TFG Istanbul Morning Report (TFG Istanbul Menkul Değerler )

• The BIST opened the new week on a gain of 0.90% to close at 5504, and turnover of TRY 92.7bn, but realized profit-takings after peaking at a new historic record of 5549.
• The Mining stocks once again took the realm at the gains, closing nearly 5% higher, and was followed by the Aviation and the Conglomerates, whereas the Banks lagged behind the benchmark, rising by just 0.4%, and the Energy stocks were flat.
• TKFEN, KOZAL and DOHOL led the gains at the BIST30, whereas SASA, BIMAS and VESTL were the most sold.
• Today, we expect a positive opening at the BIST.
• As of yesterday’s close, the TRY is trading is trading a tad weaker against the USD at 18.69, and weaker against the Euro at 19.90, whereas the DXY has fallen to 104 level. Both the 2yr and 10yr TRY rates rose by 29bps and 33bps to 9.81% and 10.32%, respectively. The 5yr CDS rates will start the day from the 518 level.
• After being closed for Christmas yesterday, Brent is trading higher at USD 85.26, and falling below the USD 1800 ticker yesterday, ounce GOLD has rebounded to USD 1805, and gram GOLD is also higher at TRY 1085.
• China disclosed that it will scrap quarantine for inbound travellers as of January 8th. This may be positive for AVIATION stocks, especially THYAO.
NEWS FLOW:
• Speaking after yesterday’s cabinet meeting, President Erdogan said Turkey had discovered a new reserve of 58 bcm in the Caycuma-1 field, in addition to revising up an estimated volume in the Sakarya field to 652 bcm from the previous 540 bcm. As such, the total volume of natural gas Turkey has discovered in the Black Sea now amounts to 710 billion cubic metres (bcm). We view this development positive on natural gas companies such as AHGAS-AKSEN-ENKAI and ZOREN, as well as companies whose main cost of good line is natural gas, such as SISE, CEMENT, and CERAMIC stocks, as well as TUPRS, KRDMD and EREGL. We deem the news relatively negative for renewable energy stocks as notable natural gas reserve may reduce incentives on the renewable front. Erdogan also stated that the government aimed to reduce inflation to single digits in 2024.
• TECHNOLOGY: According to media reports, Turkey will allow the import of refurbished electrical and electronics, besides just cellphones and tablets. We deem this news negative for tech retailers such as TKNSA and INDES.
• KOZAL: Disclosed it will raise its paid-in capital by 2000% to TRY 3.2bn via bonus issue.
• CCOLA: Disclosed that it will buy AEFES’s subsidiary Anadolu Etap Gida, which is Turkey’s largest fruit and fruit juice producer for USD 112mn.
• CCOLA: The company disclosed that it will purchase 49.7% stake in The Coca Cola Pakistan, for USD 300mn
• DOAS: Disclosed that it will raise its registered capital to TRY 1bn from the current TRY 660mn
• POLHO (+): Disclosed that its port subsidiary has signed an agreement with the National Railway System that would allow a rail system to be allowed into the port as to transport cargo.
AGENDA:
• There are no local macro releases, and the US will be disclosing the October Case-Schiller Home Prices. Please note that the UK markets will also be closed today, and re-open tomorrow.

 TFG Istanbul Menkul Değerler A.Ş.
  www.tfgistanbul.com/arastirma-raporlar
                           ***
                  Yasal Uyarı
 
 Burada yer alan yatırım bilgi, yorum ve tavsiyeler yatırım danışmanlığı kapsamında değildir.Yatırım danışmanlığı hizmeti ; aracı kurumlar, portföy yönetim şirketleri, mevduat kabul etmeyen bankalar ile müşteri arasında imzalanacak yatırım danışmanlığı sözleşmesi çerçevesinde sunulmaktadır.Burada yer alan yorum ve tavsiyeler, yorum ve tavsiyede bulunanların kişisel görüşlerine dayanmaktadır.Bu görüşler mali durumunuz ile risk ve getiri tercihlerinize uygun olmayabılır.Bu nedenle, sadece burada yer alan bilgilere dayanılarak yatırım kararı verilmesi beklentilerinize uygun sonuçlar doğurmayabilir.