Mornıng Report(Trive Yatırım Menkul Değerler )

• The BIST100 closed the final day of the week on a festive mood, 2.31% higher at 7994, and on a relatively higher turnover of TRY 93.8bn, even though below the regular past highs of above the TRY100k turnovers.
• The Industrials took over from where the Banks leftover, rising by 2.29%, and the Conglomerates were 2.39%, while the Banks lagged their peers slightly, rising by 1.40%, and the REITs by a mere 0.31%.
• HEKTS-EREGL and ASELS (due to both a large domestic order and the ongoing F-16 negotiations) were the most bought blue-chips, whereas SASA-GARAN and TUPRS found themselves at the wrong side of the listings.
• Taking a quick snapshot of last week, the BIST100 and BIST30 rose by 1.01% and 1.99%, respectively, led by the 9% gains in the Banks ahead of Friday’s speculations of an outlook, and even rating’s hike from Moody’s credit rating, who was later a no show Friday night, thus confirming both the rating and outlook at B3 “Stable.” Besides the surge in the Banks, the Conglomerates was the only other notable sector closing positive, by 1.63%, while the rest, such as the Energy and REITs face deep sell-offs.
• The TRY is closed flat against the greenback, but weakened against the Euro by 1.32%, and both the 2yr and 10yr Bond yields closed 2.32% and 5.56% lower for the week to 37.55% and 25.65%, respectively.
• On the Commodity front, Brent pared some of its recent losses, and closed 1.38% higher, and both Ounce and Gram GOLD also made a slight rise of 0.78% and 0.77%, respectively.
• Today, the TRY is trading flat against the USD at 29, but weaker against the Euro at 31.63, while the DXY is lower at 102.45. The 5yr CDS rates will open the new week from the 328 level.
• On the Commodity front, Brent is trading slightly higher this morning at $77.20, and Ounce and Gram GOLD are slightly higher this morning at $2024 and TRY 1887, respectively.
• Today, we may see a slightly negative opening, especially in the Banks, due to the discouragement of Moody’s Friday decision, where at least an outlook upgrade was expected especially thanks to the rise in the reserve levels.
• On Friday, it was announced that the Home Sales figures fell by 20.6% to 93.5k y/y, and fell by 14.9% ytd to 1.87mn.
AGENDA:
• On the local menu this week, is the MPC meeting on Thursday, where the expectations are for a 250bps rate hike to 42.50%, as well as today’s House Price Index, Consumer Confidence Level, Net Change in Non-Resident STOCK/BOND Holdings, Foreign Tourist Arrivals, and the Bloomberg Dec. Turkey Economic Survey.
• Meanwhile, our International colleagues will be served with the US Housing Starts, Building Permits, Quarterly GDP Growth, Personal Consumption, Core PCE Price Index, Personal Income and Spending, as well as the Weekly Jobless Claims figures, while the CPI will be the main course served in the Eurozone, and the BOJ Policy Rate, Trade Balance, and Inflation will be served to our Japanese peers.
CORPORATE:
• MEDICINE: Türkiye has raised the euro-lira conversion rate for medicine prices by 25% to TRY 17.55, to be effective as of 25/12/2023., we may see this decision reflect positively especially onto SELEC shares but may also spread to other sector stocks such as ECILC and DEVA and GENIL. A surge in the new Covid variant may also play positively onto the hands of the MEDICINE stocks, such as TRILC.
• AGESA: Disclosed that its 11mth premiums rose by 104% to TRY 6.6bn.
• ANSGR: Disclosed that its 11mth premiums rose by 80.6% to TRY 36.3bn.
• TKFEN: Disclosed that as a of the compensation request negotiations with the employer administration regarding the project cost increases which were reflected in our financial statements for the Al Thumama Stadium Project, which one of our subsidiaries Tekfen İnşaat ve Tesisat A.Ş. (Tekfen Construction) completed as a 50%-50% joint venture with Al Jaber Engineering LLC in Qatar, an agreement has been reached. Within the framework of the agreement, the Employer administration will pay a total of QAR365,960,087 (50% Tekfen share is approximately USD50.1 Million) to the relevant joint venture. Also, as a result of the current end-of-project budget studies regarding Tekfen Construction's North Field East Coast EPC-1 Project, which is currently ongoing in Qatar, the expected loss amount is estimated to be USD130 million. In addition to the already incurred loss amount of USD20 Million for the said project, impact of the above-mentioned income and expense items on the current financial statements prepared in accordance with TFRS, it is calculated that a total negative impact of approximately USD59.9 Million on our consolidated equity will be incurred in the year-end financial statement studies.
• THYAO: Disclosed that parallel to its 10yr investment horizon for 2023-2033, the BOD decided to place 60 firm and 20 purchase right orders for A350-900 aircraft (including 10 A350-900 aircraft stated in our public disclosure dated 01.09.2023), 15 firm orders for A350-1000 aircraft, 5 firm and 5 purchase right orders for A350F cargo aircraft and 150 firm and 100 purchase right orders for A321 NEO aircraft from Airbus and procure engine maintenance services and spare engines for the A350 aircraft from Rolls-Royce.
• ISCTR: Disclosed that its paid-in capital shall be increased to TRY 25bn from the current TRY 10bn (150%), fully funded from extraordinary reserves and shall be distributed to our shareholders as bonus shares.
• ASELS: Disclosed on Friday that it signed 2 separate agreements worth €428.5mn and TRY 4.9bn, respectively.


 
 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.