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This material does not constitute investment advice and should not be viewed as a current or past recommendation or a solicitation of an offer to buy or sell any securities or to adopt any investment strategy.

Fundamental Analysis & Analyst Recommendations QMS Advisors FlexIndex Istanbul XU100 The Borsa Istanbul National 100 Index is a capitalization-weighted index composed of National Market

October 2013

Q M S Advisors .

.

Q.M.S Advisors | Avenue de la Gare, 1 1003 Lausanne | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


Valuation Measures I/II Market Capitalization & Asset Liability data Market Total Capitalization (in mio Daily Common Total Debt Preferred Currency USD) Volume (M) Shares (M) (USD) Stock (USD)

Minority Interest (USD)

Total Revenue Cash and Enterprise Equivalents Value (USD) (USD)

Tot. Rev. LFY

Est. Tot. Rev. - Tr. 12M

EBITDA

Earnings Per Share

Est. Tot. Est. Tot. Est. EBITDA - Est. EBITDA - Est. EBITDA Rev. - 2013 Rev. - 2014 EBITDA - LFY Tr. 12M 2013 2014 EPS - LFY

Price/Earnings ratio

Est. EPS Tr. 12M

Est. EPS 2013

Est. EPS 2014

P/E Ratio LFY

Est. P/E Ratio - Tr. 12M

Rev. Growth

EBITDA Growth

Est. Est. Est. Est. Est. P/E Est. P/E Revenue Revenue Est. EBITDA EBITDA Est. EBITDA Ratio - 2013 Ratio - 2014 Growth - 1Y Growth - 5Y Growth - 1Y Growth - 5Y Margin -

S&P LT Credit Rating -

S&P LT Credit Rating Date

Moody's LT Credit Moody's LT Credit Rating Rating Date

S&P 500 INDEX

USD

15589099

2072.157

1117

1117

203

219

219

104.06

110.23

110.23

16.29

16.29

15.38

15.38

18.48

Euro Stoxx 50 Pr

EUR

2984944

6002.296

4677

4677

776

790

790

234.33

302.66

302.66

22.82

20.47

17.67

17.67

21.66

NIKKEI 225

JPY

2857793

203.0095

197

197

19

22

22

6.11

8.07

8.07

0.25

0.24

0.19

0.19

0.12

FTSE 100 INDEX

GBP

2928075

12748.62

10012

10012

1524

1661

1661

538.12

807.42

807.42

31.40

24.43

20.93

20.93

22.98

SWISS MARKET INDEX

CHF

1120741

11464.75

4198

4198

969

861

861

454.08

567.77

567.77

21.44

18.26

17.14

17.14

24.51

S&P/TSX COMPOSITE INDEX

CAD

1697982

17615.94

7406

7406

1859

1968

1968

732.48

803.81

803.81

16.58

16.59

15.11

15.11

24.14

S&P/ASX 200 INDEX

AUD

1366032

6451.078

2681

2681

547

684

684

215.80

320.53

320.53

21.50

17.78

14.48

14.48

19.99

HANG SENG INDEX

HKD

1793920

3572.425

1668

1668

376

393

393

278.61

269.06

269.06

1.39

1.48

1.43

1.43

2.98

MSCI EM

USD

7592957

1394.039

983

983

191

180

180

84.97

88.32

88.32

11.89

12.19

11.44

11.44

19.60

TURKIYE GARANTI BANKASI

TRY

16558

57742

4197

23

0

0

13

8754

9029

5441

5967

-

-

-

-

-

0.44

0.44

0.47

4.43

-

4.45

4.16

7.12

97.42

-

-

-

BB+

05.04.2013

Baa2

03.07.2012

AKBANK T.A.S.

TRY

14739

46052

4000

23

0

0

10

7218

7730

4553

4869

-

-

-

-

-

0.46

0.40

0.42

3.96

-

4.57

4.37

10.75

2.81

-

-

-

NR

15.07.2008

Baa2

03.07.2012

TURKIYE HALK BANKASI

TRY

9162

18562

1250

8

0

0

7

5655

5905

3074

3358

-

-

-

-

-

1.11

1.02

1.04

3.28

-

3.54

3.48

11.93

4.86

-

-

-

-

-

Baa2

20.07.2012

HACI OMER SABANCI HOLDING

TRY

9863

3835

2040

12

0

7

6

19.89

5740

4827

13023

14546

2277

2782

-

-

-

0.55

0.49

0.55

4.38

-

4.88

4.35

-23.91

1.10

4.66

4.40

28.54

-

-

-

-

BIM BIRLESIK MAGAZALAR AS

TRY

6255

702

304

0

0

0

0

6.08

4906

5326

5820

6922

243

265

52

52

-

0.59

0.67

0.78

17.31

-

15.30

13.12

10.39

10.79

7.79

12.41

2.46

-

-

-

-

TURKIYE IS BANKASI-C

TRY

11928

38958

4500

20

0

1

10

11091

11159

5112

5410

-

-

-

-

-

0.39

0.35

0.36

3.36

-

3.78

3.67

10.27

3.78

-

-

-

BB+

05.04.2013

Baa2

03.07.2012

TURKCELL ILETISIM HIZMET AS

TRY

12966

9887

2200

2

0

0

3

10.94

5204

5499

5636

6001

1605

1700

-

-

-

0.49

0.50

0.53

6.01

-

5.81

5.47

6.01

2.80

5.59

-0.46

15.31

BB+

19.11.2008

-

-

TURK HAVA YOLLARI AO

TRY

5263

26562

1380

4

0

0

1

9.31

7384

8153

9168

10696

1029

1256

-

-

-

0.43

0.41

0.50

4.44

-

4.62

3.75

12.97

12.44

39.92

8.88

7.63

-

-

-

-

TUPRAS-TURKIYE PETROL RAFINE

TRY

5296

687

250

2

0

0

2

6.94

23294

21236

21156

22279

694

572

194

194

-

2.58

2.10

2.04

4.06

-

4.99

5.14

6.68

5.12

-17.36

0.08

1.33

-

-

(P)Ba1

18.10.2012

KOC HOLDING AS

TRY

11705

5750

2536

6

0

4

4

19.32

42015

38038

39700

41218

3053

2268

-

-

-

0.45

0.47

0.51

5.09

-

4.84

4.48

10.70

2.37

-1.63

3.40

2.95

BBB-

11.04.2013

(P)Baa3

11.04.2013

ANADOLU EFES BIRACILIK VE

TRY

6862

427

592

1

0

0

1

8.88

3178

3850

4544

5129

607

677

306

306

-

2.49

1.08

0.62

2.30

-

5.29

9.24

17.22

12.17

15.04

5.55

8.71

BBB-

14.06.2012

(P)Baa3

10.10.2012

YAPI VE KREDI BANKASI

TRY

9688

31506

4347

14

0

0

10

6489

8142

3867

4175

-

-

-

-

-

0.34

0.29

0.28

3.22

-

3.78

3.90

8.79

13.71

-

-

-

BB+

05.04.2013

Baa2

04.07.2012

COCA-COLA ICECEK AS

TRY

6488

188

254

1

0

0

0

7.33

2047

2334

2584

3044

332

386

171

171

-

1.14

0.87

1.06

11.07

-

14.45

11.93

10.52

9.57

20.08

7.47

8.19

-

-

(P)Baa3

16.09.2013

TURK TELEKOMUNIKASYON AS

TRY

12169

2392

3500

3

0

0

0

15.84

6293

6471

6620

6892

2446

2392

-

-

-

0.29

0.31

0.36

5.96

-

5.55

4.85

3.18

2.82

2.12

2.40

18.30

-

-

-

-

TURKIYE VAKIFLAR BANKASI T-D

TRY

5708

31048

2500

11

0

0

7

5611

5948

3187

3518

-

-

-

-

-

0.33

0.30

0.32

3.39

-

3.72

3.52

12.99

5.49

-

-

-

BB+

05.04.2013

Baa2

04.07.2012

EREGLI DEMIR VE CELIK FABRIK

TRY

4438

23921

3500

2

0

0

1

5.53

4740

4870

4917

5321

511

766

125

125

-

0.10

0.12

0.12

6.51

-

5.44

5.18

3.61

3.96

-25.03

-1.00

7.79

B+

28.06.2013

-

-

ENKA INSAAT VE SANAYI AS

TRY

9509

3988

3200

0

0

0

2

8.16

5100

5845

5798

6202

659

847

212

212

-

0.18

0.20

0.22

8.25

-

7.36

6.71

11.08

4.57

-0.89

2.62

7.17

-

-

-

-

TAV HAVALIMANLARI HOLDING AS

TRY

2564

1453

363

2

0

0

0

4.06

1271

1342

1554

1743

239

256

178

178

-

0.41

0.53

0.65

8.56

-

6.65

5.38

12.84

6.85

18.58

2.25

9.44

-

-

-

-

ARCELIK AS

TRY

3932

690

676

2

0

0

1

5.30

5228

5184

5634

6293

511

518

281

281

-

0.38

0.45

0.53

7.60

-

6.35

5.44

12.44

4.53

8.73

4.59

4.95

BB+

14.03.2013

-

-

FORD OTOMOTIV SANAYI AS

TRY

4832

334

351

1

0

0

0

5.45

4838

5094

5347

6135

372

388

-

-

-

1.10

0.97

1.09

6.20

-

7.00

6.23

-3.21

5.19

-6.84

-0.68

3.77

-

-

-

-

EMLAK KONUT GAYRIMENKUL YATI

TRY

3380

5822

2500

0

0

0

1

2.75

498

859

849

929

196

327

95

95

-

0.19

0.16

0.16

3.52

-

4.19

4.06

19.90

-

61.67

-

24.14

-

-

-

-

TOFAS TURK OTOMOBIL FABRIKA

TRY

3046

1801

500

1

0

0

1

3.21

3321

3365

3554

4004

413

407

-

-

-

0.44

0.47

0.52

6.93

-

6.39

5.84

-4.26

2.28

2.83

13.28

5.99

-

-

-

KOZA ALTIN ISLETMELERI AS

TRY

2424

707

153

0

0

0

0

2.02

517

445

460

544

400

335

331

331

-

1.74

1.71

1.88

4.52

-

4.61

4.18

14.59

-

15.16

23.58

37.35

-

-

-

-

TURK SISE VE CAM FABRIKALARI

TRY

2163

3174

1571

1

0

0

1

3.37

2646

2688

2901

3357

465

411

-

-

-

0.08

0.13

0.16

8.81

-

5.44

4.36

3.62

3.84

-12.17

2.88

7.58

BB+

24.04.2013

(P)Ba1

24.04.2013

ULKER BISKUVI SANAYI AS

TRY

2337

663

342

1

0

0

1

2.58

1159

1251

1314

1446

108

130

-

-

-

0.23

0.27

0.35

14.64

-

12.36

9.67

14.92

6.45

90.15

8.38

5.15

-

-

-

-

PETKIM PETROKIMYA HOLDING AS

TRY

1347

5641

1000

0

0

0

0

1.36

2154

1943

2165

2389

6

60

-

-

-

0.03

0.04

0.07

20.30

-

18.71

8.98

5.82

4.85

-43.90

-21.17

1.54

-

-

-

-

TURKIYE SINAI KALKINMA BANK

TRY

1152

2940

1300

4

0

0

0

350

351

265

300

-

-

-

-

-

0.12

0.12

0.14

3.58

-

3.53

3.17

4.80

8.05

-

-

-

-

-

-

-

ASYA KATILIM BANKASI AS

TRY

851

7291

900

1

0

0

2

1144

1213

752

891

-

-

-

-

-

0.10

0.13

0.16

4.73

-

3.70

2.90

11.61

6.45

-

-

-

-

-

-

-

TURK TRAKTOR VE ZIRAAT MAKIN

TRY

1559

270

53

0

0

0

0

1.60

978

939

1077

1184

155

148

-

-

-

2.22

2.62

2.82

6.52

-

5.53

5.14

4.77

13.44

-1.49

12.31

7.79

-

-

-

-

KARDEMIR KARABUK DEMIR-CL D

TRY

799

36027

1055

0

0

0

0

1.08

835

818

787

932

153

121

43

43

-

0.03

0.05

0.09

8.07

-

5.95

3.18

3.15

6.79

0.82

4.17

7.35

-

-

-

-

KOZA ANADOLU METAL MADENCILI

TRY

792

7596

388

0

0

0

1

0.70

586

523

526

604

366

290

305

305

-

0.65

0.22

0.24

1.54

-

4.58

4.27

16.29

20.68

12.74

25.43

27.49

-

-

-

-

DOGAN SIRKETLER GRUBU HLDGS

TRY

1068

6534

2450

1

0

0

1

1.60

1563

1639

1687

1831

165

214

-

-

-

0.01

0.02

0.03

28.80

-

13.62

7.78

4.99

-6.33

14.36

-4.77

6.46

-

-

-

-

AYGAZ AS

TRY

1343

115

300

0

0

0

0

1.37

2767

2823

2918

3073

121

126

-

-

-

0.43

0.42

0.46

5.19

-

5.23

4.86

1.18

5.57

2.36

-0.58

2.20

-

-

-

-

ASELSAN ELEKTRONIK SANAYI

TRY

2174

1026

500

0

0

0

0

2.31

809

901

979

1137

125

-

183

183

-

0.11

0.30

0.37

20.17

-

7.21

5.84

4.32

13.61

-6.44

4.55

-

-

-

-

-

TEKFEN HOLDING AS

TRY

837

2228

370

0

0

0

1

0.66

2019

1988

2005

2098

140

50

8

8

-

0.21

0.23

0.30

5.40

-

4.89

3.78

13.34

5.87

-12.85

3.70

1.25

-

-

-

-

AKSA AKRILIK KIMYA SANAYII

TRY

782

453

185

0

0

0

0

0.86

805

786

796

837

97

108

-

-

-

0.31

0.35

0.30

6.75

-

5.93

6.90

-1.48

6.64

0.70

16.46

6.80

-

-

-

-

MIGROS TICARET A.S

TRY

1495

789

178

1

0

0

1

2.21

3211

3361

3592

4014

199

200

-

-

-

-0.48

0.18

0.42

-

-

23.00

9.93

6.28

3.82

3.21

2.16

2.95

-

-

-

-

YAZICILAR HOLDING AS-A

TRY

1557

1779

160

0

0

0

1

2.26

681

739

805

904

227

149

-

-

-

2.58

0.68

1.03

1.87

-

7.10

4.68

12.90

5.43

32.29

10.27

10.01

-

-

-

-

DOGUS OTOMOTIV SERVIS VE TIC

TRY

952

1991

220

0

0

0

1.36

2542

2802

2895

3045

161

161

-

-

-

0.52

0.54

0.55

4.10

-

3.98

3.89

3.34

11.43

9.48

12.50

2.84

-

-

-

-

IPEK DOGAL ENERJI KAYNAKLARI

TRY

677

4717

260

0

0

1

1

0.84

586

531

577

666

352

291

341

341

-

0.10

0.21

0.24

13.35

-

6.20

5.48

14.94

21.51

10.14

25.60

27.13

-

-

-

-

TRAKYA CAM SANAYII AS

TRY

844

4513

710

0

0

0

0

0.87

619

603

683

872

100

89

-

-

-

0.04

0.07

0.11

15.14

-

8.31

5.55

-0.25

3.07

-21.38

-2.88

7.44

-

-

-

-

CIMSA CIMENTO SANAYI VE TIC

TRY

863

207

135

0

0

0

0

0.98

425

461

469

512

104

116

-

-

-

1.04

0.48

0.56

3.03

-

6.63

5.69

3.48

3.32

1.70

-0.19

12.50

-

-

-

-

BIZIM TOPTAN SATIS MAGAZALAR

TRY

517

40

40

0

0

0

0

0.50

978

1057

1144

1315

34

37

41

41

-

0.37

0.46

0.54

17.42

-

14.05

11.81

6.88

-

4.97

11.70

1.73

-

-

-

-

EIS ECZACIBASI ILAC VE SINAI

TRY

690

2192

548

0

0

0

0

0.39

538

558

8

12

-

-

-

0.06

10.50

-

5.78

4.89

-32.59

-8.60

1.10

-

-

-

-

IS GAYRIMENKUL YATIRIM ORTAK

TRY

415

2248

630

0

0

0

0

0.45

65

62

115

77

44

47

21

21

-

0.05

0.07

0.05

7.09

-

4.61

5.93

3.38

4.05

-2.45

3.93

37.79

-

-

-

-

OTOKAR OTOMOTIV VE SAVUNMA

TRY

734

141

24

0

0

0

0

0.87

497

633

613

590

60

77

39

39

-

1.95

1.96

2.25

7.78

-

7.72

6.72

6.34

17.58

13.03

10.10

6.01

-

-

-

-

AKSA ENERJI URETIM AS

TRY

896

785

613

1

0

0

0

1.42

912

875

921

1065

160

137

24

24

-

0.02

0.05

0.10

29.63

-

13.28

6.96

20.20

-

5.22

-

8.00

-

-

-

-

IHLAS HOLDING

TRY

301

17351

790

0

0

0

0

0.48

323

389

1

0

-

-

-

-0.11

-

-

-0.37

7.52

-

-20.41

-0.06

-

-

-

-

AKFEN HOLDING AS

TRY

608

356

291

1

0

0

0

1.29

557

275

524

605

137

114

-

-

-

0.05

0.25

0.35

20.67

-

4.11

2.93

-8.37

-

1.13

21.48

14.35

-

-

-

-

ALARKO HOLDING

TRY

633

304

223

0

0

0

0

0.43

802

674

1060

1041

33

39

-

-

-

0.22

0.27

0.33

6.51

-

5.15

4.22

11.08

13.25

-26.14

2.93

2.85

-

-

-

-

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

-


Valuation Measures I/II Market Capitalization & Asset Liability data Market Total Capitalization (in mio Daily Common Total Debt Preferred Currency USD) Volume (M) Shares (M) (USD) Stock (USD)

Minority Interest (USD)

Total Revenue Cash and Enterprise Equivalents Value (USD) (USD)

Tot. Rev. LFY

Est. Tot. Rev. - Tr. 12M

EBITDA

Earnings Per Share

Est. Tot. Est. Tot. Est. EBITDA - Est. EBITDA - Est. EBITDA Rev. - 2013 Rev. - 2014 EBITDA - LFY Tr. 12M 2013 2014 EPS - LFY

Price/Earnings ratio

Est. EPS Tr. 12M

Est. EPS 2013

Est. EPS 2014

P/E Ratio LFY

Est. P/E Ratio - Tr. 12M

Rev. Growth

EBITDA Growth

Est. Est. Est. Est. Est. P/E Est. P/E Revenue Revenue Est. EBITDA EBITDA Est. EBITDA Ratio - 2013 Ratio - 2014 Growth - 1Y Growth - 5Y Growth - 1Y Growth - 5Y Margin -

S&P LT Credit Rating -

S&P LT Credit Rating Date

Moody's LT Credit Moody's LT Credit Rating Rating Date

S&P 500 INDEX

USD

15589099

2072.157

1117

1117

203

219

219

104.06

110.23

110.23

16.29

16.29

15.38

15.38

18.48

Euro Stoxx 50 Pr

EUR

2984944

6002.296

4677

4677

776

790

790

234.33

302.66

302.66

22.82

20.47

17.67

17.67

21.66

NIKKEI 225

JPY

2857793

203.0095

197

197

19

22

22

6.11

8.07

8.07

0.25

0.24

0.19

0.19

0.12

FTSE 100 INDEX

GBP

2928075

12748.62

10012

10012

1524

1661

1661

538.12

807.42

807.42

31.40

24.43

20.93

20.93

22.98

SWISS MARKET INDEX

CHF

1120741

11464.75

4198

4198

969

861

861

454.08

567.77

567.77

21.44

18.26

17.14

17.14

24.51

S&P/TSX COMPOSITE INDEX

CAD

1697982

17615.94

7406

7406

1859

1968

1968

732.48

803.81

803.81

16.58

16.59

15.11

15.11

24.14

S&P/ASX 200 INDEX

AUD

1366032

6451.078

2681

2681

547

684

684

215.80

320.53

320.53

21.50

17.78

14.48

14.48

19.99

HANG SENG INDEX

HKD

1793920

3572.425

1668

1668

376

393

393

278.61

269.06

269.06

1.39

1.48

1.43

1.43

2.98

MSCI EM

USD

7592957

1394.039

983

983

191

180

180

84.97

88.32

88.32

11.89

12.19

11.44

11.44

19.60

ANADOLU HAYAT EMEKLILIK

TRY

789

103

350

0

0

0

0

3.02

291

293

244

304

-

-

-

-

-

-

0.11

0.14

-

-

10.24

8.14

-2.55

-1.23

-

-

-

-

-

-

-

GUBRE FABRIKALARI TAS

TRY

608

1667

84

0

0

0

0

0.86

1103

1090

1161

1289

264

-

-

-

-

1.34

0.87

1.07

2.70

-

4.12

3.36

-1.08

10.17

-5.80

31.36

-

-

-

-

-

ANADOLU ANONIM TURK SIGORTA

TRY

319

1676

500

0

0

0

0

961

1214

1142

1287

-

-

-

-

-

-0.02

0.03

0.04

-

-

10.14

7.70

15.17

9.03

-

-

-

-

-

-

-

PARK ELEKTRIK URETIM MADENCI

TRY

417

913

149

0

0

0

0

0.31

131

121

140

182

79

65

21

21

-

0.26

0.35

0.45

5.44

-

3.99

3.09

26.52

19.22

28.93

14.97

26.74

-

-

-

-

DOGAN YAYIN HOLDING AS

TRY

664

2087

2000

1

0

0

0

1.56

1251

1286

1363

1455

164

-

-

-

-

0.00

0.02

0.02

76.34

-

6.91

6.64

-1.67

-0.48

5.04

2.09

-

-

-

-

-

AKENERJI ELEKTRIK URETIM AS

TRY

473

710

729

1

0

0

0

1.20

397

334

346

596

71

90

-

-

-

-0.08

0.01

0.02

-

-

58.98

15.45

21.40

6.16

17.58

-

13.30

-

-

-

-

TORUNLAR GAYRIMENKUL YATIRIM

TRY

839

379

500

1

0

0

0

1.33

112

122

336

231

61

62

163

163

-

0.26

0.36

0.37

3.16

-

2.33

2.25

19.40

-

30.21

-

25.27

-

-

-

-

NET HOLDING AS

TRY

435

744

366

0

0

0

0

0.60

53

68

146

-6

5

32

32

-

0.09

0.09

6.25

-

6.26

-3.35

9.36

-13.50

-

3.84

-

-

-

-

HALK GAYRIMENKUL YATRM ORTAK

TRY

417

4618

485

0

0

0

0

0.46

3

0.06

-

-

4.76

-35.52

-

-

-

-

-

-

-

-

SINPAS GAYRIMENKUL YATIRIM O

TRY

315

3579

600

0

0

0

0

0.52

299

0.11

5.05

-

2.46

-3.89

178.21

-33.45

-

5.17

-

-

-

-

BESIKTAS FUTBOL YATIRIMLAR

TRY

320

79637

110

0

0

0

0

0.37

73

TURK EKONOMI BANKASI

TRY

2577

144

2204

5

0

0

4

GOLTAS GOLLER BOLGESI CIMENT

TRY

179

339

7

0

0

0

0

BAGFAS BANDIRMA GUBRE FABRIK

TRY

179

261

9

0

0

0

0

GSD HOLDING

TRY

152

4444

250

0

0

0

0

ANADOLU CAM SANAYII AS

TRY

491

221

415

0

0

0

0

SEKERBANK

TRY

931

299

1000

1

0

0

1

KONYA CIMENTO SANAYII AS

TRY

606

20

5

0

0

0

0

KARTONSAN KARTON SANAYI

TRY

341

92

3

0

0

0

0

NETAS TELEKOMUNIKASYON AS

TRY

240

598

65

0

0

0

BRISA BRIDGESTONE SABANCI

TRY

801

754

305

0

0

GALATASARAY SPORTIF SINAI

TRY

184

337

9

0

BORUSAN MANNESMANN BORU SANA

TRY

462

53

28

0

GOODYEAR LASTIKLERI TURK AS

TRY

329

158

12

KARSAN OTOMOTIV

TRY

232

8322

TURCAS PETROL A.S.

TRY

318

GLOBAL YATIRIM HOLDING AS

TRY

FENERBAHCE FUTBOL ANONIM SIR

266

67

26

15

-

45

45

-

-

315

344

23

28

56

56

-

0.05

-18

-

-

-

-

-

-

-

-1.95

8.07

-

-

-

-

-

-

-

-

-

-

-

-

0.13

4.38

-

17.13

11.27

-

-

-

-

-

-

-

30

28

34

34

-

1.02

2.28

2.55

12.04

-

5.41

4.84

11.73

5.82

17.17

-3.18

9.35

-

-

-

-

18

9

17

17

-

-2.03

1.20

1.50

-

-

8.18

6.58

5.90

0.47

-29.63

-3.32

2.80

-

-

-

-

33

-

-

-

-

0.04

6.92

-

-

-

-

-

-

-

-

-

-

2495

2595

0.21

144

149

150

0.21

180

161

186

184

239 0.96

0.09

3.00

731

743

792

880

144

125

-

-

-

0.10

0.11

0.14

6.08

-

5.17

4.11

7.21

2.85

-3.84

1.61

8.34

-

-

-

-

1136

1101

627

714

-

-

-

-

-

0.12

0.12

0.13

3.81

-

4.00

3.45

13.67

3.75

-

-

-

-

-

(P)Ba1

03.04.2013

0.57

117

126

115

24

23

27

27

-

3.35

4.27

4.63

18.37

-

14.42

13.31

-0.30

4.23

-0.26

-3.07

9.18

-

-

-

-

0.32

105

102

19

15

-

-

-

4.24

14.02

-

0.40

5.11

-10.04

7.27

7.45

-

-

-

-

0

0.21

272

276

13

11

-

-

-

0.07

25.48

-

31.37

13.25

-0.36

-

1.89

-

-

-

-

0

0

1.08

705

713

102

125

-

-

-

-1.68

-

-

2.80

6.97

14.81

6.05

8.71

-

-

-

-

0

0

0

0.28

160

152

-3

5

-

-

-

-2.97

-

-

21.57

30.40

-

-

1.75

-

-

-

-

0

0

0

0.59

706

596

41

-

-

-

-

0.19

41.58

-

3.53

0.32

-11.26

3.17

-

-

-

-

-

0

0

0

0

0.32

562

545

47

48

-

-

-

2.31

5.91

-

-4.05

4.68

-1.94

6.94

4.37

-

-

-

-

282

0

0

0

0

0.42

289

414

454

410

0

7

22

22

-

-0.10

-0.03

0.02

-

-

12.63

-13.37

26.54

-

-

0.80

-

-

-

-

885

225

0

0

0

0

0.43

12

18

15

16

-5

-6

-

-

-

0.12

0.12

0.18

5.66

-

3.79

55.53

8.04

-10.54

-

-15.44

-

-

-

-

143

229

225

0

0

0

0

0.52

151

93

147

166

13

-

39

39

-

0.28

-0.01

0.02

1.13

-

15.85

-4.34

35.38

-

-1.21

-

-

-

-

-

TRY

376

566

25

0

0

0

0

0.45

122

116

20

25

-

-

-

-0.28

-

-

-0.01

19.79

-

-1.49

10.44

-

-

-

-

TAT KONSERVE

TRY

173

225

136

0

0

0

0

0.30

385

389

436

495

23

25

-

-

-

0.09

0.07

0.10

6.65

-

8.90

6.15

1.26

5.24

13.00

1.42

3.15

-

-

-

-

TEKNOSA IC VE DIS TICARET AS

TRY

640

173

110

0

0

0

0.56

1154

1332

1451

1736

39

-

62

62

-

0.24

0.26

0.31

11.92

-

11.15

9.45

19.58

-

-

-

-

-

-

-

-

ECZACIBASI YATIRIM HOLDING

TRY

212

331

70

0

0

0

0

0.14

849

686

-4

-2

-

-

-

0.10

15.49

-

-13.71

-0.45

15.60

-

-0.14

-

-

-

-

VESTEL ELEKTRONIK SANAYI

TRY

316

928

335

0

0

0

0

0.81

3722

3217

56

108

190

190

-

-0.26

-

-

3.82

4.52

-40.54

6.02

1.66

B-

22.12.2008

WR

22.03.2001

GOZDE GIRISIM SERMAYESI YATI

TRY

284

266

134

0

0

0

0

0.71

TEKSTIL BANKASI AS

TRY

310

3608

420

0

0

0

0

OMV PETROL OFISI AS-A SH

TRY

1299

99

578

2

0

0

0

ITTIFAK HOLDING A.S

TRY

67

1056

60

0

0

0

ZORLU ENERJI ELEKTRIK URETIM

TRY

322

4409

500

1

0

SASA POLYESTER SANAYI

TRY

96

2646

216

0

IZMIR DEMIR CELIK SANAYI AS

TRY

420

2491

375

ALKIM ALKALI KIMYA A.S

TRY

146

134

METRO TICARI VE MALI YATIRIM

TRY

79

4864

ALARKO GAYRIMENKUL YATIRIM

TRY

102

HURRIYET GAZETECILIK VE MATB

TRY

194

ANADOLU ISUZU OTOMOTIV SAN-C

TRY

240

IHLAS EV ALETLERI IMALAT

TRY

MUTLU AKU

767

4334

849

4687

79

0.17

-0.17

0.17

0.01

7.72

5.60

7.50

31.37

16

30

-

-

-

0.20

5.31

-

6.83

-

-

-

-

-

-

-

-

188

178

-

-

-

-

-

0.02

16.04

-

10.55

-0.74

-

-

-

-

-

-

-

2.99

10006

10985

305

297

-

-

-

-0.02

-

-

1.66

4.33

7.18

-0.46

1.34

NR

07.02.2011

-

-

0

0.20

465

471

-1

0

-

-

-

-0.15

-

-

1.26

-

-

-

-0.02

-

-

-

-

0

0

1.70

260

245

326

437

38

35

69

69

-

0.41

0.78

-

8.94

3.71

155.63

4.87

7.05

-

-

-

-

0

0

0

0.21

495

502

536

556

6

5

24

24

-

-0.06

-

-

5.22

16.58

-43.19

29.22

0.47

-

-

-

-

0

0

0

0

0.72

792

753

834

942

-3

-2

5

5

-

-0.08

-

-

6.07

6.61

-

-

-0.16

-

-

-

-

25

0

0

0

0

0.18

104

108

117

123

16

18

25

25

-

0.35

8.29

-

2.86

5.38

-2.92

-0.34

8.27

-

-

-

-

300

0

0

0

0

0.12

422

397

22

25

-

-

-

0.00

-

-

-3.74

109.01

-2.94

36.12

3.13

-

-

-

-

86

11

0

0

0

0

0.03

8

13

14

7

4

-

10

10

-

2.00

1.89

0.76

2.36

-

2.50

6.21

-11.04

66.61

-

4.50

-

-

-

-

-

3472

552

0

0

0

0

0.39

423

419

443

469

51

53

-

-

-

-0.01

0.00

0.02

-

-

58.61

7.03

-0.89

-1.81

5.94

-5.69

6.25

-

-

-

-

222

25

0

0

0

0

0.29

266

286

7

9

-

-

-

0.22

21.55

-

6.61

4.82

-25.05

-9.06

1.57

-

-

-

-

50

2968

191

0

0

0

0

0.05

50

53

0

-

-

-

-

-0.03

-

-

1.01

4.40

47.93

-

-

-

-

-

-

TRY

163

781

57

0

0

0

0

0.20

217

209

229

246

26

26

27

27

-

0.28

5.07

-

1.99

1.48

2.28

8.92

6.25

-

-

-

-

CELEBI HAVA SERVISI

TRY

158

109

24

0

0

0

0

0.30

266

260

271

303

41

42

-

-

-

-0.03

-

-

6.73

4.26

2.26

0.88

7.98

-

-

-

-

AFYON CIMENTO

TRY

70

52

3

0

0

0

0

0.07

20

24

-2

-1

-

-

-

-0.79

-

-

-4.82

2.77

-14.89

-

-1.98

-

-

-

-

ANEL ELEKTRIK PROJE TAAHHUT

TRY

67

916

110

0

0

0

0

0.16

152

167

177

196

7

-

15

15

-

-0.01

0.06

0.09

-

-

5.08

3.21

-6.94

-

-30.35

-

-

-

-

-

-

BANVIT BANDIRMA VITAMINLI YE

TRY

142

409

100

0

0

0

0

0.39

625

723

807

924

40

47

-

-

-

-0.07

0.04

0.14

-

-

16.47

4.92

6.42

4.53

46.64

-0.78

3.23

-

-

-

-

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

-0.06

-0.04

0.39

0.03

0.03

0.75

11.10

15.99

8.19

4.31


Valuation Measures II/II Price to Book Ratio

Price to Sales Ratio

Price to Cash Flow Ratio

Enterprise Value to EBITDA Ratio

Price to Earnings Ratio

Estimated Dividend Yield

Target

2013

2014

2015

2016

2017

2013

2014

2015

2016

2017

2013

2014

2015

2016

2017

2013

2014

2015

2016

2017

2013

2014

2015

2016

2017

2013

2014

2015

2016

2017

2013

%D to Spot

S&P 500 INDEX

2.38

2.38

2.21

2.03

2.38

1.52

1.52

1.45

1.39

1.52

10.59

10.59

9.57

8.75

10.59

9.47

9.47

8.73

8.18

9.47

15.38

15.38

13.86

12.53

15.38

2.07

2.07

2.25

2.40

2.07

1850.6

9.2%

Euro Stoxx 50 Pr

1.32

1.32

1.25

1.18

1.32

0.85

0.85

0.82

0.80

0.85

6.58

6.58

6.05

5.47

6.59

7.60

7.60

7.20

6.82

7.60

13.07

13.07

11.69

10.51

13.07

3.90

3.90

4.10

4.45

3.90

3026.5

3.5%

NIKKEI 225

1.56

1.56

1.46

1.37

1.56

0.75

0.75

0.72

0.70

0.75

9.20

9.20

8.49

7.30

9.20

9.07

9.07

8.30

7.80

9.07

18.36

18.36

16.37

14.74

18.36

1.59

1.59

1.74

1.88

1.59

15220.8

4.1%

FTSE 100 INDEX

1.81

1.81

1.69

1.39

1.81

1.05

1.05

1.02

0.99

1.05

8.83

8.83

7.96

7.27

8.83

7.67

7.67

7.03

6.62

7.67

13.02

13.02

11.84

10.86

13.02

3.72

3.73

4.15

4.42

3.72

7099.2

8.5%

SWISS MARKET INDEX

2.50

2.50

2.32

2.17

2.50

2.11

2.11

2.02

1.93

2.11

13.16

13.16

11.85

10.58

13.16

13.32

13.32

12.34

11.52

13.32

15.60

15.60

14.12

12.83

15.60

3.17

3.17

3.53

3.99

3.17

8666.5

7.5%

S&P/TSX COMPOSITE INDEX

1.76

1.76

1.64

1.52

1.76

1.69

1.69

1.55

1.51

1.69

8.92

8.92

8.05

6.79

8.92

8.95

8.95

7.95

7.36

8.95

15.56

15.56

13.71

12.44

15.56

3.11

3.11

3.23

3.35

3.11

14299.7

11.1%

S&P/ASX 200 INDEX

1.96

1.96

1.86

1.77

1.96

1.85

1.85

1.73

1.66

1.85

11.18

11.18

10.24

9.58

11.18

9.43

9.43

8.59

8.03

9.43

15.44

15.44

14.00

13.00

15.44

4.45

4.45

4.75

5.09

4.45

5383.9

2.0%

HANG SENG INDEX

1.38

1.38

1.28

1.19

1.38

1.79

1.79

1.66

1.54

1.79

8.16

8.16

7.71

7.19

8.16

9.08

9.08

8.31

7.66

9.08

11.12

11.12

10.33

9.38

11.12

3.49

3.49

3.74

4.08

3.49

25126.2

8.3%

MSCI EM

1.49

1.49

1.36

1.24

1.49

1.03

1.03

0.96

0.90

1.03

7.47

7.47

6.80

6.26

7.47

7.74

7.74

7.03

6.52

7.74

11.44

11.44

10.24

9.41

11.44

2.75

2.75

3.01

3.29

2.75

1124.6

11.3%

TURKIYE GARANTI BANKASI

1.62

1.40

1.27

1.13

3.04

2.78

2.50

6.22

5.14

4.65

4.15

AKBANK T.A.S.

1.44

1.28

1.15

1.03

3.24

3.03

2.67

TURKIYE HALK BANKASI

1.69

1.35

1.15

1.00

2.98

2.73

2.23

HACI OMER SABANCI HOLDING

1.24

1.11

0.99

0.89

0.79

0.76

0.68

0.62

BIM BIRLESIK MAGAZALAR AS

16.76

12.81

10.76

9.18

1.27

1.07

0.90

0.78

TURKIYE IS BANKASI-C

1.14

0.98

0.88

0.79

2.56

2.33

2.20

1.95

TURKCELL ILETISIM HIZMET AS

2.05

1.93

2.03

1.93

2.54

2.30

2.16

2.06

TURK HAVA YOLLARI AO

2.06

1.61

1.35

1.15

0.71

0.57

0.49

TUPRAS-TURKIYE PETROL RAFINE

2.32

2.16

2.03

1.76

0.23

0.25

KOC HOLDING AS

1.42

1.23

1.09

0.98

0.28

0.29

ANADOLU EFES BIRACILIK VE

2.49

1.54

1.46

1.38

2.17

YAPI VE KREDI BANKASI

1.36

1.09

0.96

0.87

COCA-COLA ICECEK AS

6.93

5.73

4.95

4.16

3.41

TURK TELEKOMUNIKASYON AS

3.62

4.09

3.64

3.53

2.97

TURKIYE VAKIFLAR BANKASI T-D

1.01

0.89

0.79

EREGLI DEMIR VE CELIK FABRIK

1.27

1.09

ENKA INSAAT VE SANAYI AS

2.04

TAV HAVALIMANLARI HOLDING AS

3.86

2.42

6.47 5.71

6.46

6.24

5.87

0.71

7.03

5.01

4.71

4.73

0.68

25.14

20.25

18.78

16.50

4.12

3.93

3.49

3.16

2.00

9.71

8.33

7.96

6.56

0.44

0.33

5.32

4.21

3.90

3.39

0.24

0.23

0.22

5.68

7.94

8.68

5.56

0.28

0.28

0.32

9.91

12.59

6.96

5.89

1.51

1.34

1.18

11.92

6.02

8.99

7.53

2.80

2.51

2.32

2.02

5.11

4.21

3.75

3.15

3.18

2.51

2.13

1.82

1.71

25.27

19.88

16.50

13.39

1.94

1.84

1.77

1.69

1.65

6.00

6.52

5.61

5.50

0.71

1.96

1.79

1.62

1.42

1.55

2.68

6.23

5.69

4.85

1.02

0.96

0.96

0.90

0.83

0.80

0.72

7.90

7.31

7.57

5.57

10.26

7.35

6.55

6.24

1.78

1.61

1.46

1.99

1.64

1.53

1.55

1.57

15.00

13.22

12.05

11.93

11.99

9.64

8.84

3.68

3.10

2.61

2.21

2.10

1.65

1.47

1.37

1.24

12.31

8.16

6.70

6.13

11.37

8.37

ARCELIK AS

2.08

1.95

1.79

1.64

0.75

0.70

0.62

0.56

0.54

17.86

10.13

8.82

7.35

9.90

FORD OTOMOTIV SANAYI AS

4.81

4.46

4.10

3.76

0.99

0.90

0.79

0.70

0.66

15.58

11.39

10.21

9.17

EMLAK KONUT GAYRIMENKUL YATI

1.59

1.47

1.33

1.17

6.71

3.98

3.64

2.75

4.19

14.22

8.67

6.50

6.71

TOFAS TURK OTOMOBIL FABRIKA

3.03

3.05

2.89

2.72

2.46

0.89

0.86

0.76

0.68

0.57

8.76

7.67

7.13

6.65

7.64

KOZA ALTIN ISLETMELERI AS

3.44

2.85

2.34

1.97

1.82

4.73

5.27

4.46

4.38

4.05

6.99

8.54

7.96

7.41

7.55

TURK SISE VE CAM FABRIKALARI

0.91

0.87

0.79

0.73

0.81

0.75

0.64

0.60

0.56

5.12

4.96

4.26

3.45

6.45

6.29

5.06

ULKER BISKUVI SANAYI AS

5.00

4.33

3.92

3.72

2.05

1.78

1.62

1.49

1.42

10.59

23.39

18.65

15.51

23.48

17.52

14.85

PETKIM PETROKIMYA HOLDING AS

1.55

1.56

1.48

1.40

0.60

0.62

0.56

0.51

0.47

25.19

27.20

13.47

9.07

65.50

14.22

9.52

6.66

1.21

1.05

0.91

4.34

3.84

3.60

TURKIYE SINAI KALKINMA BANK ASYA KATILIM BANKASI AS

0.67

0.60

0.55

TURK TRAKTOR VE ZIRAAT MAKIN

4.95

4.25

3.76

3.45

KARDEMIR KARABUK DEMIR-CL D

1.08

0.88

0.79

0.70

KOZA ANADOLU METAL MADENCILI

1.04

1.10

1.01

0.93

DOGAN SIRKETLER GRUBU HLDGS

0.62

0.66

0.63

0.63

AYGAZ AS

1.09

1.16

1.10

1.04

ASELSAN ELEKTRONIK SANAYI

2.37

3.31

2.75

TEKFEN HOLDING AS

0.81

0.81

MIGROS TICARET A.S

2.28

YAZICILAR HOLDING AS-A DOGUS OTOMOTIV SERVIS VE TIC

7.34

1.97

1.31

3.47

13.33

6.65

4.46

5.36

37.07

9.75

8.98

8.40

7.09

2.04

2.26

2.95

3.48

8.85

11.2%

10.94

9.23

8.83

7.34

1.84

2.31

3.06

3.80

8.19

10.1%

7.40

7.16

7.02

6.10

2.57

3.03

2.93

3.34

18.45

24.7%

1.16

1.41

1.67

2.04

11.06

13.3%

1.82

2.44

2.75

3.28

43.73

5.1%

2.38

2.81

2.98

3.73

5.83

9.1%

9.65

7.13

6.81

7.01

0.39

1.40

1.88

2.91

8.45

7.65

6.86

6.22

6.20

11.10

9.86

8.78

7.83

24.81

21.00

17.56

15.18

13.32

37.11

30.88

26.50

23.10

7.44

7.63

7.41

6.46

20.15

11.12

7.02

6.33

5.82

5.45

5.41

12.95

11.74

11.05

11.03

8.41

6.65

5.68

4.95

3.42

10.45

9.33

7.56

7.03

9.00

11.12

9.56

5.96

5.43

8.84

10.07

10.37

7.62

6.39

9.23

7.39

7.85

9.40

6.35

6.83

6.33

5.92

7.38

10.90

9.77

9.04

7.62

7.70

1.98

2.49

2.95

3.36

13.83

10.95

9.34

8.00

20.67

10.69

18.66

15.97

1.88

1.83

2.18

2.62

9.91

7.64

7.88

6.53

0.00

1.91

2.38

2.40

21.83

17.05

14.16

11.72

10.08

33.70

29.18

24.09

19.50

16.78

0.94

0.86

1.23

1.42

1.38

6.26

6.27

5.99

5.75

5.67

9.19

11.21

9.79

9.35

8.78

9.29

8.36

9.07

9.56

10.19

7.50

6.9%

8.09

7.51

7.11

5.87

0.20

0.89

1.24

1.69

4.88

5.9%

6.12

17.53

10.99

10.45

9.38

3.13

2.38

3.16

3.95

2.78

8.7%

8.83

9.03

17.60

14.85

13.54

13.13

1.55

1.65

1.90

1.98

6.24

4.0%

7.21

6.69

5.85

19.49

13.43

10.87

9.41

2.22

3.26

4.26

5.19

14.38

0.9%

9.00

7.91

6.98

6.75

13.73

12.83

10.99

9.62

3.80

4.53

4.94

5.60

12.76

8.6%

14.23

13.11

10.46

8.54

7.77

15.02

14.13

12.58

10.74

5.35

5.36

6.27

7.74

9.46

26.68

-4.0%

14.89

7.68

6.82

5.84

9.22

16.06

8.45

8.20

6.61

2.53

4.14

4.73

5.60

3.52

28.8%

7.89

7.56

6.96

6.37

5.80

13.70

12.91

11.78

10.77

9.92

5.16

7.14

7.00

7.29

9.11

13.40

9.0%

5.03

6.11

5.51

5.34

5.05

7.76

9.32

8.45

8.33

9.61

2.38

2.88

3.11

3.15

4.10

37.35

16.4%

4.59

4.47

12.52

10.99

8.80

7.34

0.76

1.47

1.76

2.37

3.02

8.6%

12.86

12.05

26.04

24.95

19.52

17.34

2.17

2.83

3.04

3.93

13.36

-3.2%

5.27

1360.00

37.78

18.13

12.36

0.99

1.65

3.09

3.75

2.93

7.8%

7.13

6.39

5.77

2.68

3.24

3.91

2.42

35.4%

2.30

20.5%

9.00

1.13

0.96

0.89

7.46

5.86

5.23

1.61

1.45

1.32

1.23

1.22

18.10

17.33

13.59

28.10

10.32

9.28

8.35

7.71

7.66

12.07

11.16

10.37

9.24

0.62

0.95

1.02

0.86

0.66

0.57

4.19

4.52

3.65

2.69

7.46

9.12

7.09

5.33

5.04

5.26

12.02

6.42

5.85

3.90

0.70

1.39

1.50

1.31

1.23

0.99

2.61

2.78

2.47

2.01

1.54

6.98

0.68

0.63

0.58

0.56

5.50

5.18

2.26

2.26

0.49

0.46

0.44

0.43

0.43

16.14

10.12

9.80

9.13

2.27

2.60

2.22

1.91

1.66

1.51

11.11

13.10

0.75

0.69

0.42

0.42

0.40

0.39

5.28

10.34

6.46

4.94

0.99

0.98

0.93

0.84

2.28

2.12

1.91

0.46

0.42

0.37

0.33

0.31

11.74

10.37

7.27

6.43

5.00

1.16

0.69

0.64

0.59

1.46

1.93

1.72

1.53

1.89

1.62

1.53

1.43

1.20

0.38

0.33

0.31

0.30

0.27

9.73

11.02

8.65

8.59

7.28

IPEK DOGAL ENERJI KAYNAKLARI

0.93

0.87

0.81

0.76

0.73

1.17

1.17

1.02

0.81

0.82

2.23

2.40

2.15

1.75

1.91

TRAKYA CAM SANAYII AS

0.93

0.83

0.79

0.73

0.71

1.37

1.24

0.97

0.88

0.75

8.33

6.43

5.25

4.14

CIMSA CIMENTO SANAYI VE TIC

1.97

1.63

1.60

1.54

1.57

2.06

1.84

1.69

1.55

1.55

9.53

9.25

8.01

7.73

BIZIM TOPTAN SATIS MAGAZALAR

9.15

7.10

6.09

5.17

0.53

0.45

0.39

0.34

0.30

24.39

21.88

18.13

15.19

EIS ECZACIBASI ILAC VE SINAI

0.51

IS GAYRIMENKUL YATIRIM ORTAK

0.75

0.65

0.63

0.59

6.39

3.61

5.40

4.43

2.63

13.30

5.96

9.30

6.82

4.97

4.40

5.06

1.55

1.20

1.24

1.18

1.02

1.73

1.55

1.39

1.24

0.95

0.97

0.84

0.69

0.72

4.72

4.74

5.86

4.24

AKFEN HOLDING AS

0.81

0.44

0.39

0.29

1.14

1.16

1.01

2.12

1.24

5.70

2.37

2.32

ALARKO HOLDING

1.17

1.05

0.91

0.81

0.80

0.60

0.61

0.68

7.43

6.09

5.78

1.11

AKSA AKRILIK KIMYA SANAYII

OTOKAR OTOMOTIV VE SAVUNMA AKSA ENERJI URETIM AS

1.47

2.18

9.93

7.17

1.83

2.30

1.98

2.00

10.03

7.89

6.88

6.43

10.28

10.41

9.72

8.83

14.02

12.61

10.61

9.03

3.88

6.29

3.88

3.59

7.32

9.24

8.62

8.13

11.89

27.50

15.71

12.22

10.36

9.06

10.56

9.80

8.82

8.04

12.54

14.56

11.79

5.55

9.87

7.64

8.25

7.68

7.66

5.87

10.83

10.11

8.94

8.02

13.49

21.72

18.86

17.06

8.37

8.59

8.07

7.63

6.98

2.28

2.47

2.09

1.76

7.47

6.92

4.83

12.94

8.7%

8.74

13.5%

12.34

46.01

7.8%

4.51

9.70

4.1%

26.06

11.4%

5.03

11.7%

55.31

7.4%

1.15

1.68

6.26

6.57

7.26

8.81

62.76

6.4%

3.89

2.83

3.63

4.69

1.27

12.0%

9.22

5.83

7.52

4.89

18.8%

1.21

37.5%

10.23

13.2%

0.00

0.00

5.32

8.23

6.04

6.53

9.24

2.33

1.82

2.28

3.22

9.19

4.6%

7.05

5.30

4.95

3.48

4.53

6.34

38.7%

3.86

3.51

3.63

4.57

8.27

-3.2%

0.00

0.00

0.00

1.07

23.58

39.1%

1.27

1.22

0.64

4.83

23.63

20.3%

5.58

9.86

8.33

8.92

11.07

26.6%

6.65

8.92

11.98

13.93

8.80

25.76

46.44

20.06

15.72

11.56

14.34

9.45

7.91

7.75

8.03

7.85

7.19

6.78

1.92

13.15

12.52

11.07

10.12

10.96

3.78

3.25

20.34

16.78

11.21

8.60

7.06

0.67

0.88

1.58

1.75

7.75

9.16

11.23

9.51

7.44

4.80

-8.8%

6.25

2.96

23.2%

8.68

13.05

1.2%

31.59

21.0%

9.36

8.53

7.84

7.19

7.11

15.71

13.40

11.49

11.11

9.31

5.35

5.99

7.29

7.16

14.58

12.30

10.33

8.69

7.67

35.75

28.37

23.84

19.18

16.11

1.33

1.46

1.90

2.41

3.00

18.1%

10.12

7.80

9.03

7.85

4.37

12.91

9.30

11.98

10.64

3.61

3.68

3.68

3.68

1.82

37.1%

15.07

11.51

12.54

13.14

21.20

15.58

13.57

21.44

3.40

4.32

6.91

7.61

57.78

-6.4%

8.27

9.38

7.65

5.79

9.61

26.82

14.05

7.41

1.15

4.12

39.6%

2.43

8.25

9.22

7.62

13.10

1.83

8.31

5.92

3.94

0.00

1.30

1.02

2.13

6.20

46.9%

5.55

6.35

6.17

4.63

4.86

11.94

10.40

8.52

7.75

0.82

0.87

1.14

1.35

7.13

24.6%

1.27

1.36

2.45

19.83

5.46

1.57

5.36

9.22

0.00

IHLAS HOLDING

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


Valuation Measures II/II Price to Book Ratio

Price to Sales Ratio

Price to Cash Flow Ratio

Enterprise Value to EBITDA Ratio

Price to Earnings Ratio

Estimated Dividend Yield

Target

2013

2014

2015

2016

2017

2013

2014

2015

2016

2017

2013

2014

2015

2016

2017

2013

2014

2015

2016

2017

2013

2014

2015

2016

2017

2013

2014

2015

2016

2017

2013

%D to Spot

S&P 500 INDEX

2.38

2.38

2.21

2.03

2.38

1.52

1.52

1.45

1.39

1.52

10.59

10.59

9.57

8.75

10.59

9.47

9.47

8.73

8.18

9.47

15.38

15.38

13.86

12.53

15.38

2.07

2.07

2.25

2.40

2.07

1850.6

9.2%

Euro Stoxx 50 Pr

1.32

1.32

1.25

1.18

1.32

0.85

0.85

0.82

0.80

0.85

6.58

6.58

6.05

5.47

6.59

7.60

7.60

7.20

6.82

7.60

13.07

13.07

11.69

10.51

13.07

3.90

3.90

4.10

4.45

3.90

3026.5

3.5%

NIKKEI 225

1.56

1.56

1.46

1.37

1.56

0.75

0.75

0.72

0.70

0.75

9.20

9.20

8.49

7.30

9.20

9.07

9.07

8.30

7.80

9.07

18.36

18.36

16.37

14.74

18.36

1.59

1.59

1.74

1.88

1.59

15220.8

4.1%

FTSE 100 INDEX

1.81

1.81

1.69

1.39

1.81

1.05

1.05

1.02

0.99

1.05

8.83

8.83

7.96

7.27

8.83

7.67

7.67

7.03

6.62

7.67

13.02

13.02

11.84

10.86

13.02

3.72

3.73

4.15

4.42

3.72

7099.2

8.5%

SWISS MARKET INDEX

2.50

2.50

2.32

2.17

2.50

2.11

2.11

2.02

1.93

2.11

13.16

13.16

11.85

10.58

13.16

13.32

13.32

12.34

11.52

13.32

15.60

15.60

14.12

12.83

15.60

3.17

3.17

3.53

3.99

3.17

8666.5

7.5%

S&P/TSX COMPOSITE INDEX

1.76

1.76

1.64

1.52

1.76

1.69

1.69

1.55

1.51

1.69

8.92

8.92

8.05

6.79

8.92

8.95

8.95

7.95

7.36

8.95

15.56

15.56

13.71

12.44

15.56

3.11

3.11

3.23

3.35

3.11

14299.7

11.1%

S&P/ASX 200 INDEX

1.96

1.96

1.86

1.77

1.96

1.85

1.85

1.73

1.66

1.85

11.18

11.18

10.24

9.58

11.18

9.43

9.43

8.59

8.03

9.43

15.44

15.44

14.00

13.00

15.44

4.45

4.45

4.75

5.09

4.45

5383.9

2.0%

HANG SENG INDEX

1.38

1.38

1.28

1.19

1.38

1.79

1.79

1.66

1.54

1.79

8.16

8.16

7.71

7.19

8.16

9.08

9.08

8.31

7.66

9.08

11.12

11.12

10.33

9.38

11.12

3.49

3.49

3.74

4.08

3.49

25126.2

8.3%

MSCI EM

1.49

1.49

1.36

1.24

1.49

1.03

1.03

0.96

0.90

1.03

7.47

7.47

6.80

6.26

7.47

7.74

7.74

7.03

6.52

7.74

11.44

11.44

10.24

9.41

11.44

2.75

2.75

3.01

3.29

2.75

1124.6

11.3%

ANADOLU HAYAT EMEKLILIK

3.14

2.88

2.59

2.29

2.12

3.41

3.24

2.59

2.79

19.28

20.68

16.43

11.97

8.50

2.46

2.77

3.47

3.96

6.26

GUBRE FABRIKALARI TAS

1.85

1.41

1.20

1.03

0.54

0.52

0.47

0.45

7.90

4.68

3.53

3.10

3.99

3.86

3.60

3.14

7.70

8.32

6.79

5.82

4.69

0.73

2.13

3.37

ANADOLU ANONIM TURK SIGORTA

0.87

0.77

0.73

0.66

0.38

0.28

0.25

0.23

0.18

20.48

15.54

10.49

10.85

4.65

2.33

PARK ELEKTRIK URETIM MADENCI

1.84

1.53

1.35

1.18

3.38

2.99

2.30

2.53

2.27

4.04

4.46

4.88

4.07

4.11

3.17

3.42

8.06

6.23

6.51

2.74

3.98

3.98

DOGAN YAYIN HOLDING AS

0.92

0.65

0.59

0.53

0.49

0.46

0.44

0.48

67.00

2.85

3.83

8.48

13.96

13.40

11.17

AKENERJI ELEKTRIK URETIM AS

0.99

0.94

0.88

0.75

1.22

1.37

0.79

0.51

0.50

5.95

7.84

4.16

3.64

9.78

119.09

31.19

9.16

0.00

0.00

0.23

TORUNLAR GAYRIMENKUL YATIRIM

0.59

0.53

0.46

0.42

7.89

2.50

3.63

1.92

9.24

6.13

4.25

7.88

6.92

4.70

4.54

4.80

3.69

5.40

5.01

0.68

0.78

NET HOLDING AS

9.22

8.25

7.46

6.98

16.14

13.01

10.55

7.22

22.99

8.13

9.04

6.99

2.99

HALK GAYRIMENKUL YATRM ORTAK SINPAS GAYRIMENKUL YATIRIM O

5.95

0.51

0.52

0.97

0.93

0.50

0.50

1.08

3.67

6.36

7.67

19.04

6.24

16.19

16.22

1.00

0.91

1.40

0.66

7.52

9.22

11.52

9.21 11.84 0.00 14.56

6.84

12.63

10.23

20.46

13.54

3.88

9.30

8.57

17.69

7.13

6.39

5.84

6.31

9.62

25.00

6.06

4.98

5.89

10.92

9.78

3.58

4.34

5.09

7.74

2.71

4.90

7.6%

17.46

18.8%

1.36

5.2%

7.39

30.5%

0.87

30.0%

1.58

20.4%

4.35

28.3%

3.08

28.3%

1.82

45.6%

1.57

48.1%

2.20

-6.8%

BESIKTAS FUTBOL YATIRIMLAR TURK EKONOMI BANKASI GOLTAS GOLLER BOLGESI CIMENT BAGFAS BANDIRMA GUBRE FABRIK

1.20 1.59

1.47

1.36

1.21

0.93

0.96

0.97

0.65

0.69

4.52

10.87

7.57

6.76

7.59

12.51

9.57

5.44

4.26

7.36

16.52

13.28

7.41

10.49

2.01

1.82

2.46

42.25

5.3%

0.93

0.82

0.74

0.69

0.66

0.62

0.56

0.52

0.55

2.89

3.32

2.91

2.78

6.12

6.32

5.43

5.07

5.19

10.67

10.44

8.30

6.91

1.42

1.80

3.05

3.43

3.08

28.8%

0.93

0.82

0.74

1.48

1.30

1.23

8.07

6.96

7.83

1.91

1.4%

29.12

26.87

15.14

4.40

-17.0%

GSD HOLDING ANADOLU CAM SANAYII AS SEKERBANK KONYA CIMENTO SANAYII AS

4.95

5.25

1.04

21.04

21.04

19.29

11.87

9.60

8.97

KARTONSAN KARTON SANAYI NETAS TELEKOMUNIKASYON AS BRISA BRIDGESTONE SABANCI

3.05

2.80

2.59

1.09

0.94

0.75

0.51

0.57

0.87

0.81

0.75

36.41

21.31

19.27

0.88

0.97

0.86

0.82

7.60

21.20

15.59

87.14

9.83

11.31

12.77

4.72

4.62

4.72

5.94

7.66

7.81

1.26

1.65

2.46

2.63

32.00

12.80

GALATASARAY SPORTIF SINAI BORUSAN MANNESMANN BORU SANA GOODYEAR LASTIKLERI TURK AS KARSAN OTOMOTIV TURCAS PETROL A.S.

0.99

GLOBAL YATIRIM HOLDING AS

51.32 20.12

12.39

9.66

18.82

20.91

199.36

209.71

22.28

13.34

10.79

9.05

25.50

2.19

4.69

1.09

6.9%

4.14

45.2%

1.41

10.2%

FENERBAHCE FUTBOL ANONIM SIR TAT KONSERVE

1.54

1.41

1.26

1.12

0.41

0.40

0.35

0.31

TEKNOSA IC VE DIS TICARET AS

6.73

5.08

4.21

3.52

0.58

0.44

0.37

0.31

0.28

0.08

0.07

0.07

0.06

0.05

0.66

19.26

11.17

14.28

16.06

13.35

11.50

8.67

7.19

12.50

8.51

7.56

10.27

8.90

7.53

6.43

5.38

4.26

3.18

5.12

13.57

63.33

10.90

16.88

22.41

4.76

29.88

17.97

12.42

10.40

28.18

22.51

19.07

16.41

0.27

0.00

0.00

0.78

2.70

5.2%

0.43

1.07

1.86

13.74

17.0%

2.39

25.6%

1.34

3.3%

ECZACIBASI YATIRIM HOLDING VESTEL ELEKTRONIK SANAYI

0.00

GOZDE GIRISIM SERMAYESI YATI TEKSTIL BANKASI AS OMV PETROL OFISI AS-A SH ITTIFAK HOLDING A.S ZORLU ENERJI ELEKTRIK URETIM

0.97

0.99

0.74

66.22

24.48

13.09

SASA POLYESTER SANAYI

4.53

1.37

0.93

0.68

0.20

0.18

0.17

9.10

9.00

6.58

IZMIR DEMIR CELIK SANAYI AS

0.56

0.50

0.45

41.51

145.27

17.72

ALKIM ALKALI KIMYA A.S

1.37

1.25

1.19

10.87

7.20

7.34

14.68

0.44

0.41

1.11

13.40

2.80

1.44

1.32

1.06

37.67

21.67

0.00

0.00

0.00

32.29

0.91

1.1%

2.15

-4.9%

METRO TICARI VE MALI YATIRIM ALARKO GAYRIMENKUL YATIRIM HURRIYET GAZETECILIK VE MATB

0.56

0.60

0.58

0.57

0.54

0.54

ANADOLU ISUZU OTOMOTIV SAN-C

0.45

0.39

236.67

4.93

2.96

3.09

1.23

6.94

3.17

8.33

6.94

6.50

6.36

6.98

6.04

5.05

12.53

1.50

1.14

24.30

25.9%

2.54

118.33

14.20

13.15

0.00

0.00

1.55

1.41

0.95

33.6%

8.52

16.54

8.71

6.70

10.27

3.10

3.16

8.97

20.47

55.6%

18.92

10.25

6.47

1.76

43.3%

8.22

33.26

9.93

8.34

3.15

0.00

0.00

0.70

3.73

30.6%

25.59

IHLAS EV ALETLERI IMALAT MUTLU AKU CELEBI HAVA SERVISI

5.24

3.07

2.07

1.50

1.46

1.85

1.54

1.25

0.71

0.66

0.62

0.60

0.58

0.52

0.47

0.48

0.38

0.34

0.29

0.22

0.18

0.15

0.13

0.59 4.96

5.30

3.65

3.53

7.32

6.80

6.35

6.61

6.29

5.54

4.69

11.97

10.81

8.94

8.71

8.16

6.36

5.39

4.44

AFYON CIMENTO ANEL ELEKTRIK PROJE TAAHHUT BANVIT BANDIRMA VITAMINLI YE

0.10

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

3.53


FUNDAMENTAL SCORING Pitroski F Score Positive Quality Price to Positive Operati Increasi of Currency Book Net ng Cash ng ROA Earning Ratio Income Flow s

Altman Z Score

Long Shares Inc. Term Inc. Current Out Asset Pitroski Debt Gross ratio Same Turnov F Score vs. Margin or Dec. er Assets

Tangiable Assets

Working Captial

Retained Earnings

Trailing 12M Operating Inc (Loss)

Market Cap

Total Liabilities

Ratio Analysis Net Sales (T12M)

Total Shareholder s Equity

Altman Z Score

Altman Z Score Bankruptcy flag

PE

GROWTH & VALUE CHECKLIST

Price to Price To Price to Price to Div Price to Price to Cash Dividen PE < 40 Sales < Book < Cash Yield > Sales Book Flow < d Yield 10 10 Flow 7% 10

Final Score

PEG < 0.75

EPS Relative PE < 20 Growth > Strength 15% >0

ROCE > 12%

Market Market < Cap > 1000m 20m

FINAL SCORE

TURKIYE GARANTI BANKASI

TRY

1.8

1

0

0

0

1

-

1

-

1

4

179697

-

14731

4311

38864

158122

17675

21657

-

-

11.7

1

2

1

2

1

-

-

1.5337

0

3

1

1

0

1

-

1

1

5

AKBANK T.A.S.

TRY

1.6

1

0

1

0

1

-

1

-

1

5

163365

-

13922

3877

35200

141003

14574

22476

-

-

11.7

1

2

1

2

1

-

-

1.6193

0

3

0

1

1

1

-

1

1

5

TURKIYE HALK BANKASI

TRY

1.9

1

0

1

0

0

-

1

-

1

4

108999

-

8618

3388

21875

97554

11418

11500

-

-

8.3

1

2

1

2

1

-

-

2.1096

0

3

0

1

1

1

-

1

1

5

HACI OMER SABANCI HOLDING

TRY

1.2

1

1

0

1

1

1

1

0

0

6

171312

-41685

14189

4041

19996

141233

11589

30513

0.05

0.00

10.8

1

2

1

1

1

8

1

1.0204

0

4

1

1

0

1

-

1

1

5

BIM BIRLESIK MAGAZALAR AS

TRY

16.3

1

1

0

1

0

0

1

0

0

4

2130

-32

661

398

13245

1320

9906

813

10.02

1.00

40.0

1

1

1

16

0

30

0

1.6619

0

2

0

0

0

1

-

1

1

3

TURKIYE IS BANKASI-C

TRY

1.3

1

0

1

0

0

-

1

-

1

4

200885

-

13205

4661

27810

176216

22394

24859

-

-

8.2

1

1

1

1

1

-

-

2.3922

0

3

0

1

1

1

-

1

1

5

TURKCELL ILETISIM HIZMET AS

TRY

2.0

1

1

1

1

1

1

1

1

1

9

16361

5583

10675

1835

25410

5918

10507

12735

5.02

1.00

12.2

1

2

1

2

1

12

0

-

-

3

-

1

1

1

1

1

1

6

TURK HAVA YOLLARI AO

TRY

1.4

1

1

1

1

1

0

1

1

0

7

18730

-365

4205

1048

7512

13376

14909

5405

1.50

1.00

6.6

1

1

1

1

1

4

1

2.3067

0

4

1

1

1

1

0

1

1

6

TUPRAS-TURKIYE PETROL RAFINE

TRY

2.7

1

1

1

1

0

1

1

0

1

7

16833

1169

4596

1131

12897

12225

47033

4890

3.24

1.00

8.8

1

0

1

3

1

5

1

-

-

4

0

1

1

1

-

1

1

5

KOC HOLDING AS

TRY

1.4

1

1

1

1

0

1

1

1

1

8

44495

5790

13741

5015

23482

24427

84833

24261

2.80

1.00

10.1

1

0

1

1

1

7

1

2.0194

0

4

0

1

0

1

1

1

1

5

ANADOLU EFES BIRACILIK VE

TRY

2.3

1

1

1

1

1

1

0

1

0

7

7619

1682

2975

774

15217

4858

6417

6787

3.34

1.00

25.1

1

2

1

2

1

18

0

1.751

0

3

0

0

1

1

1

1

1

5

YAPI VE KREDI BANKASI

TRY

1.4

1

0

0

0

0

-

1

-

0

2

130136

-

9960

2705

22605

115458

13102

16040

-

-

10.8

1

2

1

1

1

-

-

1.3271

0

3

1

1

0

1

-

1

1

5

COCA-COLA ICECEK AS

TRY

5.0

1

1

1

1

1

0

1

1

1

8

3545

866

1421

475

9412

2352

4132

1914

4.74

1.00

24.8

1

2

1

5

1

18

0

0.8514

0

3

0

0

1

1

1

1

1

5

TURK TELEKOMUNIKASYON AS

TRY

3.8

1

1

1

1

0

1

1

0

0

6

13109

78

2955

3242

24220

10753

12706

6455

3.06

1.00

9.2

1

2

1

4

1

7

1

9.964

1

5

1

1

1

1

1

1

1

7

TURKIYE VAKIFLAR BANKASI T-D

TRY

1.0

1

0

0

0

0

-

1

-

1

3

107939

-

7432

1835

11525

96210

11328

11829

-

-

8.1

1

1

1

1

1

-

-

0.8677

0

3

1

1

0

1

-

1

1

5

EREGLI DEMIR VE CELIK FABRIK

TRY

1.1

1

1

0

1

1

0

0

0

1

5

12989

2974

4008

689

7571

5726

9570

7416

2.57

1.00

17.8

1

1

1

1

1

5

1

4.723

0

4

1

1

0

1

0

1

1

5

ENKA INSAAT VE SANAYI AS

TRY

1.6

1

1

1

1

1

0

1

0

1

7

14517

3085

6269

1140

14840

5130

10298

9554

3.82

1.00

13.8

1

1

1

2

1

12

0

1.5094

0

3

0

1

1

1

1

1

1

6

TAV HAVALIMANLARI HOLDING AS

TRY

2.8

1

1

1

1

0

0

1

1

1

7

2934

692

414

411

3313

4026

2566

1262

2.68

1.00

11.6

1

1

1

3

1

3

1

4.3136

0

4

1

1

1

1

1

1

1

7

ARCELIK AS

TRY

2.1

1

1

0

1

0

0

1

0

1

5

9263

2787

3165

770

7906

6301

10557

3927

2.86

1.00

15.1

1

1

1

2

1

11

0

-

-

3

0

1

0

1

1

1

1

5

FORD OTOMOTIV SANAYI AS

TRY

3.8

1

1

0

0

0

0

1

0

0

3

4592

786

1645

611

7509

2651

9768

1996

4.60

1.00

11.1

1

1

1

4

1

13

0

-

-

3

1

1

0

1

-

1

1

5

EMLAK KONUT GAYRIMENKUL YATI

TRY

1.9

1

1

1

0

1

1

1

1

1

8

8393

629

1281

396

7800

4187

1005

4208

1.59

1.00

14.9

1

8

1

2

1

111

0

-

-

3

-

1

1

1

-

1

1

5

TOFAS TURK OTOMOBIL FABRIKA

TRY

2.5

1

1

0

1

1

1

1

1

0

7

5377

1115

1562

488

5225

3999

6705

2062

2.96

1.00

11.7

1

1

1

3

1

8

1

-

-

4

0

1

0

1

1

1

1

5

KOZA ALTIN ISLETMELERI AS

TRY

4.7

1

1

0

1

1

1

1

1

0

7

1553

940

1248

716

6558

169

1043

1400

18.53

1.00

10.2

1

6

1

5

1

10

0

-

-

3

0

1

1

1

1

1

1

6

TURK SISE VE CAM FABRIKALARI

TRY

1.0

1

1

0

1

1

0

0

0

0

4

8650

1541

3135

420

4425

3116

5342

5606

1.96

1.00

15.0

1

1

1

1

1

6

1

1.6044

0

4

1

1

0

1

0

1

1

5

ULKER BISKUVI SANAYI AS

TRY

3.5

1

1

0

0

0

1

0

1

1

5

3156

1115

615

171

3304

2077

2341

1080

3.31

1.00

19.8

1

1

1

3

1

26

0

-

-

3

0

1

0

1

1

1

1

5

PETKIM PETROKIMYA HOLDING AS

TRY

1.7

1

1

0

1

1

0

1

0

1

6

2785

423

664

-59

2770

1135

4349

1664

3.64

1.00

158.9

1

1

1

2

1

11

0

-

-

3

-

0

0

1

0

1

1

3

TURKIYE SINAI KALKINMA BANK

TRY

1.4

1

1

1

0

0

-

1

-

0

4

10855

-

565

381

2519

8938

707

1919

-

-

7.9

1

4

1

1

1

13

0

2.3819

0

3

-

1

1

1

-

1

1

5

ASYA KATILIM BANKASI AS

TRY

0.9

1

1

0

1

0

-

1

-

1

5

21553

-

1413

237

1989

19133

2311

2441

-

-

11.0

1

1

1

1

1

5

1

0.9552

0

4

-

1

0

1

-

1

1

4

TURK TRAKTOR VE ZIRAAT MAKIN

TRY

4.7

1

1

0

1

0

1

1

0

0

5

1285

667

610

294

3109

656

1974

664

5.86

1.00

11.6

1

2

1

5

1

11

0

0

0

3

0

1

0

1

1

1

1

5

KARDEMIR KARABUK DEMIR-CL D

TRY

1.0

1

1

0

1

0

1

1

0

0

5

2161

350

253

227

1107

1027

1687

1144

2.01

1.00

5.7

1

1

1

1

1

4

1

-

-

4

-

1

0

1

1

1

1

5

KOZA ANADOLU METAL MADENCILI

TRY

1.8

1

1

1

0

0

1

0

0

0

4

2201

1181

833

631

2197

273

1183

2002

4.96

1.00

4.0

1

2

1

2

1

4

1

-

-

4

-

1

1

1

1

1

1

6

DOGAN SIRKETLER GRUBU HLDGS

TRY

0.7

1

0

1

0

1

0

1

1

1

6

7071

1778

729

124

2254

4578

3157

4090

1.59

1.00

14.5

1

1

1

1

1

-

-

0

0

3

-

1

-

1

0

1

1

4

AYGAZ AS

TRY

1.2

1

1

0

0

0

0

1

1

0

4

2921

250

2080

166

2832

576

5586

2381

4.94

1.00

9.3

1

1

1

1

1

17

0

10.593

1

4

1

1

0

1

-

1

1

5

ASELSAN ELEKTRONIK SANAYI

TRY

3.3

1

1

1

1

1

0

0

0

0

5

3027

1167

766

184

4220

2058

1633

1266

2.79

1.00

14.4

1

3

1

3

1

14

0

1.8602

0

3

1

1

1

1

-

1

1

6

TEKFEN HOLDING AS

TRY

1.3

1

1

1

0

0

1

1

0

1

6

4130

1154

1407

189

2679

2022

4076

2111

2.29

1.00

9.0

1

1

1

1

1

13

0

4.9358

0

3

-

1

1

1

1

1

1

6

AKSA AKRILIK KIMYA SANAYII

TRY

1.0

1

1

1

1

1

0

1

1

0

7

1546

263

776

142

951

586

1625

971

3.24

1.00

5.7

1

1

1

1

1

4

1

-

-

4

-

1

1

1

1

1

1

6

MIGROS TICARET A.S

TRY

3.0

1

1

1

1

1

0

1

1

1

8

3124

33

405

270

3828

4362

6482

1262

2.85

1.00

43.5

1

1

1

3

1

10

1

0

0

4

-

0

-

1

1

1

1

4

YAZICILAR HOLDING AS-A

TRY

0.9

1

1

1

0

0

0

1

0

0

4

11760

-1246

2645

393

2544

8352

1375

3476

0.83

0.00

2.8

1

2

1

1

1

56

0

-

-

3

-

1

1

1

-

1

1

5

DOGUS OTOMOTIV SERVIS VE TIC

TRY

1.6

1

1

1

0

1

0

1

1

0

6

2215

100

964

301

1888

1036

5132

1187

3.73

1.00

7.4

1

0

1

2

1

8

1

11.655

1

5

1

1

1

1

1

1

1

7

IPEK DOGAL ENERJI KAYNAKLARI

TRY

2.3

1

1

0

1

0

1

0

0

0

4

2253

1207

428

603

1559

276

1183

2051

5.28

1.00

18.8

1

1

1

2

1

3

1

0

0

4

-

1

0

1

1

1

1

5

TRAKYA CAM SANAYII AS

TRY

0.9

1

1

0

1

1

0

1

0

0

5

2449

686

1213

76

1693

453

1249

2010

3.36

1.00

23.4

1

1

1

1

1

9

1

0.9778

0

4

0

0

0

1

0

1

1

3

CIMSA CIMENTO SANAYI VE TIC

TRY

1.2

1

1

0

0

0

0

1

0

0

3

1400

-40

854

165

1235

536

857

1033

4.91

1.00

10.7

1

1

1

1

1

12

0

7.9431

1

4

-

1

0

1

1

1

1

5

BIZIM TOPTAN SATIS MAGAZALAR

TRY

9.2

1

1

0

1

0

0

1

1

0

5

390

11

81

59

1112

269

1974

121

-

-

42.6

1

1

1

9

1

22

0

-

-

3

0

0

0

1

1

1

1

4

EIS ECZACIBASI ILAC VE SINAI

TRY

0.4

1

0

0

0

0

0

1

0

0

2

3290

723

2312

-5

1096

455

1087

2906

2.83

1.00

33.5

1

1

1

0

1

-

-

5

0

3

-

0

0

1

0

1

1

3

IS GAYRIMENKUL YATIRIM ORTAK

TRY

0.8

1

1

0

0

0

0

1

0

0

3

1392

133

469

64

900

322

132

1070

1.89

1.00

13.8

1

7

1

1

1

14

0

3.3333

0

3

1

1

0

1

1

1

0

5

OTOKAR OTOMOTIV VE SAVUNMA

TRY

4.2

1

1

1

0

0

1

1

1

0

6

937

147

218

92

1018

796

1004

242

2.49

1.00

13.3

1

1

1

4

1

15

0

-

-

3

-

1

1

1

1

1

1

6

AKSA ENERJI URETIM AS

TRY

2.5

1

0

1

0

1

1

0

0

1

5

2924

214

255

218

2796

1820

1841

1116

-

-

12.1

1

2

1

3

1

-

-

0

0

3

-

1

-

1

-

1

1

4

IHLAS HOLDING

TRY

1.2

0

1

1

1

0

0

1

1

0

5

2445

917

0

-17

988

1423

652

1070

0.83

0.00

-

-

2

1

1

1

7

1

-

-

3

-

-

1

1

-

1

0

3

AKFEN HOLDING AS

TRY

1.0

1

0

1

0

1

1

1

1

0

6

3642

238

718

189

1353

3100

1125

1715

-

-

2.0

1

1

1

1

1

-

-

-

-

3

-

1

-

1

1

1

1

5

ALARKO HOLDING

TRY

1.1

1

1

0

1

1

0

1

0

1

6

1941

570

779

24

1144

1052

1619

1108

2.00

1.00

15.0

1

1

1

1

1

7

1

-

-

4

-

1

0

1

0

1

1

4

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


FUNDAMENTAL SCORING Pitroski F Score Positive Quality Price to Positive Operati Increasi of Currency Book Net ng Cash ng ROA Earning Ratio Income Flow s

Altman Z Score

Long Shares Inc. Term Inc. Current Out Asset Pitroski Debt Gross ratio Same Turnov F Score vs. Margin or Dec. er Assets

Tangiable Assets

Working Captial

Retained Earnings

Trailing 12M Operating Inc (Loss)

Market Cap

Total Liabilities

Ratio Analysis Net Sales (T12M)

Total Shareholder s Equity

Altman Z Score

Altman Z Score Bankruptcy flag

PE

GROWTH & VALUE CHECKLIST

Price to Price To Price to Price to Div Price to Price to Cash Dividen PE < 40 Sales < Book < Cash Yield > Sales Book Flow < d Yield 10 10 Flow 7% 10

Final Score

PEG < 0.75

EPS Relative PE < 20 Growth > Strength 15% >0

ROCE > 12%

Market Market < Cap > 1000m 20m

FINAL SCORE

ANADOLU HAYAT EMEKLILIK

TRY

2.4

1

-

1

-

1

-

1

-

0

4

7223

-

229

112

1263

6697

587

529

-

-

-

-

2

1

2

1

-

-

3.1671

0

2

-

-

-

1

-

1

1

3

GUBRE FABRIKALARI TAS

TRY

2.2

1

1

1

1

1

0

1

0

0

6

2034

98

458

482

1186

1322

2227

833

2.84

1.00

4.9

1

1

1

2

1

3

1

0

0

4

-

1

1

1

1

1

1

6

ANADOLU ANONIM TURK SIGORTA

TRY

0.9

0

-

0

-

0

-

1

-

1

2

2298

-

110

-64

575

1742

1941

610

-

-

-

-

0

1

1

1

-

-

0

0

2

-

-

0

1

-

1

0

2

PARK ELEKTRIK URETIM MADENCI

TRY

2.0

1

1

0

1

1

1

1

0

1

7

428

264

301

102

914

53

265

450

9.26

1.00

8.5

1

3

1

2

1

4

1

-

-

4

-

1

0

1

1

1

0

4

DOGAN YAYIN HOLDING AS

TRY

1.7

1

0

1

0

1

0

1

0

0

4

2736

102

-1231

152

1560

2517

2526

1420

0.89

0.00

7.9

1

1

1

2

1

-

-

0

0

3

-

1

-

1

1

1

1

5

AKENERJI ELEKTRIK URETIM AS

TRY

1.3

1

0

1

0

0

1

0

0

1

4

2699

41

516

90

1195

1879

802

944

0.74

0.00

12.9

1

1

1

1

1

-

-

-

-

3

-

1

-

1

-

1

0

3

TORUNLAR GAYRIMENKUL YATIRIM

TRY

0.6

1

1

1

0

1

0

1

1

1

7

4753

501

2321

122

1610

1906

227

2847

1.32

1.00

4.8

1

7

1

1

1

7

1

-

-

4

-

1

1

1

1

1

1

6

NET HOLDING AS

TRY

3.6

1

1

1

0

0

0

1

1

0

5

614

-22

-191

-25

662

280

107

334

1.30

1.00

9.1

1

6

1

4

1

10

1

-

-

4

-

1

1

1

1

1

0

5

HALK GAYRIMENKUL YATRM ORTAK

TRY

-

1

-

-

-

-

-

-

-

-

1

-

-

-

-

-

-

7

-

-

-

260.0

1

122

0

-

-

-

-

-

-

1

-

0

-

1

-

1

0

2

SINPAS GAYRIMENKUL YATIRIM O

TRY

0.8

1

0

0

0

0

1

1

0

0

3

2093

476

412

39

846

1019

604

1075

1.30

1.00

11.2

1

1

1

1

1

-

-

3.5461

0

3

-

1

0

1

-

1

0

3

BESIKTAS FUTBOL YATIRIMLAR

TRY

-

0

-

-

-

-

-

-

-

-

0

-

-

-

-

-

-

147

-

-11.91

0.00

-

-

3

1

-

-

-

-

-

-

1

-

-

1

1

-

1

0

3

TURK EKONOMI BANKASI

TRY

0.9

1

0

1

0

0

-

1

-

0

3

45416

-

2007

639

4497

40862

5037

5000

-

-

9.4

1

1

1

1

1

-

-

-

-

3

-

1

1

1

-

1

1

5

GOLTAS GOLLER BOLGESI CIMENT

TRY

1.7

1

1

1

1

1

0

1

1

1

8

468

74

260

36

452

167

290

306

3.53

1.00

25.0

1

2

1

2

1

9

1

-

-

4

-

0

1

1

0

1

0

3

BAGFAS BANDIRMA GUBRE FABRIK

TRY

2.1

1

0

0

0

0

1

0

0

0

2

328

108

221

26

486

96

364

231

2.39

1.00

20.3

1

1

1

2

1

-

-

1.6601

0

3

-

0

0

1

-

1

0

2

GSD HOLDING

TRY

-

1

-

-

-

-

-

-

-

-

1

-

-

-

-

-

-

-

-

0.37

0.00

6.0

1

-

-

-

-

-

-

-

-

1

-

1

1

1

-

1

0

4

ANADOLU CAM SANAYII AS

TRY

1.1

1

1

0

1

1

0

1

0

0

5

2402

-109

625

111

1115

1295

1475

1110

1.40

1.00

15.6

1

1

1

1

1

5

1

-

-

4

-

1

0

1

0

1

0

3

SEKERBANK

TRY

1.0

1

0

1

0

0

-

1

-

1

4

15185

-

683

327

1800

13338

2294

1874

-

-

7.2

1

1

1

1

1

-

-

0

0

3

-

1

1

1

-

1

1

5

KONYA CIMENTO SANAYII AS

TRY

4.4

1

1

1

0

0

1

1

0

0

5

408

190

350

33

1564

55

236

355

15.43

1.00

42.2

1

7

1

4

1

59

0

5.1153

0

3

-

0

1

1

0

1

1

4

KARTONSAN KARTON SANAYI

TRY

3.0

1

1

0

1

0

0

1

0

0

4

251

140

218

27

668

30

213

221

14.04

1.00

24.7

1

3

1

3

1

22

0

-

-

3

-

0

0

1

1

1

0

3

NETAS TELEKOMUNIKASYON AS

TRY

2.4

1

0

0

0

1

1

1

0

1

5

551

257

237

19

710

299

550

302

3.83

1.00

41.6

1

1

1

2

1

-

-

-

-

3

-

0

0

1

0

1

0

2

BRISA BRIDGESTONE SABANCI

TRY

3.3

1

1

1

1

1

0

1

1

0

7

1217

8

185

139

1623

754

1424

490

3.28

1.00

17.5

1

1

1

3

1

12

0

4.4361

0

3

-

1

1

1

1

1

1

6

GALATASARAY SPORTIF SINAI

TRY

-

0

-

-

-

-

-

-

-

-

0

-

-

-

-

-

-

323

-

-0.34

0.00

-

-

1

1

-

-

-

-

-

-

1

-

-

0

1

-

1

0

2

BORUSAN MANNESMANN BORU SANA

TRY

1.3

1

1

0

1

0

1

1

0

0

5

1455

-60

590

51

780

838

1426

619

2.17

1.00

19.3

1

1

1

1

1

19

0

-

-

3

-

1

0

1

0

1

0

3

GOODYEAR LASTIKLERI TURK AS

TRY

2.1

1

1

0

1

0

1

1

1

0

6

-

224

358

68

784

212

1135

369

-

-

15.8

1

1

1

2

1

5

1

-

-

4

-

1

0

1

1

1

0

4

KARSAN OTOMOTIV

TRY

1.2

0

0

0

0

0

1

1

0

0

2

701

73

-6

-25

315

476

583

253

0.98

0.00

-

-

1

1

1

1

-

-

0

0

2

-

-

0

1

-

1

0

2

TURCAS PETROL A.S.

TRY

1.1

1

0

0

0

0

0

1

0

1

3

1022

162

468

-12

731

330

23

693

1.90

1.00

10.4

1

31

0

1

1

-

-

-

-

2

-

1

0

1

1

1

0

4

GLOBAL YATIRIM HOLDING AS

TRY

-

1

-

-

-

-

-

-

-

-

1

-

-

-

-

-

-

305

-

1.53

1.00

2.6

1

1

1

-

-

-

-

-

-

2

-

1

-

1

-

1

0

3

FENERBAHCE FUTBOL ANONIM SIR

TRY

-

1

-

-

-

-

-

-

-

-

1

-

-

-

-

-

-

247

-

2.90

1.00

556.3

1

4

1

-

-

-

-

-

-

2

-

0

0

1

-

1

0

2

TAT KONSERVE

TRY

1.6

1

1

0

1

1

0

1

1

0

6

596

177

53

29

316

365

778

232

2.85

1.00

16.2

1

0

1

2

1

11

0

-

-

3

-

1

1

1

0

1

0

4

TEKNOSA IC VE DIS TICARET AS

TRY

-

1

-

-

-

-

-

-

-

-

1

-

-

-

-

-

-

2330

-

-

-

16.4

1

0

1

-

-

-

-

-

-

2

-

1

0

1

-

1

1

4

ECZACIBASI YATIRIM HOLDING

TRY

0.4

1

0

0

0

0

0

1

1

0

3

1287

182

1142

-9

442

40

1715

1247

8.87

1.00

28.9

1

0

1

0

1

-

-

2.3734

0

3

-

0

0

1

1

1

0

3

VESTEL ELEKTRONIK SANAYI

TRY

0.5

0

0

0

1

0

0

1

0

0

2

4512

52

851

-75

634

3574

7515

1342

1.65

1.00

-

-

0

1

1

1

-

-

0

0

2

-

-

0

1

-

1

0

2

GOZDE GIRISIM SERMAYESI YATI

TRY

1.4

1

0

1

0

0

0

1

1

0

4

903

-163

108

31

612

855

159

423

-

-

7.5

1

4

1

1

1

-

-

-

-

3

-

1

-

1

1

1

0

4

TEKSTIL BANKASI AS

TRY

0.7

1

1

0

1

0

-

1

-

1

5

3683

-

155

33

374

3110

380

575

-

-

14.3

1

1

1

1

1

11

0

0

0

3

-

1

0

1

-

1

0

3

OMV PETROL OFISI AS-A SH

TRY

1.3

1

1

1

1

1

0

1

1

1

8

4093

1054

1401

303

2668

4988

20202

1993

5.88

1.00

172.9

1

0

1

1

1

4

1

-

-

4

-

0

-

1

0

1

1

3

ITTIFAK HOLDING A.S

TRY

0.5

0

1

0

1

1

0

1

0

0

4

855

-14

256

-21

152

493

938

365

1.59

1.00

-

-

0

1

0

1

161

0

-

-

2

-

-

-

1

-

1

0

2

ZORLU ENERJI ELEKTRIK URETIM

TRY

1.0

1

1

1

0

1

0

0

0

0

4

4010

-897

76

-52

575

4406

525

578

-0.01

0.00

0.9

1

1

1

1

1

3

1

-

-

4

-

1

-

1

1

1

0

4

SASA POLYESTER SANAYI

TRY

1.1

0

0

0

0

1

0

1

0

0

2

680

12

27

-10

257

440

1000

244

1.83

1.00

-

-

0

1

1

1

-

-

-

-

2

-

-

-

1

-

1

0

2

IZMIR DEMIR CELIK SANAYI AS

TRY

2.5

1

0

0

0

0

0

1

0

0

2

1363

20

212

-33

1474

757

1599

606

1.31

1.00

3556.6

1

1

1

3

1

-

-

-

-

3

-

0

0

1

0

1

0

2

ALKIM ALKALI KIMYA A.S

TRY

1.9

1

1

0

1

1

0

1

0

0

5

264

72

134

18

302

87

210

179

4.09

1.00

20.4

1

1

1

2

1

11

0

1.8936

0

3

-

0

0

1

0

1

0

2

METRO TICARI VE MALI YATIRIM

TRY

0.4

0

1

0

1

1

0

1

1

0

5

290

-39

-8

15

138

134

852

369

2.69

1.00

-

-

0

1

0

1

3

1

0

0

3

-

-

0

1

-

1

0

2

ALARKO GAYRIMENKUL YATIRIM

TRY

-

1

-

-

-

-

-

-

-

-

1

-

-

-

-

-

-

15

-

54.45

1.00

17.0

1

16

0

-

-

-

-

-

-

1

-

1

0

1

-

1

0

3

HURRIYET GAZETECILIK VE MATB

TRY

0.7

1

0

1

0

1

1

1

1

0

6

905

21

130

26

508

805

853

748

1.90

1.00

3.4

1

1

1

1

1

-

-

0

0

3

-

1

-

1

1

1

0

4

ANADOLU ISUZU OTOMOTIV SAN-C

TRY

3.1

1

0

0

0

0

1

1

0

0

3

406

154

141

3

519

260

537

166

4.10

1.00

408.8

1

1

1

3

1

-

-

-

-

3

-

0

0

1

-

1

0

2

IHLAS EV ALETLERI IMALAT

TRY

0.7

1

0

1

0

0

1

1

1

0

5

261

131

3

-2

142

86

102

218

1.69

1.00

7.0

1

1

1

1

1

-

-

0

0

3

-

1

-

1

1

1

0

4

MUTLU AKU

TRY

1.0

1

1

0

1

0

1

1

0

0

5

470

94

296

40

336

117

439

353

4.17

1.00

8.2

1

1

1

1

1

7

1

2.3818

0

4

-

1

0

1

1

1

0

4

CELEBI HAVA SERVISI

TRY

8.8

1

1

1

1

1

0

1

0

1

7

345

-35

32

47

491

412

537

64

2.20

1.00

23.3

1

1

1

9

1

12

0

-

-

3

-

0

1

1

1

1

0

4

AFYON CIMENTO

TRY

5.6

0

0

0

1

0

0

1

0

1

3

47

13

35

-8

215

9

41

38

11.63

1.00

-

-

5

1

6

1

-

-

0

0

2

-

-

0

1

-

1

0

2

ANEL ELEKTRIK PROJE TAAHHUT

TRY

1.1

1

0

-

0

0

1

1

1

-

4

589

156

106

12

234

344

307

247

-

-

62.1

1

1

1

1

1

-

-

-

-

3

-

0

0

1

0

1

0

2

BANVIT BANDIRMA VITAMINLI YE

TRY

2.5

1

1

1

1

1

0

1

1

0

7

816

24

54

23

386

669

1261

154

2.10

1.00

44.2

1

0

1

3

1

15

0

0

0

3

-

0

-

1

0

1

0

2

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


30.09.2013

Turkiye Garanti Bankasi AS Turkiye Garanti Bankasi A.S. attracts deposits and offers retail and commercial banking services. The Group offers lease financing, insurance, asset management, securities brokerage, automobile and mortgage loans, credit cards, and other financial services. Turkiye Garanti Bankasi operates in Turkey, the Netherlands, Germany, Romania, Russia, Luxembourg, Malta, and Bahrain.

Price/Volume 12

120.0 M 100.0 M

6

Latest Fiscal Year: LTM as of: 52-Week High (17.05.2013) 52-Week Low (22.08.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance GARAN TI EQUITY YTD Change GARAN TI EQUITY YTD % CHANGE

12/2012 06/yy 11.35 6.58 57'741'966.00 7.96 -29.87% 20.97% 29.35% 4'200.0 33'432.00 45'583.99 0.0 140.5 26'337.81 -

80.0 M 60.0 M

4

40.0 M 2

20.0 M

0 o-12

31.12.2009 31.12.2010 14'640.5 13'694.0 3'085.7 3'381.1 8.64x 9.71x Profitability

LTM-4Q 31.12.2011 15'453.2 3'326.3 7.45x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

31.12.2012 17'675.4 3'334.1 11.66x 41.98% 41.98% 2.03% 18.19% 5.78% 0.10% 32.5% 25.36% 211.86% -

Price/ Cash Flow

06/yy 16'705 0.00x 0.0 0.00x 3'170.9 9.40x

d-12

j-13

f-13 m-13

LTM 06/yy 18'231 0.00x 0.0 0.00x 3'740.0 9.45x

a-13 m-13

j-13

j-13

a-13

s-13

FY+1

1.19 7.57% -12.88% 1.190 31 3.516 75'764'700 67'811'510 61'522'650 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 10'986 12'047 3'751.8 4'141.7 8.98x 8.40x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

05.04.2013 BB+ STABLE 211.9% 67.8% 0.10 4.23 -

Sales/Revenue/Turnover

160.00

20'000.0

140.00

18'000.0 16'000.0

120.00

14'000.0

100.00

12'000.0

80.00

10'000.0 8'000.0

60.00

6'000.0

40.00

4'000.0

20.00

2'000.0

0.00 01.01.2010

.0 M n-12

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

140.0 M

8

Valuation Analysis

31.12.2008 12'829.6 1'879.4 5.81x

160.0 M

10

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


30.09.2013

Turkiye Garanti Bankasi AS Holdings By:

All

Holder Name BANCO BILBAO VIZCAYA DOGUS HOLDING AS ABERDEEN VANGUARD GROUP INC BLACKROCK JP MORGAN T ROWE PRICE ASSOCIA FMR LLC CAPITAL GROUP COMPAN SCHRODER INVESTMENT NORGES BANK UMB BANK N A MORGAN STANLEY THAMES RIVER CAPITAL JP MORGAN CHASE BANK EAST CAPITAL ASSET M FIL LIMITED GOLDMAN SACHS GROUP BNP PARIBAS DANSKE INVEST A/S

Firm Name Eczacibasi Securities HSBC Seker Securities IS Investment & Securities Ekspres Invest FinansInvest Burgan Securities Goldman Sachs BNP Paribas Equity Research ATA Invest BGC Partners VTB Capital Oyak Securities UBS Ak Investment Renaissance Capital Barclays Societe Generale Deutsche Bank Morgan Stanley Credit Suisse Keefe, Bruyette & Woods EVA Dimensions Global Menkul Degerler JPMorgan Yatirim Finansman Securities Tera Stock Brokers IBG Research (ESN) Yapi Kredi Yatirim ve Menkul Degerler

Portfolio Name n/a n/a n/a n/a n/a n/a Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a n/a Multiple Portfolios

Analyst SERCAN SOYLU TAMER SENGUN NESLIHAN KARAGOZ BULENT SENGONUL CIHAN SARAOGLU MUGE DAGISTAN DUYGUN KUTUCU DMITRY TREMBOVOLSKY SADRETTIN BAGCI DERYA GUZEL CAGDAS DOGAN AKIN TUZUN METIN ESENDAL SERHAN GOK HAKAN AYGUN YAVUZ UZAY CRISTINA MARZEA ALAN WEBBORN KAZIM ANDAC MAGDALENA STOKLOSA ATES BULDUR RONNY REHN DOUG WALTERS SEVGI ONUR PAUL FORMANKO ZUMRUT CAN HASAN DEMIR KONSTANTINOS MANOLOPOULOS MURAT BOREKCI

Source Research Research ULT-AGG ULT-AGG ULT-AGG ULT-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG ULT-AGG ULT-AGG ULT-AGG MF-AGG

Recommendation market perform neutral outperform market perform sell neutral hold neutral/neutral hold market outperform hold hold market perform buy market perform hold equalweight buy buy Equalwt/In-Line neutral market perform buy buy neutral market perform neutral accumulate hold

Amt Held 1'050'420'000 1'017'476'545 122'382'189 105'780'113 88'665'649 79'358'168 41'130'919 39'354'106 30'723'505 22'446'646 21'914'217 20'221'825 14'755'799 12'405'000 12'316'491 8'785'103 8'558'906 7'996'524 7'802'110 7'529'000

% Out 25.01 24.23 2.91 2.52 2.11 1.89 0.98 0.94 0.73 0.53 0.52 0.48 0.35 0.3 0.29 0.21 0.2 0.19 0.19 0.18

Weighting

Change 3 3 5 3 1 3 3 3 3 4 3 3 3 5 3 3 3 5 5 3 3 3 5 5 3 3 3 4 3

M D M D D M M M M M M M M M M M M M M M M M U M D M M M U

Latest Chg 11'043'000 935'929 (262'658) (47'412) 1'461'163 96'516 (2'018'765) 3'225'962 (1'193'380) (612'200) (4'037'048) 1'726'787 (822'210) (245'000)

Target Price 9 9 11 9 9 9 8 9 9 9 8 8 8 9 8 8 9 9 10 10 9 9 #N/A N/A 10 10 11 8 11 9

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 27.09.2013 27.09.2013 31.08.2013 30.06.2013 26.09.2013 31.07.2013 30.06.2013 31.07.2013 30.06.2013 30.06.2013 31.12.2012 31.07.2013 31.07.2013 30.09.2012 31.05.2013 31.03.2013 30.04.2013 30.06.2013 31.07.2013 31.05.2013

Date Not Provided Not Provided 12 month Not Provided Not Provided 12 month 12 month 12 month 12 month Not Provided 12 month 12 month Not Provided 12 month 12 month 12 month Not Provided 12 month 12 month 12 month Not Provided 12 month Not Provided Not Provided 3 month Not Provided Not Provided 12 month 12 month

Inst Type Bank Holding Company Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor

Date 27.09.2013 25.09.2013 25.09.2013 23.09.2013 23.09.2013 19.09.2013 19.09.2013 17.09.2013 12.09.2013 11.09.2013 10.09.2013 09.09.2013 05.09.2013 04.09.2013 04.09.2013 30.08.2013 23.08.2013 31.07.2013 30.07.2013 30.07.2013 30.07.2013 30.07.2013 22.07.2013 28.06.2013 24.06.2013 30.04.2013 26.04.2013 23.04.2013 11.02.2013


30.09.2013

Akbank TAS Akbank T.A.S. attracts deposits and offers retail and corporate banking services. The Group offers consumer credits, credit cards, wealth management, health and life insurance, pension plans, risk management, project financing, foreign trade and cash management services through its branches in Turkey and overseas.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (22.05.2013) 52-Week Low (28.08.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance AKBNK TI EQUITY YTD Change AKBNK TI EQUITY YTD % CHANGE

12/2012 06/yy 10.50 6.40 46'052'280.00 7.44 -29.14% 16.25% 30.24% 4'000.0 29'760.00 46'469.95 0.0 0.1 19'853.52 -

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

60.0 M

10

50.0 M

8

40.0 M

6

30.0 M

4

20.0 M

2

10.0 M

0 o-12

31.12.2009 31.12.2010 11'707.1 11'550.1 2'722.7 3'008.8 10.41x 11.41x Profitability

LTM-4Q 31.12.2011 11'975.0 2'536.4 9.49x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

31.12.2012 14'574.3 3'004.9 11.71x 46.80% 46.80% 2.32% 18.31% 5.57% 0.10% 36.3% 28.43% 206.76% -

Price/ Cash Flow

d-12

j-13

f-13 m-13

LTM

06/yy 12'935.8 0.00x 0.0 0.00x 2'242.4 11.81x

06/yy 15'608.4 0.00x 0.0 0.00x 3'724.8 8.44x

a-13 m-13

j-13

j-13

a-13

s-13

FY+1

1.23 6.37% -14.18% 1.227 29 2.931 24'097'740 24'988'140 24'004'560 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 9'192.3 9'830.4 3'228.6 3'415.7 9.23x 8.83x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

NR 206.8% 67.4% 0.10 5.33 -

Sales/Revenue/Turnover

20.00

16'000.0

18.00

14'000.0

16.00

12'000.0

14.00

10'000.0

12.00 10.00

8'000.0

8.00

6'000.0

6.00

4'000.0

4.00

2'000.0

2.00 0.00 01.01.2010

.0 M n-12

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 31.12.2008 12'338.3 1'782.2 8.05x

12

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


30.09.2013

Akbank TAS Holdings By:

All

Holder Name HACI OMER SABANCI HO CITIGROUP INCORPORAT ABERDEEN VANGUARD GROUP INC BLACKROCK LAZARD ASSET MANAGEM FRANKLIN RESOURCES INVESCO LTD NORGES BANK DANSKE INVEST A/S DANSKE INVEST MANAGE ERSTE SPARINVEST KAG EAST CAPITAL ASSET M AVIVA OFE GOLDMAN SACHS GROUP DIMENSIONAL FUND ADV CAISSE DE DEPOT ET P ING INVESTMENT MANAG PICTET FUNDS JP MORGAN

Firm Name Eczacibasi Securities HSBC Ekspres Invest Seker Securities FinansInvest Burgan Securities Goldman Sachs BNP Paribas Equity Research ATA Invest BGC Partners VTB Capital Oyak Securities UBS IS Investment & Securities Renaissance Capital Barclays EVA Dimensions Societe Generale Global Menkul Degerler Deutsche Bank Morgan Stanley Credit Suisse Keefe, Bruyette & Woods Garanti Yatirim Menkul Kiymetler JPMorgan Tera Stock Brokers IBG Research (ESN) Yapi Kredi Yatirim ve Menkul Degerler

Portfolio Name n/a n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios n/a n/a

Analyst SERCAN SOYLU TAMER SENGUN CIHAN SARAOGLU NESLIHAN KARAGOZ MUGE DAGISTAN DUYGUN KUTUCU DMITRY TREMBOVOLSKY SADRETTIN BAGCI DERYA GUZEL CAGDAS DOGAN AKIN TUZUN METIN ESENDAL SERHAN GOK BULENT SENGONUL YAVUZ UZAY CRISTINA MARZEA DOUG WALTERS ALAN WEBBORN SEVGI ONUR KAZIM ANDAC MAGDALENA STOKLOSA ATES BULDUR HADRIEN DE BELLE RECEP DEMIR PAUL FORMANKO HASAN DEMIR KONSTANTINOS MANOLOPOULOS MURAT BOREKCI

Source Co File ULT-AGG ULT-AGG ULT-AGG ULT-AGG ULT-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG ULT-AGG

Recommendation market perform neutral hold market perform outperform hold neutral/neutral hold market outperform hold hold market perform neutral underperform hold equalweight overweight sell market perform hold Equalwt/In-Line outperform market perform market perform underweight neutral accumulate underperform

Amt Held 1'958'048'000 396'000'000 157'696'431 49'429'953 45'383'774 43'106'258 30'857'450 15'686'191 13'690'578 11'963'632 6'741'761 6'191'738 6'059'197 5'845'518 5'524'680 5'468'657 4'830'720 4'744'511 4'410'178 4'053'544

% Out 48.95 9.9 3.94 1.24 1.13 1.08 0.77 0.39 0.34 0.3 0.17 0.15 0.15 0.15 0.14 0.14 0.12 0.12 0.11 0.1

Weighting

Change 3 3 3 3 5 3 3 3 4 3 3 3 3 1 3 3 5 1 3 3 3 5 3 3 1 3 4 1

M D M M M M M M M M U M M D M M U D M M M M M D M M M D

Latest Chg 5'187'000 988'622 (95'268) (268'566) 381'210 (988'100) 14'000 100'000 657'064 904'112 502'714 187'823 (251'787) 462'090

Target Price 8 9 9 7 9 8 8 8 9 7 7 8 8 8 7 9 #N/A N/A 7 9 8 9 9 10 9 8 11 9 8

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 31.12.2012 Holding Company 31.12.2012 Investment Advisor 31.08.2013 Investment Advisor 30.06.2013 Unclassified 26.09.2013 Investment Advisor 31.08.2013 Unclassified 28.06.2013 Investment Advisor 27.09.2013 Investment Advisor 31.12.2012 Government 31.05.2013 Investment Advisor 28.06.2013 Investment Advisor 30.04.2013 Investment Advisor 31.03.2013 Investment Advisor 31.12.2012 Hedge Fund Manager 30.06.2013 Investment Advisor 30.04.2013 Investment Advisor 31.12.2012 Investment Advisor 30.06.2013 Investment Advisor 31.05.2013 Investment Advisor 31.07.2013 Investment Advisor

Date Not Provided Not Provided Not Provided Not Provided 12 month 12 month 12 month 12 month Not Provided 12 month 12 month Not Provided 12 month Not Provided 12 month Not Provided Not Provided 12 month Not Provided 12 month 12 month Not Provided 12 month Not Provided 3 month Not Provided 12 month 12 month

Date 27.09.2013 25.09.2013 23.09.2013 20.09.2013 19.09.2013 18.09.2013 17.09.2013 12.09.2013 11.09.2013 10.09.2013 09.09.2013 05.09.2013 04.09.2013 04.09.2013 30.08.2013 23.08.2013 21.08.2013 29.07.2013 26.07.2013 25.07.2013 25.07.2013 25.07.2013 25.07.2013 18.07.2013 24.06.2013 29.04.2013 25.04.2013 11.02.2013


30.09.2013

Turkiye Halk Bankasi AS Turkiye Halk Bankasi A.S. provides various types of banking services. The bank specializes in lending to small-to medium-sized firms and tradesmen.

Price/Volume 25

100.0 M 90.0 M 80.0 M 70.0 M 60.0 M 50.0 M 40.0 M 30.0 M 20.0 M 10.0 M .0 M

20 15

Valuation Analysis

10

Latest Fiscal Year: LTM as of: 52-Week High (17.05.2013) 52-Week Low (28.08.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance HALKB TI EQUITY YTD Change HALKB TI EQUITY YTD % CHANGE

12/2012 06/yy 21.80 12.40 18'561'589.00 14.8 -32.11% 19.35% 26.06% 1'250.0 18'500.00 16'167.00 0.0 4.8 15'105.52 -

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

0 o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

j-13

a-13

s-13

Market Data

Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 31.12.2008 7'437.4 1'016.3 5.66x

5

31.12.2009 31.12.2010 7'784.9 7'711.8 1'664.7 1'842.7 8.94x 8.89x Profitability

LTM-4Q 31.12.2011 9'202.5 2'027.4 6.10x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

31.12.2012 11'418.3 2'642.3 8.28x 49.24% 49.41% 2.55% 25.15% 9.27% 0.11% 38.4% 14.82% 140.64% -

Price/ Cash Flow

LTM

06/yy 10'346.4 0.00x 0.0 0.00x 2'306.3 7.67x

06/yy 11'922.0 0.00x 0.0 0.00x 2'790.1 7.32x

FY+1

1.27 7.89% -13.69% 1.275 31 4.677 24'666'700 25'690'560 23'002'960 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 6'205.8 6'779.3 2'592.9 2'672.0 7.16x 7.02x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

140.6% 58.4% 0.11 4.53 -

Sales/Revenue/Turnover

180.00

12'000.0

160.00

10'000.0

140.00

8'000.0

120.00 100.00

6'000.0

80.00

4'000.0

60.00 40.00

2'000.0

20.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


30.09.2013

Turkiye Halk Bankasi AS Holdings By:

All

Holder Name TC BASBAKANLIK VANGUARD GROUP INC WILLIAM BLAIR & COMP NORGES BANK BLACKROCK JP MORGAN SCHRODER INVESTMENT SWEDBANK ROBUR FONDE JANUS CAPITAL MANAGE BARING INTERNATIONAL ROBECO AVIVA OFE EAST CAPITAL ASSET M PIONEER FMR LLC BNP PARIBAS GOLDMAN SACHS GROUP RAIFFEISEN KAPITALAN NORDEA INV MANAGEMEN T ROWE PRICE ASSOCIA

Firm Name Seker Securities Burgan Securities Eczacibasi Securities HSBC IS Investment & Securities Ekspres Invest FinansInvest Goldman Sachs BNP Paribas Equity Research ATA Invest BGC Partners VTB Capital Oyak Securities UBS Ak Investment Renaissance Capital Barclays Societe Generale Deutsche Bank Morgan Stanley Credit Suisse Keefe, Bruyette & Woods Garanti Yatirim Menkul Kiymetler Global Menkul Degerler JPMorgan EVA Dimensions Yatirim Finansman Securities IBG Research (ESN) Tera Stock Brokers Yapi Kredi Yatirim ve Menkul Degerler

Portfolio Name n/a n/a WILLIAM BLAIR & COMP Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst NESLIHAN KARAGOZ DUYGUN KUTUCU SERCAN SOYLU TAMER SENGUN BULENT SENGONUL CIHAN SARAOGLU MUGE DAGISTAN DMITRY TREMBOVOLSKY SADRETTIN BAGCI DERYA GUZEL CAGDAS DOGAN AKIN TUZUN METIN ESENDAL SERHAN GOK HAKAN AYGUN YAVUZ UZAY CRISTINA MARZEA ALAN WEBBORN KAZIM ANDAC MAGDALENA STOKLOSA ATES BULDUR HADRIEN DE BELLE RECEP DEMIR SEVGI ONUR PAUL FORMANKO DOUG WALTERS ZUMRUT CAN KONSTANTINOS MANOLOPOULOS HASAN DEMIR MURAT BOREKCI

Source Research ULT-AGG 13F MF-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG ULT-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG MF-AGG

Recommendation outperform buy outperform overweight market perform buy outperform Buy/Neutral buy market outperform buy hold outperform buy market outperform buy overweight buy buy Overwt/In-Line neutral outperform outperform buy overweight hold Under Review buy buy buy

Amt Held 638'825'500 21'089'394 20'481'756 18'316'980 17'973'781 13'724'275 13'087'624 10'065'242 9'966'014 8'678'013 8'418'416 6'036'432 5'101'386 3'809'379 3'488'673 3'423'995 3'177'593 3'031'250 3'012'883 2'954'600

% Out 51.11 1.69 1.64 1.47 1.44 1.1 1.05 0.81 0.8 0.69 0.67 0.48 0.41 0.3 0.28 0.27 0.25 0.24 0.24 0.24

Weighting

Change

5 5 5 5 3 5 5 5 5 4 5 3 5 5 4 5 5 5 5 5 3 5 5 5 5 3 #N/A N/A 5 5 5

M M M M D M M M M M M M M M M M M M M M M M U M M M M M U M

Latest Chg 413'686 (5'941'762) (1'873'159) 417'849 4'776'600 (332'555) (1'603'334) 699'522 (612'146) 199'200 292'927 (377'477) (62'545) (27'725) 342'322 (853'586) (136'553)

Target Price 19 18 18 21 17 20 20 21 20 18 18 15 18 18 16 16 19 17 19 25 18 20 19 21 22 #N/A N/A #N/A N/A 20 24 23

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 11.02.2013 Unclassified 30.06.2013 Unclassified 30.06.2013 Investment Advisor 31.12.2012 Government 26.09.2013 Investment Advisor 31.07.2013 Investment Advisor 30.08.2013 Investment Advisor 31.03.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.04.2013 Unclassified 31.12.2012 Hedge Fund Manager 31.03.2013 Investment Advisor 31.07.2013 Unclassified 31.07.2013 Investment Advisor 31.07.2013 Unclassified 30.06.2013 Investment Advisor 28.06.2013 Investment Advisor 31.07.2013 Investment Advisor 30.06.2013 Investment Advisor

Date Not Provided 12 month Not Provided Not Provided Not Provided Not Provided 12 month 12 month 12 month Not Provided 12 month 12 month Not Provided 12 month 12 month 12 month Not Provided 12 month 12 month 12 month Not Provided 12 month Not Provided Not Provided 3 month Not Provided Not Provided 12 month Not Provided 12 month

Date 30.09.2013 30.09.2013 27.09.2013 25.09.2013 23.09.2013 23.09.2013 19.09.2013 17.09.2013 12.09.2013 11.09.2013 10.09.2013 09.09.2013 05.09.2013 04.09.2013 04.09.2013 30.08.2013 23.08.2013 26.07.2013 25.07.2013 25.07.2013 24.07.2013 24.07.2013 18.07.2013 27.06.2013 24.06.2013 06.06.2013 04.06.2013 25.04.2013 25.04.2013 11.02.2013


30.09.2013

Haci Omer Sabanci Holding AS Haci Omer Sabanci Holding A.S., also known as Sabanci Holding, is a multibusiness enterprise operating in Turkey. The Company's main operation areas are financial services, energy (electricity generation and distribution), cement, retail and industrial sectors.

Price/Volume 14

40.0 M

12

35.0 M

10

30.0 M 25.0 M

8

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (17.05.2013) 52-Week Low (08.10.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SAHOL TI EQUITY YTD Change SAHOL TI EQUITY YTD % CHANGE

12/2012 06/yy 13.15 7.66 3'834'867.00 9.76 -25.78% 27.42% 41.17% 2'040.4 19'914.34 24'009.15 0.0 14'262.0 12'129.68 40'169.40

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

15.0 M

4

10.0 M

2

5.0 M

0 o-12

.0 M n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

j-13

a-13

s-13

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 31.12.2008 19'796.7 0.34x 2'429.8 2.75x 1'188.6 5.46x

20.0 M

6

31.12.2009 31.12.2010 18'848.2 19'541.4 0.23x 1.05x 3'830.7 4'251.8 1.14x 4.84x 1'258.5 1'662.8 8.57x 8.94x Profitability

LTM-4Q 31.12.2011 22'408.8 1.20x 4'202.7 6.42x 1'878.0 5.88x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

31.12.2012 11'589.0 3.98x 4'598.4 10.03x 1'855.8 10.82x 4'598.36 4'040.80 34.87% 40.34% 1.30% 14.28% 8.87% 0.06% 16.4% 57.6% 52.7% 16.0% 0.67 0.10 13.98% 147.74% 6.68 4.88

Price/ Cash Flow

LTM

06/yy 9'382.7 16.27x 3'618.0 11.74x 1'489.2 10.31x

06/yy 9'746.1 17.99x 5'616.2 7.29x 2'225.8 9.20x

FY+1

1.09 25.00% 0.51% 1.091 25 3.640 4'531'694 5'662'038 6'033'486 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 26'294.4 29'370.8 5'325.0 6'188.0 1.94x 1.93x 5'253.0 5'857.5 7.65x 6.86x 2'050.2 2'294.3 9.86x 8.78x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

24.80 1.12 4.65 147.7% 44.0% 0.06 2.08 54.68 74.83 70.95 38.65

Sales/Revenue/Turnover

30.00

25'000.0

25.00

20'000.0

20.00

15'000.0

15.00

10'000.0 10.00

5'000.0

5.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


30.09.2013

Haci Omer Sabanci Holding AS Holdings By:

All

Holder Name SABANCI FAMILY SAKIP SABANCI HOLDIN OPPENHEIMERFUNDS INC DODGE & COX SKAGEN AS CARMIGNAC GESTION SABANCI UNIVERSITY EXSA VANGUARD GROUP INC INVESCO LTD BLACKROCK SCHRODER INVESTMENT EAST CAPITAL ASSET M MORGAN STANLEY NORDEA INVESTMENT FU RAIFFEISEN KAPITALAN NORGES BANK JP MORGAN ABERDEEN ROBECO

Firm Name Burgan Securities Seker Securities Eczacibasi Securities Sardis Securities Ekspres Invest Global Menkul Degerler EVA Dimensions Morgan Stanley BGC Partners Oyak Securities IS Investment & Securities Deutsche Bank FinansInvest Credit Suisse Garanti Yatirim Menkul Kiymetler Goldman Sachs JPMorgan Yapi Kredi Yatirim ve Menkul Degerler HSBC Erste Group Unlu Securities UBS Renaissance Capital Yatirim Finansman Securities ATA Invest BGC Partners

Portfolio Name n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a n/a

Analyst DUYGUN KUTUCU SELAHATTIN AYDIN SERCAN SOYLU HAYDAR ACUN ALPER AKALIN HASAN BAYHAN TIMOTHY STANISH NIDA IQBAL EZGI YILMAZ HASAN SENER MUSTAFA KUCUKMERAL EROL DANIS EZGI GULBAS ATINC OZKAN ONUR MARSAN MATIJA GERGOLET NARESH BILANDANI AKIF MOROGLU CENK ORCAN CAN YURTCAN OYTUN ALTASLI SERHAN GOK ILGIN ERDOGAN ZUMRUT CAN ONDER ZORBA SERAP MUTLU

Source Co File Co File MF-AGG MF-AGG MF-AGG MF-AGG Co File Co File ULT-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG ULT-AGG ULT-AGG ULT-AGG

Recommendation hold market perform market perform hold hold buy underweight Equalwt/No Rating buy market perform market perform hold neutral outperform outperform neutral/neutral overweight hold overweight buy outperform neutral hold market perform market outperform hold

Amt Held 890'636'316 287'084'833 77'467'360 65'711'315 54'718'737 49'766'180 30'810'099 26'321'211 23'927'320 21'924'179 20'594'305 10'871'484 7'945'838 5'915'798 4'529'856 4'455'019 4'140'598 4'037'700 3'524'000 3'493'626

% Out 43.65 14.07 3.8 3.22 2.68 2.44 1.51 1.29 1.17 1.07 1.01 0.53 0.39 0.29 0.22 0.22 0.2 0.2 0.17 0.17

Weighting

Change 3 3 3 3 3 5 1 3 5 3 3 3 3 5 5 3 5 3 5 5 5 3 3 3 4 3

M M M M M M U M M M M M M M M M M U M N N M N M M R

Latest Chg 577'773 (17'256) 40'341'700 462'217 (44'458) (409'134) 2'082'493 3'377'361 (2'186'130) (190'838) 33'300 612'600 (10'718)

Target Price 12 10 11 10 12 12 #N/A N/A 11 11 11 10 11 11 12 12 11 12 11 16 13 11 11 11 10 8 8

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 30.06.2012 30.06.2012 31.07.2013 30.06.2013 30.08.2013 28.06.2013 30.06.2012 30.06.2012 30.06.2013 27.09.2013 26.09.2013 30.08.2013 31.03.2013 30.06.2013 28.06.2013 28.06.2013 31.12.2012 31.07.2013 30.06.2013 30.04.2013

Date 12 month Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided 12 month 12 month Not Provided Not Provided 12 month 12 month Not Provided Not Provided 12 month 3 month 12 month Not Provided 12 month 12 month 12 month 12 month 12 month Not Provided 12 month

Inst Type n/a Holding Company Investment Advisor Investment Advisor Investment Advisor Investment Advisor n/a Unclassified Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Government Investment Advisor Investment Advisor Unclassified

Date 30.09.2013 27.09.2013 27.09.2013 27.09.2013 23.09.2013 17.09.2013 13.09.2013 12.09.2013 09.09.2013 05.09.2013 05.09.2013 02.09.2013 27.08.2013 26.08.2013 18.07.2013 11.07.2013 25.06.2013 12.06.2013 15.05.2013 16.04.2013 15.03.2013 15.01.2013 11.12.2012 16.11.2012 25.05.2012 29.03.2010


30.09.2013

BIM Birlesik Magazalar AS BIM Birlesik Magazalar A.S. operates food and basic consumer goods discount stores in Turkey. The Company provides an assortment of private label products.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (17.04.2013) 52-Week Low (08.10.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BIMAS TI EQUITY YTD Change BIMAS TI EQUITY YTD % CHANGE

12/2012 06/yy 48.63 35.75 701'811.00 41.6 -14.45% 16.36% 50.87% 303.6 12'629.76 10.45 0.0 0.0 388.22 12'277.49

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

2.5 M 2.0 M 1.5 M 1.0 M .5 M .0 M n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

j-13

a-13

s-13

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 31.12.2008 4'242.4 0.57x 189.2 12.75x 114.2 21.44x

50 45 40 35 30 25 20 15 10 5 0 o-12

31.12.2009 31.12.2010 5'323.4 6'574.0 0.96x 1.17x 314.2 356.4 16.26x 21.66x 212.9 245.6 24.77x 32.44x Profitability

LTM-4Q 31.12.2011 8'189.1 0.93x 424.4 17.92x 298.9 26.66x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

31.12.2012 9'906.4 1.30x 491.2 26.19x 331.3 39.98x 491.20 397.65 4.01% 4.23% 17.39% 53.55% 5.17% 15.7% 5.0% 4.0% 3.3% 0.98 0.54 0.49% 1.29% 36.62 15.68

Price/ Cash Flow

LTM

06/yy 9'156.2 3.95x 458.0 24.32x 316.9 35.69x

06/yy 10'754.6 4.58x 535.1 23.06x 361.4 35.11x

FY+1

0.73 12.71% -3.12% 0.730 29 3.276 541'475 769'005 706'110 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 11'752.0 13'975.9 2'664.0 3'012.0 1.04x 0.86x 584.6 699.1 105.0 119.0 21.00x 17.56x 395.7 477.2 87.9 99.3 30.88x 26.50x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

-0.66 0.03 1.3% 1.3% 5.17 13.01 9.97 23.28 50.67 -17.89

Sales/Revenue/Turnover

35.00

12'000.0

30.00

10'000.0

25.00

8'000.0

20.00

6'000.0 15.00

4'000.0 10.00

2'000.0

5.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


30.09.2013

BIM Birlesik Magazalar AS Holdings By:

All

Holder Name TOPBAS MUSTAFA LATIF TOPBAS AHMET AFIF ABERDEEN EL KHEREJI ABDULRAHM VANGUARD GROUP INC T ROWE PRICE ASSOCIA OPPENHEIMERFUNDS INC BLACKROCK CIZMECI FIRDEVS TOPBAS FATMA FITNAT HARRIS TRUST & SAVIN DANSKE INVEST A/S NORGES BANK BAILLIE GIFFORD AND VONTOBEL ASSET MANAG JP MORGAN PRUDENTIAL FINANCIAL DANSKE INVEST MANAGE CAISSE DE DEPOT ET P ERSTE SPARINVEST KAG

Firm Name Ak Investment Eczacibasi Securities Ekspres Invest Burgan Securities Goldman Sachs Morgan Stanley ATA Invest Seker Securities IBG Research (ESN) HSBC Oyak Securities IS Investment & Securities EVA Dimensions Deutsche Bank Credit Suisse VTB Capital Garanti Yatirim Menkul Kiymetler JPMorgan BGC Partners Erste Group Global Menkul Degerler Barclays UBS Renaissance Capital Wood & Company BNP Paribas Equity Research Natixis Yatirim Finansman Securities Yapi Kredi Yatirim ve Menkul Degerler

Portfolio Name n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst BERTUG TUZUN AKIF DASIRAN MELDA AGIRDAS BURAK ISYAR ANTON FARLENKOV NICHOLAS ASHWORTH CEMAL DEMIRTAS KIVANC UYSAL NATALIA SVYROU-SVYRIADI BULENT YURDAGUL SERHAT KAYA BASAK ENGIN DINCKOC CRAIG STERLING EROL DANIS ONUR MUMINOGLU MARIA KOLBINA IREM OKUTGEN BORJA OLCESE BERNA KURBAY GORKEM GOKER TEAM COVERAGE HANZADE KILICKIRAN SERHAN GOK METE OZBEK PATRICK SHIELDS SABRIYE GOZDE CULLAS ANTOINE PARISON DUYGU KALFAOGLU OZGUR GOKER

Source Research Research ULT-AGG Research ULT-AGG MF-AGG MF-AGG ULT-AGG Research Research MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG MF-AGG

Recommendation market perform market perform hold buy Sell/Neutral Overwt/In-Line market perform outperform hold overweight outperform underperform hold buy neutral sell market perform overweight hold accumulate market perform overweight sell hold sell buy reduce Under Review market perform

Amt Held 47'896'992 29'142'000 19'868'975 13'662'000 9'641'829 7'124'890 6'836'042 6'367'598 3'499'980 3'036'000 1'989'984 1'416'854 1'321'636 1'175'697 1'102'326 1'018'842 866'232 835'380 570'346 558'449

% Out 15.78 9.6 6.54 4.5 3.18 2.35 2.25 2.1 1.15 1 0.66 0.47 0.44 0.39 0.36 0.34 0.29 0.28 0.19 0.18

Weighting

Change

3 3 3 5 1 5 3 5 3 5 5 1 3 5 3 1 3 5 3 4 3 5 1 3 1 5 2 #N/A N/A 3

N D M M M M M M M M M M U M M M M U M U M M M M M M M M M

Latest Chg 4'399'278 182'361 (259'376) 571'732 (384'610) 370'172 166'097 (111'260) 24'980 (10'000)

Target Price 44 43 47 52 37 48 42 49 44 46 46 38 #N/A N/A 51 44 30 46 48 44 45 40 43 43 43 38 46 35 #N/A N/A 40

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 11.02.2013 11.02.2013 31.08.2013 11.02.2013 30.06.2013 30.06.2013 31.07.2013 26.09.2013 11.02.2013 11.02.2013 28.06.2013 31.05.2013 31.12.2012 28.06.2013 30.04.2013 31.07.2013 31.07.2013 28.06.2013 31.12.2012 30.04.2013

Date 12 month Not Provided Not Provided 12 month 12 month 12 month Not Provided 12 month Not Provided Not Provided Not Provided Not Provided Not Provided 12 month Not Provided 12 month Not Provided 9 month 12 month 12 month Not Provided Not Provided 12 month 12 month 12 month 12 month Not Provided Not Provided 12 month

Inst Type n/a n/a Investment Advisor n/a Unclassified Investment Advisor Investment Advisor Investment Advisor n/a n/a Unclassified Investment Advisor Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 27.09.2013 25.09.2013 23.09.2013 18.09.2013 17.09.2013 12.09.2013 11.09.2013 10.09.2013 10.09.2013 05.09.2013 05.09.2013 04.09.2013 28.08.2013 25.08.2013 31.07.2013 29.07.2013 18.07.2013 17.07.2013 10.07.2013 05.07.2013 01.07.2013 26.06.2013 19.06.2013 18.06.2013 05.03.2013 18.02.2013 14.11.2012 13.11.2012 03.08.2012


30.09.2013

Turkiye Is Bankasi Turkiye Is Bankasi (Isbank) provides banking services to retail and corporate customers and to public sector. Isbank also offers asset and wealth management, capital markets, securities brokerage and insurance services throughout Turkey. Isbank holds equity investments in Turkish companies mainly in glass industries.

Price/Volume 9

160.0 M

8

140.0 M

7

120.0 M

6

100.0 M

5

Latest Fiscal Year: LTM as of: 52-Week High (17.05.2013) 52-Week Low (28.08.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.09.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ISCTR TI EQUITY YTD Change ISCTR TI EQUITY YTD % CHANGE

12/2012 06/yy 7.80 4.59 38'958'000.00 5.34 -31.54% 16.34% 25.23% 4'499.9 24'083.75 41'209.01 0.0 2'891.8 20'744.70 -

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

60.0 M

3 2

40.0 M

1

20.0 M

0 o-12

.0 M n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

j-13

a-13

s-13

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 31.12.2008 16'510.1 1'588.9 7.11x

80.0 M

4

Valuation Analysis

31.12.2009 31.12.2010 17'009.1 16'725.2 2'497.6 2'939.2 7.77x 8.42x Profitability

LTM-4Q 31.12.2011 18'549.1 2'271.5 6.56x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover