Turkey 3Q21 Estimates, 19th October
Release of 3Q21 financials will start with TAVHL and ARCLK on Thursday (October 21, 2021). Industrials will announce their consolidated financial statements until 9th of October 2021. Along with this, the final date for banks' financials is 19th of November. We expect aviation and iron&steel sector companies to deliver strong annual growth performance in 3Q21. We expect deceleration of growth and deterioration in margins in retail, white goods and automotive sectors due to high costs and strong base effect.We expect impressive results from TUPRS due to better margins and inventory gains in 3Q21. Along with this, despite the weak outlook at the beginning of the quarter, we anticipate PETKM to post strong results thanks to the moderate improvement in August and September.
We predict that AKBNK and GARAN could stand out among the banks with their annual net profit growth. Our estimations for the third quarter of the year are located below.
Top three companies we expect to excel in means of annual net profit growth rate are MGROS, PGSUS and PETKM. Along with this the top three companies we expect to excel in means of EBITDA are TAVHL, PGSUS and KARDM.
The Institutional Equity Research team of Raiffeisen Bank International AG covers 85 stocks from Austria, Central & Eastern Europe with sell-side research and thus levers our local broker status with excellent company relationships. For corporates in Austria, CEE and Western Europe, we offer co-sponsored research, which includes research coverage and marketing activities to investors. Additionally, through our Spotlight Research product we also shed light on leading European small and micro-caps, seeking greater visibility with investors.
The Institutional Equity Research team consists of roughly 15 analysts, both in Vienna and the CEE countries. Our analysts provide long-standing sector expertise in tandem with profound local market know how and a sectoral approach across the entire region.
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