TURKEY MARKET OUTLOOK
We believe company-specific expectations should define the story of 4Q19, as we see only a few sectors in our coverage outperforming or underperforming the others in terms of y-y EBITDA growth. In 4Q19, several macro- economic indicators such as economic growth, inflation and FX movements were moderate. We estimate a meagre 4% y-y increase in aggregate EBITDA of non-financial companies in our coverage. Meanwhile, we estimate a 22% decline in aggregate earnings of the non-financials, mainly due to higher FX losses.
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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