TURKEY MARKET OUTLOOK - Maintaining a high beta portfolio
The benchmark BIST100 Index is up by 14% YTD and banks have outperformed by 2ppt. We maintain our upbeat view on the market and keep the banks’ weightage at 32%, which is 9ppt above their index weight. The Beta of our portfolio is at 1.12. As detailed in our 2019 strategy note Surf’s Up! we base our constructive view on an upbeat global backdrop, improving bilateral relations with the US, the Central Bank being on the right path, sliding CAD and improving liquidity position of banks - all of which will lead to a sovereign rating outlook upgrade, in our view. Across the board, Turkish stocks are trading at a discount well beyond their historical averages relative to EM peers. In the current portfolio reshuffle, we are taking profit from Enka and Migros while adding Otokar. We include Akbank, Albaraka and Sisecam to our least preferred list.
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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