2014年新兴EMEA研究团队：土耳其股权战略，第3号：Ali Rizaİncekara＆团队

在2013年作为亚军举行的此列表后，Ali Rizai̇ncekara.他在伊斯坦布尔的BGC合作伙伴的八大团队迈出了第三名。“BGC涵盖了更多的股票，比全球银行更好地了解，这不关注二线名称，”一个支持者争辩。“通过挖掘一点，他们可以告诉你市场上真正发生的事情。”One of the strategists’ top names this year is Türkiye İş Bankası, preferred thanks to its “strong deposit franchise and relationship with corporates,” says İncekara, as well as a loan portfolio that is less targeted toward consumers, which will continue to drive superior margins. In addition, management continues to improve efficiency by adding fees and restraining employee head count. During first-quarter 2014, İşbank beat consensus by suppressing deposit costs, “which led to a strong, 50 basis point improvement in the bank’s lira quarter-over-quarter loan-deposit spread and 33 basis point expansion in net interest margins,” the team leader notes. Moreover, management has been cleaning up its noncore subsidiaries’ operations, which could mean “positive catalysts in the near future,” İncekara believes. These inputs contribute to earnings estimates 10 percent higher than consensus for this year and next, he adds. BGC’s target price for İşbank’s stock is 6.15 lira; it was trading at 5.97 lira in late May. The researchers are less enthusiastic about services provider Türk Telekomunikasyon. In counseling a short position, they cite a litany of downside risks, including a slowdown in the telephone segment, a stagnant Internet DSL business and thorny regulatory issues. Management, moreover, last month revised downward by 24 percent its dividends on 2013 net earnings, to 912 million lira ($436 million), owing to “lower-than-expected profitability and increases in its investment program,” İncekara reports.