Page 53 - TURKRptFeb20

8.2.2 Dividend dynamics Annual
Gross Net Dividend Dividend
per per Share Share TRY TRY 1.76 1.50 2.09 1.77 0.35 0.30 3.00 2.55 1.29 1.09 15.15 12.88 2.43 2.07 0.40 0.34 1.66 1.41 1.14 0.97 0.30 0.26 5.30 4.51 0.15 0.14 1.38 1.25 2.98 2.54
2010-2018 9 years
Yield Average % 5.66 3.83
- 3.72 7.86 6.97 5.29 1.97
- 3.07 1.83 4.30 1.51 8.03
TOASO TAVHL KRDSA OTKAR AYGAZ TUPRS FROTO KCHOL TBORG TEKFN SAHOL CLEBI ENKAI EREGL VESBE
1,330 1,455 292 164 228 3,713 1,683 5,537 428 1,403 3,830 205 1,582 5,598 623
880 758 68 72 372 3,794 853 1,009 537 422 612 129 750 4,830 567
15-May 21.02
--
Net Profit TRY
Total Gross Bonus Bonus Dividend
Dividend Yield
Payment Last Paid Date % Years
19-Mar 9.97 9 20-Mar 7.93 8 25-Mar 2.76 - 25-Mar 2.91 9 28-Mar 14.17 9 28-Mar 12.03 8
1-Apr 4.24 9 1-Apr 2.41 9 2-Apr 21.12 - 2-Apr 4.34 8 3-Apr 3.66 9
16-Apr 6.22 7 17-Apr 2.82 9 8-May 18.06 9
The sight of individual investors once again losing their money would be no surprise. It’s been seen several times since the establishment of Borsa Istanbul in 1985. However, the market situation currently being experienced is markedly different from what was witnessed before. What we have is a closed market under the control of “The Dude”—a mysterious algorithmic trader who has worked in favour of the Erdogan administration since the beginning of 2016—and supported by long-term purchases of government-controlled local funds.
But whatever the drivers of the rally, its current levels are causing even local finance industry commentators to warn Turks about the possibility of a correction.
“Way ahead may not be smooth” Sanghamitra Saha of Zacks on January 20 questioned the sustainability of the TUR resurgence in a story entitled “Turkey ETF Rallying Hard: How Long Will the Trend Last?” “The way ahead from here may not be smooth... So, even if there is a rally in TUR now, the winning momentum may fade in the medium term,” Saha said.
“Moodys remarked today that negative real rates was not positive for Turkish banks (and I thought statin' the bleedin' obvious was the unique preserve of salestraders?) and I still think caution is advised but happy to persevere with MGROS SODA MAVI [Migros, Soda Sanayii, “Mavi Jeans”] with a punter's side portion of EKGYO [Emlak Konut Real Estate Investment Trust],” Rimmer said on January 20.
“EM has started 2020 in ebullient form but this is often the case and... seasonality is [important] for the asset class generally. Most performance over the last decade has been registered in the first quarter and January trends are often unreliable. Lunar New Year in Asia, the perennial optimism of fools, a lack of anything else to do in January...”
TRY share TRY mn mn % mn
53 TURKEY Country Report OUTLOOK 2020
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