Categories Company & Industry Finance HIGHLIGHTS Petkim: Raise estimates on updated FX; fundamentals remain challenging Cem CetingucPosted on15 May, 2024 Inflation accounting: Petkim has applied TAS 29 “Financial reporting in hyperinflationary economies” in its consolidated … Continue ReadingPetkim: Raise estimates on updated FX; fundamentals remain challenging
Categories Business Company & Industry Finance HIGHLIGHTS Turkish Steel: Limited catalysts in 2024 Cem CetingucPosted on5 February, 2024 Global steel prices recovering gradually: Global steel prices recovered in 4Q23, supported by rising input … Continue ReadingTurkish Steel: Limited catalysts in 2024
Categories Company & Industry Finance HIGHLIGHTS Koc Holding | BUY: Strong dividend income to support net cash Cem CetingucPosted on2 February, 20232 February, 2023 Surge in dividend income likely. We project Koc’s dividend income to more than triple y-o-y … Continue ReadingKoc Holding | BUY: Strong dividend income to support net cash
Categories Business Company & Industry Finance HIGHLIGHTS Teknosa |BUY: Be boring make money Cem CetingucPosted on1 February, 2023 Technology Superstores are Increasing Their Market Share Despite the aggressive top line growth strategies of … Continue ReadingTeknosa |BUY: Be boring make money
Categories Business Company & Industry Finance HIGHLIGHTS TUPRS: Reflecting 3Q beat; tight diesel supply Cem CetingucPosted on9 November, 2022 We increase our TP for Tupras to TRY422.60 (from TRY341.40 previously) as we add the … Continue ReadingTUPRS: Reflecting 3Q beat; tight diesel supply
Categories Business Company & Industry Finance HIGHLIGHTS Y.F. Top Picks: Adding AKBN & VAKBN, Removing GARAN Cem CetingucPosted on25 August, 2022 AKBNK/VAKBN in, GARAN out We add AKBNK and VAKBN to our model portfolio, while removing … Continue ReadingY.F. Top Picks: Adding AKBN & VAKBN, Removing GARAN
Categories Business Company & Industry Finance HIGHLIGHTS BIOEN – Turning waste into value (TP: TL13.10/share) Cem CetingucPosted on29 July, 2022 Turning waste into value. Biotrend is a leading player in Municipal solid waste management sector, focusing … Continue ReadingBIOEN – Turning waste into value (TP: TL13.10/share)
Categories Business Company & Industry Finance HIGHLIGHTS OZKGY- Outperform maintained with TP of TL10.10/share Cem CetingucPosted on26 July, 2022 2022E unit sales revenue at TL1.3bn Despite counter-cyclical regulatory changes such as cap for house … Continue ReadingOZKGY- Outperform maintained with TP of TL10.10/share
Categories Company & Industry Finance HIGHLIGHTS Markets Turkey Food Retail: Strong top-line growth helps deliver stable profitability Cem CetingucPosted on12 May, 2022 Strong growth momentum with trade down environment: Turkish food retailers report strong sales growth momentum … Continue ReadingTurkey Food Retail: Strong top-line growth helps deliver stable profitability
Categories Business Company & Industry Finance HIGHLIGHTS Koza Gold: On the verge of a brighter era Cem CetingucPosted on5 May, 20225 May, 2022 We increase our target price for KOZAL to TL262.8/shr (previously TL202.7/shr) on our new macro … Continue ReadingKoza Gold: On the verge of a brighter era
Categories Company & Industry Finance General HIGHLIGHTS Top Picks Update: Adding PETKM, Removing TKFEN & MGROS Cem CetingucPosted on29 April, 2022 Buy PETKM. We like PETKM as we think the market has not appreciated yet SOCAR Turkey’s … Continue ReadingTop Picks Update: Adding PETKM, Removing TKFEN & MGROS
Categories Business Company & Industry Finance HIGHLIGHTS HSBC: Stocks we like ahead of 1Q22 earnings Cem CetingucPosted on20 April, 202220 April, 2022 BIM (BIMAS TI, CMP TRY84.70, Buy, TP TRY128.00): The company is likely to continue to … Continue ReadingHSBC: Stocks we like ahead of 1Q22 earnings
Categories Business Company & Industry Finance HIGHLIGHTS TUPRS: Outperform Maintained Cem CetingucPosted on4 April, 2022 Recovery in cracks gains pace led by mid-distillates… On the back of post-pandemic recovery in … Continue ReadingTUPRS: Outperform Maintained
Categories Business Company & Industry HIGHLIGHTS Erdemir: Strong EBITDA, TP up due to stronger steel Cem CetingucPosted on18 February, 2022 Erdemir has released strong 4Q21 IFRS results, with EBITDA almost 30% above consensus estimates. FCFE, … Continue ReadingErdemir: Strong EBITDA, TP up due to stronger steel
Categories Business Company & Industry Finance DO & CO | Buy: Powering up for take-off Cem CetingucPosted on16 February, 2022 A sustained recovery now looks more achievable: Since the COVID-19 outbreak, the recovery trend across … Continue ReadingDO & CO | Buy: Powering up for take-off
Categories Business Company & Industry Finance HIGHLIGHTS HSBC: TOASO – BUY Promising outlook in both the short and long term Cem CetingucPosted on10 February, 2022 Entering “double-digit PBT” era. The key message from the FY21 results webcast (held on 4 … Continue ReadingHSBC: TOASO – BUY Promising outlook in both the short and long term
Categories Business Company & Industry Finance HIGHLIGHTS Turkish Airlines: Cargo and FX remain near-term drivers Cem CetingucPosted on21 January, 2022 Cargo-driven FY21 sets a high base for FY22e profits. With revised forecasts in this note, … Continue ReadingTurkish Airlines: Cargo and FX remain near-term drivers
Categories Business Company & Industry HIGHLIGHTS HSBC Global Research: TUPRS (Hold maintained) Cem CetingucPosted on30 November, 202130 November, 2021 Strategic transition plan: Tupras management released yesterday the details of its Strategic Transition Plan … Continue ReadingHSBC Global Research: TUPRS (Hold maintained)
Categories Company & Industry Finance TUPRS TI | Downgrade to Hold: Low season Cem CetingucPosted on15 November, 2021 Strong rally: Tupras’ share price has rallied 45% in USD terms (vs. a c.5% gain … Continue ReadingTUPRS TI | Downgrade to Hold: Low season
Categories Business Company & Industry Pegasus (PGSUS TI) evolving towards a recovery: Buy Cem CetingucPosted on16 October, 202116 October, 2021 Traffic and revenue Traffic moving in line with the company’s expectations, evolving towards a recovery … Continue ReadingPegasus (PGSUS TI) evolving towards a recovery: Buy
