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Turkish (BIST) REITS Industry Analysis
UpdatedDec 26, 2024
DataAggregated Company Financials
Companies26
- 7D0.5%
- 3M13.9%
- 1Y54.2%
- YTD41.9%
Over the last 7 days, the REITS industry has dropped 1.0%, driven by pullbacks in TSKB Gayrimenkul Yatirim Ortakligi and Servet Gayrimenkul Yatirim Ortakligi of 21% and 8.1%, respectively. On the other hand Pera Yatirim Holding Anonim Sirketi is actually up 38%. Over the past 12 months, the industry was up 51%. As for the next few years, earnings are expected to grow by 17% per annum.
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 |
|---|---|---|---|---|---|---|
| Thu, 26 Dec 2024 | ₺302.8b | ₺33.5b | ₺48.8b | 4.8x | 6.2x | 9x |
| Sat, 23 Nov 2024 | ₺288.6b | ₺33.4b | ₺49.1b | 4.2x | 5.9x | 8.6x |
| Mon, 21 Oct 2024 | ₺239.7b | ₺33.4b | ₺41.4b | 4.3x | 5.8x | 7.2x |
| Wed, 18 Sep 2024 | ₺246.9b | ₺32.1b | ₺51.4b | 4.8x | 4.8x | 7.7x |
| Fri, 16 Aug 2024 | ₺232.3b | ₺33.9b | ₺53.9b | 3.9x | 4.3x | 6.8x |
| Sun, 14 Jul 2024 | ₺255.2b | ₺33.9b | ₺53.9b | 4.8x | 4.7x | 7.5x |
| Tue, 11 Jun 2024 | ₺235.6b | ₺27.7b | ₺53.3b | 4.8x | 4.4x | 8.5x |
| Thu, 09 May 2024 | ₺240.7b | ₺25.3b | ₺52.5b | 4.5x | 4.6x | 9.5x |
| Sat, 06 Apr 2024 | ₺228.2b | ₺22.4b | ₺74.6b | 3.9x | 3.1x | 10.2x |
| Mon, 04 Mar 2024 | ₺254.9b | ₺21.6b | ₺80.8b | 3.5x | 3.2x | 11.8x |
| Wed, 31 Jan 2024 | ₺243.3b | ₺20.3b | ₺91.2b | 2.8x | 2.7x | 12x |
| Fri, 29 Dec 2023 | ₺183.1b | ₺17.3b | ₺85.2b | 2.3x | 2.1x | 10.6x |
| Sun, 26 Nov 2023 | ₺211.6b | ₺17.9b | ₺84.0b | 2.1x | 2.5x | 11.8x |
| Tue, 24 Oct 2023 | ₺198.7b | ₺16.3b | ₺88.4b | 2.1x | 2.2x | 12.2x |
| Thu, 21 Sep 2023 | ₺191.0b | ₺16.3b | ₺88.4b | 2.1x | 2.2x | 11.7x |
| Sat, 19 Aug 2023 | ₺176.6b | ₺16.1b | ₺82.1b | 1.9x | 2.2x | 10.9x |
| Mon, 17 Jul 2023 | ₺137.4b | ₺16.2b | ₺76.0b | 1.8x | 1.8x | 8.5x |
| Wed, 14 Jun 2023 | ₺112.6b | ₺16.2b | ₺76.0b | 1.7x | 1.5x | 6.9x |
| Fri, 12 May 2023 | ₺93.3b | ₺16.6b | ₺75.6b | 1.4x | 1.2x | 5.6x |
| Sun, 09 Apr 2023 | ₺105.6b | ₺16.8b | ₺75.5b | 1.5x | 1.4x | 6.3x |
| Tue, 07 Mar 2023 | ₺196.8b | ₺26.7b | ₺92.6b | 2.1x | 2.1x | 7.4x |
| Thu, 02 Feb 2023 | ₺178.0b | ₺26.7b | ₺51.6b | 4.6x | 3.5x | 6.7x |
| Sat, 31 Dec 2022 | ₺221.3b | ₺25.8b | ₺40.7b | 6.8x | 5.4x | 8.6x |
| Mon, 28 Nov 2022 | ₺189.5b | ₺25.8b | ₺40.7b | 6.4x | 4.7x | 7.3x |
| Wed, 26 Oct 2022 | ₺152.0b | ₺23.7b | ₺35.3b | 5.5x | 4.3x | 6.4x |
| Fri, 23 Sep 2022 | ₺135.9b | ₺23.6b | ₺35.3b | 5x | 3.9x | 5.7x |
| Sun, 21 Aug 2022 | ₺134.7b | ₺23.3b | ₺34.8b | 5.4x | 3.9x | 5.8x |
| Tue, 19 Jul 2022 | ₺130.9b | ₺20.1b | ₺25.4b | 6.6x | 5.2x | 6.5x |
| Thu, 16 Jun 2022 | ₺100.2b | ₺20.1b | ₺25.2b | 6.4x | 4x | 5x |
| Sat, 14 May 2022 | ₺101.5b | ₺20.1b | ₺25.1b | 6.1x | 4x | 5x |
| Mon, 11 Apr 2022 | ₺99.6b | ₺17.2b | ₺24.4b | 7.5x | 4.1x | 5.8x |
| Wed, 09 Mar 2022 | ₺77.1b | ₺17.4b | ₺18.6b | 6.1x | 4.2x | 4.4x |
| Fri, 04 Feb 2022 | ₺79.5b | ₺16.5b | ₺11.8b | 11.2x | 6.8x | 4.8x |
| Sun, 02 Jan 2022 | ₺77.2b | ₺16.3b | ₺8.3b | 12.6x | 9.3x | 4.7x |
Price to Earnings Ratio
9.3x
Current Industry PE
- Investors are optimistic on the Turkish REITs industry, and appear confident in long term growth rates.
- The industry is trading at a PE ratio of 6.1x which is higher than its 3-year average PE of 4.5x.
- The 3-year average PS ratio of 10.7x is higher than the industry's current PS ratio of 8.9x.
Past Earnings Growth
- The earnings for companies in the REITs industry have grown 81% per year over the last three years.
- Revenues for these companies have grown 27% 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 | -1.06% | |
| Real Estate | -0.37% | |
| REITS | 0.49% | |
| Retail REITs | 1.54% | |
| Residential REITs | 0.67% | |
| Diversified REITs | 0.49% | |
| Industrial REITs | 0.32% | |
| Specialized REITs | 0% | |
| Healthcare REITs | 0% | |
| Office REITs | -1.48% | |
| Hotel and Resort REITs | -4.24% | |
Industry PE
- Investors are most optimistic about the Residential REITs industry which is trading above its 3-year average PE ratio of 11.0x.
- It looks like they are confident that earnings will grow faster in the future than they have historically.
- Investors are most pessimistic about the Industrial REITs industry, which is trading close to its 3-year average of 1.6x.
Forecasted Growth
- Analysts are most optimistic on the Diversified REITs industry, expecting annual earnings growth of 17% over the next 5 years.
- This is better than its past earnings decline of 50% per year.
- In contrast, the Diversified REITs industry is expected to see its earnings grow by 17% 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 | |
|---|---|---|---|---|---|
| TRGYO Torunlar Gayrimenkul Yatirim Ortakligi | ₺62.50 | 4.5% +₺2.7b | 113.9% | PB0.7x | |
| AVPGY Avrupakent Gayrimenkul Yatirim Ortakligi Anonim Sirketi | ₺57.15 | 4.5% +₺980.0m | 47.5% | PB0.6x | |
| PEHOL Pera Yatirim Holding Anonim Sirketi | ₺3.01 | 38.7% +₺838.3m | 29.7% | PB1.5x | |
| ZRGYO Ziraat Gayrimenkul Yatirim Ortakligi | ₺13.45 | 1.1% +₺657.1m | 151.9% | PB1.3x | |
| ASGYO Asce Gayrimenkul Yatirim Ortakligi | ₺12.74 | 3.2% +₺257.0m | -4.2% | PB0.4x |