GEM Strategy - Turkish equity outlook warrants further share price gains

GEM Strategy - Turkish equity outlook warrants further share price gains

The consensus earnings are understated by at least 10% on 2017, and more on 2018. Looking at the turnaround in economic activity and seeing strong earnings momentum not yet fully recognized by the market, we reckon share price gains will continue in 2H17. The earnings momentum alone warrants 25% upside.

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