Mornıng Report (Trive Yatırım Menkul Değerler )

All Good Things Come to An End
• The recent gains came to an abrupt end yesterday, with the BIST100 closing 0.74% lower to below the critical
8000 level and with a low turnover of TRY 84.6bn. However, thanks to the Finance and Treasury Minister’s
comments regarding rewarding exporters with a tax break, companies with an fx inflow decoupled positively
from their peers.
• Besides the Mining stocks, there were not stocks that closed positively, and the Aviation stocks fell the most
due to profit-takings after their flying high above their competitors.
ENKAI and ARCLK, both with a large fx inflow ranked among the top3 best performing stocks blue-chip stocks
alongside KOZAA, while THYAO-PGSUS and TOASO were the most sold.
• As of yesterday’s session closing numbers, the TRY is trading a tad weaker against the USD at 28.86, but
considerably weaker against the Euro at 31.46, while the DXY is down to 103.73, as of print. Both the 2yr Bond
and 10yr Bond rates closed higher yesterday by 54bps and 38bps to 40.65% and 28.82%, respectively.
• On the Commodity front, things were very interesting indeed, as Brent plummeted by to $78 during the day,
amid reports that Sunday’s OPEC+ meeting could be postponed due to Saudi Arabia’s agitation over output level,
coincidentally delaying the meeting by 4 day to November 30th, and are currently trading flat as of yesterday’s
closing levels at $80.84. Ounce and gram GOLD prices are trading at trading higher this morning at $1996 and
TRY 1852, respectively.
• Türkiye’s Finance and Treasury Minister, Mr. Mehmet Simsek disclosed that tax reduction and exemption rates
applied to some activities of tax payers abroad will be increased, provided that the earnings are brought into
Türkiye, in order to boost foreign currency inflows. a 5-point corporate tax reduction to the gains related to the
activities of manufacturing and supplying exporters.” Also, the 50% profit exemption provided for income
obtained from services offered abroad, such as architecture, engineering, software, design, data processing, call
services, education, and health activities, will be increased to 80% on the condition that the earnings are brought
to Turkey,” Şimşek further said. “Thus, we are reducing the tax burden for these gains to 5% for corporate tax
payers.”

AGENDA:
• On the local front today, the MPC is expected to raise the policy rate, in-line with our house estimate of
250bps to 37.5%, and the Weekly Non-Resident Foreign Stock/Bond Holdings will also be disclosed while
Germany and the Eurozone will disclose the PMI figures, and ECB Minutes.
• Please note that our US colleagues will be out today celebrating Thanksgiving and watching Football
(American).

CORPORATE:
• BVSAN: Disclosed that it signed a €615k deal with a local buyer
• BIZIM: Disclosed that the 90% share transfer, equivalent to 100,312,425 shares of Yildiz Holding’s shares in
G2MEksper to BIZIM was approved
• EREGL: Disclosed that a TRY 10.8mn case was postponed to December 27, 2023.
• FONET: Disclosed it was awarded a TRY 15.4mn hospital software tender.
• GLYHO: Disclosed that the CMB turned down its request to publicly list its wholly owned subsidiary GFS
Holding.
• KRVGD: Disclosed that it will turnover its jelly operations to its wholly owned subsidiary Mavi Yildiz.
• MSGYO: Disclosed that it will set aside TRY 100mn for share buyback program.
• PENTA: Disclosed that the the transactions within the scope of wholesale purchase and sale transactions of
35,433,799 shares owned by PENTA - Istanbul Portföy Yıldız Hedge Private Fund at a price of 17.06 TL per share
will take place today.
• SMART: Disclosed that negotiations have been initiated between the Company and Total Specific Solutions
within the scope of the evaluation of strategic and financial opportunities, and there is no binding and concluded
decision.

 
 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.