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TEB Investment equity research analysts and strategist team consists of 8 analysts with an average finance sector experience of 15 years and special focus on international investors.

With our 6 equity research analysts we cover 93 companies across 21 sectors, reflecting 80% of the total market capitalization of all BIST companies and 86% of the BIST100 companies. Our strategy team provides in depth top-down and bottom-up market views with insight on FX and bond markets by publishing sectoral and strategic reports both in English and Turkish.

Erdem Kaylı
  • Erdem Kaylı
EUR 10.00
EREGL Eregli Demir ye...
KRDMD Kardemir Karabu...

TURKEY STEEL - Strong outlook prevails

We believe Turkish blast-furnace steelmakers are poised for stellar earnings growth in 2021, supported by favourable global steel sector outlook. Following the cut in steel production, owing to fall in demand as a result of Covid-19, steel supply is yet catch up with the pick-up in demand. We expect the supply-demand mismatch to continue over the near term, as we expect strong demand post Covid-19. While the current steel prices may be unsustainable with the normalisation in supply, we believe t...

EREGL EREGLI DEMIR YE CELIK FABRIKALARI T.A.S.
KRDMD KARDEMIR KARABUK DEMIR CELIK SANAYI VE TICARET A.S. D
01/21/21 January 21, 2021 EN
Akif Dasıran
  • Akif Dasıran
EUR 10.00
TCELL Turkcell Iletis...

Turkcell (TCELL TI) - Investments on the rise: Maintain Hold

Turkcell’s net income soared by 51% y-y to TRY1.2b, beating both RT consensus of TRY1.04b and our TRY975m estimate. EBITDA grew by 16% y-y to TRY3.4b, in-line with our estimate but better than RT consensus of TRY3.2b. Although the operating performance was in-line with our estimate, lower than expected impairment losses on financial and contract assets (TRY49m in 3Q20 vs our estimate of TRY150m) and lower than expected financial expenses boosted the bottom line. Higher operational capex pushed ...

TCELL TURKCELL ILETISIM HIZMETLERI A.S.
11/11/20 November 11, 2020 1 EN
Akif Dasıran
  • Akif Dasıran
EUR 10.00
ULKER Ulker Biskuvi S...

Ulker Biskuvi Sanayi (ULKER TI) - Proven resilience: Maintain Buy

Ulker’s net income increased by 27% y-y to TRY323m in 3Q20, beating both our estimate of TRY249m and RT consensus of TRY239m. The operating performance, in terms of EBITDA growth and margin, was slightly better than our estimate while fair value increase of short-term financial assets further boosted the bottom-line beat. Following upbeat 3Q20 results, we maintain BUY on ULKER, on the back of its attractive valuation and resilient operations.

ULKER ULKER BISKUVI SANAYI A.S.
11/11/20 November 11, 2020 1 EN
Erdem Kaylı
  • Erdem Kaylı
EUR 10.00
KOZAL Koza Altin Isle...
KOZAA Koza Anadolu Me...

TURKEY METALS & MINING - Operation performance healthy

Koza Gold posted net income of TRY584m in 3Q20, broadly in-line with our estimate of TRY561m and Research Turkey consensus of TRY620m. Operationally, 3Q20 EBITDA of TRY620m came in 15% higher than our estimate of TRY541m (vs RT consensus of TRY640m), driven by higher than expected average selling price (ASP). Average selling price was higher by 39% y-y to USD2,057/oz, while the average gold price stood at USD1,911/oz in 3Q20. We make minor changes to our TPs for Koza Gold and Koza Metal, based ...

KOZAL KOZA ALTIN ISLETMELERI AS
KOZAA KOZA ANADOLU METAL MADENCILIK ISLETMELERI A.S.
11/11/20 November 11, 2020 1 EN
Erdem Kaylı
  • Erdem Kaylı
EUR 10.00
KRDMD Kardemir Karabu...
KRDMA Kardemir Karabu... ... (+3)

Kardemir (KRDMD TI) -Solid earnings momentum ahead: Upgrading to BUY

We raise our 12M TP to TRY7.91 (from TRY2.71 previously) and upgrade our rating to BUY from Hold, on the back of higher steelmaking margin forecasts and updated macro assumptions. In our view, the prospects for Kardemir are brighter given the solid long steel pricing, coupled with lower coking coal prices and controlled iron ore costs from high local procurements. We expect the continued decline in its FX open position to provide some cushion in the midst of TRY weakness. Kardemir reported net ...

KRDMD KARDEMIR KARABUK DEMIR CELIK SANAYI VE TICARET A.S. D
KRDMA KARDEMIR KARABUK DEMIR CELIK SANAYI VE TICARET A
KRDMB KARDEMIR KARABUK DEMIR CELIK SANAYI VE TICARET A.S. B
11/11/20 November 11, 2020 1 EN
Erdem Kaylı
  • Erdem Kaylı
EUR 10.00
EREGL Eregli Demir ye...
KRDMD Kardemir Karabu...

TURKEY STEEL - Strong outlook prevails

We believe Turkish blast-furnace steelmakers are poised for stellar earnings growth in 2021, supported by favourable global steel sector outlook. Following the cut in steel production, owing to fall in demand as a result of Covid-19, steel supply is yet catch up with the pick-up in demand. We expect the supply-demand mismatch to continue over the near term, as we expect strong demand post Covid-19. While the current steel prices may be unsustainable with the normalisation in supply, we believe t...

EREGL EREGLI DEMIR YE CELIK FABRIKALARI T.A.S.
KRDMD KARDEMIR KARABUK DEMIR CELIK SANAYI VE TICARET A.S. D
01/21/21 January 21, 2021 EN
Akif Dasıran
  • Akif Dasıran
EUR 10.00
TCELL Turkcell Iletis...

Turkcell (TCELL TI) - Investments on the rise: Maintain Hold

Turkcell’s net income soared by 51% y-y to TRY1.2b, beating both RT consensus of TRY1.04b and our TRY975m estimate. EBITDA grew by 16% y-y to TRY3.4b, in-line with our estimate but better than RT consensus of TRY3.2b. Although the operating performance was in-line with our estimate, lower than expected impairment losses on financial and contract assets (TRY49m in 3Q20 vs our estimate of TRY150m) and lower than expected financial expenses boosted the bottom line. Higher operational capex pushed ...

TCELL TURKCELL ILETISIM HIZMETLERI A.S.
11/11/20 November 11, 2020 1 EN
Akif Dasıran
  • Akif Dasıran
EUR 10.00
ULKER Ulker Biskuvi S...

Ulker Biskuvi Sanayi (ULKER TI) - Proven resilience: Maintain Buy

Ulker’s net income increased by 27% y-y to TRY323m in 3Q20, beating both our estimate of TRY249m and RT consensus of TRY239m. The operating performance, in terms of EBITDA growth and margin, was slightly better than our estimate while fair value increase of short-term financial assets further boosted the bottom-line beat. Following upbeat 3Q20 results, we maintain BUY on ULKER, on the back of its attractive valuation and resilient operations.

ULKER ULKER BISKUVI SANAYI A.S.
11/11/20 November 11, 2020 1 EN
Erdem Kaylı
  • Erdem Kaylı
EUR 10.00
KOZAL Koza Altin Isle...
KOZAA Koza Anadolu Me...

TURKEY METALS & MINING - Operation performance healthy

Koza Gold posted net income of TRY584m in 3Q20, broadly in-line with our estimate of TRY561m and Research Turkey consensus of TRY620m. Operationally, 3Q20 EBITDA of TRY620m came in 15% higher than our estimate of TRY541m (vs RT consensus of TRY640m), driven by higher than expected average selling price (ASP). Average selling price was higher by 39% y-y to USD2,057/oz, while the average gold price stood at USD1,911/oz in 3Q20. We make minor changes to our TPs for Koza Gold and Koza Metal, based ...

KOZAL KOZA ALTIN ISLETMELERI AS
KOZAA KOZA ANADOLU METAL MADENCILIK ISLETMELERI A.S.
11/11/20 November 11, 2020 1 EN
Erdem Kaylı
  • Erdem Kaylı
EUR 10.00
KRDMD Kardemir Karabu...
KRDMA Kardemir Karabu... ... (+3)

Kardemir (KRDMD TI) -Solid earnings momentum ahead: Upgrading to BUY

We raise our 12M TP to TRY7.91 (from TRY2.71 previously) and upgrade our rating to BUY from Hold, on the back of higher steelmaking margin forecasts and updated macro assumptions. In our view, the prospects for Kardemir are brighter given the solid long steel pricing, coupled with lower coking coal prices and controlled iron ore costs from high local procurements. We expect the continued decline in its FX open position to provide some cushion in the midst of TRY weakness. Kardemir reported net ...

KRDMD KARDEMIR KARABUK DEMIR CELIK SANAYI VE TICARET A.S. D
KRDMA KARDEMIR KARABUK DEMIR CELIK SANAYI VE TICARET A
KRDMB KARDEMIR KARABUK DEMIR CELIK SANAYI VE TICARET A.S. B
11/11/20 November 11, 2020 1 EN

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