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27.05.2020

BSE audit lowers 2019 cons net profit to BGN 2.8m (NEGATIVE)

Bulgarian Stock Exchange audit of 2019 consolidated financials resulted in a 9% lower net profit, coming to BGN 2.8m, or an EPS of BGN 0.42 (BGN 0.46 in prelim accounts). The change came mostly on the back of increased D&A and hired service costs. On the balance sheet assets increased 4% vs. the ...

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26.05.2020

Speedy suggests BGN 2.00 gross DPS (POSITIVE)

At this year’s GSM Speedy’s shareholders will vote on BGN 2.00 gross DPS (+42.9% YoY). The latter corresponds to 60.7% payout and 3.8% yield. Should this proposal get approved, shareholders would receive a total of BGN 10.8m in dividends. The remaining c. BGN 7m will be transferred to retained earni...

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26.05.2020

Telelink Business Services Group 2019 financial report little changed after audit (NEUTRAL)

Telelink Business Services Group audit for 2019 left the income statement nearly unchanged, bottom line down BGN 2k to BGN 8 152k. On the balance sheet minor changes were made to decrease Inventories and PPE, with a decrease in Other current and non-current liabilities on the Liabilities side.

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26.05.2020

Stara Planina Apr’20 sales continue decreasing; May is expected to register 35.4% YoY slump (NEGATIVE)

Stara Planina Apr’20 revenue amounted to BGN 17.1m (-15.8% YoY) but still 3.9% above management’s projections. YTD sales gap further expanded to 11.1% YoY and consolidated revenue amounted to BGN 73.3m. May forecasts are for 35.4% YoY slump in monthly revenue (BGN 13.4m), which translates to 16.0% Y...

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26.05.2020

FFP's Santa Marina will receive tourists as usual (NEUTRAL)

Fairplay Properties REIT announced that the holiday village Santa Marina is functioning. As for the retail facilities, despite the termination of the contract with Fairplay Properties Management, announced last week, some of the other restaurants and amenities are open and there are negotiations for...

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22.05.2020

M+S Hydraulic’s Apr’20 sales lose 4.7% YoY; EBT margin worsens 3.2 p.p. YoY (NEGATIVE)

M+S Hydraulic reported Apr’20 sales of BGN 9.7m, representing a 4.7% YoY decrease, but still 3.7% higher than the management guidance for the month. YTD revenue lost 5.3% to BGN 37.6m. April pre-tax profit (BGN 1.2m) was 23.7% lower YoY, which pushed its margin down by 3.2 p.p. to 12.8%. The YTD EBT...

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22.05.2020

HES Apr’20 sales drop 23.3% YoY; management expects 39% decline in H1’20 EBT (NEGATIVE)

Hydraulic Elements and Systems reported that revenue in April amounted to BGN 4.2m (-23.3% YoY), which was slightly higher than the management guidance for the month (+2.8%). YTD revenue (BGN 20.5m) registered a 15.6% drop. Pre-tax earnings stood at BGN 295k for Apr’20 and the YTD EBT stood at BGN 2...

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22.05.2020

Elhim Iskra Apr’20 sales lose 29.0% YoY; Management projects a 30% slump in H1’20 revenue (NEGATIVE)

Elhim Iskra’ sales in Apr’20 reached BGN 2 278k (-29.0% YoY). Pre-tax earnings were again negative and stood at BGN 193k, while a year ago EBT was positive and amounted to BGN 105k. YTD sales were BGN 10.4m (-21.6% YoY). 4-months pre-tax earnings registered a loss of BGN 316k, less than the BGN 416k...

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22.05.2020

Fairplay Properties REIT loses another rent contract (NEGATIVE)

Fairplay Properties Management has terminated the contract for rent of Fairplay Properties REIT's Santa Marina – holiday village in Sozopol. The reason for the cancellation of the contract is the state of emergency and all the restrictions, affecting tourism because of it. Please recall that earlier...

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21.05.2020

Doverie Q1’20 consolidated net income declines 70% YoY (NEUTRAL)

Doverie United Holding booked BGN 2m consolidated net income after minority interest in Q1’20, down by 70% YoY. The reason for the decline is the BGN 10m one-off gain on sale and acquisition of stakes in subsidiaries in Q1’19. Note that the comparison between the periods is not relevant as the holdi...

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21.05.2020

Korado approves BGN 0.19 annual dividend for 2019 (NEUTRAL)

The heating solutions manufacturer’ shareholders decided to pay back BGN 2.5m in dividends. This translates to a DPS of BGN 0.19 for H2’19. Please recall that semi-annual dividend of BGN 0.10 for H1’19 was paid in October 2019. On an annual basis, the dividend is flat with a 5.2% yield and 89.6% pay...

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21.05.2020

Stara Planina will pay a BGN 0.25 gross DPS (NEUTRAL)

Stara Planina approved BGN 0.2456 (4.9% dividend yield) annual gross DPS for 2019, which represents a minor 1.5% increase YoY. Total amount to be paid is BGN 5.1m and it corresponds to a 79.2% pay-out ratio. Ex-date is June 2, 2020. Payments will start on July 10, 2020 and will last for 3 months. Th...

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19.05.2020

New passenger car registrations tumble 72.6% YoY in April

New passenger car registrations in Bulgaria were down 72.6% YoY to 824 vehicles. YtD the decrease is 40.9%. April decrease in the EU was 76.3% YoY, to 271k vehicles.

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19.05.2020

M+S approved a BGN 0.26 DPS for 2019 (NEUTRAL)

At the GSM this year, shareholders of M+S Hydraulic voted unanimously in favour of a BGN 0.26 DPS for 2019 (-13.3% YoY). The latter corresponds to a pay-out ratio of 86.7% and a yield of 4.4% to the last stock price. Ex-dividend date is May 30, 2020. This continues the tradition of uninterrupted div...

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19.05.2020

Elana Agrocredit with only 8 deals in Apr’20 (NEUTRAL)

Elana Agrocredit reported a 67.4% YoY drop in April’s new leases (BGN 0.3m*). The company financed the purchase of 268 daa (-69.0% YoY) of agricultural land during the month at BGN 1 011 per daa (+5.0% YoY). YTD average price per daa was BGN 935, +1.4% YoY. Short term loans remained flat MoM a...

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19.05.2020

Fairplay Properties REIT loses Bansko hotel tenant (NEGATIVE)

Fairplay Properties Management has terminated the contract for rent of Fairplay Properties REIT's St. Ivan Rilski - Hotel and Apartments in the ski resort of Bansko. The reason for the move is the state of emergency continuing for more than 2 months.

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18.05.2020

Apr’20 HICP loses 0.4% MoM and gains 1.3% YoY

Bulgaria’s Apr’20 harmonized consumer price index /HICP/ turned negative again on a monthly basis and fell 0.4%. On an annual basis, however, it added 1.3%. Prices of food and non-alcoholic drinks, which have the largest weight in the index, advanced by 0.6% MoM (+6.1% YoY). Prices of ut...

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18.05.2020

Mar’20 current account turns negative; FDI surge 71.2% YoY

Mar’20 current account balance was negative at EUR 40m (+58.7% YoY) bringing down the YTD surplus to EUR 0.5bn (0.8% of GDPe*), which represents a 118.2% YoY surge. Total exports for the first three months of 2020 inched forward by 0.1% YoY to EUR 7.0bn, while imports during the same period fe...

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18.05.2020

Dividend distribution is not on the table for Albena shareholders (NEUTRAL)

The company published the invitation for the GSM, which will take place on June 20, 2020. Dividend distribution is not on the agenda. According to the announcement, 2019 net profit is proposed to be transferred to retained earnings. However it is not unexpected as tourism suffered both in 2019 &ndas...

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18.05.2020

Doverie doesn’t propose a dividend for 2019 (NEUTRAL)

The holding calls a GSM on June 24, 2020 with no dividend distribution on the agenda. Stand-alone net earnings for 2019 (BGN 1.5m) will be most likely transferred to the reserves. This is not uncommon for the company as it hasn’t paid dividends since 2006. Note that Doverie United Holding rep...

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