TFG Istanbul Morning Report (TFG Istanbul Menkul Değerler )

BIST PARES HALF OF PREVIOUS DAY'S STRESS
•The BIST managed to pare roughly half of the previous day's losses due to multiple risk factors such as, the case against HALKB, strains with the EU over membership accession, and most importantly, rising interest rates, offering an alternative investment tool for investors, to close 1.35% higher at 7784, but still on a relatively low turnover of TRY 117.2bn. The global markets are trading cautious, the Asian markets are negative and the US markets closed yesterday. Rising fuel prices are also capping the gains in the global markets.
• Even though the markets do not expect any rate hikes from today's FOMC meeting, investors will be listening carefully to Powell's press conference as to what will lay ahead-and if there will likely be another rate hike or not? The meeting will also release its dot plot graph.
• Today, we expect a slightly positive opening, due to the BIST's own unique dynamics.
• Yesterday, the gains at the BIST were spearheaded by the Energy and Industrial stocks, while the Banks underperformed the benchmark. ALARK (due to entrance into the Aviation sector) led the gains among the BIST30 stocks, and was followed by TUPRS and GUBRF, whereas EKGYO (due to 7.5% discount sale to frn. institutional client-expected to end on the 21st) was the most sold, and followed by ENKAI and PGSUS.
• As of yesterday's close, the TRY is trading flat against both the greenback and the Euro at 27.03 and 28.88, respectively, while the DXY is slightly lower at 105.17. The 2yr Bond rates rose by 9bps to 22.30%, as opposed to the 70bps drop in the 10 yr yields.
• On the commodity front, investors appear to have realized their profits, after Chevron CEO stated that fuel prices could once again see the USD 100 levels, trading lower today at USD 92.59, while ounce and gram GOLD prices are flat at USD 1931 and 1679, respectively.
• The annual inflation rate for the eurozone came in just lower than the 5.3% expectations at 5.2%, after peaking at 9.1% in August. Accordingly, this may strengthen call for the ECB to leave interest rates untouched at its next meeting.
• Turkish Finance Minister Mehmet Simsek said on Tuesday that his meeting with investors in New York will contribute to foreign inflows to Turkey, at a meeting hosted by Goldman Sachs, adding "Our President's full support for our policies to take inflation under control is the most important factor that increases confidence in our policy framework."
• The OECD has revised upwards its Türkiye growth forecast for 2023 to 4.3% from 3.6%, but dropped it to 2.6% from 3.7%.
 
AGENDA:
• On the local front, the Consumer Confidence level will be announced, while tonight's FOMC meeting, followed by Fed President Jerome Powell's press conference, and Germany will release its PPI figures, as well as the UK inflation rates.
 
CORPORATE:
• AVIATION: Global tourism group, TUO, disclosed yesterday that it will extend its reservations to Greece and Turkey to November in response to increased demand, and extreme summer heat. Though this is positive for TOURISM, the rising Brent prices will negate this effect on the AVIATION stocks.
• MAVI: Mavi’s 2Q23 net profit of TRY644mn is 36% better than consensus thanks to strong financial and investment income, while the EBITDA came in parallel to expectations. EBITDA margin is softer at 21% vs 23% a quarter earlier and 25% for 2Q23. The company guides for over 80% revenue growth that is up more than 5pp from previous guidance and guides for 3 more store openings for 2023. We expect upbeat market reaction to these numbers.
• BRLSM: A preliminary agreement of $7.5 million was signed between the company's subsidiary Solar Santral Enerji and Dünya Göz Hospital for a turnkey GES installation with a capacity of 9,199 kWe / 11,797 kWp.
• ESCOM: The company's subsidiary Brenpower signed a sales contract with a company based in Poland, expected to reach 10 million euros in size over a 5-year period.
• GESAN: The company received an order of $1.0 million from a domestic company for the purchase of various types and amounts of AC/DC cables.
• SMRTG: It was announced that the company's subsidiary Smart Güneş Enerji Ekipmanları signed a 13.3 million dollar contract for turnkey GES installation work with 2 domestic customers.
• SOKE: After the announcement of the purchase of a 104,857 m2 area in Konya and the construction of an 8,000 kW GES, it was announced that an additional call letter application was made for 3,000 kW, and a total call letter of 11,000 kW power was received from the distribution company.

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