Categories Company & Industry HIGHLIGHTS Migros (MGROS): updating estimates following Q2 results Cem CetingucPosted on11 September, 2024 Migros reported solid Q2 2024 results on August 20th. In Q2 2024, Migros generated TL64,293m revenues … Continue ReadingMigros (MGROS): updating estimates following Q2 results
Categories Business Company & Industry HIGHLIGHTS HSBC TAV Airports report: Downgrade to Hold: Close to fair value Atilla YeşiladaPosted on30 July, 2024 Highlights FCF and dividend story intact but valuation less attractive after strong re-rating Traffic outlook … Continue ReadingHSBC TAV Airports report: Downgrade to Hold: Close to fair value
Categories Company & Industry HIGHLIGHTS Turkish defense companies boost export performance in 2024 Cem CetingucPosted on5 July, 2024 Turkish defense and aerospace companies boosted their export performance significantly in the first half of … Continue ReadingTurkish defense companies boost export performance in 2024
Categories Business HIGHLIGHTS Turkish, Brazilian companies collaborate on gas projects in the Americas Cem CetingucPosted on9 May, 2024 Türkiye’s floating energy supplier Karpowership has signed a deal with Brazilian state oil firm Petrobras to combine … Continue ReadingTurkish, Brazilian companies collaborate on gas projects in the Americas
Categories Company & Industry General HIGHLIGHTS Turkish Airlines: Outlook improves, yet valuations are stretched Cem CetingucPosted on16 February, 2024 Turkish Airlines shares have had a strong performance YTD, up 24% in USD terms, outperforming … Continue ReadingTurkish Airlines: Outlook improves, yet valuations are stretched
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 Business Company & Industry HIGHLIGHTS Turkish Airlines to double fleet size in a decade Cem CetingucPosted on25 January, 2024 Turkish Airlines aims to double the number of aircraft in its fleet in 10 years and … Continue ReadingTurkish Airlines to double fleet size in a decade
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 HIGHLIGHTS Markets Alibaba to invest 1 Billion dollars in Turkey Cem CetingucPosted on10 January, 202310 January, 2023 Chinese e-commerce giant Alibaba Group Holding Ltd is planning a logistics hub at Istanbul Airport … Continue ReadingAlibaba to invest 1 Billion dollars in Turkey
Categories Business Company & Industry HIGHLIGHTS Tech PayTabs’ acquisiton of Paymes finalized Cem CetingucPosted on14 December, 2022 PayTabs, Middle East, Africa, and South Asia’s (MEASA’s) award-winning payments powerhouse, in a power play announced that it had … Continue ReadingPayTabs’ acquisiton of Paymes finalized
Categories Business Company & Industry Finance HIGHLIGHTS TUPRS: Reflecting 3Q beat; tight diesel supply Cem CetingucPosted on9 November, 2022 We increase our TP for Tupras to TRY422.60 (from TRY341.40 previously) as we add the … Continue ReadingTUPRS: Reflecting 3Q beat; tight diesel supply
Categories Business Company & Industry General HIGHLIGHTS GEM Digital invests 50M dollars on Manc to boost global expansion Cem CetingucPosted on27 October, 202227 October, 2022 The Turkish developer Manc has reported a $50m investment for their Mancium mobile game token. … Continue ReadingGEM Digital invests 50M dollars on Manc to boost global expansion
Categories General Sisecam: Mine behind the glass Cem CetingucPosted on26 October, 2022 We are transferring our coverage of Sisecam with an Outperform rating and 12- month TP … Continue ReadingSisecam: Mine behind the glass
Categories Business Company & Industry General HIGHLIGHTS Turkish Airlines targets 17 percent annual growth in 2023 Cem CetingucPosted on20 October, 2022 Turkish Airlines (THY) aims to achieve a growth of between 15 to 17 percent next … Continue ReadingTurkish Airlines targets 17 percent annual growth in 2023
Categories Business Company & Industry Finance HIGHLIGHTS Y.F. Top Picks: Adding AKBN & VAKBN, Removing GARAN Cem CetingucPosted on25 August, 2022 AKBNK/VAKBN in, GARAN out We add AKBNK and VAKBN to our model portfolio, while removing … Continue ReadingY.F. Top Picks: Adding AKBN & VAKBN, Removing GARAN
Categories Economy HIGHLIGHTS Turkey’s 79% Inflation Drives Company Debt Into Distressed Zone Güldem AtabayPosted on2 August, 2022 Some of Turkey’s biggest companies are seeing their bonds enter distressed territory, as soaring inflation … Continue ReadingTurkey’s 79% Inflation Drives Company Debt Into Distressed Zone
Categories Business Company & Industry Finance HIGHLIGHTS BofA | TOFAS:Healthy 2Q recovery; reiterate Buy Cem CetingucPosted on29 July, 2022 Increase FY22E-23E EPS on avg by 21%; remain bullish We update our model for Tofas’ … Continue ReadingBofA | TOFAS:Healthy 2Q recovery; reiterate Buy
