Turkish (BIST) REITS Industry Analysis
UpdatedDec 04, 2023
DataAggregated Company Financials
Companies23
- 7D-1.9%
- 3M7.1%
- 1Y61.9%
- YTD43.5%
Over the last 7 days, the REITS industry has dropped 1.9%, driven by pullbacks in Asce Gayrimenkul Yatirim Ortakligi and Torunlar Gayrimenkul Yatirim Ortakligi of 10% and 3.2%, respectively. On the other hand PERA Gayrimenkul Yatirim Ortakligi is actually up 9.9%. This takes the industry's 12 month performance to a gain of 62%. Looking forward, earnings are forecast to grow by 60% annually.
Industry Valuation and Performance
Has the Turkish REITS Industry valuation changed over the past few years?
| Date | Market Cap | Revenue | Earnings | PE | Absolute PE | PS |
|---|---|---|---|---|---|---|
| Tue, 05 Dec 2023 | ₺207.5b | ₺17.9b | ₺84.0b | 2.3x | 2.5x | 11.6x |
| Thu, 02 Nov 2023 | ₺200.1b | ₺16.0b | ₺88.2b | 2x | 2.3x | 12.5x |
| Sat, 30 Sep 2023 | ₺213.8b | ₺16.3b | ₺88.4b | 2.3x | 2.4x | 13.1x |
| Mon, 28 Aug 2023 | ₺179.6b | ₺16.1b | ₺87.6b | 2.1x | 2x | 11.1x |
| Wed, 26 Jul 2023 | ₺148.4b | ₺16.2b | ₺76.0b | 1.9x | 2x | 9.1x |
| Fri, 23 Jun 2023 | ₺111.1b | ₺16.2b | ₺76.0b | 1.6x | 1.5x | 6.9x |
| Sun, 21 May 2023 | ₺94.6b | ₺16.2b | ₺75.9b | 1.3x | 1.2x | 5.8x |
| Tue, 18 Apr 2023 | ₺106.6b | ₺16.8b | ₺75.5b | 1.5x | 1.4x | 6.3x |
| Thu, 16 Mar 2023 | ₺186.1b | ₺29.2b | ₺111.6b | 1.7x | 1.7x | 6.4x |
| Sat, 11 Feb 2023 | ₺157.3b | ₺24.6b | ₺59.4b | 2.8x | 2.6x | 6.4x |
| Mon, 09 Jan 2023 | ₺213.0b | ₺25.8b | ₺40.7b | 6.9x | 5.2x | 8.2x |
| Wed, 07 Dec 2022 | ₺202.0b | ₺25.8b | ₺40.7b | 5.9x | 5x | 7.8x |
| Fri, 04 Nov 2022 | ₺154.8b | ₺23.1b | ₺37.1b | 5.3x | 4.2x | 6.7x |
| Sun, 02 Oct 2022 | ₺123.1b | ₺23.6b | ₺35.3b | 4.2x | 3.5x | 5.2x |
| Tue, 30 Aug 2022 | ₺136.0b | ₺23.4b | ₺34.9b | 5x | 3.9x | 5.8x |
| Thu, 28 Jul 2022 | ₺141.6b | ₺20.1b | ₺25.4b | 6.7x | 5.6x | 7x |
| Sat, 25 Jun 2022 | ₺105.1b | ₺20.1b | ₺25.2b | 6.9x | 4.2x | 5.2x |
| Mon, 23 May 2022 | ₺99.7b | ₺20.1b | ₺25.2b | 5.9x | 4x | 5x |
| Wed, 20 Apr 2022 | ₺98.4b | ₺17.2b | ₺24.4b | 8x | 4x | 5.7x |
| Fri, 18 Mar 2022 | ₺82.0b | ₺17.2b | ₺24.4b | 6.3x | 3.4x | 4.8x |
| Sun, 13 Feb 2022 | ₺81.4b | ₺16.6b | ₺13.9b | 8.1x | 5.8x | 4.9x |
| Tue, 11 Jan 2022 | ₺80.8b | ₺16.3b | ₺8.3b | 12.5x | 9.8x | 4.9x |
| Thu, 09 Dec 2021 | ₺75.9b | ₺16.3b | ₺8.3b | 12.4x | 9.2x | 4.6x |
| Sat, 06 Nov 2021 | ₺61.6b | ₺16.8b | ₺7.3b | 9.5x | 8.5x | 3.7x |
| Mon, 04 Oct 2021 | ₺54.6b | ₺16.4b | ₺6.5b | 13.8x | 8.4x | 3.3x |
| Wed, 01 Sep 2021 | ₺56.3b | ₺16.4b | ₺6.5b | 13.1x | 8.6x | 3.4x |
| Thu, 08 Jul 2021 | ₺53.1b | ₺16.4b | ₺6.5b | 8.7x | 8.1x | 3.2x |
| Wed, 31 Mar 2021 | ₺55.4b | ₺13.9b | ₺4.9b | 10.4x | 11.4x | 4x |
| Sat, 02 Jan 2021 | ₺52.5b | ₺13.5b | ₺3.3b | 13.2x | 16.1x | 3.9x |
Price to Earnings Ratio
16.1x
Current Industry PE
- Investors are pessimistic on the Turkish REITs industry, indicating that they anticipate long term growth rates will be lower than they have historically.
- The industry is trading at a PE ratio of 2.5x which is lower than its 3-year average PE of 7.2x.
- The 3-year average PS ratio of 6.8x is lower than the industry's current PS ratio of 11.6x.
Past Earnings Growth
- The earnings for companies in the REITs industry have grown 203% per year over the last three years.
- Revenues for these companies have grown 13% per year.
- This means that more sales are being generated by these companies overall, and subsequently their profits are increasing too.
Industry Trends
Which industries have driven the changes within the Turkish Real Estate industry?
| TR Market | -1.39% | |
| Real Estate | -2.88% | |
| REITS | -1.92% | |
| Industrial REITs | 14.92% | |
| Specialized REITs | 0% | |
| Healthcare REITs | 0% | |
| Office REITs | -0.30% | |
| Residential REITs | -0.35% | |
| Diversified REITs | -1.92% | |
| Retail REITs | -2.72% | |
| Hotel and Resort REITs | -4.75% | |
Industry PE
- Investors are most optimistic about the Residential REITs industry even though it's trading below its 3-year average PE ratio of 5.0x.
- Analysts are expecting annual earnings growth of 23.9%, which is lower than the prior year's growth of 184.1% per year.
- Investors are most pessimistic about the Industrial REITs industry, which is trading below its 3-year average of 2.0x.
Forecasted Growth
- Analysts are most optimistic on the Diversified REITs industry, expecting annual earnings growth of 60% over the next 5 years.
- However this is lower than its past earnings growth rate of 247% per year.
- In contrast, the Industrial REITs industry is expected to see its earnings decline by 15% per year over the next few years.
Top Stock Gainers and Losers
Which companies have driven the market over the last 7 days?
| Company | Last Price | 7D | 1Y | Valuation | |
|---|---|---|---|---|---|
| KRGYO Körfez Gayrimenkul Yatirim Ortakligi | ₺49.12 | 14.0% +₺398.6m | 406.9% | PB10.4x | |
| PEGYO PERA Gayrimenkul Yatirim Ortakligi | ₺16.66 | 13.3% +₺278.0m | 344.3% | PB3.7x | |
| TSGYO TSKB Gayrimenkul Yatirim Ortakligi | ₺6.75 | 6.1% +₺253.5m | 13.6% | PB1.8x | |
| YGYO Yesil Gayrimenkul Yatirim Ortakligi | ₺3.31 | 32.4% +₺190.4m | 90.2% | PB0.6x | |
| PEKGY Peker Gayrimenkul Yatirim Ortakligi Anonim Sirketi | ₺31.90 | 0.8% +₺174.2m | 762.2% | PB10.8x |