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 Stocks: Banks v Industrials
One of the key market themes that marked this year has been the bank stocks trading with low multiples and the advancement in the industrials. Time and time again we uttered that the golden age of Turkish banking is over (see here and here) which was finally embraced by a top banker in Turkey. Given the banks capturing a dominant share of the Turkish stock market the BIST 100 index has expectedly performed poorly.
We...