Earnings season takes off today with Arcelik reporting (Ata TL761mn, consensus TL733mn), as weakening margins will be the highlight of Q4.
In the consensus earnings set, our estimates for BIM, DOAS & Aselsan positively and largely diverge from the consensus.
We expect a positive opening today and stocks to continue to recover their losses from Monday. Short-selling restriction with an uptick rule will continue and when we analyze the numbers from yesterday, Lira volumes were down 24% over Monday when there was no restriction.
Macro news:
Manufacturing Capacity Utilization Rate (CUR) increased by 220bps y/y to 77.6% in Jan’22. (-110bps m/m) Seasonally adjusted Manufacturing CUR increased by 240bps y/y to 78.0% in Jan’22 (-40bps m/m).
Company news:
*ARCLK TI> bought back 425K shares at an average price of TL49.03 on 25 Jan 2022. Since 02 July 2021, the total number of shares bought back reached 41.0mn at an average price of TL35.32.
Weekly Agenda:
Jan 26: ARCLK 4Q21 results cons: TL 733 mn TL 761 mn
Jan 28: January Economic Confidence (December 97.6)