TFG Istanbul Morning Report (TFG Istanbul Menkul Değerler )

FINALLY!

• The BIST100 finally managed a positive opening, albeit on another low turnover of less than TRY 100bn, rising by 3.19%, thus nearly paring its Friday losses, to close at 7750, led by the gains in the Transportation and Industrial stocks, while the Banks were not too far behind, but the Mining stocks continued to lag behind their peers.
• The gains at the BIST can be attributed to the delay in the ground offensive by Israel, as well as media reports that President Erdogan has called on the Hamas leader and members to leave the country, as well as President Erdogan submitting a bill approving Sweden's NATO membership bid to parliament for ratification, a move welcomed by Stockholm as it clears the way for it to join the Western defense alliance, as well as pleasing the NATO members.
• SASA-GUBRF and PGSUS led the gains among the blue-chips, whereas ARCLK was the only BIST30 stock to close in the red as its 3Q23 results failed to impress investors, and KOZAA and SISE were also at the bottom 3, due to their meagre gains compared to their peers.
• As of yesterday's session closing figures, the TRY is trading a tad weaker against the greenback at 28.09, and also against the Euro, just below the 30 level, while the DXY is at 105.50, due to the deepening selloff in the US Bond market that drove the 10yr note to slightly over the 5% level, its highest level since 2007.
• On the commodity side, Brent is trading flat at $89.05, and ounce and gram GOLD prices have also retreated slightly to $1975 and TRY 178, respectively.
• According to media reports, VC of Germany, and the Federal Minister for Economic Affairs and Climate Action, Mr. Robert haberck will be visiting Turkiye, focusing on the Economy and Energy sectors.

AGENDA
• There are no major macro releases expected on the local front, while on the international front, Germany, the Eurozone and the US will release their PMI Figures. TAVHL (Est. TRY 4.95bn) and TTRAK (Est. TRY 2.56bn), are also expected to release their results today after the session closing.
3Q23 RESULTS
• OTKAR - POSITIVE: Otokar’s 3Q23 EBITDA surpassed the expectations by a massive 73% as the margin has been realized as 22% vs 15% consensus mean and a mere 11% a quarter earlier. EBITDA of TRY 1.433bn vs the Estimate TRY 830mn. Net profit was also 19% above expectations at TRY743mn. We expect a positive reaction to these numbers.
• SASA: Disclosed a net profit of TRY 5.35bn.
• VESBE: Disclosed a net profit of TRY 2.50bn vs the Estimate TRY 2.141bn.
• YKBNK - POSITIVE: Yapi Kredi Bank’s 3Q23 net profit came in at TRY24.6bn that is 37% stronger than the TRY17.9bn consensus mean and TFG’s TRY18.5bn expectation that stands at the higher end of the expectations range. The quarterly annualized headline ROE of 62% is out of this world. Provision expenses are less than half of our expectation, trading gains are much stronger than we have envisaged. Operational expenses grew less than our forecast. Trailing 12 month P/E is a highly appealing 2.3x. Overall we expect positive market reaction.
CORPORATE
• ASTOR - The company recently finalized a Power Transformer Sales Contract valued at 1.6 million euros with a foreign corporation. Following the announcement of the 1.6 billion TL bid winning 64 out of 104 work items in the Power Transformer tender conducted by Turkey Electricity Transmission, the contract was promptly signed.
• CWENE - The approval of a 3,900 kWe capacity GES (Renewable Energy Generation) investment in Eskişehir has been granted, and a call letter has been received, with plans to sell to third parties pending favorable commercial and legal conditions.
• DENGE - It has been decided that the subsidiary Fer Yapı will undergo a partial demerger, accompanied by simultaneous capital reduction and increase.
• EUPWR - The company recently received a substantial order valued at 1.9 million dollars from a domestic firm.
• GESAN - The company emerged as the top bidder, offering 2.3 million dollars in the Havalı Hücre&Köşk Çerçeve Alt Alımı İşi (Air Cell & Pavilion Frame Subcontracting) tender conducted by Toroslar Elektrik.
• KCAER - An Investment Incentive Certificate worth 249.0 million TL has been approved.
• PEGYO - An application has been submitted to the Capital Markets Board (SPK) to exit the status of a Real Estate Investment Trust (GYO).
• PNSLN - The company recently secured a 0.30 million dollar order for sandwich panels from a firm.
• SAHOL - A decision has been made to transfer 10.1% of the shares, equivalent to 60% of the company, from SAHOL to CIMSA, in which CIMSA holds 40% ownership.
• THYAO - A decision has been made to lease 28 aircraft from AerCap between 2024 and 2026 for 144 months, with an extension of lease periods for 6 A330-200 aircraft already in the fleet.
• YYAPI - Efforts have commenced for the public offering of Yeşil Global Enerji (Green Global Energy).
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 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.