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Market Watch Wednesday, December 31, 2014 Agenda

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Market Watch Wednesday, December 31, 2014 Agenda Market Watch Wednesday, December 31, 2014 www.sekeryatirim.com.tr Agenda 29 Monday 30 Tuesday 31 Wednesday 01 Thursday 02 Friday • N/A • CBRT, December capacity • TurkStat, November foreign • All markets closed • Germany and Eurozone, utilization rate and real trade figures December manufacturing sector confidence index • CBRT, MPC’s meeting PMI • TurkStat, November minutes • U.S., December consumer confidence • Treasury, January domestic manufacturing PMI and • U.S., CB consumer borrowing strategy ISM confidence • U.S., November pending home sales • U.S., jobless claims Outlook: Volume (mn TRY) BIST 100 Yesterday, the BIST 100 managed to close the day in the green zone, though stopping hearts briefly as the TRY weakened to the 2.35 level against the USD, closing on a gain of 0.52% at 84,537 with a volume 6.000 86.000 of TRY 3.4bn. Currently, the TRY is trading stronger against the USD 84.822 84.825 84.947 at 2.32855. On the local front, November trade balance figures will be 84.537 released (MKT: -USD7.8bn), whereas across the pond, US Intitial 4.000 84.102 Jobless Claims will be monitored. We may see a positive opening at 84.000 the BIST, and our eyes will be glued to trading on Vakifbank 2.000 (VAKBN.TI, OP), which has announced the sale of its stake in Visa 3.378 and MasterCard. Resistance Levels: 85,200-86,000. Support Levels: 2.246 1.949 1.326 83,900-83,000. 0 1.159 82.000 24-Dec 25-Dec 26-Dec 29-Dec 30-Dec Money Market: Indices (TRY) Previous Last Chg. YTD The Lira was negative yesterday as the local currency weakened 0.4% BIST 100 84.102 84.537 0,52% 24,68% against the USD to close at 2.3290. Additionally, the Lira deppreciated by BIST 30 103.948 104.456 0,49% 26,69% 0.3% against the basket composed of $0.50 and €0.50. Meanwhile, the BIST-Financial 112.700 113.092 0,35% 24,97% local fixed income markets were relatively flat. Meanwhile, the two-year BIST-Industrial 78.035 78.293 0,33% 25,57% benchmark bond ended at 7.89%, 5 bps lower its previous close. BIST-Services 60.856 61.619 1,25% 21,64% Advances Declines Most Active Stocks (%) Stocks (%) Stocks Vol (TR) Company News: BRMEN 19,57 BEYAZ -6,63 GARAN 841.256.621 KENT 16,42 OZBAL -5,44 THYAO 251.215.864 The Capital Market Board has approved the planned merger of Asel- ESCOM 9,68 MRGYO -5,13 HALKB 242.113.343 san (ASELS.TI; OP) and subsidiary MIKES Mikrodalga Elektronik KILER 9,66 OLMIP -5,10 AKBNK 197.016.478 BISAS 9,52 FRIGO -4,35 AFYON 167.161.607 Sistemler Sanayi ve Ticaret A.S. (Neutral). Money Market Previous Last Pr. Mn YE13 O/N Repo (%) 9,97 9,90 9,33 7,01 Kardemir (KRDMD.TI; OP) General Manager Fadil Demirel has re- Euro Bond (30 year, $) 177,00 177,00 176,63 150,00 signed. Kardemir’s board has decided that Deputy General Manager Bond (Benchmark, %) 7,94 7,89 7,56 10,10 Metin Altan is to temporarily occupy the position. Currency Previous Last Chg. YTD TAV Airports Holding (TAVHL.TI;OP) has announced that its sub- US$ 2,3205 2,3275 0,30% 8,33% sidiary TGS Yer Hizmetleri A.S. has been awarded the tender held by Euro 2,828 2,8325 0,16% -4,32% Euro/Dolar 1,2157 1,21536 -0,03% -11,46% Turkish Airlines for the ground handling services of Istanbul Ataturk, Ankara Esenboga, Istanbul Sabiha Gokcen, Izmir Adnan Menderes, Commodity Previous Last Chg. YTD Oil (Brent spot, $) 57,5 57,1 -0,73% -48,72% Antalya, Adana Sakir Pasa, Bodrum, and Dalaman Airports for a five- Oil (NYMEX future, $) 54,1 53,6 -1,02% -45,83% year period. Accordingly, TGS Yer Hizmetleri A.S. is to continue provid- Gold (Ounce, $) 1.200,6 1.201,0 0,03% -1,77% ing ground handling and sales services by hiring staff, as well as ren- Silver (XAG, $) 16,3 16,2 -0,51% -18,69% der maintenance, troubleshooting, spare parts supply and revision Şeker Funds Previous Last* Chg. YTD services for equipment on Turkish Airlines' inventory list, at the afore- Şekerbank A T. Shares 0,328341 0,329099 0,23% 25,84% mentioned eight airports, pursuant to certain regulatory approvals Şekerbank B T. Bond&Bill 0,021319 0,021322 0,01% 4,87% (Positive). Şekerbank B T. Liquid 0,939287 0,939489 0,02% 8,23% Şeker Yat. A T. Mix 0,017924 0,017948 0,13% 15,29% Şeker Yat. B T. Gold 0,014880 0,014768 -0,75% 1,87% Şekerbank B T. Short T. Bond&Bill 0,011375 0,011377 0,02% 7,04% * Prices as of 31-Dec-14 Market Watch Wednesday, December 31, 2014 www.sekeryatirim.com.tr Turcas Petrol’s (TRCAS.TI; NC) 30% subsidiary Shell & Turcas World Indices Petrol A.S. has received a TRY 113mn tax penalty for the 2009, 2010, America Previous Last Chg. YTD 2011 and 2012 tax periods. The company has said that it would not Dow Jones (US) 18.038 17.983 -0,31% 8,48% appeal the decision. The amount comprises around 19% of Turcas’s Nasdaq (US) 4.807 4.777 -0,61% 14,39% market capitalization. We deem the news "negative" for the stock. S&P 500 (US) 2.091 2.080 -0,49% 12,55% Bovespa (Brasil) 50.594 50.007 -1,16% -2,91% Emlak Konut REIT (EKGYO.TI; OP) has announced an amend- Merval (Argentina) 8.443 8.579 1,61% 59,14% ment to its share in the total revenues of its Sarphan Finanspark Pro- Mexico Bolsa (Mexico) 43.188 43.019 -0,39% 0,68% ject. Accordingly, the amount has risen to TRY 220.6mn from TRY Europe Previous Last Chg. YTD 200.2mn. (Slightly Positive). Dax (Germany) 9.927 9.806 -1,22% 2,65% FTSE 100 (UK) 6.634 6.547 -1,30% -2,99% CAC 40 (France) 4.318 4.246 -1,68% -1,17% Vakiflar Bankasi (VAKBN.TI; OP) has sold its 1,367,330 shares in WSE WIG (Poland) 51.159 51.416 0,50% 0,26% MasterCard Inc. and 86,714 shares in Visa Inc., which had been moni- Prague (Czech Republic) 946 947 0,05% -4,28% tored in the "Available for Sale Securities" account, for a total of USD Budapest (Hungary) 16.519 16.634 0,70% -10,40% 139.5mn (Slightly Positive). RTSI (Rusya) 795 791 -0,55% -45,17% Asia Previous Last Chg. YTD Turk Telekom (TTKOM.TI; MP) has announced commencing phase Nikkei (Japan) 17.730 17.451 -1,57% 7,12% three of its integration process, which will complete steps taken to- Hang Seng (Hong Kong) 23.773 23.501 -1,14% 0,84% wards the full integration of its work units during the year. According to Shanghai Comp. (China) 3.168 3.166 -0,07% 49,61% the company, the integration aims at effectively offering a one-stop- KOSPI (South Korea) 1.928 1.916 -0,64% -4,76% shop that thoroughly meets customer needs and satisfaction. ASX 100 Index (Australia) 5.447 5.392 -1,00% 3,34% Within the scope of its go-to-market strategy, the three main areas of Turkdex (Set. Price) Previous Last Chg. YTD attention of which are Consumer, Corporate, and Wholesale, Turk INX30 (DECEMBER 14) 104,100 104,275 0,17% 26,16% Telekom is to integrate its retail sales, marketing, customer care, and USD (DECEMBER14) 2,3222 2,3298 0,33% 6,95% finance functions directly related to these areas, under Consumer and EURO (DECEMBER 14) 2,8364 2,8566 0,71% -4,38% Corporate Business Units. GOLD (DECEMBER 14) 88,650 89,640 1,12% 6,44% Portfolio Inclusio Inclusio Last Chg. BIST We believe that the integration has the potential to contribute to Turk Recommend. Date Price Close (%) Relative Telekom’s sales channel efficiency and increase cross-selling opportu- Vakifbank 25.04.14 4,21 4,86 15,4% -1,1% Turkcell 04.05.12 8,83 14,00 58,6% 11,2% nities. Tofa ş 27.06.13 12,10 15,80 30,6% 14,1% Migros 03.04.14 17,65 22,60 28,0% 7,0% Trakya Cam 24.12.13 2,23 3,50 57,0% 26,4% Isbank 20.01.14 4,64 6,27 35,1% 4,9% Arcelik 27.08.13 10,10 15,00 48,5% 20,8% Turkish Airlines 20.01.14 6,79 9,60 41,4% 9,8% Portfolio Yield (yoy) 34,9% 6,9% Portfolio Yield (mom) 0,8% 1,2% This document has been prepared by the Equity Research Department of Şeker Invest. The information and data used in this report have been obtained from public sources that are thought to be reliable and complete. However, Şeker Invest does not accept responsibility for any errors and omissions. This document should not be construed as a solicitation to buy or sell securities herein. This document is to be distributed to qualified emerging market investors only. Şeker Yatırım Menkul Degerler A.S. - Buyukdere Cad. No:171 Metrocity A Blok Kat 4 -5 SISLI /ISTANBUL Tel: (+90) 212 334 33 33 Pbx, Fax: (+90) 212 334 33 34, [email protected] .
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