Mornıng Report (Trive Yatırım Menkul Değerler )

• The BIST100 opened the new week 2.49% higher at 7819, and with an impressive turnover of TRY 95.9bn, led by the 8.91% gains in the Banks, ahead of Friday’s Moody’s Sovereign Rate decision, and encouraged ahead of time by Bank of America’s positive “buy” report for local banks. However, the Industrial stocks lagged their peers due to the selling pressure on TUPRS, as well as the Mining stocks.
• The 4 private banks topped the BIST3O leaders’ list, followed by AKSEN-PETKM and SISE, whereas TUPRS was sold-off after disclosing the shutdown of its fuel conversion unit for 92 days that would cause for a loss of $196mn in EBITDA, and was joined by GUBRF and HEKTS. AKCNS shares closed 4.44% higher at TRY 148.30, after peaking intraday at TRY 155.80, thanks to the appointment of the former Urbanization Minister to run for Istanbul Mayor, while EKGYO rose by nearly 4%, after having had started the rally on Friday by closing 5% higher.
• As of print, the TRY is trading a tad weaker against at 29.94, but flat against the Euro at 32.78, while the DXY is higher at 102.25, as of print. On the Bonds’ side, both the 2y and the 10yr rates fell by 141bps and 99bps to 39.96% and 27.19%, respectively. The 5yr CDS rates are trading slightly higher at 308 today.
• On the Commodity end, Brent is continuing to fall amid demand concerns at $75.95, while Ounce and Gram GOLD are higher $2032 and TRY 1956, respectively.
• For December, the Treasury Cash Balance gave a deficit of TRY 197bn, and TRY 625.5bn for the year.
AGENDA:
• There are no major local macro releases expected today, while our US colleagues will release the Foreign Trade Number, The Eurozone will release its Unemployment, Germany will release its Industrial Production, and Japan will disclose the CPI figures.
CORPORATE:
• THYAO: Disclosed its December Traffic Results. As such, total number of passengers carried increased by 10.1% to 6.1 million, compared to 5.5 million passengers y/y, international to international passenger carried increased by 19% to 2.6 million from 2.2 million for the same period of 2022. L/F decreased by 1.8 points to 79.8% compared to same period of 2022. In the period of December 2023, L/F in international flights was 80% while L/F in domestic flights was 78.5%. ASK increased by 19.4% to 19.8 billion during the period of December 2023 from 16.6 billion for the same period of 2022. Cargo/Mail carried during the period of December 2023 increased by 15.8% to 159.7 thousand tons from 137.9 thousand tons in the same period of 2022.
o For 2023, total number of passengers carried increased by 16.1% to 83.4 million, compared to 71.8 million passengers in the same period of 2022, international to international passenger carried increased by 27.1% to 29.8 million from 23.4 million in the same period of 2022. L/F increased by 1.9 points to 82.6% compared to the period of January - December 2022. L/F in international flights was 82.4% while L/F in domestic flights was 84.3%. ASK increased by 16.4% to 234.8 billion for 2023 from 201.8 billion for the same period of 2022. Cargo/Mail carried during 2023 decreased by 1.2% to 1.66 million tons from 1.68 million tons in the same period of 2022. By the end of December 2023, the number of aircraft in the fleet was 440.
• KCHOL: Disclosed that a Share Purchase and Sale Agreement has been signed for the sale of shares corresponding to 49.04% of Tat Gıda's share capital, to Memişoğlu Tarım Ürünleri Ticaret Limited Şirketi. According to the agreement, shares held by Koç Holding with a total nominal value of TRY 59,364,947.16 corresponding to 43.65% of Tat Gıda's share capital will be sold to Memişoğlu for a total cash consideration of USD 72,023,649.13, which is to be paid on Closing Date and to be adjusted according to the level of net debt and net working capital on its audited financial statements on the Closing Date. The total sale price for 49.04% of Tat Gıda shares subject to the transaction correspond to USD 80,915,335.72 subject to the closing adjustment. 6 founder's redeemed share certificates of Tat Gıda will be sold to Memişoğlu for a total cash consideration of USD 1,500,000, to be paid on the Closing Date. The total sale price for all 15 founder's redeemed share certificates subject to the transaction has been agreed as USD 3,750,000.

• AEFES: Disclosed its guidance for 2024. Accordingly, it expects consolidated sales volume growth at low-to-mid single digits in 2024; Beer sales volume is expected to grow slightly. While international beer operations' volume is expected to grow slightly; Türkiye beer volume is to stay flat due to high base of 2023. Soft drinks sales volume is to grow by mid-single digit Türkiye soft drinks volume is to grow by mid-single digit International soft drinks volume is to grow mid-single digit Consolidated Net Sales Revenue growth is expected to be at low-thirties on FX-Neutral basis Beer revenue is to grow by low-twenties on FX-Neutral basis Soft drinks revenue is to grow by low-forties on FX-Neutral basis Consolidated EBITDA Margin is expected to decline around 100 bps Beer EBITDA margin is expected to decline around 200 bps with some downside risk Soft drinks EBIT margin is to stay flat compared to last year.


 
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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.