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 General ÜNLÜ & Co Top Picks Portfolio: Including Enerjisa to the list Cem CetingucPosted on22 November, 2021 Including Enerjisa to our top picks: Building upon our rating upgrade report (Oct. 8), we are including Enerjisa … Continue ReadingÜNLÜ & Co Top Picks Portfolio: Including Enerjisa to the list
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 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 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 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 Company & Industry General Company Update | PETKM TP revised up to TL7.50/share Cem CetingucPosted on13 April, 2021 Turning more positive on strong earnings momentum expected this year. We are updating our estimates for … Continue ReadingCompany Update | PETKM TP revised up to TL7.50/share
