IMPORTANT DISCLOSURES AND ANALYST CERTIFICATIONS ARE IN THE DISCLOSURE APPENDIX. U.S. Disclosure: UNLU Menkul Degerler A.S. ("UNLU & Co") does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the Firm may have a conflict of interest that could affect the objectivity of this report. Investors should not consider this report as the only factor in making their investment decision. U.S. investors transacting in the securities featured or mentioned in this research report must deal directly through a U.S. Registered broker-dealer.

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21 March 2017

Istanbul Calling

Event Diary:

23 March – Consumer Confidence Index (March) 27 March – Real Sector Confidence Index (March) 31 March – Foreign Trade Balance (February) 31 March – GDP Growth Rate (4Q16)

Sector and Company News:

Akbank employees postpone their strike action by 60 days Strongest ever domestic white goods demand recorded in February Arcelik eyes further international expansion One of Tekfen Holding’s minority shareholders registers 1.2m Tekfen

shares Turkish automotive sector’s exports increase by 18% y/y in February

Politics and Economy:

Moody’s cuts Turkish banks’ outlook to negative Companies which have been transferred to Turkish Sovereign Wealth Fund

are to be restructured

Research team

Vedat Mizrahi, PhD Vedat.Mizrahi@unluco.com

Can Ozguzel Can.Ozguzel@unluco.com

Can Oztoprak Can.Oztoprak@unluco.com

Emir Moran Emir.Moran@unluco.com

Esra Simsek Esra.Simsek@unluco.com

Mete Ozbek Mete.Ozbek@unluco.com

Muharrem Gulsever Muharrem.Gulsever@unluco.com

M. Sinan Veziroglu Sinan.Veziroglu@unluco.com

Market snapshot

BIST indices Close Change Vol.($m)

BIST 30 111,133 0.26% 774

BIST 100 90,491 0.25% 1,131

BIST 30 futures Settl. Change Vol.($m)

April 111.300 0.63% 312.78

June 112.050 0.65% 3.24

BIST 30 top gainers Daily (TL) Vol.($m)

DOHOL 2.94% 2.28

TAVHL 2.80% 17.97

ULKER 2.24% 9.54

BIST 30 top losers Daily (TL) Vol.($m)

EKGYO -2.23% 39.57

PETKM -2.04% 37.48

PGSUS -1.09% 6.47

Global equity markets performance

Emerging markets Daily 3M Ytd

BIST 100 0.2% 16.6% 15.8%

MSCI EM 0.7% 14.2% 12.8%

Hang Seng 0.2% 12.5% 11.6%

Brasil-Bovespa 1.1% 13.6% 8.5%

Russia-MICEX 0.3% -7.8% -6.4%

India-Sensex 30 -0.1% 11.9% 10.8%

China-Shangai 0.2% 4.5% 5.0%

S. Africa-JSE 0.4% 5.8% 4.1%

Developed markets

Dow Jones 0.0% 5.1% 5.8%

S&P 500 -0.2% 4.9% 6.0%

FTSE 100 0.1% 5.9% 4.0%

Euro Stoxx 50 Pr -0.3% 5.5% 4.5%

DAX -0.4% 5.5% 5.3%

CAC 40 -0.3% 3.9% 3.1%

IBEX -0.3% 9.4% 9.2%

Nikkei -0.4% 0.3% 1.8%

Commodities

* futures Price Daily Ytd

Brent ($/bbl)* 51.6 -0.3% -9.2%

Gold ($/oz) 1,234 0.3% 7.1%

Silver ($/t oz) 17 0.1% 8.7%

Copper ($/lb) 272 -0.3% 7.8%

Fixed income and currency

Foreign exchange rates Price Daily Ytd

USD/TL 3.6123 -1.79% 2.46%

EUR/USD 1.0780 0.40% 2.10%

TL basket 3.7532 -0.69% 2.28%

Interest rates Yield Change Vol.($m)

Policy rate (sa) 8.00%

Benchmark (11-Jul-18) 11.6% 0.6% 1.38

Eurobonds Price Yield Spread

TR (15-Jan-30) 154.35 5.8% 3.3%

US (10-year) 2.5% 0.0%

Source: Rasyonet, Bloomberg

2Equity Research

Sector and Company News Akbank employees postpone their strike action by 60 days: According to an official announcement by Akbank, The Bank and Insurance Employees Union ("BANKSIS") decided to postpone its previously taken strike action for 60 days. Recall that it previously announced that an agreement could not be reached in the mediation phase with regards to the negotiations for the collective bargaining agreement between Akbank and BANKSIS. We do not expect any impact on the share price performance following this disclosure.

Strongest ever domestic white goods demand recorded in February: According to the White Goods Manufacturers’ Association data, domestic white goods sales volume in February reached almost 700k units, which implies a 42% y/y growth. We were expecting a 20% y/y growth in the wholesale volumes considering the inventory build-up at the retail channel in January. Therefore, Actual demand in February was much stronger than our estimate of 600k units. On a seasonally adjusted basis, February sales imply an annual volume of 10.4m units, which is the highest ever level. Although February trading update is a clear upside risk to our current full year estimates, we would wait until the end of the SCT incentive period, (end-April) as we believe that there is a significant pulled-forward demand in the market. Yet, our current full year growth estimate of 5% is ahead of Arcelik’s official guidance of 3%. Exports volume growth on the other hand was around 1%, in line with our estimates. Note that the deceleration in the UK market since 4Q16 would put a pressure on the international sales.

Arcelik eyes further international expansion: According to an interview with Arcelik’s CEO on daily Dunya, management explores new acquisition targets mainly in Asia. Key countries on Arcelik’s radar are Indonesia, Vietnam, Philippines, Bangladesh and India. We recall that the company invested in a production facility in Thailand and acquired Dawlance in Pakistan in the last two years. Arcelik generated 60% of its revenues from its international operations in 2016 and we expect international revenue share in 2017 to reach 65% after the consolidation of Dawlance, Arcelik’s CEO targets as much as 80% for international revenue share in the long-term. Although we have a hold rating on Arcelik, we argue that risks are clearly on the upside as we cannot incorporate the impact of a new M&A into our price target.

One of Tekfen Holding’s minority shareholders registers 1.2m Tekfen shares: According to official KAP disclosure, Habibe Bukay Unlusoy registered 1.2m Tekfen shares to sell in the market. This corresponds to 0.3% of the company’s paid-in capital. Ms Unlusoy is the wife of one the company’s previous CEOs. Given the size is rather small, we do not expect this to create a sizable overhang.

Turkish automotive sector’s exports increase by 18% y/y in February: According to the Automotive Manufacturing Association, the export volumes of Turkish automotive sector increased by 18% y/y in February to 116k units, driven by passenger cars (36% y/y) while LCV exports contracted by 12% y/y. The strong growth in February is a factor of new model launches by Tofas, Oyak Renualt and Toyota. Among listed players, Ford Otosan’s exports declined by 7% y/y to 23k units, bringing the YTD growth to 1% y/y. On the other hand, Tofas’ exports increased by 31% y/y in February to 30k units – the highest monthly export figure for Tofas (YTD growth at 33%). For the full year, we expect export units of Ford Otosan to increase by 7% y/y in 2017 vs. 21% y/y growth in Tofas thanks to the first full year production of Egea family.

Politics and Economy Moody’s cuts Turkish banks’ outlook to negative: The rating agency announced that it cut 14 Turkish banks’ (including the 6 Tier-I banks in our coverage) outlook to negative, from stable. This followed Moody’s announcement on Friday when it cut its outlook on Turkey’s rating to negative from stable. The next credit review on Turkey will be on 5 May by S&P followed by Fitch on 21 July.

Companies which have been transferred to Turkish Sovereign Wealth Fund are to be restructured: According to Dunya News, Turkey's Sovereign Wealth Fund is to launch a new project that will restructure the companies transferred to the fund, excluding Halkbank and Ziraat Bank. The restructuring reportedly aims at boosting the functionality, effectiveness and the transparency of the companies. In this context, Turksat’s retail services (internet, TV etc.) will be distinguished from its satellite management services, and the mining and boron production branches of ETI Mine Works will be restructured. The restructuring of Botas will be handled as a long-term project with the sale of contracts, which have been in force for a long time, and the plans for its transmission network to be managed separately. The total value of the assets transferred to the fund hovers around USD160bn, as announced by Undersecretary of the Treasury Osman Celik. The fund management, however, has not released any official data on the value of the SWF.

3Equity Research

Figure 1: Buyback Activities

Source: Public Disclosure Platform 

Ticker CompanyBuyback

announcement dateBuyback status

Maximum number of shares for

buyback

Maximum funds to allocate

(TL)Total buyback (shares) Total amount paid (TL)

Shareholder

Activity (number of

shares)

ALBRK Albaraka 13-Jan-16 Approved No further information No further information 3,004,740 4,058,002 -

BIMAS BIM 16-Mar-17 Terminated No further information 300,000,000 1,223,961 61,116,862 -

DOAS Dogus Otomotiv 27-Jul-16 Approved 22,000,000 524,000,000 22,000,000 220,161,803 128,130

EKGYO Emlak GYO 07-Jan-16 Approved 259,929,138 1,039,716,552 No buyback yet No buyback yet -

ENKAI ENKA Insaat 25-Jul-16 Approved 4,200,000 60,000,000 8,400,000 37,806,975 741,389

KRDMD Kardemir 15-Dec-16 Approved No further information 50,000,000 550,000 698,200 -

TKFEN Tekfen 03-Mar-16 Terminated 10% of paid in capital 222,000,000 No buyback yet No buyback yet -

THYAO Turkish Airlines 04-Apr-16 Approved No further information No further information No buyback yet No buyback yet -

TCELL Turkcell 22-Jul-16 Approved No further information 300,000,000 6,521,923 62,856,999 -

ULKER Ülker Bisküvi - - - - - - 3,939,697

BIZIM Bizim Toptan 09-Mar-17 Approved No further information 40,000,000 138,000 1,637,967 324,980

ACSEL Aciselsan 22-Jul-16 Approved 150,000 600,000 20,450 74,602 -

AKFGY Akfen GYO 24-May-16 Approved 10% of paid in capital 41,950,000 2,284,000 3,174,533 -

AKSA Aksa Akrilik 22-Jul-16 Approved 1,000,000,000 60,000,000 No buyback yet No buyback yet -

ARSAN Arsan Tekstil 22-Jul-16 Approved No limitation No limitation 1,896,388 2,515,254 -

ATLAS Atlas Menkul Kıymetler 21-Jul-16 Approved 1,000,000 800,000 605,720 486,696 -

AVOD Avod Kurutulmus Gida 22-Jul-16 Approved 2,000,000 2,500,000 266,600 299,391 -

AVGYO Avrasya GYO 21-Jul-16 Approved 3,600,000 3,000,000 223,161 920,440 -

AVTUR Avrasya Petrol 21-Jul-16 Approved 2,250,000 3,200,000 No buyback yet No buyback yet -

BAKAB Bak Ambalaj 28-Jul-16 Terminated 500,000 1,250,000 437,424 1,108,142 -

BAKAN Bakanlar Medya 22-Jul-16 Approved 400,000 500,000 48,804 70,027 -

BNTAS Bantas Bandirma Ambalaj 25-Jul-16 Approved 500,000 500,000 No buyback yet No buyback yet -

BTCIM Baticim Bati Anadolu Cimento 01-Aug-16 Approved 80,000,000 5,000,000 23,557 147,065 -

BSOKE Batisoke Cimento 01-Aug-16 Approved 78,750,000 1,700,000 30,682 65,954 -

BLCYT Bilici Yatirim 01-Aug-16 Approved 3,500,000 9,000,000 1,935,188 2,212,613 -

BRYAT Borusan Yatırım 22-Jul-16 Approved 1,700,000 40,000,000 256,971 7,748,780 -

CRDFA Credit West 29-Jul-16 Rejected No further information No further information No buyback yet No buyback yet -

DAGI Dagi Giyim 25-Jul-16 Terminated 1,500,000 2,500,000 1,300,000 1,837,205 -

DAGHL Dagi Yatırım Holding 25-Jul-16 Terminated 2,500,000 3,500,000 1,551,500 2,383,133 -

DGATE Datagate Bilgisayar Malzemeleri 21-Jul-16 Approved No further information 5,000,000 23,713 213,055 -

DENGE Denge Yatırım Holding 22-Jul-16 Terminated 500,000 1,000,000 450,000 959,405 -

DOHOL Dogan Holding 01-Dec-16 Approved No further information 5,200,000 3,200,000 2,080,000 -

EMKEL Emek Elektrik 06-Sep-16 Approved 5,000,000 5,000,000 1,268,699 1,649,972 -

GEDZA Gediz Ambalaj 01-Aug-16 Approved 100,000 800,000 13,956 81,758 -

GEREL Gersan Elektrik 22-Feb-16 Approved 2,000,000 6,800,000 974,904 1,739,656 -

GSDDE GSD Denizcilik Gayrimenkul 22-Jul-16 Approved 5,218,000 5,000,000 2,815,000 2,601,430 -

GSDHO GSD Holding 22-Jul-16 Approved 25,000,000 40,000,000 20,550,000 19,135,498 -

GLRYH Guler Yatirim Holding 22-Jul-16 Approved 500,000 500,000 No buyback yet No buyback yet -

HDFGS Hedef Girisim Sermayesi 25-Jul-16 Pending 800,000 1,000,000 No buyback yet No buyback yet -

IDGYO Idealist GYO 01-Aug-16 Approved 400,000 500,000 107,720 141,437 -

IZFAS Izmir Fırca 26-Jul-16 Approved 400,000 500,000 154,398 197,239 -

KATMR Katmerciler Araç Üstü Ekipman 22-Jul-16 Approved 1,000,000 7,000,000 189,109 1,223,271 -

KRSTL Kristal Kola 25-Jul-16 Approved 4,000,000 6,000,000 2,621,133 3,412,827 -

LKMNH Lokman Hekim 29-Mar-15 Approved 10% of paid in capital No further information 973,260 2,414,676 -

MEPET Mepet Metro Petrol 21-Jul-16 Approved 3,750,000 7,900,000 No buyback yet No buyback yet -

METRP Metro Holding 21-Jul-16 Approved 15,000,000 8,400,000 No buyback yet No buyback yet -

NTHOL Net Holding 22-Jul-16 Approved 48,500,000 150,000,000 44,308,731 128,817,931 -

NTTUR Net Turizm 22-Jul-16 Approved 11,000,000 15,000,000 217,777 261,001 -

OSTIM Ostim 22-Jul-16 Approved 1,000,000 2,500,000 No buyback yet No buyback yet -

OYLUM Oylum Sinai Yatırımlar 25-Jul-16 Approved No limitation No limitation No buyback yet No buyback yet -

OZKGY Ozak GYO 25-Nov-16 Approved 3,000,000 6,000,000 88,560 157,051 -

OZGYO Ozderici Gayrimenkul 26-Jul-16 Approved 1,000,000 1,500,000 No buyback yet No buyback yet -

PIMAS Pimas Plastik Insaat Malzemeleri 29-Sep-16 Approved No further information 3,200,000 320,867 824,675 -

PSDTC Pergamon Status 25-Jul-16 Approved 300,000 1,000,000 8,100 -55,283 -

PRZMA Prizma Pres Matbaacılık 22-Jul-16 Approved 750,000 1,000,000 311,957 573,368 -

RYGYO Reysaș GYO 25-Jul-16 Pending No further information No further information No buyback yet No buyback yet -

RYSAS Reysas Tasimacilik 25-Jul-16 Pending No further information No further information No buyback yet No buyback yet -

RTALB RTA Laboratuar 22-Jul-16 Approved 100,000 1,250,000 12,000 93,800 -

SEKFK Seker Finansal Kiralama 21-Oct-16 Approved 4,500,000 5,500,000 1,404,699 1,967,160 -

SNKRN Senkron Güvenlik 25-Jul-16 Approved 300,000 500,000 18,200 29,735 -

TRNSK Transturk Holding 22-Jul-16 Approved 2,000,000 820,000 165,000 57,750 -

PRKAB Turk Prysmian 03-Aug-16 Approved 1,000,000 3,500,000 980,386 2,457,888 -

ULUUN Ulusoy Un 25-Jul-16 Approved 5,000,000 25,000,000 2,002,152 3,445,108 -

YATAS Yatas 21-Jul-16 Approved 4,279,969 16,049,884 No buyback yet No buyback yet -

VANGD Vanet Gıda 21-Jul-16 Approved 1,250,000 1,000,000 No buyback yet No buyback yet -

VERUS Verusa Holding 31-Sep-16 Approved 1,000,000 16,000,000 347,464 4,417,395 -

4Equity Research

Key charts

Figure 2: BIST-100 Index vs. MSCI EM Index price performance (in USD terms)

Source: Bloomberg Finance LP

Figure 3: One-year forward looking P/E multiple (BIST-100 Index vs. MSCI EM Index)

Source: Bloomberg Finance LP

Figure 4: BIST-100 Index one-year forward looking P/E evolution

Source: Bloomberg Finance LP

Figure 5: BIST-100 Index one-year forward looking P/E vs. benchmark bond yield

Source: Bloomberg Finance LP

Figure 6: Banks vs. Industrials Index

Source: Bloomberg Finance LP

Figure 7: BIST-100 Index level vs. daily trading volume

Source: Rasyonet

50

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BIST-100 vs. MSCI EM Index ($) Five- years average

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8

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MSCI EM Index BIST-100 Index

7.0

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BIST-100 Index Two-years average

+2 STD

- 2 STD

3%

5%

7%

9%

11%

13%6.5

7.5

8.5

9.5

10.5

11.5

12.5

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-10

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-11

Jun-

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p-11

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-15

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BIST-100 Index Benchmark bond rate - inverted (RHS)

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105

115

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-15

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p-16

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XBANK Index vs. XUSIN Index average

0

400

800

1,200

1,600

2,000

2,400

85,000

86,000

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28 F

eb

01 M

ar

02 M

ar

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ar

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ar

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ar

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ar

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ar

10 M

ar

13 M

ar

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ar

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ar

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ar

17 M

ar

Volume (USDm) (RHS) Index Level TL (LHS)

5Equity Research

Figure 8: Latest Research Reports

Date Report Analyst Contact

17 Mar 2017 Koc Holding - Best in class Can Oztoprak Can.Oztoprak@unluco.com

16 Mar 2017 Data Flash Note - CBRT MPC Meting – March 2017 Vedat Mizrahi Vedat.Mizrahi@unluco.com

15 Mar 2017 Arcelik - Strong growth to limit margin pressure Mete Ozbek Mete.Ozbek@unluco.com

15 Mar 2017 Data Flash Note - Unemployment – December 2016 Vedat Mizrahi Vedat.Mizrahi@unluco.com

08 Mar 2017 Data Flash Note – Balance of Payments – January 2017 Vedat Mizrahi Vedat.Mizrahi@unluco.com

08 Mar 2017 Data Flash Note – Industrial Production – January 2017 Vedat Mizrahi Vedat.Mizrahi@unluco.com

07 Mar 2017 Turkish Banking Sector - As good as it gets Vedat Mizrahi Vedat.Mizrahi@unluco.com

07 Mar 2017 The Market Oracle - Revision cycle remains strong Vedat Mizrahi Vedat.Mizrahi@unluco.com

03 Mar 2017 Data Flash Note - Inflation – February 2017 Vedat Mizrahi Vedat.Mizrahi@unluco.com

03 Mar 2017 Monthly Cherry Picks - March 2016 Vedat Mizrahi Vedat.Mizrahi@unluco.com

03 Mar 2017 Coca-Cola Icecek - Buy on weakness Can Oztoprak Can.Oztoprak@unluco.com

01 Mar 2017 Turkish Corporate Bonds - Trading volume continues to rise M. Sinan Veziroglu Sinan.Veziroglu@unluco.com

23 Feb 2017 Credit Research - Securitisation(VDMK) M. Sinan Veziroglu Sinan.Veziroglu@unluco.com

22 Feb 2017 Vakifbank - Vakifbank - Strong finish to the year Vedat Mizrahi Vedat.Mizrahi@unluco.com

15 Feb 2017 Halkbank - Provisioning burden weighs on profitability Vedat Mizrahi Vedat.Mizrahi@unluco.com

07 Feb 2017 Market Oracle - Banks continue to dominate EPS upgrades Can Ozguzel Can.Ozguzel@unluco.com

02 Feb 2017 Yapi Kredi - Capital and asset quality concerns escalate Vedat Mizrahi Vedat.Mizrahi@unluco.com

02 Feb 2017 Isbank - Ending the year in style Vedat Mizrahi Vedat.Mizrahi@unluco.com

01 Feb 2017 Turkish Corporate Bonds - Downgraded to speculative grade M. Sinan Veziroglu Sinan.Veziroglu@unluco.com

01 Feb 2017 Akbank - Meeting expectations Vedat Mizrahi Vedat.Mizrahi@unluco.com

01 Feb 2017 Garanti Bank - Well-positioned for a tough year Vedat Mizrahi Vedat.Mizrahi@unluco.com

30 Jan 2017 Turkish Equity Research - 4Q16 preview: A mixed bag Vedat Mizrahi Vedat.Mizrahi@unluco.com

26 Jan 2017 Data Vault - Introducing v2.0 with a wider coverage Vedat Mizrahi Vedat.Mizrahi@unluco.com

25 Jan 2017 Turkish Equities Strategy - Hoist your sail when the wind is fair Vedat Mizrahi Vedat.Mizrahi@unluco.com

19 Jan 2017 Turkish Banking Sector – Too attractive to ignore Vedat Mizrahi Vedat.Mizrahi@unluco.com

09 Jan 2017 Turkish Telecoms - Please call again later Can Oztoprak Can.Oztoprak@unluco.com

04 Jan 2017 Market Oracle - Looking for 17% y/y EPS growth in 2017 Can Ozguzel Can.Ozguzel@unluco.com

02 Jan 2017 Turkish Corporate Bonds - Expecting corporate issuances to rise M. Sinan Veziroglu Sinan.Veziroglu@unluco.com

20 Dec 2016 Ulker Biskuvi - Recent slump creates opportunity Can Oztoprak Can.Oztoprak@unluco.com

16 Dec 2016 Turkish auto sector - New trends with new taxes Can Ozguzel Can.Ozguzel@unluco.com

14 Dec 2016 Tupras - More bang for the buck Muharrem Gulsever Muharrem.Gulsever@unluco.com

01 Dec 2016 Turkish Corporate Bonds – Vast majority of issuers being rated M. Sinan Veziroglu Sinan.Veziroglu@unluco.com

Source: UNLU& Co analysis, *reports are available upon request

6Equity Research

Figure 9: Turkish Equity Coverage

Source: UNLU& Co estimates, Bloomberg, * P/BV for financials, **last trading day's closing price

16E 17E 16E 17E

Banks 6.7 6.1 0.9 0.8

Akbank AKBNK.IS 8.95 9.60 7% Hold 9,873 52% 64.1 7.4 6.9 1.1 1.0

Albaraka ALBRK.IS 1.25 1.30 4% Sell 310 21% 0.8 5.2 5.8 0.5 0.5

Garanti Bank GARAN.IS 9.07 9.75 7% Hold 10,506 48% 199.7 7.4 6.7 1.1 0.9

Halkbank HALKB.IS 11.35 13.20 16% Buy 3,913 49% 78.9 5.6 4.1 0.7 0.6

Isbank ISCTR.IS 6.64 6.95 5% Hold 8,240 31% 43.5 5.6 5.3 0.7 0.7

TSKB TSKB.IS 1.47 1.90 29% Buy 831 39% 2.4 6.3 5.8 1.0 0.9

Vakifbank VAKBN.IS 5.39 5.90 9% Hold 3,716 25% 36.4 4.8 4.7 0.7 0.6

Yapi Kredi YKBNK.IS 3.91 4.10 5% Hold 4,687 18% 37.9 5.8 5.3 0.7 0.6

Insurance 16.0 12.0 2.8 2.3

Aksigorta AKGRT.IS 2.66 3.00 13% Hold 224 28% 0.9 16.9 8.3 2.0 1.6

Anadolu Hayat ANHYT.IS 5.29 7.00 32% Buy 627 17% 0.4 12.0 11.9 2.6 2.5

Anadolu Sigorta ANSGR.IS 2.44 2.10 -14% Sell 336 42% 0.1 13.9 10.0 1.0 0.9

AvivaSA AVISA.IS 19.11 24.00 26% Buy 622 20% 0.1 21.5 16.3 5.3 4.1

TMT 15.2 12.0 7.1 6.0

Logo LOGO.IS 54.10 68.00 26% Buy 373 65% 1.2 29.5 18.3 15.7 11.1

Turk Telekom TTKOM.IS 5.82 6.20 7% Hold 5,618 13% 6.6 nm 11.0 5.9 5.3

Turkcell TCELL.IS 12.42 14.70 18% Buy 7,535 35% 13.9 18.1 11.7 6.7 5.7

Conglomerates 10.4 9.7 nm nm

Dogan Holding DOHOL.IS 0.71 0.86 21% Hold 512 35% 7.5 nm 11.6 5.5 4.5

Enka Insaat ENKAI.IS 6.06 6.92 14% Buy 7,019 12% 4.5 15.2 13.4 7.0 5.7

Gozde Girisim GOZDE.IS 2.37 2.37 0% Buy 252 26% 1.9 9.3 8.2 nm nm

Koc Holding KCHOL.IS 15.44 17.20 11% Buy 10,798 22% 11.5 12.5 11.5 nm nm

Sabanci Holding SAHOL.IS 10.23 11.20 9% Buy 5,756 44% 13.6 7.6 7.2 nm nm

Tekfen Holding TKFEN.IS 9.15 9.10 -1% Buy 934 48% 14.6 12.8 9.0 6.9 5.0

Yazicilar Holding YAZIC.IS 20.40 18.30 -10% Buy 900 24% 1.5 na na nm nm

Commodities 15.3 12.5 8.6 7.0

Aygaz AYGAZ.IS 14.69 14.50 -1% Buy 1,215 24% 1.0 10.6 8.7 4.8 4.7

Gubre Fabrikalari GUBRF.IS 4.57 5.30 16% Hold 421 22% 5.7 238.9 12.4 18.4 7.6

Erdemir EREGL.IS 6.12 6.50 6% Hold 5,907 48% 19.9 14.1 10.1 7.7 5.8

Kardemir KRDMD.IS 1.17 1.45 24% Buy 394 89% 11.3 nm 57 10.9 10.3

Petkim PETKM.IS 4.84 4.50 -7% Hold 2,002 44% 23.8 12.3 16.3 10.4 12.4

Tupras TUPRS.IS 89.95 96.00 7% Buy 6,212 49% 19.2 12.6 8.8 8.6 6.4

Autos & Parts and White Goods 12.9 13.0 10.6 8.9

Arcelik ARCLK.IS 22.42 23.50 5% Hold 4,178 25% 8.5 11.7 14.0 10.3 9.0

Brisa BRISA.IS 6.35 6.70 6% Hold 534 10% 0.8 17.8 19.3 12.8 14.2

Dogus Otomotiv DOAS.IS 9.01 9.50 5% Hold 547 15% 2.6 10.0 14.4 8.5 8.8

Ford Otosan FROTO.IS 37.92 36.80 -3% Buy 3,670 18% 3.5 13.9 12.3 10.1 8.7

KordSA KORDS.IS 7.67 7.45 -3% Hold 411 28% 1.8 10.4 8.7 7.6 6.2

Tofas TOASO.IS 27.24 28.50 5% Buy 3,756 24% 5.0 14.0 12.7 11.9 9.2

Turk Traktor TTRAK.IS 82.40 92.00 12% Buy 1,213 24% 3.2 11.9 11.5 10.0 8.8

Defence 32.8 16.8 24.4 14.8

Aselsan ASELS.IS 17.48 13.70 -22% Hold 4,821 14% 18.5 32.8 16.8 24.4 14.8

Real Estate 6.6 6.8 6.5 7.7

Emlak GYO EKGYO.IS 3.06 3.60 18% Buy 3,207 51% 23.1 6.6 6.6 5.6 7.0

IS GYO ISGYO.IS 1.56 2.00 28% Buy 366 48% 1.7 3.2 11.7 14.1 16.9

Torunlar GYO TRGYO.IS 4.54 4.90 8% Hold 626 21% 1.0 4.1 3.6 7.1 5.2

Retailers 25.4 22.2 16.5 14.2

Bim BIMAS.IS 56.35 52.90 -6% Hold 4,718 60% 10.0 27.2 23.7 17.3 14.7

Bizim Toptan BIZIM.IS 11.89 15.50 30% Buy 131 46% 1.2 36.3 33.3 5.5 4.8

Migros MGROS.IS 21.82 21.70 -1% Buy 1,071 19% 2.8 nm nm 9.5 8.3

Teknosa TKNSA.IS 3.42 3.70 8% Hold 104 17% 1.5 nm nm nm 24.6

Cements 9.1 10.8 7.4 7.3

Akcansa AKCNS.IS 13.65 15.30 12% Hold 721 19% 0.7 9.1 10.8 6.4 6.6

Cimsa CIMSA.IS 16.48 19.00 15% Hold 614 40% 0.6 9.0 10.8 8.4 7.9

Glass and materials 9.7 10.3 7.1 6.1

Anadolu Cam ANACM.IS 3.07 3.45 12% Hold 376 20% 1.3 3.0 12.4 5.5 4.9

Sise Cam SISE.IS 4.10 4.25 4% Hold 2,318 34% 4.8 12.3 11.4 7.7 6.5

Soda Sanayii SODA.IS 6.02 6.50 8% Hold 1,245 39% 5.0 8.4 8.0 6.6 5.5

Trakya Cam TRKCM.IS 3.02 3.30 9% Hold 775 28% 1.7 5.5 10.5 6.8 6.2

Aviation 5.4 35.9 13.5 7.5

Celebi GH CLEBI.IS 23.60 30.00 27% Buy 158 22% 0.8 20.4 11.9 7.4 6.1

DO & CO DOCO.IS 234.70 261.00 11% Hold 631 15% 0.7 22.6 22.3 8.9 8.9

Pegasus Airlines PGSUS.IS 15.06 17.60 17% Hold 425 35% 17.9 nm 256 22.0 10.1

TAV Airports TAVHL.IS 15.80 18.20 15% Buy 1,583 40% 8.4 13.0 8.4 6.4 5.2

Turkish Airlines THYAO.IS 5.91 5.30 -10% Hold 2,249 50% 99.9 nm 24.2 17.0 8.4

Food and Beverages 7.3 31.9 12.0 9.9

Anadolu Efes AEFES.IS 20.12 22.80 13% Hold 3,285 32% 2.0 nm 46.0 12.1 9.6

Coca Cola Icecek CCOLA.IS 36.30 42.00 16% Buy 2,546 25% 3.5 nm 29.8 11.5 9.4

Pinar Sut PNSUT.IS 15.89 19.10 20% Hold 197 38% 0.2 10.2 10.1 6.8 6.4

Tat Gida TATGD.IS 7.91 7.40 -6% Buy 297 41% 6.2 16.1 15.2 13.6 11.3

Ulker Biskuvi ULKER.IS 18.37 22.30 21% Buy 1,733 39% 9.6 23.6 17.5 12.7 11.0

Utilities nm nm 14.0 11.3

Ak Enerji AKENR.IS 0.85 0.70 -18% Sell 171 25% 0.9 nm nm 24.1 14.9

Aksa Enerji AKSEN.IS 2.95 3.80 29% Buy 499 21% 1.9 nm 16.5 8.1 6.9

Odas Elektrik ODAS.IS 10.12 11.50 14% Buy 133 37% 2.9 nm nm 17.7 17.7

Company NameAvg. Vol.

(USDm)

Free Float

(%)Rating

MCAP

(USDm)

Upside

(%)

P/E EV/EBITDA*TP

(TL)

Current price

(TL)Ticker

7Equity Research

Figure 10: Corporate Bond Coverage

Source: Borsa Istanbul

Issuer ISIN codeType of

YieldIssuance Date Maturity Date

Total Issue Nominal

Amount (TLm)

Number of

Coupons

Next Coupon

Date

Next Coupon

Rate (%)

Spread

(bps)

Ayen Enerji TRSAYENK1813 FRN 01/12/2016 29/11/2018 50 4 01/06/2017 3.8415 475

Calik Enerji TRSCLKE21918 FRN 03/02/2017 01/02/2019 150 4 05/05/2017 3.8014 450

IC Ictas Enerji TRSICICA1713 FRN 18/12/2015 15/12/2017 135 4 16/06/2017 3.8965 450

Karsan Otomotiv TRSKRSNE1713 FRN 21/10/2014 17/10/2017 180 4 18/04/2017 3.7839 450

Karsan Otomotiv TRSKRSN31812 FRN 27/03/2015 23/03/2018 20 4 24/03/2017 3.6857 450

Palmet Enerji TRSPALM51713 FRN 11/05/2015 08/05/2017 50 4 08/05/2017 3.9277 500

Palmet Enerji TRSPALM31814 FRN 23/03/2016 21/03/2018 20 4 22/03/2017 3.9205 500

Soktas Tekstil TRSSKTS41717 FRN 07/04/2015 04/04/2017 25 4 04/04/2017 3.7313 475

8Equity Research

Disclosure Appendix

Important Global Disclosures

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9Equity Research

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Potential Conflicts Company Disclosure

Anadolu Cam D & F Aksa Enerji D Akfen D & F Ayen Enerji D, F & G Bizim Toptan D & G Calik Enerji D, F & G IC ICtas Enerji D Karsan Otomotiv D Gozde Girisim D & G Palmet Enerji D Soktas Tekstil D & G Ulker Biskuvi D, F & G A: The analyst, a team member, a member of the analyst's household or a team member's household serves as an officer, director or

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10Equity Research

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11Equity Research

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12Equity Research

Head of Equity & Credit Research Head of Equity & Credit Sales Head of Equity Trading Vedat Mizrahi, PhD (90 212) 367 3690 Tunc Yildirim (90 212) 367 3675 Batur Ozyar (90 212) 367 3673

Vedat.Mizrahi@unluco.com Tunc.Yildirim@unluco.com Batur.Ozyar@unluco.com

Equity Research Team Equity Sales Team Equity Trading Team Banks & Insurance Turkey Turkey Vedat Mizrahi, PhD (90 212) 367 3690 Tunc Yildirim (90 212) 367 3675 Batur Ozyar (90 212) 367 3673 Vedat.Mizrahi@unluco.com Tunc.Yildirim@unluco.com Batur.Ozyar@unluco.com Emir Moran (90 212) 367 3687 Kagan Cevik (90 212) 367 3683 Engin Cebeci (90 212) 367 3674 Emir.Moran@unluco.com Kagan.Cevik@unluco.com Engin.Cebeci@unluco.com Real Estate Yasemin Ahmetoglu (90 212) 367 3671 Hakan Tezguler (90 212) 367 3677 Emir Moran (90 212) 367 3687 Yasemin.Ahmetoglu@unluco.com Hakan.Tezguler@unluco.com Emir.Moran@unluco.com Ozlem Turgay (90 212) 367 3676 Airlines Ozlem.Turgay@unluco.com Muharrem Gulsever (90 212) 367 3694 Muharrem.Gulsever@unluco.com United States Autos & Parts Batur Ozyar (90 212) 367 3673 Can Ozguzel (90 212) 367 3678 Batur.Ozyar@unluco.com Can.Ozguzel@unluco.com Retail & Beverage Mete Özbek (90 212) 367 3689 Mete.Ozbek@unluco.com Food Can Oztoprak (90 212) 367 3692 Can.Oztoprak@unluco.com TMT Can Oztoprak (90 212) 367 3692 Can.Oztoprak@unluco.com White Goods Mete Özbek (90 212) 367 3689 Mete.Ozbek@unluco.com Conglomerates Can Oztoprak (90 212) 367 3692 Can.Oztoprak@unluco.com Oil and Gas Muharrem Gulsever (90 212) 367 3694 Muharrem.Gulsever@unluco.com Metals and Mining Muharrem Gulsever (90 212) 367 3694 Muharrem.Gulsever@unluco.com Building Materials Can Ozguzel (90 212) 367 3678 Can.Ozguzel@unluco.com Assistant Economist Esra Șimșek (90 212) 367 3696 Esra.Simsek@unluco.com Credit Research Team Credit Sales Team Sinan Veziroglu (90 212) 367 3691 Tunc Yildirim (90 212) 367 3675 Sinan.Veziroglu@unluco.com Tunc.Yildirim@unluco.com Vedat Mizrahi, PhD (90 212) 367 3690 Yasemin Ahmetoglu (90 212) 367 3671

Vedat.Mizrahi@unluco.com Yasemin.Ahmetoglu@unluco.com Ozlem Turgay (90 212) 367 3676 Ozlem.Turgay@unluco.com