31/10/2002 Tarihinde Bilançosu Açıklanacak Hisse Senetleri

 Bugün Bilançosu Açıklanacak Hisse Senetleri

AGESA / CCOLA / 

GOODY / IPEK / 

KOZAL / KOZAA / 

TKNSA / YKBNK

SOCIETE GENERALE - Türk Bankaları tavsiyeleri..

AKBANK ICIN FIYAT HEDEFINI 5.4 TL'DEN 6.8 TL'YE YUKSELTTI, TAVSIYE: SAT

HALKBANK ICIN FIYAT HEDEFINI 17.6 TL'DEN 17.8 TL'YE YUKSELTTI, TAVSIYE: AL

YAPI KREDI ICIN FIYAT HEDEFINI 3.3 TL'DEN 4.8 TL'YE YUKSELTTI, TAVSIYE: TUT

IS BANKASI ICIN TAVSIYESINI SAT'TAN TUT'A, FIYAT HEDEFINI 3.7 TL'DEN 5.6 TL'YE YUKSELTTI

VAKIFBANK ICIN FIYAT HEDEFINI 3.7 TL'DEN 4.5 TL'YE YUKSELTTI, TAVSIYE AL

GARANTI BANKASI ICIN TAVSIYESINI TUT'TAN AL'A, FIYAT HEDEFINI 7.6 TL'DEN 8.8 TL'YE YUKSELTTI

Removing GARAN & Including YKBNK-YF SECURITIES‏

We think that it may be the time for a switch from Garanti Bank (GARAN.IS) to Yapi Kredi Bank (YKBNK.IS) based on following fundamentals.

 

i. YKB has relatively favourable valuation with 12-m fw looking 8.85x P/E and 1.18x P/BV vs. Garanti Bank’s 10.36x P/E and 1.47x P/BV.

ii. Recent positive developments in Spain have been broadly priced in for Garanti Bank through BBVA, but not yet for YKB through Unicredit of Italy.

iii. In a low inflation environment CPI linkers contribution is expected to diminish for Garanti Bank, but YKB has almost no exposure to CPI linkers. So YKB may enjoy a better NIM formation in the coming periods.

GARANTİ BANK and YAPI KREDI BANK

MOST & LEAST PREFERRED LIST AMENDMENT: Replacing Garanti Bank <GARAN TI> with Yapi Kredi Bank <YKBNK TI> in the Most Preferred List

We are replacing Garanti Bank with Yapi Kredi Bank in our Most Preferred List as Garanti Bank’s 2Q12 results surprised us on the downside in terms of asset quality performance. The quarterly NPL generation of TL225mn came well above our expectations. The above sector deposit costs of Garanti Bank especially on the TL front in 1H12 also raises questions on the necessity of the subdebt repayment in 1Q12. We also find the management’s 2012 loan growth and NIM guidance optimistic. We believe that 14% loan growth is more reasonable for Garanti Bank in 2012 assuming a stable currency for the rest of the year, which implies 9% loan growth for 2H12. At the conference call, Garanti Bank management maintained its 20bps YoY improvement guidance for 2012. Considering that inflation switched to a declining trend in May, our 8.5% YoY inflation projection for October-end implies 28% contraction in CPI linker yields in 2H12 compared to its 1H12 level. In order to reach the 20bps YoY NIM improvement, we calculate that Garanti Bank should