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
Categories Business Company & Industry Finance HIGHLIGHTS OZKGY- Outperform maintained with TP of TL10.10/share Cem CetingucPosted on26 July, 2022 2022E unit sales revenue at TL1.3bn Despite counter-cyclical regulatory changes such as cap for house … Continue ReadingOZKGY- Outperform maintained with TP of TL10.10/share
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
Categories Business Company & Industry Finance HIGHLIGHTS Koza Gold: On the verge of a brighter era Cem CetingucPosted on5 May, 20225 May, 2022 We increase our target price for KOZAL to TL262.8/shr (previously TL202.7/shr) on our new macro … Continue ReadingKoza Gold: On the verge of a brighter era
Categories Business Company & Industry Finance HIGHLIGHTS Aselsan reports 110M dollar net profit for Q1 Cem CetingucPosted on27 April, 2022 Turkish defense giant Aselsan on Tuesday reported TL 1.7 billion ($110 million) in net profit … Continue ReadingAselsan reports 110M dollar net profit for Q1
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
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
Categories Business Company & Industry Finance HIGHLIGHTS TUPRS: Outperform Maintained Cem CetingucPosted on4 April, 2022 Recovery in cracks gains pace led by mid-distillates… On the back of post-pandemic recovery in … Continue ReadingTUPRS: Outperform Maintained
Categories Business Company & Industry Emerging Markets General HIGHLIGHTS Turkish companies have the potential to double in value Cem CetingucPosted on9 March, 202211 March, 2022 According to CompaniesMarketCap data, Turkish companies generate 0.20 percent of the total turnover and 0.21 … Continue ReadingTurkish companies have the potential to double in value
