TURKEY MARKET OUTLOOK - Banking on Banks
We raise banks to Overweight in this portfolio reshuffle as we believe their valuations have turned appealing after their recent underperformance and as we expect a major q-q pick-up in their 3Q19 earnings. We expect their bottom-lines to be bolstered by rising loan spreads on sliding interest rates, a plunge in monthly swap costs, and capital gains recorded as a result of falling bond yields.
Also, we add three new names to our portfolio: Pegasus, Tupras and Aksigorta. In our view, all three companies are benefitting from favourable trends or events in their respective industries and are set for significant earnings growth in the coming quarters.
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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