Contents
Risk Reward Snapshot 3
Order of Preference 4
Overview: Index Close to Highs, but There Are Still Pockets of Value 5
Top Picks & Least Preferred 6
Overview: Turkish Banks — Price Targets Priced In, Yapi Kredi Top Pick 8
Reality Check 9
Strategy: Strong Fundamentals Priced In; Better Risk-Reward Elsewhere in GEMs 10
Turkey Economics 13
Forecasts, Price Targets and Rating Revisions 16
Consensus versus Morgan Stanley Estimates 17
Akbank 18
Aksigorta 20
Anadolu Efes 22
Arcelik 24
BIM 24
Coca-Cola Icecek 28
Dogan Yayin Holding 30
Erdemir 32
Ford Otosan 324
Garanti 36
Hurriyet 38
Isbank 40
Sabanci Holding 42
Selcuk Ecza 44
Sisecam 446
Tekfen Holding 468
Tofas 50
Trakya Cam 52
Tupras 524
Turk Telekom 546
Turkcell 58
Turkish Airlines 60
Yapi Kredi 62
Appendix 64