Morning Report (Trive Yatırım Menkul Değerler )

CAUTIOUS TRADING EXPECTED AHEAD OF US INFLATION FIGURES
" The BIST100 diverged negatively from its global peers, besides the slightly negative closing in the FTSE, by falling 2.34% to 7728, and on a turnover of TRY 78.5bn, while the losses among the Banks were less severe compared to their peers, whereas the Mining stocks dropped over 4% due to the continuing loss of shine in the GOLD prices.
" Rising interest rates, a less volatile alternative to the stock market, the abundance of IPO listing, thus creating a need for cash/liquidity, could be listed as the main factors for the negative divergence, not to forget the Sweden-NATO debacle, with the Government spokesman stating yesterday that they were not in a rush to ratify Sweden's NATO membership.
" As such, EKGYO-TAVHL (thanks to its passenger disclosures) and TCELL were the most bought blue-chip stocks, while ALARK-HEKTS and KOZAL/KOZAA were the most sold.
" Today, the TRY is trading flat against the USD around the 29 level, but a tad weaker against the Euro at 31.25, while the DXY is trading lower at 103.94. The 2yr rates rose by 12bps to 38.56%, whereas the 10yr Bond Yields fell by 21bps to 26.95%.
" On the Commodity front, Brent is trading is trading higher at $76.63, as well as Ounce and Gram GOLD ahead of today's CPI figures at $1988 and TRY 1853, respectively.
" Türkiye's Current Account Balance gave a surplus of $186mn, but less than the Market Expectation of $510mn. The Industrial Production fell by 0.4% on a monthly basis but rose 1.1% on an annual basis. Unemployment Rate also decreased to 8.5% compared to the previous month.
AGENDA:
" Today, there are no major macro releases expected, perhaps paving way for today's important US CPI figures, expected to be unchanged on an mm basis, but rising 3.1% on an annual basis, and ex food and energy, 4.0%. Germany will also announce its Zew Index today.
CORPORATE:
" MAVI: Disclosed a 3Q23 NI of TRY 1.02bn, thus beating the market expectation of TRY 709mn. Adjusted for deferred taxes, it came in at TRY 986mn, beating the estimate by 44%. Revenues beat the consensus by 6.3%, coming in at TRY 5.78bn, and revenue growth was 80.4% on an annual basis. EBITDA beat the consensus by 30.5% at TRY 1.65bn, and the EBITDA Margin was 28.6% vs the estimate 23.3%.
o The Company also revised its 2023 guidance. Accordingly, it expects consolidated growth to be increase by 85%+; EBITDA Margin to be around 23.5% +/- 0.5%, while confirming CAPEX at 3% of consolidated sales.
" ALARK: Disclosed that its subsidiary, Alsera Jeotermal will establish an agriculture company in Kazakhstan, worth around $500k.
" KCAER: Disclosed that it received a $22.3mn order form Europe and the US.
" HITIT: Disclosed that it will establish a new company in Pakistan to support its sales distribution in that country.

 
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