Halkbank: Not A Good Play for the Current Trends

Halkbank has performed poorly since last November and now the stock trades slightly below its book value and is one of the worst performing stocks among Turkish blue-chip stocks. The bank closed 2011 with 14.4% return on equity and an aggregate net income of 2,206 million liras, which was 22% lower compared to the posted number … Continue reading “Halkbank: Not A Good Play for the Current Trends”

Turkish Banks: What to Expect After 2Q Earnings

Turkish banks enjoyed the seconds earnings season of this year, as their profitability metrics hit two-year highs on the back of strong operational performance. The downward trend for Turkish banking sector that had started in mid-2013 ended in August 2015, when the systemwide ROAE hit 10.3%. Banks have experienced a pick-up in returns on their … Continue reading “Turkish Banks: What to Expect After 2Q Earnings”

Turkish Financials: Latest Results & Outlook

Turkish banks have outperformed its EM peers on a ytd basis (see the chart below), as MSCI EM Financials index took a huge hit in the first two weeks of this year arising out of a massive sell-out in Chinese markets. Excluding that timeframe, the performances of two indexes has almost been in line to … Continue reading “Turkish Financials: Latest Results & Outlook”