Mornıng Trıve Report (Trive Yatırım Menkul Değerler )

• It was a rather volatile trading session, despite a positive opening, the BIST fell into the red zone quickly after the 2nd CBRT Inflation Assessment Presentation due to both the increase in YE inflation target, as well as the continued strict monetary control, but pared its losses towards the end of the session to close the day 0.20% higher at 10,269 and with a turnover of TRY 95bn.
• The Banks and the Conglomerates carried the BIST higher, rising by 0.63% and 0.87%, respectively, and we also saw interest in the REITs carrying the sector 1% higher, while the Transportation stocks, specifically, the Aviation stocks were grounded due to PGSUS’s lacklustre financial results.
• Accordingly, GARAN-SASA and ASELS were yesterday’s most bought BIST30 stocks, while PGSUS-GUBRF and TUPRS were the most sold.
• As of print, the TRY is trading a tad weaker against the USD at 32.27, but flat against the Euro at 34.77, and the DXY is calm this morning at 105.30. The 5yr CDS rates will open the day from the 276 level.
• Both the 2yr and the 10yr Bond yields retreated by 72bps and 77bps to 44% and 27.53%, respectively.
• On the Commodity side, Brent is continuing its rise from yesterday and trading higher at $84.16, while GOLD has leapfrogged higher to $2356.
• Last week, foreign investors were NET BUYERS of $309mn TR STOCKS, and NET BUYERS of $761mn BONDS.
• At the 2nd Inflation Report of the Year, the CBRT raised its year-end inflation forecast for 2028 to 38% from the previous 36% level, due to rising commodity prices on the backdrop of the geopolitical tension, while keeping the forecasts unchanged for 2025 and 2026 at 14% and 9%, respectively, but targeting inflation to stabilize at the 5% in the Medium Term. The lower and upper ends of the forecast ranges correspond to 34 percent and 42 percent for 2024, and 7 percent and 21 percent for 2025. The termination of the regulation for free use of the first 25 cubic meters of natural gas will add 0.7 points to monthly inflation in May.
AGENDA
• The Unemployment Rate and Industrial Production will be released on the local front, while the US will be releasing its Treasury Budget Balance and Michigan Confidence Levels, and the UK will disclose its GDP figures.
• HALKB (Est. TRY 4.17bn)-ISCTR (Est. TRY 10.72bn) and OTKAR are expected to release their earnings after the session closes today.

FINANCIAL RESULTS

• AKSEN: Disclosed an annual net income in 2023 of TRY 5.5bn vs TRY 5.58bn in 2022. Net Sales fell by 60% to TRY 35.17bn from TRY 87.1bn, and the EBITDA fell by 36% to TRY 7.95bn from TRY 12.37bn.
• EREGL: 1Q24 net income rose to TRY 5.6bn from TRY 90.3mn y/y, estimate was TRY 681mn. Sales rose by 89% to TRY 49.75bn from TRY 26.27bn, and the EBITDA rose by 441% to TRY 7.52bn from TRY 1.39bn.
• KOZAL: Disclosed an annual net income in 2023 of TRY 406.1mn vs TRY -3.3bn in 2022, due mainly to the TRY 1.21bn deferred tax payment. However, sales fell by 28% to TRY 8.1bn from TRY 11.2bn y/y, and the EBITDA also retreated by 58% to TRY 2.52bn from TRY 5.99bn.
• VAKBN: 1Q24 Net Income was at TRY 12.02bn vs. the Estimate of TRY 11.69bn. Net Interest Income was TRY 17.7bn and Fees and Commissions were TRY 10.6bn.

CORPORATE NEWS
• KOTON shares will start trading at the BIST today under the KOTON.E ticker.

 
 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.