PERFORMANCE & FINANCIAL RESULTS - Q110 · Q109 Q110 Derivative transactions displayed a significant...
Transcript of PERFORMANCE & FINANCIAL RESULTS - Q110 · Q109 Q110 Derivative transactions displayed a significant...
PERFORMANCE & FINANCIAL RESULTS - Q110 May 17, 2010
Performance & Financial Results – Q110
1
About Us
Overview of Turkish Capital Markets
Our Performance
Financial Results
Expectations for 2010
About Us
Activities Subsidiaries
2
Corporate Finance
• Public Offerings
• Mergers & Acquisitions
• Project Finance
• Privatization Advisory
• Strategic Planning
• Private Equity
Asset Management
• Discretionary Portfolio Management
• Mutual Funds Management
• Private Funds Management
Investment Advisory
• Individual Clients
• Corporate Clients
• Institutional Sales
Research
• Macro economy
• Sector Research
• Company Analysis
• Fixed Income Securities Analysis
• Strategy Reports and Presentations
Brokerage & Trading
• TL/FX Stocks
• TL/FX Treasury Bond/ Government Bond
• TL/FX Private Sector Bonds
• TL/FX Derivatives
Maxis Securities: (Share: 100%)London headquartered B Group capital markets licensed subsidiary
Camiş Investment: (Share: 99.79%)Turkey’s one of the long-established brokerage houses
IS Asset Management: (Share: 70%)Turkey’s leading Portfolio Management Company managing IS Group funds
IS Investment Trust (Share: 29.1%)Turkey’s leading Investment Trust
IS Private Equity: (Share: 29%)Turkey’s largest Private Equity
Shareholder Structure
T. İş Bank, 65.6%
İş Factoring, 2.4%
İş Leasing, 2.4%
T. Şişe ve Cam Fabrikaları ,
1.5%
Camiş Investment,
0.2%
Free Float, 27.9%
Performance & Financial Results – Q110
3
About Us
Overview of Turkish Capital Markets
Our Performance
Financial Results
Expectations for 2010
* Market Transactions by Members
Overview of Turkish Capital Markets
Equity Market Volume (In TL Billion)* Derivatives Market Volume (In TL Billion)*
4
Q109 Q110
140
351
Source: ISE Source: TurkDEX
Trading volumes continued to increase in the first quarter of 2010 due to the growth expectations
Q109 Q110
113
191
* Market Transactions by Members
Overview of Turkish Capital Markets
Securities Lending/Borrowing Market
(In TL Million)*
Bills & Bonds Market Volume (In TL Billion)*
5
Q109 Q110
Source:ISESource: ISE Settlement and Custody Bank Inc.
Securities L/B Market performed well in parallel to
the increasing equity market
Q109 Q110
Trading volume among brokerage houses increased by 14%
221
254
623
1,169
B&B market was not an attractive investment area
with respect to other markets
Overview of Turkish Capital Markets
Pension fund business keeps it steady and high growth
6
2009/3 2010/3
28.7
6.8
30.5
9.7
Source: CMB & IS Asset Management
Pension Funds
Mutual Funds*Pension Funds grew 41% with respect to the same period of 2009
Asset Management ( In TL Billion)
*A Type, B Type Funds and ETFs.
Mutual Funds grew 6% with respect to the same period of 2009
Performance & Financial Results – Q110
7
About Us
Overview of Turkish Capital Markets
Our Performance
Financial Results
Expectations for 2010
Equity Market Volume and Market Share
(In TL Billion)
Our Performance 8
Q109 Q110 Q109 Q110
10.7
25.4
Source: ISE
7.6%
7.2%
IS Investment 7.2%
Broker 1 6.0%
Broker 2 5.6%
Broker 3 5.0%
Broker 4 3.8%
#1
Leading the market with its growing organization Sustained leadership since the establishment of TurkDEX
Derivatives Market Volume and Market Share
(In TL Billion)
13.9
23.6
Source:TurkDEX
12.3%
12.3%
IS Investment 12.3%
Broker 1 7.1%
Broker 2 5.7%
Broker 3 5.7%
Broker 4 5.7%
#1
Securities Lending/Borrowing Market
(In TL Million)
Our Performance 9
Q109 Q110
The most active investment house with its high
trading volume
Bills & Bonds Market Volume and Market Share*
(In TL Billion)
*Among Brokerage Houses
3.9
8.2
Source: ISE
10.1%
18.5%
Recaptured the leadership
Q109 Q110
Source: ISE Settlement and Custody Bank Inc.& IS Investment
136.4
260.721.9%
22.3%
Our Performance 10
Trading volume increased 59% thanks to the high
performance of equity market
ISE Equity Margin Trading Volume
(In TL Million)
43.5
69.4
Q109 Q110
Derivative transactions displayed a significant rise
1,329
501
93,285
197,796
0
50.000
100.000
150.000
200.000
250.000
0
200
400
600
800
1.000
1.200
1.400
Q109 Q110
Mil
lion
s
Fixed Income&Equity # Der. Contracts (Right Axis)
International Capital Markets
(In $ Million)
Our Performance
AuM size reached TL 10.2 billion surging by 23% on annual basis, while pension funds and mutual funds registered 46% and 17%
growth rates respectively
11
2009/3 2010/3
5.9
1.3
6.9
1.9
Source: IS Investment & IS Asset Management
Pension Funds
Mutual Funds**
Pension Funds portfolio size
represents 19.5% of the total pension
funds
AuM – IS Asset Management & IS Investment (In TL Billion)*
* Other Funds: Portfolio size of TL 1,092 mn and TL 1,483 mn for other funds for 2009/3 and 2010/3 respectively.
Mutual Funds portfolio size
represents 22.6% of the market
**A Type, B Type Funds and ETFs.
Performance & Financial Results – Q110
12
About Us
Overview of Turkish Capital Markets
Our Performance
Financial Results
Expectations for 2010
Strong financial structure and enhanced profitability with 24.2% ROAE
Financial Results Sound Performance 13
*Consolidated
IS Investment* TL (000) 2009/3 2010/3 YoY
Total Assets 1,698,145 2,581,080 52%
Shareholders' Equity 284,206 352,803 24%
Net Profit 10,028 18,564 85%
146198
258303 319
10.8%
19.4%17.3%
22.6%24.2%
0%
5%
10%
15%
20%
25%
30%
0
100
200
300
400
500
600
2006 2007 2008 2009 2010/3
TL M
illi
on
sROAE
Average Shareholders' Equity ROAE
45%
47%
8%Interest and Trading Income
Commission Income
Income from Corporate Finance
Total Operating Revenues
66%
15%
18%1%
Commission Income on Trading of Equity Shares
Portfolio Management Fees
Commission Income on Trading of Derivative Transactions
Commission Income on Trading of Fixed Income Securities
Financial Results Breakdown of Operating Revenues 14
Source: IS Investment
Diversified & Sustainable RevenuesTL 28 mn
21,548
12,649
293
34,490
23,003 23,969
4,088
51,060
Interest and Trading
Income
Commission Income Income from Corporate
Finance
Total Operating
Revenues
Q109 Q110
Commission Income – Q110
Breakdown of Operating Revenues (TL 000) Operating Revenues – Q110
Financial Results Asset Management 15
We raised our management fees 24% on annual basis - Continue to see positive effect of our prime brokerage service
Asset Management Commissions
(In TL Million)
3.3
3.8
4.2
5.2
Q109 Q110
IS Asset Management
Consolidated
382
82
353404
2.82*
0.60
2.82
3.22
0,00
0,50
1,00
1,50
2,00
2,50
3,00
3,50
0
50
100
150
200
250
300
350
400
450
39220 39772 40178 40267
TL M
illi
on
s
Mcap ISMEN Closing Price (TL)
18.05.2007 20.11.2008 31.12.2009 31.03.2010
Financial Results Price Performance 16
ISMEN Closing Price TL
31.03.2009 31.12.2009 31.03.2010
P/E 2.59 5.59 5.90
P/BV 0.42 1.10 1.20
Significant performance; share price has increased 16% in 2010, beating the ISE 100 Index by 6 %
Market Capitalisation
20.000
25.000
30.000
35.000
40.000
45.000
50.000
55.000
60.000
0,00
0,50
1,00
1,50
2,00
2,50
3,00
3,50
ISMEN Closing Price (TL)
ISE 100 (Right Axis)
* Public Offering Price
Financial Results Dividend Policy 17
Research Domestic Capital Markets
We distributed TL 42.3 mn to our shareholders as cash dividend after going public in May 2007, which is the
42% of our IPO proceeds
General Profitability
Generous & Sustainable Dividend Policy
30% of Distributable Profit
Shareholders’ Expectations
Growth Policy
Distributable Profit (TL) Cash Dividend (TL)
2009 66.4 mn 19.9 mn
2008 43.1 mn 12.9 mn
2007 31.6 mn 9.5 mn
Performance & Financial Results – Q110
18
About Us
Overview of Turkish Capital Markets
Our Performance
Financial Results
Expectations for 2010
Expectations for 2010 19
Corporate finance business has begun to up and run.
Gold; we performed Koza Gold’s IPO in January with TL 662.4 mn size by selling about 40% of domestic allocation which is
beyond the expectations.
Holding; the IPO of Akfen Holding A.Ş. was performed with the negative effect of volatility in international markets due to the
high debt problems of southern EU countries.
REIT; we expect to perform an IPO of one of the largest ones in 2010
Aviation; the first private IPO of the sector is planned to be realized by IS Investment.
Corporate bonds; we launched the first corporate bond issuance of the year (Akfen Holding A.Ş.) in the first quarter, and the
issuance of the corporate bonds of Creditwest Factoring is in the pipeline.
A new subsidiary in Dubai, IS Investment Gulf Ltd.; with a focus of being more active in international capital markets and in the
corporate finance. It is planned to up in the 2010.
Two more branches were opened in Istanbul and Bursa in line with the growth policy.
Warrant issuance; the first application in Turkey waiting for the approval of CMB.
Uncontested leadership continues in the market.
Being more active on prime brokerage service; continue to establish new funds.
Foreign exchange trading -after the CMB regulation- will have good contribution to our revenues.
Investor Relations 20
Mr. Mert Erdoğmuş
Assistant General Manager
Phone : +90 0212 350 24 12
Fax : +90 0212 350 20 01
E-mail : [email protected]
Mr. Ozan Altan
Vice President
Phone : +90 0212 350 28 72
Fax : +90 0212 350 20 01
E-mail : [email protected]
The Investor Relations Department is responsible for the timely
communication of necessary, accurate, complete,
comprehensible and easily accessible information and
explanations, which are not considered to be trade secrets to its
shareholders and stakeholders.
http://www.isinvestment.com/wwa_ir.aspx
Disclaimer
The information in this report is prepared by “IS YATIRIM MENKUL DEGERLER A.S.” (IS Investment) and it is not to be construed as
an offer or solicitation for the purchase or sale of any financial instrument or the provision of an offer to provide investment services.
Information, opinions and comments contained in this material are not under the scope of investment advisory services. Investment
advisory services are given according to the investment advisory contract, signed between the intermediary institutions, portfolio
management companies, investment banks and the clients. Opinions and comments contained in this report reflect the personal views of
the analysts who supplied them. The investments discussed or recommended in this report may involve significant risk, may be illiquid
and may not be suitable for all investors. Therefore, making decisions with respect to the information in this report cause inappropriate
results.
All prices, data and other information are not warranted as to completeness or accuracy and are subject to change without notice. Any
form of reproduction, dissemination, copying, disclosure, modification, distribution and/or publication of this report is strictly prohibited.
The information presented in this report has been obtained from sources believed to be reliable. IS Investment cannot be held responsible
for any errors or omissions or for results obtained from the use of such information.
21
IS Investment 22
İş Kuleleri Kule-2 Kat:12
HEAD OFFICE34330 4. Levent İSTANBUL TURKEY
Tel: +90212 350 20 00
Fax: +90212 350 20 01
Süleyman Seba Cd. No:44 B1 Blok D:10 Büyükdere Cd.
AKARETLER 34357 Akaretler İSTANBUL TURKEY MASLAK Nurol Plaza No:71/16
BRANCH Tel: +90212 326 87 00 BRANCH 34398 Maslak İSTANBUL
Fax: +90212 326 87 01 Tel: +90212 367 85 00
Fax: +90212 367 85 01
Tahran Cd. No:3/8 Köybaşı Caddesi İskele Çıkmazı No: 6
ANKARA 06700 Kavaklıdere ANKARA TURKEY YENİKÖY 34464 Yeniköy İSTANBUL TURKEY
BRANCH Tel: +90312 455 26 50 BRANCH Tel: +90212 363 01 00
Fax: +90312 466 60 62 Fax: +90212 363 01 01
Atatürk Caddesi No:71/3 Havalimanı Kavşağı EGS Business Park
BURSA Nalbantoğlu Mahallesi YEŞİLKÖY B3 Blok No:470
BRANCH 16160 Osmangazi, BURSA TURKEY BRANCH 34149 Yeşilköy İSTANBUL TURKEY
Tel: +90224 294 80 00 Tel: +90212 463 20 00
Fax: +90224 294 80 01 Fax: +90212 463 20 01
Akdeniz Cd. No:14 Birsel İş Merkezi D:501 Bağdat Cd. Kılıçoğlu Ap. No:451 K:1 D:4
İZMİR 35210 Alsancak İZMİR TURKEY SUADİYE 34740 Suadiye İSTANBUL
BRANCH Tel: +90232 488 90 00 REP. OFFICE Tel: +90216 380 03 53
Fax: +90232 488 90 01 Fax: +90216 416 91 71
Fener Kalamış Cd. Jeltozbekova Street
KALAMIŞ Tibaş-Belvü Sitesi A2 Blok D:3 ALMA ATA 97 Block A2 Floor:2
BRANCH 34726 Fenerbahçe İSTANBUL TURKEY REP. OFFICE 050051 ALMAATA KAZAKHSTAN
Tel: +90216 542 72 00 Tel: +77012 234803
Fax: +90216 542 72 01 Fax: +77273 340509
İş Kuleleri Kule 2 Kat:4 MAXIS SECURITIES LTD
LEVENT 34330 4. Levent İSTANBUL TURKEY 8 Princes Street
BRANCH Tel: +90212 350 29 00 SUBSIDIARY London EC2R 8HL UNITED KINGDOM
Fax: +90212 350 29 01 Tel: +44207 397 1431
Fax: +44207 726 2566
PERFORMANCE & FINANCIAL RESULTS - Q110 May 17, 2010