EM CEEMEA CREDIT: Aydem: Q325 Results: Good growth & FCF
(AYDEMT: -/B/Bpos)
- Credit neutral set of results. Not much commentary on the operations, but topline strong and FCF remains robust. Significant increase in revenues +90% y/y to TRY3.3bn, gross margins almost halved to 23%, but EBIT almost doubled compared to last quarter at TRY604mn. Huge financing costs for quarter of TRY2.18bn resulted in net income of only TRY169mn.
- Operating cashflow was strong for the first nine months of 2025 at TRY9bn, capex was minimal resulting in plentiful FCF. Net dent for the period was flat was Q225, at TRY23bn.
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COMMODITIES: Friday's Move Lower in WTI Futures Confirms Resumption of Bear Leg
A bearish theme in WTI futures remains intact. Friday’s move down confirmed a resumption of the bear leg - support at $60.40, the Oct 2 low, has been breached. This highlights an extension of the bearish price sequence of lower lows and lower highs. The move down opens $57.50 next, the May 30 low. On the upside, initial key resistance is at $66.42, the Sep 29 high. Clearance of this level would highlight a reversal. A bull cycle in Gold remains intact and today’s fresh cycle marks a bullish start to this week’s session. The move higher maintains the price sequence of higher highs and higher lows. Sights are on the $4100.00 handle, and $4113.5, a Fibonacci projection point. Note that the trend is in overbought territory. A move down would be considered corrective and would allow the overbought set-up to unwind. Support to watch is $3836.5, 20-day EMA.
- WTI Crude up $1 or +1.7% at $59.86
- Natural Gas up $0 or +0.06% at $3.107
- Gold spot up $60.84 or +1.51% at $4078.26
- Copper up $11.55 or +2.36% at $500.6
- Silver up $1.34 or +2.67% at $51.5025
- Platinum up $64.15 or +4.02% at $1662.5
EQUITIES: Recent Sharp Sell Off in E-Mini S&P Considered Corrective, For Now
The trend condition in Eurostoxx 50 futures is unchanged, the direction is up and the latest pullback is - for now - considered corrective. The key support zone to monitor is 5549.76 - 5474.21, the area between the 20- and 50-day EMAs. A clear break of the 50-day average would highlight a stronger reversal. On the upside, the bull trigger has been defined at 5689.00, the Oct 2 high. Clearance of this hurdle would confirm a resumption of the uptrend. A sharp sell-off in S&P E-Minis on Friday is - for now - considered corrective. The contract has found support below the 50-day EMA, currently at 6598.55. Friday’s low of 6940.25 has been defined as a key short-term support. Note that moving average studies remain in a bull-mode position, highlighting a dominant uptrend. The bull trigger is 6812.25, the Sep 9 high. A breach of this hurdle would confirm a resumption of the uptrend.
- In China the SHANGHAI closed lower by 7.526 pts or -0.19% at 3889.502 and the HANG SENG ended 400.84 pts lower or -1.52% at 25889.48.
- Across Europe, Germany's DAX trades higher by 118.67 pts or +0.49% at 24359.52, FTSE 100 higher by 8.79 pts or +0.09% at 9436.29, CAC 40 up 40.01 pts or +0.51% at 7958.01 and Euro Stoxx 50 up 33.77 pts or +0.61% at 5565.09.
- Dow Jones mini up 441 pts or +0.96% at 46147, S&P 500 mini up 89.75 pts or +1.36% at 6684.75, NASDAQ mini up 464 pts or +1.9% at 24860.75.
