Morning Note /
Turkey

Turkey: A positive opening is expected

  • BIST 100 failed to break 4.000 resistance again yesterday but closed above 3.960 support level

  • Today TAVHL, AKBNK, TKFEN, TOASO, TTRAK, EREGL 3Q financials will be announced after market closing

  • Despite strong cash outflow from TUPRS shares the stock is resilient and we remain very positive for the company

ATA Invest
26 October 2022
Published byATA Invest

BIST 100 failed to break 4.000 resistance again yesterday but closed above 3.960 support level. Today a positive opening expected. For further buying in the market, 4,000 resistance should be broken up. Today TAVHL, AKBNK, TKFEN, TOASO, TTRAK, EREGL 3Q financials will be announced after market closing. Despite strong cash outflow from TUPRS shares the stock is resilient and we remain very positive for the company and believe any weakness is a buying opportunity.

Macro news:

Manufacturing Capacity Utilization Rate (CUR) declined by 110bps y/y to 76.9% in Oct’22. (-50bps m/m) Seasonally adjusted Manufacturing CUR declined by 90bps y/y to 76.6% in Oct’22 (-70bps m/m).

Company news:

*ARCLK TI> White goods sales decreased by 0.4% to 769 thousand units in the domestic market, while exports increased by 3.6% to 2.4 million units. (neutral) According to TÜRKBESD data, domestic sales of white goods decreased by 0.4% in September to 769K units. Sales in 6 main products fell 5% y/y in the January-September period. Total white goods production increased by 2.5% y/y to 3.2mn in September. White goods exports, on the other hand, increased by 3.6% y/y to 2.4 million.

*MPARK TI> bought back 175K shares at an average price of TL61.70 on 25 October 2022. Since 25 May 2022, the total number of shares bought back reached 5.5mn at an average price of TL44.82.

*AKSEN TI>renews its agreement with electricity company of Gana for sale of electricity for 15 years.

*BASGZ TI> hired BBVA and Isbank for debt refinancing of Akcez Energy and Sakarya elektrik Dagitim and an additional investment loan for Sakarya elektrik dagitim

Weekly Agenda:

Oct, 26: TAVHL TI 3Q cons NI TRY 1.371 mn ATA NI TRY 1.295 mn

Oct, 26: AKBNK TI 3Q cons NI TRY 16.606 mn ATA NI TRY 16.542 mn

Oct, 26: TKFEN TI 3Q cons NI TRY 661 mn ATA NI TRY 661 mn

Oct, 26: TOASO TI 3Q cons NI TRY 1.821 mn ATA NI TRY 1.783 mn

Oct, 26: TTRAK TI 3Q cons NI TRY 534 mn ATA NI TRY 526 mn

Oct, 26: EREGL TI 3Q cons NI TRY 1.908mn ATA NI TRY 1.914 mn

Oct, 27: Oct Economic confidence index

Oct, 27: Sep Foreign trade statistics

Oct, 27: BRSA Weekly banking sector data

Oct, 27: GARAN TI 3Q cons NI TRY 17.059 mn ATA NI TRY 17.264 mn