BGC Partners - Tofas Turk Otomobil Fabrikasi A.S. (TOASO) BGC Partners: TOASO, MAVI - Follow-up on news regarding President Trumps plan to end key trade preferences for Turkey

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BGC Partners

Berna Kurbay

EUR 102.92 For Business Accounts Only

BGC Partners: TOASO, MAVI - Follow-up on news regarding President Trump's plan to end key trade preferences for Turkey

Follow-up to this morningâ€™s news on President Trump planning to end key trade preferences for Turkey: TOASO and MAVIâ€¦ President Trump delivered notice to terminate trade preference for Turkey, which results in duty-free imports to the USA from Turkey for about 2,000 products including auto components, industrial valves, and textile materials. We contacted Tofas and Mavi as to what impact (if any) this attempt, if it is indeed executed, would have on the companies:

05/03/2019 2 EN

Underlying

Tofas Turk Otomobil Fabrikasi A.S.

Turk Otomobil Fabrikasi is an automobile manufacturing group based in Turkey. Co. is engaged in manufacturing, assembly and trading of passenger cars and engines, equipment and spare parts. Co. manufactures passenger cars and light commercial vehicles at its plant near Bursa under licenses from Fiat Auto S.p.A. Co., which is a member of Koc Holding A.fi. and Fiat Group, also produces various automotive spare parts used in its automobiles. Co. manufacturing facilities are located in Bursa. Co. also is engaged in the production of Doblo modellight commercial vehicles in Turkey for Fiat.

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TRATOASO91H3 Istanbul Stock Exchange Turkey

Provider

BGC Partners

BGC has been one of the major market players in Turkish OTC debt, FX and swaps markets since 1998.

We started offering corporate finance and investment banking services to our clients in 2013. We offer a complete range of financial services to help our clients achieve their goals. Our main areas of activity within investment banking are as follows:

Mergers & Acquisitions
Equity Capital Markets
Debt Finance & Advisory

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Analysts

Berna Kurbay

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BGC Partners: TURKEY - Central Government Budget continued to improve in February

Finance Ministry released February Central Government budget figures and the data showed further improvement in budget balances, as already suggested by the Treasury cash budget figures.

EUR 102.92

March 16, 2020 March 16, 2020 1 EN

Cagdas Dogan

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BGC Partners: TURKEY - CBT Expectation Survey: No major change in inflation forecasts and a 50bps rate cut expectation from the CBT next week...

OUR TAKE: We observe no major change in inflation expectations, as the positive surprise in February reading seems to be offset by increased depreciation pressure on TL, while 2020 GDP growth forecast has been cut for the first time since July 2019. Meanwhile, there seems to be a 50bps rate cut expectation from the CBT in next weekâ€™s meeting, 100bps over the next three months, and 175bps over the next twelve months. We currently plug in a 50bps rate cut in our forecasts in next weekâ€™s meeting, followed by a 25bps in the April meeting. (CBT, BGC Partners)

EUR 102.92

March 13, 2020 March 13, 2020 2 EN

Cagdas Dogan

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BGC Partners: TURKEY - Retail sales volume maintained a strong trend in January

According to Turkstat, retail sales volume registered a 9.6% y/y expansion in January 2020 in unadjusted terms; while the calendar-adjusted figure also increased by 9.6% y/y in January, which is a quite strong figure, albeit indicating a mild slow down compared to the 11.9% increase recorded in December 2019.

EUR 102.92

March 13, 2020 March 13, 2020 2 EN

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BGC Partners: TOASO, MAVI - Follow-up on news regarding President Trump's plan to end key trade preferences for Turkey

Turkish Autos - Resilient domestic demand amid an uncertain global backdrop

Turkish Autos

Top Picks Portfolio

BGC Partners: TURKEY - Central Government Budget continued to improve in February

BGC Partners: TURKEY - CBT Expectation Survey: No major change in inflation forecasts and a 50bps rate cut expectation from the CBT next week...

BGC Partners: TURKEY - Retail sales volume maintained a strong trend in January

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