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2Ç21 Kar Tahminleri 2Ç21 Kar Tahminleri 27 Temmuz 2021 Çeyreksel bazda güçlü sonuçlar beklediğimiz sanayi şirketleri: Yılın ikinci çeyreğinde güçlü kar ivmesi beklediğimiz şirketler ve nedenleri şu şekildedir: Erdemir ve Kardemir (yüksek ürün fiyatları), Tüpraş (petrol fiyatlarındaki artış ve ürün marjlarındaki hafif toparlanma), Petkim (artan ürün fiyatlarından kaynaklanan güçlü nafta-etilen makası), Şişe Cam (düzcam tarafında güçlü fiyat ivmesi, cam ev eşyası segmentinde kapanmaların azalmasıyla birlikte artan talep, soda külü tarafında artan satış miktarları, cam ambalaj segmentinde kuvvetli seyreden uluslararası talep ve döviz kurlarındaki yüksek seviyelerin gelirlere sağladığı katkı), Coca Cola İçecek (ekonominin açılması akabinde güçlenen talep), Tofaş ve Doğuş Oto (güçlü iç talep), Logo Yazılım (güçlü satış ivmesi ve artan karlılık). Öte yandan, potansiyel güçlü kar ivmelerinin Erdemir, Kardemir, Petkim, Şişe Cam ve Tüpraş hisseleri üzerinde fiyatlanmamış olduğunu düşünmekteyiz. Özel bankaların makul karlar açıklamasını öngörüyor, Yapı Kredi’nin öne çıkmasını bekliyoruz. Kamu bankalarında özel bankalara nazaran daha düşük karlılık ivmesi beklerken, özel bankalarda ana temaların enflasyona endeksli tahvillerde artan getiriler, kredi/mevduat makası daralmasının sona erdiğine dair işaretler, makul komisyon geliri büyümesi ve düşük kredi karşılık maliyetleri olmasını öngörüyoruz. Özel bankalar içerisinde bahsedilen tema karışımı içerisinde Yapı Kredi Bankası’nın öne çıkmasını bekliyoruz. Oldukça düşük PD/DD çarpanından işlem gören (0,35) Yapı Kredi hissesinde beklentilerimiz gerçekleştiği takdirde bankanın sene sonu hedeflediği %14-16 öz sermaye getirisi hedefine olan yatırımcı güveni artıp, bu durum hisseye ivme kazandırabilir. Lütfen raporun sonundaki yasal uyarıları göz önünde bulundurunuz. 2. Çeyrek 2021 Tahminleri Sektör 2Ç 2021 Gedik Yatırım Tahminleri (mln TL) Tahmini Açıklanma Satış Çeyreklik ∆ Yıllık ∆ FAVÖK Çeyreklik ∆ Yıllık ∆ Kar Çeyreklik ∆ Yıllık ∆ Tarihi BANKACILIK Akbank AKBNK 2,052 1.2% 29.4% 28.07.2021 Garanti Bankası GARAN 2,715 7.4% 69.7% 29.07.2021 T. Halk Bankası HALKB 72 22.0% -92.4% Vakıfbank VAKBN 626 -16.5% -59.0% Yapı ve Kredi Bankası YKBNK 1,864 28.3% 40.0% 30.07.2021 İş Bankası ISCTR 1,752 -5.5% 11.0% OTOMOTİV Dogus Otomotiv DOAS 7,345 18.6% 188.6% 594 5.6% 173.4% 459 12.9% 336.0% Ford Otosan FROTO 10,600 -34.8% 85.1% 1,100 -39.3% 74.5% 960 -47.2% 242.8% Tofas TOASO 7,489 16.2% 145.4% 989 13.0% 82.4% 708 14.8% 145.4% 28.07.2021 Turk Traktor TTRAK 2,845 6.0% 188.0% 412 -2.1% 207.7% 256 -26.5% 234.3% 9.08.2021 OTOMOTİV YAN SANAYİİ Brisa BRISA 1,505 2.2% 109.8% 351 -10.7% 168.2% 236 -16.3% 1040.6% Good Year GOODY 1,010 -3.4% 123.4% 126 -13.7% 1351.0% 62 -12.6% n.m. 9.08.2021 DAYANIKLI TÜKETİM Arcelik ARCLK 14,520 11.8% 85.4% 1,437 -23.7% 80.4% 542 -50.4% 33.3% 9.08.2021 1 2. Çeyrek 2021 Tahminleri 2Ç 2021 Gedik Yatırım Tahminleri (mln TL) CAM Sisecam SISE 7,200 26.6% 70.6% 1,728 29.5% 185.5% 1,397 3.6% 1550.9% GMYO Akis GMYO AKSGY 71 2.5% 135.0% 45 6.2% 13074.9% DEMİR-ÇELİK Ereğli Demir Çelik EREGL 14,098 34.7% 90.4% 5,850 51.8% 338.0% 3,543 35.3% 524.2% Kardemir KRDMD 3,689 97.3% 209.7% 1,255 124.9% 908.0% 822 139.7% n.m. 10.08.2021 ENERJİ & ELEKTRİK Enerjisa ENJSA 5,861 -0.5% 10.1% 1,681 47.9% 63.7% 432 -18.8% 17.6% 10.08.2021 Zorlu Enerji ZOREN 2,425 0.7% 37.2% 655 8.1% 19.1% 25 n.m. 324.2% TELEKOM & BT Turkcell TCELL 8,372 10.0% 24.4% 3,441 2.6% 17.4% 1,071 -3.1% 25.8% Türk Telekom TTKOM 7,968 5.0% 14.3% 3,755 4.3% 17.5% 1,140 -15.9% 16.3% 9.08.2021 Indeks Bilgisayar INDES 2,921 1.7% 42.9% 84 0.9% 54.4% 43 -21.3% 46.6% Logo LOGO 168 20.5% 43.6% 71 28.9% 52.6% 56 2.3% 81.3% 2 2. Çeyrek 2021 Tahminleri 2Ç 2021 Gedik Yatırım Tahminleri (mln TL) İNŞAAT & TAAHHÜT Enka İnşaat ENKAI 4,283 19.7% 58.8% 876 -39.6% 68.9% 1,286 12.6% -46.1% 13.08.2021 Tekfen Holding TKFEN 3,619 -4.5% 36.1% 438 -16.1% 94.7% 449 8.8% 356.8% 12.08.2021 Orge Elektrik Taahhüt ORGE 42 16.0% -2.3% 9 23.9% -31.2% 8 -10.0% -19.1% SAVUNMA Otokar OTKAR 842 -4.0% 24.3% 175 36.2% -13.6% 180 67.5% 20.0% GIDA PERAKENDE Bim Mağazaları BIMAS 17,380 12.1% 23.9% 1,508 13.9% 12.6% 752 9.9% 7.8% 12.08.2021 Migros Ticaret MGROS 8,213 6.8% 17.7% 622 2.8% 25.1% 28 -86.6% n.m. 13.08.2021 Şok Marketler SOKM 6,660 4.4% 27.5% 625 3.7% 28.4% 82 -2.2% 62.8% 18.08.2021 YEME & İÇME Ülker Gıda ULKER 2,520 -6.3% 17.5% 335 -26.8% -11.8% 200 -58.3% -60.4% 12.08.2021 Anadolu Efes AEFES 9,972 61.9% 41.0% 2,073 216.0% 37.5% 478 61.9% 35.8% Coca Cola İçecek CCOLA 5,589 49.1% 54.7% 1,280 74.6% 58.3% 675 67.4% 64.0% 11.08.2021 SAĞLIK MLP Sağlık Hizmetleri MPARK 1,260 4.0% 65.9% 289 -0.7% 58.0% 56 -14.7% n.m. 12.08.2021 Lokman Hekim LKMNH 102 6.5% 72.0% 22 1.3% 100.5% 11 0.2% 810.4% 3 2. Çeyrek 2021 Tahminleri 2Ç 2021 Gedik Yatırım Tahminleri (mln TL) PETROL & GAZ - KİMYASALLAR Aksa Akrilik AKSA 1,736 31.9% 221.1% 277 51.0% 342.2% 190 42.5% n.m. Aygaz AYGAZ 2,657 -7.8% 36.7% 93 -30.7% -28.2% 106 n.m. 161.3% 11.08.2021 Kordsa KORDS 1,685 11.3% 108.7% 271 1.1% 137.0% 135 2.3% 778.5% Petkim PETKM 6,321 25.6% 182.0% 1,765 47.9% 350.3% 1,282 45.0% 770.5% 13.08.2021 Tüpraş TUPRS 29,853 50.6% 221.7% 2,151 85.0% 284.7% 1,306 n.m. n.m. 11.08.2021 MADENCİLİK Koza Altın KOZAL 957 12.8% 32.7% 522 26.4% 9.5% 621 -6.3% 32.1% 9.08.2021 4 2Ç21 Kar Tahminleri YASAL UYARI Burada yer alan bilgiler Gedik Yatırım Menkul Değerler A.Ş. tarafından genel bilgilendirme amacı ile hazırlanmıştır. 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. Herhangi bir yatırım aracının alım- satım önerisi ya da getiri vaadi olarak yorumlanmamalıdır. Bu görüşler mali durumunuz ile risk ve getiri tercihlerinize uygun olmayabilir. Bu nedenle, sadece burada yer alan bilgilere dayanarak yatırım kararı verilmesi beklentilerinize uygun sonuçlar doğurmayabilir. Burada yer alan fiyatlar, veriler ve bilgilerin tam ve doğru olduğu garanti edilemez; içerik, haber verilmeksizin değiştirilebilir. Tüm veriler, Gedik Yatırım Menkul Değerler A.Ş. tarafından güvenilir olduğuna inanılan kaynaklardan alınmıştır. Bu kaynakların kullanılması nedeni ile ortaya çıkabilecek hatalardan Gedik Yatırım Menkul Değerler A.Ş. sorumlu değildir. .
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