Frriiday,, 20 Novemberr 2009
BETA SECURITIES SA
Member of the Athens Stock Exchange


Market Comment
Despite its positive opening, the Greek market closed 1.26% lower
yesterday. Trading volume stood at €200.8m. The banking index shed
1.58%, with Proton Bank, Bank of Cyprus and Alpha Bank being its
only composites in positive sign. Piraeus Bank dipped 2.64%, NBG
ended down 2.54% at 23.43 euro followed by Eurobank(-2.47%). OPAP
also ended 0.49% lower at €16.32.


Corporate

PPC GA / Will hold an Extraordinary General Meeting on December
15, to vote for new board of directors.
EEEK GA/ Sets ex capital (€1.50) return date on November 25
9M2009 Results
ELPE GA/ 9M2009 net income and ebitda beat average forecasts
The company reported 9M09 net profit of €201m (+41% yoy) from
€143m in the same period last year, as the value of its oil inventories
rose. Earnings were above analysts’ average forecasts of €193.5m.
Stripping out the effect of crude prices on the company’s oil inventories
and other non operating items, adjusted net stood at €188m (+10%)
above estimates for €159.1m and vs. €171m the same period last year.
Ebitda stood at €349m, above estimates for €342.5m posting a 17%
increase. Clean ebitda reached €332m (+2% yoy) from €326m last year,
above estimates for €299.7m.
Net sales posted a 39% decrease at €4,899m from €7,982m.
TPEIR GA / 9M2009 net income and NII beat average forecasts
Net interest income reached €812m –6% yoy, better than estimates for
€808m.
Net profit at €219m, -50% yoy, due to the significant increase in
provisions, above estimates for €202.7m.
Net Interest Margin at 2.73% in Q309 from 2.60% in Q209 and 2.42%
in Q12009. Yet Net Interest Margin in Q308 was 3%.
Loans to deposits fell to 103.4% from 115%. Cost to income increased
to 51.8% from 48.9%.
Loans to households fell 4% with consumer loans posting a 8% drop.


World Economy

United States
Initial Jobless Claims (Nov 14) at 505K (consensus: 503K, previous
502K)
Continuing Jobless Claims (Nov 7) at 5611K (consensus: 5600K,
previous 5631K)
Leading Indicators (MoM) (Oct) 0.3% (lower than estimates, Sept: 1%)
Philadelphia Fed Manufacturing Survey (Oct) at 16.7 (better than
estimates, Sept: 11.5)

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