Categories Business Company & Industry HIGHLIGHTS Tofas: Reflecting FX spike in revenues; adding conviction to new model opportunity Cem CetingucPosted on8 December, 2021 We raise our TP for Tofas to TRY108.70 (from TRY50.10) and reiterate our Outperform rating. … Continue ReadingTofas: Reflecting FX spike in revenues; adding conviction to new model opportunity
Categories General HIGHLIGHTS Elif Şafak listed among ‘BBC 100 Women 2021’ Cem CetingucPosted on7 December, 2021 Ahead of the new year, the BBC has unveiled its list of 100 inspiring and … Continue ReadingElif Şafak listed among ‘BBC 100 Women 2021’
Categories General HIGHLIGHTS Land disputes, climate change pressure Turkish nomads to settle Cem CetingucPosted on7 December, 2021 Woken by the first light of dawn, Mehmet and his family rise to drink sweet … Continue ReadingLand disputes, climate change pressure Turkish nomads to settle
Categories General HIGHLIGHTS Politics Erdogan’s visit to Qatar to yield deals but no MbS meeting Cem CetingucPosted on7 December, 2021 Doha and Ankara said on Monday they will sign dozens of deals during a visit … Continue ReadingErdogan’s visit to Qatar to yield deals but no MbS meeting
Categories Economy Emerging Markets HIGHLIGHTS Markets Bank investment chiefs cautious about China and emerging markets Cem CetingucPosted on7 December, 2021 Market volatility and uncertainty over China’s indebted property sector is making bank investment chiefs cautious … Continue ReadingBank investment chiefs cautious about China and emerging markets
Categories Company & Industry Finance HIGHLIGHTS Top Picks Portfolio – Removing Aksigorta From Top Picks Cem CetingucPosted on7 December, 2021 Excluding Aksigorta from our top picks:We exclude Aksigorta <Buy, TP: TL11.15> from our top picks … Continue ReadingTop Picks Portfolio – Removing Aksigorta From Top Picks
Categories Economy HIGHLIGHTS Macro Focus: Upside risks persist as inflation figures approach to record levels Cem CetingucPosted on4 December, 20214 December, 2021 Turkey’s CPI increased by 3.51% MoM in November driving YoY CPI from 19.89% to 21.31%. Accordingly, … Continue ReadingMacro Focus: Upside risks persist as inflation figures approach to record levels
Categories HIGHLIGHTS Politics Turkey urges Council of Europe to reconsider disciplinary proceedings Cem CetingucPosted on3 December, 2021 Turkey on Dec. 2 called on the Council of Europe to avoid punishing Turkey ahead of a decision … Continue ReadingTurkey urges Council of Europe to reconsider disciplinary proceedings
Categories General HIGHLIGHTS New Finance Minister reveals Turkey won’t prioritize high interest rates Cem CetingucPosted on3 December, 20213 December, 2021 Turkey will not prioritize high interest rates under the new economic model, the newly appointed … Continue ReadingNew Finance Minister reveals Turkey won’t prioritize high interest rates
Categories Economy General HIGHLIGHTS S&P Global Ratings: Risks drastically increase as Turkey uses borrowed lira reserves Cem CetingucPosted on3 December, 2021 Turkey risks damaging confidence in the lira further by using “borrowed” reserves to defend its … Continue ReadingS&P Global Ratings: Risks drastically increase as Turkey uses borrowed lira reserves
Categories Economy HIGHLIGHTS Politics Erdoğan: Low interest rate policy ‘all the way’ Cem CetingucPosted on1 December, 2021 President Recep Tayyip Erdoğan on Wednesday said there was “no turning back” from the new … Continue ReadingErdoğan: Low interest rate policy ‘all the way’
Categories Business Company & Industry Finance HIGHLIGHTS Kordsa: Reinforced By Surging Demand Cem CetingucPosted on1 December, 20211 December, 2021 We are initiating coverage of Kordsa Teknik Tekstil (“Kordsa”) with a Buy rating and a … Continue ReadingKordsa: Reinforced By Surging Demand
Categories Economy Finance General HIGHLIGHTS Macro Snapshot: Manufacturing PMI increased to 52 in November Cem CetingucPosted on1 December, 2021 Manufacturing PMI increased to 52 in November (Prior: 51.2). Headline figure continued to remain above … Continue ReadingMacro Snapshot: Manufacturing PMI increased to 52 in November
Categories Business Company & Industry Finance HIGHLIGHTS Downgrading Turkish banks; spotlight on capital Cem CetingucPosted on1 December, 2021 Until now, resilient financial performance of Turkish banks led to us to maintain Buy/High Risk … Continue ReadingDowngrading Turkish banks; spotlight on capital
Categories Business Company & Industry HIGHLIGHTS Turkish Automotive : Great expectations Cem CetingucPosted on30 November, 202130 November, 2021 In this report, we transfer coverage and revisit the investment cases of Ford Otosan, Tofas … Continue ReadingTurkish Automotive : Great expectations
Categories Business Company & Industry HIGHLIGHTS HSBC Global Research: TUPRS (Hold maintained) Cem CetingucPosted on30 November, 202130 November, 2021 Strategic transition plan: Tupras management released yesterday the details of its Strategic Transition Plan … Continue ReadingHSBC Global Research: TUPRS (Hold maintained)
Categories Company & Industry General HIGHLIGHTS JP Morgan: Turkish Banks Cem CetingucPosted on30 November, 2021 We upgrade select subs of Turkish large banks from N to OW. For this upgrade … Continue ReadingJP Morgan: Turkish Banks
Categories General HIGHLIGHTS Politics Erdogan faces an uphill battle to win over Alevi community Cem CetingucPosted on30 November, 2021 Ali Erdem leads his Alevi community each week in a ceremony filled with symbolic ritual, … Continue ReadingErdogan faces an uphill battle to win over Alevi community
Categories Business Company & Industry TPAO awards contract to Wood for Turkey’s largest gas reserve Cem CetingucPosted on30 November, 2021 Turkey’s state energy company Turkish Petroleum Corporation (TPAO) has appointed Wood, the global consulting and … Continue ReadingTPAO awards contract to Wood for Turkey’s largest gas reserve
Categories Economy General HIGHLIGHTS Turkish tourism income expected to reach $22 B in 2021 Cem CetingucPosted on25 November, 202125 November, 2021 Turkey wants to generate $22 billion from tourism in 2021 by welcoming more than 28 million foreigners, its … Continue ReadingTurkish tourism income expected to reach $22 B in 2021
