TFG Istanbul Morning Report (TFG Istanbul Menkul Değerler )

BIST Sails Through Choppy Waters
" The BIST100 managed to close the day 0.16% higher at 8160, accompanied on a turnover of TRY 146bn, steered towards a positive closure after overcoming some choppy waves, whereas the dip for the day was observed at 8081. The Banks continued to face selloffs, losing another 1.85% as exit strategy from FX protected deposits pushes up funding costs. Mining stocks were the most sold, due to falling gold prices.
" Today, we expect sideways opening for the BIST. Asian markets are trading slightly in the red today, due to both rising oil prices and due the poor welcoming of the new iPhone 15 release, which failed to excite investors due to both lack of new market changing improvements, as well as it high cost.
" ENKAI was the top performer yesterday among the blue-chip stocks thanks to President Erdogan's statements that they were in talks with Korea regarding the construction of a 3rd nuclear plant in Turkey. Please recall that several months ago, there was talks that the Korean construction company Kepco was slated to build the new nuclear plant, alongside its local sidekick, you guessed it, ENKAI. CIMSA's rise yesterday, also was positively affected by this nuclear plant news, continuing its recent surge, as white cement is the main material in the construction of nuclear plants. ASELS and TOASO topped the top 3 advances, whereas KOZAL and KOZAA were joined by AKBNK at the bottom of the list.
" Currently, the TRY is trading weaker at 26.92 against the USD, and at 28.93 against the Euro, while the DXY has receded slightly to 104.65. The 2yr and 10yr rates both soared by 8bps and 146bps to 24.24% and 20.76%, respectively.
" On the commodity front, Brent is currently trading higher and testing the USD 92 ticker, surging yesterday by nearly 2% after the disclosure of the OPEC Report hinting at tighter supply outlook amid both Saudi Arabia and Russia's production cuts, and optimism over the resilience of energy demand in the major economies. Ounce and gram GOLD prices are trading lower this morning at USD 1911 and TRY 1654, respectively.
" German housing construction sector saw its highest rate of cancellations, as 20.7% companies reported cancelled projects in Augusts, vs 18.9% in the previous month.
" Goldman Sachs increased its Current Account Deficit forecast for Turkey to USD 43bn from USD 38bn.
" Societe General disclosed that it expects the CBRT to increase the policy rate by 600bps at next week's CBRT meeting.
AGENDA:
" There are no major local macro releases today, while all local and foreign investors will be glued to the US Inflation figures (0.6% m/m; 3.6% y/y; Core: 4.3%), and the Eurozone IP figures and UK GDP figures will also be released.
CORPORATE:
" Amid the tragic flooding in Libya, expectations that TKFEN may be involved in rebuilding of the country, could also explain its 7.66% gains yesterday.
" Construction costs rose by 15.67 in July, its highest rise since the surge in the USD/TRY parity in December, 2021.
" DOAS: Denied recent claims that it was considering exiting the automotive sector.
" BVSAN - Disclosed the company received a crane order worth 495,000 euros.
" BUCIM - Due to the other party's non-compliance with contract terms, the contract with Ceta Makina was terminated, according to reports.
" CELHA - Additional acquisition of 34,424 m2 of non-irrigated agricultural land worth 2.0 million TL was confirmed in Malatya Yazıhan.
" CVKMD - The company reached a 3.3 million dollar ore sale agreement with a foreign firm.
" GESAN - A contract was signed following confirmation that the company's 90.8 million TL bid was the most advantageous for the YG-AG Electricity Network and Enh Construction Work tender.
" KLSYN - Negotiations for a Goodwill Agreement have begun with an organization in Egypt for strategic cooperation, including licensed production of the Koleksiyon Brand.
" PGSUS - In August, compared to the same period of 2022, the number of domestic passengers increased by 7% to 1.22 million, while the occupancy rate decreased by 0.6 points to 94.3%. The number of international passengers increased by 17% to 2.13 million, while the occupancy rate decreased by 1.9 points to 85.0%. The total number of passengers increased by 13% to 3.35 million, while the occupancy rate decreased by 1.7 points to 88.1%.
" PGSUS - In the January-August period, compared to the same period of the last year, the number of domestic passengers increased by 7% to 7.733 million, while the occupancy rate increased by 2.7 points to 87.5%. The number of international passengers increased by 30% to 13 million, while the occupancy rate increased by 1.4 points to 82.3%. The total number of passengers increased by 20% to 20.73 million, and the occupancy rate also increased by 1.7 points to 84.2%.
" RAYSG - In the January-April period, premium production increased by 171.25% to 3.4 billion TL.
" TSKB - It was revealed that within the scope of the planned bond issuance, banks consisting of Bank ABC, BNP Paribas, Citi, Commerzbank, ING, SMBC Nikko, Standard Chartered Bank and Morgan Stanley were authorized, and investor meetings were held, and the process of collecting demands from investors related to the issuance was completed. Most banks will be aiming to renew their syndicated loans throughout the next two months. We expect higher availability and better pricing terms given the recent slide in CDS spreads on more orthodox macro policies.



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