İş yatırım menkul değerler a.Ş. ocak 2005 performance & financial results 2008/q3...
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İş Yatırım Menkul Değerler A.Ş.
Ocak 2005
PERFORMANCE & FINANCIAL RESULTS
2008/Q3
December, 2008
2
ABOUT US
OVERVIEW OF CAPITAL MARKETS
OUR PERFORMANCE
FINANCIAL RESULTS
A NEW PRODUCT - EXPECTATIONS FOR HE REST OF THE YEAR
3
IS Investment offers variety of domestic and international services, such as;
Brokerage
Investment Advisory
Asset Management
Corporate Finance
Research
THE ONLY LISTED INVESTMENT HOUSE - ISE
The leading investment house in Turkey and the investment arm of IS Bank
FITCH: “AAA(tur)”
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ABOUT US
OVERVIEW OF TURKISH CAPITAL MARKETS
OUR PERFORMANCE
FINANCIAL RESULTS
A NEW PRODUCT - EXPECTATIONS FOR THE REST OF THE YEAR
5
TURKISH CAPITAL MARKETS
Equity Market Volume (YTL Billion)
2007/Q3 2008/Q3
Derivatives Market Volume (YTL Billion)
2007/Q3 2008/Q3
2007/Q3 2008/Q3
Bills & Bonds Market Volume (YTL Billion)
3,5%
Derivative Market – Impressive Growth continues
Eurobond Volume (YTL Billion)
2008/Q3
Turkish Eurobond transaction volume increased despite the wide spread conditions in the market
2008/Q2
27.3
43.2
144.1
352.3574.5
519.5
575.5
499.2
58.2%
Global slowdown affected the Equity MarketGlobal slowdown affected the Equity Market
Bills & Bonds market negatively affected by the volatilityBills & Bonds market negatively affected by the volatility
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ASSET MANAGEMENT
21.4
144.1
913
3.677
25.010
Asset Management (USD Million)
Global turmoil hit the asset management business
2006 2007
Source: www.tspakb.org.tr
2008/Q3
Pension FundsTotal
2008Q2
2.048 3.518 4.223 3.619
20.271
29.57426.731
25.508
-17%
-5%
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P/E P/BV EV/EBITDA
Country Current 2008E 2009E 2008E 2009E 2008E 2009E Ytd Return %1 yr Return
(%)
Argentina 5,4 5,5 5,0 1,0 1,8 7,1 6,2 -52,1 -55,3
Brazil 8,3 7,1 6,2 1,2 1,1 6,2 5,7 -44,0 -44,6
Chile 13,6 11,3 12,9 2,7 4,1 9,7 9,0 -14,4 -20,3
Czech Rep. 6,8 7,1 6,4 1,1 1,1 15,5 14,7 -54,0 -54,4
Egypt 8,1 7,4 7,2 1,7 1,6 7,8 7,8 -51,7 -45,3
Hungary 3,9 5,0 5,5 0,9 0,9 8,7 9,5 -54,8 -55,2
Poland 6,3 6,9 7,1 1,1 1,0 8,8 8,9 -48,7 -50,1
Russia 3,4 3,0 3,4 0,6 0,5 6,5 6,9 -71,7 -71,1
South Africa 7,0 6,4 6,0 1,2 1,1 7,9 7,6 -30,8 -34,5
China 16,0 15,3 13,0 2,7 2,4 11,7 11,2 -61,7 -62,8
Averages 6,6 6,6 6,4 1,2 1,2 8,2 8,0 -46,9 -47,8
Dow Jones 10,2 10,1 10,9 2,6 2,5 9,9 9,6 -34,3 -34,0
Turkey 4,9 5,1 4,9 0,9 0,8 5,9 5,6 -52,8 -52,9
EMERGING PEERS
Turkey has a potential among the emerging peers
19.11.2008
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ABOUT US
OVERVIEW OF CAPITAL MARKETS
OUR PERFORMANCE
FINANCIAL RESULTS
A NEW PRODUCT - EXPECTATIONS FOR THE REST OF THE YEAR
9
LEADER IN THE MARKETS
Equity Market - (YTL Billion)
We increased our market share
Derivative Market - (YTL Billion)
Still the uncontested leadership
Eurobond Market – (YTL Billion)
2008/Q2 2008/Q3
Our trading volume growth in 2008/Q3 confirms our clear leadership among the brokerage houses
Bills&Bonds Market - (YTL Billion)
2007/Q3 2008/Q3
We rank first among the brokerage houses since 2008Q1
2007/Q3 2008/Q3 2007/Q3 2008/Q3
2,5
3,09,34%
7,09%
36,330,7
6,64%6,33%
11,3
13,7
16,53%
12,43%
25,2
17,53%
46,2
14,19%
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ASSET UNDER MANAGEMENT
AuM - IS Asset Management (USD Million)
There is a net growth on the pension fund side despite the overall negative climate
Mutual Funds portfolio size
represent 22,8% of the market 173
7.043
6.003
410
516
5.247
682
6.484
777
6.6207.043
173
2006 2008/Q2
Source: IS Investment
2008/Q3
Pension FundsTotal
Pension Funds portfolio size
represent 24,6% of the market
100% 8%
2007
364 731 788 891
5.8345.704
5.799
3.708
13%
2%
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INTERNATIONAL CAPITAL MARKETS
Fixed Income & Equity - (USD Million)
2007/Q3 2008/Q3
Respectable increase on the execution of client orders for both domestic and international capital markets
Source: IS Investment
Derivative - (# of Contracts)
2007/Q3 2008/Q3
Equity
Fixed Income
469%
Source: IS Investment
16.6
12.6
828
58333,6%
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ABOUT US
OVERVIEW OF CAPITAL MARKETS
OUR PERFORMANCE
FINANCIAL RESULTS
A NEW PRODUCT - EXPECTATIONS FOR THE REST OF THE YEAR
13
MAIN FINANCIAL FIGURES
IS Investment
YTL (000)2008/Q3 2008/H1 YoY ▲%
Total Assets 1.444.069 1.288.686 18,9
Shareholders’ Equity 266.190 241.923 14,8
Total assets of IS Investment represent more than 30% of the sector
Net Profit
Net Profit(Declared to the tax authority)
Consolidated Net Profit
18.33427.228 47,2
12.589 36.811 50,4
QoQ ▲%
11
10
48,5
192,4
2007/Q3
1.213.695
18.487
24.476
231.847
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P/E and P/BV – ISMEN
P/E
P/BV
30.06.2008
1,38
11,40
31.12.2007
0,48
6,44
29.09.2008
0,40
* Daily values
4,49
-
2,00
4,00
6,00
8,00
10,00
12,00
14,00
31.12.2007 30.06.2008 29.09.2008
P/E
-
0,20
0,40
0,60
0,80
1,00
1,20
1,40
1,60P/BV
P/BV P/E
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ABOUT US
OVERVIEW OF CAPITAL MARKETS
OUR PERFORMANCE
A NEW PRODUCT - EXPECTATIONS FOR THE REST OF THE YEAR
FINANCIAL RESULTS
16
THE FIRST HEDGE FUND OF TURKEY
Fund would perform arbitrage operations on money market instruments, spot and derivative market instruments and also the other instruments in the markets.
Fund will use different trading strategies to enhance its return by taking very limited risk.
The main strategy of the Fund is targeting profit from arbitrage operations
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EXPECTATIONS FOR THE REST OF THE YEAR
Benefiting from the strong equity and cash.
The competition structure in the domestic capital markets is changing dramatically.
Single stock futures are still on the way, waiting for CMB’s approval.
Extending Prime Brokerage service to newcoming Asset Management Companies.
Trading foreign securities continue to boom.
Assets Under Management continue to grow constantly as a result of ‘flight to quality’ in the
volatile domestic capital market environment.
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INVESTOR RELATIONS
Mr. Mert Erdoğmuş
Assistant General Manager
Phone : +90 0212 350 24 12
Fax : +90 0212 350 20 01
E-mail : [email protected]
Mr. Ozan Altan
Senior Associate
Phone : +90 0212 350 28 72
Fax : +90 0212 350 20 01
E-mail : [email protected]
The Investor Relations Department is responsible for the timely communication of necessary, accurate, complete, comprehensible and easily accessible information and explanations
http://www.isinvestment.com/wwa_ir.aspx
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The information in this report is prepared by “IS YATIRIM MENKUL DEGERLER A.S.” (İş Investment) and it is not to be construed as an offer or solicitation for the purchase or sale of any financial instrument or the provision of an offer to provide investment services. Information, opinions and comments contained in this material are not under the scope of investment advisory services. Investment advisory services are given according to the investment advisory contract, signed between the intermediary institutions, portfolio management companies, investment banks and the clients. Opinions and comments contained in this report reflect the personal views of the analysts who supplied them. The investments discussed or recommended in this report may involve significant risk, may be illiquid and may not be suitable for all investors. Therefore, making decisions with respect to the information in this report cause inappropriate results.
All prices, data and other information are not warranted as to completeness or accuracy and are subject to change without notice. Any form of reproduction, dissemination, copying, disclosure, modification, distribution and/or publication of this report is strictly prohibited. The information presented in this report has been obtained from sources believed to be reliable. Is Investment cannot be held responsible for any errors or omissions or for results obtained from the use of such information.
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