TFG Istanbul Morning Report (TFG Istanbul Menkul Değerler )

DAMAGE CONTROL
o The BIST100 pared its previous day's losses, closing 3.04% higher to 8443, but on a low volume of TRY 129bn, led primarily thanks to the gains in the Energy and Transportation stocks, after their previous day's sell-offs, and by the interest in the Banking stocks, whereas the Defense and Petrochemicals stocks faced slight profit-takings after their positive divergence.
o Please note that we issued a technical "Buy" Report for YKBNK with a target price of TRY 23.08, and stop/loss of TRY 15.65. You can reach the report at https://www.tfgistanbul.com/uploads/YKBNK_TECHNICAL_REPORT_8b74fb197c.pdf.
o The global markets were also on a risk-on mode yesterday, especially thanks to the dovish Fed-speak.
o Today, we expect a positive opening at the BIST, however, the Aviation stocks may decouple negatively from the BIST, as both PGSUS and THYAO announced they suspended flights to and from Israel.
o ODAS-PETKM and GUBRF were the most bought BIST30 stocks, while both ASELS and TUPRS faced profit-takings, alongside OTKAR, and KCHOL was the 3rd blue-chip stock that closed in the red, albeit by just 0.06%. On a broader picture, we observed that many renewable energy stocks closed limit-up, and JP Morgan's upwards revision on Food Retail companies, reflected positively onto the share prices.
o As of yesterday's close, the TRY is trading flat against the USD at 27.73, but slightly weaker against the Euro at 29.41, while the DXY is lower at 105.77. the 2yr rates fell by 123bps yesterday to 27.52%, while the 10yr rates were unmoved at 27%.
o On the Commodity front, Brent is trading higher this morning at $87.22, and both ounce and gram GOLD are calm, prior to the release of the US CPI figures at $1859 and TRY 1657, respectively.
o Yesterday, ECB Governing Council Member, Francois Villeroy stated "No Monetary Reason to Raise Reserve Requirements, for banks as part of its monetary policy," however, the Austrian Central Bank Governor, Robert Holzmann said the ECB could implement one of two further interest rate increases if there are "additional shocks" to the economy.
o On the US front, The National Association of Home Builders, the Mortgage Bankers Association and the National Association of Realtors wrote to the Fed "to convey profound concern" about the industry. The groups ask the Fed not to "contemplate further rate hikes" and not to actively sell its holdings of mortgage securities.
o On the local front, The Minister of Commerce, after reaching out to Food Retailers to reduce their price, as also called out on Clothing Retailers and Whitegood Sellers to also reduce their prices. We deem any price reductions to reflect negatively onto the listed sector players such as MAVI and ARCLK-VESTL.
AGENDA
o On the local front, the Current Account Balance (BBGe: TRY -0.10bn) and Retail Trade Balance will be released, while the US CPI figures (BBGe: +0.3% m/m/3.6% y/y) and the FOMC Minutes, will briefly distract the attention from the Middle East.
CORPORATE
o ISCTR: Disclosed yesterday that it has formally applied to the CMB regarding the "Partial Facilitated Demerger Through Associate Model" of its subsidiaries ANHYT-ANSGR-ISFIN-ISGSY-ISGYO-ISMEN-ISYAT-SISE-TSGYO and TSKB.
o AKGRT: In September, premium production increased by 109% to 1.8 billion TL, and premium production in the January-September period increased by 125% to 14.0 billion TL.
o ASTOR: The company has signed a sales contract for a Power Transformer worth €2.2mn with a foreign company.
o BVSAN: Signed a contract worth 0.60 million dollars for the production and delivery of one crane and magnet system with a domestic company.
o NETAS: The company has received an order worth 13.5 million Chinese Yuan for the supply of Superbox products from TCELL's subsidiary Turkcell Sales and Digital Business Services and has received an order worth 10.5 million Chinese Yuan for the supply of ZTE WiFi 6 Home Gateway Modem products from
o TCELL: Disclosed that its subsidiary Superonline under the ZTE WiFi 6 Home Gateway Modem product project. The company also has received an order worth 2.8 million Chinese Yuan for the supply of ZTE VDSL Modem products from TCELL's subsidiary TTKOM.
o THYAO: Disclosed that in September, the number of domestic passengers increased by 22.1% to 2.9 million compared to the same period in 2022, while the passenger load factor decreased by 2.7 points to 87.3%. The number of international passengers increased by 2.9% to 5.0 million, while the passenger load factor decreased by 0.2 points to 84.6%. The total number of passengers increased by 9.2% to 7.9 million, and the passenger load factor decreased by 0.4 points to 84.9%. In the January-September period, the number of domestic passengers increased by 21.9% to 16.2 million compared to the same period last year, while the passenger load factor decreased by 1.6 points to 84.9%. The number of international passengers increased by 16.8% to 40.3 million, and the passenger load factor increased by 3.9 points to 82.9%. The total number of passengers increased by 16.8% to 63.9 million, and the passenger load factor increased by 3.4 points to 83.1%.
 



 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.