TFG Istanbul Morning Report (TFG Istanbul Menkul Değerler )

Late Rally Spurs BIST Higher
" Despite trading range-bound without the recent buzz and glamour, the BIST still managed to close 0.30% higher yesterday at 5389, with a turnover of TRY 93.7bn, thanks to the gains in the Industrial stocks, whereas the Banks fell by 0.46%. The Mining stocks were the highest rising sector stocks, whereas the Energy stocks diverged negatively from their peers.
" FROTO, SASA and KOZAL were yesterday's most bought BIST30 stocks, as opposed to ODAS, EKGYO and SAHOL.
" Today, we expect a positive opening at the BIST as weaker TRY will continue to support the exporters and the stocks with FX income streams.
" As of yesterday's close, the TRY is trading 5.5% weaker against the USD 22.76, and even weaker against the Euro at 24.31, as of print, whereas the DXY is calm at 104.16.
" On the Bonds' side, whereas the 2yr rates were unchanged at 15.28%, the 10yr yields rose by 94bps to 14.38%.
" Brent is continuing its recent retreat after the brief Saudi Arabia insignificant production cut at USD 75.72, whereas both ounce and gram GOLD are trading higher at USD 1963 and TRY 1405, respectively.
" The World Bank has lifted its Turkey growth projection for 2023 to 3.2% from the previous 2.7%, led by construction to 4.3% for 2024, and 4.1% for 2025. The Bank expects the US economy to grow by 1.1% for 2023, up from 05%, but expects a slowdown in 2024 to 0.8% from its previous forecast of 1.6%, and pencilling in a rate of 2.3% for 2025. The Bank expects China to grow for the next 3 years by 5.6%, 4.6% and 4.4%, vs its respective forecasts of 4.3%, and 5% for both 2024 and 2025.
" The REER came fell by 1.11pts to 57.92 in May, vs 59 in April.
" China announced its May Trade Balance today. Accordingly, exports and imports both fell by 7.5% and 4.5% y/y.
" On a more positive note, Iran has opened its Embassy in Saudi Arabia after 7 years.
NEWS FLOW:
" ISCTR: Disclosed that it has signed a 367 syndication deal worth €388.2mn and USD 224mn for Euribor + 4% AND Sofr +4.25%. We calculate the rollover rate at 83% indicating that the bank was a net payer.
" TTRAK: May factory sales increased by 41.5% to 3,020 units, and international sales increased by 42.2% to 1,630 units. Agri related sectors are likely to continue with their solid performance for in 2023 in our view. TTRAK is trading at 8.1x trailing EV/EBITDA, which is not demanding at all.
" TKFEN: Disclosed yesterday during the session that there was an objection to its subsidiary Tekfen Insaat's winning of the Romanian Toll way tender, and thus it would make a new disclosure upon developments on the case. Having a geographically diversified income base is likely to keep TKFEN in the frontline of investor preferences at times of local disruptions in our view.
" ALFAS: Disclosed that it will increase its paid-in capital by 700% to Try 368mn.
AGENDA:
" The Treasury Cash Balance will be released on the local front, whereas the Germany Industrial Production will be released on the international front, as well as the US and China Trade Balance.


 TFG Istanbul Menkul Değerler A.Ş.
  www.tfgistanbul.com/arastirma-raporlar
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 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.