Morning Note /
Turkey

Turkey: Still any weakness is a buying opportunity

  • Breathless rally continues in BIST with the leadership of banks despite volatility.

  • GARAN and ISCTR are moving more aggressively as GARAN liquidity is low and there is significant cash inflow to ISCTR.

  • Eyes will be on Jackson Hole meeting although no surprise expected.

ATA Invest
26 August 2022
Published byATA Invest

Breathless rally continues in BIST with the leadership of banks despite volatility. Still any weakness is a buying opportunity. GARAN and ISCTR are moving more aggressively as GARAN liquidity is low and there is significant cash inflow to ISCTR. We remain positive on aviation names where our top pick is TAVHL. Positive momentum continues. We like TOASO technically. Eyes will be on Jackson Hole meeting although no surprise expected.

 Macro news:

Manufacturing Capacity Utilization Rate (CUR) declined by 40bps y/y to 76.7% in Aug’22. (-150bps m/m) Seasonally adjusted Manufacturing CUR declined by 20bps y/y to 76.6% in Aug’22 (-150bps m/m).

 Company news:

*MPARK TI> Social Security Institution (SSI) prices revised up again after Feb’22. (Positive for MPARK) SSI prices revised up around 40% in almost all procedures as of Sep’22. Please note that SSI prices were revised by 37% in almost all procedures in Feb'22. SSI revenues constitute %24 of the company’s consolidated revenue in 2021. We believe that upward revision in SSI will support Medicalpark’s revenue growth in 2022.

 *MPARK TI> bought back 67K shares at an average price of TL40.36 on 25 August 2022. Since 25 May 2022, the total number of shares bought back reached 2.9mn at an average price of TL37.25.