【出版时间及名称】：2010年4月土耳其证券市场投资策略报告
        【作者】：荷兰国际集团
        【文件格式】：PPT
        【页数】：118
        【目录或简介】：


1.Investment case
2.Macro Outlook
3.Banks
4.Consumer Stocks
5.Industrials
6.Diversified Industrials
7.Fertilisers
8.Appendix

Economic fundamentals are looking better. GDP is picking up and the Street is probably underestimating growth: consensus is 4.4%, 6% would notsurprise us.
􀂾2010 is the first full year of the growth cycle in Turkey. We believe 2011 will be a stronger year.
􀂾Cyclical sectors are showing strength: white goods, home appliances and car manufacturers are likely to lead growth. Both exports and domestic sales are strong, particularly in white goods.
􀂾Banks are liquid and still profitable –growing revenues is a challenge ahead but other P&L items should offset.
􀂾Government finances are in good shape –growth picking up should help and improve fiscal deficit.
􀂾The earnings estimates are too low, in our view. We expect analyst upgrades throughout the year. Bloomberg consensus is +12.5% in 2010: thisis because banks’earnings are slowing, but corporate earnings growth should be very strong and offset any shortfall in banks’profits. INGFhas +8.5% banks and +35% corporates.