TFG Istanbul Morning Report (TFG Istanbul Menkul Değerler )

• The BIST closed yesterday 2.74% higher at 5197, and turnover of TRY 85.2bn, thanks to media reports suggesting that the Sovereign Wealth Fund will allocate USD 1bn to stock-market ETFS.
• The Banks and Transportation stocks led the gains, closing 7.21% and 5.64% higher, whereas the Energy stocks continued to lag behind their peers. Preserved Food companies also performed well yesterday. The buying appetite at the Banks was triggered by AKBNK’s hefty 13.5% dividend pay-out ratio, which extended to its peers.
• As such, on the BIST30 side, GUBRF closed limit up, and was followed by AKBNK and YKBNK, whereas KOZAL, KRDMD and EKGYO found themselves on the wrong side of the listings. KRDMD was hit after the anti-damping on flat steel imports was extended until April 1st.
• Today, we may see a flattish opening, in tandem with global markets.
• As of yesterday’s close, the TRY is trading flat at 18.89 against the USD, and slightly stronger against the Euro, just below the 20 level, and the DXY is slightly higher this morning at 104.85. The 2yr bond yields fell by 3bps to 10.66%, whereas the 10yr yields were unchanged at 10.49%.
• On the commodity front, Brent is trading a tad lower at USD 82.07, and ounce and gram GOLD are slightly lower at USD 1812 and TRY 1111, respectively.
• Turkey’s January trade deficit saw its historic peak of USD 14.2Bbn, a surge of 38% y/y, with imports widening by 20.7%, whereas exports lagged behind with a rise of 10.3%, at USD 33.61bn and USD 19.37bn, respectively.
4Q22 FINANCIAL RESULTS:
• CCOLA: SLIGHTLY POSITIVE: Coca Cola disclosed a net income of TRY649mn in Q4, surpassing the median market forecast by a whopping 60%, while the EBITDA underperformed with a figure of TRY1.869mn, which was 1.7% beneath the anticipated level. EBITDA registered a drastic decline of 50% quarter-on-quarter, whereas Coca Cola's net profit plummeted by 64% q-q. Notwithstanding, we hold a slightly bullish outlook due to the unexpected surge in net profit.
• OZKGY POSITIVE: Ozak REIT revealed a net income of TRY3.7bn, exceeding the anticipated figures by 13.1%. Simultaneously, EBITDA surpassed expectations by an astonishing 45.5%, amounting to a total of TRY696mn. This implies an outstanding 89% increase in EBITDA from the previous quarter, demonstrating remarkable financial performance by the trust.
• CIMSA: NEGATIVE: Reported a remarkable net income of TRY457mn, exceeding the mean market forecast by a staggering 54.5%. However, the company's EBITDA fell short of expectations by 21.7%, experiencing a 4.6-percentage-point loss in margin quarter-on-quarter. These financial outcomes signify a significant 77% quarter-on-quarter plunge in net profit and a 37.7% drop in EBITDA.
• YYLGD: NEGATIVE: Yayla Gida posted disappointing 4Q22 results relative to market expectations. The company posted net profit of TRY204mn which was 9.9% below anticipation while net sales and EBITDA for 4Q22 stood at TRY2,848mn and TRY358mn, both below market forecasts. Net sales was 5.6% below consensus while EBITDA was 3.2% lower. However, EBITDA margin came out in line with expectation at 12.6% (30bps higher than anticipated).
• LOGO: NEGATIVE: The company posted a net profit of TRY63mn for 4Q22 which was 21% below market expectation and EBITDA of TRY99mn which stood 15.6% below anticipation. EBITDA margin for the quarter was also disappointing at 19%, 4ppts lower than market forecast. Net sales however were in line with expectation at TRY522mn.
NEWS FLOW:
• SUNTK: Announced to open up a design in office in Barcelona instead of Italy/Germany in order to improve business relationship with H&M Hennes & Mauritz GBC. Proceeds from IPO will be used for the funding.
• TTRAK: Disclosed that it will increase its paid-in capital by 87.5% via bonus issue.
• ASTOR: Disclosed that it has received 2 independent orders worth USD 8.8mn
• BRISA: Disclosed that it will increase its registered capital to TRY 750mn from TRY 400mn
• GOKNR: Book-building for its IPO will be on March 1-3
• AKCNS: Disclosed that it will distribute gross TRY 1.30/share cash dividends on march 27.
AGENDA:
• On the local front, 4Q22 growth rate will be released (Est. 2.9%), whereas the U.S. will be disclosed the December Case-Schiller, February PMI and Consumer Confidence numbers.

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