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 Pegasus (PGSUS TI) : Buy: 2021 HSBC Global Emerging Markets Forum takeaways Cem CetingucPosted on5 October, 2021 Traffic and revenue. Traffic moving in line with the company’s expectations, evolving towards a recovery … Continue ReadingPegasus (PGSUS TI) : Buy: 2021 HSBC Global Emerging Markets Forum takeaways
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 Company & Industry Finance Turkish automobiles: Seeing the half glass full Cem CetingucPosted on13 September, 2021 Better to have a supply problem than a demand problem: As is the case for … Continue ReadingTurkish automobiles: Seeing the half glass full
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 Business Company & Industry Finance Turkish Industrials: Earnings Momentum set to continue in 2H; top picks KOC and Sabanci Cem CetingucPosted on10 September, 2021 Following another strong quarter supported by both healty domestic demand and exports,we increase our F2Y1E-22E … Continue ReadingTurkish Industrials: Earnings Momentum set to continue in 2H; top picks KOC and Sabanci
Categories Company & Industry Finance TURSG – Buy: Diamond in the rough Cem CetingucPosted on8 September, 2021 Türkiye Sigorta is the market leader in Turkey’s non-life insurance sector, with a 13.7% market … Continue ReadingTURSG – Buy: Diamond in the rough
Categories Company & Industry Finance HSBC: Turkish Aviation sector Cem CetingucPosted on27 August, 2021 Normalisation on track and risks appear more manageable: Air traffic in Turkey is exhibiting a … Continue ReadingHSBC: Turkish Aviation sector
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
Categories Business Company & Industry Arcelik (ARCLK TI) | Buy: Incorporating new acquisitions Cem CetingucPosted on18 August, 2021 New acquisitions to accelerate top-line growth but dilute margins: Arcelik completed the acquisitions of Hitachi … Continue ReadingArcelik (ARCLK TI) | Buy: Incorporating new acquisitions
Categories Business Company & Industry Finance Koc Holding: Discount to NAV still wide vs history; attractive entry point vs subs; reiterate Buy Cem CetingucPosted on18 August, 2021 We reiterate our Buy rating on Koc Holding (Koc) post 2Q results announced on July … Continue ReadingKoc Holding: Discount to NAV still wide vs history; attractive entry point vs subs; reiterate Buy
Categories Business Company & Industry VAKBN: 2Q Review & Target Price Revision: Prevailing Legacy of 2020 Cem CetingucPosted on15 August, 2021 2Q results slightly above estimates on lower CoR The bank announced its 2Q21 solo net … Continue ReadingVAKBN: 2Q Review & Target Price Revision: Prevailing Legacy of 2020
Categories Business Company & Industry Company outlook | Hepsiburada: Trading up to the challenges Cem CetingucPosted on5 August, 2021 Hepsiburada (D-Market Electronic Services & Trading) is the second-largest e- commerce player in Turkey, with … Continue ReadingCompany outlook | Hepsiburada: Trading up to the challenges
Categories Business Company & Industry Trendyol aims to Hit $16.5 Billion Valuation Cem CetingucPosted on4 August, 20214 August, 2021 By Ercan Ersoy and Ivan Levingston General Atlantic among firms leading $1.5 billion investment Alibaba-backed … Continue ReadingTrendyol aims to Hit $16.5 Billion Valuation
Categories Business Company & Industry HALKB: 2Q Preview, Target Price & Rating Revision – Uphill Battle Cem CetingucPosted on26 July, 2021 Higher funding and credit risk costs remain as risk factors Following the strong loan growth … Continue ReadingHALKB: 2Q Preview, Target Price & Rating Revision – Uphill Battle
Categories Business Company & Industry KCHOL: Reinitiating coverage with TP of TL31.8/share Cem CetingucPosted on5 July, 2021 Attractive portfolio at a high discount… We re-initiate coverage on Koç Holding as we see the … Continue ReadingKCHOL: Reinitiating coverage with TP of TL31.8/share
Categories Business Company & Industry Top Banking Pick of 2021: Garanti Bank Cem CetingucPosted on10 May, 2021 Short-term recovery from recent lows likely Garanti share price is down 30% since our downgrade … Continue ReadingTop Banking Pick of 2021: Garanti Bank
