TFG Istanbul Morning Report (TFG Istanbul Menkul Değerler )

" The BIST100 closed yesterday 0.29% lower at 3572, and turnover of TRY 61.4bn, due to the negative mood in the global markets, despite the strong performance of the Banks, as investors may have already started pricing-in strong 3q results, whereas the Transportation and Conglomerates diverged negatively.
" Revisiting our Buy GARAN/Sell ISCTR pair trade call from yesterday, GARAN managed to rise 3.73% vs. its peer's 0.61%, with the gap narrowing towards the end of the session due to profit-taking, and our Buy Call for BNTAS closed limit-up yesterday at TRY 6.26-please recall that our 12mth target price stands at TRY 10.60.
" TCELL, GARAN and TTKOM were yesterday's best performers at the BIST30, compared to VESTL, FROTO and PGSUS.
" Today, we expect a slightly positive opening at the BIST100.
" The TRY had weakened against the USD to 18.60, but has since strengthened to 18.58, and both the short-term and long-term rose by 22bps and 34bps, respectively, and the DXY has risen slightly to 113.32. The 5yr CDS rates rose by 6pts yesterday to 772.
" On the commodity front, Brent continued to spiral downwards, currently trading just below the USD 93 level, and both ounce and gram GOLD are relatively calm at USD 1667 and TRY 996, respectively.
NEWS FLOW:
" Turkey's Current Account Deficit expanded by USD 3.1bn in Aug. compared to a surplus of USD 1.1bn vs prev. month.
" The IMF forecasts Turkey's GDP growth rate at 5.0% for 2022 and 3.0% for 2023, and inflation at 73.1% for 2022 and 51.2% for 2023.
" Fed's Mester said yesterday that there's been no progress on inflation, so interest rates need to move higher
" AUTOS: According to the daily Haberturk, the tax re-assessment bracket for automobiles may be increased, and SCT for 8-9 models is expected to decrease. We may see such a decrease benefit especially Tofas.
" TELCOs: The rate hike on domestic calls have been increased by TRY 1.55-this may explain the recent outperfomance of TCELL and TTTKOM.
" BANKS: According to the Head of Banking at Fitch, Turkey is the most susceptible country to currency risks.
" TOASO: According to media reports, citing French sources, production of the Citroen C4, that is expected to replace either the Fiat 500x or Fiat Tipo/Egeo production, may shift to Turkey.
" PGSUS: Disclosed that its Sep. total passenger count rose by 20% to 2.64mn, and that total capacity was 86.3%.
" GESAN: Disclosed that it was awarded the Gaziantep Solar Power bid at €33mn.
" ASELS: According to media reports, 2 speculated restrictions regarding the F-16 sales to Turkey-the first being the respect of Greece's airspace, as well as the fighters not to be used against YPG/PKK, and agreement of Finland and Sweden's NATO membership, have not been included in the agreement.
" SELEC: According to the Official Gazette, price adjustments to profit margins for pharmaceutical companies have been inceased. We deem this news most positive to SELEC as it is an importer of pharmaceutical products.
AGENDA:
" On the local front, August industrial production will be released with y/y estimate at 2.7%, whereas on the global scene, the FOMC minutes from the September meeting, US PPI and mortgage applications, and the OPEC Monthly Oil Market Report will be released, and the keynote Fed speakers today will be Michelle Bowman and Neel Kashkari. ECB head Christine Lagarde will also be speaking regarding the latest developments in the EZ front.
Have a great day!

 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.