Ünlü&Co

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ÜNLÜ & Co is a financial services group and Turkey’s leading provider of investment advisory and asset management products and services.

ÜNLÜ & Co’s extensive knowledge and experience is the foundation of its solid local market position combined with the ability to deliver world-class standards of service in order to design and provide products and solutions that uniquely address its clients’ needs. Headquartered in Istanbul, ÜNLÜ & Co has a staff of more than 350 high caliber professionals, working together for the aim of making ÜNLÜ the leading provider of financial products and servicesfor the entire region. ÜNLÜ & Co provides world class investment advisory and asset management solutions to a diverse client base ranging from domestic and international investors to leading corporates, multinationals and financial institutions.

Duygun Kutucu ... (+5)
  • Duygun Kutucu
  • Ece Mandaci
  • Erol Danis
  • Koray Pamir
  • Zekai Unal
EUR 59.80

Turkish Equity Research - 4Q24 Preview

4Q24 earnings season to kick off next week on January 29th: 4Q24 earnings season for companies under our coverage is set to start on January 29th with Garanti Bank and last until March 11th. Based on our projections, banks will show 33% y/y EPS decrease (up 19% q/q) in 4Q24. As for non-financials, in USD terms, we estimate 86% y/y EPS contraction (down 47% q/q), while EBITDA should decrease 12% y/y (down 29% q/q). To facilitate comparisons, we calculated the overall figures for non-financial com...

01/24/25 January 24, 2025 1 EN
Duygun Kutucu ... (+5)
  • Duygun Kutucu
  • Ece Mandaci
  • Erol Danis
  • Koray Pamir
  • Zekai Unal
EUR 59.80

Turkey Strategy: 2025 Outlook

2025 is likely to resemble 2024, as it is set to be a year of decelerating GDP growth and inflation, along with high interest rates and strong TL: Our projections for 2025 are built on the assumptions of slowing economic activity, stabilizing yet elevated inflation, a strong Turkish lira, and the possibility of favorable geopolitical developments. After achieving a 3.0% GDP growth in 2024, we forecast a moderated growth rate of 2.5% for 2025, with downside risks stemming from tighter monetary po...

01/10/25 January 10, 2025 1 EN
Duygun Kutucu ... (+4)
  • Duygun Kutucu
  • Ece Mandaci
  • Koray Pamir
  • Zekai Unal
EUR 59.80

Turkish Equity Research - 3Q24 Preview

3Q24 earnings season started last week: 3Q24 earnings season for companies under our coverage started last week on October 15th with Aselsan and will last until November 11th. Based on our projections, banks will show 48% y/y EPS decrease (down 21% q/q) in 3Q24. As for non-financials, we estimate 19% q/q EPS expansion, while EBITDA should increase 36% q/q. Banks: Net income to decline on rising CoR: We expect banks in our coverage to report an aggregate net income of TL 54.2bn for 3Q24, down 21...

10/21/24 October 21, 2024 1 EN
Duygun Kutucu
  • Duygun Kutucu
EUR 59.80

Macroeconomics Insight

Normalization with Egypt, applying to BRICS: In foreign political relations, the prominent agenda includes Turkey’s efforts to normalize relations with Egypt and Turkey’s application for membership in BRICS, which was formed in 2009 by Brazil, Russia, India, China, and South Africa. During Egyptian President Sisi’s visit, the first in 12 years, 17 agreements were signed in various fields. Medium-Term Economic Program took the centre stage: In domestic politics and the economy, the new Medium-Te...

09/10/24 September 10, 2024 1 EN
Duygun Kutucu ... (+4)
  • Duygun Kutucu
  • Ece Mandaci
  • Koray Pamir
  • Zekai Unal
EUR 59.80

Turkish Equity Research - 2Q24 Preview

2Q24 earnings season started this week: 2Q24 earnings season for companies under our coverage started this week on July 22nd with TAV Airports and will last until September 30th. Based on our projections, banks will show 17% y/y EPS decrease (down 24% q/q) in 2Q24. As for non-banks, we estimate 67% q/q EPS expansion, while EBITDA should increase 31% q/q. Overall, we expect Turkish equities we cover to post 5% q/q EPS shrinkage for 2Q24. Banks: Net income to decline on weaker NIM: We expect bank...

07/24/24 July 24, 2024 1 EN

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