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 Business Company & Industry General HIGHLIGHTS Tupras | Upgrade to Buy: Weaker TRY shifts balance of risk Cem CetingucPosted on1 June, 20221 June, 2022 Exceptionally strong refining margins… Tupras continues to enjoy exceptionally strong refining margins on the back … Continue ReadingTupras | Upgrade to Buy: Weaker TRY shifts balance of risk
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 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 Aselsan reports 110M dollar net profit for Q1 Cem CetingucPosted on27 April, 2022 Turkish defense giant Aselsan on Tuesday reported TL 1.7 billion ($110 million) in net profit … Continue ReadingAselsan reports 110M dollar net profit for Q1
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 Emerging Markets General HIGHLIGHTS Turkish companies have the potential to double in value Cem CetingucPosted on9 March, 202211 March, 2022 According to CompaniesMarketCap data, Turkish companies generate 0.20 percent of the total turnover and 0.21 … Continue ReadingTurkish companies have the potential to double in value
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 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 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 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 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 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
