ANALİZ-Morning Report(Trive Yatırım) [FNC-NEWS]

• 29.03.2024 09:14

https://news-files.foreks.com/attachment/1711692872652_MORNINGTRIVEREPORT-29MAR2024.pdf

GAMBLE/RISK-ON MODE FULL THRUST
The BIST100 closed yesterday 3.10% higher at 9080, with a turnover of TRY 97.15bn, as investors appear to take long positions ahead of Sunday?s critical Municipal elections. The Transportation and Banks spearheaded the gains at the BIST, with returns of over 4%, whereas the Energy and Industrial stocks lagged their peers, underperforming the benchmark. The Banks and the Aviation stock pulled the BIST lower by falling 0.61% and 0.52%, respectively, while the Mining stocks were the diamond in the ruff, rising by 1.60%. SASA was yesterday?s best performer, opening and closing limit-up, after announcing its 700% capital increase via bonus issue, and followed by KCHOL and SAHOL, while GUBRF-ENKAI and PETKM, as well as ASELS, had a negative closing, respectively. VESTL shares also had a strong performance yesterday, closing 8.28% higher after local media reported that the company wanted to extend its mobility technology from the local EV TOGG brand on a global scope, and increase its market value to $2bn in 3 years. As of print, the TRY is trading just a tad weaker against the USD at 32.37, after seeing 32.50 levels earlier in the day, but weaker against the Euro at 34.95, while the DXY has risen to 104.63, as of print. On the Bonds? side, the 2yr rates fell by 31bps to 45.44%, whereas the 10yr rates were flat at 26.71%. On the commodity front, Brent is trading lower at $86.79, and Ounce GOLD has risen to $2233. Last week, Foreign Investors were net BUYERS of $429mn EQUITIES, but net SELLERS of $104mn BONDS. The Summary of last week?s MPC meeting revealed that the Committee decided to raise the policy rate (the one-week repo auction rate) from 45 percent to 50 percent, and also decided to adjust the monetary policy operational framework by setting the Central Bank overnight borrowing and lending rates 300 basis points below and above the one-week repo auction rate, respectively, in response to the deterioration in the inflation outlook. The Committee added that the tight monetary stance will be maintained until a significant and sustained decline in the underlying trend of monthly inflation is observed, and inflation expectations converge to the projected forecast range. Monetary policy stance will be tightened in case a significant and persistent deterioration in inflation is foreseen. The decisiveness regarding tight monetary stance will bring down the underlying trend of monthly inflation through moderation in domestic demand, real appreciation in Turkish lira, and improvement in inflation expectations. Consequently, disinflation will be established in the second half of 2024. Please note that the Index changes will take place on April 1st, 2024. Accordingly, BRSAN will be added to the BIST30 at the expense of ARCLK shares, while EGEEN-MIATK and ZOREN will be added to the BIST50, and CANTE-KLSER and TKFEN will be removed.
AGENDA
There are no major macro releases on the local front, and despite the US-UK and European markets being closed for Easter, the US PCE figures and Fed Chairman, Jerome Powell?s, speech will be carefully watched.
FINANCIAL RESULTS
CIMSA: Disclosed an annual net income in 2023 of TRY 2.49bn, vs TRY 4.07bn in 2022, thus a retreat of 39% y/y. EBTIDA, however rose by 72% y/y to TRY 3.66bn from TRY 2.13bn. GOODY: Disclosed an annual net loss of TRY -4455mn vs TRY -770mn in 2022. EBTDA, however rose by 52% to TRY 1.95bn in 2023, vs TRY 1.29bn in 2022. NETAS: Improved its 2023 net income to TRY 99.7mn from a loss of TRY 30.6mn in 2022. EBITDA rose by 61.5% to TRY 265mn from TRY 164mn.
CORPORATE NEWS
SISE: Disclosed that its 5th furnace investment with a gross  production capacity of 198K Tons/year in its Eskişehir Glass Packaging facility was ignited on 28/03/2024. This new 145 Million USD-furnace investment holds importance in the Company's goals to meet the increasing demand in the upward trending glass packaging market and to ensure further operational efficiency. Upon the furnace commissioning, the Turkey-based total gross glass packaging production capacity has reached to 1.9 Million Tons/year with 13 furnaces operating in 3 facilities, and the global gross glass packaging production capacity has increased to 3.3 Million Tons/year. KOZAL: Disclosed that it bought back 2.95mn shares at an average cost of TRY 22.36. GARAN: Will disclose gross TRY 3.11 dps. Accordingly, we may see a retreat in the share price today due to the dividend payment.

Foreks Haber Merkezi ( haber@foreks.com )
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