reports
- Egor Fedorov
- James Wilson
- Oleksiy Soroka
- CFA
EM Credit Spark/EM credit weekly
Markets were calmer last week as investors continue to look towards potential rate cuts in the US in September. Chair Jerome Powell at his Jackson Hole speech on Friday, 23 August, sent strong signals that the Fed is ready to cut key rates. “The time has come for policy to adjust. The direction of travel is clear". Markets now price up to 100bp in US key rates cut till the end of the year and a further 125bp of cuts next year. We view the macro backdrop as supportive for EM credit, while new sup...
YKBNK YAPI VE KREDI BANKASI A.S.
ISCTR TURKIYE IS BANKASI ANONIM SIRKETI CLASS C
PUMA PUMA ENERGY ZAMBIA PLC
AKBNK AKBANK TAS
103M SASOL LIMITED
QNBFB QNB FINANSBANK A.S.
TSKB TURKIYE SINAI KALKINMA BANKASI AS
TTRAK TURK TRAKTOR VE ZIRAAT MAKINELERI A.S.
VAKBN TURKIYE VAKIFLAR BANKASI TURK ANONIM ORTAKLIGI
19XX NEPI ROCKCASTLE N.V.
- Oleksiy Soroka
- CFA
Turkish bank sector update/Moving forward
We believe that Turkish banks passed the lowest point of the year in terms of net interest margins (NIM) in 2Q24. With some aspects of full-year guidance tweaked after the first-half reporting season, we now expect these banks' performance to be broadly in line with the updated FY24 targets.
- MarketLine Department
Turkiye Vakiflar Bankasi Turk Anonim Ortaklig - Company Profile and SW...
Summary Turkiye Vakiflar Bankasi Turk Anonim Ortaklig - Company Profile and SWOT Analysis, is a source of comprehensive company data and information. The report covers the company's structure, operation, SWOT analysis, product and service offerings and corporate actions, providing a 360˚ view of the company. Key Highlights Turkiye Vakiflar Bankasi Turk Anonim Ortaklig (VakifBank) offers retail, corporate, commercial, small and medium enterprise (SME) banking; investment; and private banking s...
- Egor Fedorov
- James Wilson
- Oleksiy Soroka
- CFA
- Oleksiy Soroka
- CFA
YKBNK YAPI VE KREDI BANKASI A.S.
ISCTR TURKIYE IS BANKASI ANONIM SIRKETI CLASS C
AKBNK AKBANK TAS
QNBFB QNB FINANSBANK A.S.
TSKB TURKIYE SINAI KALKINMA BANKASI AS
VAKBN TURKIYE VAKIFLAR BANKASI TURK ANONIM ORTAKLIGI
ZRGYO ZIRAAT GAYRIMENKUL YATIRIM ORTAKLIGI AS
- Egor Fedorov
- James Wilson
- Oleksiy Soroka
- CFA
EM Credit Spark/EM credit weekly
Some signs of cooling economic data out of the US, and the start of DM rate-cutting cycles has offered some optimism for EM assets, with the grind tighter in credit spreads continuing as seen for much of this year. We expect the benign environment to offer further opportunities for new issuance, while spread levels look fairly tight.
- Research Team
- Egor Fedorov
- James Wilson
EM Credit Spark/EM credit weekly
UST yields ticked higher this week amid a lack of macro data, while EM credit in general performed well. We expect spreads should remain well supported in the current environment but see little scope for valuations to grind much tighter absent a clearer policy shift from central banks or positive geopolitical news.
- Egor Fedorov
- James Wilson
- Oleksiy Soroka
- CFA
EM Credit Spark/EM credit weekly
A volatile week for EM amid renewed sharp moves in the UST market, although spread levels in general held up relatively well. With focus returning to the US banking sector and uncertainty remaining around the path of the Fed, we expect macro volatility to continue to drive returns for EM credit and should see increased dispersion across names.
- Research Team
The Rear-View Mirror – EME markets: Turkish stocks start the year with...
EME Equity Market – January 2024 Market performance – Turkey off to the races in January. The MSCI EM Europe Index added 4.2% mom in EUR terms and 2.2% mom in USD in the first month of the year. There was a V-shape recovery in the Turkish ISE30, with the index adding 12.6% mom in EUR terms. The Greek ASE and Hungarian BUX indices also reported strong performances, adding 5.7% and 5.3% mom, respectively, in EUR terms. The Czech PX Index advanced by 2.2% mom, while the Romanian BET 0.9% mom in EUR...
GARAN TURKIYE GARANTI BANKASI ANONIM SIRKETI
JMT JERONIMO MARTINS SGPS S.A.
KRU KRUK S.A.
MOL MOL NYRT
CEZ CEZ AS
ACP ASSECO POLAND SA
KRKG KRKA D.D.
CDR CD PROJEKT S.A.
RBI RAIFFEISEN BANK INTERNATIONAL AG
OMV OMV AG
PKO PKO BANK POLSKI S.A.
WIZZ WIZZ AIR HOLDINGS PLC
SPL SANTANDER BANK POLSKA SA
MIL BANK MILLENNIUM SA
BDX BUDIMEX S.A.
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
TPS ORANGE POLSKA S.A.
LOGO LOGO YAZILIM SANAYI VE TICARET A.S.
CCOLA COCA-COLA ICECEK A.S.
2310 SAHARA INTERNATIONAL PETROCHEMICAL COMPANY
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
APR AUTO PARTNER SA
PPC PUBLIC POWER CORPORATION S.A.
CAR INTER CARS S.A.
TUPRS TURKIYE PETROL RAFINERILERI A.S.
MBR MO-BRUK S.A.
GPW WARSAW STOCK EXCHANGE
11B 11 BIT STUDIOS S.A.
TPE TAURON POLSKA ENERGIA S.A.
OTOEL AUTOHELLAS S.A.
VGO VIGO SYSTEM SA
TLV BANCA TRANSILVANIA S.A.
ETEL TELECOM EGYPT
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
SNP PETROM S.A.
DNP DINO POLSKA S.A.
SNN SOCIETATEA NATIONALA NUCLEARELECTRICA SA
TEL C.N.T.E.E. TRANSELECTRICA
ELSA SOCIETATEA ENERGETICA ELECTRICA
FP. FONDUL PROPRIETATEA S.A. GDR (REG S)
TGN SOCIETATEA NATIONALA DE TRANSPORT GAZE NATURALE TRANSGAZ S.A.
RICHT RICHTER
ADNOCDIST ADNOC DISTRIBUTION PJSC
KAP NATIONAL ATOMIC COMPANY KAZATOMPROM
TEN TEN SQUARE GAMES
CZG CESKA ZBROJOVKA GROUP
INPST INPOST S.A.
PCF PCF GROUP SA
HUGE HUUUGE
WPS W.A.G PAYMENT SOLUTIONS PLC
PCO PEPCO GROUP NV
ADNOCDRILL ADNOC DRILLING CO
7202 ARABIAN INTERNET & COMMUNICATIONS SERVICES CO
4071 ARABIAN CONTRACTING SERVICES CO
7203 ELM CO
AQ AQUILA PART PROD COM
- Research Team
WOOD Daily: MIL PW; GARAN TI; SNG RO; RICHT HB
HEADLINES: • Bank Millennium: solid 4Q23; how quickly FX mortgage saga costs can drop is key for the future NEUTRAL • Garanti Bank: 4Q23 results and 2024E guidance – flat 2024E margin, despite headwinds • Romgaz: 4Q23 trading update NEUTRAL • Richter: takes 9.08% stake in Formycon via capital increase NEUTRAL • Short News (AQ)
- Research Team
The Rear-View Mirror – EME markets: stellar market reaction in Poland ...
EME Equity Market – October 2023 Market performance – election results prompt stellar market reaction in Poland; sell-off in Turkey. The MSCI EM Europe Index added 1.7% mom in EUR terms and 2.0% mom in USD in October. Poland staged a massive rebound, post the elections, with the WIG20 advancing 16.4% mom in EUR terms. Apart from Turkey, where October was a sell-off, with the ISE30 declining 13.7% mom in EUR terms, there were relatively muted performances everywhere else (BUX +2.1% / PX +0.4% / B...
GARAN TURKIYE GARANTI BANKASI ANONIM SIRKETI
KRU KRUK S.A.
MOL MOL NYRT
EBS ERSTE GROUP BANK AG
CEZ CEZ AS
ACP ASSECO POLAND SA
CDR CD PROJEKT S.A.
YKBNK YAPI VE KREDI BANKASI A.S.
OMV OMV AG
GWI GLOBALWORTH REAL ESTATE INVESTMENTS LIMITED
ALK ALKALOID AD SKOPJE
BIMAS BIM BIRLESIK MAGAZALAR A.S.
DOAS DOGUS OTOMOTIV SERVIS VE TICARET A.S.
VER VERBUND AG CLASS A
SPL SANTANDER BANK POLSKA SA
MIL BANK MILLENNIUM SA
TPS ORANGE POLSKA S.A.
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
MYTIL MYTILINEOS S.A.
LPP LPP S.A.
AKBNK AKBANK TAS
ASELS ASELSAN ELEKTRONIK SANAYI VE TICARET A.S. CLASS B
LOGO LOGO YAZILIM SANAYI VE TICARET A.S.
CCC CCC SA
CCOLA COCA-COLA ICECEK A.S.
2310 SAHARA INTERNATIONAL PETROCHEMICAL COMPANY
DOM DOM DEVELOPMENT SA
ENA ENEA S.A.
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
MGROS MIGROS TICARET A.S
APR AUTO PARTNER SA
LVC LIVECHAT SOFTWARE SA
PPC PUBLIC POWER CORPORATION S.A.
OTP OTP BANK NYRT
PPA PIRAEUS PORT AUTHORITY S.A.
CAR INTER CARS S.A.
ARCLK ARCELIK A.S.
FROTO FORD OTOMOTIV SANAYI A.S.
OTKAR OTOKAR OTOMOTIV VE SAVUNMA SANAYI A.S.
TUPRS TURKIYE PETROL RAFINERILERI A.S.
CPS CYFROWY POLSAT SA
11B 11 BIT STUDIOS S.A.
TPE TAURON POLSKA ENERGIA S.A.
ALR ALIOR BANK SA
BANK OF CYPRUS PCL
WPL WIRTUALNA POLSKA HOLDING SA
SAB1L SIAULIU BANKAS
TLV BANCA TRANSILVANIA S.A.
TRP TERAPLAST
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
H4L1 HALYK SAVINGS BANK OF KAZAKHSTAN GDR
SNP PETROM S.A.
TOFAS TOFAS TURK OTOMOBIL FABRIKASI A.S.
DIGI DIGI COMMUNICATIONS NV
DNP DINO POLSKA S.A.
ELSA SOCIETATEA ENERGETICA ELECTRICA
FP. FONDUL PROPRIETATEA S.A. GDR (REG S)
19XX NEPI ROCKCASTLE PLC
CGEO GEORGIA CAPITAL
SOKM SOK MARKETLER TICARET AS
CZG CESKA ZBROJOVKA GROUP
KSPI KASPI KZ
HUGE HUUUGE
WINE ALRO SLATINA
4IG PURCARI WINERIES PCL
WPS 4IG NYRT
PCO W.A.G PAYMENT SOLUTIONS PLC
KLKIM PEPCO GROUP NV
ADNOCDRILL KALEKIM KIMYEVI MADDELER SANAYI VE TICARET AS
AROBS ADNOC DRILLING CO
7202 AROBS TRANSILVANIA SOFTWARE SA
9526 ARABIAN INTERNET & COMMUNICATIONS SERVICES CO
SHO JAHEZ INTERNATIONAL CO
4071 SHOPER SA
BOROUGE ARABIAN CONTRACTING SERVICES CO
7203 BOROUGE
ELM CO
- Research Team
WOOD Daily: EU macro, MBK PW, PKN PW, GARAN TI, HSBK LI, OMV AV, SNP R...
HEADLINES: • EU macro: October sentiment positive in CEE and Turkey • mBank: 3Q23 results - key to us are the solid capital ratios and high FX mortgage portfolio coverage • Orlen: 3Q23 results review • Garanti Bank: 3Q23 results highlights NEUTRAL • Halyk Savings Bank: notes from the deep-dive session • OMV: 3Q23 results review • OMV Petrom: 3Q23 result good, but in line with expectations • RO utilities: RO state could consider selling shares in Hidroelectrica, Nuclearelectrica, Romgaz NE...
Turkiye Garanti Bankasi A.S: 1 director
A director at Turkiye Garanti Bankasi A.S sold 610,000 shares at 53.903TRY and the significance rating of the trade was 100/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two...
- Duygun Kutucu
Turkish Banking Sector
We anticipate that the relaxation of the regulatory framework and a return to more conventional policies will positively impact the banking sector. TL commercial loan/deposit spreads (front book), which had plummeted to as low as -18% by the end of June, have reached 6.6%, thanks to the removal of a cap on lending rates and lower deposit rates. Taking these favourable developments and strong 2Q23 results into account, we are raising our aggregate FY23 NI estimate for the sector by 10%. We now fo...
- Research Team
The Rear-View Mirror – EME markets: gains in all geographies – Turkey ...
EME Equity Market – July 2023 Market performance – gains keep on rolling in all geographies, with special mention of Turkey’s stellar performance. The MSCI EM Europe Index gained 8.6% mom in EUR terms and 9.5% mom in USD in July. Turkey clearly outperformed its peers, gaining 18.6% mom in EUR terms. Most other geographies performed more or less at similar levels, with the Polish WIG20 in the upper part of the range, advancing 7.3% mom in EUR terms, followed by the Romanian BET and Czech PX indic...
PEO BANK POLSKA KASA OPIEKI SA
JMT JERONIMO MARTINS SGPS S.A.
KRU KRUK S.A.
MOL MOL NYRT
EBS ERSTE GROUP BANK AG
CEZ CEZ AS
KRKG KRKA D.D.
CDR CD PROJEKT S.A.
RBI RAIFFEISEN BANK INTERNATIONAL AG
YKBNK YAPI VE KREDI BANKASI A.S.
OMV OMV AG
PKO PKO BANK POLSKI S.A.
KOMB KOMERCNI BANKA A.S.
TITK TITAN CEMENT CO. SA
ALK ALKALOID AD SKOPJE
WIZZ WIZZ AIR HOLDINGS PLC
VER VERBUND AG CLASS A
SPL SANTANDER BANK POLSKA SA
MIL BANK MILLENNIUM SA
BDX BUDIMEX S.A.
LAMDA LAMDA DEVELOPMENT S.A.
TPS ORANGE POLSKA S.A.
MYTIL MYTILINEOS S.A.
AKBNK AKBANK TAS
CCC CCC SA
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
PGSUS.E PEGASUS HAVA TASIMACILIGI AS
APR AUTO PARTNER SA
LVC LIVECHAT SOFTWARE SA
PPC PUBLIC POWER CORPORATION S.A.
OTP OTP BANK NYRT
CAR INTER CARS S.A.
ARCLK ARCELIK A.S.
FROTO FORD OTOMOTIV SANAYI A.S.
OTKAR OTOKAR OTOMOTIV VE SAVUNMA SANAYI A.S.
TUPRS TURKIYE PETROL RAFINERILERI A.S.
TKFEN TEKFEN HOLDING
CPS CYFROWY POLSAT SA
TPE TAURON POLSKA ENERGIA S.A.
ALR ALIOR BANK SA
WPL WIRTUALNA POLSKA HOLDING SA
SAB1L SIAULIU BANKAS
TRP TERAPLAST
MONET MONETA MONEY BANK AS
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
SNP PETROM S.A.
TOFAS TOFAS TURK OTOMOBIL FABRIKASI A.S.
DIGI DIGI COMMUNICATIONS NV
DNP DINO POLSKA S.A.
SNN SOCIETATEA NATIONALA NUCLEARELECTRICA SA
ELSA SOCIETATEA ENERGETICA ELECTRICA
FP. FONDUL PROPRIETATEA S.A. GDR (REG S)
RICHT RICHTER
SFG SPHERA FRANCHISE GROUP SA
CGEO GEORGIA CAPITAL
SF3 STS GROUP AG
TEN TEN SQUARE GAMES
KSPI KASPI KZ
PCF PCF GROUP SA
HUGE HUUUGE
4IG ALRO SLATINA
PCO 4IG NYRT
GPP PEPCO GROUP NV
2381 GRUPA PRACUJ DA
7202 ARABIAN DRILLING CO.
4071 ARABIAN INTERNET & COMMUNICATIONS SERVICES CO
BOROUGE ARABIAN CONTRACTING SERVICES CO
BOROUGE
- Research Team
WOOD Daily: GARAN TI; FROTO TI; OMV AV; SNP RO; BOROUGE UH; ALK MS; TI...
HEADLINES: • Garanti: 2Q23 highlights - in line with change of heart on discretionary provisions • Ford Otosan: 2Q23 financials - better-than-expected results POSITIVE • OMV: 2Q23 results - weak net income in 2Q23 • OMV Petrom: net loss in 2Q23, but lower than expected NEUTRAL • Borouge: 2Q23 results - in line • Alkaloid: 2Q23 - another strong quarter, with broad-based growth POSITIVE • Titan Cement: tailwinds from lower energy prices, construction demand POSITIVE • Mytilineos: CEO comfortabl...
OMV OMV AG
TITK TITAN CEMENT CO. SA
ALK ALKALOID AD SKOPJE
VER VERBUND AG CLASS A
BDX BUDIMEX S.A.
MYTIL MYTILINEOS S.A.
APR AUTO PARTNER SA
CAR INTER CARS S.A.
FROTO FORD OTOMOTIV SANAYI A.S.
SNP PETROM S.A.
NLBR NLB GROUP
7202 ARABIAN INTERNET & COMMUNICATIONS SERVICES CO
BOROUGE BOROUGE
- Egor Fedorov
- James Wilson
- Oleksiy Soroka
- CFA
EM Credit Spark/EM credit weekly
With the key central bank meetings out of the way without any major hiccups, we expect the summer lull to start to set in for EM credit markets. However, with spread levels looking tight, investors will be on the lookout for further signs of intrenched inflation or weakness in the global economy, along with expectations for an uptick in supply from September.
- Egor Fedorov
- James Wilson
- Oleksiy Soroka
- CFA
EM Credit Spark/EM credit weekly and bank sector update
While key central bank meetings passed this week without any major upset, the short-term outlook for EM is likely to be driven by global risk factors such as US banking system concerns and the debt ceiling. Spread widening could open up value given expectations for a more supportive medium-term backdrop.
- Research Team
The Rear-View Mirror – EME markets: all geographies in the black, bar ...
EME Equity Market – April 2023 Market performance – in the black across all geographies, except for Turkey. The MSCI EM Europe Index gained 3.4% mom in EUR terms and 4.9% mom in USD in April. The Polish WIG20 Index saw the biggest gains (+11.5% mom in EUR terms), followed by the Hungarian BUX Index (+7.8% mom in EUR terms) and the Greek ASE Index (+2.9% mom in EUR terms). More muted performances were witnessed in the Czech PX Index and Romanian BET Index, both adding 1.7% mom in EUR terms for th...
GARAN TURKIYE GARANTI BANKASI ANONIM SIRKETI
PEO BANK POLSKA KASA OPIEKI SA
JMT JERONIMO MARTINS SGPS S.A.
KRU KRUK S.A.
MOL MOL NYRT
EBS ERSTE GROUP BANK AG
ACP ASSECO POLAND SA
KRKG KRKA D.D.
YKBNK YAPI VE KREDI BANKASI A.S.
OMV OMV AG
PKO PKO BANK POLSKI S.A.
ALK ALKALOID AD SKOPJE
BHW BANK HANDLOWY W WARSZAWIE S.A.
BIMAS BIM BIRLESIK MAGAZALAR A.S.
SPL SANTANDER BANK POLSKA SA
MIL BANK MILLENNIUM SA
BSK ING BANK SLASKI S.A.
GEKTERNA GEK TERNA
TPS ORANGE POLSKA S.A.
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
LPP LPP S.A.
AKBNK AKBANK TAS
ASELS ASELSAN ELEKTRONIK SANAYI VE TICARET A.S. CLASS B
CCC CCC SA
GTC GLOBE TRADE CENTRE S.A.
AEGN AEGEAN AIRLINES SA
TENERGY TERNA ENERGY S.A.
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
MGROS MIGROS TICARET A.S
PGSUS.E PEGASUS HAVA TASIMACILIGI AS
APR AUTO PARTNER SA
LVC LIVECHAT SOFTWARE SA
OTP OTP BANK NYRT
CAR INTER CARS S.A.
FROTO FORD OTOMOTIV SANAYI A.S.
OTKAR OTOKAR OTOMOTIV VE SAVUNMA SANAYI A.S.
THYAO TURK HAVA YOLLARI A.O.
TUPRS TURKIYE PETROL RAFINERILERI A.S.
GPW WARSAW STOCK EXCHANGE
DAT DATAWALK SA
ALR ALIOR BANK SA
OTOEL AUTOHELLAS S.A.
VGO VIGO SYSTEM SA
BANK OF CYPRUS PCL
WPL WIRTUALNA POLSKA HOLDING SA
BELA JUMBO S.A.
TRP TERAPLAST
MONET MONETA MONEY BANK AS
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
SNP PETROM S.A.
PBK PATRIA BANK SA
TOFAS TOFAS TURK OTOMOBIL FABRIKASI A.S.
TEL C.N.T.E.E. TRANSELECTRICA
FP. FONDUL PROPRIETATEA S.A. GDR (REG S)
BVB S.C. BURSA DE VALORI BUCURESTI S.A.
RICHT RICHTER
CGEO GEORGIA CAPITAL
SF3 STS GROUP AG
TEN TEN SQUARE GAMES
DUNAHOUSE DUNA HOUSE
KSPI KASPI KZ
WINE PURCARI WINERIES PCL
PCO PEPCO GROUP NV
PINK PILULKA LEKARNY AS
ONE ONE UNITED PROPERTIES SA
GPP GRUPA PRACUJ DA
KLKIM KALEKIM KIMYEVI MADDELER SANAYI VE TICARET AS
SHO SHOPER SA
4071 ARABIAN CONTRACTING SERVICES CO
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