Mornıng Report (Trive Yatırım Menkul Değerler )

• The BIST100 opened the week 0.15% higher to close at 11,173, and turnover of TRY 110.8bn, seeing profit-takings from the 11,245 level.
• The Banks and Transportation stocks weighed down on the gauge, losing 1.41% and 1.55%, respectively, after last week’s gains, and apparent pricing-in of Moody’s note hike, whereas the Industrial and Conglomerates levied the Index higher.
• ARCLK was yesterday’s biggest winner thanks to a local “Buy” report, and was followed by KOZAA and TCELL, while ISCTR shares plummeted by over 4% after the Bank disclosed that the merger of its subsidiaries under the Bank would not be completed in time, and was followed by PGSUS and GUBRF shares, but in all honestly, 3 of the top 5 laggards were the Aviation stocks.
• We also saw a hefty buying appetite among the Iron/Steel stocks, perhaps buoyed by yesterday’s surprise interest rate cuts by China, as well as the Cement stocks.
• As of print, the TRY is trading a tad weaker against the USD and the Euro at 32.92 and 35.85, respectively, while the DXY has retreated to 104.25, as of print. Both the 2yr and 10yr rates rose yesterday by 14bps and 7bps to 42.17% and 28.05%, respectively.
• On the Commodity front, Brent is trading slightly lower this morning at $81.54, whereas GOLD is calm at $2396.
• The 12mth Inflation Expectation’s Survey sees the 12-month Inflation Figure improve to 30.02% from 31.79%, and to 19.32% from 20.33% in 24 months. The USD/TRY parity has dropped slightly to 37.37 from 37.75 for YE24 but increased slightly to 41.52 from 41.41 for the 12mth period.
• Morgan Stanley disclosed that it sees the YE24 USD/TRY parity at 36.

2Q24 FINANCIALS

• TAVHL: Disclosed a net profit of TRY 2.51bn in 2Q24, thus beating the Foreks average forecast of TRY 2.43bn vs TRY 887mn y/y. The Airlines Company disclosed that total passengers served rose by 17% in 1H24 to 46mn.

AGENDA

• On the local front today, the MPC will release its One-Week Repo Rate, expected to remain unchanged at 50%, as well as the Consumer Confidence Level.
• On the International front, the US will be releasing the Richmond Fed Industrial Index-Existing Home Sales, while the Eurozone will release the Consumer Confidence Level.

CORPORATE NEWS
• GOODY: Disclosed that the Goodyear Tire & Rubber Company, the indirect majority shareholder of the Company, announced that it has entered into an agreement to divest its global off-the-road tires (OTR) business to The Yokohama Rubber Company, Limited. The transaction is subject to customary closing conditions and is expected to close by early 2025. According to the Company, the transaction is not expected to have a material impact on the Company since, it does not have off-the-road tires (OTR) production and in 2023, the off-the-road tires (OTR) sales represented less than 1.3% of the Company's total net revenues.
• TAVHL: Disclosed that it will merge with TAV Gayrimenkul via facilitated merger method" since the Company is the sole shareholder of TAV Gayrimenkul Geliştirme Anonim Şirketi, which will be acquired by TAVHL, which holds the entire of its shares having voting rights and since the share capital of the Company will not be increased.
• TUKAS: Disclosed that for 2024, it targets sales of TRY 10.2bn, and an EBITDA of 27.3%.

 
 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.