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15.08.2018

Advance Terrafund bought 640 daa and did not sell agricultural land in July’18 (NEUTRAL)

Advance Terrafund REIT bought 640 daa land at an average price of BGN 945/daa in July’18 and sold none of its holdings. The total portfolio of the fund reached 222 023 daa agricultural and 133 daa urban land. The management’s guidance for rental revenue for the 2017-2018 agricultural yea...

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14.08.2018

Bulgaria’s flash Q2’18 GDP up by 0.8% QoQ and 3.4% YoY

According to flash estimates of NSI, Bulgaria’s seasonally adjusted Q2’18 GDP matched the growth of the earlier quarter by adding 0.8% QoQ, but slowed down to 3.4% YoY, reaching BGN 26.0bn (current prices), while the seasonally adjusted GVA grew by 0.6% QoQ and 3.1% YoY to BGN 18.5bn. Th...

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14.08.2018

HICP inflation up 1% MoM, reaches 3.6% YoY in June’18

Bulgaria’s July’18 harmonized consumer price index /HICP/ rose at the fastest rate in two years, adding 1.0% MoM. On an annual basis, HICP continues to accelerate, reaching 3.6% in July, the highest increase since March 2011. The prices of food and non-alcoholic drinks, which have the ...

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13.08.2018

Korado proposes a gross BGN 0.10 interim dividend per share (POSITIVE)

The shareholders in Korado Bulgaria would vote on the distribution of BGN 1.3m out of H1 earnings. The BGN 0.10 gross DPS (BGN 0.26 for the full 2017) represents 2.8% annualized yield at the current stock price. The payout ratio for the period is 41% (67.8% out of 2017 net earnings). The GSM is sche...

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10.08.2018

H1’18 total exports rise 1.6%, the trade deficit nearly doubles

Bulgaria’s June’18 exports (FOB) to third countries declined for an 8 straight month, decreasing by 8.3% YoY to BGN 1.4bn while the imports (FOB) surged by 15.3% YoY to BGN 1.9bn, resulting in BGN 0.5bn trade deficit (+445% YoY). Exports to the EU in June’18 rose by 4.3% YoY, reach...

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10.08.2018

The tourist revenue up 6.5% YoY in June’18; the overnight stays up 4.5%

The overnight stays in Bulgarian hotels reached 4.1m in June’18, up by 4.5% YoY. The revenue from overnight stays added 6.5% YoY, reaching BGN 200.3m, as the proceeds from foreign and Bulgarian tourists advanced by 6.4% and 7.2% YoY, respectively. The total number of tourists was up by 6.7% Yo...

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10.08.2018

The BGN 8m capital increase of Lavena starts trading on 14th of August (NEUTRAL)

The equity issue of Lavena will add 7 999 525 new shares as of 14th of August, BSE announced. The company increased its equity 25 times by distributing a stock dividend to investors, raising share capital from BGN 0.3m to BGN 8.3m. The lavender oil and cosmetics producer is 75.46% majority owned by ...

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09.08.2018

The June’18 retail trade increases by 0.4% MoM and 6.1% YoY

The June’18 seasonally adjusted turnover in the retail trade (excluding motor vehicles and motorcycles) rose for a fourth month in a row, gaining 0.4% MoM, while the working day adjusted retail trade turnover added 6.1% YoY. The highest monthly increases were accounted in the sales of pharmace...

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09.08.2018

H1'18 Eurohold insurance revenue falls; EBITDA increased 12% YoY to BGN 19.4m (NEUTRAL)

Eurohold Q2'18 revenue was down 15% YoY to BGN 299m (-1% QoQ), mostly affected by lower revenue in the insurance business (-23% YoY; -7% QoQ). Gross premiums in Romania continued the trend from last quarter, coming at BGN 98m, -27% YoY. The car dealership division continued to perform well, increasi...

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09.08.2018

Trace Group Hold signs 2 contracts worth BGN 13.5m (POSITIVE)

Trace Group Hold announced that it has signed 2 contracts for the total amount of BGN 13.5m. The first one is for rehabilitation of 7.7km Bulgaria blvd in Sofia for the amount of BGN 11.6m (no VAT) with completion term of 135 days. The second one is for reconstruction of streets in Lovech for the am...

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09.08.2018

June’18 construction production falls by 0.7% MoM, down 2.9% YoY

The seasonally adjusted index of construction production was down 0.7% MoM in June’18 and had remained choppy since the start of the year. Building construction was down for a second month in a row, while the index for civil engineering broke a two months of consecutive increases. Annually, th...

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08.08.2018

Industrial production up by 1.0% MoM and 3.6% YoY in June’18 after recovery in mining & quarrying

Bulgaria's industrial production index gained 1.0% on a monthly basis in June’18, after being up 1.8% MoM in May. The working day adjusted index, which has been volatile since the start of the year, shot up by 3.6% YoY in June after recovery in mining & quarrying industry. On a monthly bas...

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08.08.2018

Doverie United Holding subsidiary increases stake in Doverie Briko to 99.93% (NEUTRAL)

Doverie Capital, a subsidiary of Doverie United Holding, has acquired 45% stake of Doverie Briko from Mr. Bricolage S.A. and its subsidiary Windspell Ltd. As a result, Doverie Capital increased its stake in Doverie Briko to 99.93%. The terms of the transaction were not announced. Doverie Briko hol...

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08.08.2018

Amendments in REIT regulations allow investment of 30% of assets in SPVs

New legislation allows REITs to invest up to 30% of their asset in SPVs operating exclusively in real estate (e.g. investment in real estate and related rights, construction, renting and leasing). This would be possible, however, only if the former has a control of the latter. Furthermore, a REIT wo...

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07.08.2018

FSC issues temporary ban on Industrial Holding Doverie buy-out bid for Hydroizomat (NEUTRAL)

The Financial Supervision Commission (FSC) issued a temporary ban on Industrial Holding Doverie’s tender offer for Hydroizomat. In June, the acquiring company surpasses the 2/3 threshold reaching 89.05% stake which requires it to offer minority shareholders a price on which they could sell the...

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07.08.2018

July’18 consumer confidence down by 0.6 pp

In July 2018, the total consumer confidence indicator decreased by 0.6 pp to its level 3 months ago entirely as a result of the decreased confidence among rural population. The consumers’ opinions about the development of the economic situation in the country over the last 12 months as well as...

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06.08.2018

Trace Group Hold takes part in two consortiums in BGN 908m public tenders bid (NEUTRAL)

Trace Group Hold and China Communications Construction Company (CCCC) have jointly submitted two bids in a railroad reconstruction public tender. The companies formed two separate consortiums, which bid to carry out the reconstruction of two parts of the Elin Pelin – Kostenets railway – ...

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03.08.2018

Sopharma’s July sales up 10% YoY (NEUTRAL)

Sopharma reported 10% YoY increase in its July’18 unconsolidated sales, where its exports grew by 14 % and its domestic sales by 3% YoY. The 7-mo’18 unconsolidated sales dropped by 6% YoY, as the exports and domestic sales were down 6% and 5%, respectively.

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03.08.2018

Vivacom former fighting telco’s 2015 auction

V2 Investments, former indirect owner local telecom Vivacom, has filed a lawsuit in the High Court in London demanding return of the asset. It was auctioned off to a consortium of investors with the participation of Russia state-run bank VTB in 2015 for EUR 330m due to a default on debt. According t...

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02.08.2018

The Q2’18 issued building permits increased QoQ but declined YoY

Building permits for a total of 1 476 residential, 32 administrative, and 1 274 other buildings were issued in Q2’18, according to NSI data. The issued residential permits had 1 023.7k sq. m. corresponding build-up area, the build-up area of the administrative permits was 34.4k sq. m., and the...

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