TFG Istanbul Morning Report (TFG Istanbul Menkul Değerler )

MTP TARGETS SINGLE-DIGIT INFLATION FOR 2026
" The BIST100 closed yesterday 0.66% lower at 8182, and with a high turnover of TRY 168.6bn, with the volatility increasing in the afternoon after the unveiling of the 3yr MTP, peaking at just shy of the 8300 level, and realizing sales towards the end of the session. The Banks managed to close above water, whereas the selloffs are continuing in the Aviation stocks, both due to the rise in the Covid-19 cases, but also due to the surge in another pandemic-fuel prices.
" Today, we expect a slightly down opening at the BIST, due to the negative closing of the US markets on strong non-manufacturing ISM PMI numbers and red trading in the Asian markets due to disappointing China trade balance data.
" The US PMI figures came in higher than expected at 54.5, thus once again triggering speculations of a rate hike.
" ASELS, HEKTS and ISCTR topped the Advancers among the BIST30 stocks, whereas KOZAL, KOZAA and THYAO were the most sold.
" The TRY is trading at flattish at 26.82 against the USD, but slightly stronger against the Euro at 28.73, while the DXY has risen slightly to 104.90, as of print. On the Bonds' front, the 2yr rates rose by 5bps to 23.95%, while the 10yr rates were unchanged at 19.30%.
" Brent is trading lower as of print, hovering around the 90 level, while ounce and gram GOLD are flat at USD 1919 and TRY 1654, respectively.
" Yesterday, Turkish President Recep Tayyip Erdoğan and Vice President Cevdet Yılmaz presented the "medium-term program" which includes macroeconomic targets such as inflation, employment, and growth for the 2024-2026 period. Looking into the numbers and forecasts, the Program forecasts GDP growth for 2023 at 4.4%, and at 4.0%; 4.5% and 5.0% for the next 3yrs, while Inflation is expected to hit 65% in 2023, and projected for the next 3yrs at 33%; 15.2% and at single digits for 2026 at 8.5%. The Program projects 2023 CAD/GDP at -4.0% and aims it at -3.1%; -2.6% and -2.3% for 2026.
" Retail Sales in Europe dropped by 0.2% in July, and 1.2% y/y.
" The Fed's Beige Book revealed yesterday slower activity growth but hiring peaked in the summer. Economic growth was modest in July and August, and businesses renewed their expectations for slower wage growth.
" EBEBK: US-Based Franklin Templeton and East Capital have bought slightly above a 5% stake in the IPO, thus the first-time foreign investors purchased a noteworthy amount of shares in a Turkish IPO, according to the Financial Times. This may whet the appetite in the near future for Foreign Institutional Clients, especially in the Banks, Conglomerates, BIMAS and Auto stocks. The share will start trading today at the BIST.
AGENDA:
" On the local front, the Treasury Net Cash Balance will be released, as well as the weekly Foreigners' net STOCK/BOND holdings, while Germany will release its IP figures, the Eurozone will release its GDP Growth rate, and the US Weekly Jobless claims will also be disclosed.
CORPORATE NEWS:
" BARMA - A Sales office was opened in Tunisia and a dealership agreement was signed with General Consulting
" EKSUN - Agreements were signed with suppliers for the planned investment of a total of 12 90-ton flour silos at the company's Konya factory, pending approval.
" MGROS - Disclosed that 47 new stores were opened in August, including 31 Migros, 12 Migros Jet, 1 Macrocenter, and 3 Mion.
" POLHO - Activities of Polisan Hellas were halted due to heavy rains in Greece, and the insurance policy will be activated for damage assessment.
" SASA - Disclosed that it has become eligible to receive an incentive certificate for the investment of installing a Rooftop Self-consumption Solar Power Plant in the buildings in its Adana headquarters, with an investment amount of 11.4 million dollars, the amount subject to the incentive being 336.1 million TL.
" SAFKR - It was announced that the company participated in the National Electric Train Set Driver and Passenger Cabin HVAC System (2 Items) tender opened by TÜRASAŞ Purchasing Department, and that the tender remained with the company worth TRY 208.7mn.
" SELVA - A contract was signed between the company and Fava s.p.a. for a pasta production line investment worth €3mn.
" TRILC - It was announced that the Medical Human Drug procurement tender opened by the State Materials Office remained with the company's Turkfleks brand at a price of TRY 281.1mn


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