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Turkey: We expect flat openings

  • The market recovered yesterday with the leadership of banking and aviation sectors
  • Today after a flat opening we can expect BIST 100 to move towards 1,450 resistance and then towards 1,465 level
  • Any weakness should be considered as a profit taking sale as long as the index stays above 1,415 level

The market recovered yesterday with the leadership of banking and aviation sectors. Today after a flat opening we can expect BIST 100 to move towards 1,450 resistance and then towards 1,465 level. Any weakness should be considered as a profit taking sale as long as the index stays above 1,415 level. Globally, we see a decline in the risk appetite again. US inflation announcement will be the major event to follow on Thursday.

Company news:

SISE : announces glass packaging investment in Hungary. Sisecam’s Board of Directors decided for a glass packaging investment in Hungary. This investment will be the first in glass packaging investment for Sisecam in Europe. A production facility consisting of two furnaces and an annual net production capacity of 330K tons is planned, with an investment of EUR 255mn including working capital requirements. It is aimed that the first furnace of this glass packaging facility investment in Europe will start operating in 2023 and the facility will reach full capacity by 2025.

THYAO – PGSUS- TAVHL : Total PAX in Turkish airports decreased 10% m/m to 5.6mn in May. <Neutral for THYAO, PGSUS and TAVHL> Domestic PAX in Turkey increased to 3.1mn in May which is 40.4% of its 2019 level. Considering domestic PAX in Turkey was 3.7mn in April which was 54.4% of its 2019 level, there is a m/m decrease in domestic PAX. International PAX decreased to 2.44mn in May which is 26.2% of its 2019 level. Considering international PAX in Turkey was 2.46mn in April which is 31.7% of its 2019 level, there is a m/m decreases in international PAX in Turkey. We believe m/m worsening in PAX numbers were due to Ramadan and widespread lockdown in Turkey. Istanbul Airport’s, main hub of Turkish Airlines, total PAX decreased by 11% m/m to 2.05mn in May. Considering 11% m/m decline in total PAX vs. 11% m/m decrease in ATM per day in the same period, THYAO’s load factor is likely to remain stable m/m in May. Total PAX in Sabiha Gokcen, main hub of Pegasus, decreased by 17% m/m to 1.1mn in May which is 40.8% of its 2019 level. Domestic PAX was down by 21% m/m to 0.7mn which is 41.7% of its 2019 level whereas, international PAX was down by 10% m/m to 0.39mn in May which is 39.4% of its 2019 level. Considering domestic PAX was 0.9mn and international PAX was 0.43mn in April which were 50.3% and 36.2% of their 2019 levels respectively, there is a m/m worsening in total PAX in Sabiha Gokcen. Considering 17% m/m lower passenger vs. 21% m/m lower ATM per day in the same period, PGSUS’ load factor is likely to increase m/m in May. TAV Holding’s total PAX was up by 8% m/m to 1.9mn in May 2021 which is 23.0% of its 2019 level in May. Domestic PAX decreased by 11% m/m in May to 0.9mn which is 35.6% of its 2019 level. Considering domestic PAX was 1.1mn in April which was 37.8% of its 2019 level, there is m/m decrease in domestic PAX. International PAX increased by 38% m/m to 0.9mn in May which is 17.0% of its 2019 level. Considering international PAX was 0.7mn in April which was 19.3% of its 2019 level, there is m/m decline in international PAX trend. Please note that Tav Holding has just started publishing numbers for its recently acquired Almaty Airport. For the sake of comparison we are not including Almaty numbers in this report. In May 2021, Almaty’s total PAX was 0.5mn, 21% of TAV Holding’s total PAX.

ENKA: Mehmet Tara bought 258K ENKA shares in price range TL9.03-9.05 His stake raised to%0.242

ARZUM: will distribute TL0.3654065 /share dividend and the reference price will be TL 19.385

Weekly Agenda:

June, 10: April Foreign Trade Indices

June, 10: April Unemployment Rate

June, 11: April Industrial Production Index

June, 11: June CBT Survey of Expectations


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