Morning Report (Trive Yatırım Menkul Değerler )

FULL THROTTLE AHEAD
" After yesterday's brief breather, the BIST100 marched full speed ahead yesterday, closing 1.62% higher at 10,209, and with a notably high turnover of TRY 130bn.
" The Industrial and Conglomerates led the gains, whereas the Banks decoupled negatively from their peers, due to both the upsetting financial releases from both AKBNK and YKBNK, as well as the slight increase in the withholding tax rates which is expected to reflect negatively onto margins. However, ahead of tonight's S&P credit rating, where a rating note hike to B+ from B is widely expected, we may see a positive tilt in the scale towards the banks today.
" SASA-KRDMD and ODAS were yesterday's most bought BIST30 stocks, whereas YKBNK-AKBNK ISCTR all found themselves at the pit of the BIST30 listings, followed by the 3 main Aviation stocks, THYAO-TAVHL and PGSUS.
" As of print, the TRY is trading flat against the USD at 32.40, but weaker against the Euro at 34.77, while the DXY has fallen slightly to 105.24. Both the 2yr and 10yr rates rose by 78bps and 60bps to 45.27% and 28.86%, respectively.
" On the Commodity side, Brent is trading a tad higher this morning at $83.76, while GOLD is flat at $2307.
" The OECD raised Türkiye's growth rate for 2024 to 3.4% from 2.9% and kept it at 3.2% for 2025. Regarding inflation, the OECD forecasted average rate for 2024 to be at 55.5%, and 28.9% for 2025.
" According to credit ratings agency, S&P, the Fed will most likely start rate cuts in December 2024.
AGENDA
" On the local front, the most compelling macro flow will be the April Inflation figures, followed by the summary report of last week's CBRT meeting, while the US will be disclosing its Non-Farm Payroll Date and PMI figures.
" Please note that S&P is also expected to release its Türkiye Sovereign Credit Rate, which currently stands at B "Positive."
FINANCIAL RESULTS
" TSKB: Disclosed a 1Q24 net income of TRY 1.93bn vs TRY 1.41bn y/y.

CORPORATE NEWS
" HALKB: Disclosed that in the second civil lawsuit (the Hughes case), upon the Government's motion, the U.S. District Court for the Southern District of New York ordered on May 1, 2024, to stay all proceedings in said civil case until the Bank's criminal case is concluded. Therefore, the second civil case (the Hughes case) shall be kept on hold until the criminal case against the Bank is ultimately resolved. On the other hand, the Bank's appeal process for dismissal on sovereign immunity grounds in the criminal case is currently ongoing. Oral argument was held on February 28, 2024 with the U.S. Court of Appeals for the Second Circuit but the Second Circuit is yet to decide on the matter. If the Second Circuit rules in Halkbank's favour, the case will be dismissed without proceeding to trial. In case of an adverse ruling, however, the Bank will assert its rights for legal objection.
" GLYHO: Disclosed that it has begun operations to the Caribbean Island of St. Lucia.

 
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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.