Contents
Morgan Stanley Coverage for Non-financials ............................................................................................. 3
Top Picks ....................................................................................................................................................... 4
Least Preferred .............................................................................................................................................. 5
Revisiting Piotroski – a Guide to Corporate Financial Health................................................................... 6
Debt Refinancing Outlook Appears Relatively Benign .............................................................................. 7
Forecasts, price targets and rating revisions ............................................................................................. 8
Share price performance.............................................................................................................................. 9
Consensus versus Morgan Stanley ............................................................................................................. 9
Our defensiveness ties in with what our strategists are saying ............................................................. 10
Our macro and commodity price assumptions ........................................................................................ 12
Anadolu Efes .............................................................................................................................................. 13
Arcelik ......................................................................................................................................................... 15
BIM................................................................................................................................................................ 17
Coca-Cola Icecek ........................................................................................................................................ 19
Dogan Yayin Holding ................................................................................................................................. 21
Erdemir ........................................................................................................................................................ 23
Ford Otosan ................................................................................................................................................ 25
Hurriyet ........................................................................................................................................................ 27
Sabanci Holding ......................................................................................................................................... 29
Selcuk Ecza ................................................................................................................................................. 31
Sisecam ....................................................................................................................................................... 33
Tekfen Holding ........................................................................................................................................... 35
Tofas ............................................................................................................................................................ 37
Trakya Cam ................................................................................................................................................. 39
Tupras ......................................................................................................................................................... 41
Turkcell ........................................................................................................................................................ 43
Turkish Airlines .......................................................................................................................................... 45