Morning Note /
Global

Turkey: Earnings season will be completed this week

  • Yesterday PGSUS and TUPRS 2Q results were out and both were better than expectations

  • Due to sharp weakness in oil prices, TUPRS faced selling pressure yesterday which is likely to reverse today

  • Bist 100 is likely to open green towards 2.875 resistance and 2.890-2.900 are the next resistance levels

Zeynep Erman
Zeynep Erman

Equity Research Analyst

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ATA Invest
16 August 2022
Published byATA Invest

Earnings season will be completed this week. Yesterday PGSUS and TUPRS 2Q results were out and both were better than expected. Due to the sharp weakness in oil prices, TUPRS faced selling pressure yesterday which is likely to reverse today. We remain very positive on TUPRS despite normalisation in cracks as the company will be a dividend payer again starting from 2023.

Bist 100 is likely to open green towards 2.875 resistance and 2.890-2.900 are the next resistance levels.

Company news:

*TUPRS TI> 2Q22 Review: Strong results…Tupras posted TL10.6bn net income in 2Q22, 52% higher than the consensus estimates of TL7.0bn in 2Q22. Despite increasing natural gas cost, Tupras recorded TL15.9bn EBITDA (Consensus Est.: TL14.0bn) in 2Q22 thanks to TL2.9bn inventory gain related to recovery in brent oil prices and TL depreciation, as well as strong product crack margins. Based on Bloomberg consensus estimates, Tupras trades at 4.1x 2022E EV/EBITDA multiple, implying %33 discounts compared to its 5-yr historic multiple.

*PGSUS TI>2Q22 Review: Better than expected results… Pegasus posted €40.4mn net loss in 2Q22 which was 16% lower than our estimate of €48mn net loss and 21% lower than consensus estimate of €51mn net loss. Higher than expected EBITDA was the reasons behind lower than expected net loss in 2Q22. The company’s EBITDA was €104mn in 2Q22 which was 23% higher than our estimate of €85mn and 21% higher than consensus estimate of €86mn. The company’s revenues increased by 226% y/y to €504mn in 2Q22 which was 11% above our estimate of €456mn and 10% above consensus of €458mn. The deviation from our estimates was due to 44% higher domestic RASK and 1% higher international RASK.

*AGHOL TI> posted TL1,552mn net income in 2Q22, implying 683% y/y increase. Exc. one of impact of sales McDonalds, AGHOL posted TL626mn net income in 2Q22, implying 216% y/y increase. (Neutral, not rated) AGHOL is currently trading at 29.5% discount compared its NAV whereas it was trading at 34.2% historically. 

*MPARK TI> bought back 31K shares at an average price of TL42.52 on 15 August 2022. Since 25 May 2022, the total number of shares bought back reached 2.2mn at an average price of TL36.09.

*SAHOL TI> bought back 100K shares at an average price of TL23.29 on 15 August 2022. Since 09 Nov 2021, the total number of shares bought back reached 62.6mn at an average price of TL17.20.

*MAVI: will pay TL 1.2126055 /share dividend and the reference price will be TL 64.487.

*YATAS: will pay TL 0.06675614/share dividend and the reference price will be TL 15.722

Weekly Agenda:

Aug 16 KCHOL 2Q22 cons NI TL 11.492 mn

Aug 16: SOKM 2Q22 cons NI TL 337 mn

Aug 16: BIZIM 2Q22

Aug 17: ENKAI 2Q22 NI cons TL -646 mn

Aug 17: ULKER 2Q cons NI: TL -265 mn ATA TL -414 mn

Aug 17: BIMAS 2Q cons NI: TL 1.621 mn ATA TL 1656 mn

Aug 18: CBRT rate deciosion no change expected

Aug 18: TCELL 2Q22 NI cons TL 895 mn ATA 1109 mn

Aus 18: DOAS 2Q22 NI cons TL 1563 mn ATA 1538 mn