Morning Note /
Turkey

Turkey: We expect another positive opening

  • US markets headed the highest level for the last two months and European markets signal a positive opening as well

  • SCT brackets are revised on cars and TOASO -out of publicly traded companies- will be affected the most

  • TOASO KCHOL KOZAL KOZAA and VESTL are recommended for trading today

ATA Invest
24 November 2022
Published byATA Invest

US markets headed the highest level for the last two months and European markets signal a positive opening as well. Today we will hear CBRT rate decision and we expect to see single digit rates as of today which does not have much affect any more. Special Consumption tax brackets are revised on cars and TOASO -out of publicly traded companies- will be affected the most. Yesterday BIST 100 closed above 4,800 resistance and today we expect another positive opening is expected. 4,900 and 5,000 are the next resistance levels. SAHOL closed strong yesterday and we remain positive technically. TOASO KCHOL KOZAL KOZAA and VESTL are recommended for trading today.

Company news:

*TOASO TI> According to official gazette of Turkey, taxable base for excise tax is increased <Positive>

According to official gazette of Turkey, for vehicles that are below 1,600cm³,

taxable base is increased to TL184K from TL120K for vehicles which are in 45% excise tax bracket

taxable base is increased to TL220K from TL150K for vehicles which are in 50% excise tax bracket

taxable base is increased to TL250K from TL175K for vehicles which are in 60% excise tax bracket

taxable base is increased to TL280K from TL200K for vehicles which are in 70% excise tax bracket

In addition for vehicles that are below 1,800cm³,

taxable base is increased to TL228K from TL130K for vehicles which are in 45% excise tax bracket

taxable base is increased to TL350K from TL210K for vehicles which are in 50% excise tax bracket

We believe in our auto coverage TOASO will be affected positively the most due to their vehicle portfolio.

* MPARK TI> bought back 30K shares at an average price of TL71.88 on 23 November 2022. Since 25 May 2022, the total number of shares bought back reached 6.6mn at an average price of TL48.66.

*MPARK TI> announced three transactions, in-line with it’s with the strategy of growing with mid-large scale hospitals in metropolitan areas (slightly positive) Samsun Medikal Grup Özel Sağlık Hizmetleri A.Ş. ("Samsun Medikal") which is Medicalpark's 80% owned subsidiary decided to obtain the licences of Özel Adana Metro Hospital and Özel Adana Hospital. The take-over agreement consists of lease agreement for the buildings of the relevant hospitals, taking over their personnel and operations. The company decided to change Özel Adana Metro Hospital's name to Özel Medical Park Seyhan Hospital, Özel Adana Hospital's name to Özel Medical Park Adana Hospital. After the completion of these transfer processes, Medicalpark will start operations with Özel Medical Park Adana Hospital (153 bed capacity) and Özel Medical Park Seyhan Hospital (143 bed capacity). Samsun Medical also decided to take over Özel Özülkü Medical Center's operating license. After this agrement, number of active hospitals will increase to 28 from 26 and Medicalpark and active number of bed capacity increased to c.5,350 from c.5,050.

Medicalpark also decided to take over Özel Güney Adana Hospital's license with a capacity of 203 beds. The company aims to open a new hospital in Adana within 18 months with a closed area of 40K m² and a bed capacity of 203, using the license taken over from the Özel Güney Adana Hospital. With the opening new hospital in Adana within 18 months, Medicalpark’s number of hospitals and number of beds will increase to 29 from 28 and c.5,550 from c.5,350, respectively.

*DOAS TI> announced that Dogus Holding have initiated discussions with respect to sale to corporate investors of 8.8mn shares (4% of the total share capital). Dogus Holding currently holds 75% of the issued share capital of Dogus Otomotiv and following the successful completion of the Transaction, its expected direct shareholding interest in Dogus Holding will be 71%. According to the announcement the sale transaction shall be executed at the stock exchange through sales by private order.

Weekly Agenda:

Nov, 24: November Capacity Utilisation Rate

Nov, 24: CBRT Interest Rate Decision

Nov, 24: BRSA Weekly Banking sector Data