6 January 2015
6 January 2015
Dividend yields are not too attractive
DIVIDEND PLAYS - 2015
* Looking at 2015 dividend plays, we have come up with 5 names that are likely to have more than
6% dividend yield: TCELL, DOAS, EREGL, AYGAZ and CIMSA
 We assume TCELL will finally pay cumulative dividend (of the last four years) in 2015 as part
of a possible resolution among shareholders and/or CMB’s interference; yet, the likelihood of
another failure to pay dividend this year still exists.
 We think CIMSA would also pay strong dividend this year as the acquisition of Sancim
Cement has been cancelled
 CLEBI is not a regular dividend payer as evidenced by past performance; however if the
Company pays dividend this year, the dividend yield would be attractive
* There are 12 names that are likely to have between 4%-6% dividend yield: TTKOM, ALKIM, TTRAK,
AKSA, TUPRS, BRISA, TAVHL, GOODY, GOLTS, KOZAL, TMSN and EGEEN
* Since the 2-year Treasury yields retreated to around 7.9%, dividend plays gained importance in our
opinion hence the theme of our report
* Companies usually pay cash dividends in Apr-May period. Generally the companies are not giving
any guidance; we used historical DPRs as a proxy
Ticker Name
Sector
DPR RATIOS
2010 2011 2012 2013 Average 2014E
TCELL
DOAS
EREGL
AYGAZ
CIMSA
CLEBI
TTKOM
ALKIM
TTRAK
AKSA
TUPRS
BRISA
TAVHL
GOODY
GOLTS
KOZAL
TMSN
EGEEN
EKGYO
TKFEN
SODA
TOASO
ENKAI
FROTO
ARCLK
ISGYO
OTKAR
VESBE
COMMUNICATION
AUTOMOTIVE SPARE PARTS
STEEL & IRON
OIL & GAS
CEMENT
AIRLINES AND GROUND HANDLING
COMMUNICATION
CHEMICAL PRODUCTS
AUTOMOTIVE
INDUSTRIAL TEXTILE
OIL & GAS
AUTOMOTIVE TIRES
AIRLINES AND GROUND HANDLING
AUTOMOTIVE TIRES
CEMENT
MINING
AUTOMOTIVE
AUTOMOTIVE SPARE PARTS
REAL ESTATE INVESTMENT TRUSTS
CONGLOMERATES
CHEMICAL PRODUCTS
AUTOMOTIVE
CONSTRUCTION
AUTOMOTIVE
DURABLE GOODS
REAL ESTATE INVESTMENT TRUSTS
AUTOMOTIVE
DURABLE GOODS
0%
0%
0%
0%
0%
71% 85% 98%
59% 30% 116% 89%
52% 40% 98% 85%
91% 86% 85% 52%
196% 0%
87%
0%
92% 92% 92% 70%
49% 41% 38% 64%
83% 72% 75% 107%
29% 46% 53% 77%
101% 79% 66% 33%
84% 93% 76% 83%
0%
74% 48% 59%
20% 20% 19% 91%
77% 167% 40% 53%
10% 21% 21% 58%
0%
0%
91% 28%
40% 34% 49% 53%
32% 52% 38% 44%
30% 29% 44%
0%
27%
0%
24% 22%
65% 53% 109% 75%
20% 34% 20% 44%
103% 87% 44% 27%
48% 59% 68% 50%
37% 45% 46% 27%
72% 88% 82% 104%
89%
0%
0%
47%
TURKCELL
DOGUS OTOMOTIV
EREGLI DEMIR CELIK
AYGAZ
CIMSA
CELEBI
TURK TELEKOM
ALKIM KIMYA
TURK TRAKTOR
AKSA
TUPRAS
BRISA
TAV HAVALIMANLARI
GOOD-YEAR
GOLTAS CIMENTO
KOZA ALTIN ISLETMELERI
TUMOSAN MOTOR VE TRAKTOR
EGE ENDUSTRI
EMLAK G.M.Y.O.
TEKFEN HOLDING
SODA SANAYII
TOFAS OTOMOBIL FAB.
ENKA INSAAT
FORD OTOSAN
ARCELIK
IS G.M.Y.O.
OTOKAR
VESTEL BEYAZ ESYA
0%
63%
73%
69%
79%
71%
86%
48%
84%
51%
70%
84%
45%
37%
84%
27%
30%
44%
41%
26%
19%
75%
29%
65%
57%
39%
86%
34%
250%
85%
75%
85%
80%
70%
70%
60%
85%
50%
44%
85%
60%
75%
50%
25%
60%
45%
40%
30%
25%
50%
40%
40%
50%
35%
90%
40%
Dividend Yield
2010 2011 2012 2013 Average 2014E
0.0% 0.0% 0.0% 0.0%
0.0% 9.6% 8.2% 11.5%
5.1% 4.6% 5.8% 7.4%
4.1% 5.5% 9.2% 6.3%
6.7% 8.8% 6.5% 9.3%
5.4% 0.0% 3.9% 0.0%
8.1% 7.6% 8.1% 4.2%
3.0% 5.2% 1.7% 2.6%
8.4% 10.2% 6.1% 9.3%
2.0% 5.9% 9.1% 8.6%
6.5% 8.8% 7.1% 3.5%
3.5% 2.1% 4.3% 6.9%
0.0% 2.6% 3.3% 3.3%
0.4% 1.9% 1.3% 8.1%
0.7% 1.8% 1.6% 3.5%
0.6% 1.8% 2.7% 8.8%
0.0% 0.0% 4.1% 2.9%
1.3% 3.9% 4.5% 6.6%
2.6% 2.0% 2.6% 4.3%
2.4% 3.5% 4.9% 0.0%
2.7% 0.0% 2.9% 2.8%
5.6% 6.3% 7.9% 5.1%
1.2% 2.2% 1.4% 2.8%
10.3% 9.4% 3.2% 1.8%
4.9% 5.5% 4.0% 3.7%
2.8% 4.0% 3.4% 4.1%
2.5% 6.1% 4.8% 7.4%
4.1% 0.0% 0.0% 3.6%
0.0%
7.3%
5.7%
6.3%
7.8%
2.3%
7.0%
3.1%
8.5%
6.4%
6.5%
4.2%
2.3%
2.9%
1.9%
3.5%
1.8%
4.1%
2.9%
2.7%
2.1%
6.2%
1.9%
6.2%
4.5%
3.6%
5.2%
1.9%
16.2%
7.1%
7.1%
6.8%
6.4%
6.4%
5.5%
5.5%
5.1%
5.1%
5.0%
4.9%
4.9%
4.8%
4.5%
4.5%
4.5%
4.1%
3.9%
3.8%
3.2%
3.2%
3.0%
2.9%
2.9%
2.7%
2.7%
2.6%
Source: Rasyonet, TERA estimates
Please refer to end of report for important disclosure
TERA RESEARCH
[email protected]
+90 212365 1080
6 January 2015
Ticker Name
Sector
DPR RATIOS
2010 2011 2012 2013 Average 2014E
AEFES
AKBNK
AKENR
AKSA
AKSEN
ALARK
ALBRK
ALGYO
ALKIM
ANACM
ANHYT
ARCLK
ASELS
ASUZU
AYGAZ
BAGFS
BIMAS
BIZIM
BRISA
BRSAN
CCOLA
CIMSA
CLEBI
DOAS
DOHOL
EGEEN
EKGYO
ENKAI
EREGL
FROTO
GARAN
GOLTS
GOODY
GOZDE
GUBRF
HALKB
HLGYO
HURGZ
IPEKE
ISCTR
ISGYO
IZMDC
KARSN
KARTN
KCHOL
KIPA
KONYA
KOZAA
KOZAL
KRDMD
LOGO
MGROS
MNDRS
NETAS
NTHOL
NTTUR
OTKAR
PETKM
PGSUS
PRKME
SAHOL
SASA
SISE
SKBNK
SNGYO
SODA
TATGD
TAVHL
TCELL
TEKST
THYAO
TKFEN
TKNSA
TMSN
TOASO
TRCAS
TRGYO
TRKCM
TSKB
TTKOM
TTRAK
TUPRS
ULKER
VAKBN
VESBE
VESTL
VKGYO
YAZIC
YKBNK
ZOREN
BEVERAGES AND SOFT DRINKS
BANKING
ENERGY
INDUSTRIAL TEXTILE
ENERGY
CONSTRUCTION
BANKING
REAL ESTATE INVESTMENT TRUSTS
CHEMICAL PRODUCTS
GLASS
INSURANCE
DURABLE GOODS
COMMUNICATION EQUIPMENT
AUTOMOTIVE
OIL & GAS
AGRICULTURAL CHEMICALS
RETAIL
RETAIL
AUTOMOTIVE TIRES
STEEL & IRON
BEVERAGES AND SOFT DRINKS
CEMENT
AIRLINES AND GROUND HANDLING
AUTOMOTIVE SPARE PARTS
CONGLOMERATES
AUTOMOTIVE SPARE PARTS
REAL ESTATE INVESTMENT TRUSTS
CONSTRUCTION
STEEL & IRON
AUTOMOTIVE
BANKING
CEMENT
AUTOMOTIVE TIRES
INVESTMENT TRUSTS
AGRICULTURAL CHEMICALS
BANKING
REAL ESTATE INVESTMENT TRUSTS
MEDIA
ENERGY
BANKING
REAL ESTATE INVESTMENT TRUSTS
STEEL & IRON
AUTOMOTIVE
PAPER & PAPER PRODUCTS
CONGLOMERATES
RETAIL
CEMENT
OTHERS
MINING
STEEL & IRON
IT
RETAIL
TEXTILE
COMMUNICATION EQUIPMENT
TOURISM
TOURISM
AUTOMOTIVE
OIL & GAS
AIRLINES AND GROUND HANDLING
ENERGY
CONGLOMERATES
INDUSTRIAL TEXTILE
GLASS
BANKING
AUTOMOTIVE
CHEMICAL PRODUCTS
FOOD
AIRLINES AND GROUND HANDLING
COMMUNICATION
BANKING
AIRLINES AND GROUND HANDLING
CONGLOMERATES
RETAIL
AUTOMOTIVE
AUTOMOTIVE
OIL & GAS
REAL ESTATE INVESTMENT TRUSTS
GLASS
BANKING
COMMUNICATION
AUTOMOTIVE
OIL & GAS
FOOD
BANKING
DURABLE GOODS
DURABLE GOODS
REAL ESTATE INVESTMENT TRUSTS
CONGLOMERATES
BANKING
ENERGY
43%
20%
0%
29%
0%
11%
10%
22%
49%
25%
56%
48%
14%
0%
52%
42%
74%
48%
84%
0%
35%
91%
196%
0%
0%
40%
32%
20%
59%
103%
18%
77%
20%
0%
0%
20%
0%
0%
0%
23%
37%
0%
0%
19%
32%
0%
42%
0%
10%
0%
0%
0%
0%
72%
0%
8%
72%
0%
0%
0%
18%
0%
11%
7%
49%
27%
0%
0%
0%
0%
0%
30%
0%
0%
65%
20%
6%
21%
20%
92%
83%
101%
8%
3%
89%
0%
0%
18%
0%
0%
ANADOLU EFES BIRACILIK
AKBANK
AK ENERJI
AKSA
AKSA ENERJI
ALARKO HOLDING
ALBARAKA TURK KATILIM BANKASI
ALARKO G.M.Y.O.
ALKIM KIMYA
ANADOLU CAM
ANADOLU HAYAT EMEK.
ARCELIK
ASELSAN
ANADOLU ISUZU
AYGAZ
BAGFAS
BIM BIRLESIK MAGAZALAR
BIZIM TOPTAN SATIS MAGAZALARI
BRISA
BORUSAN BORU
COCA COLA ICECEK
CIMSA
CELEBI
DOGUS OTOMOTIV
DOGAN HOLDING
EGE ENDUSTRI
EMLAK G.M.Y.O.
ENKA INSAAT
EREGLI DEMIR CELIK
FORD OTOSAN
GARANTI BANKASI
GOLTAS CIMENTO
GOOD-YEAR
GOZDE GIRISIM SRMY. Y.O.
GUBRE FABRIKALARI
HALK BANKASI
HALK G.M.Y.O.
HURRIYET GAZETECILIK
IPEK DOGAL ENERJI KAYNAKLARI
IS BANKASI (C)
IS G.M.Y.O.
IZMIR DEMIR CELIK
KARSAN OTOMOTIV
KARTONSAN
KOC HOLDING
TESCO KIPA
KONYA CIMENTO
KOZA ANADOLU METAL
KOZA ALTIN ISLETMELERI
KARDEMIR (D)
LOGO YAZILIM
MIGROS
MENDERES TEKSTIL
NETAS TELEKOM.
NET HOLDING
NET TURIZM
OTOKAR
PETKIM
PEGASUS HAVA TASIMACILIGI
PARK ELEK. MADENCILIK
SABANCI HOLDING
SASA
SISE CAM
SEKERBANK
SINPAS G.M.Y.O.
SODA SANAYII
TAT GIDA
TAV HAVALIMANLARI
TURKCELL
TEKSTILBANK
TURK HAVA YOLLARI
TEKFEN HOLDING
TEKNOSA
TUMOSAN MOTOR VE TRAKTOR
TOFAS OTOMOBIL FAB.
TURCAS PETROL
TORUNLAR G.M.Y.O.
TRAKYA CAM
T.S.K.B.
TURK TELEKOM
TURK TRAKTOR
TUPRAS
ULKER
T. VAKIFLAR BANKASI
VESTEL BEYAZ ESYA
VESTEL
VAKIF G.M.Y.O.
YAZICILAR HOLDING
YAPI VE KREDI BANKASI
ZORLU ENERJI
59%
17%
0%
46%
0%
5%
0%
8%
41%
0%
62%
59%
29%
74%
40%
40%
66%
47%
93%
61%
43%
86%
0%
71%
0%
34%
52%
34%
30%
87%
20%
167%
20%
0%
0%
15%
0%
0%
0%
20%
45%
0%
0%
15%
14%
0%
232%
0%
21%
27%
104%
0%
0%
211%
0%
0%
88%
55%
0%
99%
11%
0%
8%
0%
21%
0%
0%
74%
0%
0%
0%
29%
0%
0%
53%
8%
13%
0%
18%
92%
72%
79%
43%
3%
0%
0%
0%
29%
0%
0%
44%
0%
19% 16%
0%
0%
53% 77%
0%
0%
16%
8%
0%
13%
16%
5%
38% 64%
23% 26%
50% 60%
68% 50%
26% 11%
0%
33%
98% 85%
34%
0%
66% 50%
48% 32%
76% 83%
76% 50%
21% 17%
85% 52%
87%
0%
85% 98%
0%
0%
49% 53%
38% 44%
20% 44%
116% 89%
44% 27%
19% 14%
40% 53%
19% 91%
0%
0%
0%
71%
18% 10%
0%
10%
0%
0%
0%
0%
20% 18%
46% 27%
0%
0%
0%
0%
16% 25%
20% 15%
0%
0%
214% 34%
0%
0%
21% 58%
0%
0%
0%
0%
0%
0%
0%
0%
292% 0%
94%
0%
0%
0%
82% 104%
0%
96%
0%
0%
0%
92%
11% 12%
0%
0%
23% 16%
0%
0%
40%
0%
24% 22%
0%
0%
48% 59%
0%
0%
0%
0%
15%
0%
44%
0%
0%
78%
91% 28%
109% 75%
11% 45%
15% 16%
22% 25%
20% 20%
92% 70%
75% 107%
66% 33%
90% 71%
7%
6%
0%
47%
0%
0%
0%
24%
4%
2%
16% 12%
0%
0%
36%
18%
0%
51%
0%
10%
6%
13%
48%
19%
57%
57%
20%
27%
69%
29%
64%
44%
84%
47%
29%
79%
71%
63%
0%
44%
41%
29%
73%
65%
18%
84%
37%
0%
18%
16%
2%
0%
0%
20%
39%
0%
0%
19%
20%
0%
131%
0%
27%
7%
26%
0%
0%
144%
23%
2%
86%
38%
0%
48%
13%
0%
15%
2%
28%
19%
0%
45%
0%
0%
4%
26%
19%
30%
75%
21%
12%
17%
19%
86%
84%
70%
53%
5%
34%
0%
6%
13%
7%
0%
25%
15%
0%
50%
0%
8%
10%
10%
60%
25%
60%
50%
20%
25%
85%
35%
50%
35%
85%
50%
20%
80%
70%
85%
0%
45%
40%
40%
75%
40%
15%
50%
75%
0%
50%
15%
10%
0%
0%
17%
35%
0%
0%
25%
15%
0%
35%
0%
25%
0%
0%
0%
0%
0%
0%
0%
90%
50%
0%
0%
11%
0%
20%
0%
0%
25%
0%
60%
250%
0%
0%
30%
0%
60%
50%
40%
10%
25%
20%
70%
85%
44%
55%
5%
40%
0%
20%
3%
10%
0%
Dividend Yield
2010 2011 2012 2013 Average 2014E
2.1% 1.5% 1.7%
1.8% 1.5% 1.5%
0.0% 0.0% 0.0%
2.0% 5.9% 9.1%
0.0% 0.0% 0.0%
0.6% 0.7% 0.9%
1.0% 0.0% 0.0%
0.7% 1.7% 1.0%
3.0% 5.2% 1.7%
1.9% 0.0% 1.4%
3.2% 3.3% 2.2%
4.9% 5.5% 4.0%
1.6% 2.0% 1.4%
0.0% 3.1% 0.0%
4.1% 5.5% 9.2%
3.8% 5.7% 1.7%
2.3% 1.8% 1.6%
1.3% 1.4% 1.0%
3.5% 2.1% 4.3%
0.0% 4.0% 3.0%
1.3% 1.0% 0.5%
6.7% 8.8% 6.5%
5.4% 0.0% 3.9%
0.0% 9.6% 8.2%
0.0% 0.0% 0.0%
1.3% 3.9% 4.5%
2.6% 2.0% 2.6%
1.2% 2.2% 1.4%
5.1% 4.6% 5.8%
10.3% 9.4% 3.2%
1.7% 2.4% 1.4%
0.7% 1.8% 1.6%
0.4% 1.9% 1.3%
0.0% 0.0% 0.0%
0.0% 0.0% 0.0%
2.7% 2.1% 2.0%
0.0% 0.0% 0.0%
0.0% 0.0% 0.0%
0.0% 0.0% 0.0%
3.1% 2.7% 2.1%
2.8% 4.0% 3.4%
0.0% 0.0% 0.0%
0.0% 0.0% 0.0%
0.6% 0.9% 0.5%
2.8% 1.9% 1.7%
0.0% 0.0% 0.0%
1.1% 4.8% 4.8%
0.0% 0.0% 0.0%
0.6% 1.8% 2.7%
0.0% 6.4% 0.0%
0.0% 5.6% 0.0%
0.0% 0.0% 0.0%
0.0% 0.0% 0.0%
1.8% 2.5% 10.6%
0.0% 0.0% 8.1%
2.1% 0.0% 0.0%
2.5% 6.1% 4.8%
0.0% 3.0% 0.0%
0.0% 0.0% 0.0%
0.0% 12.6% 0.0%
1.9% 1.5% 0.9%
0.0% 0.0% 0.0%
0.9% 1.5% 1.5%
1.2% 0.0% 0.0%
3.1% 4.3% 3.2%
2.7% 0.0% 2.9%
0.0% 0.0% 0.0%
0.0% 2.6% 3.3%
0.0% 0.0% 0.0%
0.0% 0.0% 0.0%
0.0% 0.0% 1.6%
2.4% 3.5% 4.9%
0.0% 0.0% 0.0%
0.0% 0.0% 4.1%
5.6% 6.3% 7.9%
1.3% 1.4% 0.9%
0.9% 1.9% 2.3%
2.2% 0.0% 0.8%
2.2% 2.4% 2.2%
8.1% 7.6% 8.1%
8.4% 10.2% 6.1%
6.5% 8.8% 7.1%
0.9% 12.2% 3.3%
0.4% 0.5% 0.7%
4.1% 0.0% 0.0%
0.0% 0.0% 0.0%
0.0% 0.0% 0.0%
2.1% 2.1% 0.9%
0.0% 0.0% 1.3%
0.0% 0.0% 0.0%
0.0%
1.7%
0.0%
8.6%
0.0%
1.3%
2.1%
1.9%
2.6%
3.6%
3.0%
3.7%
0.5%
9.8%
6.3%
0.0%
1.5%
1.6%
6.9%
1.9%
0.6%
9.3%
0.0%
11.5%
0.0%
6.6%
4.3%
2.8%
7.4%
1.8%
1.3%
3.5%
8.1%
0.0%
4.8%
1.6%
0.4%
0.0%
0.0%
2.6%
4.1%
0.0%
0.0%
1.4%
1.7%
0.0%
0.9%
0.0%
8.8%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
7.4%
1.5%
0.0%
8.4%
1.2%
0.0%
1.6%
0.0%
0.0%
2.8%
0.0%
3.3%
0.0%
0.0%
0.0%
0.0%
3.5%
2.9%
5.1%
1.9%
1.8%
1.7%
2.7%
4.2%
9.3%
3.5%
2.6%
0.8%
3.6%
0.0%
0.1%
0.7%
2.2%
0.0%
1.3%
1.6%
0.0%
6.4%
0.0%
0.9%
0.8%
1.3%
3.1%
1.7%
2.9%
4.5%
1.4%
3.2%
6.3%
2.8%
1.8%
1.3%
4.2%
2.2%
0.9%
7.8%
2.3%
7.3%
0.0%
4.1%
2.9%
1.9%
5.7%
6.2%
1.7%
1.9%
2.9%
0.0%
1.2%
2.1%
0.1%
0.0%
0.0%
2.6%
3.6%
0.0%
0.0%
0.9%
2.0%
0.0%
2.9%
0.0%
3.5%
1.6%
1.4%
0.0%
0.0%
3.7%
2.0%
0.5%
5.2%
1.1%
0.0%
5.3%
1.4%
0.0%
1.4%
0.3%
2.7%
2.1%
0.0%
2.3%
0.0%
0.0%
0.4%
2.7%
0.9%
1.8%
6.2%
1.4%
1.7%
1.1%
2.4%
7.0%
8.5%
6.5%
4.7%
0.6%
1.9%
0.0%
0.0%
1.4%
0.9%
0.0%
0.6%
1.3%
0.0%
5.1%
0.0%
0.6%
1.6%
1.4%
5.5%
1.4%
2.5%
2.9%
1.1%
1.1%
6.8%
1.3%
1.5%
1.3%
4.9%
1.3%
0.7%
6.4%
6.4%
7.1%
0.0%
4.1%
3.9%
3.0%
7.1%
2.9%
1.3%
4.5%
4.8%
0.0%
2.3%
2.0%
0.5%
0.0%
0.0%
1.9%
2.7%
0.0%
0.0%
0.4%
1.3%
0.0%
1.6%
0.0%
4.5%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
2.7%
1.2%
0.0%
0.0%
1.1%
0.0%
0.7%
0.0%
0.0%
3.2%
0.0%
4.9%
16.2%
0.0%
0.0%
3.8%
0.0%
4.5%
3.2%
0.8%
0.9%
1.3%
2.4%
5.5%
5.1%
5.0%
1.7%
0.6%
2.6%
0.0%
0.6%
0.2%
0.8%
0.0%
Source: Rasyonet, TERA estimates
2|P a g e
6 January 2015
TERA MENKUL RATING
BUY
NEUTRAL
SELL
* Current estimated CoE: 14.5%
Upside potential more than estimated CoE*
Upside potential between 0% and estimated CoE*
No upside potential
Tera Menkul Degerler A.S. Eski Buyukdere Cad. Iz Plaza Giz Floor 8 Maslak, Istanbul
Tel: +90 212 365 1000
www.terabrokers.com
[email protected]
Disclaimer
All the information and opinions covered herein have been prepared as of specified dates by Tera Menkul Değerler A.Ş. (“Tera
Brokers”) with the purpose of informing the investors. Tera Menkul Değerler A.Ş. has no obligation as to inform the investors
regarding the changes in the information and opinions after the specified dates. Tera Menkul Değerler A.Ş. and its affiliated
organizations and persons may act as a market maker or make transactions intensively on the securities of the companies
covered herein. Tera Menkul Değerler A.Ş. and its affiliated organizations and persons may take position on any of the
securities covered herein from time to time and they may buy/sell these securities or options regarding to these securities for
their own and / or client’s account. The investment options discussed here may not be appropriate for all investors. Investors
should make the investment decisions relating to the securities of the firms covered herein by taking their special investment
goals and financial status into consideration and based on prospects approved by the firm, circulars, their own investigations
and advices from their independent consultants. The information covered herein may not be interpreted as legal, tax or
financial recommendations. In the case that the investment is in foreign currency, the currency fluctuations may have negative
impacts on the value, price of the investment or on the return of the investment. The return of the investment may be
unstable. Previous performance cannot be taken as a guarantee of the future results. The price and values of the investments
covered herein may rise or fall in such a way that will be directly or indirectly contrary to the interests of the investors and this
situation may cause losses in the principal amount. The investors must have financial sufficiency to face with the risks relating
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All the information, interpretations and recommendations covered herein relating to investment actions is NOT in the scope of
investment consultancy. Investment consultancy services are rendered according to the investment consultancy agreement
signed between the clients and securities firms, portfolio management firms or investment banks. All the interpretations and
recommendations covered herein depend on the personal opinions of the analyst(s). These opinions may not be appropriate
for the client’s financial status and risk and income preferences. Therefore, investment decisions based only on the information
covered herein may not result as expected.
3|P a g e
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DIVIDEND PLAYS - 2015