Posts Tagged Stock Analysis
Turkish Banks: What Went Wrong?

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 world, financial institutions in Turkey are not in a regulatory cycle either. We have mentioned recurrently the rising risks of earning recession in Turkish banks. Not surprisingly, today only two of the six...

Migros: New Growth Strategy Will Pan Out

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 mostly due to the short FX position risks and the fears that the company would post a loss higher than expectations.

While accepting that Migros does face a number of...

Turkish Banks: 4Q 2015 Earnings Preview

Turkish Banks: 4Q 2015 Earnings Preview

Turkish banks are up 3.5% on average year-to-date with tailwinds from a better outlook for 2016 and easing regulation standards. However, since last year, Turkish banks have performed remarkable worse in a MENA context. The “exciting” period regarding the political risks and the continuation of downward trend in profitability were the key reason for the exceptionally weak performance.

This year has signs of relief for the industry with strong projected EPS growth figure after a...

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