Mornıng Report- (Trive Yatırım Menkul Değerler )

• The BIST closed the opening day of the week 0.18% lower at 10,657, but again on a low turnover of less than TRY 100bn at TRY 90bn. The BIST managed to bounce back from its low of 10,585 towards the end of the session.
• We can try to attribute the selling appetite primarily due to investors’ need for liquidity to participate in new IPOs, the recent surge in the BIST100-thus making stocks more expensive, as well as the escalation of tension in the Middle East, that saw the exchange of fatal shots fired between Israel and Egypt.
• The Banks managed to rise by 0.69%, thanks to AKBNK and ISCTR shares, and the Mining stocks were also in the high positives, while the Industrials fell by nearly 1%. Despite the REITs falling by half-percent, EKGYO-KLGYO-VKGYO and TRGYO managed to diverge positively from their peers thanks to Finance Minister Mehmet Simsek’s comments regarding the establishment of a special real estate fund that will help increase home supply and help reduce property prices-a scheme that is beneficial foremost to the REITs, and then to the Cement stocks.
• KOZAA-AKBNK and BIMAS were yesterday’s biggest BIST30 leaders, whereas SASA-TCELL and TAVHL were the most sold.
• As of print, the TRY is trading weaker against the USD at 32.20, and weaker against the Euro at 35, while the DXY has retreated to 104.47.
• On the commodity front, Brent is trading higher at $83, while GOLD is fairly calm at $2352.
• The May Capacity Utilization Rate fell by 0.4% m/m to 76.3%.

AGENDA

• There are no major macro releases expected on the home front, whereas on the international side, the US will be releasing the Conference Board Confidence Index.
• AEFES: Will distribute gross TRY 2.35 share cash dividends today.
FINANCIAL RESULTS

• TCELL: Released a net income in 1Q24 of TRY 2.63bn vs a net loss of TRY 269mn y/y. Revenue increased by 12% to TRY 30.82 from TRY 27.57bn, and the EBITDA increased by 23.2% to TRY 12.75bn from TRY 10.35bn. The EBITDA margin increased to 11.4% from 9.2%. Türkiye subscriber base was up by 333 thousand net additions. 472 thousand mobile postpaid net additions; 50 thousand fixed subscriber net additions; 48 thousand fiber net additions; 44 thousand new fiber homepasses, Mobile ARPU5 growth of 17.1%; residential fiber ARPU growth of 13.7%. Accordingly, the Company increased its revenue growth guidance for 2024, and now targets t low-double-digit
revenue growth rather than high single digit growth; maintains the EBITDA margin target of around 42% and operational capex over sales ratio7 guidance at around 23%. The Board has also approved the distribution of TRY 6.3bn dividends to be paid on December 5th, 2024.
• CIMSA: Released a net income in 1Q24 of TRY 362.61mn vs TRY 319mn y/y. Revenues rose to TRY 5.32bn from TRY 4.79mn y/y. The EBITDA fell by 24% to TRY 578mn and the EBITDA margin fell 5pts to 11%.

 
 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.