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 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 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 Company & Industry GARAN: 2Q Preview & Target Price Revision – Mind the ROE Progress Cem CetingucPosted on12 July, 2021 Earnings recovery and attractive valuation support share performance Garanti share price is up 15% since … Continue ReadingGARAN: 2Q Preview & Target Price Revision – Mind the ROE Progress
