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Latest articles in Turkey

Turkey: 1,410 is a critical level for the index

July inflation was worse than market's expectations, climbing to 19.95% annually. 1,410 is a critical level for the index (200 SDMA), hence further strength would require participation by foreign investors. CPI increased by 1.8% m/m bringing annual i...
ATA Invest Batuhan
Batuhan Ozsahin @ ATA Invest 4 August 2021

Turkish autos: Light vehicles sales volume declined by %45 y/y in July

P. Cars decreased by 48% y/y to 36.3K units whereas LCV sales decline by 36% y/y to 11.5K units in July 2021. We foresee LV sales to increase by 13% y/y to 877K units in 2021e. . In our optimistic-case scenario, we expect 22% y/y increase to 944K uni...
ATA Invest Aytunc
Aytunc Uz @ ATA Invest 3 August 2021

Sisecam: Sisecam: Better-than-expected operating results and bottom-line

Sisecam reported TL1,396mn net income in 2Q21 which was 19% above our estimate and 8% above cons. est. of TL1,297mn. The company’s EBITDA surged by 207% y/y to TL1,856mn in 2Q21, which was 11% higher than our estimate of TL1,676mn. The company genera...
ATA Invest Aytunc
Aytunc Uz @ ATA Invest 3 August 2021

Turkey CPI increases by 1.80% m/m in July (18.95% y/y)

PPI increased by 44.92% y/y in Jul’21. Food and Non-Alcoholic beverages increased by 2.77% m/m (+%24.92 y/y) in Jul’21. With the Inflation Report published in Jul’21, CBT's 2021 inflation target is 14.1% (ATA 21E: 15.9% y/y).
ATA Invest Zeynep
Zeynep Erman @ ATA Invest 3 August 2021

Yapi Kredi: Stronger than expected results

Yapi Kredi reported 2Q21 net income (bank only) of TL2,233mn (+54% q/q and -68% y/y), 18% higher than our and consensus estimate. Core revenues were up 21% q/q to TL2.5bn driven by higher CPI linker income and well-contained swap costs (core revenues...
ATA Invest Batuhan
Batuhan Ozsahin @ ATA Invest 2 August 2021

Garanti: Another strong beat

Garanti reported bank only 2Q21 NI of TL2,924 (+16% q/q and 77% y/y), 11% higher than our and consensus estimate. The main deviation from our estimate was due to lower cost of risk. We continue to favor Garanti among Turkish banks despite the macro u...
ATA Invest Batuhan
Batuhan Ozsahin @ ATA Invest 30 July 2021