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: 45
Export
Ticker Underlying First Report Latest Report
AKBNK TRAAKBNK91N6 Akbank T.A.S. 2018/04/26 2019/02/01
AKCNS TRAAKCNS91F3 Akcansa Cimento 2018/05/21 2018/09/19
AKGRT TRAAKGRT91O5 Aksigorta Anonim Sirketi A.S. 2018/05/08 2019/02/11
ALBRK TREALBK00011 Albaraka Turk Katilim Bankasi AS 2018/05/15 2019/01/17
ANACM TRAANACM91F7 Anadolu Cam Sanayi A.S. 2018/04/27 2019/02/01
ARCLK TRAARCLK91H5 Arcelik A.S. 2018/04/27 2019/01/31
AVISA TRECUHE00018 AvivaSA Emeklilik & Hayat 2017/02/14 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 2019/02/08
FROTO TRAOTOSN91H6 Ford Otomotiv Sanayii A.S. 2018/08/02 2019/02/13
GARAN TRAGARAN91N1 Turkiye Garanti Bankasi A.S. 2018/04/27 2019/02/01
GSDHO TRAGSDHO91Q9 GSD Holding A.S. 2018/05/11 2018/05/11
HALKB TRETHAL00019 Turkiye Halk Bankasi AS 2018/05/11 2019/01/17
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 2019/02/11
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
OTKAR TRAOTKAR91H3 Otokar Otomotiv ve Savunma Sanayi A.S. 2019/01/07 2019/02/07
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
SISE TRASISEW91Q3 Turkiye Sise Ve Cam Fabrikalari A.S. 2019/02/04 2019/02/04
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 2019/02/08
TRKCM TRATRKCM91F7 Trakya Cam Sanayi A.S. 2018/07/30 2019/02/01
TSKB TRATSKBW91N0 Turkiye Sinai Kalkinma Bankasi AS 2018/05/03 2019/02/04
TTKOM TRETTLK00013 Turk Telekomunikasyon AS 2018/04/26 2019/01/31
TTRAK TRETTRK00010 Turk Traktor ve Ziraat Makineleri A.S. 2018/05/18 2019/02/13
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 2019/01/17
YKBNK TRAYKBNK91N6 Yapi ve Kredi Bankasi A.S. 2018/05/04 2019/02/04

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
Akif Dasıran

Turk Traktor (TTRAK TI) - Turbulence well-managed so far: Maintain Buy

Turk Traktor posted TRY74m net income in 4Q18, better than Bloomberg consensus of TRY60m and much better than our estimate of TRY56m. Although the operational performance was broadly in-line with estimates, lower than expected financial expenses underpinned the bottom-line beat in 4Q18. Compared to its global peers, TTRAK trades at a 25% discount on 2019E EV/EBITDA of 6.5x and a 16% discount on 2019E P/E of 10x. We maintain BUY due to its attractive valuation.

Akif Dasıran

Ford Otosan (FROTO TI) - Operationally in-line: Maintain Hold

Ford Otosan posted TRY411m net income in 4Q18 vs RT consensus of TRY528m and our estimate of TRY510m. Although the operating performance was essentially in-line with our estimate, higher than expected other expenses from operating activities repressed the bottom-line in 4Q18. Despite lower share of domestic sales, EBITDA margin improved by 89bp y-y to 8.1%. Pricing strategy in Turkey and strict Opex control contributed to the operational profitability in 4Q18. EBITDA soared 38% y-y to TRY818m in 4Q18, in-line with our estimate of TRY800m but better than consensus of TRY765m. Maintain HOLD wit...

Mete Yuksel

TURKEY MARKET OUTLOOK - Maintaining a high beta portfolio

The benchmark BIST100 Index is up by 14% YTD and banks have outperformed by 2ppt. We maintain our upbeat view on the market and keep the banks’ weightage at 32%, which is 9ppt above their index weight. The Beta of our portfolio is at 1.12. As detailed in our 2019 strategy note Surf’s Up! we base our constructive view on an upbeat global backdrop, improving bilateral relations with the US, the Central Bank being on the right path, sliding CAD and improving  liquidity position of banks - all of which will lead to a sovereign rating outlook upgrade, in our view.  Across the board, Turkish stocks ...

Ovunc Gursoy

Isbank (ISCTR TI) - Stellar EPS performance in 4Q: Maintain Buy

Isbank has announced a 4Q net income of TRY2,196m (+77% q-q, +192% y-y), beating the RT consensus (TRY1,502m) and our estimate (TRY1,517m). Lower-than-expected provisions caused the main deviation from our estimates. Isbank reversed free provisions of TRY350m, adjusting for which q-q earnings would still be up 49%. Core revenues contracted by 14% q-q due to narrowed core spread (285bp), while CPI-linker revenues rose by 37% q-q and fees surge by a peer-topping 39% y-y. Cost control was amazingly good as opex contracted 8% y-y, vs 22% expansion for peers. ROE surged 7.4pp q-q to an eye-catching...

Ovunc Gursoy

Aksigorta A.S. (AKGRT TI) - Tailwinds from investment gains: Maintain Hold

Aksigorta announced 4Q18 NI of TRY62m (-10% q-q, +52% y-y) vs our TRY71m estimate. Its investment portfolio (TRY2b) gains largely supported 4Q earnings. Net investment income margin surged to 13% from 6% a year ago on high TRY deposit rates. Aksigorta delivered a technical loss of TRY37m in 4Q as its combined ratio rose to 108% (18YE: 100%) from 98% a year ago with a 4pp y-y drop in premium retention. This is mainly on higher claim frequencies at motor-own-damage (MOD). Provisioning reserves, on the other hand, expanded due to market share gains in motor third-party liability (MTPL) and higher...

Akif Dasıran

Turk Traktor (TTRAK TI) - Turbulence well-managed so far: Maintain Buy

Turk Traktor posted TRY74m net income in 4Q18, better than Bloomberg consensus of TRY60m and much better than our estimate of TRY56m. Although the operational performance was broadly in-line with estimates, lower than expected financial expenses underpinned the bottom-line beat in 4Q18. Compared to its global peers, TTRAK trades at a 25% discount on 2019E EV/EBITDA of 6.5x and a 16% discount on 2019E P/E of 10x. We maintain BUY due to its attractive valuation.

Akif Dasıran

Ford Otosan (FROTO TI) - Operationally in-line: Maintain Hold

Ford Otosan posted TRY411m net income in 4Q18 vs RT consensus of TRY528m and our estimate of TRY510m. Although the operating performance was essentially in-line with our estimate, higher than expected other expenses from operating activities repressed the bottom-line in 4Q18. Despite lower share of domestic sales, EBITDA margin improved by 89bp y-y to 8.1%. Pricing strategy in Turkey and strict Opex control contributed to the operational profitability in 4Q18. EBITDA soared 38% y-y to TRY818m in 4Q18, in-line with our estimate of TRY800m but better than consensus of TRY765m. Maintain HOLD wit...

Mete Yuksel

TURKEY MARKET OUTLOOK - Maintaining a high beta portfolio

The benchmark BIST100 Index is up by 14% YTD and banks have outperformed by 2ppt. We maintain our upbeat view on the market and keep the banks’ weightage at 32%, which is 9ppt above their index weight. The Beta of our portfolio is at 1.12. As detailed in our 2019 strategy note Surf’s Up! we base our constructive view on an upbeat global backdrop, improving bilateral relations with the US, the Central Bank being on the right path, sliding CAD and improving  liquidity position of banks - all of which will lead to a sovereign rating outlook upgrade, in our view.  Across the board, Turkish stocks ...

Ovunc Gursoy

Isbank (ISCTR TI) - Stellar EPS performance in 4Q: Maintain Buy

Isbank has announced a 4Q net income of TRY2,196m (+77% q-q, +192% y-y), beating the RT consensus (TRY1,502m) and our estimate (TRY1,517m). Lower-than-expected provisions caused the main deviation from our estimates. Isbank reversed free provisions of TRY350m, adjusting for which q-q earnings would still be up 49%. Core revenues contracted by 14% q-q due to narrowed core spread (285bp), while CPI-linker revenues rose by 37% q-q and fees surge by a peer-topping 39% y-y. Cost control was amazingly good as opex contracted 8% y-y, vs 22% expansion for peers. ROE surged 7.4pp q-q to an eye-catching...

Ovunc Gursoy

Aksigorta A.S. (AKGRT TI) - Tailwinds from investment gains: Maintain Hold

Aksigorta announced 4Q18 NI of TRY62m (-10% q-q, +52% y-y) vs our TRY71m estimate. Its investment portfolio (TRY2b) gains largely supported 4Q earnings. Net investment income margin surged to 13% from 6% a year ago on high TRY deposit rates. Aksigorta delivered a technical loss of TRY37m in 4Q as its combined ratio rose to 108% (18YE: 100%) from 98% a year ago with a 4pp y-y drop in premium retention. This is mainly on higher claim frequencies at motor-own-damage (MOD). Provisioning reserves, on the other hand, expanded due to market share gains in motor third-party liability (MTPL) and higher...

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