Morning Note /
Turkey

Turkey: We expect a positive BIST opening

  • We see that global markets are on the rise prior non farm payroll data which also signals a positive opening for BIST

  • TAVHL is one of ATA top picks but we also recommend an OP for THYAO

  • 2,030-2,050-2,100 are the resistance levels to be followed

ATA Invest
7 January 2022
Published byATA Invest

On the last trading day of the week we see that global markets are on the rise prior non farm payroll data which also signals a positive opening for BIST. TL is resilient in the morning. The hope and belief that the pandemic is about to end with the Omicron variant is not only positive for the macro picture but also positive for tourism and aviation sectors. TAVHL is one of ATA top picks but we also recommend an OP for THYAO. Industrial sectors are still leading the index where we also remain positive. 2,030-2,050-2,100 are the resistance levels to be followed.

Company news:

*BIMAS TI> bought back 100K shares at an average price of TL69.02 on 06 Jan 2022. Since 6 Dec 2021, the total number of shares bought back reached 3.0mn at an average price of TL70.30

 *SAHOL TI> bought back 250K shares at an average price of TL14.58 on 06 Jan 2022. Since 09 Nov 2021, the total number of shares bought back reached 8.8mn at an average price of TL13.57.

*AUTOS - December 2021 Domestic Sales: LV sales declined by 40% y/y in December 2021... Mainly due to lower availability, Turkish Light Vehicle (LV) sales fell by 40% y/y to 62.2K units in Dec 2021, 17% lower than our estimate of 75.0K units at the beginning of the month. On a segmental basis, P. Car sales declined by 46% y/y to 43.5K units whereas LCV sales declined by 21% y/y to 18.7K units in Dec 2021. LV sales decreased by 5% y/y in 2021, to 737.4K, 9% less than our estimate of 806K. We cut our 2022E LV sales estimate by 20% to 710K from 883K, implying 4% y/y decline.

 Total PAX in Turkish airports increased to 10.1mn in December, 76% of its 2019 level... Domestic PAX in Turkey increased to 5.4mn in December which is 74% of its 2019 level (ATA Estimate: 5.6mn, 77% of 2019 level). Considering domestic PAX in Turkey was 6.3mn in November which was 79% of its 2019 level, there is a m/m decrease in domestic PAX trend. International PAX increased to 4.8mn in December which is 78% of its 2019 level (ATA Estimate: 4.5mn, 75% of 2019 level). Considering international PAX in Turkey was 5.0mn in November which was 77% of its 2019 level, there is a m/m increase in international PAX trend in Turkey.