·
EKGYO (NR) > tendered its Bakirkoy land (revenue sharing model). 22 bidders =>
strong demand considering there were only 3-5 bidders for the previous tender
in 2013. Highest bid was from Kuzu Insaat @ TL700m where Emlak’s share is 30%
(TL 210m). Appraisal value of land TL114m. There will be a 2nd phase of the
tender in the near future where Emlak will proceed with an open auction.
·
TEKFEN (HOLD, TP
TL7.9) > TEKFEN INSAAT RECIEVES LOI FOR $136M BTC CONTRACT> TKFEN’s subsidiary Tekfen Insaat received a
letter of intent for a $136m contract for BTC (Baku-Tiflis-Ceyhan) pipeline.
Contract will be signed on July 1. Project includes maintenance and improvement
work for existing pipeline. Project duration 36 months. Not cost-plus but
mgmt notes the project is low risk. Tekfen’s backlog as of March 2013 was
$2.39bn. Comment > Not among the potential projects on our watch list
so slightly +VE. TKFEN also
announced that Petrol Is Union and Kiplas (union of chemical, petroleum, rubber
and plastic sector employers) reached an agreement during collective
bargaining. No details on agreed wage increase. TKFEN does not expect a major
impact on financials. Employee costs account for <5% of total cost of Toros
Tarim (33% of Tekfen Holding’s NAV); Neutral.
·
YKBNK (BUY, TP TL7.15
) SIGNED $505M SECURITIZATION LOAN > Signed $505m securitization loan with 5 to 13 years maturity. The deal is
backed by the bank’s foreign currency denominated receivables. The
securitization loan accounts 0.8% of bank’s total assets as of 1Q13. Although
the size is small, we expect slight +VE impact due to long term financing.
·
HALKB (BUY, TP
TL22.10) > signed ~$1.0b 1-yr syndicated
loan deal => composed of two tranches: $259m & EUR562m. Roll-over ratio
@ ~110%, indicating $90m fresh borrowing. Comment: The cost of the
syndicated deal is Libor/Euribor + 100bp => 35bp lower compared to a year
ago. The diminishing cost-of-borrowing is sl. +VE, but given the limited amount
of fresh borrowing, we do not expect any material impact on the share price.
·
TCELL (BUY TL14.71) & TTKOM (NR) REPORTEDLY INTERESTED IN
TUNISIE TELECOM> Reportedly among 13 companies interested in buying 35% stake in Tunisie
Telecom. The stake was acquired for $2.25bn by Emirates International
Telecommunications in 2006. Tunisia has 10.7mn pop. & mobile penetration of
132%. Tunisie Telecom is the sole provider of fixed-line services in Tunisia
with 1m subs; & 2nd largest mobile operator with more than 5m subs.
·
(TKNSA TI, BUY, TP:
TRY12.3) Mehmet Nane, GM of Teknosa has been appointed as
advisor to the executive committee of CarrefourSA (CARFS & CARFB; NR. He
will be appointed GM following the completion of share transfer between Sabanci
Holding and Carrefour. Subsequently, Mehmet Necil Oyman was appointed as
General Manager of Teknosa. Oyman was Assistant General Manager at Teknosa
responsible for sales.
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