Morning Note /
Global

Turkey: Positive opening is likely

  • BIST 100 floated below 5.400 support but closed at 5.454 level on Friday.

  • The volume keep declining due to the Christmas and new year holiday mode in general.

  • The share of foreign investors in the market are at record low level of 29.20%.

ATA Invest
28 December 2022
Published byATA Invest

BIST 100 floated below 5.400 support but closed at 5.454 level on Friday. The volume keep declining due to the Christmas and new year holiday mode in general. The share of foreign investors in the market are at record low level of 29.20%. Today a positive opening is likely and BIST 100 can test the 5.525 and 5.580 resistance levels today. We like TOASO, BIMAS technically

Company news:

*FROTO TI> Romania plan purchase price is adjusted up by Eur12.9mn (neutral) According to the company’s announcement, based on Ford Otosan Romania S.R.L.'s actual financial statements dated 30.06.2022; cash, net debt, net working capital and the investments made by the Company for Next Generation Courier program has been adjusted and final purchase price adjustment is determined as EUR12.9mn Euros which is going to be paid by Ford Otosan Netherlands B.V. to Ford Capital B.V. within 15 business days. Please note that, Ford Romania SRL transaction has been completed after the first instalment of EUR406m as of 1 July 2022. The company started to consolidate Romania operations as of 3Q22. EUR196mn will be paid including interest in June’25 and EUR23mn will be paid including interest in Dec’28 and and a conditional amount of EUR140mn in 2028 subject to Romania plant capacity utilization in 2028-2034. Depending on the final amount to be paid in 2028, EUR 638mn to EUR 778 mn will be paid, including interest.

* MPARK TI> bought back 37K shares at an average price of TL82.38 on 23 December 2022. Since 25 May 2022, the total number of shares bought back reached 7.0mn at an average price of TL50.06.

*SAHOL TI> bought back 500K shares at an average price of TL43.17 on 23 December 2022. Since 09 Nov 2021, the total number of shares bought back reached 35.6mn at an average price of TL24.73.

*OTKAR TI> got orders from Italy worth EUR 34.2 mn

*HEKTS TI> will apply CMB for the IPO of its subsidiary “Ferbis Tarim”. 

*TCELL TI> will start preparations for the IPO of its subsidiary Global Tower (Kule Hizmet ve Isletmecilik)

Weekly Agenda:

Dec, 26: Dec Capacity utilisation rate

Dec,26: Dec Real sector confidence

Dec, 29: Dec Economic confidence index

Dec, 29: BRSA Weekly and Monthly banking sector data

Dec, 30: Nov foreign trade statistics