Two Directors at Tekfen Holding A.S. bought/maiden bought 54,000 shares at between 51.600TRY and 52.500TRY. The significance rating of the trade was 54/100. 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...
Due to a change in analyst responsibilities, we are discontinuing our coverage of Anadolu Efes, Aygaz, Enerjisa Enerji, Erdemir, Tekfen Holding and Vestel Beyaz with immediate effect. We caution against using the forecasts, ratings and price target guidance issued previously on these stocks.
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...
HEADLINES: • mBank: bottom-line miss due to costs, but opportunity to BUY NEGATIVE • Erste Bank: books strong 1Q23 results, ahead of expectations, tweaks up FY23E guidance POSITIVE • Bank Millennium: neutral 1Q23 results - profit reported, capital still needs time to recover NEUTRAL • Otokar: 1Q23 results - miss on EBITDA and net income levels NEGATIVE • Tekfen Holding: weak 1Q23 results, due to margin hit in chemicals and one-off tax charge NEGATIVE • Garanti: 1Q23 highlights - better than expe...
EME Equity Market – October 2022 Market performance – in a positive month across the board, Turkey outperforms yet again. The MSCI EM Europe Index advanced by 12.7% mom in EUR terms and 14.4% mom in USD. The ISE30 was, once again, the best-performing index in our coverage, adding 23.4% mom in EUR terms and 25.2% in local currency terms. All the other indices recorded positive performances as well, with the WIG (+14.8% EUR / 11.5% lcl), the BUX (+11.4% EUR / 8.5% lcl) and the ASE (+10.3% EUR) del...
HEADLINES: • Jeronimo Martins: strong 3Q22 on Biedronka's 23% lfl and accelerating EBITDA contribution from Ara NEUTRAL • MONETA Money Bank: 3Q22 results - irrelevant beat, reassurance needed on MREL issuance target xx NEUTRAL • Otokar: 3Q22 results - big miss due to pause in defence deliveries • Tekfen Holding: 3Q22 results - a mixed bag, with negative signals from the E&C segment NEGATIVE • Erdemir: 3Q22 results review - materially below expectations on EBITDA and bottom line NEGATIVE • Akb...
EME Equity Market – August 2022 Market performance – Turkey the biggest winner, in a predominantly bad month. The MSCI EM Europe Index declined 1.2% mom in EUR and 2.8% mom in USD terms. Turkey’s ISE index outperformed all other indices, adding 24.9% mom in EUR terms and 25.1% in local currency terms. Hungary’s benchmark, the BUX Index, added 1.1% mom and 0.2% mom in EUR and HUF terms, respectively. Greece’s ASE Index had a muted performance and added only 0.6% mom. All the other indices across ...
HEADLINES: • EMEA airlines: 7M22 traffic, strong travel demand driving fares, cheaper fuels leading to a share re • Tekfen: 2Q22 - strong beat, driven by long expected recovery in E&C margins POSITIVE • Aselsan: 2Q22 results - top down beat, but no guidance upgrade POSITIVE • Photon Energy: 2Q22 results review - strong beat, FY guidance hiked POSITIVE • Transelectrica: 2Q22 net profit 44% below our expectations NEUTRAL • Nuclearelectrica: 2Q22 net profit 23% below our expectations • DIGI Comm...
We participated to the analyst meeting held by Tekfen Holding. Main highlights are as follows. • It is shared that the worst scenario is over after the losses experienced on the contracting segment in the last two quarters. Due to project-based changes and external factors (weather conditions), losses were recorded in the ongoing projects. • There are developments in gas transportation and pipeline contracting works and that new projects can be acquired in the future. • In the last one-year per...
EME Equity Market – April 2022 Market performance – regional benchmarks performance rather mixed in April. The MSCI EM Europe Index declined by 5.3% in EUR terms and by 9.9% in USD. The best-performing market was Turkey, whose equities gained 13.3% in EUR terms and 9.2% in local currency. Russia’s MOEX Index added 9.0% in EUR terms, but declined by 9.6% in local currency. In Greece, the ASE Index advanced by 4.9% in EUR terms, the last to end the month in the black; while Romania’s BET Index rec...
HEADLINES: • EME Macro/Strategy: Russia can live (but not thrive) without EU gas payments • Erste Bank: strong start to 2022 with the 1Q22 delivery POSITIVE • Kruk: publishes detailed 1Q22 - solid trends, but supported by positive revaluations, as suspected NEUTRAL • Tekfen Holding: 1Q22 results - another major miss NEGATIVE • Turkcell: 1Q22 results in line, except a 10% NI miss; FY22E guidance maintained NEUTRAL • Enerjisa Enerji: 1Q22 results review - mixed, but FY guidance revised up NEUTRA...
The general evaluation of TEKFEN HOLDING (TR), a company active in the Speciality Finance industry, has been upgraded by the independent financial analyst theScreener with the addition of a star. Its fundamental valuation now shows 2 out of 4 possible stars while its market behaviour can be considered as defensive. theScreener believes that the additional star(s) merits the upgrade of its general evaluation to Slightly Positive. As of the analysis date March 29, 2022, the closing price was TRY 2...
Early yesterday morning (24 February), Russia launched a military assault on Ukraine. We have contacted the companies under our coverage with exposure to these countries, and we gather our initial comments below. We intend to monitor the development of these events and update our views further, in due course.
HEADLINES: • Pepco Group: targeting the "mum on a budget" (BUY - initiation of coverage) • Tekfen Holding: 4Q21 results - big miss, due to provision hits on E&C front NEGATIVE • PKO BP: 2021 results - solid delivery and guidance for 4%+ of 2021 DPS NEUTRAL • NEPI Rockcastle: earnings hit by a one-off provision, but robust recovery underneath NEUTRAL • Allegro: minor miss in 4Q21 on costs of deliveries, constructive FY22E outlook NEUTRAL • Magyar Telekom: 4Q21 results - 4% yoy EBITDA growth, ...
HEADLINES: • Polish food retail: the good, the expensive, and the ugly (duckling) (Dino stays SELL, Eurocash upgraded to BUY, Jeronimo Martins stays HOLD) • Fondul Proprietatea: power lift (upgraded to BUY) • OMV Petrom: 2030 Strategy - towards a lower carbon future POSITIVE • O2 Czech Republic: PPF obtains central bank approval to buy out remaining stake in O2 CZ NEUTRAL • Orange Polska: signs Social Agreement for 2022-23 with the trade unions NEUTRAL • PKN Orlen: to set up nuclear joint ventu...
HEADLINES: • Alior Bank: strong 3Q21 results, due to revenues and low COR POSITIVE • Santander Bank Polska: books strong delivery, on low COR, strong fees and recovery trends POSITIVE • Tekfen: 3Q21 results - strong beat triggers guidance upgrade • Aselsan: 3Q21 results - major miss vs. the consensus • Otokar: 3Q21 results - in line NEUTRAL • Akbank: 3Q21 highlights - beat, with 0.0% COR • Shoper: strong preliminary 3Q21 top-line growth yoy, but further margin dilution NEUTRAL • Mytilineos: 9...
EME Equity Market – August 2021 Market performance - The Hungarian BUX Index gained 9.8% in EUR terms. The MSCI EM Europe Index rose 5.1% in EUR terms and 4.6% in USD terms. The best-performing equity index was the BUX, which added 9.8% in EUR terms and 6.9% in the local currency (LCU). The ISE30 Index advanced 7.7% in EUR terms and 5.8% in LCU, while Prague’s PX Index gained 6.5% in EUR terms and 6.2% in LCU. The Polish benchmark WIG20 Index added 6.1% in EUR terms and 5.1% in LCU, followed by ...
HEADLINES: • Lukoil: stronger 2Q21 results than expected POSITIVE • Tatneft: neutral 2Q21 results • LiveChat Software: reports mediocre 1Q21-22 (calendar 2Q21) results NEGATIVE • Petrol Group: 2Q21 results review - very good numbers, beating our estimates NEUTRAL • Bittnet Systems: 2Q21 results review - weak quarter with 14% yoy drop in EBITDA NEGATIVE • Gradus: 2Q21 EBITDA below our expectations amid impairments of biological assets NEGATIVE • Tekfen Holding: new Competition Board probe in the...
HEADLINES: • Tekfen Holding: 2Q21 results - guidance upgraded, despite 19% NI miss POSITIVE • Turkcell: 2Q21 results - broadly in line, FY21E guidance upgrade unlikely to move the consensus • BIM: 2Q21 a notch below expectations against tough comps NEUTRAL • X5: 2Q21 in line with expectations; EBITDA margin hike NEUTRAL • MLP Care: net profit beat on deferred tax gain NEUTRAL • O2 Czech Republic: reports solid 2Q21 results, with EBITDA up 6% yoy, 2% above the consensus NEUTRAL • Romgaz: 2Q21 re...
Full Article at IIR has reaffirmed its Recommended rating for PIA after undertaking a review post the appointment of a new Portfolio Manager, Harding Loevner. The full report can be found on the IIR website. On 26 July 2021, Pengana International Equities Limited (PIA) announced a fully franked dividend of 1.35 cents per share for the June quarter. This represents an 8% increase on the March quarter dividend and takes the total dividends declared for FY21 of 5.1 cents per share, fully franked....
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