| TEKFEN HOLDING – DEFENSIVE PLAY ON THE MIDDLE EAST – BUY |
9/5/2008 |
One of the leading Turkish conglomerates operating in fertilizer, construction, real estate and finance industries. According to our NAV estimation for TKFEN, 52% of estimated NAV comes from Agri-Industry, 25% from Contracting Group, 10% from Real Estate, 4% from Finance and the remaining from net cash position.
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| TTKOM – NEW BLUE CHIP OF ISE; COMPELLING UPSIDE POTENTIAL! – BUY |
8/25/2008 |
Our price target of TRY6.3 per share put the stock on 4.8x EV/EBITDA’09e and 10.2x P/E’09e, in line with global peers.
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| DOAS – LACKS SHORT TERM CATALYSTS! – DOWNGRADE TO HOLD |
3/17/2008 |
| DOAS – LACKS SHORT TERM CATALYSTS! – DOWNGRADE TO HOLD |
| TCELL– WHERE WILL THE CASH GO? – DOWNGRADE TO HOLD |
3/6/2008 |
| TCELL– WHERE WILL THE CASH GO? – DOWNGRADE TO HOLD |
| HEKTAS (HEKTS.IS) – ARE THE MARGINS SUSTAINABLE? – HOLD |
1/15/2008 |
| HEKTAS (HEKTS.IS) – ARE THE MARGINS SUSTAINABLE? – HOLD |
| SıSECAM (SıSE.IS), TRAKYA CAM (TRKCM), ANADOLU CAM
(ANACM) – GLASS COMPANIES AT DISCOUNT. - Archived |
12/20/2007 |
| SıSECAM (SıSE.IS), TRAKYA CAM (TRKCM), ANADOLU CAM
(ANACM) – GLASS COMPANIES AT DISCOUNT – MAINTAIN BUY |
| AKENERJI (AKENR.IS) – BETTER GROWTH AND PROFITABILITY PROSPECTS – BUY - Archived |
12/20/2007 |
| AKENERJI (AKENR.IS) – BETTER GROWTH AND PROFITABILITY PROSPECTS – BUY |
| TUPRAS (TUPRS.IS) – REFINED EARNINGS, RAISED PRICE TARGET – HOLD MAINTAINED - Archived |
12/20/2007 |
| TUPRAS (TUPRS.IS) – REFINED EARNINGS, RAISED PRICE TARGET – HOLD MAINTAINED |
| S?SECAM (S?SE.IS), TRAKYA CAM (TRKCM), ANADOLU CAM
(ANACM) – GLASS IN HIGH GEAR – BUY - Archived |
12/20/2007 |
| S?SECAM (S?SE.IS), TRAKYA CAM (TRKCM), ANADOLU CAM
(ANACM) – GLASS IN HIGH GEAR – BUY |
| UNYE CIMENTO (UNYEC.IS) – TIME TO TAKE PROFIT – HOLD - Archived |
12/20/2007 |
| UNYE CIMENTO (UNYEC.IS) – TIME TO TAKE PROFIT – HOLD |
| TURKCELL (TCELL.IS) – EXCELLENT 2Q07 RESULTS – BUY - Archived |
12/20/2007 |
| TURKCELL (TCELL.IS) – EXCELLENT 2Q07 RESULTS – BUY |
| HURRıYET GAZETECILIK (HURGZ.IS) – MEDIA BET ON REGIONAL GROWTH – BUY - Archived |
12/20/2007 |
| HURRıYET GAZETECILIK (HURGZ.IS) – MEDIA BET ON REGIONAL GROWTH – BUY |
| AKENERJI (AKENR.IS) – DO NOT BE ALARMED WITH POOR BOTTOM LINE IN 9M07 – BUY MAINTAINED - Archived |
12/20/2007 |
| AKENERJI (AKENR.IS) – DO NOT BE ALARMED WITH POOR BOTTOM LINE IN 9M07 – BUY MAINTAINED |
| TOFAS FABRIKA (TOASO.IS) – DO NOT MISS THIS BUYING
OPPORTUNITY – BUY - Archived |
12/20/2007 |
| TOFAS FABRIKA (TOASO.IS) – DO NOT MISS THIS BUYING
OPPORTUNITY – BUY |
| AKENERJI (AKENR.IS) – ASSET SALE IS ACTUALLY POSITIVE – BUY MAINTAINED - Archived |
12/20/2007 |
| AKENERJI (AKENR.IS) – ASSET SALE IS ACTUALLY POSITIVE – BUY MAINTAINED |
| TUPRAS PETROL (TUPRS.IS) – DOWNGRADE ON VALUATION;
WATCH FOR NEW INVESTMENT! – HOLD - Archived |
12/19/2007 |
| TUPRAS PETROL (TUPRS.IS) – DOWNGRADE ON VALUATION;
WATCH FOR NEW INVESTMENT! – HOLD |
| DOGUS OTOMOTIV (DOAS.IS) – ADDING VALUE VIA
DIFFERENTIATION! – BUY - Archived |
12/19/2007 |
| DOGUS OTOMOTIV (DOAS.IS) – ADDING VALUE VIA
DIFFERENTIATION! – BUY |
| KOC HOLDING (KCHOL.IS) – PRICE TARGET REVISED AFTER
RIGHTS ISSUE AND SUBSIDIARY SALE – BUY... - Archived |
12/19/2007 |
| KOC HOLDING (KCHOL.IS) – PRICE TARGET REVISED AFTER
RIGHTS ISSUE AND SUBSIDIARY SALE – BUY MAINTAINED |
| KARSAN OTOMOTIV (KARSN.IS) – A BEGINNING OF A NEW ERA – BUY - Archived |
12/19/2007 |
| KARSAN OTOMOTIV (KARSN.IS) – A BEGINNING OF A NEW ERA – BUY |
| KOC HOLDING (KCHOL.IS) – EXCELLENT PROXY FOR THE
COUNTRY’S EXPOSURE – BUY - Archived |
12/19/2007 |
| KOC HOLDING (KCHOL.IS) – EXCELLENT PROXY FOR THE
COUNTRY’S EXPOSURE – BUY |
| PETROL OFISI (PTOFS.IS) – RAISED TO BUY; BETTER CHANCES OF POSITIVE SURPRISES – BUY - Archived |
12/19/2007 |
| PETROL OFISI (PTOFS.IS) – RAISED TO BUY; BETTER CHANCES OF POSITIVE SURPRISES – BUY |
| DOGAN YAYIN HOLDING (DYHOL.IS) – GROWTH PROSPECTS AND IMPROVING MARGINS JUSTIFY HIGHER VALUATION! –. - Archived |
11/29/2007 |
| DOGAN YAYIN HOLDING (DYHOL.IS) – GROWTH PROSPECTS AND IMPROVING MARGINS JUSTIFY HIGHER VALUATION! – BUY |
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