11 Eylül 2013 Çarşamba

Daily Report for Turkey

·        THYAO (BUY, TP TL10.8) > Reportedly, the gov’t will decide in around a month on how to proceed with the privatisation of THYAO. Options are via a strategic sale or SPO priced at TRY9.2/share. Likely to take place in 2014, according to MergerMarkets citing an unidentified source close to the process. The gov’t had strongly denied plans for further privatization. Comment > We attach a low likelihood to this in the foreseeable future unless domestic buyers emerge for the airlines which we think is unlikely. Foreign investors currently own an estimated 35% to 40% through free float. A share above 50% could prevent the airline from flying domestically and internationally from TR. We also find the speculated share sale price too low, especially for a strategic sale.

·        KCHOL (HOLD, TP TL8.8), TUPRS (HOLD, TP TL50.7), AYGAZ (BUT, TP TL10.1) > The latest samples taken from Tupras storage depots reportedly proved no existence of black market products at the co's facilities, according to media reports. TUPRS has not made any announcements. Tax officials had raided three of KCHOL energy companies, TUPRS, AYGAZ and Opet, as part of a wide ranging tax probe in late July. Comment: This is not completely fresh but slightly good news for KCHOL and its energy companies. However, due to the wide ranging nature of the tax probe which seems not to be completed yet, we think the overhang on the share prices are unlikely to disappear soon.
·        TCELL (BUY, TP: TL13.56) > Cengiz-Kolin-Limak consortium gave up buying Aksam nwspr & some smaller media co’s, which were taken over by SDIF in lieu for Cukurova’s liabilities to the Fund (TL984m+interest). The consortium was to pay $60m => small vs tot amount of Cukurova’s liabilities.

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