TURKEY STRATEGY - 2019: Surf’s up!
Following a year of major volatility, we envisage a year of revival. Our upbeat view is predicated on global dynamics favouring Turkey, an impending sovereign rating outlook upgrade, CBRT being on the right path, CAD improving and CPI sliding.
Valuations are attractive across the board. Turkey is trading at 35% P/E and 27% EV/EBITDA discounts (based on BBG consensus estimates for 2019) to emerging market peers. Both multiples are near all-time high differentials. We favour the banks, consumer, communications and tourism sectors. Our top picks for the year are Isbank, Garanti Bank, Turk Telekom, Turkish Airlines, Koza Gold, Tofas Otomobil, Coca Cola Icecek and Kafein Software.
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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