Buy - Sell

·         MPC TMRW @ 2PM > TEB-BNPP & Cons expect 25bps cut to lower end of corridor, 100bps increase to FX RRRs  CBRT > Meeting with economists on Wed.

 

·         TAVHL TI (BUY, TP TRY13.80) > Reportedly, the tender for the 3rd Istanbul airport will be launched this week, as PM Erdogan has signed the high planning board (YPK) decision. Though most reported details re initial size, cost & further timing for tender & completion of the new airport are somewhat contradictory => all indicate the concession period will be 25 yrs. Comment: The news-flow on tender timing is consistent with transportation minister’s claim last wk that the tender would be launched within 1 wk. We believe the launch of tender would be good news for TAVHL, as it would reduce uncertainty.

 

·         AEFES (HOLD; TP TL26.5) > announced that its fully-owned subsidiary, Efes Breweries International NV (EBI), acquired EBRD’s 8.76% stake in CJSC Moscow Efes Brewery (MEB) for $43m. Note that EBRD had a put option (set to expire in 1Q13) to sell its stake to EBI. EBRD also extended a $43m loan for EBI to finance the acquisiton of the stake. Following the transaction, EBI’s stake in MEB incr’d to 99.7%.  Our view: Should have no impact on the Co.

 

·         ULKER (TP TL8.23; HOLD) > Ulker Biskuvi announced its divi policy => will pay out 70% (vs our 60% est) of its distributable net income => divi yld would be 3.5% for 2013, according to our f/casts. Our view: a +VE step for the improvement of corp gov and transparency.

 

·         ISGYO (NR) > Evaluating offers for its hotels (2 in Antalya, 1 in Cappadocia). Appraisal value @ TL138.7m (~7% of total NAV).

 

teb