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Tag: banking sector

Ziraat Bank secures $1.24 billion loan
Categories Business Company & Industry General HIGHLIGHTS

Ziraat Bank secures $1.24 billion loan

Cem CetingucPosted on12 April, 2022

Turkey’s Ziraat Bank said on Monday that it had secured a syndicated loan totaling $1.24 … Continue ReadingZiraat Bank secures $1.24 billion loan

Garanti Bank shareholder rejects share price offer
Categories Business Company & Industry HIGHLIGHTS

Garanti Bank shareholder rejects share price offer

Cem CetingucPosted on25 March, 2022

Spanish banking group BBVA’s share price offer to achieve full control of Turkish lender Garanti BBVA, … Continue ReadingGaranti Bank shareholder rejects share price offer

Turkish Banks: Sector Monthly Data
Categories Business Company & Industry Finance HIGHLIGHTS

Turkish Banks: Sector Monthly Data

Cem CetingucPosted on1 February, 2022

29% monthly ROE on lower provision expenses Turkish banking sector’s December net income is up … Continue ReadingTurkish Banks: Sector Monthly Data

Downgrading Turkish banks; spotlight on capital
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

Erdogan Unorthodox Views on Economy Rattle Turkish Markets
Categories Economy

Erdogan Unorthodox Views on Economy Rattle Turkish Markets

Cem CetingucPosted on21 October, 2021

Turkey’s President Recep Tayyip Erdogan doesn’t like it when the country’s banks charge people relatively … Continue ReadingErdogan Unorthodox Views on Economy Rattle Turkish Markets

Turkish Banks: Still cheap but less cheerful
Categories Business Company & Industry

Turkish Banks: Still cheap but less cheerful

Cem CetingucPosted on21 October, 2021

Going through an easing cycle but concerns on inflation still lingering Following the CBRT’s 100 … Continue ReadingTurkish Banks: Still cheap but less cheerful

Y.F. Equity Strategy Report: Running to stand still
Categories Business Finance

Y.F. Equity Strategy Report: Running to stand still

Cem CetingucPosted on21 September, 202121 September, 2021

We are moving our BIST-100 target to 1,875 (previously 1,750), while underlining risks that lower … Continue ReadingY.F. Equity Strategy Report: Running to stand still

Turkish Industrials: Earnings Momentum set to continue in 2H; top picks KOC and Sabanci
Categories Business Company & Industry Finance

Turkish Industrials: Earnings Momentum set to continue in 2H; top picks KOC and Sabanci

Cem CetingucPosted on10 September, 2021

Following another strong quarter supported by both healty domestic demand and exports,we increase our F2Y1E-22E … Continue ReadingTurkish Industrials: Earnings Momentum set to continue in 2H; top picks KOC and Sabanci

Turkish Banks: Sector Monthly Data
Categories Company & Industry Economy

Turkish Banks: Sector Monthly Data

Cem CetingucPosted on7 September, 2021

Lower monthly ROE of 12% due to higher trading loss Turkish banking sector’s July net … Continue ReadingTurkish Banks: Sector Monthly Data

VAKBN: 2Q Review & Target Price Revision: Prevailing Legacy of 2020
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

HALKB: 2Q Preview, Target Price & Rating Revision – Uphill Battle
Categories Business Company & Industry

HALKB: 2Q Preview, Target Price & Rating Revision – Uphill Battle

Cem CetingucPosted on26 July, 2021

Higher funding and credit risk costs remain as risk factors Following the strong loan growth … Continue ReadingHALKB: 2Q Preview, Target Price & Rating Revision – Uphill Battle

GARAN: 2Q Preview & Target Price Revision – Mind the ROE Progress
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

Turkish Private Banks: Margin recovery delayed by yet another quarter, but…
Categories Business Company & Industry Markets

Turkish Private Banks: Margin recovery delayed by yet another quarter, but…

Cem CetingucPosted on5 July, 2021

The market’s muted reaction to the banks’ strong Q1 profits implies a re-rating requires earnings … Continue ReadingTurkish Private Banks: Margin recovery delayed by yet another quarter, but…

Top Banking Pick of 2021: Garanti Bank
Categories Business Company & Industry

Top Banking Pick of 2021: Garanti Bank

Cem CetingucPosted on10 May, 2021

Short-term recovery from recent lows likely Garanti share price is down 30% since our downgrade … Continue ReadingTop Banking Pick of 2021: Garanti Bank

Turkish companies outlook: Strong demand and cost cutting reflects on YoY profits
Categories General

Turkish companies outlook: Strong demand and cost cutting reflects on YoY profits

Cem CetingucPosted on23 April, 2021

Turkey coverage aggregate Q1 non-bank profit to grow 4x y-o-y, fall 2% q-o-q We present … Continue ReadingTurkish companies outlook: Strong demand and cost cutting reflects on YoY profits

Banking Sector: 1Q21 Earnings Preview
Categories Company & Industry Economy

Banking Sector: 1Q21 Earnings Preview

Cem CetingucPosted on23 April, 2021

Macro volatility to take a toll on earnings We expect ROE’s to range between 0-12% … Continue ReadingBanking Sector: 1Q21 Earnings Preview

Turkey avoided recession, however high inflation and Lira volatility remains
Categories General

Turkey avoided recession, however high inflation and Lira volatility remains

Cem CetingucPosted on31 March, 2021

Relations with the EU and the US remain strained: President Erdogan won the June 2018 … Continue ReadingTurkey avoided recession, however high inflation and Lira volatility remains

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