·
CBRT > Inflation report today. We expect no change
in the Bank’s inflation forecast of 5.3% for 2013. House forecast @ 6.3%
·
ISCTR (BUY, TP
TL8.63) > ISCTR Pension Fund announced
plans to sell 1% of its ISCTR holdings. The 45m shares up for sale make up 3.2%
of free float and the TL304m total val at the current mrkt price account for
1.2x daily vol. Fund currently owns 40.73% of the ISCTR. Stake will drop to
39.73%.
·
TAVHL (BUY, TP TL14.60) > TAV management says news re a ban on
cigarette sales at arrival duty-free shops inaccurate. TR gov’t is reportedly
preparing to ban sale of tobacco products at arrival duty-free shops, as part
of an agreement with WHO. Comment > We don’t expect the news to have a
sustained impact on TAVHL share price given mgmt’s response to the news. We est
tobacco sales @ arrival duty free shops account for about 3% of overall revs
and c.4% of profits. If the news were true, the gov’t would most probably need
to compensate duty free operators.
AUTO INVESTMENT
INCENTIVES > According to
Hurriyet, the gov’t agreed to change the criteria for investment incentives
granted to the auto sector. Auto investments above TL300m will be classified as
“investments with specific priorities” and will receive an invest contribution
of 40% (40% of invest will be tax deductible). +ive for Tofas (TOASO TI,
Hold, TP: TRY11.5) re to the next investment cycle of Minicargo. Additionally,
Fiat aims to launch four new passenger cars (entry level) in ‘15 under the Fiat
brand and two in ‘16, majority of which will be produced outside Italy. We
believe more favourable invest incentives, along with Tofas’ strong balance
sheet, might increase its chances of receiving a new mandate from Fiat when the
company chooses between plants (Turkey, Serbia & Poland). We have been
cautious on Tofas due to uncertainty re Minicargo vols when take-or
pay-contracts expire in YE15. For Ford Otosan (FROTO TI, Hold, TP:
TRY21.2), which is undergoing an invest cycle (& already received an invest
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