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
Categories Business Finance HIGHLIGHTS Turkish Automobiles: Still appealing in a world of uncertainties Cem CetingucPosted on13 January, 2022 Seeking supply/demand equilibrium. Our 2022 outlook for the Turkish auto industry is for slight to … Continue ReadingTurkish Automobiles: Still appealing in a world of uncertainties
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 Business Finance HIGHLIGHTS Turkish Banks: Sensitivity of capital ratios to currency and asset quality Cem CetingucPosted on25 November, 202125 November, 2021 We update our interactive spreadsheet to stress capital positions with Q3 results: The unfavourable outlook … Continue ReadingTurkish Banks: Sensitivity of capital ratios to currency and asset quality
Categories Company & Industry Finance TUPRS TI | Downgrade to Hold: Low season Cem CetingucPosted on15 November, 2021 Strong rally: Tupras’ share price has rallied 45% in USD terms (vs. a c.5% gain … Continue ReadingTUPRS TI | Downgrade to Hold: Low season
Categories Business Company & Industry Pegasus (PGSUS TI) evolving towards a recovery: Buy Cem CetingucPosted on16 October, 202116 October, 2021 Traffic and revenue Traffic moving in line with the company’s expectations, evolving towards a recovery … Continue ReadingPegasus (PGSUS TI) evolving towards a recovery: Buy
Categories Business Company & Industry THYAO – Buy: 2021 HSBC Global Emerging Markets Forum takeaways Cem CetingucPosted on11 October, 2021 Traffic trends 3Q21 was strong driven by leisure, VFR (visiting friends and relatives) and domestic … Continue ReadingTHYAO – Buy: 2021 HSBC Global Emerging Markets Forum takeaways
Categories Business Company & Industry Pegasus (PGSUS TI) : Buy: 2021 HSBC Global Emerging Markets Forum takeaways Cem CetingucPosted on5 October, 2021 Traffic and revenue. Traffic moving in line with the company’s expectations, evolving towards a recovery … Continue ReadingPegasus (PGSUS TI) : Buy: 2021 HSBC Global Emerging Markets Forum takeaways
Categories Business Company & Industry Finance SISE – Buy: 2021 HSBC Global Emerging Markets Forum Cem CetingucPosted on4 October, 2021 Trading update.The renovation market and secondary processor demand continue to keep architectural glass volumes vibrant … Continue ReadingSISE – Buy: 2021 HSBC Global Emerging Markets Forum
Categories Company & Industry Company Outlook : TOASO Cem CetingucPosted on29 September, 2021 Domestic demand outlook There is a big supply-demand imbalance in the Turkish market currently driven … Continue ReadingCompany Outlook : TOASO
Categories Business Economy EM Europe food retailers : Inflation driving a discounter market Cem CetingucPosted on29 September, 2021 Inflation takes-over higher base effect: Higher food Inflation is a key theme currently playing out … Continue ReadingEM Europe food retailers : Inflation driving a discounter market
Categories Company & Industry Finance HSBC: Turkish Banks Cem CetingucPosted on22 September, 2021 Improving margins to boost core PPI in 2H21e and … We reiterate our view that … Continue ReadingHSBC: Turkish Banks
Categories Company & Industry Finance Turkish automobiles: Seeing the half glass full Cem CetingucPosted on13 September, 2021 Better to have a supply problem than a demand problem: As is the case for … Continue ReadingTurkish automobiles: Seeing the half glass full
Categories Company & Industry Finance TURSG – Buy: Diamond in the rough Cem CetingucPosted on8 September, 2021 Türkiye Sigorta is the market leader in Turkey’s non-life insurance sector, with a 13.7% market … Continue ReadingTURSG – Buy: Diamond in the rough
Categories Company & Industry Finance HSBC: Turkish Aviation sector Cem CetingucPosted on27 August, 2021 Normalisation on track and risks appear more manageable: Air traffic in Turkey is exhibiting a … Continue ReadingHSBC: Turkish Aviation sector
Categories Company & Industry Finance DO & CO (DOCO TI) : Upgrade to Buy: Emerging stronger Cem CetingucPosted on22 August, 2021 Overall business is on an improving trend: We believe DO & CO is on a … Continue ReadingDO & CO (DOCO TI) : Upgrade to Buy: Emerging stronger
Categories Business Company & Industry EEMEA Refiners: Crack spreads, differentials, valuations Cem CetingucPosted on20 August, 2021 2Q21 results: All three companies reported strong 2Q21 updates, with large oil price related gains … Continue ReadingEEMEA Refiners: Crack spreads, differentials, valuations
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 Company outlook | Hepsiburada: Trading up to the challenges Cem CetingucPosted on5 August, 2021 Hepsiburada (D-Market Electronic Services & Trading) is the second-largest e- commerce player in Turkey, with … Continue ReadingCompany outlook | Hepsiburada: Trading up to the challenges
Categories Business Company & Industry EEMEA Aviation: Optimism with reason but with caution Cem CetingucPosted on5 July, 2021 Summer reopenings continue amid vaccine rollout acceleration: In our previous sector update (EEMEA Airlines: Reopening … Continue ReadingEEMEA Aviation: Optimism with reason but with caution
