esib turkey strategy 2014
TRANSCRIPT
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FIT FOR
A NEW ERA
2014 Turkey Strategy Report
Bittersweet Symphony, 17 January 2014Sevgi Onur, Head of Research, +90 850 201 94 81, [email protected], Global Securities
Espirito Santo Investment Bank , London sales desk, +44 203 429 2013
This report was produced by Global Securities and distributed by Espirito Santo Investment BankResearch under a third party distribution arrangement. For further disclosures please refer to the
final pages. This report is not authorized for distribution in the US.
Note that all data are per 9th January 2014 closing
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1
Bittersweet Symphony!"#$ &'( ' )*+, )-.'/0.* ,*'+ 1-+ /2* 34+50(2 *640/, 7'+5*/8 &0/2 +0(*(
7'09., 09 /2* 10+(/ 2'.1 '9: 1'..( 09 /2* (*;-9: 2'.1< 32*%=>?3# %09:*@%;.-(*:%/2*%,*'+%&0/2%'% #$A%:+-B8&*.. C*.-& 7'+5*/ *@B*;/'/0-9(< 320( :*)0'/0-9+*(4./*: 1+-7 +*;*9/ 9*&( 1.-& +*D'+:09D ' +*B-+/*: bribery '9:
;-++4B/0-9 operation, &20;2 7':* /2* 09:*@ :+-B C, EA 09 /2* .'(/ ##
C4(09*(( :',( F/2* 09:*@ 1*.. /- ' ,*'+ .-& -9 !G/2 H*;*7C*+ &0/2 I#8#J"8
:-&9 #KA )(< /2* ;.-(* -9 #I/2 H*;*7C*+L%TO%U*+1-+7'9;*%
=>?3P#"" FSQ?L +*. < /- O?Z> TO F\Q?L
?-4+;*Y W099*/8 =.--7C*+D
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2
Bittersweet Symphony
M*%C*.0*)*% /2'/% /2*%7'+5*/% 2':% 1-4+% :0(/09;/% B*+0-:(%-1% 20D2% )-.'/0.0/,% 09% #$Y%%0< b'94'+, /2* /20+: &**5 -1 O',Y /2* 7'+5*/ &'( C4..0(2 F=>?3#""
09:*@ D'09*: #EAL &0/2 *@B*;/'/0-9( -1 Turkeys(*;-9: 09)*(/7*9/
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7'+5*/ &'( 20/ C, /2* bribery '9: corruption B+-C*< 32* '..*D*:09)-.)*7*9/ -1 +*.'/0)*( -1 B-.0/0;0'9(8 20D2P+'9509D C4(09*((7*9 '9:
C4+*'4;+'/( 09 /20( ;-++4B/0-9 B+-C* (2--5 /2* 34+50(2 7'+5*/
(0D9010;'9/.,?3%# %109
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3
Sensitivity Analysis
R4+ C'(* (;*9'+0- 1-+ 34+50(2 *640/0*( 0( C'(*: -9 ' EA +0(5 1+** +'/* '9: GA *640/, +0(5 B+*70478 (09;* &* *@B*;/ #"P,*'+ 34+50(2 C-9:
+'/*( /- (/'C0.0f* '+-49: EA 09 !"#N -9 ')*+'D*< 320( 07B.0*( ' C-//-7P4B 09:*@ /'+D*/ -1 ;
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Stock Sensitivity to Risk Metrics
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Political Scenarios
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What happened since December 17 and what is next?
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Turkish Economic Outlook
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Turkish Economic Outlook
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Turkish Economic Outlook
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Leaders and Laggards of 2013
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Coverage Universe Update
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Coverage Universe Update
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Coverage Universe Update
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Disclosure
>OUR\3`a3%H>?ZSR?]\T?"####$
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Disclosure
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