UK-based HSBC, one of the world’s largest financial services company, published a detailed report in which it announced its price targets for Turkish stocks.
In the detailed report it published, HSBC also shared its future predictions for Turkish stocks and evaluated the possible effects of the newly appointed economy management on the Turkish stock market after the election.
We Are Hopeful From Şimşek and Erkan
Expressing their hope that the newly appointed Şimşek and Erkan duo will bring Turkey to a more rational economic ground, HSBC analysts wrote that if Turkey successfully implements its rational economic policies, there are gaps for investment in the stock market. However, it was stated that some stocks are attractive regardless of the failure of the stabilization efforts in the Turkish economy.
Gradual Interest Rate Increases Provide Space for Foreigners
Reminding that the Center increased the interest rates from 8.5 percent to 15 percent by 650 basis points, below the expectations, HSBC economists shared the view that the gradual increase in interest rates is more attractive for foreign investors.
As economists pointed out in the report, the interest rate hike, which fell short of expectations, caused TL depreciation, making Turkish stocks cheaper for foreign investors, and the Stock Exchange realized a milder rise than it would have if there had been a sharp increase in interest rates. For this reason, it is more likely that foreign investors will enter Borsa Istanbul gradually, despite the gradual increase in interest rates.
Targets Set on the Table in Turkish Stocks!
Along with all these developments, HSBC also shared its price predictions for the stocks traded in Borsa Istanbul. HSBC also included price estimates for Turkey’s well-established industrial establishments such as Tüpraş Ford and Şişecam, and emphasized that there is room for investment.
Almost No Positive Opinion in Banks!
In the published report, especially the prices stated by HSBC for Turkish banks drew attention. In these days when the possible effects of the new economy management’s decision to increase interest rates on banks were discussed, HSBC did not give a clear positive opinion for any bank it included in its report. HSBC, which gave a target price of 14.25 TL for İşbank, gave its opinion as “keep”. HSBC’s target price for İşbank, which is currently trading at 14.36 TL, is below the current price.
The situation is not different in Garanti and Halk Bank, Vakıf Bank and Yapı Kredi Bank, where there is a positive opinion. Almost all banks are close to or above the target price.
Expectation Positive in Iron and Steel and Aviation
Contrary to banking, HSBC’s opinion is positive in the Iron-Steel and Aviation sectors. Although they do not discount excessively according to the target price, the bank has a “Buy” view for THYAO, PGSUS, KRDMD and EREGL, in company with future expectations.
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