Morning Note /

Turkey: A slightly positive opening is likely today

  • Global markets are again in red

  • Turkish equities -with less foreign investor participation- each day keep decoupling

  • Eyes will be on 3Q results in the coming weeks.

ATA Invest
10 October 2022
Published byATA Invest

Global markets are again in red with worries on rising interest rates and a rebound in Covid cases in China and tighter restrictions on American technology. Turkish equities -with less foreign investor participation- each day keep decoupling. A slightly positive opening is likely today and 3,590 is the daily resistance level to be followed. In case 3,590 will be broken up then 3,700 resistance can be tested. We remain positive on TOASO. Eyes will be on 3Q results in the coming weeks.

Company news:

*MPARK TI> bought back 12K shares at an average price of TL52.90 on 7 October 2022. Since 25 May 2022, the total number of shares bought back reached 4.0mn at an average price of TL39.40.

*SAHOL TI> > Enerjisa Üretim (Generation) signed contract with Enercon Global and Enercon Ruzgar Enerji for renewable energy investment. (Positive for SAHOL) Enerjisa Enerji Üretim A.Ş. (“Enerjisa Üretim”) announced that the company signed contract with Enercon Global and Enercon Ruzgar Enerji for undertaking the investments and operating of Mugla and Balikesir region Wind Energy Renewable Energy Resource Area 2 (YEKA-2) project of 500 MW in addition to Canakkale and Aydin Region YEKA-2 project of 500 MW which the tender was previously won by Enerjisa Üretim. According to the company’s announcement, 1,000 MW of wind power plants covering the YEKA-2 tenders will be implemented with a total investment of US$1.2bn within the scope of the agreement between Enerjisa Üretim and Enercon Group. The company aims to gradually complete 1,000 MW of YEKA-2 Project investments by the 1Q26. After completain of the above-mentioned investments are completed and the capacity increases are deployed, Enerjisa Üretim's installed capacity will reach to approximately 4.7 GW with a share of 57% renewables. According to SAHOL’s announcement, Enerjisa Enerji Üretim A.Ş. (“Enerjisa Üretim”), whose shares representing 50% of the share capital are indirectly owned by Sabancı Holding <SAHOL TI>, aims to strengthen its leading position in the renewables energy market in Turkey, in-line with Sabancı Group's strategies for new economy-oriented growth and pioneering sustainability initiatives. Please note that, Enerjisa Üretim is a non-listed electricity generation company

*THYAO TI> Total pax was up 45% y/y while surpassing September 2019 levels by 8%... (positive) Total pax was up by 45% y/y to 7.28mn in September 2022 which was at 108% of its 2019 level. Domestic pax was up by 7% y/y in September 2022 whereas direct international pax and int to int transfer pax were up 75% and 84% y/y, respectively, during the same period. Domestic and international pax were at 91% and 119% of its 2019 level, respectively. Available seat km (ASK) increased by 45% y/y in September 2022 to 19.3bn, which was at 116% of its 2019 level. Total load factor was up by 1,566bps y/y to 85.4% in September 2022 due to 1,181bps and 1,660bps y/y increase in domestic and international load factor, respectively. Although load factor in September 2022 is 85.4%, when we adjust this KPI for aircrafts on the ground by dividing revenue passenger km (RPK) in September 2022 to ASK of September 2019, we find a load factor of 99.0%. Considering adjusted load factor was 98.3% in August 2022, we observe a m/m increase in load factor. International pax in 9M22 was 108% above 9M21. Moreover international pax in 9M22 was 4.5% above 9M19. Domestic pax 9M22 was 34% higher than 9M21 but still 17% below 9M19. International pax in 3Q22 is 72% above 3Q21. but 17% above 3Q19. Domestic pax 3Q22 was 2% higher than 3Q21 but still 7% below 3Q19.

Weekly Agenda:

Oct, 10: Aug unemployment rate

Oct, 11: Aug foreign trade indices

Oct, 11: Aug current account balance

Oct, 12: Aug industrial production

Oct, 13: BRSA weekly banking sector data

Oct, 14 Sep Home sales

Oct, 14: Oct CBRT survey of participations