ANALİZ-Morning Report(TFG Istanbul Menkul Değerler) [FNC-NEWS]

• 27.10.2023 09:25

https://news-files.foreks.com/attachment/1698387899747_TFGISTANBULMORNINGREPORT27OCT20231.pdf

?The BIST100 managed to pare about half of its previous day's losses yesterday, closing the day 3.19% higher at 7662, and with a more accustomed turnover of TRY 139.3bn, led by the gains in the Transportation stocks, specifically the Airlines, as well as the Mining stocks due to the rise in GOLD prices, while the Banks fell short of the benchmark.
? Accordingly, ODAS-TUPRS (due to its outstanding financial results) and THYAO led the gains among the blue-chips, while only BIMAS and ARCLK closed in the red, with GUBRF and YKBNK also recording a meagre gain compared to their peers. Taking a step back and looking at the bigger picture, we saw interest especially in the CEMENT and ENERGY stocks, reminding our readers that the German Federal Minister responsible for Economic Affairs and Climate Actions visit to Turkey, Herr Robert Habeck, centered around the economy and energy sector.
? As of yesterday's session closing numbers, the TRY is trading flat at 28.17 against the USD, but a tad weaker against the Euro at 29.77, while the DXY has declined slightly to 106.53. The 2yr rates rose by 76bps to 33.52%, while the 10yr rates went southwards by 8bps to 27.50%.
? On the commodity side, Brent is trading unchanged at $87.27, as of yesterday's session closing numbers, and ounce and gram GOLD are also quiet at $1987 and TRY 1797, respectively.
? Yesterday, in-line with the general consensus, the MPC hiked the policy rate by 500bps to 35%. According to the Press Release, "The Committee decided to continue the monetary tightening process in order to establish the disinflation course as soon as possible, to anchor inflation expectations, and to control the deterioration in pricing behavior. In the third quarter, inflation readings were above expectations. The pass-through from tax regulations and cost pressures stemming from wages and exchange rates, which have been recently impactful, has been largely completed...it is also evaluated that the underlying trend in monthly inflation is on course to decline. On the other hand, geopolitical developments pose risks to the inflation outlook due to oil prices. Through the monetary tightening process, the Committee is determined to establish the disinflation course in 2024 in line with the Report."
? In the US, strong consumer spending led to the biggest GDP expansion in nearly two years to 4.9% in the third quarter.
? The ECB paused its rate hikes after 10 consecutive hikes, thus leaving the benchmark deposit rate unchanged at 4% due to rising concerns over the eurozone growth and recession threats. However, President Lagarde stated at the press conference that she would not rule out another rate increase, adding that it was "totally premature" to discuss a potential cut.
? Last week, Foreign institutional investors were net SELLERs of USD 107mn EQUITIES, but net BUYERS to the tune of USD 8mn.
? The CBRT announced a new set of macro-economic regulations aimed at simplifying regulations and to increase the TRY share in savings accounts.
 
AGENDA
 
? There are no major local macro releases expected today, while Japan will release its CPI figures, and the US will disclose its Personal Spending and the University of Michigan Consumer Confidence figures.
 
3Q23 RESULTS
 
? AKBNK -Neutral: Akbank posted TRY20.4bn net profit in its 3Q23 financials that is in line with TFG?s TRY19.9bn estimate (consensus TRY19.8bn). Key lines are in line with our estimate. Quarterly annualized ROE stands at 45.5% vs 50% a quarter earlier. We do not expect the bank to react on these numbers.
? EREGL: Disclosed a 3Q23 net profit of TRY 41mn vs the Market Estimate of a TRY 2mn loss. Net Sales fell short of the TRY 43.63mn by coming at TRY 37.4mn.
? KCHOL -Positive: Driven through the already announced better-than-expected results of all major subsidiaries, such as YKBNK, TUPRS, ARCLK, FROTO and TOASO, Koc Holding?s 3Q23 net profit also came 24% above the consensus. We expect a slight positive reaction on the stock as the market was ready for the beat.
 
CORPORATE
? BVSAN: Disclosed that its 85% subsidiary was awarded a ? 1.6mn contract.
? DERHL: Disclosed that it has decided to increase the capital of its subsidiary Zapata Clothing to TRY 114mn from TRY 40mn
? MAGEN: Disclosed that it has applied to the Energy Regulation Board so that its subsidiary Anatolia Renewable Energy can procure energy for 20 years.
? ORGE: Disclosed that it has sold $2.5mn worth of electrical wires to a local buyer.
? GRSEL: The company will distribute gross TRY 0.09/cash dividends today.

Foreks Haber Merkezi ( haber@foreks.com )
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