PPP improved qoq on lower funding costs and cost cutting. NPL formation down 10bps on a like-for-like basis with the NPL ratio at 35.2% (35.5% in Greece). EBA CT1 at 13.5%. Merger integration at full speed. We re-balance our 2013-14E estimates and still account for normalized RoTE of 13% in 2016E. On our estimates Piraeus has a E4.6bn capital buffer above the 9% min CT1 ratio, enough to withstand a 48% NPL ratio (coverage at 50%). We raise our PT to E1.53 (from E1.38) but with the shares trading on a 1.1x P/TE 2014E we reiterate our DOI rating… to access this report contact@researchgreece.com

There were no surprises in Q3 results. However, Oct/Nov trading show volumes of E150m vs. E66m in the first nine months, driven by MSCI flows as Greece has been demoted to an Emerging Market. We up our volume estimates by 20-29% in 2013-15E and we raise our EPS by 6% in 2013E followed by 12-19% in 2014-15. PT raised to E5.5 from E4.6/sh. Expect a 6% total return (capital + dividend) at current prices. Latter discounts volumes of E150m-E300m. We are not willing to go there given sovereign/macro conditions. Reiterate DOI… to access this report contact@researchgreece.com

We believe this is a good entry point to explore MOH’s sensitivity on margins. This stands at E3/sh for every +$1/bbl uplift in margins, on our calculations. Currently at $6/bbl with the historical average at $8.4. With the major shutdown and capex needs behind the upside risks outweigh the downside ones. 80% of volume sold outside Greece. We raise our EPS by 7-12% and our PT to E9.5/sh. We upgrade our rating to OWN IT (OI)…to access this report  contact@researchgreece.com

Disappointing 3Q – we expect losses this year . ICM to blame on lower utilization rates and currency swings. 2H13 picture is similar to last year’s; customers retracted orders? We would be more comfortable if inventory of E135m was lower. Glass was okay albeit below expectations. ICM EBITDA margin now set …to access this report  contact@researchgreece.com

We up our 2013 & 2014 group EBITDA forecasts by 14-22% on better IKEA EBITDA margins. Not confident to up meaningfully IKEA related sales. And conclude on marginal IKEA profits this year vs. losses last year.  We think current share price discounts IKEA LfL at 4-5% in 2014 and 2015…to access this report  contact@researchgreece.com