Mornıng Report (Trive Yatırım Menkul Değerler )

• Parallel to the buying appetite in the global markets, the BIST100 was also in the holiday spirits, rising 3.77% to 7813, and on a turnover of TRY 85bn, thanks to Wednesday’s dovish Fed speak.
• The Banks led the gains, rising on average 5.37%, while the Energy stocks lagged the benchmark, due in part to the Türkiye’s Akkuyu nuclear plant getting the greenlight to operate first power unit by October 29, 2024, and that talks were in place with China to build in the second nuclear plant in Thrace (Western Türkiye region).
• Accordingly, ISCTR-TCELL (dip buying after its recent sell-offs) and GUBRF were the most bought BIST30 stocks, and though there were no stocks in the red, AKSEN-SASA and ENKAI were the least bought 3 blue chip stocks.
o Please recall that our “Buy” call on VAKKO closed limit-up yesterday at TRY 78.65, but we maintain our mid-term target price of TRY 87.50, thus still offering a potential 11% upside.
• The TRY is trading weaker against both the USD and the Euro at 29.04 and 31.92, respectively, while the DXY is calm at 101.90. The 5yr CDS are trading at 293.
• On the Bonds’ side, both the 2yr and 10yr yields fell by 32bps and 38bps to 38.38% and 26.23%, respectively.
• On the Commodity front, after its recent surge, Brent is trading lower, hovering around the $77 ticker, while Ounce and Gram GOLD are slightly higher at $2036 and TRY 1900, respectively.
• Yesterday, both the BOE and the ECB left interest rates unchanged. The ECB added that it will stop PEPP reinvestments at the end of 2024, while the BOE warning that it still has a “Way to Go” on inflation.
• Last week, Foreign Investors were net BUYER of $562mn STOCKS and $891mn BONDS. Net reserves, ahead of tonight’s Moody’s credit rating agency, the reason why we point this out is because Moody’s stated that an increase in reserves would be a key factor in potential rating upgrade, renewed its historic high by adding an additional $1.225 to reach $141.374bn.
• Yesterday, President Erdogan and his US Counterpart had a phone conversation, discussing the F-16 jets and Sweden’s NATO bid, as well as Gaza. US National Security Council spokesman John Kirby said “we continue to support a modernization program” regarding F-16s in a press briefing Thursday. Accordingly, we may see these comments reflect positively onto ASELS shares.

AGENDA:
• On the local front, the Home Sales Figures, the Budget Balance, and the Expected 12mth Inflation Expectations will be released (Prev. 43.94%), while abroad, the US PMI, Capacity Utilization Rate, and New York Fed Industrial Index will be released.
• Please note that after the session closes, Moody’s credit rating is expected to release its Türkiye credit rating and outlook, currently standing at B3 with Stable Outlook.
CORPORATE:
• OTKAR: Disclosed that it signed a 4x4 armoured vehicle export deal worth $136mn, and delivery to begin and end in a year.
• PGSUS: Disclosed that it resolved the financing of 17 Airbus A321neo aircraft scheduled for delivery until the end of 2024, as part of the 2012 Airbus Order. The financing method and terms and lender(s) will be determined by Company management for the all or different parts of the incoming batch based on an RFP process and changes in the Company's financing obligations will be communicated to our investors through future Financial Reports where financial instruments / financial lease liabilities are reported.


 
 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.