Posts Tagged Valuations
Turkish Industrials: Buying Opportunities

Turkish Industrials: Buying Opportunities

In a recent note, we mentioned that now may be the moment to get in on value in Turkish stocks, particularly in industrial stocks. Following that, Borsa Istanbul Industrials Index (BIST:XUSIN) has bounced back 4.5% in two trading days, beating the banks, but currently see a sell-off (on Tuesday) but outperforming the broader market.

We think that the sell-off after the coup attempt created a buying opportunity. Hereby, we try to draw valid conclusions in a long-term...

Turkish Banks: Expectations, Valuations & Risks

Turkish Banks: Expectations, Valuations & Risks

Expectations

Over the past two months we have seen earnings upgrades coming to an end in most emerging market as well as in Turkey. Specifically, for Turkish banks, consensus lowered next year’s earnings estimate by a considerable 0.7%, bringing the cumulative cut to 1.5% since mid-August. Still, analysts averagely estimate an earnings per share growth of 20% in 2015 following a 9% contracting this year. On the other hand projections at year beginnings proved to be optimistic in six...

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