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 SISE Buy: Top-line growth to offset margin decline Cem CetingucPosted on2 February, 2022 2022 is mainly about top-line growth. We believe 2021 concluded with firmer operating margins y-o-y … Continue ReadingSISE Buy: Top-line growth to offset margin decline
Categories Business Company & Industry General HIGHLIGHTS Tesla plans to tap into Turkish market with all four vehicles in 2022 Cem CetingucPosted on28 January, 202228 January, 2022 Tesla is reportedly planning for a coordinated and structured launch of its vehicle product line … Continue ReadingTesla plans to tap into Turkish market with all four vehicles in 2022
Categories Business Company & Industry HIGHLIGHTS Markets EBRD, FMO lends 80 million dollars to Borusan Energy Cem CetingucPosted on20 January, 202220 January, 2022 The European Bank for Reconstruction and Development (EBRD) said on Wednesday that together with the … Continue ReadingEBRD, FMO lends 80 million dollars to Borusan Energy
Categories Company & Industry Finance HIGHLIGHTS Top Picks Portfolio – Removing Aksigorta From Top Picks Cem CetingucPosted on7 December, 2021 Excluding Aksigorta from our top picks:We exclude Aksigorta <Buy, TP: TL11.15> from our top picks … Continue ReadingTop Picks Portfolio – Removing Aksigorta From Top Picks
Categories Business Company & Industry Finance HIGHLIGHTS Kordsa: Reinforced By Surging Demand Cem CetingucPosted on1 December, 20211 December, 2021 We are initiating coverage of Kordsa Teknik Tekstil (“Kordsa”) with a Buy rating and a … Continue ReadingKordsa: Reinforced By Surging Demand
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 General Sisecam acquires 60% of Ciner Group soda business for $450M Cem CetingucPosted on22 November, 2021 Turkish glassmaker Sisecam said on Saturday it would buy 60% of Ciner Group’s soda business … Continue ReadingSisecam acquires 60% of Ciner Group soda business for $450M
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 Getir poised to buy discount market chain Cem CetingucPosted on14 November, 2021 Turkish fast grocery-delivery company Getir has signed a non-binding deal to buy shares of Sok … Continue ReadingGetir poised to buy discount market chain
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
Categories Business Company & Industry ARCELIK: New stories, defensive structure, attractive multiples Cem CetingucPosted on13 October, 2021 We initiate coverage for Arçelik (ARCLK TI) with a 12-month target price of TRY44.00 and … Continue ReadingARCELIK: New stories, defensive structure, attractive multiples
Categories Business Company & Industry THYAO – Buy: 2021 HSBC Global Emerging Markets Forum takeaways Cem CetingucPosted on11 October, 2021 Traffic trends 3Q21 was strong driven by leisure, VFR (visiting friends and relatives) and domestic … Continue ReadingTHYAO – Buy: 2021 HSBC Global Emerging Markets Forum takeaways
Categories Business Company & Industry IKEA increases production in Turkey to shorten supply chain Cem CetingucPosted on7 October, 2021 Sweden’s flat-pack furniture giant IKEA is planning to move more production to Turkey to minimise … Continue ReadingIKEA increases production in Turkey to shorten supply chain
Categories Business Company & Industry Finance SISE – Buy: 2021 HSBC Global Emerging Markets Forum Cem CetingucPosted on4 October, 2021 Trading update.The renovation market and secondary processor demand continue to keep architectural glass volumes vibrant … Continue ReadingSISE – Buy: 2021 HSBC Global Emerging Markets Forum
Categories Business Company & Industry Company Update – ARCLK: Fortune favors Arcelik Cem CetingucPosted on1 October, 20211 October, 2021 Strong demand outlook continues in main markets After the significant rebound in 2H20, white goods … Continue ReadingCompany Update – ARCLK: Fortune favors Arcelik
Categories Company & Industry Company Outlook : TOASO Cem CetingucPosted on29 September, 2021 Domestic demand outlook There is a big supply-demand imbalance in the Turkish market currently driven … Continue ReadingCompany Outlook : TOASO
Categories Company & Industry Finance Y. F. Top Picks Update: Removing KRDMD Cem CetingucPosted on16 September, 2021 Removing KRDMD. We remove KRDMD from our top-picks as the stock came under selling pressure due … Continue ReadingY. F. Top Picks Update: Removing KRDMD
Categories Business Company & Industry Company Update | MPARK: Hitting all the right notes Cem CetingucPosted on10 September, 202110 September, 2021 Strong 1H results and favorable outlook… After finishing a year of volatility with resilient financial … Continue ReadingCompany Update | MPARK: Hitting all the right notes
Categories Company & Industry Finance DO & CO (DOCO TI) : Upgrade to Buy: Emerging stronger Cem CetingucPosted on22 August, 2021 Overall business is on an improving trend: We believe DO & CO is on a … Continue ReadingDO & CO (DOCO TI) : Upgrade to Buy: Emerging stronger
