Transcript Review Meeting FITCH

İş Yatırım Menkul Değerler A.Ş.
PERFORMANCE & FINANCIAL RESULTS
2008
Ocak 2005
April 8, 2009
ABOUT US
OVERVIEW OF CAPITAL MARKETS
OUR PERFORMANCE
FINANCIAL RESULTS
EXPECTATIONS FOR THE REST OF THE YEAR
THE ONLY LISTED INVESTMENT HOUSE - ISE
FITCH: “AAA(tur)”
IS Investment offers variety of domestic and international services, such as;
 Brokerage
 Investment Advisory
 Asset Management
 Corporate Finance
 Research
The leading investment house in Turkey and the investment arm of IS Bank
CREDIT RATING - ‘AAA(tur)’
‘AAA(tur)’
Fitch Ratings has affirmed IS Investment’s national long-term credit rating of 'AAA(tur)‘
with stable outlook
ONCE AGAIN…BEST EQUITY HOUSE IN TURKEY
IS Investment - once again - rewarded as the “Best Equity House in Turkey”
ABOUT US
OVERVIEW OF TURKISH CAPITAL MARKETS
OUR PERFORMANCE
FINANCIAL RESULTS
EXPECTATIONS FOR THE REST OF THE YEAR
TURKISH CAPITAL MARKETS
Equity Market Volume (TL Billion)
775,4
Derivatives Market Volume (TL Billion)
665,2
415.9
233.5
2007
2008
2007
Global crisis affected the Equity Market
Derivatives Market – Continue to grow impressively
Bills & Bonds Market Volume (TL Billion)
722.9
2008
Eurobond Volume (TL Billion)
3,5%
64,2
598.7
51,6
2007
2007
2008
B & B Market shrinked due to the shift on investor’s mind
2008
Volatility hit the Eurobond market
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ASSET MANAGEMENT
Asset Management (USD Million)
144.1
29.574
25.010
20.895
20.271
913
21.4
2.048
3.518
2006
2007
Pension Funds
portfolio size
increased 19,2%
with respect to3.677
2007
4.193
2008
Source: www.tspakb.org.tr
Stable growth continues on the pension fund side despite the turmoil
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Total
Pension Funds
ABOUT US
OVERVIEW OF CAPITAL MARKETS
OUR PERFORMANCE
FINANCIAL RESULTS
EXPECTATIONS FOR THE REST OF THE YEAR
LEADER IN THE MARKETS
Equity Market - (TL Billion)
Derivative Market - (TL Billion)
13,7%
6,3%
-10,2%
49.1
6,6%
42,6%
56.9
17,1%
44,0
39.9
2007
2008
2007
More market share, stronger leadership
2008
Still continue to be the uncontested leadership
Bills&Bonds Market - (TL Billion)
Eurobond Market – (TL Billion)
14,1%
6,4%
11,8%
16,9%
16.6
7,1%
10%
3.3
14.2
3.0
2007
2008
2008/Q3
Increasing market share
2008
Nominal volume increase on Eurobond transactions
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MARKET RANKS- EQUITY
ISE – EQUITY MARKET (TL)
BROKERAGE HOUSES
2007
2008
TRADING
VOLUME
TRADING
VOLUME
2007
2008
2007
2008
(%)
(%)
YoY (%)
1
1
IS Investment
49.058.200.449
44.021.890.412
-10,2
6,32
6,61
3
2
Finans Investment
38.763.479.516
34.460.120.443
-11,1
4,99
5,18
5
3
Yapı Kredi Investment
33.089.352.268
32.529.088.382
-1,69
4,26
4,89
7
4
Garanti Investment
31.348.263.996
25.778.107.821
-17,8
4,04
3,87
2
5
Ak Investment
39.300.036.627
25.542.257.076
-35,0
5,06
3,83
FIRST 5
191.559.332.857
162.331.464.134
-15,2
24,70
24,40
TOTAL
775.395.002.410
665.209.369.605
-14,2
MARKET RANKS - DERIVATIVES
TurkDEX (TL)
2008
FINANCIAL INSTITUTIONS
TRADING
VOLUME
MARKET
SHARE
2008
(%)
1
IS Investment
56.919.273.668
13,68
2
EFG Istanbul Investment
32.465.803.965
7,81
3
Yapi Kredi Investment
29.135.743.869
7,01
4
Sanko Investment
27.341.371.650
6,57
5
Turkish Investment
25.942.019.500
6,24
FIRST 5
171.804.212.651
41,31
TOTAL
415.925.200.999
ASSETS UNDER MANAGEMENT
AuM - IS Asset Management & IS Investment (USD Million)
173
7.043
Mutual Funds
portfolio size
represent 23% of
the market
5.799
4.800
3.708
Total
Pension Funds
364
2006
731
805
2007
2008
Pension Funds
portfolio size
represent 19,2% of
the total pension
funds
Source: IS Investment
Although AuM size did not change and size of pension funds increased 9,1% in nominal terms with respect to
Q32008, we see the negative currency effect on the values while leading the market
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ABOUT US
OVERVIEW OF CAPITAL MARKETS
OUR PERFORMANCE
FINANCIAL RESULTS
EXPECTATIONS FOR THE REST OF THE YEAR
MAIN FINANCIAL FIGURES*
IS Investment
2008
YoY ▲%
2008/Q3
2007
1.482.839
1.444.069
1.240.709
2,7
19,5
272.689
266.190
243.595
2,4
11,9
44.705
36.811
38.383
21,4
16,5
QoQ ▲%
TL (000)
Total Assets
Shareholders’ Equity
Net Profit
Derivatives and asset management are the main revenues for the profit while the commission
revenues excluding corporate finance, displayed a better performance when compared to 2007
*Consolidated
PROPOSED DISTRIBUTION OF PROFIT - 2008
Is Investment’s Board of Directors stated the company’s dividend policy as distributing -at least30% of the attributable profit as in cash and/or
bonus shares
IS Investment will propose AGM to distribute the 30% of the attributable profit as cash dividend(TL 12.9 mn) in parallel
with the “Dividend Policy” of the company
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ABOUT US
OVERVIEW OF CAPITAL MARKETS
OUR PERFORMANCE
FINANCIAL RESULTS
EXPECTATIONS FOR THE REST OF THE YEAR
EXPECTATIONS FOR 2009
 Continue to benefit from the strong equity and cash.
 Belated consolidation is happening in the sector. Number of the brokerage houses will be lower in 2009.
 Our Maslak Branch and Suadiye Liaison Office up and running in Istanbul despite the consolidation.
 We target to increase our market share in 2009 to clinch our uncontested leadership, first signs are
approving this tendency.
 Single stock futures are still on the way, waiting for CMB’s approval.
 Extending Prime Brokerage service to newcoming Asset Management Companies.
 Trading foreign securities continue to boom, new products and instruments are on the pipeline.
 Our youngest subsidiary Maxis Securities is enlarging its operations.
INVESTOR RELATIONS
Mert Erdoğmuş
Assistant General Manager
Phone
: +90 0212 350 24 12
Fax
: +90 0212 350 20 01
E-mail
: [email protected]
The Investor Relations Department is
responsible for the timely communication of
necessary,
accurate,
complete,
comprehensible
and
easily
accessible
information and explanations
http://www.isinvestment.com/wwa_ir.aspx
Ozan Altan
Vice President
Phone
: +90 0212 350 28 72
Fax
: +90 0212 350 28 73
E-mail
: [email protected]
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The information in this report is prepared by “IS YATIRIM MENKUL DEGERLER A.S.” (İş Investment) and it is not to be
construed as an offer or solicitation for the purchase or sale of any financial instrument or the provision of an offer to
provide investment services. Information, opinions and comments contained in this material are not under the scope of
investment advisory services. Investment advisory services are given according to the investment advisory contract,
signed between the intermediary institutions, portfolio management companies, investment banks and the clients.
Opinions and comments contained in this report reflect the personal views of the analysts who supplied them. The
investments discussed or recommended in this report may involve significant risk, may be illiquid and may not be
suitable for all investors. Therefore, making decisions with respect to the information in this report cause inappropriate
results.
All prices, data and other information are not warranted as to completeness or accuracy and are subject to change
without notice. Any form of reproduction, dissemination, copying, disclosure, modification, distribution and/or
publication of this report is strictly prohibited. The information presented in this report has been obtained from sources
believed to be reliable. Is Investment cannot be held responsible for any errors or omissions or for results obtained
from the use of such information.
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IS INVESTMENT
HEAD OFFICE
KAVACIK
AUXILIARY
OFFICE
Rüzgarlıbahçe Mevkii Kavacık Kavşağı
Sismer Plaza Kat:4
34805 Kavacık İSTANBUL TURKEY
Tel: +90216 538 14 00
Fax: +90216 538 14 01
AKARETLER
BRANCH
Süleyman Seba Cd. No:44 B1 Blok D:10
34357 Akaretler İSTANBUL TURKEY
Tel: +90212 326 87 00
Fax: +90212 326 87 01
İş Kuleleri Kule-2 Kat:12
34330 4. Levent İSTANBUL TURKEY
Tel: +90212 350 20 00
Fax: +90212 350 20 01
YENİKÖY
BRANCH
YEŞİLKÖY
BRANCH
Köybaşı Caddesi İskele Çıkmazı No: 6
34464 Yeniköy İSTANBUL TURKEY
Tel: +90212 363 01 00
Fax: +90212 363 01 01
Havalimanı Kavşağı EGS Business Park
B3 Blok No:470
34149 Yeşilköy İSTANBUL TURKEY
Tel: +90212 463 20 00
Fax: +90212 463 20 01
ANKARA
BRANCH
Tahran Cd. No:3/8
06700 Kavaklıdere ANKARA TURKEY
Tel: +90312 455 26 50
Fax: +90312 466 26 62
LEVENT
REP. OFFICE
Yapı Kredi Plaza C Blok K: 9 Bölüm 25/B
34330 4. Levent İSTANBUL TURKEY
Tel: +90212 282 00 18
Fax: +90212 282 00 19
İZMİR
BRANCH
Akdeniz Cd. No:14 Birsel İş Merkezi D:501
35210 Alsancak İZMİR TURKEY
Tel: +90232 488 90 00
Fax: +90232 488 90 01
SUADİYE
REP. OFFICE
Bağdat Cd. Kılıçoğlu Ap. No:451 K:1 D:4
34740 Suadiye İSTANBUL
Tel: +90216 380 03 53
Fax: +90216 416 91 71
KALAMIŞ
BRANCH
MASLAK
ŞUBESİ
Fener Kalamış Cd.
Tibaş-Belvü Sitesi A2 Blok D:3
34726 Fenerbahçe İSTANBUL TURKEY
Tel: +90216 542 72 00
Fax: +90216 542 72 01
Büyükdere Cd.
Nurol Plaza No:71/16
34398 Maslak İSTANBUL
Tel: +90212 367 85 00
Fax: +90212 367 85 01
ALMA ATA
REP. OFFICE
SUBSIDIARY
Jeltozbekova Street
97 Block A2 Floor:2
050051 ALMAATA KAZAKHSTAN
Tel: +77012 234803
Fax: +77273 340509
MAXIS SECURITIES LTD
8 Princes Street
London EC2R 8HL UNITED KINGDOM
Tel: +44207 397 1431
Fax: +44207 726 2566
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