Mornıng Report (Trive Yatırım Menkul Değerler )

• As we warned our readers on Monday, this week’s 3 formidable IPOs created a need for cash for investors to participate, thus triggering selloffs across the board, as well as the Treasury and Finance Minister’s statement that Türkiye is ready to do "whatever" is needed and could borrow to help withdraw abundant lira liquidity from the market if the central bank requires it, thus aiding in the crash of the BIST yesterday by 1.86% to 10,479, and on a low turnover of TRY 87.6bn. The escalation in the Middle East, also is not helping to cushion the blow. The losses were echoed in the US markets and European Markets as well, as the Dax-Cac-and Stoxx600 all closed with losses over 1%, and the FTSE closed 0.86% lower, as investors shifted their attentions once more to the inflation demon, as Minneapolis Federal Reserve President Neel Kashkari told CNBC on Tuesday that it would take “many more months of positive inflation data” to give him confidence it is time to cut rates.
• The Selloffs were uniform across the sectors-the Banks fell by over 3%, as speculations of a potential stake sell, this time in AKBNK shares, appear to be squelched considering the 5.44% drop in share value, and the Energy and Mining stocks were also heavily sold, while the losses in the Conglomerates was less than 1%, thanks to ENKAI and KCHOL’s efforts.
• Now, looking at the BIST30 Movers and Shakers, ENKAI (due to its new €880mn Euro Power Plant Project in Libya) -TCELL and TAVHL were the most bought, whereas AKBNK-KOZAA and KOZAL, followed by SASA, were the most sold.
• As of print, the TRY is trading weaker against both the USD and the Euro at 32.31 and 34.93, respectively, while the DXY has risen overnight to 105.14.
• On the commodity front, Brent is trading lower this morning at $83.22 and GOLD has dropped to $2334 on the back of the unison hawkish Fed-speak regarding inflation and a possible delay in rate cuts.
• The Fed Beige Book from the US revealed yesterday that the U.S. economy is still growing, growing, but persistent inflation, high interest rates, and political uncertainty caused businesses to turn “somewhat more pessimistic.” The latest findings in the Beige Book suggest the economy is unlikely to speed up until inflation slows further and the Fed is able to cut high U.S. interest rates.
• Please note that our Research Department published its Technology Top Picks List, where the 4 top companies were: Smartiks Yazılım (BIST: SMART) - EV/EBITDA discount: -46%, P/E discount: -31%.; Kafein Yazılım (BIST: KFEIN) - EV/EBITDA discount: -52%, P/E discount: -35%; ARD Bilişim Teknolojileri (BIST: ARDYZ) - EV/EBITDA discount: -66%, P/E discount: -64% and Matriks Bilgi Dağıtım (BIST: MTRKS) - EV/EBITDA discount: 0%, P/E discount: -20%.

AGENDA

• On the local front, Summary of last week’s MPC meeting-The Economic Confidence-Trade Balance and Net Change in Foreigners’’ Net Stock/Bond Holdings will be released, whereas out US colleagues will be releasing the GDP-Wholesale Figures-Pending Home Sales, and the Jobless Claims, while the Eurozone will disclose its Confidence Levels.

FINANCIAL RESULTS

• BRISA: 1Q24 net income came in at TRY 598.6bn vs TRY 522.2bn y/y.
• KORDS: 1Q24 net income came in at TRY 33.61mn vs TRY 33.74mn y/y.
• PETKM: 1Q24 net income came in at TRY 870.5mn vs TRY -3.31bn loss y/y.
• SOKM: 1Q24 net income came in at TRY 11.89mn vs TRY 1.1bn vs TRY 1.1bn y/y.
• ULKER: 1Q24 net income came in at TRY 2.17bn vs TRY 2.23bn y/y.

CORPORATE NEWS

• EKGYO: Disclosed yesterday that it initiated four alternative home sale campaigns for 16 of its projects-located primarily in Istanbul, and encompassing 4 other cities, with no end date until an estimated two thousand homes are sold.
• ALARK: Disclosed a share buyback program of TRY 550mn and maximum shares of 4.35mn.
• ALARK and YUNSA will distribute gross TRY 0.9686 and TRY 3.9456 share dividends today.

 
 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.