Morning Report (Trive Yatırım Menkul Değerler )

SHAKEN AND FALLEN
" The signs of Wednesday's weak gains was an omen to the harsh sell-off realized yesterday, as the BIST fell by nearly 1% to 10793, with a turnover of TRY 123.4bn, due to the strong sell-offs at the Banks, after the CBRT announced new fiscal constraints aimed at strengthening the TRY and reducing liquidity, while leaving the policy rate, as expected, unchanged at 50%.
" The Banks lost 1.67% and were the main drivers in the sell-offs at the benchmark, alongside the Mining-Energy and REITs, and only the Service sectors managed bleed less profusely than its peers, losing on average half-percent.
" So, looking at the Movers and Shakers at the BIST30, TAVHL-ENKAI and SASA were the most bought, as opposed to YKBNK-FROTO and HEKTS.
" As of print, the TRY is trading weaker against the USD at 32.23, but stronger against the Euro at 34.84, while the DXY 32.19 against the USD and 34.88 against the Euro, while the DXY has increased a bit further today to 105.09. The 2yr and 10yr Bond yields both rose by 47bps and 32bps to 42.27% and 27.87%, respectively.
" On the commodity front, Brent is continuing its retreat, currently at $81.09, due to global demand slowdown, and GOLD is calm at $2334.
" Yesterday, the CBRT left the policy rate unchanged at 50%, but introduced new measures against liquidity aimed at curtailing the deterioration in the Current Account Balance, as well as strengthen the TRY. As such, the CBRT increased the RRR on short-term TRY Savings Accounts to 12% from 8%, and to 8% from 0% for long-term maturities.
" Last week, Foreign Investors were Net Seller of USD 233mn EQUITIES, but Net Buyers of USD 1.33bn BONDS.

AGENDA

" On the local front, Foreign Tourist Arrivals will be released, while on the international front, the US Durable Goods Orders and Michigan Consumer Confidence Figures will be released, while Germany will be disclosing its GDP growth rate.

FINANCIAL RESULTS

" AEFES: 1Q24 net income rose to TRY 3.14bn (Est. TRY 2.296bn) from TRY 3.03bn y/y, a slight increase of 4%. Net Sales increased by a slight 5% to TRY 43.56bn from TRY 41.43bn. EBITDA declined by 6% to TRY 5.34bn from TRY 5.69bn
" KCHOL: 1Q24 net income was TRY 1.35bn compared to TRY 10.69bn y/y. Net Sales rose to TRY 450.42bn from TRY 386.68bn. EBITDA fell by 36% to TRY 37bn from TRY 57.68bn.
" MGROS: 1Q24 net income fell by 48% to TRY 1.24bn (Est. TRY 1.48bn) from TRY 2.4bn y/y. Net Sales rose by 12% to TRY 52.51bn from TRY 46.98bn. EBITDA fell by 37% to TRY 1bn from TRY 653mn.

 
 Trive Yatırım Menkul Değerler A.Ş.
  https://www.trive.com.tr/

***
                        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.