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Professional reports on INVgr

Since INVgr's launch in December 1998, a vast amount of equity research, quantitative research, IPO, sector, industry, capital market, flash, strategy and other reports written by market professionals have been available in downloadable form (usually PDF) to INVgr's registered subscribers.

Selected, comprehensive company profiles, professional analysis and legal reports are also published on INVgr, which can only be accessed by INVgr's registered subscribers. The majority of these English-language reports, which are produced by market professionals, legal experts and analysts, are not available anywhere else on the Internet.

If you wish to gain unrestricted access to these reports but are not a subscriber of INVgr yet, please register on-line. Please note that access to any reports of these reports on INVgr is not possible, unless you are a registered INVgr subscriber [to register, click here].

Latest Research Reports on INVgr

European Reliance General Insurance SA -- Insurance:
Following AXA's recent acquisition of Athens-based Alpha Insurance SA for EUR 255 million and due to the fact that European Reliance is the only local insurance company that does...
[] [premium content] [full report]

Electroniki Athinon SA / Retail -- Home Appliances & Electronics:
EA is strategically expanding into the Balkans, beginning with Serbia with a pilot 2,500 m2 "megastore" that will most likely...
[] [premium content] [full report]

Proton Investment Bank SA / Financial Services:
Established in September 2001, Proton launched its operations in February 2002 and is about to merge with Arrow, Exelixi and Eurodynamic...
[] [premium content] [full report]

M.J. Maillis SA / Packaging - Machinery:
In view of the M.J. Maillis Group's restructuring programme and sales growth in the US and Europe, resulting to improved profit...
[] [premium content] [full report]

Arcadia Metal Ind. C. Rokas SA / Renewable Energy:
Following the acquisition of a strategic 21% stake by Spain's Iberdrola SA, C. Rokas' new 2005-2008 investment plan should transform the...
[] [premium content] [full report]

Gr. Sarantis SA / Cosmetics - Wholesale:
The company's recent international expansion, launch of new products in 14 countries, and entry into the Turkish market...
[] [premium content] [full report]

Financial, Economic, Derivatives & Strategy Reports

Daily stock market and Greek economy report

• Artion's daily commentary:
  Download a two-page PDF file containing Artion Securities SA's Morning Market Briefing, containing a daily update on the Greek economy, market and corporate highlights, useful economic data, Artion's "Comment & Macro", and information related to the Athens Exchange (ATHEX).

Daily derivatives reports:

• Artion's derivatives commentary

• FTSE/ASE 20 future report

• FTSE/ASE 20 options report

• FTSE/ASE Mid 40 future report

• FTSE/ASE Mid 40 options report

• Stock futures report

• Stock repos report

Reports on request

• Please contact us [this unique reports-on-request service is for INVgr's subscribers only].

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Legal Reports

These articles reflect the legal framework in effect at the time they were published. The law firms and/or attorneys at law are not responsible for the results of any action (or lack thereof) taken on the basis of information contained in this Web site and without advice from a law firm and/or attorney at law. INVgr's registered subscribers should obtain advice from a qualified professional when dealing with specific situations.

Legal report by IKRP Rokas & Partners, Attorneys at Law:

As one of the major law firms in Greece and throughout Southeastern Europe, IKRP Rokas & Partners enjoys a unique position as the only law firm with an active presence in most of the Southeastern European countries. As a full service international law firm, IKRP Rokas & Partners has the ability to serve the needs of its clients, be they international or Greek, in both the public and private sectors. To further strengthen its commitment to international clients, the firm has gradually established offices in Piraeus, Bucharest, Sofia, Belgrade, Skopje, Thessaloniki, Melbourne, Zagreb, Sarajevo and Budapest, providing prompt and thorough legal advice in a wide range of practice areas in many jurisdictions. IKRP Rokas & Partners has a broad network of professional relations throughout Greece and internationally and can also provide business advice through a consultancy corporation specialising in Southeastern European investments. Currently, the network of IKRP offices benefits from the contribution of more than a 100 professionals.

• Landmark decision concerning the provision of credit to customers by non-credit institutions in Greece:
  A landmark decision issued by the Governor of the Bank of Greece in January 2002 allows companies which are not credit institutions to provide consumer credit. The purpose of this decision is to allow large companies to provide their own credit services to customers -- such as in-store credit cards, car-purchase credit schemes, loyalty cards...
  [By Ms. Virginia Murray and Ms. Vassiliki Galanopoulou, IKRP Rokas & Partners.]

Legal reports by Sarantitis & Partners, Attorneys at Law:

Sarantitis & Partners is a leading law firm in Greece with offices in Piraeus, Athens and Thessaloniki, offering services for matters including corporate, commercial, banking, telecommunications,and maritime law.

• Employee's Secondment:
  The matter of employees' secondment is a subject which has recently caused various reactions from all parties involved. A practice which some years ago seemed unrealistic within the framework of operation and activity of business, is now a reality. Before the working practice of businesses applied the provisional and temporary supply or exchange of employees from one company to another, when these companies were associated or affiliated firms, companies of the same group, depending on the needs of each of them and with the aim of covering extra needs. But, in practice this meant that the employer, within its role of exercising its executory right and sometimes its disciplinary authority, was, in fact, acting against the principles of its employee at its sole discretion. [By Vassilis Chryssomalis, Attorney-at-Law (May/June 2002).]

• Operating regulation for companies listed on the Athens Exchange - part 2:
  In the enduringly competitive market environment in which enterprises are operating today, there is little doubt as to the benefits that may arise when operating an enterprise through the existence and the maintenance of an efficient operating regulation. It is advisable that companies should draw up such an operating regulation, not only for compliance purposes with the capital market committee's decision, but also for estimating and evaluating its benefit on a long-term basis. In such a case, the results might actually be significant. [By Mr. Vassilis Chryssomalis, Attorney at Law.]

• Companies investing in oceangoing shipping

Legal report by Mr. Vasileios K. Petalas, Attorney at Law, LLM:

• Greece's investment climate -- Openness to foreign investment:
  The Greek government encourages private foreign investment as a matter of policy. Investments are screened only when the investor wants to take advantage of government provided tax and investment incentives. In such cases, foreign and domestic investors face the same screening criteria. Greece restricts foreign and domestic private investment in public utilities (with the exception of cellular telephony and energy from renewable sources). There are also restrictions on land purchases in border regions and on certain islands (on national security grounds). U.S. and other non-EU investors receive less advantageous treatment than domestic or EU investors in the banking, mining, broadcasting, maritime, and air transport sectors.

New shipping law:

• Listing of Ocean-Going Cargo Shipping Companies on the Athens Exchange (ATHEX):
  New legislation determines the terms, conditions and procedures for indirect listing of transatlantic shipping companies of the stock market. Law 2843/2000 was amended by Law 2992/2002, providing a more functional institutional framework and guaranteeing more effective protection of investors by establishing stricter rules with respect to the transparency of Transatlantic Shipping Investment Companies (TSIC). Some of the new rules/regulations included in the amended law are...

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Sector & Industry Reports

ALCOHOLIC BEVERAGES

TOBACCO

• Cigarettes and tobacco -- Greece's commercial cigarette and tobacco sector (by Stat Bank Ltd.):
  In the Greek market the cigarette consumer trend has been on the increase since 1997. Annual cigarette consumption, which was 29.9 billion cigarettes in 1997, rose to 32.9 billion in 2001, an increase of 11%. This put the per capita consumption at 3,010 cigarettes per annum, the highest among the European Union countries. There are five tobacco industries in the Greek market -- Papastratos Cigarette Company SA, Karelias, Greek Cooperative Cigarette Manufacturing Company SA (SEKAP), Keranis, and Georgiadis -- as well as multinational companies marketing their products -- Philip Morris Hellas SA, British American Tobacco Hellas SA (formerly Rothmans), JT International Hellas SA, Reemtsma Hellas SA, Gallaher Hellas SA, and Scandinavian Tobacco Company Hellas SA. There are approximately 280 brands jostling in the Greek market for the favour of about four million smokers. Cigarettes reach consumers through the company distribution network and cigarette stores in kiosks, dime stores and gas stations.

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IPO Memos

Upcoming IPOs:

• IPO schedule (upcoming Initial Public Offerings in Greece)

IPO memos (in PDF format):

• Download Greek IPO memos in PDF format: [premium content]
  INVgr's registered subscribers have access to an extensive archive of English-language IPO memos published by several well-known, respected Greek brokerage firms. INVgr started publishing these reports in October 1999 and currently has approximately one hundred of such IPO memos in PDF format that can be downloaded on-line . Examples of such IPO memos published on INVgr include:

• Proton Investment Bank SA [December 15-19, 2005]

• Global New Europe Fund Portfolio Investments SA [September 14-17, 2005]

• Technerga - E. Tsambras SA [May 26-28, 2004]

• FHL Mermeren Kombinat AD - Prilep [April 28-30, 2004 -- Greek Market for Emerging Capital Markets (EAGAK); EAGAK was established in 2001; securities listed on this organised capital market are associated with the economies of countries of South-East Europe and the Balkans.]

• Delta Project SA [April 21-23, 2004]

• Alpha Grisin Infotech SA [March 15-17, 2004]

• Eurobrokers SA [March 10-12, 2004]

• Intramet SA [February 17-20, 2004]

• ELINOIL SA [February 12-17, 2004]

• SPRIDER SA [February 5-10, 2004]

• ILYDA SA [January 28-30, 2004]

• I. Kloukinas - I. Lappas SA [January 21-23, 2004]

• REVOIL SA [December 10-12, 2003]

• Public Power Corporation SA [October 22-24, 2003]

• Profile Systems & Software SA [October 8-10, 2003]

• Creta Farm SA [September 26, 2003]

• Marac Electronics SA [September 10-12, 2003]

• Piraeus Port Authority SA (OLP) [July 23-25, 2003]

• KRI-KRI SA [July 16-18, 2003]

• Interfish Aquaculture SA [July 4-8, 2003]

• Astra Investments SA [July 2-4, 2003]

• Ipirotiki Software & Publications SA [June 17-19, 2003]

• Emphasis Systems SA [June 4-6, 2003]

• Balli Chemicals SA [May 5-7, 2003]

• Neochimiki L.V. Lavrentiadis SA [April 14-16, 2003]

• Logismos-MECHANOLOGISTIKI SA [February 10-12, 2003]

• Sarantis SA [February 4-6, 2003]

• OPTIMA Investments SA [January 23-27, 2003]

• New Millennium Investments closed-end fund SA [November 25-28, 2002]

Related memos and reports:

• Agrometocha (zero coupon exchangeable government bonds due May 22nd, 2003;
  issuer: Hellenic Republic) [premium content]

• Helios Tourist Co. SA (this public offering was postponed) [premium content]

• How to Evaluate an Initial Public Offering (IPO) [premium content]

Equity Research & Quantitative Strategies (QS)
Research Reports [premium content]

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