Denizbank, Emlak Konut, Tekfen, Tupras: Turkish Equity Preview

The following stocks may be active in Turkey. Symbols are in parentheses and prices are from the last close.

Turkey’s benchmark ISE National 100 index gained 805.34, or 1.2 percent, to 66,156.19 yesterday.

Anadolu Efes Biracilik & Malt Sanayi AS (AEFES TI): the Middle East’s biggest brewer was cut to “market perform” from “outperform” at Istanbul-based broker Standard Unlu, which cited “another year of contraction for domestic beer,” according to a report published yesterday. Standard raised its price estimate to 22.50 liras from 19.80 liras. Efes was unchanged at 20.75 liras.

Denizbank AS (DENIZ TI): the bank owned by Belgium’s Dexia SA will seek possible buyers or partners for insurer Deniz Emeklilik & Hayat AS, as well as cooperation in the sale of insurance products, Denizbank said in a filing with the Istanbul Stock Exchange late yesterday. Denizbank rose 10 kurus, or 0.9 percent, to 10.80 liras.

Emlak Konut Gayrimenkul Yatirim Ortakligi AS (EKGYO TI): Turkey’s biggest residential property developer will start trading with a reference price of 1.70 liras on the exchange today after selling a 25 percent stake to the public for 1.06 billion liras ($714 million) on Nov. 23-24. The sale was the biggest IPO in Turkey this year.

Gubre Fabrikalari TAS (GUBRF TI): the fertilizer maker was downgraded to “neutral” from “overweight” at HSBC Holdings Plc, which cited a “recent share price surge” in an e-mailed report today. HSBC raised its price estimate to 20 liras per share from 17.6 liras. Gubre gained 45 kurus, or 2.5 percent, to 18.55 liras.

Tekfen Holding AS (TKFEN TI): the builder was raised to “overweight” from “neutral” at HSBC Holdings Plc, which cited “accelerated construction backlog expansion,” according to an e-mailed report today. HSBC raised its price estimate for the share to 8 liras from 7 liras. Tekfen gained 6 kurus, or 1 percent, to 6.08 liras.

Tupras Turkiye Petrol Rafinerileri AS (TUPRS TI): the nation’s biggest refiner was upgraded to “neutral” from “sell” at Goldman Sachs Group Inc in an e-mailed report today. Tupras fell 20 kurus, or 0.6 percent, to 36.30 liras.

To contact the reporters on this story: Mark Bentley in Istanbul at mbentley3@bloomberg.net;

To contact the editor responsible for this story: Peter Hirschberg in Jerusalem at phirschberg@bloomberg.net.

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