TURKEY MARKET OUTLOOK - 1Q18E: solid operational performance ahead
1Q18 was marked by continued weakness in the TRY, higher bond yields and stronger commodity prices. We expect the non-banks in our coverage to increase their EBITDAs by a solid 25% y-y, predominantly on the back of the support of corporates with hard currency income streams. Net profits on the other are set to go up by a meagre 5% as financial expenses and FX loses will have curbed down the performances.
Non-banks fared better than the banks in 1Q18. As we have already provided in our banks preview note dated 17 April, banks should see both operational and bottom-line earnings come down in 1Q18 y-y, in our view.
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.
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