Categories Company & Industry Finance Y. F. Top Picks Update: Removing KRDMD Cem CetingucPosted on16 September, 2021 Removing KRDMD. We remove KRDMD from our top-picks as the stock came under selling pressure due … Continue ReadingY. F. Top Picks Update: Removing KRDMD
Categories Economy General Macro Snapshot: Consumer Confidence Index, August 2021 Cem CetingucPosted on23 August, 2021 Consumer Confidence Index (CCI) decreased by 1.6% to 78.2 in August (July: 79.5). Despite there … Continue ReadingMacro Snapshot: Consumer Confidence Index, August 2021
Categories Business Economy Macro Snapshot: Outstanding External Loans Received by Private Sector, June 2021 Cem CetingucPosted on19 August, 2021 In June, private sectors’ outstanding short term loans decreased by USD0.2bn to USD9.5bn whereas long … Continue ReadingMacro Snapshot: Outstanding External Loans Received by Private Sector, June 2021
Categories Economy Finance Macro Focus: IP, June 2021: IP figures indicate a strong growth in Q2 Cem CetingucPosted on15 August, 202115 August, 2021 In June, IP increased by 2.3% MoM and 23.9% on a YoY. According to the consensus, … Continue ReadingMacro Focus: IP, June 2021: IP figures indicate a strong growth in Q2
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
Categories Business Company & Industry Turkish Banks: Sector Monthly Data Cem CetingucPosted on6 August, 2021 Strong monthly ROE of 17% on higher other income Turkish banking sector’s June net income … Continue ReadingTurkish Banks: Sector Monthly Data
Categories Economy General Macro Snapshot: CBRT Survey of Market Participants Cem CetingucPosted on6 August, 2021 MoM expectations were over the historical averages until October (2003-2019 Median – Aug.: +0.4% Sep.: … Continue ReadingMacro Snapshot: CBRT Survey of Market Participants
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
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
Categories Economy General Macro Snapshot: Policy rate seems stable in July but could be decreased by 25-50bps in next 3 months, CBRT Survey indicates Cem CetingucPosted on10 July, 2021 MoM expectations were over the historical averages in the coming months (2003-2019 Median – Jul.: … Continue ReadingMacro Snapshot: Policy rate seems stable in July but could be decreased by 25-50bps in next 3 months, CBRT Survey indicates
Categories Business Company & Industry KCHOL: Reinitiating coverage with TP of TL31.8/share Cem CetingucPosted on5 July, 2021 Attractive portfolio at a high discount… We re-initiate coverage on Koç Holding as we see the … Continue ReadingKCHOL: Reinitiating coverage with TP of TL31.8/share
Categories Company & Industry Finance Markets Macro Snapshot: Net FX Position of Non-Financial Companies Cem CetingucPosted on7 June, 2021 In March, net FX position of the non-financials was USD-157.5bn (2020: USD -157.6bn). FX assets … Continue ReadingMacro Snapshot: Net FX Position of Non-Financial Companies
Categories Economy General Macro Snapshot: Foreign Trade Statistics Cem CetingucPosted on1 June, 2021 Foreign trade deficit decreased by 33.2% YoY to US3.1bn in April and decreased by 3.2% … Continue ReadingMacro Snapshot: Foreign Trade Statistics
Categories Economy General Macro Snapshot: CUR, RSCI and sectoral confidence indexes decreased Cem CetingucPosted on26 May, 202126 May, 2021 SA CUR decreased by 1pps 75.2% which is the lowest level since October 2020 (1Q20: … Continue ReadingMacro Snapshot: CUR, RSCI and sectoral confidence indexes decreased
Categories Business Finance Macro Snapshot: Outstanding External Loans Received by Private Sector in March Cem CetingucPosted on17 May, 2021 In March, short term loans increased by USD815mn (trade credits increased by USD1.4bn) whereas long … Continue ReadingMacro Snapshot: Outstanding External Loans Received by Private Sector in March
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
Categories Business Company & Industry Company Outlook: Adding GARAN & SISE, Removing MGROS Cem CetingucPosted on10 May, 2021 Adding GARAN. We expect Garanti to maintain its leading position in ROE progression this year with … Continue ReadingCompany Outlook: Adding GARAN & SISE, Removing MGROS
Categories General Macro Snapshot: CBRT’s Expectations Survey Cem CetingucPosted on6 May, 2021 Policy rate would be kept stable in May but could be decreased by 75bps in … Continue ReadingMacro Snapshot: CBRT’s Expectations Survey
Categories General Company Update | EREGL: TP revised up to TL22.0/share Cem CetingucPosted on22 April, 2021 Strong rally justified by rising margins. EREGL staged a strong rally over the last 6M on … Continue ReadingCompany Update | EREGL: TP revised up to TL22.0/share
Categories Economy General Macro Focus: Recovery trend continues despite momentum loss Cem CetingucPosted on14 April, 202114 April, 2021 In February, IP increased by 0.1% MoM and 8.8% on a YoY. According to the consensus, … Continue ReadingMacro Focus: Recovery trend continues despite momentum loss
