TFG Istanbul Morning Report (TFG Istanbul Menkul Değerler )

• The BIST100 opened the new week on strong buys, closing 1.09% higher at 3978, and turnover of TRY 76.8bn, after seeing its historic peak at 4008.80, before seeing small-scale profit-takings, with the Energy and Banks dragging the benchmark 2.04% and 1.13%, respectively.
• TOASO shares closed limit-up, and thus topped the BIST30 top earners’ list, thanks to Stellantis CEO’s statements of new investment potentials in Turkey, followed by SASA and VESTL, whereas DOHOL, GARAN and KOZAL were the most sold.
• Today, we expect a slight positive opening at the BIST100.
• The TRY weakened yesterday against the greenback to 18.60, and is currently trading flat, and the DXY has fallen to just below the 112 level. The 2yr and 10yr rates rose by 32bps and 50bps respectively to 14.82% and 11.22%, respectively, and the 5yr CDS rates will start the day from the 719 level, after falling by nearly 20pts yesterday.
• On the commodity front, Brent is trading flat at USD 91.40, and both ounce and gram GOLD are trading lower at USD 1649 and TRY 986, respectively.
• Please note yesterday that we initiated our Goodyear-GOODY.TI coverage with a Buy rating and 1yr target price of TRY 23.33. Competitive advantage, oligopolistic structure of the tire market, steady margins and Turkey’s promising tire market are the main drivers of company’s potential. 2023F EV/EBITDA is 3.8 which indicates 26% discount to peers. Even though the upside is not too much, we still issue buy rating because it is relatively safe investment with stable margins and diversified revenue stream.
NEWS FLOW:
• Former Chancellor of the Exchequer under Boris Johnson in February 2020, Rishi Sunak, has become the next Prime Minister of the UK. Mr. Sunak has worked as a jr. analyst in a global brokerage firm, and worked at one hedge fund before co-founding another one, before entering politics.
• Treasury Secretary Janet Yellen cautioned that stresses in the global economy and markets hold the potential to disrupt a US financial system that has so far proved resilient in the face of those shocks.
• Rising energy costs have pulled down Germany’s flash PMI figure to a 29mth low 45.7 in September, the lowest level since May 2020.
• EREGL: According to the daily Dunya, upon the request of EREGL, the Competition Board will begin an investigation to hot rolled coil imports from China.
AGENDA:
• On the local today, the Capacity Utilization Rate will be released (Prev. 77.4%), as well as the Real Sector Confidence rates, whereas on the global front, US Conference Board consumer confidence, will be disclosed.

 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.