TFG Istanbul Morning Report (TFG Istanbul Menkul Değerler )

• The BIST100 rallied a late rally yesterday to snap its 2-day losses to close on a gain of 2.74% at 4943, with a turnover of TRY 56.6bn, led by the gains in the Banks and Transportation stocks.
• SASA-SAHOL and AKBNK led the gains at the BIST 30, whereas KOZA was the only BIST30 stock to close in the red, followed by ARCLK and VESTL at the bottom 3 listings.
• Today, we expect the buying mood from yesterday to continue at the opening as well.
• As of yesterday’s close, the TRY is trading flat at 19.15 against the USD, and calm against the Euro at 20.75, whereas the DXY is trading at 102.63. Yesterday, the 2yr bond yields declined by 10bps to 13.17%, and the 10yr yields fell by 42bps to 10.75%.
• Brent is currently trading flat at USD 77.51, and both ounce and gram GOLD prices are trading at USD 1964 ad TRY 1209, respectively.
• Please note, and check your inboxes for our KLMSN report, in which we reiterate our BUY call on the name. We think that one-off low EBITDA margins in 4Q22, and likely to be in 1Q23, as well are immaterial because of their temporary nature. EBITDA margin is set to visibly recover in 2H23 and going forward, we believe that high margins are not priced in. We maintain our BUY call with a target price of TRY36.1.
• President Erdogan stated yesterday that starting in April, electricity, and natural gas prices in industrial will be reduced by 15% and 20%, respectively.
• According to a new decree published in the Official Gazette, corporations that have FX liabilities will be able to make use of the FX-Protected Savings Account, for a minimum of 1 month, and get back their FX-equivalent TRY at the end of the duration. Previously the minimum duration was 3 months. We expect further inflows in FX-protected accounts with this decree.
NEWS FLOW:
• BANKING: In February, the banking sector experienced a deep 33% m-m plunge in net profit, to a lacklustre TRY26.2bn. Annualized ROE slipped down to 22%, that is half the average monthly rate delivered last year. The stumpy ROE evolution stems from TRY spread erosion and rising operating costs.
• ASTOR: Disclosed signing several local agreements for €1.2mn and USD 0.47mn
• KOZAL: Disclosed that it has sold 5 properties in the UK for TRY 497.4mn to Koza-Ipek Holding
• SISE: Disclosed that it has revised its gross cash dividend payments to TRY 0.68/share from the previous TRY 0.97
• SUWEN - The increase in the company's registered capital ceiling from TL 100 million to TL 300 million was approved at the General Assembly.
• SUWEN: The company announced net cash dividend amount of TRY25.2mn and TRY0.45 net dividend per share
AGENDA:
• On the local front, the weekly Foreigners’ net STOCK/BOND investment changes will be released, as well as Minutes from last week’s MPC meeting, whereas the international agenda will be comprised of the German CPI, and U.S. Weekly Jobless Claims as well as the 4q22 GDP growth rate.

 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.