Mornıng Report (Trive Yatırım Menkul Değerler )

• The BIST fled a further 1.07% on Friday to 10,677, but with a rather low and cautious turnover of TRY 90.8bn, with the selloffs being fairly uniform across the board, but KCHOL shares dragging the benchmark lower after its poor financial results, as well as the uncertainty surrounding its 61% ownership of YKBNK.
• The Banks fell by 0.48%, while the Conglomerates and Industrials lost 1.66% and 0.89%, respectively, and the Transportation stocks, managed a slightly green closing, but only thanks to the rise in THYAO shares, while its peers were in the red.
• EREGL-AKSEN and ODAS were the most bought BIST30 stocks, as opposed to FROTO-TOASO and BIMAS.
• For the week, the BIST100 closed slightly higher by 0.31%, and the BIST30 shares performed better, increasing by 0.91%, thanks to the 4.81% gains in the Banks, while the Conglomerates could only advance 0.21%, and the Industrials dropped by 0.86%. Elsewhere, the Transportation stocks also lost 1.04% in value, and the REITs fell by 0.89% and it appears there was a power outage in the Energy stocks, after last week’s surge, closing this week 1.84% lower.
• Amid media reports of the potential sale of YKBNK to the First Abu Dhabi Bank, YKBNK shares soared by 4.13% and its parent company KCHOL by 1.39%. However, we say the gains gradually erode due to the uncertainty of the deal, as parent company denied the reports.
• The TRY managed to strengthen by 0.07% against the USD but weakened against the Euro by 0.14%. On the Bonds’ side, the 2yr rates closed the week 1.51% lower at 41.86%, while the 10yr rates rose by 0.80% to 27.84.%.
• As of print, the TRY is trading flat against both the USD and the Euro at 32.22, and 34.96, respectively, and the DXY is also calm this morning at 104.70.
• On the commodity front, Brent is trading slightly higher at $82.10, as well as GOLD at $2343.
• Over the weekend, Treasury and Finance Minister, Mehmet Simsek, disclosed that a Project-Based Real-Estate Fund would be established to accelerate the Housing Urbanization Project.

AGENDA

• On the local front this week, the Real Sector Confidence and Capacity Utilization Rate will be disclosed, followed by the Bloomberg May Turkey Economic Survey, Economic Confidence, Trade Balance-Weekly Change in Foreigners STOCK/BOND Holdings, and the GDP.
• On the international front, the US will be releasing the Economic Confidence Level-Foreign Trade Balance-GDP-Conference Board Consumer Confidence-Wholesale figures-and Personal Spending numbers, while the Consumer Price Index is the main macro release from the Eurozone. Please note that the US markets will be closed today in observance of Memorial Day.
• CCOLA and MGROS will distribute gross TRY 7.86 and TRY 6.90 per share dividends today.

FINANCIAL RESULTS

• AGHOL: Disclosed a 1Q24 net income of TRY 2.06bn vs TRY 3.68bn y/y. Net Sales rose by 10% to TRY 105.58bn from TRY 96.36bn y/y, but EBITDA fell to TRY 6.8bn from TRY 7.71bn y/y.

CORPORATE NEWS

• TOASO: Disclosed that the Competition Board decided to commence the final review process according to Article 10, Paragraph 1 of Law No. 4054 on the Protection of Competition, and that the process is ongoing regarding its takeover of Stellantis’s Turkey operations.
• ZOREN: Disclosed that it has sold its 42.15% direct shares, to its other partner (57.85%) Edeltech Ltd. ("Edeltech") for 5,405,406 USD, together with all rights and obligations, provided that the necessary conditions are met and legal permissions are obtained (As a result of this sale, its indirect subsidiaries Ashdod Energy Ltd. and Ramat Negev Energy Ltd., both 100% subsidiaries of Ezotech, along with the Ashdod and Ramat Negev natural gas power plants, will also be transferred to Edeltech.) Additionally, within the scope of this sale, the financial receivable, amounting to 28,918,919 USD, will be collected from Ezotech.

 
 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.