Wednesday, 25 Novemberr 2009
BETA SECURITIES SA
Member of the Athens Stock Exchange

Market Comment
The Greek market ended 0.8% lower yesterday, with the banking sector losing
1.32% despite its intraday gains. NBG closed 0.44% higher at €22.80 with 2.6m
shares traded. Trading volume reached €188.8m.
For today’s session EFG will be on the spotlight, while a mixed picture is
expected for the market.

Corporate
Emporiki Bank / Said its Emporiki Finance unit issued a three -year 500
million euro floating-rate note to foreign institutional investors. The note, due
Nov. 19 2012, pays a coupon based on three-month Euribor plus 57 basis points.
PPC / Greece on Tuesday named renewable energy expert Arthouros Zervos to
head state-controlled Public Power Corp. The Greek state, as a shareholder, is
going to propose Mr. Zervos to the Dec. 15 extraordinary general assembly of
PPC Professor Zervos is president of the European Wind Energy Association
and member of the board of PPC's renewables unit.

Results Preview

TITAN / Results after market today
Sales are expected at 1052.1m euros from 1184m euros a drop of 11.1%. Ebitda
is expected at 248.7m euros from 289.3m euros a 14% decrease. Net income is
expected to post a 42% drop, hurt by weak construction activiy in home and in
the US reaching 94.1m euros.

Results

EFG / Eurobank delivered a solid set of Q309 financial results, with net income
coming in at €111m above consensus estimates (€103m). Q309 net income rises
by 26.6% q-o-q the best performance among its peers. Eurobank generated a
solid pre provision profit of €414m in Q309. On a y-o-y basis 9m09 net profit
registered a 56% drop to €280m from €647m in 9m08. Q-o-Q net income
demonstrated a solid increase of 26.6%. 9m09 NII came in at €1,733m down by
2.5% y-o-y. 9m09 NIM came in at 280bps vs 320bps in 9m08.9m09 fee income
came in at €3646m down 27% y-o-y. Cost containment is running hot in EFG
Eurobank with operating expenses decreasing by 6.6%t y-o-y the best
performance among its peers (NBG +6% y-o-y)
Eurobank’s management in a proactive manner increased provisions for
impairment losses by 106% y-o-y to €853m with our estimates at €966m for the
full year. In Q309 the group increased its provisions to 2.20% of average net
loans, from the 2.09% in Q209 and 1.89% in Q109. Non-performing loans
increased to 4.90% of gross loans, from 2.7% at 9m08. The stock of provisions
cover 60% of NPL’s according to the management.
ROE after tax and minorities declined to 6.6% in 9m09 from 20.1% in 9m08.
However we like the bank’s NIM coming in at 2.8% among the best in the
sector (with the exception of NBG at 4.00%) indicating the bank’s ability to
proceed gradually to loans’ repricing.

Fourlis / Net profit dropped 32% on lower demand for its home goods and
unfavourable base effects. Fourlis said net profit fell to 23 million euros from
34 million a year ago. In the third quarter last year, results were boosted by oneoff
pretax gains of 12.2 million euros from an asset sale.
Electronic goods wholesale business in Romania also weighed on the bottom
line.
Group sales fell 6.3% to 512 million euros, with revenue from its four IKEA
stores in Greece and Cyprus down 1.4% to 230 million euros as recession hit
consumer spending.

Piraeus Port Authority / Net profit in the nine months to September rose to 3.6
million euros from a loss of 0.6 million euros in the same period last year.
Turnover rose 22 percent to 96 million euros.

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