TFG Istanbul Morning Report (TFG Istanbul Menkul Değerler )

• BIST100 and BIST30 both was down 1.2% yesterday. MSCI Asia is flat, US and EU futures are down a tad. We expect flat opening for BIST.
• Fitch maintained its 2023 and 2024 growth forecasts for the Turkish economy as 2.5% and 3.0%. Growth was predicted to be 3.8% in 2025. Fitch expects inflation to be 45, 35 and 25 percent by the end of 2023, 2024 and 2025, respectively.
• Fitch stated that it is foreseen that the CBRT will make a significant increase in the policy rate at its meeting, and that it will raise the policy rate to 25% by the end of 2023.
• The growth expectation for the global economy by Fitch increased from 2% to 2.4% for 2023.
AGENDA
• The CBRT interest rate decision will be announced today. We are in anticipation of 15pp rate hike to 23.5%. We analysed the possible market reaction in two separate scenarios for negative and positive surprises. Scenario 1-Worst case: The CBRTY hikes by 5pp to 13.5%. Foreigners sell-off their favourite picks such as KCHOL, FROTO, BIMAS and private banks. The USDTRY climbs above 24. Weaker TRY supports exporters. We would look for a fast recovery in the stock market following the initial sell-off starting from exporters. Scenario 2-Best case: The CBRT hikes by 20pp to 28.5%. Favourite stocks of foreign institutional investors rally. TRY will tend to strengthen but the CBRT sterilises the flow via building up its FX reserves. The rally prevails.
• CBRT Chairman Hafize Gaye Erkan is expected to meet with TBB member banks tomorrow.
• Weekly Unemployment Benefit applications will be announced in the USA.
COMPANY NEWS:
• ASUZU - It has been announced that the company has received an order for 154 buses from the Georgian distributor GT Group, and deliveries will take place until February 2024.
• AZTEK - It was announced that a two-year Supply Agreement was signed between the company and MGROS for the sale of JBL branded headphones and speakers through MGROS stores throughout Turkey.
• CVKMD - It has been announced that an agreement has been reached between the company and an overseas customer on the Sale of Mineral Ore for 2.9 million dollars.
• ULUUN - It has been announced that the share buyback program has ended.
• RYSAS - The application that was made within the scope of increasing the company's capital from 250 million TL to 500 million TL with a 100% cash increase of 250 million TL in cash was approved by the CMB

 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.