TFG Istanbul Morning Report (TFG Istanbul Menkul Değerler )

" The BIST100 closed Friday on a slight loss of 0.15%, facing profit-takings in the second part of the day, to close at 8325, but on a rather relatively low turnover of TRY 137bn, as Friday's outlook upgrade from Fitch, maintaining the "B" rating, was evidently priced in. The Banks rose slightly by 0.03%, whereas the Industrials and the Aviation stocks decoupled negatively.
" For the week, the BIST100 rose by 3.34%, with the Banks surging 10.45%, and the REITs by 7.58, thanks to money from the World Bank to be allocated into the construction sector, however, the Transportation stocks fell by 3.74% due to both a surge in global Covid cases and the rise in Brent prices, that traded above the USD 90 level.
" The USD appreciated by 0.44%, whereas the Euro depreciated by 0.15% against the TRY. On the Commodity front, Brent surged by 1.62% amid Saudi Arabia's extension of its supply cut until the end of year, and Russia's cut in global exports, the rise in prices not due to improving economic conditions, unfortunately. Ounce GOLD fell by a little over 1%, and gram GOLD fell by 0.60%.
" Today, we expect a slight positive opening at the BIST, on widely expected Fitch outlook upgrade and supported by upbeat US and Europe futures.
" Currently, the TRY is trading flat against the USD at 26.79, and against the Euro at 28.76, while the DXY has managed to distance itself from the 105 level at 104.55. The 2yr and 10yr rates will open from 23.88% and 20.76%, after rising by 4bps and 146bps, respectively.
" Yesterday, Turkish President Erdogan stated that he had a quick chat with his US counterpart, Joe Biden at the G20 meeting in India. With regards to the pending delivery of the F-16 fighter jets, Erdogan stated "Unfortunately, friends keep bringing Sweden up when it comes to the F-16 issue. Such an approach seriously upsets us," adding, " Sweden's possible accession to NATO is at the discretion of the Turkish parliament, the president reiterated," countering Biden's directing of the House of Representative regarding the issue of the F-16 deliveries.
" According to media reports, but not yet confirmed, Turkey and the EU have reached an agreement to make Schengen approvals easier for students and businessman. Positive for aviation sector.
" The Minister of Transportation and Infrastructure stated that the piot study to produce a card that would be used in multpile functions, such as banking, transportation and shopping, was completed. We may see new card printing reflect positively onto plastic card producer PKART.
" Fitch has upgraded Turkey's credit outlook to stable, but maintaned its Investment Default Rate at B, after the appointment of a new economy team that's started to adopt more conventional policies and restore the country's foreign reserve buffers. Fitch stated that it sees growth for 2023 at 4.3%, and 3.0% for 2024, with average inflation rate at 51.9%. It expects the policy rate to peak at 35%.
AGENDA:
" The local agenda will kick-off today with the Current Account Balance, and followed by the Unemployment, Industrial Production, and followed by the CBRT Expectations Survey, and the Cash Budget Balance, while all eyes, local and foreign, will be on the US CPI figures, and the EU Central Bank policy rate meeting. China will also be disclosing its IP and Retail Sales, after last week's poor results.
CORPORATE NEWS:
" ARCLK: The CEO of Arcelik, and its primarily export brand, Beko, Mr. Hakan Bulgurlu, stated to the Financial Times, that he is concerned that Chinese brands are set to hurt sales of their bottom end Beko brand with management accusing the Chinese of setting up to dump product into the affordable appliance market. Mr. Buglurlu claims that consumers are 'not doing very well', with high inflation that is eroding the purchasing power of consumers shopping for affordable appliance like what Beko manufactures and admitting that the "huge capacity" of Chinese manufacturers was a major risk for rivals. We deem these statements may create a negative overhang on the stock shares today.
" ANSGR - It was announced that a payment of 347.2 million TL was made to ARSAN textile company due to the earthquake.
" ASTOR - The bid of 1.6 billion TL for 64 items in the 104 Power Transformer tender opened by Turkey Electric Transmission was the best single bid.
" LINK: Will increase its paid-in capital by 200% to TRY 33mn.
" NETAS - It was announced that the company received a Wifi5 modem order from TTKOM for USD 1.4mn.
" OZRDN - It was announced that one Cast Mono Extrusion Line was sold for TRY 30.2mn, resulting in a profit of TRY 18.4mn from the sale.
" SMRTG - It was announced that the company's 100% subsidiary Smart Solar Energy Equipment Marketing signed an inland sales contract for 2.1 million dollars within the scope of solar panel sales between it and a domestic customer.
" TAVHL: Disclosed its August passenger numbers. Accordingly, passenger count has increased by 14% y/y to 12.2mn, and the Jan-Aug figure rose by 25% to 63.8mn passengers.
" Banking: TFG Istanbul issued a banking sector update on Friday. While marginal TRY commercial loan-deposit spread is in the positive zone for the fifth consecutive loan, albeit at a very thin 0.35%, the backbook spreads are still in the red. Due to slowing down loan originations it will take a quarter more for the financials to display positive core TRY spreads in our view. You can download the report at http://www.tfgistanbul.com

 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.