TFG Istanbul Morning Report (TFG Istanbul Menkul Değerler )

" The BIST continued the previous day's gains by adding another 2.06%, to close at 5315 with a hefty turnover of TRY 125bn, led by the gains in the Conglomerates and REITs, whereas the Banks rose by a mere 1.02%.
" On the BIST30 side, ARCLK topped the best buyers' list, closing limit-up after disclosing that the whitegoods maker disclosed that it would form a new standalone European home appliance business with Whirlpool, and followed by TOASO and TAVHL shares, whereas KOZAL, SASA and EREGL found themselves at the bottom of the listings.
" Today, we expect the buying appetite to continue albeit at a milder pace, parallel to the mixed sentiment in the global markets, the US markets were downed yesterday by the poor financial results, especially Goldman Sachs and Whirlpool.
" As of yesterday's close, the TRY is trading unchanged against the greenback at 18.78, but stronger against the Euro at 20.26, whereas the DXY is trading higher at 102.84.
" The 2yr bond rates rose by 44bps to 10.38%, whereas the 10yr yields fell by 12bps to 10.20%. The CDS rates closed flat at 564.
" On the commodity front, Brent has risen to USD 86.67, after OPEC stated that it sees a rebound in China's demand for 2023, and both ounce and gram GOLD are trading lower at USD 1898 and TRY 1146, respectively.
" The German ZEW Index rebounded to +16.9 in January vs the consensus -15.5, according to receding energy fears and improving inflation rates, compared to the -23.3 reading in December. This is upbeat for Turkish exporters.
" Germany Chancellor Olaf Scholz said yesterday that he's convinced that Germany will avoid a recession in 2023.
" Fresh out of the oven, the Bank of Japan kept the rates unchanged, but more importantly, kept the yield range constant, thus rallying the Japanese stock market higher.
NEWS FLOW:
" Turkey's short-term foreign debt has risen to its historic peak at USD 189bn.
" HOUSING: Home prices rose by 174.3% in November, y/y, and by 3.8% m/m. According to the national institute agency, home prices in Istanbul rose by 186.3%i by 181.6% in Ankara, and 176% in Izmir. The avg sqm home price sale in Istanbul is TRY 26.9k.
" HOUSING: Homes sales in December fell by 8.4% to 207,963 units, and by 0.4% to 1,485,622 for 2022.
" HALKB: The US Supreme Court heard the Turkish lender's bid to avoid charges, with the Supreme Court weighing to return the case to the lower court, the New York based 2nd US Circuit Court of Appeals, per Bloomberg's news. Thus a decision was not declared, as widely expected yesterday. We expect the court decision to be revealed by June.
" ARCLK: Disclosed that a new JV with Whirlpool would be formed. Accordingly, Whirlpool will fold its European major domestic appliance business into a new JV with Arcelik, which will contribute its major domestic appliance, consumer electronics, air conditioning, and small domestic appliance businesses. Whirlpool will own 25% and Arcelik will own 75% of the new entity. Combined businesses expected to generate cost synergies of over €200 million. Deal is expected to close in 2H23.
" ASELS: Disclosed that it will raise its registered capital to TRY 10bn from TRY 2bn.
" ASTOR: Shares will start trading today.
" DGNMO: Disclosed that for 2023, it expects revenues to be around TRY 7-7.2bn, and exports to comprise 12-15% of total revenues, with EBITDA margin expected at 14-15%.
" GENILC: Disclosed the Ministry of Health has approved emergency use of its Moderna Spikevax Covid vaccine.
AGENDA:
" There are no major local macro releases today, whereas on the international side, the US Retail Sales Figures, PPI, Industrial Production and Capacity Utilization will be disclosed, and later in the evening, the Fed Beige Book, whereas the CPI will be most eagerly awaited figure on the Eurozone, and the UK. Fed Presidents Raphael Bostic, Lorie Logan and Patrick Harker, will also speak today, as well as live interviews and updates from Davos.

 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.