Macro View
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Turkey: Any Room for Loan Growth?

Turkish central bank cut its overnight marginal funding rates by 75 basis points in the past two monetary policy meetings in an effort to simplify its interest rate structure as the volatility in global financial markets eases. The rate cuts came amid criticism by the…

Macro View
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Pakistan: An Attractive Frontier Market Pick in Asia

Macroeconomic Outlook After years of full of challenges, Pakistani economy is now out of the woods with high-single digit GDP growth rates projected for the upcoming two years. Even if the country still faces some significant political risks and has some vulnerabilities due to high…

Macro View
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March Inflation: Big Downside Surprise

Consumer Price Index inflation in Turkey surprised significantly on the downside in March on the back of falling food prices. According to the data released by the official statistics office annual inflation slowed to 7.5% y/y from 8.8% in February. On a m/m basis it…

Macro View
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Q4 2015 GDP: Robust but Vulnerable

At 4 percent, Turkey GDP’s growth rate remained robust despite a challenging year, primarily driven by strong private and public consumption, and higher gross fixed capital formation in the public sector. In 4Q 2015, the economy expanded by 5.7% y/y comparing favorably with consensus of…

Company Reports
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Tat Gida: A Small Cap With Solid Prospects

Company Overview Tat Gida Sanayi AS, formerly Tat Konserve Sanayi AS, (BIST:TATGD) is a Turkey-based food processing company. The company engages in producing and marketing tomato sauce, tomato products and canned food under tomato segment and has synergies between the trademarks with SEK and Pastavilla.…

Macro View
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Bad Loans Soar at Turkish Banks

Bad loans in Turkey soared 3.6% m/m in January caused concerns rising around the asset quality in the financial sector. Even worse, annual change was 32.6% which was the highest figure recorded in six years. That being said, total NPLs in Turkish banking universe rose…

Sector Reports
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Turkish Banks: What Went Wrong?

Turkish banks which have spent years with high profits generated in the past, only managed a ROE of 10.6% (10-year average was 16.1%), well below the business’ cost of capital of at least 15% and the returns which investors aspire. Unlike their peers around the…

Company Reports
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Migros: New Growth Strategy Will Pan Out

Migros (BIST:MGROS) has recently underperformed the broad market despite the retailers specifically showed recently during the same timeframe. On a ytd basis, the shares fell by more than 12% while gains in the Turkish equity market benchmark index BIST 100 exceeded 5%. The underperformance is…

Sector Reports
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Turkish Banks: Funding Challenges Ahead

Time and time again, we concerned ourselves with volume growth trends in Turkish banking spectrum. As is the case with any emerging market, credit growth in Turkey has been phenomenal since interest rates cut to near zero in developed economies. That being said, deposit growth…

Macro View
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Turkey Post-MPC: On The Horns of a Dilemma

Turkish MPC remained on hold once again yesterday as one-week repo rate, or so-called policy rate stood at 7.5%, along with overnight lending and borrowing rates at 10.75% and 7.25%. The central bank for sure will maintain the status quo until the end of Basci’s…

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