TFG Istanbul Morning Report (TFG Istanbul Menkul Değerler )

• The BIST100 fell slightly yesterday, by 0.06% to 3975, with a turnover of TRY 83.1bn, after setting a new record at 4011, led by the 1.25% gains in the Bank, ahead of tonight’s AKBNK and tomorrow’s GARAN financial releases, with strong profits expected from the sector once again. However, the Industrials pulled down the benchmark, falling by 0.97%.
• SASA, SISE, and ISCTR were the most bought stocks on the BIST30 side, whereas TCELL, KOZAA and KOZAL were the most sold. We also saw the Energy stocks perform well on the BIST30 side.
• Today, we expect a slightly positive opening.
• Currently, the TRY is trading flat against the USD at 18.60 level, and the DXY has fallen to 110.95. The 2yr and 10yr rates rose yesterday by 64 and 35bps to 15.46% and 11.57%, respectively. The 5yr CDS rates have also fallen below the 700 level to 687, an improvement of 32pts from the previous day. The Asian markets are trading strong this morning thanks to the China Securities Regulatory Commissions intentions to expedite the development of a “regulated, transparent open, lively and resilient” market.
• On the commodity front, Brent had edged higher to USD 91.76 yesterday, but has since calmed to just below the USD 91 level, due to both today’s weekly US weekly inventory levels, expected to show a slight increase in inventories, as well as statements from Saudi Prince Abdulaziz bin Salman at the Future Investment Initiative conference in Riyadh, who said “There are “layers and layers of uncertainty” when it comes to both supply and demand, while defending the decision taken this month by OPEC+ for a surprisingly large output cut. And both ounce and gram GOLD have risen to USD 1656 and TRY 991, respectively, due to the poor US economic data flow.
• US stocks rose yesterday thanks to the positive earnings flow, as well as the prospect of the Fed being less aggressive on rate hikes due to risks to economic growth from the Fed raising interest rates to combat inflation, which currently has another 1.25-1.50% potential rate hike for YE22. However, the Futures are currently trading lower due to the lower than expected financials of the Microsoft-Google and Alphabet.
3Q22 AGENDA:
• AKBNK (TFG NI Est: TRY 16.896bn vs 16.65bn consensus. 3Q21A: TRY 3.21bn y/y)
• EREGL: NI: Est. TRY 2.012bn vs 3Q21 TRY 5bn
• TAVHL: NI: Est. TRY 1.39bn vs TRY 632mn 3Q21/ EBITDAe TRY 2.396bn
• TKFEN: NI: Est. TRY 652mn vs TRY 463mn 3Q21/ EBITDAe TRY 756mn
• TOASO: NI: Est. TRY 1.83bn vs TRY 580.6mn 3Q21/ EBITDAe TRY 2.48bn
• TTRAK: NI: Est. TRY 537mn vs TRY 221.8mn 3Q21/ EBITDAe TRY 783mn
NEWS FLOW:
• Banks: According to the daily Dunya, the general directors of the Banks have warned the Treasury and Finance Minister, Nureddin Nebati, of ‘a systemic risk’ on regulations forcing them to hold sovereign securities. The banks shared problems they faced because of rules enforcing them to buy Treasury bonds with low interest rates in a high-inflation environment. According to the daily, the Banks say that attracting lira deposits is becoming increasingly difficult due to the reduction of the benchmark interest rate. The Treasury and Finance Ministry said the meeting evaluated “the mission imposed on the sector as part of the Turkey Economy Model” as well as the improvement of the banking sector.
• GOODY: Disclosed that its TRY 450mn loan for its Luxembourg subsidiary using a 3-month loan, with interest rates ranging from 18.20-18.25%, has been rolled-over for another 3 months.
AGENDA:
• There are no major local macro releases, whereas on the international front, the US New Home Sales will be disclosed.
 

 TFG Istanbul Menkul Değerler A.Ş.
  www.tfgistanbul.com/arastirma-raporlar
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 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.