HALISTER1: Goldman Sees Yield Moves Posing Downside Risk To Turkish Stocks

Goldman Sees Yield Moves Posing Downside Risk To Turkish Stocks

(Bloomberg) -- Turkish equities have seen meaningful divergence in stock-level performance over the last 10 years, implying opportunities for outperformance, yet moves in yield are a “downside risk,” Goldman Sachs analysts write in e-mailed report.
  • Key drivers of divergence among stocks in 2017: cost and debt inflation on FX volatility, credit slowdown on higher rates, slowdown in consumption, sector-specific tailwinds from fiscal support, gradual tourism recovery
  • Recommends owning BIM, selling Arcelik, Dogus Oto, Anadolu Efes and Pegasus Airlines
  • Raises BIM to buy vs neutral; adds it to “Focus List”
  • Upgrades Erdemir to buy vs neutral
  • Downgrades Coca-Cola Icecek and Trakya Cam to neutral vs buy
  • Removes Emlak Konut from Focus List, maintains “buy” recommendation
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

Tickers
BIMAS TI (BIM Birlesik Magazalar AS)

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