First, this is not a group of stocks that is a play on the upcoming Thanksgiving holiday. Second, this is not a group of bad stocks that uses the word 'turkey' as a negative connotation. This is a list of stocks of companies based in the country of Turkey. Most trade on the Pink Sheets, but a couple trade on the New York Stock Exchange. Here is some interesting trivia about Turkey:
1. It is one of the fastest growing economies in the world.
2. It is ranked 16th of all countries in GDP purchasing power parity.
3. It is a founding member of the Organisation for Economic Co-operation and Development.
4. GDP grew by 7.4% for 2005.
5. The service sector makes up 64.5% of GDP.
6. They received $18.2 billion in revenues from tourism in 2005.
7. Their inflation rate dropped to 8.2% in 2005.
8. They received $8.5 billion in foreign direct investment in 2005.
9. Their literacy rate is 95.3% for men and 79.6% for women.
Here are the stocks of Turkey that trade in the United States:
TURKISH INVESTMENT FUND (TKF) This is a closed end fund that invests in Turkish companies. The fund currently sells at a 12.4% discount to net asset value [corrected and updated].
AKBANK TURK ANO (AKBTY.PK) A commercial bank based in Turkey that provides corporate, commercial, retail and private banking services. Net profit margin is 36.28% and return on average equity is 16.79%.
ANADOLU EFES BIRACILIK VE MALT SANAYII AS (AEBZY.PK) A beer and non-alcoholic beverage manufacturer and bottler of beverages. Net profit margin is 17.83% and return on average equity is 36.73%.
BIM BIRLESIK (BMBSY.PK) They sell food and consumer goods through a chain of over 1500 discount stores. Net profit margin is 3.76% and return on average equity is 79.18%.
DENIZBANK SA (DZBKY.PK) It is a provider of retail banking, private banking, and business banking services. Net profit margin is 37.21% and return on average equity is 23.62%.
FINANSBANK AS (FNKXF.PK) It is a provider of retail banking, private banking, credit card, and small, medium, and large banking services. Net profit margin is 34.63% and return on average equity is 25.63%.
HACI OMER SABANCI HLDG. (HOMJF.PK) Is a conglomerate which owns businesses in the areas of banking, insurance, tires, automotive, retail, food, cement, chemicals, textiles and energy. Their profit margin is 19.13% and their return on average equity is 22.42%.
TOFAS TURK OTOMOBIL FABRIK (TTOBF.PK) It is a manufacturer of passenger cars and light commercial vehicles, as well as enginesand auto parts. Their models include Palio, Albea, Marea and Doblo. The profit margin is 4.80% and return on average equity is 16.82%.
TURK EKONOMI BANKASI (TEKBF.PK) It is a provider of corporate, commercial, retail and private banking services. The profit margin is 18.11% and return on average equity is 19.56%.
TURKCELL ILETISIM HIZMETLERI AS (TKC) The company provides wireless telephone services, sports and news entertainment, Internet services, and other telecommunications services. The stock has a P/E of 20, a PEG of 0.98, and a yield of 2%.
TURKIYE GARANTI BANK (TKGBF.PK) It is a banking company with over 500 domestic branches. Net profit margin is 60.66% and return on average equity is 77.09%.
TURKIYE IS BANKASI (TYIBF.PK) It is a provider of retail and commercial banking services. Net profit margin is 21.59% and return on average equity is 16.8%.
YAPI VE KREDI BANKAS (YVKAF.PK) It is a provider of bank and financial services. Net profit margin is 24.47% and return on average equity is 25.68%.
For more information on other stocks around the world, go to WallStreetNewsNetwork.com.
Author does not own any of the above.
By Fred Fuld at Stockerblog.com
7 comments:
"TURKISH INVESTMENT FUND (TKF) ... sells for 1.18 times net asset value."
Huh? TKF has been selling at a DISCOUNT to NAV since August, and the past few weeks has been at a 10% to 14% discount. Can we believe the other numbers in your article?
The info on the TKF came from Yahoo Finance
http://finance.yahoo.com/q/ks?s=TKF
which shows a price to book of 1.18
"book" is not "net asset value"!
"book" is the book value of the stocks that the closed-end-fund holds. "net asset value" is the market value (trading price) of the stocks that the closed-end-fund holds. Completely different animals.
The NAV can be found everywhere. It is XTKFX on Yahoo Finance, for example. On Friday, TKF closed at 19.42 and the NAV was 22.17.
Nobody pays attention to book value of closed-end funds. The key number is the net asset value.
Just to illustrate further the huge difference between Net Asset Value and Book Value:
Microsoft, according to Yahoo Finance, has a book value of $3.435 per share, and a closing price Friday of $34.09 per share!
Net Asset Value of a Closed End Fund such as TKF is calculated by adding together the closing prices of all the shares it holds, each day. This has nothing at all to do with book value.
From the homepage of TKF: http://www.morganstanley.com/im/prices/cf_no.html?page=prod
NAV 22.17, Market Price: 19.42 Discount to NAV: 12.40%
"Book value" is identical to "net asset value" It is the exact same thing, assets minus liabilities. You can find the definitions at the SEC web site, wikipedia, and numerous other web sites. As an example, for TKF, on April 30, 2007, the book value was 16.68, according to Yahoo Finance. The Net Asset Value on the same date according to Morgan Stanley was also 16.68, the exact same number.
However, I do stand corrected, since I had assumed that Yahoo Finance has updated financials but I just noticed they were only updated as of April 30. I was wrong not to check the latest NAV at Morgan Stanley. The discount is 12.4% as you stated.
Thanks for pointing this out.
for those who are interested to invest in Turkish Equities, here is my blog http://governanceturkey.blogspot.com/
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