Market Watch (Şeker Yatırım)

Market Watch - Wednesday, February 28, 2024
Outlook:
The BIST 100 Index started Tuesday on a negative trend, attempting a recovery thereafter but closing at 9,179.48, down 1.66%. The Banking Index lost 1.00% and the Industrial Index fell 1.16%. Profit-taking may continue due to short-term uncertainties impacting the BIST100, which has seen an eight consecutive week appreciation. The Index has difficulty settling above 9,400. Factors such as the uncertain pre-election atmosphere, concerns over inflation accounting, and limited upward potential curb interest in the BIST. For the medium term, we maintain our view that sharp withdrawals will present buying opportunities as long as positive factors such as the stable implementation of rational policies, confidence in economic management, and the decline in CDS prevail. On the global front, major stock markets closed Tuesday with mixed trends, and this morning the U.S. futures and German DAX futures are negative and Asian Stock Markets are mixed. In general, the markets will continue to find direction from data and Fed statements. Today, the U.S. 4th Quarter GDP growth second reading data emerges. The VIOP30 Index ended the evening session down 0.23%. Locally, we expect the Benchmark Index to begin Wednesday flat, and to seek a return to its uptrend through reactionary purchases after any intraday withdrawals. SUPPORT: 9,050 - 8,950 RESISTANCE: 9,300 - 9,450.
Money Market:
The Lira was negative yesterday, weakening 0.07% compared to the USD to close at the day at a high of 31.1493. In addition, the currency depreciated by 0.05% against the basket composed of $0.50 and €0.50. Meanwhile, the local fixed income markets were negative. The ten-year benchmark bond was ending at 26.88%, 7 bps above its previous closing.
Company News:
Ford Otosan (FROTO.TI; OP) is to announce its 4Q23 results after the close of the TR markets.
Isbank (ISCTR.TI; OP) has received USD140mn financing with 5-year and 6-year final maturities within the framework of its program based on remittance flows. The amount represents 0.2% of the bank's asset size as of 4Q23 (Neutral).
Isbank (ISCTR.TI; OP) has announced that Collective Labor Agreement negotiations between the bank and the Bank-Finance and Insurance Workers Union for the period of January 2024 to December 2025 have been concluded by mutual consent.
Sisecam (SISE.TI; OP) has announced that a total of 1,000,000 nominal shares (total amount of TRY 50,910,000) were repurchased within a price range of TRY 50.85 - TRY 51.00 per share (average price TRY 50.91) at the BIST on February 27, 2024. Total repurchased shares to date correspond to 1.809% of the company's capital (including the disposal of a portion of the repurchased shares).
According to inflation accounting provisions (IAS-29), Selcuk Ecza Deposu's (SELEC.TI; MP) net profit decreased by 65% YoY to TRY 223mn at YE23 from TRY 636mn at YE22. The net monetary loss of TRY 4,166mn at YE23 (vs. TRY 4,127mn at YE22) and the realization of financial expenses of TRY 812 million at YE23 (vs. TRY 151mn at YE22), resulting from the IAS-29 effect were factors suppressing the bottom-line. The Company recorded net sales revenue of TRY 97,7bn, up 14.7% YoY, factoring in the IAS-29 impact, compared to YE22 (TRY 85.2bn). Recall that the Euro value of the Turkish lira to be used for pricing medicinal products rose 25% to TRY 17.550 from TRY 14.0387 as of December 25, 2023. Turkish drug prices rose 30.5% in July 2023, and 36.77% in December 2022. Accordingly, the increase in drug prices has reached 123% YoY. Rising drug prices had a positive impact on the top-line on an annual basis. Selcuk Ecza's market share in TRY terms remained flat at 36.07% at YE23 (38.35% in 9M23- 39.17% at YE22). EBITDA of TRY 4,924mn was down 3.8% YoY, including the IAS-29 impact. The gross profit margin declined from 10.4% at YE22 to 9.4% in YE23, while the EBITDA margin fell 1.0pp to 5.5% at YE23. On the other hand, the Company generated TRY 1,427mn from net investment activities in YE23 (vs. TRY 386mn at YE22), while the deferred tax gain fell to TRY 243mn at YE23 from TRY 897mn at YE22, including the IAS-29 impact.



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  Burada yer alan yatırım bilgi, yorum ve tavsiyeler yatırım danışmanlığı kapsamında değildir.Yatırım danışmanlığı hizmeti ; aracı kurumlar, portföy yönetim şirketleri, mevduat kabul etmeyen bankalar ile müşteri arasında imzalanacak yatırım danışmanlığı sözleşmesi çerçevesinde sunulmaktadır.Burada yer alan yorum ve tavsiyeler, yorum ve tavsiyede bulunanların kişisel görüşlerine dayanmaktadır.Bu görüşler mali durumunuz ile risk ve getiri tercihlerinize uygun olmayabılır.Bu nedenle, sadece burada yer alan bilgilere dayanılarak yatırım kararı verilmesi beklentilerinize uygun sonuçlar doğurmayabilir.