TFG Istanbul Morning Report (TFG Istanbul Menkul Değerler )

• The BIST100 closed yesterday on a slight gain of 0.14% at 5446, and a turnover just shy of the 100k level, seeing its gains nearly erased towards the end of the session after the Banking watchdog-BRSA increased the minimum FX/equity ratio to 10% from the current 5%, causing for profit takings at the Banks, and also spilling over to the general benchmark.
• As such, the Banks fell by 0.43% and the Conglomerates by a little over 1%, whereas the REITS, and recent underperformer-Mining stocks, manged to levy the gauge higher.
• On the BIST30 side, KRDMD topped the highest gainers’ list, thanks to a positive global brokerage report, and was followed by KOZAL and PETKM, whereas ARCLK, FROTO and KCHOL were the most sold.
• Today, we expect a slightly negative opening due to the sour mood in the global markets.
• As of yesterday’s close, the TRY is trading slightly stronger against the USD at 18.95, but flat against the Euro at 20.06, whereas the DXY is at 18.97. Whereas the 2yr bond yields rose by 3bps to 10.53%, the 10yr yields were flat at 11.84%.
• On the commodity front, Brent the selling pressure in Brent is continuing, currently just a hairline below the USD 81 ticker, and ounce and gram GOLD are flat at USD 1830 and TRY 1115, respectively.
4Q22 FINANCIAL RESULTS:
• TCELL SLIGHTLY POSITIVE: All key P/L items for 4Q22 are essentially in line with the expectations, bottom-line lifted up by deferred tax gains. Although the net profit of TRY6bn tripled the expectations, it gets close to the TRY2bn consensus when deferred tax income is isolated. Net sales is a bit below expectations whereas EBITDA was 6% above forecasts as the EBITDA Margin is 3pp above consensus at 43.5%. The share of digital channels in sales was recorded as 24.9%. Turkcell is guiding for 55-57% revenue growth and TRY34bn EBITDA (90% growth) for 2023.
NEWS FLOW:
• TUKAS: Disclosed that it will increase its shareholders’ equity by 200%, as well disclosing that it will sell its land for TRY 65.2mn
• EREGL/ISDMR: Disclosed that they will not pay dividends this year from their 2022 results.
• TUPRS/TTRAK: Will disclose gross TRY 45.4/share and TRY 39.34/share cash dividends today.
Foreign are starting to place bets on the table of six
• In the last politically turbulent week, foreign investors placed their bets on the high-stakes table of six. Foreigners bought US$137mn of equities, and after a lengthy hiatus, they also invested US$69mn in bonds. Since the beginning of the year, foreign investors have sold a total of US$487 million in equities. Currently, the share of foreign investors in the Turkish stock market has experienced a slight 10bp upswing to 28.9%, w-w. Meanwhile, the percentage of foreign investment in bonds has inched up 10bp to 0.8%.
AGENDA:
• On the local front, January Industrial Production and Labour figures will be released, whereas the most important global news flow is the U.S. NFP figures (Est. 225k) and the Unemployment rate, as well as the German Inflation and the BOJ policy rate announcement.

 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.