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18.09.2019

Bulgartransgaz signs a EUR 1.1bn contract for construction of a 484 km pipeline

The Bulgaria's gas transmission operator Bulgartransgaz has signed a EUR 1.1bn contract with Saudi-led consortium Arkad for the construction of an extension of Gazprom's TurkStream pipeline toward Serbia. The project will be implemented in two stages within a 615-day period. Bulgartransgaz and Ark...

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18.09.2019

Korado approves a buyback and BGN 0.10 gross DPS (NEUTRAL)

At the EGM, held on 18 September, the heating solutions manufacturer decided to distribute BGN 1.3m to common shareholders out of the H1’19 net earnings (40.9% payout). The amount per share of the 6-mo dividend is flat YoY at BGN 0.10 gross DPS with a 4.4%* yield. Another important decision is...

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18.09.2019

Allterco calls a GSM to discuss dividend distribution of up to BGN 2.7m (NEUTRAL)

The company will hold a shareholders meeting on October 25th 2019. The focus of the meeting will be the distribution of dividend for a total amount of BGN 2.7m, consisting of BGN 103.9k from the additional paid-in capital, BGN 419.3k from 2015 retained earnings (RE), BGN 494.2k from 2017 RE, BGN 582...

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18.09.2019

Neochim plans to sell ammonia production a few days after the annual maintenance (POSITIVE)

Neochim announced that it has finished its annual equipment maintenance and ammonia production will restart in a few days. The management even plans to have realized a “Neofert” production by September 21st. Despite the high prices of natural gas (key raw material) and CO2 quotas, the co...

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17.09.2019

BNB sets the countercyclical capital buffer rate for Q4’20

The Bulgarian National Bank (BNB) set the countercyclical capital buffer rate applicable to credit risk exposures in Bulgaria at 1% for Q4’20. The move is aimed to reflect the cyclical systemic risk. The credit-to-GDP ratio amounts to 95.3% at the end of Q2’19. Its deviation from the lon...

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16.09.2019

Aug’19 HICP rises 0.2% MoM and 2.5% YoY

Bulgaria’s Aug’19 harmonized consumer price index /HICP/ increased by 0.2% MoM, which brought the YoY inflation to 2.5%. The prices of food and non-alcoholic drinks, which have the largest weight in the index, increased by 0.4% MoM (+5.1% YoY) as did the aggregates for transportation and...

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16.09.2019

Advance Terrafund’s portfolio grows by 431 daa in Aug’19 (NEUTRAL)

Advance Terrafund REIT bought 800 daa of land at an average price of BGN 1 020/daa in Aug’19 while 369 daa paid in advance exited the fund. On net, the portfolio increased by 431 daa MoM (+0.19%). The latter reached 230 545 daa agricultural and 133 daa urban land. The expected revenue for th...

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16.09.2019

Sopharma divests another 5.6% of Momina Krepost (NEUTRAL)

Sopharma decreased its stake in Momina Krepost, a manufacturer of medical consumables, to 65.07%. It sold an additional 5.6% of the company at BGN 3.16 per share for a total of BGN 0.3m. The buyer is undisclosed as the transaction happened on BSE.

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13.09.2019

Gradus to vote on a 6-mo dividend of BGN 0.022 at an EGM on October 25th (NEUTRAL)

Shareholders of the Gradus will have to decide on distribution of BGN 5.4m as dividends. This translates to DPS of BGN 0.022 and a 7.2% yield* and a 34.4% payout for the respective period (H1’19). In case of approval, the payments will start on November 26th 2019. *based on last price BGN 1...

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13.09.2019

CCB retains 2018 net profit (NEUTRAL)

At this year’s GSM, Central Cooperative Bank (CCB)’s shareholders decided to retain last year’s earnings of BGN 30.8m and transfer them to the reserve account of the bank. Although no one voted “Against” the proposal, the decision was not completely unanimous as 11.7m (...

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13.09.2019

Sopharma Properties’ capital raise was successful (NEUTRAL)

The REIT confirmed that the capital raise was a success and that only 16 of the 462k ordinary shares offered were not subscribed. The capital raise brought the company BGN 3m fresh capital.

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13.09.2019

Doverie Capital sells Riton P (NEUTRAL)

Doverie Holding’s subsidiary sold its interest in clothing manufacturer Riton P, equal to 244.6k shares (83.1% of the capital). Riton P had shareholders’ equity of BGN2m as of 2018, and had sales of BGN 1.7m. Earlier this year Riton P had already finalized the repurchase of 871.7k shar...

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11.09.2019

Moody's affirmed Municipal Bank’s long-term deposit rating at Ba3 and changed the outlook to negative from stable

Moody’s Investors Service (Moody’s) affirmed Municipal Bank’s Ba3 deposit rating, reflecting the view that the bank's standalone profile continues to be driven by high reported capital metrics, a deposit based funding structure and high liquidity, balanced against high problem loan...

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11.09.2019

Jul’19 revenue in tourism grows by 2.9% YoY; overnight stays increase 0.1% YoY

Overnight stays in Bulgarian hotels were 6m in Jul’19, 0.1% higher YoY. The most significant increase was registered in 3-star accommodations (2%). Monthly revenue rose by 2.9% YoY and amounted to BGN 345.8m, as the proceeds from Bulgarian tourists advanced by 19.9% while those from foreign vi...

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10.09.2019

BSE announced the index changes; Monbat and Albena return to SOFIX

Monbat [5MB] and Albena [6AB] are returning to SOFIX and replacing M+S Hydraulic [5MH] and Stara Planina Hold [5SR] amongst the 15 blue chips. In BGBX40, Holding Nov Vek [6N3], Bravo Property Fund REIT [BPY], Yuri Gagarin [4PX], Alcomet [6AM] and Odessos Shiprepair Yard [5ODE] will replace Velgraf...

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10.09.2019

Jul’19 industrial production slightly increases by 0.8% MoM; loses 0.9% YoY

According to preliminary data by NSI, after decreasing for four months, Bulgaria's industrial production index went up by 0.8% MoM in July. However, the working day adjusted index fell by 0.9% YoY. On a monthly basis, the production in the mining & quarrying sector increased by 6.9% (+4.4% YoY...

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10.09.2019

Jul’19 construction production increases by 1.7% MoM and by 4.3% YoY

Bulgaria's Jul’19 construction production index gained 1.7% MoM. On top of that the working day adjusted index rose by 4.3% YoY. On a monthly basis, the production in building construction and the index for civil engineering both grew by 1% and 2.6%, respectively. However, the YoY adjusted dat...

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10.09.2019

Jul’19 retail trade gains 1% MoM and 3.7% YoY

The Jul’19 seasonally adjusted turnover in retail trade (excluding motor vehicles and motorcycles) slightly increased by 1% MoM and 3.7% YoY. On a monthly basis, the revenue in all segments went up with the most significant gains reported in computers and telecommunications equipment (+8.2% ...

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10.09.2019

Jun’19 assets managed by insurance companies grew by 7% YoY to BGN 8.1bn

By the end of Q2’19, insurance companies’ assets increased by BGN 532.4m, an increase of 7% YoY. On a quarterly basis they grew by 2.3% or BGN 184.5m. The assets of life insurance companies surged by 12.5% YoY and reached BGN 2.3bn (+3.7% QoQ), which pushed their share in total assets up...

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09.09.2019

Rodna Zemia Holding’s lists its newly issued shares on BSE (NEUTRAL)

Bulgarian stock exchange (BSE) registered the capital raise of the company and made them tradeable as of the 11th of September. At the event 20m new ordinary shares with nominal value of BGN 1.00 were subscribed. That brought the issue to a total of 56m, representing a 55.5% increase to the previous...

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