TFG Istanbul Morning Report (TFG Istanbul Menkul Değerler )

VOLATILITY THE NAME OF THE GAME
" The BIST closed yesterday rather volatile trading session yesterday on a gain of 0.29% at 5086, and turnover of TRY 68.5bn, but to say that the gains came easy would be an understatement.
" The Banks were stressed yesterday after a BloombergHT news that Banks were fined a total of TRY700mn for not properly disclosing their FX wire transfers, but nevertheless pared their losses towards the end of the session, whereas the best performers were the REITs and the Energy stocks. The MPC's lower-than-expected rate cut of just 50bps vs the consensus 100bps, perhaps confused investors, as it triggered panic sell-offs, before rebounding towards the close of the session.
" DOHOL, PETKM and BIMAS led the gains at the BIST30, whereas TTKOM, KRDMD and TCELL were the most sold.
" Today, we expect the gains towards the close of the session to spill over to the opening.
" As of yesterday's close, the TRY is trading flat at 18.88 against and flat at 20.01, after briefly falling below the 20 ticker, and the DXY has fallen slightly to 104.58. The 5yr CDS rates fell yesterday by 12pts to 571. Both the 2yr and 10yr bond yields fell yesterday by 3bps and 9bps to 10.65% and 10.49%, respectively.
" On the commodity front, Brent is trading higher this morning at USD 82.53, whereas ounce GOLD is slightly higher at USD 1825, whereas gram GOLD is flat at TRY 1108.
4Q22 FINANCIAL RESULTS:
" ENJSA (NEGATIVE): ENJSA revealed a startling net profit of TRY12.5bn, surpassing the consensus mean by a remarkable but misleading 110%. Upon excluding the deferred tax income of TRY12.7bn, the outcome portrays a perplexing net loss of TRY368mn. This fluctuation resulted from a staggering revaluation of PP&E, amounting to TRY10.8bn, causing a surge in deferred tax income. Despite this, sales dwindled by an unexpected 15.4% below the consensus, while EBITDA came in 29.1% below the expectation, indicating a 2pp lower EBITDA margin than anticipated. Nonetheless, ENJSA announced a dividend of TRY2.07 per share, equivalent to a noteworthy dividend yield of 6.2%. Thanks to the high -accounting- net income, the P/E ratio tumbled down to an unprecedented low of 2.6.
" KORDS (NEGATIVE): Posted TRY185mn net profit, TRY315mn EBITDA and TRY4679mn sales in its 4Q22 financials. The net profit is 8% below the consensus mean, net sales are 7% below the consensus mean and EBITDA 18% below the consensus mean as EBITDA Margin was lower than expectations (Expected: 7.7% realized 6.7%). due to higher raw material and energy costs, which could not be fully reflected on product prices.
Net foreign outflow prevails
" According to the CBRT data, during the third week of February, foreign investors divested US$29mn of bonds and shares. On the stock front, foreigners bought a paltry US$9mn, following a US$130mn inflow last week. Foreign investors have offloaded US$364mn from equities, ytd. US$38mn of fixed income investments on the other hand were sold previous week, presumably on the back of the expectation that the CBRT would slash interest rates this week. Foreign investors' share in the BIST's free float has plunged down to the all-time low level of 28.97%, while their bond share hovers around 0.80%.
NEWS FLOW:
" ALMAD: Disclosed the sale of 36,398 sqm land in Tekirdag for TRY 5.5mn
" EKGYO: Increased the revenues from its Evora Izmir project to TRY 1.2bn, adding that 20% of the sales would also belong to EKGYO
AGENDA:
" On the local front, Foreign Tourist Arrivals will be released, whereas the international arena, the U.S. PCE Deflator, personal spending, new home sales, University of Michigan consumer sentiment will be released. Today, is also the one-year anniversary of Russia's invasion of Ukraine.

 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.