Report
Erdem Kaylı
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TURKISH AVIATION - Passenger traffic growth wanes in December

In December 2019, total passenger traffic (pax) was lacklustre as it remained almost flat y-y (vs +5.8% y-y in November 2019), primarily supported by international pax (+11% y-y, +17% in November) as domestic pax fell by 9% y-y (-2% in November).

Since airports data indicates that pax growth at SG beat pax growth at other airports y-y in December backed by the successful strategy of Pegasus Airlines, we expect market reaction to be slightly positive for Pegasus Airlines but neutral for Turkish Airlines and TAV Airports in the short term.

Underlyings
Pegasus Hava Tasimaciligi AS

Pegasus Hava Tasimaciligi is a low-cost airline group based in Turkey. Co. provides reasonably-priced transportation opportunities on point-to-point basis in short and medium range flight lines on its domestic and international network. Co. primarily provides transportation opportunities from its main hub in Istanbul Sabiha Gokcen International Airport, but also offers scheduled flights from other domestic hubs, primarily in Adana, Antalya and Izmir. Co.'s fleet is composed of 49 airplanes in total. Co.'s flight network consists of 76 locations (45 abroad and 31 domestic flight locations in 30 countries). Co. also provides cargo services and provides various training services.

TAV Havalimanlari Holding AS

Turk Hava Yollari A.O.

Turk Hava Yollari is engaged in the airline industry with the airline flying to 103 destinations, throughout Turkey and internationally. As of the year end, Co. maintains 66 aircrafts with a total seat capacity of 10,672, and leases a A300-200 cargo aircraft. Co. has various services for their customers which include: various ways of checking in and on-line ticket sales.

Provider
Teb Yatirim
Teb Yatirim

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.

Analysts
Erdem Kaylı

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