TEB Investment equity research analysts and strategist team consists of 8 analysts with an average finance sector experience of 15 years and special focus on international investors.

With our 6 equity research analysts we cover 93 companies across 21 sectors, reflecting 80% of the total market capitalization of all BIST companies and 86% of the BIST100 companies. Our strategy team provides in depth top-down and bottom-up market views with insight on FX and bond markets by publishing sectoral and strategic reports both in English and Turkish.

Coverage

  • Research Category: Equity
  • Asset Class: Equity
  • Geographic Coverage: Turkey
  • Size Coverage: Large Cap, Mid Cap, Small Cap, Micro Cap, Nano Cap
  • Sector Coverage: Automobiles & Parts, Banks, Beverages, Chemicals, Construction & Materials, Electronic & Electrical Equipment, Financial Services, Fixed Line Telecommunications, Food & Drug Retailers, Food Producers, General Industrials, General Retailers, Household Goods & Home Construction, Industrial Engineering, Industrial Metals & Mining, Industrial Transportation, Life Insurance, Mining, Mobile Telecommunications, Nonlife Insurance, Oil & Gas Producers, Real Estate Investment Trusts, Support Services, Technology Hardware & Equipment, Travel & Leisure
  • Underlying Coverage: 43
Export
Ticker Underlying First Report Latest Report
AKBNK TRAAKBNK91N6 Akbank T.A.S. 2018/04/26 2018/10/25
AKCNS TRAAKCNS91F3 Akcansa Cimento 2018/05/21 2018/09/19
AKGRT TRAAKGRT91O5 Aksigorta Anonim Sirketi A.S. 2018/05/08 2018/05/08
ALBRK TREALBK00011 Albaraka Turk Katilim Bankasi AS 2018/05/15 2018/11/16
ANACM TRAANACM91F7 Anadolu Cam Sanayi A.S. 2018/04/27 2018/10/26
ARCLK TRAARCLK91H5 Arcelik A.S. 2018/04/27 2018/11/01
AVISA TRECUHE00018 AvivaSA Emeklilik & Hayat 2018/04/30 2018/04/30
BIMAS TREBIMM00018 BIM Birlesik Magazalar 2018/08/15 2018/08/15
BIZIM TREBZMT00017 Bizim Toptan Satis Magazalari AS 2018/04/25 2018/09/27
CCOLA TRECOLA00011 Coca-Cola Icecek Uretim AS 2018/05/03 2018/10/22
CIMSA TRACIMSA91F9 Cimento Sanyai Ve Ticaret A.S. 2018/05/21 2018/05/21
DGATE TREDGTE00010 Datagate Bilgisayar Malzemeleri TAS 2018/05/10 2018/05/10
DOAS TREDOTO00013 Dogus Otomotiv Servis ve Ticaret A.S. 2018/05/10 2018/08/14
EKGYO TREEGYO00017 Emlak Konut Gayrimenkul Yatirim Ortakligi AS 2018/05/02 2018/05/02
ENKAI TREENKA00011 Enka Insaat ve Sanayi A.S. 2018/05/10 2018/11/09
EREGL TRAEREGL91G3 Eregli Demir ve Celik Fabrikalari T.A.S. 2018/04/27 2018/10/26
FROTO TRAOTOSN91H6 Ford Otomotiv Sanayii A.S. 2018/08/02 2018/10/26
GARAN TRAGARAN91N1 Turkiye Garanti Bankasi A.S. 2018/04/27 2018/10/26
GSDHO TRAGSDHO91Q9 GSD Holding A.S. 2018/05/11 2018/05/11
HALKB TRETHAL00019 Turkiye Halk Bankasi AS 2018/05/11 2018/11/09
INDES TREINDX00019 Indeks Bilgisayar Sistemleri Muhendislik Sanayi ve Ticaret A.S. 2018/05/11 2018/05/11
ISCTR TRAISCTR91N2 Turkiye Is Bankasi A.S. C 2018/02/08 2018/11/19
KCHOL TRAKCHOL91Q8 KOC Holding A.S. 2018/05/10 2018/05/10
KOZAA TREKOZA00014 Koza Anadolu Metal Madencilik Isletmeleri A.S. 2018/08/14 2018/11/09
KOZAL TREKOAL00014 Koza Altin Isletmeleri AS 2018/08/14 2018/11/09
KRDMD TRAKRDMR91G7 Kardemir Karabuk Demir Celik Sanayi ve Ticaret A.S. D 2018/05/02 2018/11/02
MGROS TREMGTI00012 Migros Ticaret A.S 2018/05/08 2018/08/10
PETKM TRAPETKM91E0 Petkim Petrokimya Holding A.S. 2018/05/04 2018/11/02
SAHOL TRASAHOL91Q5 Haci Omer Sabanci Holding A.S. 2018/05/08 2018/05/08
TAVHL TRETAVH00018 TAV Havalimanlari Holding AS 2018/04/30 2018/11/01
TCELL TRATCELL91M1 Turkcell Iletisim Hizmetleri A.S. 2018/04/25 2018/10/25
THYAO TRATHYAO91M5 Turk Hava Yollari A.O. 2018/05/10 2018/11/08
TKFEN TRETKHO00012 Tekfen Holding 2018/03/08 2018/10/26
TOASO TRATOASO91H3 Tofas Turk Otomobil Fabrikasi A.S. 2018/04/27 2018/11/01
TRKCM TRATRKCM91F7 Trakya Cam Sanayi A.S. 2018/07/30 2018/10/26
TSKB TRATSKBW91N0 Turkiye Sinai Kalkinma Bankasi AS 2018/05/03 2018/11/01
TTKOM TRETTLK00013 Turk Telekomunikasyon AS 2018/04/26 2018/04/26
TTRAK TRETTRK00010 Turk Traktor ve Ziraat Makineleri A.S. 2018/05/18 2018/11/01
TUPRS TRATUPRS91E8 Turkiye Petrol Rafinerileri A.S. 2018/05/10 2018/11/08
ULKER TREULKR00015 Ulker Biskuvi Sanayi 2018/09/27 2018/09/27
ULUSE TREULET00014 Ulusoy Elektrik Imalat Taahhut ve Ticaret AS 2018/09/26 2018/11/29
VAKBN TREVKFB00019 Turkiye Vakiflar Bankasi (D) 2018/05/22 2018/11/22
YKBNK TRAYKBNK91N6 Yapi ve Kredi Bankasi A.S. 2018/05/04 2018/11/01

Analysts

  • Akif Dasıran

    Analyst
  • Erdem Kaylı

    Analyst
  • Isik Okte

    Strategist
  • Kurthan Atmaca

    Analyst
  • Mete Yuksel

    EVP/Head of Research
  • Ogeday Gurbuz

    Junior Analyst
  • Ovunc Gursoy

    Analyst
Ovunc Gursoy

TURKISH BANKS - Weekly banking review

In the week to 23rd November, total loans decreased 0.6% w-w, while total deposits contracted 1.6% w-w. NPLs rose 0.4% q-q, while loans shrank. We expect the current NPL level of 3.6% to reach 4% at the year-end and then further elevate to 6% by end-2019. The LDR materialized at 114%. Four banks plan to issue covered bonds on mortgage loans based on which the Turkey Development Bank will issue asset backed securities. Their sale proceeds will be given to the issuer banks. Hence, capital adequacies are set to improve as covered bonds are 1,250% risk weighted but ABS are zero risk weighted. ABS...

Ovunc Gursoy

TURKISH BANKS - Banking monthly - October 2018

For Oct-18, banking sector profit was TRY3.7b (-10% m-m, cumulative +12% y-y). We attribute the m-m drop to a surge in trading losses and contracted spreads. Net provisions almost halved m-m on lower specific and free provisions post 3Q’s IFRS 9 macro assumption adjustments. The net total CoR slid to 89bp, from 182bp in September. The NPL ratio rose to 3.5% from 3.2% in 3Q, with a stable 70% NPL coverage. The sector delivered an ROAE of 11% (-1.2pp m-m) and an 18.2% CAR (+10bp m-m). Private banks’ (PBs) earnings were better than those of state banks (SB) in October due to a higher securities ...

Kurthan Atmaca

Ulusoy Elektrik (ULUSE TI) - Lacks upside potential: Downgrading to Hold

On 28 Nov, media reported that US-based power management company Eaton Corporation is in advanced talks to buy Ulusoy Elektrik for around USD300m. The current market value of Ulusoy Elektrik is USD230m. Ulusoy Elektrik has also confirmed this news. Ulusoy family owns more than 80% of Ulusoy Elektrik; therefore, if the majority stake is sold, Eaton might launch a tender offer to minority shareholders for the remaining stake. Following the news, the stock surged by 15% on 28 Nov (vs 14.4% for BIST100) and closed at TRY15.21, which is above our target price of TRY14.95. Therefore, we downgrade to...

Ovunc Gursoy

TURKISH BANKS - Asset resolution and banks’ recap plans

Ever-greening loans through continuous restructuring with years of grace periods may postpone capitalisation needs, and also prevent new loan originations, but it may ultimately delay economic growth. A well-structured bank recapitalisation program is necessary to improve the health of the financial system and front-load revival in economic activity, in our view. All in all, we believe clogged up questionable receivables reduce banks’ ability to provide liquidity to the economy. The BRSA can keep CARs at comfortable levels through substandard practices, but we believe this cannot relieve the ...

Mete Yuksel

Model Portfolio / TURKEY MARKET OUTLOOK - Further raising banks’ weightings

In this reshuffle, we take profits on Arcelik and BIMAS while adding 4 new names to our portfolio: Coca Cola Icecek, Migros, Sabanci Holding and THYAO. We are further increasing the weighting of banks in our portfolio to 6pp above that of BIST100. We believe some bank managements are overly pessimistic in their 2019 preliminary guidance and will gradually raise it. While sluggish loan originations are delaying the timing of this expected spread recovery, we expect spreads to get better q-q, every quarter throughout 2019, to almost match that of a year earlier. We believe discretionary provisi...

Ovunc Gursoy

TURKISH BANKS - Weekly banking review

In the week to 23rd November, total loans decreased 0.6% w-w, while total deposits contracted 1.6% w-w. NPLs rose 0.4% q-q, while loans shrank. We expect the current NPL level of 3.6% to reach 4% at the year-end and then further elevate to 6% by end-2019. The LDR materialized at 114%. Four banks plan to issue covered bonds on mortgage loans based on which the Turkey Development Bank will issue asset backed securities. Their sale proceeds will be given to the issuer banks. Hence, capital adequacies are set to improve as covered bonds are 1,250% risk weighted but ABS are zero risk weighted. ABS...

Ovunc Gursoy

TURKISH BANKS - Banking monthly - October 2018

For Oct-18, banking sector profit was TRY3.7b (-10% m-m, cumulative +12% y-y). We attribute the m-m drop to a surge in trading losses and contracted spreads. Net provisions almost halved m-m on lower specific and free provisions post 3Q’s IFRS 9 macro assumption adjustments. The net total CoR slid to 89bp, from 182bp in September. The NPL ratio rose to 3.5% from 3.2% in 3Q, with a stable 70% NPL coverage. The sector delivered an ROAE of 11% (-1.2pp m-m) and an 18.2% CAR (+10bp m-m). Private banks’ (PBs) earnings were better than those of state banks (SB) in October due to a higher securities ...

Kurthan Atmaca

Ulusoy Elektrik (ULUSE TI) - Lacks upside potential: Downgrading to Hold

On 28 Nov, media reported that US-based power management company Eaton Corporation is in advanced talks to buy Ulusoy Elektrik for around USD300m. The current market value of Ulusoy Elektrik is USD230m. Ulusoy Elektrik has also confirmed this news. Ulusoy family owns more than 80% of Ulusoy Elektrik; therefore, if the majority stake is sold, Eaton might launch a tender offer to minority shareholders for the remaining stake. Following the news, the stock surged by 15% on 28 Nov (vs 14.4% for BIST100) and closed at TRY15.21, which is above our target price of TRY14.95. Therefore, we downgrade to...

Ovunc Gursoy

TURKISH BANKS - Asset resolution and banks’ recap plans

Ever-greening loans through continuous restructuring with years of grace periods may postpone capitalisation needs, and also prevent new loan originations, but it may ultimately delay economic growth. A well-structured bank recapitalisation program is necessary to improve the health of the financial system and front-load revival in economic activity, in our view. All in all, we believe clogged up questionable receivables reduce banks’ ability to provide liquidity to the economy. The BRSA can keep CARs at comfortable levels through substandard practices, but we believe this cannot relieve the ...

Mete Yuksel

Model Portfolio / TURKEY MARKET OUTLOOK - Further raising banks’ weightings

In this reshuffle, we take profits on Arcelik and BIMAS while adding 4 new names to our portfolio: Coca Cola Icecek, Migros, Sabanci Holding and THYAO. We are further increasing the weighting of banks in our portfolio to 6pp above that of BIST100. We believe some bank managements are overly pessimistic in their 2019 preliminary guidance and will gradually raise it. While sluggish loan originations are delaying the timing of this expected spread recovery, we expect spreads to get better q-q, every quarter throughout 2019, to almost match that of a year earlier. We believe discretionary provisi...

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