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 General HIGHLIGHTS Sabanci Holding – Buy: Remains undervalued and attractive Cem CetingucPosted on13 April, 2024 NAV update. We have revisited our NAV model and applied higher valuations to the banking … Continue ReadingSabanci Holding – Buy: Remains undervalued and attractive
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 Turkey: Q4 2023 earnings preview Cem CetingucPosted on5 February, 2024 Aggregate non-bank profits to grow 11% y-o-y, decline 50% q-o-q. The Q4 earnings season will … Continue ReadingTurkey: Q4 2023 earnings preview
Categories Company & Industry Finance HIGHLIGHTS Turkish Banks: Sensitivity of capital ratios to currency and asset quality Cem CetingucPosted on24 May, 2023 We update our interactive spreadsheet to stress test capital positions with Q1 results: HSBC’s year-end … Continue ReadingTurkish Banks: Sensitivity of capital ratios to currency and asset quality
Categories Company & Industry Finance HIGHLIGHTS Turkish Equities: Potential winners post election Cem CetingucPosted on8 May, 2023 Identifying winners: As Turkish elections approach, we try to answer the question we are most … Continue ReadingTurkish Equities: Potential winners post election
Categories Finance HIGHLIGHTS Markets Turkish Private Banks: Skewed risk reward Cem CetingucPosted on24 April, 2023 Valuations don’t look very tempting in the context of macro uncertainty With this note, we … Continue ReadingTurkish Private Banks: Skewed risk reward
Categories Company & Industry Finance HIGHLIGHTS Turkey Food Retailers: Margin pressure but growth momentum maintained Cem CetingucPosted on14 April, 2023 Short-term pressure: We expect to see higher gross and EBITDA margin pressure for all food … Continue ReadingTurkey Food Retailers: Margin pressure but growth momentum maintained
Categories Business Company & Industry Finance HIGHLIGHTS EnerjiSA / Upgrade to Buy: Underperformance seems exaggerated Cem CetingucPosted on5 April, 2023 Earthquake damage contained to a likely temporary FCF impact. Citizens in the 10 earthquake hit … Continue ReadingEnerjiSA / Upgrade to Buy: Underperformance seems exaggerated
Categories Company & Industry Finance HIGHLIGHTS Sabanci Holding | Buy: Focus on energy continues Cem CetingucPosted on2 February, 20232 February, 2023 Energy takes the lead in NAV contribution. We have revisited our fair value for the … Continue ReadingSabanci Holding | Buy: Focus on energy continues
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 Company & Industry Finance HIGHLIGHTS Turkish automobiles: Mostly a domestic story in 2023 Cem CetingucPosted on21 January, 2023 2023 more about domestic than exports, and more about pricing than volumes. A strong December … Continue ReadingTurkish automobiles: Mostly a domestic story in 2023
Categories Business Company & Industry Finance HIGHLIGHTS Turkish Aviation: Heading towards a strong summer Cem CetingucPosted on8 June, 2022 Shift in traffic mix towards international routes should support profitability. Despite the headwinds from Omicron … Continue ReadingTurkish Aviation: Heading towards a strong summer
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 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 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 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
