reports
- Egor Fedorov
- James Wilson
EM Credit Spark/EM credit weekly
The trade war de-escalation has offered some breathing space for investors and driven positive sentiment, but we expect headline volatility to continue. Much of the focus will also be on geopolitical developments. In this report we have reviewed a large number of Turkish non-financial corporates, added the idea to buy SGLSJ'29 and closed the idea to buy WE SODA.
- Ece Mandaci
Turkcell
Turkcell delivered solid operational profitability in 1Q25, with 13% revenue growth and a 230bp y/y improvement in EBITDA margin, driven by effective cost management and successful repricing initiatives. We have revised our 2025 estimates upward across major financial indicators, while expecting growth to normalize and capex intensity to increase in 2H25. Accordingly, we raise our target price to TL152 per share and reiterate our BUY rating. Turkcell is trading at 2.5x 2025E EV/EBITDA, represent...
- Ece Mandaci
Turk Telekom
Turk Telekom posted a strong set of results in 1Q25, marked by 18% revenue growth and a 260bps y/y expansion in EBITDA margin, underpinned by buoyant ARPU dynamics in mobile and fixed segments, and effective execution of costs. Net income surged 45% y/y, supported by a meaningful reduction in financial expenses and improved financial leverage. Reflecting the stronger-than-anticipated momentum, we have revised our 2025 forecasts upward across key financial metrics, while anticipating a normalizat...
- Greater China Research Team
- Johnny Yum
- Kitpon Praipaisarnkit
- Krit Tanarattananon
- Malaysia Research Team
- Singapore Research Team
- Thailand Research Team
- Vincent Khoo Boo Aik
Regional Strategy: Alpha Picks - September 2022
GREATER CHINA Strategy Alpha Picks: September Conviction Calls: We expect an improving operating performance among selected companies in September, and add AIA, COLI, Desay SV, Galaxy Entertainment, Meituan, Ping An and TUL to our BUY list and add Li Auto as a SELL. INDONESIA Strategy Alpha Picks: Trailing The JCI’s Strong Performance In Aug 24: Our picks are ICBP, TOWR, BBNI, BMRI, BBRI, EXCL, CTRA, BBTN, CMRY, SIDO and JSMR. MALAYSIA Strategy Alpha Picks: Adapting To A Bipolar Market: Our Al...
TFG THAIFOODS GROUP
02313 SHENZHOU INTERNATIONAL GROUP HOLDINGS LIMITED
AS7 ANTA SPORTS PRODUCTS LTD.
300014 EVE ENERGY CO. LTD. CLASS A
A117ME ALIBABA GROUP HOLDING LTD. SPONSORED ADR
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
KKP KIATNAKIN BANK
OU8 CENTURION
00016 SUN HUNG KAI PROPERTIES LIMITED
00291 CHINA RESOURCES BEER (HOLDINGS) CO. LTD.
CPF CHAROEN POKPHAND FOODS PUBLIC CO. LTD.
ES ESSO SOCIETE ANONYME FRANCAISE
01109 CHINA RESOURCES LAND LIMITED
00388 HONG KONG EXCHANGES & CLEARING LTD.
CTRA CIPUTRA DEVELOPMENT
STEC SINO-THAI ENGINEERING & CONSTRUCTION PCL
02328 PICC PROPERTY & CASUALTY CO. LTD. CLASS H
600809 SHANXI XINGHUACUN FEN WINE FACTORY CO. LTD. CLASS A
V03 VENTURE CORPORATION LIMITED
ERW ERAWAN GROUP
TOP THAI OIL PUBLIC CO. LTD.
U96 SEMBCORP INDUSTRIES LTD.
SXC SUNNY OPTICAL TECHNOLOGY (GROUP) CO. LTD.
JSMR PT JASA MARGA (PERSERO) TBK CLASS B
ESSO ESSO (THAILAND)
TTKOM TURK TELEKOMUNIKASYON A.S.
KLBF PT KALBE FARMA TBK
EA ENERGY ABSOLUTE PUBLIC CO. LTD.
TU THAI UNION GROUP PUBLIC COMPANY LIMITED
COM7 COM7
ADVANC ADVANCED INFO SERVICE PUBLIC CO. LTD.
600585 ANHUI CONCH CEMENT COMPANY LIMITED CLASS A
00027 GALAXY ENTERTAINMENT GROUP LIMITED
BMRI PT BANK MANDIRI (PERSERO) TBK
ORI1 ORIENT OVERSEAS (INTERNATIONAL) LIMITED
MINT MINOR INTERNATIONAL PUBLIC CO. LTD.
Z74 SINGAPORE TELECOMMUNICATIONS LIMITED
MAPI MITRA ADIPERKASA
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
BSDE PT BUMI SERPONG DAMAI TBK
300124 SHENZHEN INOVANCE TECHNOLOGY CO. LTD CLASS A
601888 CHINA TOURISM GROUP DUTY FREE CORPORATION LIMITED CLASS A
PTTGC PTT GLOBAL CHEMICAL PUBLIC COMPANY LTD
ACES PT ACE HARDWARE INDONESIA TBK
Q5T FAR EAST HOSPITALITY TRUST
TLKM PT TELKOM INDONESIA (PERSERO) TBK CLASS B
ROTI NIPPON INDOSARI CORPINDO
00700 TENCENT HOLDINGS LTD.
601689 NINGBO TUOPU GROUP CO. LTD. CLASS A
M4B CHINA MERCHANTS BANK CO. LTD. CLASS H
1211 BYD COMPANY LIMITED CLASS H
01997 WHARF REAL ESTATE INVESTMENT CO. LTD.
SE SEA ADS
G13 GENTING SINGAPORE LIMITED
INRI INARI AMERTRON BHD
PTTEP-R PTT EXPLORATION & PRODUCTION PCL NVDR
SIE SIA ENGINEERING CO LTD
GAM GAMUDA BHD
VSI V.S. INDUSTRY BERHAD
BAL BUMITAMA AGRI LTD
SCGB SUNWAY CONSTRUCTION GROUP BH
KPJ KPJ HEALTHCARE BERHAD
SMM SEMBCORP MARINE LTD
MYEG MY EG SERVICES BHD
BURSA BURSA MALAYSIA BHD
MSGB MAH SING GROUP BHD
PMAH PRESS METAL ALUMINIUM HOLDIN
IOI IOI CORP BHD
CPALL TB CP ALL
BAUTO BERMAZ AUTO BHD
GENM GENTING MALAYSIA BHD
MAHB MALAYSIA AIRPORTS HLDGS BHD
06098 COUNTRY GARDEN SERVICES HOLDINGS CO. LTD.
01801 INNOVENT BIOLOGICS INC.
2013 WEIMOB INC
EKO EKOVEST BHD
RGB RGB INTERNATIONAL BHD
SCB-R SIAM COMMERCIAL BANK PCL NVDR
709 GIORDANO INTERNATIONAL LTD
1093 CSPC PHARMACEUTICAL GROUP LTD
FRKN FRENCKEN GROUP LTD
MPM MARCO POLO MARINE LTD
MRDIY MR DIY GROUP M BHD
09988 ALIBABA GROUP HOLDING LTD.
09999 NETEASE INC
2696 SHANGHAI HENLIUS BIOTECH INC
HMN ASCOTT RESIDENCE TRUST
TIDLOR NGERN TID LOR PCL
OR PTT OIL AND RETAIL BUSINESS PUBLIC CO LIMITED
1209 CHINA RESOURCES MIXC LIFESTYLE SERVICES
BUKA BUKALAPAK.COM PT TBK
01024 KUAISHOU TECHNOLOGY CLASS B
06690 HAIER SMART HOME CO. LTD. CLASS H
09888 BAIDU INC
BBTN BANK TABUNGAN NEGARA PERSERO TBK PT
BBNI BANK NEGARA INDONESIA PERSER
EXCL XL AXIATA TBK PT
GOTO GOJEK TOKOPEDIA TBK PT
CMRY PT CISARUA MOUNTAIN DAIRY TBK
02423 KE HOLDINGS INC.
ADOOY PT ADARO ENERGY TBK
SMGR SEMEN INDONESIA PERSERO TBK
NATGATE NATIONGATE HOLDINGS BHD
NCKL PT TRIMEGAH BANGUN PERSADA TBK (HARITA NICKEL)
2232 CRYSTAL INTERNATIONAL GROUP LTD
SUNWAY SUNWAY BHD
HUME ESSO THAILAND PCL
02015 HUME CEMENT INDUSTRIES BHD
09961 LI AUTO INC
BTG CTRIP.COM INTERNATIONAL
LAGENDA BETAGRO PUBLIC COMPANY LIMITED
KEX LAGENDA PROPERTIES BHD
CVL KERRY EXPRESS THAILAND PCL
CIVMEC LIMITED
- Greater China Research Team
- Johnny Yum
- Kitpon Praipaisarnkit
- Krit Tanarattananon
- Malaysia Research Team
- Singapore Research Team
- Thailand Research Team
- Vincent Khoo Boo Aik
Regional Strategy: Alpha Picks - August 2024
GREATER CHINA Strategy Alpha Picks: August Conviction Calls: We expect stimulus to be announced in August and add COSCO Shipping Ports, Haier Smart Home, and KE Holdings to our BUY list and add SELL call on WuXi Bio, and XPeng. INDONESIA Strategy Alpha Picks: Underperformance in Jul 24: Our picks are BBNI, BMRI, BBRI, EXCL, CTRA, BBTN, CMRY, SIDO and JSMR. MALAYSIA Strategy Alpha Picks: Raising The M&A And Monetisation Bets: Our Alpha Picks marginally beat the KLCI. Jul 24 picks: Ekovest, Gamu...
TFG THAIFOODS GROUP
02313 SHENZHOU INTERNATIONAL GROUP HOLDINGS LIMITED
AS7 ANTA SPORTS PRODUCTS LTD.
300014 EVE ENERGY CO. LTD. CLASS A
A117ME ALIBABA GROUP HOLDING LTD. SPONSORED ADR
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
KKP KIATNAKIN BANK
OU8 CENTURION
00016 SUN HUNG KAI PROPERTIES LIMITED
00291 CHINA RESOURCES BEER (HOLDINGS) CO. LTD.
CPF CHAROEN POKPHAND FOODS PUBLIC CO. LTD.
ES ESSO SOCIETE ANONYME FRANCAISE
01109 CHINA RESOURCES LAND LIMITED
00388 HONG KONG EXCHANGES & CLEARING LTD.
CTRA CIPUTRA DEVELOPMENT
STEC SINO-THAI ENGINEERING & CONSTRUCTION PCL
02328 PICC PROPERTY & CASUALTY CO. LTD. CLASS H
600809 SHANXI XINGHUACUN FEN WINE FACTORY CO. LTD. CLASS A
V03 VENTURE CORPORATION LIMITED
ERW ERAWAN GROUP
TOP THAI OIL PUBLIC CO. LTD.
U96 SEMBCORP INDUSTRIES LTD.
SXC SUNNY OPTICAL TECHNOLOGY (GROUP) CO. LTD.
JSMR PT JASA MARGA (PERSERO) TBK CLASS B
ESSO ESSO (THAILAND)
TTKOM TURK TELEKOMUNIKASYON A.S.
KLBF PT KALBE FARMA TBK
EA ENERGY ABSOLUTE PUBLIC CO. LTD.
TU THAI UNION GROUP PUBLIC COMPANY LIMITED
COM7 COM7
ADVANC ADVANCED INFO SERVICE PUBLIC CO. LTD.
600585 ANHUI CONCH CEMENT COMPANY LIMITED CLASS A
00027 GALAXY ENTERTAINMENT GROUP LIMITED
BMRI PT BANK MANDIRI (PERSERO) TBK
ORI1 ORIENT OVERSEAS (INTERNATIONAL) LIMITED
MINT MINOR INTERNATIONAL PUBLIC CO. LTD.
Z74 SINGAPORE TELECOMMUNICATIONS LIMITED
MAPI MITRA ADIPERKASA
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
BSDE PT BUMI SERPONG DAMAI TBK
300124 SHENZHEN INOVANCE TECHNOLOGY CO. LTD CLASS A
601888 CHINA TOURISM GROUP DUTY FREE CORPORATION LIMITED CLASS A
PTTGC PTT GLOBAL CHEMICAL PUBLIC COMPANY LTD
ACES PT ACE HARDWARE INDONESIA TBK
Q5T FAR EAST HOSPITALITY TRUST
TLKM PT TELKOM INDONESIA (PERSERO) TBK CLASS B
ROTI NIPPON INDOSARI CORPINDO
00700 TENCENT HOLDINGS LTD.
601689 NINGBO TUOPU GROUP CO. LTD. CLASS A
M4B CHINA MERCHANTS BANK CO. LTD. CLASS H
1211 BYD COMPANY LIMITED CLASS H
01997 WHARF REAL ESTATE INVESTMENT CO. LTD.
SE SEA ADS
G13 GENTING SINGAPORE LIMITED
INRI INARI AMERTRON BHD
PTTEP-R PTT EXPLORATION & PRODUCTION PCL NVDR
SIE SIA ENGINEERING CO LTD
GAM GAMUDA BHD
VSI V.S. INDUSTRY BERHAD
BAL BUMITAMA AGRI LTD
SCGB SUNWAY CONSTRUCTION GROUP BH
KPJ KPJ HEALTHCARE BERHAD
SMM SEMBCORP MARINE LTD
MYEG MY EG SERVICES BHD
BURSA BURSA MALAYSIA BHD
MSGB MAH SING GROUP BHD
PMAH PRESS METAL ALUMINIUM HOLDIN
IOI IOI CORP BHD
CPALL TB CP ALL
BAUTO BERMAZ AUTO BHD
GENM GENTING MALAYSIA BHD
MAHB MALAYSIA AIRPORTS HLDGS BHD
06098 COUNTRY GARDEN SERVICES HOLDINGS CO. LTD.
01801 INNOVENT BIOLOGICS INC.
2013 WEIMOB INC
EKO EKOVEST BHD
RGB RGB INTERNATIONAL BHD
SCB-R SIAM COMMERCIAL BANK PCL NVDR
709 GIORDANO INTERNATIONAL LTD
1093 CSPC PHARMACEUTICAL GROUP LTD
FRKN FRENCKEN GROUP LTD
MPM MARCO POLO MARINE LTD
MRDIY MR DIY GROUP M BHD
09988 ALIBABA GROUP HOLDING LTD.
09999 NETEASE INC
2696 SHANGHAI HENLIUS BIOTECH INC
HMN ASCOTT RESIDENCE TRUST
TIDLOR NGERN TID LOR PCL
OR PTT OIL AND RETAIL BUSINESS PUBLIC CO LIMITED
1209 CHINA RESOURCES MIXC LIFESTYLE SERVICES
BUKA BUKALAPAK.COM PT TBK
01024 KUAISHOU TECHNOLOGY CLASS B
06690 HAIER SMART HOME CO. LTD. CLASS H
09888 BAIDU INC
BBTN BANK TABUNGAN NEGARA PERSERO TBK PT
BBNI BANK NEGARA INDONESIA PERSER
EXCL XL AXIATA TBK PT
GOTO GOJEK TOKOPEDIA TBK PT
CMRY PT CISARUA MOUNTAIN DAIRY TBK
02423 KE HOLDINGS INC.
ADOOY PT ADARO ENERGY TBK
SMGR SEMEN INDONESIA PERSERO TBK
NATGATE NATIONGATE HOLDINGS BHD
NCKL PT TRIMEGAH BANGUN PERSADA TBK (HARITA NICKEL)
2232 CRYSTAL INTERNATIONAL GROUP LTD
SUNWAY SUNWAY BHD
HUME ESSO THAILAND PCL
02015 HUME CEMENT INDUSTRIES BHD
09961 LI AUTO INC
BTG CTRIP.COM INTERNATIONAL
LAGENDA BETAGRO PUBLIC COMPANY LIMITED
KEX LAGENDA PROPERTIES BHD
CVL KERRY EXPRESS THAILAND PCL
CIVMEC LIMITED
- Greater China Research Team
- Johnny Yum
- Kitpon Praipaisarnkit
- Malaysia Research Team
- Singapore Research Team
- Thailand Research Team
- Vincent Khoo Boo Aik
Regional Strategy: Alpha Picks - July 2024
GREATER CHINA Strategy Alpha Picks: July Conviction Call: Adding ASMPT, Innovent, Poly Property Services, TAL Education and Trip.com to our BUY list; hedging with SELL call on BYD. INDONESIA Strategy Alpha Picks: Outperformance In Jun 24 And 2Q24: Our picks are BMRI, BBRI, EXCL, BSDE, TLKM, ACES, BBTN, CMRY, SIDO and JSMR. MALAYSIA Strategy Alpha Picks: Opting For More Adventurous Choices: Our Alpha Picks beat the KLCI again. Jul 24 picks: BURSA, Ekovest, Gamuda, Lagenda, Mah Sing, MYEG, Pekat...
TFG THAIFOODS GROUP
02313 SHENZHOU INTERNATIONAL GROUP HOLDINGS LIMITED
AS7 ANTA SPORTS PRODUCTS LTD.
300014 EVE ENERGY CO. LTD. CLASS A
IZZ TAL EDUCATION GROUP SPONSORED ADR CLASS A
A117ME ALIBABA GROUP HOLDING LTD. SPONSORED ADR
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
KKP KIATNAKIN BANK
OU8 CENTURION
00016 SUN HUNG KAI PROPERTIES LIMITED
CPF CHAROEN POKPHAND FOODS PUBLIC CO. LTD.
ES ESSO SOCIETE ANONYME FRANCAISE
ASM PACIFIC TECHNOLOGY LIMITED
01109 CHINA RESOURCES LAND LIMITED
00388 HONG KONG EXCHANGES & CLEARING LTD.
CTRA CIPUTRA DEVELOPMENT
STEC SINO-THAI ENGINEERING & CONSTRUCTION PCL
02328 PICC PROPERTY & CASUALTY CO. LTD. CLASS H
600809 SHANXI XINGHUACUN FEN WINE FACTORY CO. LTD. CLASS A
V03 VENTURE CORPORATION LIMITED
ERW ERAWAN GROUP
TOP THAI OIL PUBLIC CO. LTD.
U96 SEMBCORP INDUSTRIES LTD.
SXC SUNNY OPTICAL TECHNOLOGY (GROUP) CO. LTD.
JSMR PT JASA MARGA (PERSERO) TBK CLASS B
ESSO ESSO (THAILAND)
TTKOM TURK TELEKOMUNIKASYON A.S.
KLBF PT KALBE FARMA TBK
EA ENERGY ABSOLUTE PUBLIC CO. LTD.
TU THAI UNION GROUP PUBLIC COMPANY LIMITED
COM7 COM7
ADVANC ADVANCED INFO SERVICE PUBLIC CO. LTD.
600585 ANHUI CONCH CEMENT COMPANY LIMITED CLASS A
00027 GALAXY ENTERTAINMENT GROUP LIMITED
BMRI PT BANK MANDIRI (PERSERO) TBK
ORI1 ORIENT OVERSEAS (INTERNATIONAL) LIMITED
MINT MINOR INTERNATIONAL PUBLIC CO. LTD.
Z74 SINGAPORE TELECOMMUNICATIONS LIMITED
MAPI MITRA ADIPERKASA
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
BSDE PT BUMI SERPONG DAMAI TBK
300124 SHENZHEN INOVANCE TECHNOLOGY CO. LTD CLASS A
601888 CHINA TOURISM GROUP DUTY FREE CORPORATION LIMITED CLASS A
PTTGC PTT GLOBAL CHEMICAL PUBLIC COMPANY LTD
ACES PT ACE HARDWARE INDONESIA TBK
Q5T FAR EAST HOSPITALITY TRUST
TLKM PT TELKOM INDONESIA (PERSERO) TBK CLASS B
ROTI NIPPON INDOSARI CORPINDO
00700 TENCENT HOLDINGS LTD.
601689 NINGBO TUOPU GROUP CO. LTD. CLASS A
M4B CHINA MERCHANTS BANK CO. LTD. CLASS H
1211 BYD COMPANY LIMITED CLASS H
SE SEA ADS
G13 GENTING SINGAPORE LIMITED
INRI INARI AMERTRON BHD
PTTEP-R PTT EXPLORATION & PRODUCTION PCL NVDR
SIE SIA ENGINEERING CO LTD
GAM GAMUDA BHD
VSI V.S. INDUSTRY BERHAD
BAL BUMITAMA AGRI LTD
SCGB SUNWAY CONSTRUCTION GROUP BH
KPJ KPJ HEALTHCARE BERHAD
SMM SEMBCORP MARINE LTD
MYEG MY EG SERVICES BHD
BURSA BURSA MALAYSIA BHD
MSGB MAH SING GROUP BHD
PMAH PRESS METAL ALUMINIUM HOLDIN
IOI IOI CORP BHD
CPALL TB CP ALL
BAUTO BERMAZ AUTO BHD
GENM GENTING MALAYSIA BHD
MAHB MALAYSIA AIRPORTS HLDGS BHD
06098 COUNTRY GARDEN SERVICES HOLDINGS CO. LTD.
01801 INNOVENT BIOLOGICS INC.
2013 WEIMOB INC
EKO EKOVEST BHD
RGB RGB INTERNATIONAL BHD
SCB-R SIAM COMMERCIAL BANK PCL NVDR
709 GIORDANO INTERNATIONAL LTD
1093 CSPC PHARMACEUTICAL GROUP LTD
FRKN FRENCKEN GROUP LTD
6049 POLY PROPERTY SERVICES CO LTD
MPM MARCO POLO MARINE LTD
MRDIY MR DIY GROUP M BHD
09988 ALIBABA GROUP HOLDING LTD.
09999 NETEASE INC
2696 SHANGHAI HENLIUS BIOTECH INC
HMN ASCOTT RESIDENCE TRUST
TIDLOR NGERN TID LOR PCL
OR PTT OIL AND RETAIL BUSINESS PUBLIC CO LIMITED
1209 CHINA RESOURCES MIXC LIFESTYLE SERVICES
BUKA BUKALAPAK.COM PT TBK
09888 BAIDU INC
BBTN BANK TABUNGAN NEGARA PERSERO TBK PT
BBNI BANK NEGARA INDONESIA PERSER
EXCL XL AXIATA TBK PT
GOTO GOJEK TOKOPEDIA TBK PT
CMRY PT CISARUA MOUNTAIN DAIRY TBK
ADOOY PT ADARO ENERGY TBK
SMGR SEMEN INDONESIA PERSERO TBK
NATGATE NATIONGATE HOLDINGS BHD
NCKL PT TRIMEGAH BANGUN PERSADA TBK (HARITA NICKEL)
2232 CRYSTAL INTERNATIONAL GROUP LTD
SUNWAY SUNWAY BHD
HUME ESSO THAILAND PCL
02015 HUME CEMENT INDUSTRIES BHD
09961 LI AUTO INC
BTG CTRIP.COM INTERNATIONAL
LAGENDA BETAGRO PUBLIC COMPANY LIMITED
KEX LAGENDA PROPERTIES BHD
CVL KERRY EXPRESS THAILAND PCL
CIVMEC LIMITED
- Greater China Research Team
- Johnny Yum
- Kitpon Praipaisarnkit
- Malaysia Research Team
- Singapore Research Team
- Thailand Research Team
- Vincent Khoo Boo Aik
Regional Strategy: Alpha Picks - June 2024
GREATER CHINA Strategy Alpha Picks: June Conviction Call: Adding KE Holdings and Wharf REIC to our BUY list; hedging with SELL call on BYD. INDONESIA Strategy Alpha Picks: First Month Of Underperformance In 2024: Our picks are EXCL, BSDE, TLKM, ACES, BBTN, CMRY, SIDO and JSMR. MALAYSIA Strategy Alpha Picks: Choices For A “Summer Lull”: Our Alpha Picks trounce the KLCI again. May 24 picks: BAUTO, BURSA, Gamuda, GENM, Lagenda, Mah Sing, MYEG, PMETAL, RGB, and VSI. SINGAPORE Strategy Alpha Picks...
TFG THAIFOODS GROUP
02313 SHENZHOU INTERNATIONAL GROUP HOLDINGS LIMITED
AS7 ANTA SPORTS PRODUCTS LTD.
300014 EVE ENERGY CO. LTD. CLASS A
A117ME ALIBABA GROUP HOLDING LTD. SPONSORED ADR
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
KKP KIATNAKIN BANK
OU8 CENTURION
00016 SUN HUNG KAI PROPERTIES LIMITED
00291 CHINA RESOURCES BEER (HOLDINGS) CO. LTD.
CPF CHAROEN POKPHAND FOODS PUBLIC CO. LTD.
ES ESSO SOCIETE ANONYME FRANCAISE
01109 CHINA RESOURCES LAND LIMITED
00388 HONG KONG EXCHANGES & CLEARING LTD.
CTRA CIPUTRA DEVELOPMENT
STEC SINO-THAI ENGINEERING & CONSTRUCTION PCL
02328 PICC PROPERTY & CASUALTY CO. LTD. CLASS H
600809 SHANXI XINGHUACUN FEN WINE FACTORY CO. LTD. CLASS A
V03 VENTURE CORPORATION LIMITED
ERW ERAWAN GROUP
TOP THAI OIL PUBLIC CO. LTD.
U96 SEMBCORP INDUSTRIES LTD.
SXC SUNNY OPTICAL TECHNOLOGY (GROUP) CO. LTD.
JSMR PT JASA MARGA (PERSERO) TBK CLASS B
ESSO ESSO (THAILAND)
TTKOM TURK TELEKOMUNIKASYON A.S.
KLBF PT KALBE FARMA TBK
EA ENERGY ABSOLUTE PUBLIC CO. LTD.
TU THAI UNION GROUP PUBLIC COMPANY LIMITED
COM7 COM7
ADVANC ADVANCED INFO SERVICE PUBLIC CO. LTD.
600585 ANHUI CONCH CEMENT COMPANY LIMITED CLASS A
00027 GALAXY ENTERTAINMENT GROUP LIMITED
BMRI PT BANK MANDIRI (PERSERO) TBK
ORI1 ORIENT OVERSEAS (INTERNATIONAL) LIMITED
MINT MINOR INTERNATIONAL PUBLIC CO. LTD.
Z74 SINGAPORE TELECOMMUNICATIONS LIMITED
MAPI MITRA ADIPERKASA
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
BSDE PT BUMI SERPONG DAMAI TBK
300124 SHENZHEN INOVANCE TECHNOLOGY CO. LTD CLASS A
601888 CHINA TOURISM GROUP DUTY FREE CORPORATION LIMITED CLASS A
PTTGC PTT GLOBAL CHEMICAL PUBLIC COMPANY LTD
ACES PT ACE HARDWARE INDONESIA TBK
Q5T FAR EAST HOSPITALITY TRUST
TLKM PT TELKOM INDONESIA (PERSERO) TBK CLASS B
ROTI NIPPON INDOSARI CORPINDO
00700 TENCENT HOLDINGS LTD.
601689 NINGBO TUOPU GROUP CO. LTD. CLASS A
M4B CHINA MERCHANTS BANK CO. LTD. CLASS H
1211 BYD COMPANY LIMITED CLASS H
01997 WHARF REAL ESTATE INVESTMENT CO. LTD.
SE SEA ADS
G13 GENTING SINGAPORE LIMITED
INRI INARI AMERTRON BHD
PTTEP-R PTT EXPLORATION & PRODUCTION PCL NVDR
SIE SIA ENGINEERING CO LTD
GAM GAMUDA BHD
VSI V.S. INDUSTRY BERHAD
BAL BUMITAMA AGRI LTD
SCGB SUNWAY CONSTRUCTION GROUP BH
KPJ KPJ HEALTHCARE BERHAD
SMM SEMBCORP MARINE LTD
MYEG MY EG SERVICES BHD
BURSA BURSA MALAYSIA BHD
MSGB MAH SING GROUP BHD
PMAH PRESS METAL ALUMINIUM HOLDIN
IOI IOI CORP BHD
CPALL TB CP ALL
BAUTO BERMAZ AUTO BHD
GENM GENTING MALAYSIA BHD
MAHB MALAYSIA AIRPORTS HLDGS BHD
06098 COUNTRY GARDEN SERVICES HOLDINGS CO. LTD.
01801 INNOVENT BIOLOGICS INC.
2013 WEIMOB INC
EKO EKOVEST BHD
RGB RGB INTERNATIONAL BHD
SCB-R SIAM COMMERCIAL BANK PCL NVDR
709 GIORDANO INTERNATIONAL LTD
1093 CSPC PHARMACEUTICAL GROUP LTD
FRKN FRENCKEN GROUP LTD
MPM MARCO POLO MARINE LTD
MRDIY MR DIY GROUP M BHD
09988 ALIBABA GROUP HOLDING LTD.
09999 NETEASE INC
2696 SHANGHAI HENLIUS BIOTECH INC
HMN ASCOTT RESIDENCE TRUST
TIDLOR NGERN TID LOR PCL
OR PTT OIL AND RETAIL BUSINESS PUBLIC CO LIMITED
1209 CHINA RESOURCES MIXC LIFESTYLE SERVICES
BUKA BUKALAPAK.COM PT TBK
01024 KUAISHOU TECHNOLOGY CLASS B
06690 HAIER SMART HOME CO. LTD. CLASS H
09888 BAIDU INC
BBTN BANK TABUNGAN NEGARA PERSERO TBK PT
BBNI BANK NEGARA INDONESIA PERSER
EXCL XL AXIATA TBK PT
GOTO GOJEK TOKOPEDIA TBK PT
CMRY PT CISARUA MOUNTAIN DAIRY TBK
02423 KE HOLDINGS INC.
ADOOY PT ADARO ENERGY TBK
SMGR SEMEN INDONESIA PERSERO TBK
NATGATE NATIONGATE HOLDINGS BHD
NCKL PT TRIMEGAH BANGUN PERSADA TBK (HARITA NICKEL)
2232 CRYSTAL INTERNATIONAL GROUP LTD
SUNWAY SUNWAY BHD
HUME ESSO THAILAND PCL
02015 HUME CEMENT INDUSTRIES BHD
09961 LI AUTO INC
BTG CTRIP.COM INTERNATIONAL
LAGENDA BETAGRO PUBLIC COMPANY LIMITED
KEX LAGENDA PROPERTIES BHD
CVL KERRY EXPRESS THAILAND PCL
CIVMEC LIMITED
- Ece Mandaci
Turkcell
We favor Turkcell due to its strong revenue growth, primarily driven by price adjustments, mitigated impact of cost pressures and decline in financial leverage. We incorporate IAS29 effect to financials, revise up target price to TL110 per share (previously TL96) and maintain BUY rating. At 2024E EV/EBITDA ratio of 2.8x, Turkcell is trading at a 38% discount to its peers. 4Q23 Review, without the effect of inflationary accounting: Turkcell witnessed an 83% y/y revenue growth, thanks to ARPU gro...
- Egor Fedorov
- James Wilson
- Egor Fedorov
- James Wilson
EM Credit Spark/Trade ideas update
Supply has re-emerged as a key theme to start the year, while sentiment has been mixed amid renewed volatility in core rates. In this environment, we would prefer to be positioned in higher-quality names that have either issued already or shown spread weakness in anticipation of supply.
- Research Team
The Rear-View Mirror – EME markets: Turkey back on top, again
EME Equity Market – August 2023 Market performance – Turkey the top performer in August, once again. The MSCI EM Europe Index lost 0.7% mom in EUR terms and 2.2% mom in USD in August. Turkey, yet again, outperformed its peers, with the ISE30 gaining 9.4% mom in EUR terms. The Hungarian BUX index saw a solid performance in August, adding 6.1% mom in EUR terms, while the Romanian BET had a lacklustre month, barely making any gains (0.1% mom in EUR terms). Elsewhere, the index performances were neg...
PEO BANK POLSKA KASA OPIEKI SA
KRU KRUK S.A.
EXAE HELLENIC EXCHANGES SA
MOL MOL NYRT
CEZ CEZ AS
ACP ASSECO POLAND SA
HTO HELLENIC TELECOMMUNICATIONS ORGANIZATION SA
CDR CD PROJEKT S.A.
RBI RAIFFEISEN BANK INTERNATIONAL AG
PKO PKO BANK POLSKI S.A.
ISCTR TURKIYE IS BANKASI ANONIM SIRKETI CLASS C
KOMB KOMERCNI BANKA A.S.
BHW BANK HANDLOWY W WARSZAWIE S.A.
BIMAS BIM BIRLESIK MAGAZALAR A.S.
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
DOAS DOGUS OTOMOTIV SERVIS VE TICARET A.S.
BSK ING BANK SLASKI S.A.
BDX BUDIMEX S.A.
LAMDA LAMDA DEVELOPMENT S.A.
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
TPS ORANGE POLSKA S.A.
CAI CA IMMOBILIEN ANLAGEN AG
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
MYTIL MYTILINEOS S.A.
LPP LPP S.A.
BRISA BRISA-BRIDGESTONE SABANCI LASTIK SANAYI VE TICARET A.S.
LOGO LOGO YAZILIM SANAYI VE TICARET A.S.
CCC CCC SA
CCOLA COCA-COLA ICECEK A.S.
GTC GLOBE TRADE CENTRE S.A.
DOM DOM DEVELOPMENT SA
AEGN AEGEAN AIRLINES SA
AUG1L AGROWILL GROUP AB
TTKOM TURK TELEKOMUNIKASYON A.S.
ENA ENEA S.A.
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
MGROS MIGROS TICARET A.S
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
PGSUS.E PEGASUS HAVA TASIMACILIGI AS
APR AUTO PARTNER SA
LVC LIVECHAT SOFTWARE SA
TBCB TBC BANK JOINT STOCK CO
TPEIR PIRAEUS BANK SA
PPC PUBLIC POWER CORPORATION S.A.
OTP OTP BANK NYRT
CAR INTER CARS S.A.
ARCLK ARCELIK A.S.
THYAO TURK HAVA YOLLARI A.O.
TUPRS TURKIYE PETROL RAFINERILERI A.S.
ULKER ULKER BISKUVI SANAYI A.S.
EUR EUROCASH S.A.
GSPARK GRAPHISOFT PARK SE
CPS CYFROWY POLSAT SA
MBR MO-BRUK S.A.
GPW WARSAW STOCK EXCHANGE
11B 11 BIT STUDIOS S.A.
TPE TAURON POLSKA ENERGIA S.A.
DAT DATAWALK SA
OTOEL AUTOHELLAS S.A.
BANK OF CYPRUS PCL
WPL WIRTUALNA POLSKA HOLDING SA
BELA JUMBO S.A.
SAB1L SIAULIU BANKAS
BRD BRD-GROUPE SOCIETE GENERALE
TLV BANCA TRANSILVANIA S.A.
ETEL TELECOM EGYPT
TRP TERAPLAST
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
H4L1 HALYK SAVINGS BANK OF KAZAKHSTAN GDR
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PBK PATRIA BANK SA
DIGI DIGI COMMUNICATIONS NV
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SNN SOCIETATEA NATIONALA NUCLEARELECTRICA SA
TEL C.N.T.E.E. TRANSELECTRICA
ELSA SOCIETATEA ENERGETICA ELECTRICA
FP. FONDUL PROPRIETATEA S.A. GDR (REG S)
BVB S.C. BURSA DE VALORI BUCURESTI S.A.
TGN SOCIETATEA NATIONALA DE TRANSPORT GAZE NATURALE TRANSGAZ S.A.
RICHT RICHTER
19XX NEPI ROCKCASTLE PLC
ALPHA ALPHA BANK
M MED LIFE
SFG SPHERA FRANCHISE GROUP SA
ADNOCDIST ADNOC DISTRIBUTION PJSC
CGEO GEORGIA CAPITAL
SOKM SOK MARKETLER TICARET AS
NLBR NLB GROUP
ESLT ELBIT SYSTEMS LTD
TEN TEN SQUARE GAMES
ADKO ADDIKO BANK
PEN PHOTON ENERGY NV
DUNAHOUSE DUNA HOUSE
PCF PCF GROUP SA
HUGE HUUUGE
ALR ALRO SLATINA
WINE PURCARI WINERIES PCL
4IG 4IG NYRT
IGN1L IGNITIS GRUPE
CTPNV CTP NV
ONE ONE UNITED PROPERTIES SA
GPP GRUPA PRACUJ DA
KLKIM KALEKIM KIMYEVI MADDELER SANAYI VE TICARET AS
ADNOCDRILL ADNOC DRILLING CO
AROBS AROBS TRANSILVANIA SOFTWARE SA
2381 ARABIAN DRILLING CO.
7202 ARABIAN INTERNET & COMMUNICATIONS SERVICES CO
9526 JAHEZ INTERNATIONAL CO
ELPE HELLENIQ ENERGY
4071 ARABIAN CONTRACTING SERVICES CO
H2O HIDROELECTRICA S.A.
7203 ELM CO
- Ece Mandaci
Turkcell
Turkcell has demonstrated strong growth in both revenue and earnings, primarily driven by price adjustments and the mitigated impact of cost pressures. We are adjusting estimates upwards, owing to the strong 1H23 performance and the management’s guidance upgrade. Consequently, we are revising our target price to TL78.6 from the previous TL55, while maintaining our BUY rating. Turkcell trades at 7x 2024E P/E, with a 36% discount to international peers. Strong 2Q results: Turkcell announced TL3,1...
- Research Team
WOOD Daily: BGEO LN; PEN CP; DNP PW; TCELL TI; BIMAS TI; ULKER TI; ADK...
HEADLINES: • Bank of Georgia: 2Q23 - strong quarter with more capital returns POSITIVE • Photon Energy: cuts FY23E EBITDA guidance by 66%, to EUR 10m NEGATIVE • Dino: 2Q23 EBITDA misses both our and the market's expectations by 3-5% NEUTRAL • Turkcell: 2Q23 results - FY23E guidance upgraded, dividends still uncertain NEUTRAL • BIM: 2Q23 results - in line operationally, but bottom line beat expectations NEUTRAL • Ulker: 2Q23 results - bottom line as expected NEUTRAL • Addiko Bank: solid 2Q23, wit...
- Research Team
WOOD Daily: ELM AB; TTKOM TI; PGSUS TI; ETEL EY; DIGI RO; CEZ CP; ARAB...
HEADLINES: • Elm: digital enabler (HOLD - initiation of coverage) • Turk Telekom: 2Q23 results POSITIVE • Pegasus Airlines: 2Q23 - high RASK and costs under control drive stellar profitability POSITIVE • Telecom Egypt: 2Q23 results review - EBITDA up 30% yoy, 7% above the consensus NEUTRAL • Telecom Egypt: key takeaways from the 2Q23 earnings call NEUTRAL • DIGI Communications: key takeaways from the 2Q23 earnings call NEUTRAL • CEZ: IndMin says "no reason for quick action" on CEZ split NEUTRAL...
- Research Team
The Rear-View Mirror – EME markets: stellar performance from Greece
EME Equity Market – May 2023 Market performance – in its election month and with talks of a return to investment grade starting to materialise, Greece outperformed, posting a stellar performance. The MSCI EM Europe Index gained 2.3% mom in EUR terms, but lost 1.4% mom in USD in May. The Greek ASE Index saw the biggest gains (+12.3% mom in EUR terms), followed by the Hungarian BUX Index (+6.2% mom in EUR terms) and the Turkish ISE 30 Index (+3.4% mom in EUR terms). The remaining geographies finis...
EXAE HELLENIC EXCHANGES SA
MOL MOL NYRT
CEZ CEZ AS
ACP ASSECO POLAND SA
KRKG KRKA D.D.
HTO HELLENIC TELECOMMUNICATIONS ORGANIZATION SA
CDR CD PROJEKT S.A.
RBI RAIFFEISEN BANK INTERNATIONAL AG
YKBNK YAPI VE KREDI BANKASI A.S.
PKO PKO BANK POLSKI S.A.
ISCTR TURKIYE IS BANKASI ANONIM SIRKETI CLASS C
KOMB KOMERCNI BANKA A.S.
BHW BANK HANDLOWY W WARSZAWIE S.A.
BIMAS BIM BIRLESIK MAGAZALAR A.S.
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
DOAS DOGUS OTOMOTIV SERVIS VE TICARET A.S.
VER VERBUND AG CLASS A
BSK ING BANK SLASKI S.A.
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
CAI CA IMMOBILIEN ANLAGEN AG
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
MYTIL MYTILINEOS S.A.
AEFES ANADOLU EFES BIRACILIK VE MALT SANAYII A.S.
BRISA BRISA-BRIDGESTONE SABANCI LASTIK SANAYI VE TICARET A.S.
LOGO LOGO YAZILIM SANAYI VE TICARET A.S.
CCC CCC SA
CCOLA COCA-COLA ICECEK A.S.
GTC GLOBE TRADE CENTRE S.A.
DOM DOM DEVELOPMENT SA
AEGN AEGEAN AIRLINES SA
AUG1L AGROWILL GROUP AB
TTKOM TURK TELEKOMUNIKASYON A.S.
ENA ENEA S.A.
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
MGROS MIGROS TICARET A.S
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
PGSUS.E PEGASUS HAVA TASIMACILIGI AS
APR AUTO PARTNER SA
TBCB TBC BANK JOINT STOCK CO
TPEIR PIRAEUS BANK SA
PPC PUBLIC POWER CORPORATION S.A.
OTP OTP BANK NYRT
CAR INTER CARS S.A.
THYAO TURK HAVA YOLLARI A.O.
TUPRS TURKIYE PETROL RAFINERILERI A.S.
EUR EUROCASH S.A.
ECH ECHO INVESTMENT
GSPARK GRAPHISOFT PARK SE
CPS CYFROWY POLSAT SA
MBR MO-BRUK S.A.
GPW WARSAW STOCK EXCHANGE
11B 11 BIT STUDIOS S.A.
TPE TAURON POLSKA ENERGIA S.A.
DAT DATAWALK SA
ALR ALIOR BANK SA
OTOEL AUTOHELLAS S.A.
VGO VIGO SYSTEM SA
BANK OF CYPRUS PCL
WPL WIRTUALNA POLSKA HOLDING SA
SAB1L SIAULIU BANKAS
BRD BRD-GROUPE SOCIETE GENERALE
TLV BANCA TRANSILVANIA S.A.
ETEL TELECOM EGYPT
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
SNP PETROM S.A.
PBK PATRIA BANK SA
DIGI DIGI COMMUNICATIONS NV
DNP DINO POLSKA S.A.
COTE CONPET SA
NBGGY NATIONAL BANK OF GREECE S.A. ADS
SNN SOCIETATEA NATIONALA NUCLEARELECTRICA SA
TEL C.N.T.E.E. TRANSELECTRICA
ELSA SOCIETATEA ENERGETICA ELECTRICA
FP. FONDUL PROPRIETATEA S.A. GDR (REG S)
BVB S.C. BURSA DE VALORI BUCURESTI S.A.
TGN SOCIETATEA NATIONALA DE TRANSPORT GAZE NATURALE TRANSGAZ S.A.
RICHT RICHTER
19XX NEPI ROCKCASTLE PLC
ALPHA ALPHA BANK
M MED LIFE
PTKHY PETKIM PETROKIMYA HOLDING AS
ADNOCDIST ADNOC DISTRIBUTION PJSC
CGEO GEORGIA CAPITAL
SOKM SOK MARKETLER TICARET AS
EAT AMREST HOLDINGS SE
NLBR NLB GROUP
ESLT ELBIT SYSTEMS LTD
ENJSA ENERJISA ENERJI
SF3 STS GROUP AG
KAP NATIONAL ATOMIC COMPANY KAZATOMPROM
TEN TEN SQUARE GAMES
ADKO ADDIKO BANK
ALG ALLEGRO.EU SA
CZG CESKA ZBROJOVKA GROUP
DUNAHOUSE DUNA HOUSE
INPST INPOST S.A.
PCF PCF GROUP SA
HUGE HUUUGE
WINE ALRO SLATINA
4IG PURCARI WINERIES PCL
ONE 4IG NYRT
GPP KAZMUNAYGAS NC JSC
KLKIM ONE UNITED PROPERTIES SA
ADNOCDRILL GRUPA PRACUJ DA
2381 KALEKIM KIMYEVI MADDELER SANAYI VE TICARET AS
7202 ADNOC DRILLING CO
9526 ARABIAN DRILLING CO.
ELPE ARABIAN INTERNET & COMMUNICATIONS SERVICES CO
JAHEZ INTERNATIONAL CO
HELLENIQ ENERGY
- Research Team
WOOD Daily: ALPHA GA; TTKOM TI; BIMAS TI; PETKM TI; CCC PW; APR PW; EL...
HEADLINES: • Alpha Bank: 1Q23 - a strong start to 2023 POSITIVE • Turk Telekom: 1Q23 results slightly below the consensus on EBITDA/NI • BIM: 1Q23 results - in line operationally, but bottom line misses expectations NEUTRAL • Petkim: 1Q results - net income beats forecasts • CCC: soft start to the year, with 1Q23 adjusted EBITDA down 36% yoy NEGATIVE • Auto Partner: April sales up by 36% yoy, 3ppts above our model assumption NEUTRAL • Electrica: 1Q23 operational indicators show 9% decline in ...
- Research Team
The Rear-View Mirror – EME markets: all indices gain in February, bar ...
EME Equity Market – February 2023 Market performance – Greece and Czechia continue with good momentum; Turkey resumes rally. The MSCI EM Europe Index gained 4.9% mom in EUR terms and 2.4% mom in USD in February. The Greek ASE and the Czech PX were, again, the best performers, adding 10.4% mom and 7.6% mom in EUR terms, respectively; while the rally resumed in Turkey, with the ISE 30 index gaining 7.3% mom in EUR terms. There was a somewhat muted performance in Hungary and Romania, with the BUX a...
EUROB EUROBANK ERGASIAS SERVICES & HOLDINGS SA
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
CEZ CEZ AS
HTO HELLENIC TELECOMMUNICATIONS ORGANIZATION SA
RBI RAIFFEISEN BANK INTERNATIONAL AG
YKBNK YAPI VE KREDI BANKASI A.S.
OMV OMV AG
KOMB KOMERCNI BANKA A.S.
BHW BANK HANDLOWY W WARSZAWIE S.A.
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
BSK ING BANK SLASKI S.A.
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
TPS ORANGE POLSKA S.A.
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
MYTIL MYTILINEOS S.A.
ASELS ASELSAN ELEKTRONIK SANAYI VE TICARET A.S. CLASS B
BRISA BRISA-BRIDGESTONE SABANCI LASTIK SANAYI VE TICARET A.S.
LOGO LOGO YAZILIM SANAYI VE TICARET A.S.
CCC CCC SA
VESBE VESTEL BEYAZ ESYA SANAYI VE TICARET
TTKOM TURK TELEKOMUNIKASYON A.S.
MGROS MIGROS TICARET A.S
TBCB TBC BANK JOINT STOCK CO
TPEIR PIRAEUS BANK SA
CAR INTER CARS S.A.
ARCLK ARCELIK A.S.
AYGAZ AYGAZ A.S.
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.
EUR EUROCASH S.A.
GSPARK GRAPHISOFT PARK SE
11B 11 BIT STUDIOS S.A.
DAT DATAWALK SA
ALR ALIOR BANK SA
OTOEL AUTOHELLAS S.A.
BANK OF CYPRUS PCL
WPL WIRTUALNA POLSKA HOLDING SA
BELA JUMBO S.A.
SAB1L SIAULIU BANKAS
BRD BRD-GROUPE SOCIETE GENERALE
TLV BANCA TRANSILVANIA S.A.
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.
NBGGY NATIONAL BANK OF GREECE S.A. ADS
SNN SOCIETATEA NATIONALA NUCLEARELECTRICA SA
TEL C.N.T.E.E. TRANSELECTRICA
ELSA SOCIETATEA ENERGETICA ELECTRICA
BVB S.C. BURSA DE VALORI BUCURESTI S.A.
GEB BANK OF GEORGIA
RICHT RICHTER
19XX NEPI ROCKCASTLE PLC
ALPHA ALPHA BANK
M MED LIFE
ADNOCDIST ADNOC DISTRIBUTION PJSC
SOKM SOK MARKETLER TICARET AS
NLBR NLB GROUP
TEN TEN SQUARE GAMES
KSPI KASPI KZ
INPST INPOST S.A.
PCF PCF GROUP SA
HUGE HUUUGE
WINE ALRO SLATINA
4IG PURCARI WINERIES PCL
IGN1L 4IG NYRT
ISB IGNITIS GRUPE
KCEL ISLANDSBANKI HF
CTPNV KCELL JSC
ONE ARION BANKI HF
GPP CTP NV
7202 ONE UNITED PROPERTIES SA
ELPE GRUPA PRACUJ DA
ARABIAN INTERNET & COMMUNICATIONS SERVICES CO
HELLENIQ ENERGY
- Research Team
WOOD Morning (23 February 2023)
HEADLINES: • Bank of Cyprus: patience wins the race (stays BUY) • Turk Telekom: 4Q22 results in line, but no dividends from the FY22 earnings NEGATIVE • Magyar Telekom: 4Q22 results - EBITDA down 3% yoy, 2% above the consensus; strong 2023-24E outlook POSITIVE • TBC Bank: 4Q22 highlights, and our take on the redemption liability • Brisa: small 4Q22 earnings beat, declares DPS of TRY 3.6 (6.0% yield) POSITIVE • Piraeus Bank: 4Q22E results (due out tomorrow morning) • Alro: 4Q22E results previ...
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
BRISA BRISA-BRIDGESTONE SABANCI LASTIK SANAYI VE TICARET A.S.
TTKOM TURK TELEKOMUNIKASYON A.S.
MGROS MIGROS TICARET A.S
TBCB TBC BANK JOINT STOCK CO
TPEIR PIRAEUS BANK SA
BANK OF CYPRUS PCL
SAB1L SIAULIU BANKAS
SOKM SOK MARKETLER TICARET AS
ALR ALRO SLATINA
- Ece Mandaci
- Erol Danis
Top Picks Portfolio
Including Turkcell to our model portfolio, while removing Anadolu Efes: We are including Turkcell to our model portfolio, while excluding Anadolu Efes. Turkcell was one of the worst performers in the BIST-30 index in 2022. The lagged effect of price adjustments on ARPU growth, its sensitivity to TL volatility due to FX-based capex and financial debt and the lack of major catalysts were the main drivers of the company’s underperformance. However, the company has increased the frequency of price a...
- Ece Mandaci
Turkish Telecoms
The Turkish telecom sector has trailed our non-bank coverage in terms of earnings growth momentum during 2022. On a risk-return basis, we think the worst is behind the sector and our current estimates factor in the effect of high inflationary trends. Additionally, the price increases executed in 2H22 should improve the growth outlook in 2023. Therefore, we upgrade our rating for Turkcell to a BUY, with a TL55 per share TP (TL23.5 previously). We favour Turkcell due to its prudent cost management...
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