TFG Istanbul Morning Report (TFG Istanbul Menkul Değerler )

HARSH SELL-OFFS AT CLOSE DUE TO MOUNTING ELECTION TENSION
" The BIST100 diverged negatively from its peers yesterday, falling by 2.18% to 5207, with a turnover of TRY 74.6bn, whereas the Banks managed to fall by a mere 0.33%, due to their poor performance the day before, whereas the 2% losses were uniform across the sectors.
" VESTL, ASELS and ISCTR led the gains among the BIST30 stocks, whereas SASA pared its gains from the previous day, and was followed by EKGYO and BIMAS. We also observed the small-cap stocks fare better than their blue-chip peers.
" Today, we expect the BIST to rebound after yesterday's harsh sell-offs.
" As of yesterday's close, the TRY is trading slightly weaker against the USD at 19.98 against the USD, and slightly weaker against the Euro at 2040 against the Euro, whereas the DXY is trading calm at 103.69.
" On the commodity front, Brent is trading slightly higher, but a hairline below the USD 78 ticker, and ounce and gram GOLD have fallen to USD 1900 and TRY 1160, respectively.
" The U.S. February Inflation rates came in-line with y/y expectations of 6% vs the previous month's reading of 6.4%, however, still presenting the Fed with a headache, come next week when the FOMC convenes on March 22nd.
" Yesterday, The U.S. European Command said that two Russian fighter jets conducted an "unsafe and unprofessional" intercept of an American drone over the Black Sea, striking the unmanned aircraft's propeller so U.S. forces had to bring the drone down.
" OPEC held its 2023 global oil demand forecast steady, and sees improved Chinese oil demand more than offset by resilient Russian output.
4Q22 FINANCIAL RESULTS:
" MAVI: SLIGHTLY POSITIVE: Mavi's 4Q22 operational lines are in line with estimates, while the net income surpassed the consensus by 26%. The EBITDA margin is a tad softer than expectations at 19.4%, while the market was envisaging 20.1%. We like company's the cash generation as the net cash doubled q-q to an all-time high TRY1.1bn. The company trades at attractive 7.45x trailing P/E and 3.8x EV/EBITDA. With top-line and EBITDA growth more than twofold the inflation y-y, we believe Mavi's relative valuation looks appealing. In details; MAVI posted TRY295mn net profit, TRY633mn EBITDA and TRY3267mn sales in its 4Q22 financials. Net sales is 6% above the consensus mean whereas EBITDA was in line with expectations.
NEWS FLOW:
" AEFES: Reportedly, Carlsberg has agreed to sell its eight Baltika breweries in Russia to Anadolu Efes as soon as 1H23, as both parties have reached an agreement in principle, and are now just hashing out the details. However, it may pose an issue with the Russian antitrust authority since AEFES's share of the Russian market will exceed 50% after the deal.
" PGSUS: February passenger numbers rose by 27% y/y to 2mn, capacity rose by 4.3pts to 85.9%, accruing total PAX to 4.14mn, an increase of 33% ytd.
AGENDA:
" On the local front, February Budget Balance will be disclosed, whereas on the international front, U.S. Retail Sales, PPI, and the New York Empire State Manufacturing Index will be released.

 TFG Istanbul Menkul Değerler A.Ş.
  www.tfgistanbul.com/arastirma-raporlar
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