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Analysis

Sitting on a gold mine: Heavy investment in precious metals means lots of potential
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To gain some understanding of the special place that gold holds in the hearts of Turks, one need only visit one of Istanbul’s most famous sites, the Grand Bazaar. Sellers come to cash in their gold jewellery, and buyers leave with anything from gold gram wafers to chunky 100-gram bars that cost more than $5000 a piece. The rest of the bazaar goes through high and low seasons, but the gold quarter…

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Aiming high: The government works to develop Istanbul as a global financial centre
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Recep Tayyip Erdoğan, the prime minister of Turkey, has an expansive vision of the future of the country’s capital markets. In an April 2013 speech opening the first session of Borsa Istanbul under its new name, he said that the exchange’s restructuring would “reinforce Istanbul’s bid to be a finance centre just like New York, Tokyo and London”. Political Support Promoting Istanbul’s…

Analysis

Alarko: Diversified
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The Company Alarko was founded in the 1950s by the Alaton and Garih families as a manufacturer of heating, cooling and air conditioning systems. The two families currently hold 35% and 34% stakes in the company, respectively, and the free float rate stands at 26%. While the contracting business was the focus of the company for several decades, the contribution of the energy segment has grown,…

Analysis

A merging movement: Consolidation comes calling
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Mergers and acquisitions (M&A) activity is heating up in Turkey’s insurance market, as liquid global financial markets encourage multinationals to bid for businesses that are growing faster than the overall economy. While pace of deals is unlikely to match that of 2006-08, when multinationals invested heavily in Turkey’s insurance market, the latest M&A wave is still expected to be impressive,…

Analysis

Anadolu Efes: Beverages
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The Company Anadolu Efes is the leading producer of beer in Turkey. Together with its 100%-owned subsidiary, Efes Breweries International (EBI), the company operates in Russia, Kazakhstan, Moldova, Georgia and Ukraine. The company also holds a 50.3% stake in Coca Cola İçecek (CCI), one of the leading bottlers in the Coca-Cola system. Along with Turkey, CCI operates in the Middle East, the…

Analysis

Aygaz: Energy
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The Company Aygaz, founded in 1961 and listed on the Istanbul Stock Exchange (now Borsa Istanbul) in 1990, is the market leader in liquefied petroleum gas (LPG) distribution in Turkey, with a sales volume of 1.7m tonnes and $3.2bn in revenues in 2012. Serving some 5m households and possessing a fleet of 250,000 vehicles, Aygaz is the fifth-largest LPG distribution company in Europe. Aygaz has a market…

Analysis

Going green: A look at the alternative energy options
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A sun-kissed, wind-swept land criss-crossed by hundreds of rivers, Turkey is one of Europe’s most attractive sites for renewable power development. To date, red tape and underdevelopment of resources have clouded the investment landscape, but the government’s ambitious renewable energy targets may help jumpstart investor interest. Turkey is energy insecure, with almost half of its electricity generated…

Analysis

FBIST: Exchange-traded fund
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Composition The FTSE Istanbul Bond (FBIST) exchange-traded fund (ETF) is the first ETF to track the FTSE Turkish lira government bond index. It provides investors with exposure to a basket of Turkish fixed-income securities with a single transaction. The FTSE index consists of fixed-income securities with a maturity of over 180 days and a minimum nominal size of TL1bn (€432m), including both straight-bullet…

Analysis

Bringing chemicals into the mix: A growing sub-sector is changing the import and export rankings
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Taken in its broadest sense to include sub-sectors such as petrochemicals, fertilisers, soaps and detergents, pharmaceuticals, paints and colouring agents, as well as raw chemical production, Turkey’s chemical business ranks second among domestic export industries, after automotives. Indeed, the sector has been steadily climbing its way to a higher position, recently overtaking textile and steel…

Analysis

Planning for pensions: New reforms have incentivised personal savings
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A landmark reform of Turkey’s private pensions sector is the centrepiece of the government’s plan to boost the country’s declining national savings rate. To draw more people into the pensions system, the government began matching 25% of personal contributions to private pensions, subject to certain limits, in early 2013. Early results indicate the incentive is working. Pensions firms added over…