Transcript Review Meeting FITCH

İş Yatırım Menkul Değerler A.Ş.
PERFORMANCE & FINANCIAL RESULTS
2008/Q3
Ocak 2005
December, 2008
ABOUT US
OVERVIEW OF CAPITAL MARKETS
OUR PERFORMANCE
FINANCIAL RESULTS
A NEW PRODUCT - EXPECTATIONS FOR HE 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
ABOUT US
OVERVIEW OF TURKISH CAPITAL MARKETS
OUR PERFORMANCE
FINANCIAL RESULTS
A NEW PRODUCT - EXPECTATIONS FOR THE REST OF THE YEAR
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TURKISH CAPITAL MARKETS
Equity Market Volume (YTL Billion)
574.5
Derivatives Market Volume (YTL Billion)
519.5
352.3
144.1
2007/Q3
2008/Q3
2007/Q3
Derivative Market – Impressive Growth continues
Global slowdown affected the Equity Market
Bills & Bonds Market Volume (YTL Billion)
575.5
2008/Q3
Eurobond Volume (YTL Billion)
3,5%
43.2
499.2
27.3
2007/Q3
2008/Q2
2008/Q3
2008/Q3
Turkish Eurobond transaction volume increased
despite the wide spread conditions in the market
Bills & Bonds market negatively affected by the volatility
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ASSET MANAGEMENT
Asset Management (USD Million)
144.1
-5%
29.574
26.731
25.010
25.508
3.677
21.4
20.271
913
Total
Pension Funds
-17%
2.048
3.518
2006
2007
4.223
2008Q2
3.619
2008/Q3
Source: www.tspakb.org.tr
Global turmoil hit the asset management business
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EMERGING PEERS
19.11.2008
P/E
P/BV
EV/EBITDA
Current
2008E
2009E
2008E
2009E
2008E
2009E
Ytd Return %
1 yr Return
(%)
Argentina
5,4
5,5
5,0
1,0
1,8
7,1
6,2
-52,1
-55,3
Brazil
8,3
7,1
6,2
1,2
1,1
6,2
5,7
-44,0
-44,6
Chile
13,6
11,3
12,9
2,7
4,1
9,7
9,0
-14,4
-20,3
Czech Rep.
6,8
7,1
6,4
1,1
1,1
15,5
14,7
-54,0
-54,4
Egypt
8,1
7,4
7,2
1,7
1,6
7,8
7,8
-51,7
-45,3
Hungary
3,9
5,0
5,5
0,9
0,9
8,7
9,5
-54,8
-55,2
Poland
6,3
6,9
7,1
1,1
1,0
8,8
8,9
-48,7
-50,1
Russia
3,4
3,0
3,4
0,6
0,5
6,5
6,9
-71,7
-71,1
South Africa
7,0
6,4
6,0
1,2
1,1
7,9
7,6
-30,8
-34,5
16,0
15,3
13,0
2,7
2,4
11,7
11,2
-61,7
-62,8
6,6
6,6
6,4
1,2
1,2
8,2
8,0
-46,9
-47,8
Dow Jones
10,2
10,1
10,9
2,6
2,5
9,9
9,6
-34,3
-34,0
Turkey
4,9
5,1
4,9
0,9
0,8
5,9
5,6
-52,8
-52,9
Country
China
Averages
Turkey has a potential among the emerging peers
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ABOUT US
OVERVIEW OF CAPITAL MARKETS
OUR PERFORMANCE
FINANCIAL RESULTS
A NEW PRODUCT - EXPECTATIONS FOR THE REST OF THE YEAR
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LEADER IN THE MARKETS
Equity Market - (YTL Billion)
Derivative Market - (YTL Billion)
14,19%
6,33%
6,64%
36,3
46,2
17,53%
30,7
25,2
2007/Q3
2008/Q3
2007/Q3
We increased our market share
2008/Q3
Still the uncontested leadership
Bills&Bonds Market - (YTL Billion)
Eurobond Market – (YTL Billion)
16,53%
7,09%
12,43%
13,7
9,34%
3,0
11,3
2,5
2007/Q3
2008/Q3
2008/Q2
2008/Q3
Our trading volume growth in 2008/Q3 confirms our clear
leadership among the brokerage houses
We rank first among the brokerage houses since 2008Q1
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ASSET UNDER MANAGEMENT
Mutual Funds
portfolio size
represent 22,8%
of the market
AuM - IS Asset Management (USD Million)
173
682
410
173
7.043
3.708
5.704
5.799
7.043
777
5.834
516
6.620
6.484
6.003
5.247
Total
Pension Funds
364
2006
731
788
891
2007
2008/Q2
2008/Q3
Pension Funds
portfolio size
represent 24,6% of
the market
Source: IS Investment
There is a net growth on the pension fund side despite the overall negative climate
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INTERNATIONAL CAPITAL MARKETS
Fixed Income & Equity - (USD Million)
Derivative - (# of Contracts)
828
583
16.6
12.6
Equity
Fixed Income
2007/Q3
2008/Q3
2007/Q3
2008/Q3
Source: IS Investment
Source: IS Investment
Respectable increase on the execution of client orders for both domestic and international capital markets
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ABOUT US
OVERVIEW OF CAPITAL MARKETS
OUR PERFORMANCE
FINANCIAL RESULTS
A NEW PRODUCT - EXPECTATIONS FOR THE REST OF THE YEAR
12
MAIN FINANCIAL FIGURES
IS Investment
2008/Q3
2008/H1
2007/Q3
QoQ ▲%
YoY ▲%
YTL (000)
Total Assets
Shareholders’ Equity
1.444.069
1.288.686
1.213.695
11
18,9
266.190
241.923
231.847
10
14,8
27.228
18.334
18.487
48,5
47,2
36.811
12.589
24.476
192,4
50,4
Net Profit
Net Profit
(Declared to the tax authority)
Consolidated Net Profit
Total assets of IS Investment represent more than 30% of the sector
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P/E and P/BV – ISMEN
14,00
1,60
P/E
P/BV
1,40
12,00
P/BV
P/E
10,00
1,20
1,00
8,00
0,80
6,00
0,60
4,00
0,40
2,00
0,20
-
P/E
P/BV
31.12.2007
30.06.2008
29.09.2008
31.12.2007
30.06.2008
29.09.2008
11,40
6,44
1,38
0,48
4,49
0,40
* Daily values
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ABOUT US
OVERVIEW OF CAPITAL MARKETS
OUR PERFORMANCE
FINANCIAL RESULTS
A NEW PRODUCT - EXPECTATIONS FOR THE REST OF THE YEAR
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THE FIRST HEDGE FUND OF TURKEY
 Fund would perform arbitrage operations on money market instruments, spot
and derivative market instruments and also the other instruments in the
markets.
 Fund will use different trading strategies to enhance its return by taking very
limited risk.
The main strategy of the Fund is targeting profit from arbitrage operations
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EXPECTATIONS FOR THE REST OF THE YEAR
 Benefiting from the strong equity and cash.
 The competition structure in the domestic capital markets is changing dramatically.
 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.
 Assets Under Management continue to grow constantly as a result of ‘flight to quality’ in the
volatile domestic capital market environment.
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INVESTOR RELATIONS
Mr. 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
Mr. Ozan Altan
Senior Associate
Phone
: +90 0212 350 28 72
Fax
: +90 0212 350 20 01
E-mail
: [email protected]
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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
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from the use of such information.
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HEAD
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Fax: (+90212) 282 00 19
ANKARA
BRANCH
Tahran Cd. No:3/8
06700 Kavaklıdere Ankara Turkey
Tel: (+90312) 455 26 50
Fax: (+90312) 466 26 62
İZMİR
BRANCH
Akdeniz Cd. No:14 Birsel İş Merkezi D:501
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