Model Portfolio Reshuffle (Oyak Yatırım)

Market view: Positive (maintained)
 
We remove AGESA and BIMAS

We are removing AGESA from our model portfolio after its strong performance (97.3% in absolute and 9.7% relative to BIST-100) since our inclusion into the model portfolio with 8th June close.
BIMAS is also excluded from our portfolio since possible measures from the government against price increases in supermarkets could act as negative catalyst for the company shares. Although we think that profitability could recover in 4Q22 relative to 3Q22 which fell short of analyst estimates, negative news flow might continue to put pressure on the stock’s performance.

We add AKGRT

We are adding AKGRT to our model portfolio on the back of its strong growth potential post 163% rights issue and strengthened capital, improved combined ratio forecasts on rising policy prices and decreased market share in MTPL, and potentially higher investment yield on growing portfolio size and reallocation to high yielding assets. We expect earnings to rise from TL795mn in 2023 from TL217mn net loss in 2022, while the 3Y EPS CAGR (20-23E) stands at a high 21%. Aksigorta trades attractively at 6.3x 2023E P/E and 1.5x P/B on 3Y EPS CAGR (2020-23E) of 21% and 23E ROE of 28%.

Our model portfolio has underperformed BIST-100 by 3.0% since our last reshuffle with 18th October close mostly due to BIMAS. YTD absolute and relative outperformance materialized at 188.6% and 17.3%, respectively. Current portfolio includes TUPRS, YKBNK, AKBNK, KCHOL, SISE, THYAO, MAVI and AKGRT.


Oyak Yatırım Menkul Değerler A.Ş.
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                               Yasal Uyarı
 
 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.