Big Volumes for National Bank of Greece (ADR)(OTCMKTS:NBGGY)

National Bank of Greece (ADR)(OTCMKTS:NBGGY)

National Bank of Greece (ADR)(OTCMKTS:NBGGY) shares traded with heavy volumes today with today’s figure being about 1/3 more than the stock’s 30-day average daily volume. NBGGY shares are up almost 75% from six months ago.

National Bank of Greece (ADR)(OTCMKTS:NBGGY) was established in 1841 and became the first bank in the modern Greek state. Currently, National Bank of Greece (ADR)(OTCMKTS:NBGGY) leads one of the largest and strongest financial groups in Greece, with a strong presence in Southeast Europe and Eastern Mediterranean and offers a broad range of financial products and services for businesses and individuals. With 558 Units and 1,448 ATMs, it has an extensive service network covering the entire geographical area of Greece, while at the same time it is developing alternative distribution channels for its products, such as the Mobile and Internet Banking services. Today, the bank has 536 branch offices and the entire Banking Group employs 15,515 employees.

National Bank of Greece (ADR)(OTCMKTS:NBGGY) has a reported to loan/deposit ratio of 88% which is about 25% better than its main Greek competitors. However it also has the highest cost/income ratio of its domestic competitors – 57%. Some experts believe that these ratios display a conservative approach to the country’s, and banking systems, current woes. It is also worth noting that some experts place National Bank of Greece (ADR)(OTCMKTS:NBGGY) tangible book value (TBV) at a premium to their share price as listed at the end of 2016.

I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 96 hours. All information, or data, is provided with no guarantees of accuracy.

About the author: Marc has a degree in economics and a MSc. in Finance. Over his 20-year career, Marc has worked for global investment firms in Europe and the United States as an analyst, fund manager, and consultant.

Why Are Analysts Behind the Curve on Himax Technologies, Inc. (ADR) (NASDAQ:HIMX)?

Himax Technologies, Inc. (ADR) (NASDAQ:HIMX)

Himax Technologies, Inc. (ADR) (NASDAQ:HIMX) shares have experienced a bit of whiplash recently. Consider the following timeline:

  • November 7, 2016, HIMX closes at $7.82 – Morgan Stanley downgrades HIMX shares from “Overweight” to “Equal-weight”.
  • February 6, 2017, HIMX closes at $5.14 – Morgan Stanley downgrades HIMX shares from “Equal-weight” to “Under-weight”.
  • February 10, 2017, HIMX hits its new 52-week low of $4.88.
  • March 10, 2017, HIMX closes at $7.75 – Morgan Stanley upgrades HIMX shares from “Under-weight” to “Equal-weight”.
  • March 27, 2017, HIMX closes at $9.44 – Morgan Stanley upgrades HIMX shares from “Equal-weight” to “Over-weight”.

Morgan Stanley is not alone in some seemingly schizophrenic analysis on Himax Technologies, Inc. (ADR) (NASDAQ:HIMX). There are other firms that also fell in/out of love with HIMX shares, but they provided the cleanest example. One well known stock analysis website published an article wondering if the company’s shares were doomed on February 8, 2017 – two days before they hit their 52-week low. Another stock analysis website hated HIMX shares at $5 but fell in love with them at $8.

Taiwan-based Himax Technologies, Inc. (HIMX) is a semiconductor solution provider that designs and manufactures display imaging processing technologies. Himax is a worldwide market leader in display driver ICs and timing controllers used in TVs, laptops, monitors, mobile phones, tablets, digital cameras, car navigation, virtual reality (VR) devices and many other consumer electronics devices. Additionally, Himax designs and provides controllers for touch sensor displays, in-cell Touch and Display Driver Integration (TDDI) single-chip solutions, LED driver ICs, power management ICs, scaler products for monitors and projectors, tailor-made video processing IC solutions, silicon IPs and LCOS micro-displays for augmented reality (AR) devices and heads-up displays (HUD) for automotive. The Company also offers digital camera solutions, including CMOS image sensors and wafer level optics for AR devices, and 3D depth scanning and machine vision.

Between 2011 and 2014, Himax Technologies, Inc. (ADR) (NASDAQ:HIMX) had impressive numbers. In 2011 HIMX EPS was $0.06 and sales were $633 million. By 2014 EPS was $0.39 and sales were $840.5 million. However, Himax failed to progress on its achievements and in 2015 EPS was $0.15 with sales of $691.8 million. However, to their credit, the number of outstanding shares has decreased since 2011 so investors experienced no dilutive effects. HIMX shares are up 36% for the month, 58% for the quarter, and up 56% YTD. There is a moderate short position on HIMX shares as 9.73% of the float represents the number of shares held short.

Still, one has to wonder if analysts are doing what we are told not to do by investment councilors – are they chasing performance?

3/29/2017
Ticker Symbol HIMX
Last Price a/o 4:00 PM EST  $                      9.28
Average Volume                4,600,000
Market Cap (mlns)  $              1,590.00
Sales (mlns) $725.00
Shares Outstanding (mlns) 168.3
Share Float (mlns) 148.8
Shortable Yes
Optionable Yes
Inside Ownership 12.30%
Short Float 9.73%
Short Interest Ratio 3.15
Quarterly Return 58.22%
YTD Return 56.13%
Year Return -20.29%

I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 96 hours. All information, or data, is provided with no guarantees of accuracy.

About the author: Marc has a degree in economics and a MSc. in Finance. Over his 20-year career, Marc has worked for global investment firms in Europe and the United States as an analyst, fund manager, and consultant.