Teletech Hldgs, TXU,
Unisource Energy, Vintage Petro, Watson Wyatt&CO, Weight Watchers,
Western Gas.
UK: Imperial, Smith&Nephew.
Top Macroeconomic News
Date Country Macroeconomic Indices Εst. Actual
05/05
UK 11:30 PMI Services (survey) Apr. 56.5 -
US
15:30 Nonfarm Productivity 1q
15:30 Unit Labor Costs 1q
15:30 Initial Jobless Claims May 1
15:30 Continuing Claims Apr 24
16:30 Fed´s Greenspan Speaks at Chicago
Fed Conference on Banking
1.8%
2.0%
323K
2595K
2.851
2.844
2.837
2.830
2.823
2.816
2.809
2.802
2.795
11:01 11:31 12:00 12:29 13:00 13:29 13:58 14:55 15:27 15:57
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General Index 52-weeks
IDX General ASE (2,868.56, 2,873.80, 2,852.76, 2,868.45, -0.33008)
2.1%
1.3%
320K
2555K
220
220
x10
x10
ay June July August September October November December 2005 February March April May
320
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Daily Report Thursday May 5, 2005
Athens General Index: 2,833.08 (-0.03%) FTSE/ΧΑΑ 20: 1,573.02 (0.37%)
Change 52 week / y-t-d 11.54% / 1.68% Premium/Discount May '05: -0.63% -9.85 bp
Total Turnover: 175.5 mn eur / 227.3 mn usd Premium/Discount June'05: -53.23% -1,762.12 bp
Total Volume: 18.7 mn shares Premium/Discount July '05: bp
Block Trades Turnover: 31.9 mn eur / 41.3 mn usd Implied Volatility: 20.0%
Block Trades Volume: 3.2 mn shares FTSE/ΧΑΑ ΜΙD 40: 2,371.8 (-0.72%)
Total Market Cap.: 93.086 bn eur / 120.593 bn usd Premium/Discount May '05: -1.77% -41.87 bp
Ρ/Ε 2003 (cons. EBT): 15.42 Premium/Discount June'05: -30.12% -997.87 bp
Ups / Downs Shares: 0.31x Premium/Discount July '05: bp
FTSE/ΧΑΑ SMALL CAP 80: 457.03 (-0.76%)
FTSE/ΧΑΑ 140: 3,312.67 (0.18%)
Before the bell comment
The market managed to erase its losses during the last hour of the session, as the General
Index (.ATG) ended flat at 2833,08 points (-0,03%), after a moderate rise of trading activity.
Banks shares helped the market to rebound, as their .ATBA index gained 1,24%, while
telecoms remained weak, with .ATTC Index losing 1,14%.
The news that American billionaire Kirk Kerkorian doubles his stake in General Motors Corp.,
boosted automobiles shares in both sides of the Atlantic, helping major equity indexes to
move higher.
We expect the market to try to move to higher level at the start of the session, as a
technical rebound in telecoms is possible, and banks shares might continue to
recover.
Economic News
International
Europe
EU ECB leaves rates unchanged at 2%, in line with expectations
It appears that the ECB acknowledges that recent macro news flow is on the
downside, nevertheless, its overall assessment on price stability remains as
said, “ upside risks to price stability”, with Trichet emphasizing the “wait-andsee”
attitude. We therefore see quite possible the ECB to equip itself with some
more news flow ahead of the July rates meeting, but at this point, we give little
probability for a change in its policy at that meeting.
EU Retail sales rise 0.3% m-o-m, +1.4% y-o-y in March, above expectations
This is the sixth-in-a-row monthly rise, reflecting rather good news for growth in
the first quarter. Nevertheless, business sentiment data, pointed to a rather
different picture, probably indicating a softer picture in the coming period.
United States
US ISM non-Manufacturing index (April) settles at 61.7 from 63.1 in March
A rather soft reading, that was however expected. Employment index slipped but
stayed above the 50 index-mark.
Corporate News
EFG Eurobank (EFGr.AT) Q1 2005 forecast
According to Imerisia report, under Greek GAAP, Group’s Q1 ’05 net profit (after taxes
& minorities) will be increased by 25-27% y-o-y, to €110-112 mln. The shift in IFRS
standards is expected to have a minimal impact on net profit.
According to management’s forecasts, the Group is heading for a 15% y-o-y
growth in income, a 48% cost/income ratio, a 15% rise in dividend and an annual
EPS growth of 23%. They also target that up to 2009 at least 20% of Group’s
earnings will stem from foreign operations.
Intralot (INLr.AT) AGM´s shareholders meeting
© 2005 Investment Strategy & Analysis Department Τel. 210 69 70 500, Fax 210 64 50 278, www.omegabank.gr, analysis@omegabank.gr
Director: Kaltsoyannis Nikolaos , Analysts:Ioannis E. Noikokyrakis, Panagiotis G. Mallios Technical Analyst: Thomas B. Antoniou

35,000
28,000
21,000
14,000
7,000
OΜΕGA BANK Thursday May 5, 2005
0
639
20,865
Spot FX Rates
OPEN I NTEREST 20 OPEN INTEREST 40
728
21,302
697
21,758
818
21,178
833
22,884
846
23,275
864
22,927
882
23,215
923
23,470
916
23,390
955
22,878
18/04 20/04 22/04 26/04 28/04 04/05
EUR/USD 1.2952 EUR/JPY 135.14 USD/DEM 1.51
USD/JPY 104.35 EUR/GBP 0.68 USD/FRF 5.06
GBP/USD 1.9045 EUR/CHF 1.54 USD/GRD 263.1
USD/CHF 1.1914 EUR/HKD 10.09
Interest Rates
0
O/N 1M 3M 6M 12M
EUR 2.12 2.10 2.12 2.15 2.22
USD 3.04 3.07 3.21 3.43 3.72
JPY 0.00 -0.01 0.05 0.06 0.11
GBP 4.80 4.86 4.90 4.92 4.90
CHF 0.85 0.75 0.77 0.79 0.85
EURIBOR 2.104 2.125 2.141 2.184
Bonds Price Yield Spread* Yest Cls Chg
GGB 5ετές 100.72 2.941 0.16 102.93 -2.21
GGB 10ετές 100.23 3.667 0.27 112.26 -12.03
US T.BOND 111.75 4.592 111.73 0.02
* vs Germany´s spread
Oil Markets Gold
BRENT IST FWD MTH 51.33 $ / bb 430.15 $ / ounch
NYMEX CRUDE 50.35 $ / bb
Indices
Closing
Price
% y-t-d %
General Index 2,833.08 -0.03 +1.68
FTSE/ΧΑΑ 20 1,573.02 +0.37 +1.65
FTSE/ΧΑΑ Mid 40 2,371.80 -0.72 +2.68
FTSE/ΧΑΑ Small Cap 80 457.03 -0.76 -2.77
FTSE/ΧΑΑ 140 3,312.67 +0.18 +0.18
Bank P.I. 6,101.44 +1.24 -0.45
Insurance P.I. 516.12 +0.17 -12.99
Investment P.I. 919.86 -1.36 -7.44
Industrial P.I. 1,301.42 -0.38 +6.06
Construction P.I. 563.28 -1.81 -9.81
Holding P.I. 1,487.18 +0.24 +5.02
Basic Metals P.I. 381.71 -0.76 -12.26
I.T. Equipment Solutions P.I. 170.13 +0.02 -23.23
Publishing & Printing P.I. 319.57 -0.85 -9.53
Textiles P.I. 131.94 -0.73 -20.05
Retail Commerce P.I. 1,035.39 -0.62 +3.15
Non Metal. Min & Cement
P.I.
979.68 -1.70 +4.73
Information Technology P.I. 508.05 -1.24 +16.05
Telecommunications P.I. 1,094.53 -1.14 +1.53
Food P.I. 429.35 -0.47 +4.74
Wholesale Commerce P.I. 489.07 -0.44 -2.33
Real Estate P.I. 668.12 -0.52 +5.32
Oil Refineries P.I. 1,427.49 -0.16 +7.89
Composite Parallel Mkt 1,487.18 +0.24 +5.02
Total Return Main Mkt 3,255.67 -0.03 +2.60
Total Return Parallel Mkt 151.33 -0.51 +4.84
According to AGM´s shareholders, the company announced the period 28.04.04-
29.04.05 as the expiration period for the purchase of its own shares. It was also
approved bonus issue of 1 new to 1 old shares through capitalization reserves as well
as stock option plan issue for 1.2 mln shares at a €20 price. Finally, it approved the
issue of corporate bond at a maximum of €30 mln.
The General Meeting approved the distribution of dividend €0.96 per share (including
an interim dividend €0.40 per share), increased by 6.7% y-o-y with 4.3% yielding as of
yesterday’s price.
According to management guidance, Group’s 2005 turnover will be increased by
53% y-o-y to €500 mln and EBT will post a 27% y-o-y increase to €120 mln. He
also pointed out that in 2005 international activities are expected to contribute
75% of Group’s turnover and 53% of Group’s income before taxes.
Duty Free Shop (HDFr.AT) A €0.70 dividend per share or a %5.2% dividend yield
as of yesterday’s price
According to press release, the BoD will propose to the AGM, which is scheduled for
May 27, 2005, the distribution of €0.70 dividend per share for 2004, increased by
16.7% (5.2% yielding as of yesterday’s price) compared to €0.60 dividend per share for
2003.
According to 2004 financial statements release, consolidated turnover reached
€234.8 mln and EBT and after minorities increased by 9% y-o-y to €58.4 mln.
Jumbo (BABr.AT) 9-month financial results
According to 9-month financial results, consolidated turnover increased by 22.5% y-o-y
to €175.9 mln and EBT after minorities post a 43.5% y-o-y to €34.4 mln. Double-digit
growth EBT compared to turnover was due to financial expenses decrease by 14% y-oy
as well as minorities shareholders decrease after its subsidiary absorption in Cyprus.
For FY ending June 2005, Group revenue sales is expected to post a 20% y-o-y
increase to €226 mln while EBT (after minorities) will grow by 30% y-o-y to €45 mln.
We retain our positive outlook for the company, as it is able to enhance bottom
line performance through stores expansion in Greece and Cyprus.