Mornıng report (Trive Yatırım Menkul Değerler )

STRAP ON YOUR SEATBELTS
" Volatility was the name of the game yesterday, as despite a strong positive opening, investors saw the gains as an opportunity to exit from the potential economic uncertainty, thus selling the Index until the 8962 level, from where we observed a bounce back, albeit with some dips and dabs in the red zone, before the BIST finally closed the day on a slight gain of 0.17% at 9158, and turnover of TRY 107.7bn.
" The Banks manged to diverge positively from its peers, rising on average 2.08%, specifically the Private Banks, and the Aviation and Conglomerates also had a strong performance yesterday.
" The post-election remarks from the Treasury and Finance Minister, Mr. Mehmet Simsek, in his X account, that "In order to permanently reduce inflation to single digits, controlling public spending will be prioritized in addition to tight money, selective credit and income policies," adding ""We will continue to strengthen and implement our medium-term program with determination… We will transform the economy and increase productivity and competitiveness with the structural reforms to be implemented in line with the timetable announced in the program." All pro-foreign investor rhetoric, which could help explain the BIST30s 0.56% rise and thus outperforming the general benchmark, as foreign investors would be expected to start buying the heavy-weight and liquid stocks such as Banks-Conglomerates-Industrials and the Aviation stocks.
" As predicted, the REITs and the CEMENT stocks diverged negatively from their peers.
" KCHOL-YKBNK- and ISCTR were yesterday's most bought blue-chip stocks, whereas HEKTS was the most sold, due to its poor financial results, followed by EKGYO, as the AKP candidate failed to win the Istanbul election, thus potentially jeopardizing major Urbanization projects, and most importantly, the Canal Istanbul Project, followed by the KOZAL and KOZAA stocks.
" As of print, the TRY is trading weaker against both the USD and the Euro at 32.26 and 34.66, respectively, despite the TRY strengthening to 31.75 yesterday against the USD, while the DXY is slightly higher at 105.06.
" On the Bonds' side, both the 2yr and 10yr yields fell by 37bps and 46bps to 45.07% and 26.36%, respectively.
" On the commodity front, Brent is trading calm ahead of tomorrow's OPEC+ meeting at $87.58, while GOLD is higher at $2254.
" Türkiye's PMI figure fell by 0.2 to 50 in March, compared to 50.2 reading in February.
" EREGL: According to media reports, Türkiye has opened an anti-damping investigation against HRC imports from Korea. This news may reflect positively onto EREGL shares today.
AGENDA
" There are no major macro releases on the local front, whereas the US will be releasing the Factory Orders figures and Durable Goods, whereas Germany and the Eurozone will be releasing the PMI figures.
" SAHOL is expected to release its financials today after the markets close.
FINANCIAL RESULTS
" BOBET: Disclosed an annual net income in 2023 of TRY 1.4bn, a surge of 260% y/y from TRY 390mn in 2022. EBITDA also rose by 66% in 2023 from TRY 1.37bn.
" DAPGM: Disclosed an annual net income in 2023 of TRY 1.61bn, vs TRY 1.95bn in 2022, thus a decrease of 17.4% y/y. EBITDA, however, rose by 14.2% to TRY 4.28bn from TRY 3.75bn.
CORPORATE NEWS
" ARCLK: Disclosed the closing of Whirlpool Corp's EU operations under the control of ARCLK. Accordingly, The transaction amount, which was estimated at EUR 20 million subject to adjustments for net indebtedness and net working capital based on the closing financial statements, has been calculated as EUR 38 million, taking into account the impact of the current financial information on the net cash position, and was paid to Whirlpool EMEA on April 1, 2024. This amount will also be subject to further adjustments based on the finalized closing financial statements. The estimated consolidated net revenue of the Whirlpool subsidiaries acquired in the MENA transaction for the year 2023 is approximately EUR 121 million.

 
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