TURKEY MARKET OUTLOOK - Key ideas reshuffle
We have carried out an interim reshuffle of our model portfolio by excluding Turk Traktor and Aksigorta and including Erdemir. Given Erdemir’s defensive qualities (100% of revenues are in USD) and appealing dividend yield, we believe the stock should outperform BIST-100 in the midst of volatile macro conditions. Although we continue to like Turk Traktor’s medium and long term outlook, the recent depreciation in TRY against hard currencies and weak April sales figures imply weak 2Q18 results, in our view. We remove Aksigorta from our model portfolio as we think most positives have been priced in and now there is limited upside potential left at our current TP
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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