TURKEY MARKET OUTLOOK - Key ideas reshuffle
We reshuffle our model portfolio by removing Tupras (TUPRS TI; BUY; CP: TRY141.4; TP: TRY201.7) from our top picks list and adding Avivasa Emeklilik (AVISA TI; BUY; CP: TRY9.49; TP: TRY10.28). While we continue to like TUPRS and maintain BUY, we prefer to temporarily exclude it from the key ideas portfolio until we have better visibility on its EBITDA evolution. Despite our solid cash generation forecasts, any potential weaknesses related to inventory losses on the fall in crude oil prices in 3Q19 may curb the appetite for the stock in the near-term. For the sake of conservatism, we prefer to exclude it from our key ideas portfolio.
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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