Recommendation List

BANKING	Rating	Close (TRY)	TP (TRY)	Mcap TRY mn	Target Mcap TRY mn	Upside Potential(%)	P/E	P/BV
AKBNK	OP	8.85	10.39	46,020	54,047	17.4%	8.96	0.89
ALBRK	UP	1.72	1.34	2,322	1,806	-22.2%	0.00	0.72
GARAN	OP	12.20	14.75	51,240	61,939	20.9%	8.54	0.99
HALKB	MP	6.80	7.82	8,500	9,779	15.0%	6.85	0.28
ISCTR	OP	7.06	8.53	31,770	38,370	20.8%	5.34	0.58
TSKB	OP	1.24	1.50	3,472	4,204	21.1%	4.96	0.71
VAKBN	OP	6.40	7.75	16,000	19,364	21.0%	6.23	0.52
YKBNK	MP	2.83	3.20	23,905	27,006	13.0%	5.41	0.59

BANKING

Rating

Close (TRY)

TP (TRY)

Mcap TRY mn

Target Mcap TRY mn

Upside Potential(%)

P/E

P/BV

AKBNK

8.85

10.39

46,020

54,047

17.4%

8.96

0.89

ALBRK

1.72

1.34

2,322

1,806

-22.2%

0.00

0.72

GARAN

12.20

14.75

51,240

61,939

20.9%

8.54

0.99

HALKB

6.80

7.82

8,500

9,779

15.0%

6.85

0.28

ISCTR

7.06

8.53

31,770

38,370

20.8%

5.34

0.58

TSKB

1.24

1.50

3,472

4,204

21.1%

4.96

0.71

VAKBN

6.40

7.75

16,000

19,364

21.0%

6.23

0.52

YKBNK

2.83

3.20

23,905

27,006

13.0%

5.41

0.59

HOLDİNG	Rating	Close (TRY)	TP (TRY)	Mcap TRY mn	Target Mcap TRY mn	Upside Potential(%)	P/E	P/BV
KCHOL	OP	20.58	25.00	52,189	63,399	21.5%	10.46	1.50
SAHOL	OP	10.52	12.50	21,465	25,500	18.8%	6.45	0.68
SISE	OP	5.41	6.30	12,173	14,180	16.5%	7.56	0.89
TAVHL	OP	28.88	33.15	10,492	12,041	14.8%	8.24	1.58

HOLDİNG

Rating

Close (TRY)

TP (TRY)

Mcap TRY mn

Target Mcap TRY mn

Upside Potential(%)

P/E

P/BV

KCHOL

20.58

25.00

52,189

63,399

21.5%

10.46

1.50

SAHOL

10.52

12.50

21,465

25,500

18.8%

6.45

0.68

SISE

5.41

6.30

12,173

14,180

16.5%

7.56

0.89

TAVHL

28.88

33.15

10,492

12,041

14.8%

8.24

1.58

INDUSTRIAL	Rating	Close (TRY)	TP (TRY)	Mcap TRY mn	Target Mcap TRY mn	Upside Potential(%)	P/E	P/BV
AKCNS	MP	9.79	8.60	1,874	1,646	-12.2%	30.28	1.89
AKENR	UP	1.10	0.84	802	610	-23.9%	-	21.47
AKSEN	OP	4.04	4.70	2,477	2,880	16.3%	13.39	1.26
ANACM	OP	4.64	4.85	3,480	3,638	4.5%	6.93	1.30
ARCLK	OP	21.70	24.60	14,663	16,623	13.4%	15.2	1.63
ASELS	OP	22.88	26.50	26,083	30,210	15.8%	10.2	2.18
BIMAS	MP	49.10	53.00	29,814	32,180	7.9%	23.56	7.37
CCOLA	OP	43.26	44.90	11,004	11,420	3.8%	9.77	1.75
CIMSA	MP	9.53	8.75	1,287	1,182	-8.2%	-	0.92
DOAS	MP	10.77	10.15	2,369	2,233	-5.8%	1699.71	1.80
EREGL	OP	9.29	10.35	32,515	36,215	11.4%	6.81	1.13
FROTO	OP	74.80	85.26	26,248	29,920	14.0%	14.97	5.68
KRDMD	MP	3.01	3.10	2,348	2,420	3.0%	6.39	0.83
MGROS	OP	26.46	30.20	4,791	5,468	14.1%	28.42	10.56
PETKM	OP	4.01	5.00	8,469	10,554	24.6%	12.72	1.77
PGSUS	OP	75.60	99.70	7,734	10,199	31.9%	6.59	1.61
SELEC	MP	6.33	6.50	3,931	4,035	2.6%	5.78	1.32
TCELL	OP	14.47	17.55	31,834	38,604	21.3%	9.49	1.83
THYAO	OP	15.05	18.55	20,769	25,601	23.3%	8.15	0.55
TOASO	OP	27.54	32.80	13,770	16,400	19.1%	10.14	3.45
TRKCM	OP	3.55	4.40	4,438	5,500	23.9%	6.54	0.75
TTKOM	OP	7.95	8.95	27,825	31,317	12.5%	6.83	3.10
TUPRS	OP	122.40	168.50	30,651	42,196	37.7%	14.56	2.39
ZOREN	OP	1.65	1.94	3,300	3,870	17.3%	180.71	1.65

INDUSTRIAL

Rating

Close (TRY)

TP (TRY)

Mcap TRY mn

Target Mcap TRY mn

Upside Potential(%)

P/E

P/BV

AKCNS

9.79

8.60

1,874

1,646

-12.2%

30.28

1.89

AKENR

1.10

0.84

802

610

-23.9%

21.47

AKSEN

4.04

4.70

2,477

2,880

16.3%

13.39

1.26

ANACM

4.64

4.85

3,480

3,638

4.5%

6.93

1.30

ARCLK

21.70

24.60

14,663

16,623

13.4%

15.2

1.63

ASELS

22.88

26.50

26,083

30,210

15.8%

10.2

2.18

BIMAS

49.10

53.00

29,814

32,180

7.9%

23.56

7.37

CCOLA

43.26

44.90

11,004

11,420

3.8%

9.77

1.75

CIMSA

9.53

8.75

1,287

1,182

-8.2%

0.92

DOAS

10.77

10.15

2,369

2,233

-5.8%

1699.71

1.80

EREGL

9.29

10.35

32,515

36,215

11.4%

6.81

1.13

FROTO

74.80

85.26

26,248

29,920

14.0%

14.97

5.68

KRDMD

3.01

3.10

2,348

2,420

3.0%

6.39

0.83

MGROS

26.46

30.20

4,791

5,468

14.1%

28.42

10.56

PETKM

4.01

5.00

8,469

10,554

24.6%

12.72

1.77

PGSUS

75.60

99.70

7,734

10,199

31.9%

6.59

1.61

SELEC

6.33

6.50

3,931

4,035

2.6%

5.78

1.32

TCELL

14.47

17.55

31,834

38,604

21.3%

9.49

1.83

THYAO

15.05

18.55

20,769

25,601

23.3%

8.15

0.55

TOASO

27.54

32.80

13,770

16,400

19.1%

10.14

3.45

TRKCM

3.55

4.40

4,438

5,500

23.9%

6.54

0.75

TTKOM

7.95

8.95

27,825

31,317

12.5%

6.83

3.10

TUPRS

122.40

168.50

30,651

42,196

37.7%

14.56

2.39

ZOREN

1.65

1.94

3,300

3,870

17.3%

180.71

1.65

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