26 Eylül 2013 Perşembe

Buy - Sell Report

·         CCOLA (BUY, TP TL56.50) > Issued $500m debt @ 4.91% (4.75% coupon rate) and 5-yrs maturity. CCOLA’s $871m debt (90% of total outstanding debt) will be due in 2014. Plans to swap it with debt denominated in different currencies (USD, TL and Euro) and with different tranches of maturity. Recall CCOLA completed a $300m bond issue (private placement) last March => raised $100m (5 year maturity, 3.42% coupon), $80m (7 year maturity, 3.38% coupon), and $120m (10 year maturity, 4.44% coupon).
·         NEW ISLAMIC DEVELOPMENT BANK TO BE LAUNCHED SOON; ASYAB (HOLD, TP TL1.97) and ALBRK (BUY, TP TL2.46) > “Mega Islamic Bank,” a new Islamic bank which will operate on a model similar to the EBRD, will be launched in TR ,soon according to daily Dunya. Will have $1bn equity. Its shareholders will be the TR Treasury, domestic and foreign participation banks. Will supposedly only service participation banks. Comment: Still premature, but seen as significant step towards turning Istanbul into a financial center. The bank is expected to provide participation banks with L/T funding for infrastructure projects in particular, according to the news. Might have slight +VE impact on ASYAB and ALBRK.

·         THYAO TI (BUY, TP TRY10.80)> THYAO updated its YE fleet projections (prev’ly guided in Apr’13)=> seat capacity growth from 18% y-y to 17% for 2013, 3% from 9% for 2014 & 14% unchngd for 2015. CAGR for seat capacity up until 2021 has been raised to 9.4% (from 9.2%). The airline said that the update was based on the changes in its plans for aircraft under operating leases while there were no new long-term aircraft orders. Comment: +VE as implies the airline mgmt has gotten more confident about growth for nx yr. No change to our estimates =>  our expectations for seat capacity growth is already higher than those THY shared with us prev’ly.
·         NATURAL GAS, INFLATION > Energy minister said there will be no gas price hikes in October. Positive for inflation.

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