Mornıng Report (Trive Yatırım Menkul Değerler )

• Despite a fairly promising start to the morning, thanks to the buying appetite in the Banks, due to a possible Swap deal, coupled with the S&P’s credit rating evaluation on the 15th, things escalated quickly, and then just got plain ugly at the end, finally ending the day 2.51% lower at 7856, and with a turnover of TRY 95.6bn.
• Thus, besides the positive divergence in the Banks, it was a heavy risk-off trading session at the BIST.
• GARAN-BIMAS and ISCTR led the gains among the BIST30 stocks, there were only 4 btw, and EKGYO closed flat, while SASA-ODAS and HEKTS led the falls. ASELS, though making a positive start to the day, also fell victim to the tit-for-tat fighting, falling by nearly 5%.
• Today, we are observing a positive pick-up in the Asian markets, and expect a positive opening at the BIST as well.
• As of yesterday’s close, the TRY is trading flat against both the USD and the Euro at 28.92 and 31.17, respectively, while the DXY is trading higher above the 104 level at 104.17. The 5yr CDS rates are trading lower this morning at 334. Opposite to the previous day’s retreats, yesterday, both the 2yr and 10yr Bond yields rose by 10bps and 4bps to 38.38% and 26.81%, respectively.
• On the Commodity front, the downwards spiral in Brent is continuing, currently at $74.70, and ounce and gram GOLD are trading a tad lower compared to yesterday’s closing prices at $2027 and TRY 1885, respectively.
• On this return from Qatar, President Erdogan stated that he expects steps from US on F-16 sale to be in sync with Sweden NATO accession, and also stated that he expects inflation to rapidly fall after June.
• President Erdogan will be visiting Greece today and stated that cooperation in the Energy sector was possible.
• Please note that yesterday we published our “Buy” Report for TCELL with a 12mth target price of TRY 108.33.
AGENDA:
• On the local front today, Change in Non-Resident Weekly STOCK/BOND Holdings will be disclosed, as well as the Treasury Cash Budget Balance, while on the international front, the Eurozone GDP Growth Rate, and US Weekly Jobless Claims and Wholesale Figures will be disclosed.
CORPORATE:
• THYAO: Disclosed its November 2023 passenger numbers. Accordingly, total number of passengers carried increased by 4.1% to 6 million, compared to 5.8 million passengers in November 2022. During the period of November 2023, international to international passenger carried increased by 11.2% to 2.2 million from 2 million for the same period of 2022. L/F decreased by 2.7 points to 80.4% compared to same period of 2022. In the period of November 2023, L/F in international flights was 79.9% while L/F in domestic flights was 84.8%. ASK increased by 12.1% to 18.2 billion during the period of November 2023 from 16.2 billion for the same period of 2022. Cargo/Mail carried during the period of November 2023 increased by 11% to 153.5 thousand tons from 138.3 thousand tons in the same period of 2022.
o During the period of January - November 2023, total number of passengers carried increased by 16.6% to 77.3 million, compared to 66.3 million passengers in the same period of 2022.
o During the period of January - November 2023, international to international passenger carried increased by 27.9% to 27.2 million from 21.2 million in the same period of 2022.
o By the end of November 2023, the number of aircraft in the fleet was 437
• TTKOM: CEO Umit Onal, speaking to media sources, states that the Company applied with regulator to extend landline concession agreement that ends in 2026, the Minister stated that the renewal is expected to be made in 2024, stating that he thinks there will be a 25yr extension. After the licence renewal, an SPO may also be on the agenda. TTKOM also plans to cooperate with a foreign company for a production investment in Turkey.

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

***
                        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.