Market Watch(Şeker Yatırım)

Market Watch - Thursday, February 23, 2023
Outlook:
The BIST100 Index started Wednesday on a positive trend, yet closed at 5,071.41, down 1.51%. Profit realization, especially in iron-steel, cement and REIT shares, suppressed the Index. The Industrial Index diverged negatively, down 3.39%, while the Banking Index diverged positively, up 1.10%. We foresee the volatile course continuing in the short term, with stock and sector-based divergences in the Index. In the global markets, the minutes of the last Fed meeting were followed midweek. According to the minutes, while the members argued that 25 bps rate hikes should continue, the messages were perceived as dovish, and the markets expect 50 bps increases. Yesterday, the U.S., European and Asian Stock Markets closed with a negative weighted, but mixed performance. The U.S. and German DAX futures were bullish this morning, while Asian Stock Markets were mixed. The VIOP-30 Index closed the evening session negatively, down 0.04%. Locally, we expect the Benchmark Index to start Thursday close to flat. Regardless of any intraday pullbacks, reactionary purchases are set to continue, albeit with low momentum. SUPPORT: 5,020 - 4,950 RESISTANCE: 5,140 - 5,260.
Money Market:
The Lira was negative yesterday, weakening 0.04% compared to the USD to close to 18.8786. In addition, the currency appreciated by 0.24% against the basket composed of $0.50 and €0.50. Meanwhile, the local fixed income markets were negative. The ten-year benchmark bond was traded within a tight range of 10.49%-10.58%, ending the day at a high of 10.58%, 9 bps above its previous closing.
Headlines:
The Central Bank's interest rate decision will be announced today. Both the market and our expectation are that interest rates will be cut by 100 basis points. In the text of the decision, discourses on the earthquake disaster and its effects on the economy will be important. We will publish our detailed analysis after the decision emerges within the day.
Company News:
HalkBank (HALKB.TI; MP) has bought back 3.5mn of its own shares (0.07% of its paid-in capital) within a TRY10.98-11.05 share price range as part of its share buyback program of up to TRY250mn nominal shares and TRY2.25bn value. (Total amount bought: 114mn shares, which is 2.3% of its paid-in capital (Neutral).
VakifBank (VAKBN.TI; MP) has bought back 1mn of its own shares (0.01% of its paid-in capital) within a TRY9.38-9.49 share price range as part of its share buyback program of up to TRY150mn nominal shares and TRY1bn value. (Total amount bought: 58mn shares, which is 0.82% of its paid-in capital) (Neutral).
Turk Telekom (TTKOM.TI; OP) posted a net profit of TRY 1,010 mn in 4Q22, in parallel with our expectation of TRY 1,054mn and the median market expectation (Research Turkey) of TRY 1,229mn. While the deferred tax income (TRY 118mn) slightly supported net profit, financial expenses (TRY 1,731mn) were suppressed.
The impact of strong price hikes continued... In line with the strong price hikes ARPU continued to rise, supporting the financial results. ARPU in the broadband segment has increased 10% QoQ and 38% YoY, while mobile blended ARPU has increased 9% QoQ and 53%. In line with this rise, revenues rose to TRY 15,287mn by 55%, while our expectation was TRY 14,619mn and the average market expectation was TRY 14,440mn.
EBITDA at TRY 5,238mn, up 32% YoY... The figure was below our TRY 5,537mn, and the median market expectation of TRY 5,590mn.
2023 guidance - The company has published it's expectations for 2023. Duly, it expects revenues to rise by 52-55%, EBITDA in the vicinity of TRY 23-25bn, and consolidated capex of approximately TRY 17-19bn in 2023E.



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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.