Page 28 - TURKRptSep20

4.3​ Industrial sectors and trade 4.3.1​ PMI Production dynamics
It is a move past the 50-level that is supposed to indicate a recovery in the manufacturing purchasing managers’ index (PMI) data but PMI compiler IHS Markit has bowed to the Turkish distortions. In its charts, a score of 45 is now enough for the TUIK to signal a recovery in the industrial production data, even though there is no connection between industrial production and manufacturing output in the GDP figures and the monthly industrial production data releases.
The headline Istanbul Chamber of Industry Turkey Manufacturing PMI ​posted 56.9 in July, up from 53.9 in June. Any figure above 50.0 denotes expansion.
4.3.2 ​Corporate profits dynamics
Major Borsa Istanbul Companies H1 Financials
TRYmn
Market Value
Sales
y/y
EBITDA
y/y
Profit
y/y
P/E
P/B
BIM
41,684
26,626
38%
2,325
55%
1,128
101%
23.28
8.26
Koc Holding
37,531
56,559
-24%
9,322
79%
4,431
101%
5.67
0.92
Ford Otosan
30,915
15,094
-18%
1,526
-3%
909
2%
15.61
7.45
Tofas
10,580
7,499
-19%
1,141
-8%
635
-13%
7.65
2.98
Tupras
19,721
26,219
-41%
-621
-
-2,450
-
-
1.95
28​ TURKEY Country Report​ September 2020 ​ ​www.intellinews.com