Table of Contents
Investment Summary........................................................................ 3
Turkish Equity Strategy .................................................................... 4
Is the buying wave in Turkey overdone?.......................................4
Focusing on sector strategy ............................................................. 6
Momentum factors of industrials were improved................................6
Sector rankings and top picks .............................................................9
Valuation multiples: Screening the universe for cyclical laggards ..............10
Mapping value across ISE............................................................... 12
Economic outlook............................................................................ 14
Rally in financial markets overshadows weaker economy .................14
Sectoral outlook in 2010E ............................................................... 16
Growth outlook ............................................................................16
Margin outlook..............................................................................18
Growth and margin heat map ............................................................21
Capex and leverage............................................................................22
Market data...................................................................................... 25
Datascan........................................................................................... 28
Key market aggregates ................................................................... 30
Foreign participation in ISE ............................................................ 31