Teb Yatirim - TURKEY MARKET OUTLOOK â€“ Key ideas reshuffled

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Teb Yatirim

Mete Yuksel

EUR 8.40 For Business Accounts Only

TURKEY MARKET OUTLOOK â€“ Key ideas reshuffled

We have carried out an interim reshuffle of our model portfolio by including Ulker. We are adding Ulker to our model portfolio on the back of its attractive valuation, resilient business structure and expected news on Godiva Belgium’s asset sale.

We also remove Bizim Toptan and Akcansa from our least favourite portfolio.

25/01/2019 8 EN

Provider

Teb Yatirim

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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Analysts

Mete Yuksel

Other Reports from Teb Yatirim

Erdem Kaylı

Erdem Kaylı

TURKEY STEEL - Strong outlook prevails

We believe Turkish blast-furnace steelmakers are poised for stellar earnings growth in 2021, supported by favourable global steel sector outlook. Following the cut in steel production, owing to fall in demand as a result of Covid-19, steel supply is yet catch up with the pick-up in demand. We expect the supply-demand mismatch to continue over the near term, as we expect strong demand post Covid-19. While the current steel prices may be unsustainable with the normalisation in supply, we believe the robust earnings momentum expected in 1H21 provides enough room for further re-rating.

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January 21, 2021 January 21, 2021 EN

Akif Dasıran

Akif Dasıran

Turkcell (TCELL TI) - Investments on the rise: Maintain Hold

Turkcell’s net income soared by 51% y-y to TRY1.2b, beating both RT consensus of TRY1.04b and our TRY975m estimate. EBITDA grew by 16% y-y to TRY3.4b, in-line with our estimate but better than RT consensus of TRY3.2b. Although the operating performance was in-line with our estimate, lower than expected impairment losses on financial and contract assets (TRY49m in 3Q20 vs our estimate of TRY150m) and lower than expected financial expenses boosted the bottom line. Higher operational capex pushed up net debt and impacted the company’s 2020 guidance. Maintain HOLD on TCELL.

EUR 10.00

November 11, 2020 November 11, 2020 1 EN

Akif Dasıran

Akif Dasıran

Ulker Biskuvi Sanayi (ULKER TI) - Proven resilience: Maintain Buy

Ulker’s net income increased by 27% y-y to TRY323m in 3Q20, beating both our estimate of TRY249m and RT consensus of TRY239m. The operating performance, in terms of EBITDA growth and margin, was slightly better than our estimate while fair value increase of short-term financial assets further boosted the bottom-line beat. Following upbeat 3Q20 results, we maintain BUY on ULKER, on the back of its attractive valuation and resilient operations.

EUR 10.00

November 11, 2020 November 11, 2020 1 EN

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TURKEY MARKET OUTLOOK â€“ Key ideas reshuffled

TURKEY STEEL - Strong outlook prevails

Turkcell (TCELL TI) - Investments on the rise: Maintain Hold

Ulker Biskuvi Sanayi (ULKER TI) - Proven resilience: Maintain Buy

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