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Tag: HSBC Global Research

Sabanci Holding | Buy: Focus on energy continues
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

Koc Holding | BUY: Strong dividend income to support net cash
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

Turkish automobiles: Mostly a domestic story in 2023
Categories Company & Industry Finance HIGHLIGHTS

Turkish automobiles: Mostly a domestic story in 2023

Cem CetingucPosted on21 January, 2023

2023 more about domestic than exports, and more about pricing than volumes. A strong December … Continue ReadingTurkish automobiles: Mostly a domestic story in 2023

Turkish Aviation: Heading towards a strong summer
Categories Business Company & Industry Finance HIGHLIGHTS

Turkish Aviation: Heading towards a strong summer

Cem CetingucPosted on8 June, 2022

Shift in traffic mix towards international routes should support profitability. Despite the headwinds from Omicron … Continue ReadingTurkish Aviation: Heading towards a strong summer

Tupras | Upgrade to Buy: Weaker TRY shifts balance of risk
Categories Business Company & Industry General HIGHLIGHTS

Tupras | Upgrade to Buy: Weaker TRY shifts balance of risk

Cem CetingucPosted on1 June, 20221 June, 2022

Exceptionally strong refining margins… Tupras continues to enjoy exceptionally strong refining margins on the back … Continue ReadingTupras | Upgrade to Buy: Weaker TRY shifts balance of risk

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

HSBC: Stocks we like ahead of 1Q22 earnings
Categories Business Company & Industry Finance HIGHLIGHTS

HSBC: Stocks we like ahead of 1Q22 earnings

Cem CetingucPosted on20 April, 202220 April, 2022

BIM (BIMAS TI, CMP TRY84.70, Buy, TP TRY128.00): The company is likely to continue to … Continue ReadingHSBC: Stocks we like ahead of 1Q22 earnings

DO & CO | Buy: Powering up for take-off
Categories Business Company & Industry Finance

DO & CO | Buy: Powering up for take-off

Cem CetingucPosted on16 February, 2022

A sustained recovery now looks more achievable: Since the COVID-19 outbreak, the recovery trend across … Continue ReadingDO & CO | Buy: Powering up for take-off

HSBC: TOASO – BUY Promising outlook in both the short and long term
Categories Business Company & Industry Finance HIGHLIGHTS

HSBC: TOASO – BUY Promising outlook in both the short and long term

Cem CetingucPosted on10 February, 2022

Entering “double-digit PBT” era. The key message from the FY21 results webcast (held on 4 … Continue ReadingHSBC: TOASO – BUY Promising outlook in both the short and long term

SISE Buy: Top-line growth to offset margin decline
Categories Business Company & Industry Finance HIGHLIGHTS

SISE Buy: Top-line growth to offset margin decline

Cem CetingucPosted on2 February, 2022

2022 is mainly about top-line growth. We believe 2021 concluded with firmer operating margins y-o-y … Continue ReadingSISE Buy: Top-line growth to offset margin decline

Turkish Airlines: Cargo and FX remain near-term drivers
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

Turkish Automobiles: Still appealing in a world of uncertainties
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

HSBC Global Research: TUPRS (Hold maintained)
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)

Turkish Banks: Sensitivity of capital ratios to currency and asset quality
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

TUPRS TI | Downgrade to Hold: Low season
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

Pegasus (PGSUS TI) evolving towards a recovery: Buy
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

THYAO – Buy: 2021 HSBC Global Emerging Markets Forum takeaways
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

Pegasus (PGSUS TI) : 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

SISE – Buy: 2021 HSBC Global Emerging Markets Forum
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

Company Outlook : TOASO
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

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