ANALİZ-Morning Report(Trive Yatırım) [FNC-NEWS]

• 11.06.2024 09:22

https://news-files.foreks.com/attachment/1718086963153_MORNINGTRIVEREPORT-11JUNE2024.pdf

JITTERS CONTINUE AMID TRANSACTION-BASED TAX RATE CONUNDRUM
The BIST100 fell a further 1.39% yesterday to below the psychological 10k level to 9998, but again on a low turnover of TRY 69.3bn, attributable to the uncertainty regarding the state of the proposed transaction-based tax rate, with the selloffs accelerating towards the closing of the session.  Vice President Cevdet Yilmaz also chimed in on the matter yesterday, reiterating the Treasury and Finance Minister?s statements last week that a tax rate on capital gains was not on the table, but that a minimal 1-2bps transaction-based tax rate was being discussed. We expect the negative mood in the BIST to continue today and tomorrow as well, but may see a bounce-back after the credit positions are closed on Thursday and Friday, before the beginning of the long Eid vacation. The 0.37% retreat in the Banks was peanuts compared to the 6% losses incurred on Friday, whereas the Conglomerates shed a little over 2.5%, and the Industrials and REITs closed 1.51% and 1.93% lower, while the losses in the Energy stocks was near 2%. One sector that did manage to shine brighter than its peers, were the Mining stocks, rising 3.3% higher over its peers, thanks to a Buy Report from a local brokerage house. As such, KOZAA-KOZAL and TCELL were yesterday?s most bought blue-chips, as opposed to TAVHL-SASA and KRDMD. As of print, the TRY is trading flat against the USD at 32.41, but weaker against the Euro at 34.90, while the DXY is relatively calm at 105.12. On the commodity front, Brent is trading a tad weaker at $81.25, while GOLD is lower at $2298. In April, the Current Account Balance posted a deficit of $5.3bn, thus aggregating to $31.5bn on a 12mth basis. Speaking on the matter, Treasury and Finance Minister, Mr. Mehmet Simsek, stated that he expects the deficit to be around $24bn-27bn for the remainder of the year, thus lower than the Medium Term Program target of $34.7bn. April Industrial Production fell by 4.9% on a monthly basis, thus contracting by 0.7% on an annual basis. The Mining and Quarrying sector grew by 12.2% y/y, the electricity-natural gas-and steam sector grew by 1.6%, whereas the manufacturing sector fell by 1.5%.
 
AGENDA
 
On the local front, the Retail Trade figures will be disclosed, whereas on the international front, there are no major macro releases expected until the critical Inflation figures and the FOMC meeting on Wednesday.
 
FINANCIAL RESULTS
 
BIZIM: Disclosed a 3Q24 net loss of TRY 220.3mn vs net income of TRY 98mn in 3Q23. VESBE: Disclosed a 3Q24 net income of TRY 616.61mn vs TRY 1.11bn in 3Q23.
 
CORPORATE NEWS
 
AKGRT: Disclosed that its May premium generation rose by 54% to TRY 2.6bn, and by 73% for Jan-May period to TRY 15bn. CVKMD: Disclosed it acquired a mine for $11.5mn. ISCTR: Disclosed that it signed a syndicated loan agreement in the amount of EUR 562.7 million and USD 442 million with a maturity of 367 days. The all-in cost for the highest participation level of the Euro and US Dollar tranches are Euribor+2.25% and Sofr+2.50%, respectively. The proceeds of the facility will be used for trade finance purposes. PGSUS: Disclosed that its May total passenger count rose by 21% on an annual basis to 3.16mn from 2.63mn, and 25% for Jan-May period to 14.14mn from 11.29mn. Domestic passenger count rose by 24% to 1.19mn from 0.96mn, and by 26% for Jan-May period to 5.5mn from 4.35mn. International passenger count rose by 18% y/y to 1.98mn from 1.67mn, and by 25% for Jan-May to 8.65mn from 6.93mn. SISE: Disclosed yesterday it applied to the Capital Markets Board due to the  transactions observed in publicly traded shares on Borsa İstanbul on 31/05/2024, and the complaints from its investors, to conduct necessary investigations and ensure legal sanctions against those who make purchases and sales, place orders, cancel orders, change orders or carry out account activities with the purpose of creating a false or misleading impression on the prices, price changes, supply and demand of our company's capital market instruments, which have caused damage to our company and our investors.

Foreks Haber Merkezi ( haber@foreks.com )
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