Mornıng Report (Trive Yatırım Menkul Değerler )

• The BIST ended the final day of the week on a gain of near 1% to close at 8026, and with a turnover of TRY 81.5bn, led by the gains in the Banks and Transportation-more precisely, Aviation stocks, while the REITs and Energy stocks decoupled negatively.
• SASA-GARAN and THYAO were the most bought blue-chip stocks, whereas ODAS-KRDMD and AKSEN weighed down on the benchmark.
• For the week, the BIST100 rose by 0.83%, thanks to the 6.67% surge in the Banking stocks, especially on the back of the S&P’s rating outlook upgrade, and the Industrials rose by a little over 1% and the Mining stocks 1.63% due to the rise in Gold prices as the major CBs are expected to halt rate hikes.
• However, across the sectors, the gains were minimal, if not even negative- the Energy stocks continued to bleed-losing another 4.13% this week, and the Conglomerates fell by 0.96%. Ytd, however, it is worth noting that the BIST100 returned 46% nominal gains, thus poised for its highest annual return since 2022.
• On a weekly basis, EGEEN-KONYA and SASA were the most bought BIST100 stocks, compared to MIATK-OYAKC and BRSAN.
• The TRY strengthened by 0.11% against the USD, by weakened against the Euro by nearly half-percent, and both the 2yr and 10yr Bond Yields fell by nearly 3% each to 39.87% and 27.54%, respectively.
• On the Commodity front, Brent fell by 2.17% for the week, despite the OPEC+’s voluntary 1.2mn bpd production cut, which is good for Turkey’s BOP and fuel dependent sectors-such as Aviation, and both ounce and gram GOLD rose by over 3% due to speculations that the rate hike era from the major Central Banks are over, despite a brief scare mid-week when the fall in the US 10yr yields’ fall raised concerns that the FOMC may be tempted to go for another 25bps rate hike.
• Now, turning our attention to the present, the TRY is currently trading a tad weaker against the USD at 28.93, but a tad stronger against the Euro at 31.45, while the DXY is higher at 103.33. The 5yr CDS rates are currently at 337.
• On the commodity front, Brent is continuing its fall, currently trading lower today at $78.30, while ounce and gram GOLD are higher this morning at $2088, but paring its gains from the $2145, and TRY 1942, respectively.
• The S&P stated on Friday that they will watch the change in net reserves for a possible rate hike after last week’s pleasant outlook upgrade.
• On Friday, Fed Chair Jerome Powell stated that talk of cutting rates “premature” and on the contrary stated that more hikes could happen.
AGENDA:
• The Inflation figures will kick-off the agenda on the local front (CPIe: +3.11% mm/ 61.78% yy), followed by the REER, Weekly Change in Non-Resident STOCK/BOND Holdings, and Cash Budget Balance.
• On the US front, the ADP, Non-Farm Payroll; Unemployment and Trade Balance will be the main highlights, while the Eurozone will disclose the PPI, PMI and GDP Growth, and Germany will disclose its Industrial Production and GDO Growth Rate figures.
CORPORATE:
• TKNSA: The Company held its Investor/Analyst meeting on Friday under the title “Transformation Journey”. Accordingly, one could argue that the main purpose of the presentation was to give details of their “Marketplace Transformation,” which was completed as of 1H2023, per their presentation, as to utilize Teknosa’s online channels and offer a broader range of products, and in the meantime, save retail space, and give assurance to customers under the assurance of the brand name. The Company also disclosed that they initiated a new phase of transformation for sustainable and profitable growth with digital infrastructure and solutions.
o The Company disclosed that they aim to increase the share of their e-commerce net merchandise value to 20%, currently at 15%, they stated that despite the interest rate increases aimed to cool consumption, the Company did not observe any slowdown in sales, a question that was asked a lot during the presentation, due to the importance and necessity of technology in the everyday life. The Company revealed that though investments abroad were on the table, no tangible decision was taken on the matter. They also revealed they will have a roadshow with foreign institutional clients, as foreign ownership in the stock is currently at 11%.
• CANTE: Disclosed that it will indirectly become a shareholder of Venezuela’s Multiservicios Tomlam CA, which has been granted concession rights for operation, maintenance and production works by the Venezuelan State Oil and Natural Gas Company (PDVSA), with 60.4% of its shares.
• LINK: Disclosed that Re-Pie, Bulls Yatirim Holding and Lydia Yatirim have bought 66% of its shares for $8mn, and thus there will be a mandatory share buyback.

 
 Trive Yatırım Menkul Değerler A.Ş.
  https://www.trive.com.tr/

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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.