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 2018/04/26
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 2018/08/09
ANACM TRAANACM91F7 Anadolu Cam Sanayi A.S. 2018/04/27 2018/07/30
ARCLK TRAARCLK91H5 Arcelik A.S. 2018/04/27 2018/07/30
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 2018/08/09
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 2018/08/14
EREGL TRAEREGL91G3 Eregli Demir ve Celik Fabrikalari T.A.S. 2018/04/27 2018/04/27
FROTO TRAOTOSN91H6 Ford Otomotiv Sanayii A.S. 2018/08/02 2018/08/14
GARAN TRAGARAN91N1 Turkiye Garanti Bankasi A.S. 2018/04/27 2018/04/27
GSDHO TRAGSDHO91Q9 GSD Holding A.S. 2018/05/11 2018/05/11
HALKB TRETHAL00019 Turkiye Halk Bankasi AS 2018/05/11 2018/08/10
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 2018/08/02
KCHOL TRAKCHOL91Q8 KOC Holding A.S. 2018/05/10 2018/05/10
KOZAA TREKOZA00014 Koza Anadolu Metal Madencilik Isletmeleri A.S. 2018/08/14 2018/08/14
KOZAL TREKOAL00014 Koza Altin Isletmeleri AS 2018/08/14 2018/08/14
KRDMD TRAKRDMR91G7 Kardemir Karabuk Demir Celik Sanayi ve Ticaret A.S. D 2018/05/02 2018/08/07
MGROS TREMGTI00012 Migros Ticaret A.S 2018/05/08 2018/08/10
PETKM TRAPETKM91E0 Petkim Petrokimya Holding A.S. 2018/05/04 2018/08/09
SAHOL TRASAHOL91Q5 Haci Omer Sabanci Holding A.S. 2018/05/08 2018/05/08
TAVHL TRETAVH00018 TAV Havalimanlari Holding AS 2018/04/30 2018/04/30
TCELL TRATCELL91M1 Turkcell Iletisim Hizmetleri A.S. 2018/04/25 2018/04/25
THYAO TRATHYAO91M5 Turk Hava Yollari A.O. 2018/05/10 2018/05/10
TKFEN TRETKHO00012 Tekfen Holding 2018/03/08 2018/08/03
TOASO TRATOASO91H3 Tofas Turk Otomobil Fabrikasi A.S. 2018/04/27 2018/08/14
TRKCM TRATRKCM91F7 Trakya Cam Sanayi A.S. 2018/07/30 2018/07/30
TSKB TRATSKBW91N0 Turkiye Sinai Kalkinma Bankasi AS 2018/05/03 2018/07/30
TTKOM TRETTLK00013 Turk Telekomunikasyon AS 2018/04/26 2018/04/26
TTRAK TRETTRK00010 Turk Traktor ve Ziraat Makineleri A.S. 2018/05/18 2018/08/07
TUPRS TRATUPRS91E8 Turkiye Petrol Rafinerileri A.S. 2018/05/10 2018/05/10
ULKER TREULKR00015 Ulker Biskuvi Sanayi 2018/09/27 2018/09/27
ULUSE TREULET00014 Ulusoy Elektrik Imalat Taahhut ve Ticaret AS 2018/09/26 2018/09/26
VAKBN TREVKFB00019 Turkiye Vakiflar Bankasi (D) 2018/05/22 2018/08/08
YKBNK TRAYKBNK91N6 Yapi ve Kredi Bankasi A.S. 2018/05/04 2018/08/01

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
Akif Dasıran

YILDIZ HOLDING GROUP COMPANIES - Analyst meeting notes

We attended the analyst meeting of Yildiz Holding Group Companies, including ULKER, SOKM and BIZIM. We have summarised our key takeaways.

Kurthan Atmaca

Company Report & Initiation / Ulusoy Elektrik (ULUSE TI) - Profitable growth to continue: Initiating at Buy

Considering the growing energy demand and modernization needs, investments in electricity transmission and distribution infrastructure are expected to increase in the coming years. As the leading electrical equipment manufacturer in Turkey, Ulusoy Elektrik is well positioned to reap the benefits of prospective growth in the electricity infrastructure market. Accordingly, we estimate that the company’s domestic revenues will post a 6% CAGR in 2017-2020. On top of a strong foothold in the domestic market, Ulusoy Elektrik exports its products to more than 50 countries. The company’s export reven...

Mete Yuksel

Model Portfolio / TURKEY MARKET OUTLOOK – Remain Overweight on Banks

Remain Overweight on Banks We continue to prefer banks over non financials in this Key Ideas reshuffle. Banks we cover are trading near historical low multiples. Asset quality issues are unlikely to drastically hurt P&Ls, in our view, thanks to ongoing restructuring. Mounting CPI linker gains should offset core spread erosion and increased provisioning backed by adjustments in macro assumptions for 2H18E. We expect banks to be able to roll over around 70% of their syndicated loans in the remainder of this year. This relatively low rollover rate is unlikely to result to any material liquidity...

Ovunc Gursoy

TURKISH BANKS - Weekly banking review

In the week to 14th September, total loans decreased 2% w-w while total deposits contracted 1.4% w-w. The annual run rate of TRY loan growth declined to 12.9% from 13.8% a week ago. The LDR remained flat w-w at 115% while the NPL ratio is at 2.9% with 71% coverage. The Turkish banking index (XBANK) has gained 3.1% this week and outperformed EM and EM EMEA peers for the second week in a row. The quarterly XBANK sell-off now stands at 42.9%. The XBANK has gained 4.4% in lira terms and continued to outperform the manufacturers for the second week in a row. Note that the critical BIST Banks / BIS...

Kurthan Atmaca

Company Report / Akcansa (AKCNS TI) - Outlook is worsening: Downgrading to Hold

Given the current economic volatility and rising interest rates, there has been a noticeable slowdown in activity in Turkey's construction sector since August. We cut our local sales volume estimates and expect the company’s domestic cement sales to decline 12% y-y in 2018. Management has said it will shift sales towards export markets. Accordingly, we increase our revenue estimates despite the reductions in our domestic volume estimates, as recent depreciation of TRY against hard currencies should equate to strong export revenues. Electricity prices have increased 28% since the beginning of...

Akif Dasıran

YILDIZ HOLDING GROUP COMPANIES - Analyst meeting notes

We attended the analyst meeting of Yildiz Holding Group Companies, including ULKER, SOKM and BIZIM. We have summarised our key takeaways.

Kurthan Atmaca

Company Report & Initiation / Ulusoy Elektrik (ULUSE TI) - Profitable growth to continue: Initiating at Buy

Considering the growing energy demand and modernization needs, investments in electricity transmission and distribution infrastructure are expected to increase in the coming years. As the leading electrical equipment manufacturer in Turkey, Ulusoy Elektrik is well positioned to reap the benefits of prospective growth in the electricity infrastructure market. Accordingly, we estimate that the company’s domestic revenues will post a 6% CAGR in 2017-2020. On top of a strong foothold in the domestic market, Ulusoy Elektrik exports its products to more than 50 countries. The company’s export reven...

Mete Yuksel

Model Portfolio / TURKEY MARKET OUTLOOK – Remain Overweight on Banks

Remain Overweight on Banks We continue to prefer banks over non financials in this Key Ideas reshuffle. Banks we cover are trading near historical low multiples. Asset quality issues are unlikely to drastically hurt P&Ls, in our view, thanks to ongoing restructuring. Mounting CPI linker gains should offset core spread erosion and increased provisioning backed by adjustments in macro assumptions for 2H18E. We expect banks to be able to roll over around 70% of their syndicated loans in the remainder of this year. This relatively low rollover rate is unlikely to result to any material liquidity...

Ovunc Gursoy

TURKISH BANKS - Weekly banking review

In the week to 14th September, total loans decreased 2% w-w while total deposits contracted 1.4% w-w. The annual run rate of TRY loan growth declined to 12.9% from 13.8% a week ago. The LDR remained flat w-w at 115% while the NPL ratio is at 2.9% with 71% coverage. The Turkish banking index (XBANK) has gained 3.1% this week and outperformed EM and EM EMEA peers for the second week in a row. The quarterly XBANK sell-off now stands at 42.9%. The XBANK has gained 4.4% in lira terms and continued to outperform the manufacturers for the second week in a row. Note that the critical BIST Banks / BIS...

Kurthan Atmaca

Company Report / Akcansa (AKCNS TI) - Outlook is worsening: Downgrading to Hold

Given the current economic volatility and rising interest rates, there has been a noticeable slowdown in activity in Turkey's construction sector since August. We cut our local sales volume estimates and expect the company’s domestic cement sales to decline 12% y-y in 2018. Management has said it will shift sales towards export markets. Accordingly, we increase our revenue estimates despite the reductions in our domestic volume estimates, as recent depreciation of TRY against hard currencies should equate to strong export revenues. Electricity prices have increased 28% since the beginning of...

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