TFG Istanbul Morning Report (TFG Istanbul Menkul Değerler )

• As widely expected, Sunday’s election impasse, caused for the BIST to fall by over 6% to 4501, with a turnover of TRY 55.5bn, due to primarily the sell-offs in the stocks that foreign investors had bought prior to the May 14th elections. The limit down closing of GARAN was also negatively reflected on its Spanish owner, BBVA, which fell by 4.2%.
• The European markets closed mix, but the Stoxx 600 managed to edge 0.2% higher; besides the Türkiye elections, the US debt ceiling negotiations, and a higher inflation forecast for the Eurozone area to 5.8% in 2023, and 2.8% for 2024, accompanied with rising interest rates, also put a strain on the markets. The GDP was elevated slightly to 1.0% from the previous 0.8% estimate.
• The Banks were the most sold, closing nearly limit down, with all four private banks ending the day limit down, with only the REITs managing to diverge positively from their peers, due to expectations of continued building and home construction.
• KOZAL, EKGYO and KOZAA led the gains at the BIST30, whereas BIMAS, the major private-banks, SAHOL and KCHOL all closed limit-down.
• Today, we expect a negative opening due to the ongoing stress on yesterday’s limit-down stocks.
• As of yesterday’s close, the TRY is trading flat both against the USD and the Euro at 19.68 and 21.40, respectively, whereas the DXY is also stable at 102.42, as of print.
• On the commodity front, Brent is slightly higher at USD 75.33, and ounce and gram GOLD are flat at USD 2015 and TRY 1275, respectively.
• Atlanta Fed President, Raphael Bostic stated yesterday that he doesn’t see rate cuts happening “well into 2024.”
• The CBRT disclosed that credit and jewelry withdrawals above a certain limit will be subject to 30% securities holdings.
1Q23 FINANCIAL REUSLTS:
• VAKBN: Posted 1Q23 net income of TRY4,503mn (-46% q/q, +50% y/y), in line with market consensus of TRY4,395mn. ROE fell to 14.5% in 1Q from 34.0% in 1Q and 18.9% a year ago.
NEWS FLOW:
• ANHYT: Disclosed that its premiums rose by 149% to TRY 2bn
• ASUZU: Disclosed that its French subsidiary Fat Concept Car was awarded a €9.2mn and its Israeli distributor, was awarded a 10.6mn contract.
• CUSAN: Announced that it will start producing processed industrial aluminium profile for different sectors. It is expected that this investment will contribute 6EURmn to the revenue which is approximately 6% of the revenue. Export rate of this revenue will be 80%. Although it is not clear when the investment is going to be taking affect, we look at the announcement very positively. Company's main ambition is to diversify revenue sources from construction sectors and this investment is another step closer to that goal.
• PGSUS: Disclosed that its 4m23 domestic passenger count rose by 16% to 3.4mn, and capacity rate rose by 1.5% to 84.8%, whereas international passenger count rose by 43% to 5.27mn, and capacity rose by 5.4% to 82.3%. Accordingly, total passenger count rose by 31% to 8.67mn, and capacity rose by 3.6% to 83.3%.
• TRILC: Disclosed that it was awarded a TRY 37.6mn pesticide agreement.
AGENDA:
• Home sales figures will be released on the home front, whereas across the pond, the US April Retail Sales, Capacity Utilization Rate, and Industrial Production will be released. ECB Chair, Christine Lagarde will speaking today. Please note that the markets will be closed on Friday, May 19th.
 

 TFG Istanbul Menkul Değerler A.Ş.
  www.tfgistanbul.com/arastirma-raporlar
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 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.