DOCSLIB.ORG

Market Watch Wednesday, September 20, 2017 Agenda

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text

Load more

Market Watch Wednesday, September 20, 2017 www.sekeryatirim.com.tr Agenda 18 Monday 19 Tuesday 20 Wednesday 21 Thursday 22 Friday N/A Treasury auction U.S., August existing BoJ announcement N/A Germany, September home sales U.S., jobless claims ZEW survey U.S., Fed FOMC U.S., September Philadelphia U.S., August housing announcement Fed business outlook starts and building permits Outlook: Global stock markets continued to edge up higher on Tuesday as well, as Volume (mn TRY) BIST 100 investors have been waiting for today’s key US Fed policy meeting. Having started the day rather flattish, the BIST100 closed 1.5% lower at 104,918, 112.000 decoupling negatively from its peers attributable to rising geopolitical risk in 8.000 Northern Iraq. Total trading volume in the market was at TRY 6.7bn. Mar- 110.000 kets will remain focused on the Fed’s policy decision today, where no 6.000 108.156 108.244 107.742 change is expected. However, Chairperson Yellen’s remarks following the 106.535 108.000 meeting, and the dot plots, are expected to help investors determine a new 4.000 5.570 5.986 104.918 106.000 direction for the markets. Before this announcement, markets will follow 5.639 4.704 August existing home sales data from the US. Locally, geopolitical news 2.000 4.340 104.000 flow will remain relevant. Asian markets have been advancing today, ex- cepting Japan, while European markets seem set to open amid some sell- 0 102.000 ing. We expect the BIST to open with some reactionary buying today. RE- 13-Sep 14-Sep 15-Sep 18-Sep 19-Sep SISTANCE LEVELS: 106,000 / 106,900 / SUPPORT LEVELS: 104,900 / 104,200. Indices (TRY) Previous Last Chg. YTD Money Market: BIST 100 106.535 107.742 1,13% 37,89% The Lira was negative yesterday, weakening 0.75% against the USD to BIST 30 130.596 131.862 0,97% 38,08% close at 3.4965. Additionally, the currency depreciated by 0.83% against BIST-Financial 133.659 135.069 1,06% 30,38% the basket composed of $0.50 and €0.50. The local fixed income markets BIST-Industrial 118.388 120.090 1,44% 43,67% were relatively flat. The two-year benchmark bond was traded within a tight BIST-Services 69.049 69.727 0,98% 40,51% range of 11.67-%-11.69%, ending the day at a high of 11.69%, 2 bps above its previous close. Advances Declines Most Active Stocks (%) Stocks (%) Stocks Vol (TR) BMEKS 18,60 AKPAZ -5,41 THYAO 650.937.986 Company News: BANVT 11,45 HURGZ -5,38 GARAN 259.168.957 TAV Airports Holding (TAVHL. TI; OP) - New shareholder structure: EGCYH 9,09 MAALT -4,24 IPEKE 246.216.255 Upon completion of the share transfer of Tepe Insaat’s 3.0% stake and GENTS 8,90 DOHOL -3,92 AKBNK 156.505.839 Sera Yapı’s 0.76% stake in TAV Airports on September 12, 2017, TAV METRO 6,86 HATEK -3,61 HALKB 140.634.884 Airports Holding has shared its new shareholder structure as follows: Groupe ADP (through Tank OWA, a wholly-owned subsidiary of Groupe Money Market Previous Last Pr. Mn YE15 ADP): 46.12% (unch.); Tepe Insaat: 5.06% (prev: 5.06%); Sera Yapi: O/N Repo (%) 12,40 11,81 11,79 9,50 1.29% (prev.: 2.05%); other, non-floating: 3.20% (prev.: 3.27%); other, free Euro Bond (30 year, $) 162,13 160,23 160,13 147,10 Bond (Benchmark, %) 11,67 11,69 11,69 10,94 float: 44.33% (prev.: 40.50%). We do not expect this announcement alone to have a significant impact on the group’s short-term shares performance, Currency Previous Last Chg. YTD as its new shareholder structure was formerly implied in its previous com- US$ 3,4705 3,4965 0,75% -1,16% Euro 4,1485 4,1855 0,89% 12,95% munication regarding the said parties’ stake sale. The completion of the Euro/Dolar 1,1994 1,20121 0,15% 14,62% sale process may eliminate pressure on the group shares given the lock up period of 270 days; we call attention to our OP rating - TAV Airports Hold- Commodity Previous Last Chg. YTD ing’s shares have been under pressure since the announcement of these Oil (Brent spot, $) 55,4 55,3 -0,16% -2,56% stake sales, attributable to the group’s increasing free float, previously at Oil (NYMEX future, $) 49,9 50,2 0,62% -6,83% 40.50%, and increased to 44.33% after the sale. We evaluate the group’s Gold (Ounce, $) 1.311,2 1.312,9 0,13% 14,02% simplification of its shareholder structure as constructive, and would like to Silver (XAG, $) 17,3 17,3 -0,02% 8,70% remind that there is a lock-up period of 270 days (9 months, i.e., until June Şeker Funds Previous Last* Chg. YTD 2018) for Tepe Insaat and Sera Yapı not to sell any further shares in TAV Şeker Portfoy Equity Fund 0,447714 0,441267 -1,44% 30,38% Airports Holding, and that we understand that currently Tepe Insaat and Şeker Portfoy Debt Instruments 0,026277 0,026260 -0,06% 6,99% Sera Yapı are likely to maintain their stakes in the group as suggested by Şeker Portfoy Money Market 1,189212 1,189578 0,03% 7,55% the lock-up period. Hence, we should also point out that similar to Turkcell, Şeker Portfoy Mix Fund 0,022642 0,022523 -0,53% 14,41% the completion of the sale process could eliminate pressure on the group Şeker Portfoy Gold Fund 0,022344 0,022468 0,55% 9,40% shares for the short-to-medium run, which have underperformed >>> Şeker Portfoy Short T. Debt 0,014205 0,014209 0,03% 7,27% * Prices as of 20-Sep-17 Market Watch Wednesday, September 20, 2017 www.sekeryatirim.com.tr >>> the BIST100 by 2.2% since the stake sale. We maintain our OP rating World Indices on TAV Airports Holding shares, which continue to trade at a wide discount America Previous Last Chg. YTD of 54% compared to peers on 2017E EV/EBITDA; our TP of TRY 23.10/sh Dow Jones (US) 22.331 22.371 0,18% 13,20% for group shares, currently suggests an upside potential of ca.24%. Nasdaq (US) 6.455 6.461 0,10% 20,03% S&P 500 (US) 2.504 2.507 0,11% 11,96% Turkcell (TCELL TI, OP) Sonera Holding yesterday announced that the group has agreed to sell its 153.5mn shares in Turkcell, corresponding to Bovespa (Brasil) 75.990 75.974 -0,02% 26,15% ca.7% of the company's share capital (ca.14% of its free floating shares), at Europe Previous Last Chg. YTD a price of TRY 11.60/sh. The share price agreed for the sale at the time of Dax (Germany) 12.559 12.562 0,02% 9,41% the announcement was ca.4% below Turkcell shares' market price. The FTSE 100 (UK) 7.253 7.275 0,30% 1,85% development may create short-term pressure on Turkcell shares. The CAC 40 (France) 5.237 5.237 0,00% 7,72% transaction is expected to settle on 21 September, 2017. Telia Company MIB30 (Italy) 22.425 22.425 0,00% 16,59% will then retain its 24.0% percent indirect stake in Turkcell. The group shares had outperformed the BIST100 merely by ca.1.7% since the an- PSI20 (Portugal) 5.303 5.303 0,00% 13,33% nouncement of the first tranche (155mn) of Sonera Holding's stake sale in ASE (Greece) 761 763 0,27% 18,52% May 2017, despite its strong operational (revenues:+27.1% YoY, EBITDA: RTSI (Rusia) 1.119 1.109 -0,93% -3,79% +41.4% YoY) and financial performance in 1H17 (NI: +18.7% YoY). We Asia Previous Last Chg. YTD believe the completion of the sales process should remove previous over- Nikkei (Japan) 19.275 20.299 5,32% 6,20% hang concerns, and Turkcell’s increasing free float is likely to increase its Hang Seng (Hong Kong) 27.668 28.051 1,38% 27,50% weighting in the MSCI index in the future as well, supporting demand for Shanghai Comp. (China) 3.365 3.357 -0,25% 8,16% the group shares. Turkcell also plans to pay the last instalment (TRY 1bn) of its TRY 3.0bn dividends on December 15, 2017. We reiterate our OP KOSPI (South Korea) 2.344 2.416 3,09% 19,23% recommendation on the company shares that are currently trading at Sensex (India) 31.688 32.402 2,26% 21,69% 2017E EV/EBITDA of 5.7x by our estimates, at a ca.12% discount to inter- Turkdex (Set. Price) Previous Last Chg. YTD national peers. INX30 (OCTOBER 17) 132,500 130,425 -1,57% 35,47% USD (OCTOBER 17) 3,5268 3,533 0,18% -0,91% Kardemir (KRDMD.TI; OP) has shared a new price list with an incre- EURO (OCTOBER 17) 4,2265 4,242 0,37% 12,56% mental ca.1% increase in its rebar prices, along with an average 6% in- GOLD (OCTOBER 17) 148,64 149,17 0,36% 11,91% crease in billet prices. The prices of all other products were maintained unchanged. The price action indicates continuing resilience in the compa- Portfolio Inclusio Inclusio Last Chg. BIST Recommend. Date Price Close (%) Relative ny’s product prices, and hence may create short-term slightly positive senti- Tofaş 30.01.17 25,84 31,80 23,1% -4,3% ment around its shares.
Recommended publications
  • Sayı 103 – Sermaye Piyasasında Gündem Mart 2011

    Sayı 103 – Sermaye Piyasasında Gündem Mart 2011

    sermaye piyasasında GüNDeM SAYI 103 MART 2011 ISSN 1304-8155 Endonezya Sermaye Piyasası (sayfa 7) Yabancı Piyasalarda Menkul Kıymet Kotasyonu ve Depo Sertifikaları (sayfa 16) TSPAKB TSPAKB Adına İmtiyaz Sahibi E. Nevzat Öztangut Başkan Genel Yayın Yönetmeni İlkay Arıkan Genel Sekreter Sorumlu Yazı İşleri Müdürü Alparslan Budak Genel Sekreter Yardımcısı Editör Ekin Fıkırkoca Müdür/Araştırma ve İstatistik Türkiye Sermaye Piyasası Aracı Kuruluşları Birliği Tasarım (TSPAKB), aracı kuruluşların üye olduğu, kamu Cennet Türker tüzel kişiliğini haiz özdüzenleyici bir meslek ku- Kıdemli Uzman/Eğitim ve Tanıtım ruluşudur. Efsun Ayça Değertekin Uzman/Araştırma ve İstatistik Birliğin 103 aracı kurum, 1 vadeli işlemler aracı- lık şirketi ve 41 banka olmak üzere toplam 145 Kapak Tasarımı ve Mizanpaj üyesi vardır. Cennet Türker Kıdemli Uzman/Eğitim ve Tanıtım Yayın Türü: Yaygın, süreli Sermaye piyasasında GüNDeM, TSPAKB’nin aylık iletişim organıdır. Para ile satılmaz. TSPAKB Büyükdere Caddesi No:173 1. Levent Plaza Kat:4 1. Levent 34394 İstanbul Tel:212-280 85 67 Faks:212-280 85 89 www.tspakb.org.tr [email protected] Basım Printcenter Bu rapora www.tspakb.org.tr adresinden ulaşabilirsiniz. Sermaye piyasasında GüNDeM, Türkiye Sermaye Piyasası Aracı Kuruluşları Birliği (TSPAKB) tarafından bilgilendirme ama- cıyla hazırlanmıştır. Bu raporda yer alan her türlü bilgi, değerlendirme, yorum ve istatistiki değerler, hazırlandığı tarih itibariyle güvenilirliğine inanılan kaynaklardan elde edilerek derlenmiştir. Bilgilerin hata ve eksikliğinden ve ticari amaçla kullanılmasından doğabilecek zararlardan TSPAKB hiçbir şekilde sorumluluk kabul etmemektedir. Raporda yer alan bilgi- ler kaynak gösterilmek şartıyla izinsiz yayınlanabilir. TSPAKB Sunuş KOBİ’lerin gelişmesi ve rekabet gücünün artması için alternatif fon kaynaklarına erişim, ekonomik kalkın- manın en önemli anahtarlarından birini oluşturuyor.
  • Turkey Aerospace & Defense

    Turkey Aerospace & Defense

    TURKEY AEROSPACE & DEFENSE 2016 AEROSPACE TURKEY TURKEY AEROSPACE & DEFENSE 2016 Aerospace - Defense - Original Equipment Manufacturers Platforms - Clusters - Multinationals - Sub-Tier Suppliers Distinguished GBR Readers, Since the inception of the Undersecretariat for Defense Industries 30 years ago, significant steps have been taken to achieve the goals of having the Turkish armed forces equipped with modern systems and technologies and promoting the development of the Turkish defense industry. In the last decade alone, the aerospace and defense (A&D) sector's total turnover quadrupled, while exports have increased fivefold, reaching $5.1 billion and $1.65 billion in 2014, respectively. The industry's investment in research and development (R&D) reached almost $1 billion in 2014. The total workforce in the A&D industry reached 30,000 personnel, of which 30% are engineers. Even more remarkable, Turkey is now at the stage of offering its own platforms for both the local market and to international allies, and has commenced a series of follow up local programs. Although this progress has been achieved under the circumstances of a healthy and consistent political environment and in parallel with sustained growth in the Turkish economy, the proportion of expenditure for defense in the national budget and as a percentage of Turkey’s GDP has been stable. With the help of the national, multinational and joint defense industry projects that have been undertaken in Turkey by the undersecretariat, the defense industry has become a highly capable community comprising large-scale main contractors, numerous sub- system manufacturers, small- and medium-sized enterprises, R&D companies who are involved in high-tech, niche areas, research institutes, and universities.
  • Retirement Strategy Fund 2060 Description Plan 3S DCP & JRA

    Retirement Strategy Fund 2060 Description Plan 3S DCP & JRA

    Retirement Strategy Fund 2060 June 30, 2020 Note: Numbers may not always add up due to rounding. % Invested For Each Plan Description Plan 3s DCP & JRA ACTIVIA PROPERTIES INC REIT 0.0137% 0.0137% AEON REIT INVESTMENT CORP REIT 0.0195% 0.0195% ALEXANDER + BALDWIN INC REIT 0.0118% 0.0118% ALEXANDRIA REAL ESTATE EQUIT REIT USD.01 0.0585% 0.0585% ALLIANCEBERNSTEIN GOVT STIF SSC FUND 64BA AGIS 587 0.0329% 0.0329% ALLIED PROPERTIES REAL ESTAT REIT 0.0219% 0.0219% AMERICAN CAMPUS COMMUNITIES REIT USD.01 0.0277% 0.0277% AMERICAN HOMES 4 RENT A REIT USD.01 0.0396% 0.0396% AMERICOLD REALTY TRUST REIT USD.01 0.0427% 0.0427% ARMADA HOFFLER PROPERTIES IN REIT USD.01 0.0124% 0.0124% AROUNDTOWN SA COMMON STOCK EUR.01 0.0248% 0.0248% ASSURA PLC REIT GBP.1 0.0319% 0.0319% AUSTRALIAN DOLLAR 0.0061% 0.0061% AZRIELI GROUP LTD COMMON STOCK ILS.1 0.0101% 0.0101% BLUEROCK RESIDENTIAL GROWTH REIT USD.01 0.0102% 0.0102% BOSTON PROPERTIES INC REIT USD.01 0.0580% 0.0580% BRAZILIAN REAL 0.0000% 0.0000% BRIXMOR PROPERTY GROUP INC REIT USD.01 0.0418% 0.0418% CA IMMOBILIEN ANLAGEN AG COMMON STOCK 0.0191% 0.0191% CAMDEN PROPERTY TRUST REIT USD.01 0.0394% 0.0394% CANADIAN DOLLAR 0.0005% 0.0005% CAPITALAND COMMERCIAL TRUST REIT 0.0228% 0.0228% CIFI HOLDINGS GROUP CO LTD COMMON STOCK HKD.1 0.0105% 0.0105% CITY DEVELOPMENTS LTD COMMON STOCK 0.0129% 0.0129% CK ASSET HOLDINGS LTD COMMON STOCK HKD1.0 0.0378% 0.0378% COMFORIA RESIDENTIAL REIT IN REIT 0.0328% 0.0328% COUSINS PROPERTIES INC REIT USD1.0 0.0403% 0.0403% CUBESMART REIT USD.01 0.0359% 0.0359% DAIWA OFFICE INVESTMENT
  • Turkish Airlines Aviation

    Turkish Airlines Aviation

    GENEL-PUBLIC March 8, 2018 Equity Research Turkish Airlines Aviation Company update Europeans are back Strong demand continue to support industry. Turkish Airlines recorded 15.5% YoY O&D pax growth, resulting in overall 8.4% BUY YoY international pax growth in 2017. In the same year, although foreign arrivals to Turkey recovered much by 27.8% YoY almost in Share price: TL17.37 all regions, European arrivals stayed flattish in 2017. Our conversations with Association of Turkish Travel Agencies claimed Target price: TL21.60 that summer bookings from Western Europe has jumped much by 60% YoY for 2018. Furthermore, summer bookings from domestic Expected Events tourist figures jumped to 6 million versus 5 million in previous year. We now estimate Turkish Airlines will carry 42.2 mn international March THY February-18 traffic passenger and 33.1 mn domestic passenger, overall resulting to April, 9th Market traffic results (March) 9.7% YoY passenger growth and improvement of 2.9 ppt in load factor to 82.1% in 2018E vs 79.1% in 2017. Although we revised up our revenue estimate of 2018E much by 6.7%, we cut down EBITDA margin estimate by 1ppt on the back of upward revision in our oil estimates and ex-fuel CASK by 5.9% after 4Q17 results Key Data performing worse than our estimates. Accordingly, we project THY to generate 13.2% revenue and 9.9% EBITDA CAGR over our Ticker THYAO forecast period (2017-2019E). Share price (TL) 17.37 There is still room for improvement on our assumptions. The 52W high (TL) 19.57 shares have gained 10.7% so far this year outperforming the 52W low (TL) 5.38 benchmark BIST 100 index by 9.4 percentage points.
  • Market Watch Monday, March 01, 2021 Agenda

    Market Watch Monday, March 01, 2021 Agenda

    Market Watch Monday, March 01, 2021 www.sekeryatirim.com.tr Agenda 01 M onday 02 Tuesday 03 Wednesday 04 Thursday 05 Friday Turkstat, 4Q20 GDP Growth Germany, January TurkStat, February inflation CBRT, February Germany, Janu- retail sales inflation assess- ary factory orders China, February Caixin non-mfg. China, February Caixin mfg. PMI ment Germany, February PMI U.S., February Germany and Eurozone, Febru- unemployment data U.S., jobless non-farm payrolls ary Markit mfg. PMI Germany and Eurozone, Febru- ary Markit non-mfg. PMI claims and unemploy- Eurozone, February ment rate Germany, February CPI CPI Eurozone, February PPI U.S., January factory orders U.S., February U.S., February Markit mfg. PMI U.S., February ADP employment average hourly change earnings U.S., February ISM manufactur- ing index U.S., February Markit non-mfg. PMI U.S., January construction U.S., February ISM non- spending manufacturing index Outlook Major global stock markets closed lower on Friday, amid the rise in US Treasury yields, which has increased concerns over rising inflation and the Fed derailing its currently accommodative policy. Global risk appetite has Volume (mn TRY) BIST 100 relatively weakened, despite Fed Chair Powell’s statements suggesting that inflation was likely to remain below the targeted value, and that the 1.551 major central bank would maintain its current policy. Having moved in 1.518 1.488 parallel to the course of major international stock markets, the BIST100 48.000 1.483 1.471 1.600 also shed 1.13% to close at 1,471.39 on Friday, after a volatile day in 40.000 1.500 trading.
  • Market Watch Tuesday, August 08, 2017 Agenda

    Market Watch Tuesday, August 08, 2017 Agenda

    Market Watch Tuesday, August 08, 2017 www.sekeryatirim.com.tr Agenda 07 Monday 08 Tuesday 09 Wednesday 10 Thursday 11 Friday Germany, June industrial TurkStat, June industrial U.S., June wholesale U.S., jobless claims CBRT, June balance of production production inventories U.S., July PPI payments U.S., July CPI Outlook: Major stock markets have advanced to new highs, and the BIST100 has Volume (mn TRY) BIST 100 also tested new record-highs, closing up 1.1% at 109,781 on Monday. Total trading volume in the market was at TRY 6.6bn. Today, market participants 109.781 will follow TurkStat’s June industrial production release; there are no other 10.000 110.000 108.545 major data announcements. Asian markets have seen mixed trading this 8.000 morning, and the European stock markets are expected to open slightly 107.154 108.000 106.525 down. We expect the BIST to maintain its uptrend in parallel to rising global 6.000 106.147 risk appetite, although we caution that the likelihood of profit taking rises 106.000 after swift upsurges. We expect the BIST to open positively today, refresh- 4.000 4.912 4.958 ing its new record highs. RESISTANCE: 110,000 /111,200 SUP- 5.418 104.000 4.667 2.000 4.667 PORT: 109,100/108,600. 0 102.000 1-Aug 2-Aug 3-Aug 4-Aug 7-Aug Money Market: The Lira was positive yesterday, gaining 0.14% against the USD to close at 3.5295. Additionally, the currency depreciated by 0.07% against the basket composed of $0.50 and €0.50.

  • Premailer Middle East 2021

    Bonds, Loans Shangri-La Bosphorus, Istanbul & Sukuk Turkey 2021 Turkey’s largest capital markets event www.bondsloansturkey.com 93% 50+ 20% 250+ DIRECTOR LEVEL OR ABOVE REGIONAL & INTERNATIONAL SOVEREIGN, CORPORATE & INDUSTRY EXPERT SPEAKERS BANKS ATTENDED FI BORROWERS Bonds, Loans & Sukuk Turkey has become the meeting point of all important players in finance through the correct mix of its participants, and its reliability with continuity of successful organisations in the last consecutive years Selahattin BİLGEN, IGA Airport PLATINUM SPONSOR GOLD SPONSOR BRONZE SPONSORS WELCOME TO THE ANNUAL MEETING PLACE FOR TURKEY’S FINANCE PROFESSIONALS Bonds, Loans & Sukuk Turkey is the country’s largest capital markets event. It is the only event to combine discussions across the Bond, Loans and Sukuk markets, making it a “must attend” event for the country’s leading CEOs, CFOs and Treasurers. With over 65% of the audience representing issuers and borrowers and over 93% being director level or above, it is the place where live deals are discussed and mandates are won each year. As a speaker, I had a dynamic discussion which was a great experience. Overall, the organisation was great and attracted an invaluable list of attendees. Orhan Kaya, ICBC Turkey SAVE YOURSELF SHOWCASE YOUR INCREASE TIME AND MONEY EXPERTISE IN THE REGION AWARENESS get the attendee list 2 weeks by presenting a case study by taking an exhibition space before the event so you can to a room full of potential and demonstrating your pre-arrange meetings. clients. products and services. WIN MORE INCREASE YOUR BUSINESS BRANDS PRESENCE packages include a number through the numerous of staff passes so you can branding opportunities cover more clients.
  • The Influence of External Actors in the Western Balkans

    The Influence of External Actors in the Western Balkans

    The influence of external actors in the Western Balkans A map of geopolitical players www.kas.de Impressum Contact: Florian C. Feyerabend Desk Officer for Southeast Europe/Western Balkans European and International Cooperation Europe/North America team Konrad-Adenauer-Stiftung e.V. Phone: +49 30 26996-3539 E-mail: [email protected] Published by: Konrad-Adenauer-Stiftung e. V. 2018, Sankt Augustin/Berlin Maps: kartoxjm, fotolia Design: yellow too, Pasiek Horntrich GbR Typesetting: Janine Höhle, Konrad-Adenauer-Stiftung e.V. Diese Publikation ist/DThe text of this publication is published under a Creative Commons license: “Creative Commons Attribution-Share Alike 4.0 international” (CC BY-SA 4.0), https://creativecommons.org/licenses/ by-sa/4.0/legalcode. ISBN 978-3-95721-471-3 Contents Introduction: The role of external actors in the Western Balkans 4 Albania 9 Bosnia and Herzegovina 14 Kosovo 17 Croatia 21 Macedonia 25 Romania 29 Serbia and Montenegro 32 The geopolitical context 39 3 Introduction: The role of external actors in the Western Balkans by Dr Lars Hänsel and Florian C. Feyerabend Dear readers, A spectre haunts the Western Balkans – the spec- consists of reports from our representatives in the tre of geopolitics. Once again, the region is at risk various countries involved. Along with the non-EU of becoming a geostrategic chessboard for exter- countries in the Western Balkans, this study also nal actors. Warnings are increasingly being voiced considers the situation in Croatia and Romania. in Brussels and other Western capitals, as well as in the region itself. Russia, China, Turkey and the One thing is clear: the integration of the Western Gulf States are ramping up their political, eco- Balkans into Euro-Atlantic and European struc- nomic and cultural influence in this enclave within tures is already well advanced, with close ties and the European Union – with a variety of resources, interdependencies.
  • Monthly Equity Strategy

    Monthly Equity Strategy

    Equity Strategy June 05, 2012 Monthly Equity Strategy Selling pressure rose in May… Research Team HOLD +90 (212) 334 33 33 [email protected] Following the strong first quarter fuelled by increased risk appetite in developed markets, sentiment has Facts & Figures Close MoM again turned negative over the past two months. The ISE - 100, TRY 55,099 -8.18 mood in the market went south in April on news from ISE - 100, USD 29,939 -12.75 the U.S., while sales accelerated in May on increased Total Volume, TRY mn 43,471 -69.14 uncertainty following the elections in France and Greece. In addition to this, the inability to establish a MSCI EM Turkey 413,199 -13.0% government in Athens, and the emergent likelihood of MSCI EM 906 -11.7% its exit from the euro increased selling pressure in the Benchmark Bond 9.45% -13 bps stock market in May. The ISE-100 index, remaining relatively strong compared to international peers in USD/TL 1.8404 5.23% April, was also buffeted by international sell-off winds EUR/TL 2.2840 -1.26% in the last month. The ISE-100 index, which started the P/E Current month of May at 60,000 levels, has, aside from negative developments in foreign markets, been affected by ISE - 100 10.2 S&P’s downgrading of the country outlook from positive Banking 7.9 to ‘stable’, and Fitch’s statement that the period Industrial 13.2 leading to Turkey’s uptick to investment grade would Steel 8.4 be longer than expected, and retreated to 54,000 levels.
  • Finans Portföy Dow Jones İstanbul 20 Hisse Senedi Yoğun Borsa Yatırım

    Finans Portföy Dow Jones İstanbul 20 Hisse Senedi Yoğun Borsa Yatırım

    Finans Portföy Dow Jones İstanbul 20 Hisse Senedi Yoğun Borsa Yatırım Fonu Ekim-2019 Fon Bilgileri ISIN & Kodlar Fonun Adı Finans Portföy Dow Jones İstanbul 20 BYF ISIN TRMCU1WWWWW3 Takip Edilen Endeks Dow Jones Turkey Titans 20 Endeksi Sedol B4R5Y03 Kuruluş Tarihi 17 Eylül 2004 Bloomberg DJIST TI Portföy Şirket Sayısı 20 Reuters GNAD DJIST Yıllık Yönetim Ücreti 0.73% Reuters Fiyat DJISTf.IS Asgari Katılma Belgesi Oluşturma Miktarı 15,000 Reuters PCF DJISV Alım Satım Saatleri 10:00-18:00 Matrix Fiyat DJISTF İşlem Bilgi ve Verileri İşlem Bilgi ve Verileri (USD) İşlem Gördüğü Borsa Borsa İstanbul Net Aktif Değer (TRY) 35.11 İşlem Birimi Türk Lirası Net Aktif Değer 6.14 Alım/Satıma konu işlem birimi 1 pay ve katları Yönetilen Büyüklük 2,763,200 Risk Takip Hatası 0.11% Ort. Günlük İşlem Hacmi 2,296,901 Aylık İşlem Hacmi 50,531,819 Hakkında Fon Performansı DJIST Endeks YTD (31/10/2019 itibariyle) 10.06% 6.98% 2018 -18.93% -21.64% DJIST Türkiye’nin ilk Borsa Yatırım Fonu’dur. DJIST Dow Jones Titan 20 2017 49.58% 44.90% Endeksinin performansını takip etmektedir. DJIST aldığınızda bu 20 şirketin hisse 2016 14.22% 11.36% senedini tek bir işlemle almış olursunuz. Böylece riskiniz de azalır. 2015 -15.52% -17.20% 2014 30.09% 27.63% Portföy Hisse Dağılımı Lot Ağırlık Portföy Hisse Dağılımı Lot Ağırlık Koç Holding 2,975 10.57% Vakıfbank 3,190 2.69% Garanti Bankası 5,760 10.08% Arçelik 759 2.63% BİM Birleşik Mağazalar 1,130 10.07% Tav Havalimanları 540 2.60% Akbank 7,500 9.85% Petkim 3,130 2.06% Tüpraş 373 8.75% Yapı Kredi Bankası 4,620 2.05% Turkcell
  • Turkey's Largest Capital Markets Event

    Turkey's Largest Capital Markets Event

    Book your place before 5th September to SAVE £200 enter code DM1 at www.BondsLoansTurkey.com Turkey’s largest capital markets event Platinum Sponsors Gold Sponsors Lunch Sponsor Silver Sponsor Bronze Sponsors WELCOME TO Bonds, Loans & Sukuk Turkey 2018 REASONS TO ATTEND 1 Hear global investors’ analysis of the opportunities in the market from: BlueBay, Barings, Manulife 2 Gain an economist’s assessment of Turkey’s macroeconomic fundamentals: Find out which external factors are likely to impact Turkey over the next 2 years 520+ 3 Discover how issuers are hedging against FX volatility, attendees and what companies are doing with existing hard 95% currency debt Director level 4 Uncover which markets offer borrowers and issuers or above the best options, hear from: Medical Park, Vakıf Emeklilik, Bank ABC, HSBC and Emirates NBD 5 Network with 520+ senior stakeholders from the Turkish Capital Markets: 95% are Director level or above 63% Corporate & Bonds, Loans & Sukuk Turkey is a fantastic event where I can see many financial institutions and colleagues from all over the world. It also FI Issuers and provides a useful market update, covering the latest developments in the Borrowers, Turkish Capital Markets. 70+ Muzaffer Aksoy, Bank ABC Investors and speakers 2 Government Senior Level Speakers include Semih Ergür, Naz Masraff, Timothy Ash, Murat Ucer, Chief Executive Officer, Director of Europe, Senior EM Sovereign Strategist, Economist, IC Holding Eurasia Group BlueBay Asset Management GlobalSource Partners Burcu Ozturk, Burcu Geris Richard
  • Global Equity Fund Description Plan 3S DCP & JRA MICROSOFT CORP

    Global Equity Fund Description Plan 3S DCP & JRA MICROSOFT CORP

    Global Equity Fund June 30, 2020 Note: Numbers may not always add up due to rounding. % Invested For Each Plan Description Plan 3s DCP & JRA MICROSOFT CORP 2.5289% 2.5289% APPLE INC 2.4756% 2.4756% AMAZON COM INC 1.9411% 1.9411% FACEBOOK CLASS A INC 0.9048% 0.9048% ALPHABET INC CLASS A 0.7033% 0.7033% ALPHABET INC CLASS C 0.6978% 0.6978% ALIBABA GROUP HOLDING ADR REPRESEN 0.6724% 0.6724% JOHNSON & JOHNSON 0.6151% 0.6151% TENCENT HOLDINGS LTD 0.6124% 0.6124% BERKSHIRE HATHAWAY INC CLASS B 0.5765% 0.5765% NESTLE SA 0.5428% 0.5428% VISA INC CLASS A 0.5408% 0.5408% PROCTER & GAMBLE 0.4838% 0.4838% JPMORGAN CHASE & CO 0.4730% 0.4730% UNITEDHEALTH GROUP INC 0.4619% 0.4619% ISHARES RUSSELL 3000 ETF 0.4525% 0.4525% HOME DEPOT INC 0.4463% 0.4463% TAIWAN SEMICONDUCTOR MANUFACTURING 0.4337% 0.4337% MASTERCARD INC CLASS A 0.4325% 0.4325% INTEL CORPORATION CORP 0.4207% 0.4207% SHORT-TERM INVESTMENT FUND 0.4158% 0.4158% ROCHE HOLDING PAR AG 0.4017% 0.4017% VERIZON COMMUNICATIONS INC 0.3792% 0.3792% NVIDIA CORP 0.3721% 0.3721% AT&T INC 0.3583% 0.3583% SAMSUNG ELECTRONICS LTD 0.3483% 0.3483% ADOBE INC 0.3473% 0.3473% PAYPAL HOLDINGS INC 0.3395% 0.3395% WALT DISNEY 0.3342% 0.3342% CISCO SYSTEMS INC 0.3283% 0.3283% MERCK & CO INC 0.3242% 0.3242% NETFLIX INC 0.3213% 0.3213% EXXON MOBIL CORP 0.3138% 0.3138% NOVARTIS AG 0.3084% 0.3084% BANK OF AMERICA CORP 0.3046% 0.3046% PEPSICO INC 0.3036% 0.3036% PFIZER INC 0.3020% 0.3020% COMCAST CORP CLASS A 0.2929% 0.2929% COCA-COLA 0.2872% 0.2872% ABBVIE INC 0.2870% 0.2870% CHEVRON CORP 0.2767% 0.2767% WALMART INC 0.2767%