TFG Istanbul Morning Report (TFG Istanbul Menkul Değerler )

• The BIST closed yesterday on a harsh sell-off, closing the day 2.62% lower, below the critical 5000 SUPPORT level at 4891, with a turnover of TRY 48.6bn, with the selloffs uniform across the board, and the sales accelerating towards the end of the session.
o The selloffs were parallel to the risk-off mode in the global markets due to both inflationary, but also recessionary concerns, and health of the global banking sector, ignited by the 49% losses in the First Republic Bank, after they disclosed that their deposits dropped 40% in 1Q23.
• EREGL was the only stock that managed to close in the positive territory, and just barely above water, whereas AKSEN-due to the Sudan contagion fear spreading throughout Africa, was the most sold blue-chip, and was followed by KOZAA and TCELL.
• Today, we expect a flat/positive opening on the continuing global woes, and ahead of the May 1st long weekend.
• As of yesterday’s close, the TRY is trading at 19.43 against the USD, but slightly weaker against the Euro at 21.34. On the bonds’ front, the 2yr bond rates fell by 23bps to 14.12%, the 10yr yields rose by 41bps to 12.12%.
• On the commodity front, Brent is trading higher as of yesterday’s 18:10 close at USD 81, flat, and ounce and gram GOLD are at flat USD 1247 and TRY 1996, respectively.
• Yesterday, incumbent US President, Joe Biden disclosed his nomination for the 2024 Presidential race.
• Stellantis-the European automaker disclosed that it plans to lay-off 3500 workers.
1Q23 FINANCIAL RESULTS:
• TAVHL: Slightly Negative: In 1Q23, TAVHL incurred a staggering net loss of TRY919mn, while the mean market expectation was -TRY610mn. The Net Profit was significantly affected by the one-off earthquake taxes, totaling -EUR15.9mn, with -EUR9.5mn in current tax and -€6.5m in EAI. Despite achieving an expected Ebitda of TRY861mn, the Ebitda margin was below expectations, reaching only 17%, which was 1.6pp lower than the market expectation. Although the company reported a commendable 74% increase in international passenger traffic, totaling 7.4mn, as compared to 2019, the domestic passenger numbers were recorded at 6.8mn, which was 19% lower than the 2019 figures. This decline was due to the imposition of domestic price caps, which had a substantial impact on the company's financial performance.
NEWS FLOW:
• ULKER: Disclosed the merger of its 91.67% subsidiary Ulker Cikolata and 73.92% subsidiary Biskuvi, and that the paid-in capital of the Conglomerate would be increased to TRY 369.2mn from TRY 342mn.
• NTGAZ: Disclosed that it has signed a 239mn kWh LNG and CNG agreement with the Caykur tea company.
• GRTRK: Shares will start trading at the BIST today
AGENDA:
• There are no major macro releases expected today, whereas the US Durable Goods Orders will be released States-side.
• AKBNK (TFG Est: NI TRY 10.898bn vs Cons. TRY 10.686bn) and TTRAK (Est: TRY 1.11bn) are also expected to release their 1Q23 results today after the markets close.
 
 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.