Mornıng Report (Trive Yatırım Menkul Değerler )

&P REWARDS TÜRKİYE'S FIGHT AGAINST INFLATION WITH OUTLOOK UPGRADE
" The BIST closed yesterday on a loss of 0.76% to end the day at 7949, and with a turnover of TRY 88.5bn. Despite picking up the pace after a slightly negative opening, the BIST went into cruise control, and WSJ's report flashed by Bloomberg that "Turkish companies and individuals risk a battery of sanctions for providing Russia goods and services" as well as to stop supporting Hamas, triggered sell-offs that saw the BIST fall to as low at 7912.
" The Banks fell on average 1.17%, while the Industrials performed relatively better, falling by just 0.44%, while the Mining stocks managed to diverge positively from their peers due to speculations that the major central banks were done hiking interest rates.
" GUBRF-ASELS (media reports UK to work on persuading Germany to sell Turkey Eurofighters) and KOZAL were yesterday's diamond in the ruff stocks, while ODAS-TOASO and ARCLK were the most sold, the discretionary consumer spending items apparently not happy with Finance Minister's statements for companies to search for businesses abroad due to the expected slowdown in domestic consumption. We will discuss more about what he said later on in the report.
" Today, on the back of the S&P's extraordinary outlook upgrade to "Positive" from "Stable," however, affirming its "B" sovereign credit rating, we expect to see a positive opening at the BIST. The ratings agency noted the subsiding twin deficits parallel to the recent orthodox measures taken by the CBRT. As such, we would expect the Banks and Conglomerates to lead the charge forward.
" As of yesterday's close, the TRY is trading weaker against the USD at 28.91 against the USD, and also weaker against the Euro is at 31.52, while the DXY has retreated to 103.34. On the Bonds' side, both the 2yr and 10yr yields continued their freefall, retreating a further 280bps and 202bps to 39.59% and 28.66%, respectively. The 5yr CDS rates are trading at 339.
" On the commodity front, despite OPEC's decision to voluntarily cut output by an additional 2.2mn bpd, thanks to Saudi Arabia and Russia, Brent is trading lower compared to yesterday's closing level at $80.69. The Cartel announced no new group cut target for 2024. Meanwhile, and ounce and gram GOLD are trading lower at $2041 and TRY 1897, respectively.
" Türkiye's Trade Deficit shrank by 17.5% y/y to $6.5bn from $7.9bn.
" The CBRT made some new announcements. Accordingly, Banks can offer rates below the policy rate for FX-Protected Saving Account, thus to encourage lira deposits, and the rediscount rates have been increased by 5%. The discount rate to to be used in rediscount transactions carried out on notes that have max. 3 months to maturity raised to 40.75% from 35.75% while rate on advance transactions raised to 41.75% from 36.75%, according to central bank decision published in official gazette.


AGENDA:
" The main macro release both on the local and foreign agenda will be the PMI figures.
CORPORATE:
" TKNSA: Disclosed its 2024 guidance. Accordingly, the technology retailer expects e-commerce merchandise volume (GMV) doubling to TRY 15bn from 7.5bn from 2023, and thus reaching 20% of total sales in the mid-term, expects investments to be TRY 500mn in 2023 and TRY 1bn for 2024, while seeing high single-digit EBITDA margin for 2023 and 2024.

 
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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.