Turkcell Iletisim Hizmetleri A.S. (TKC) announced the completion of a trial, called TiklaKazan, using MyScreen Mobile Inc.'s (MYSL) patent-pending mobile advertising solution.

TiklaKazan, MyScreen's technology-based solution, was made available to a select group of Turkcell customers, allowing them to participate in the trial for a period of four weeks in exchange for free airtime. Results of the trial were positive, with 82% of subscribers confirming they would recommend MyScreen to a friend. Subscribers also confirmed that they would prefer to see a full-screen advertisement at the end of the call, as opposed to receiving an SMS or MMS.   MyScreen's mobile advertising solution helps brand advertisers deliver targeted full-screen advertisements to subscribers at the end of every call, based on their demographic and interest profile. In return, subscribers accumulate rewards for every advertisement viewed on their phone, which can be redeemed for free airtime, downloadable content or value-added services

Turkcell Iletisim Hizmetleri A.S. (TKC) missed our estimates in terms of revenue and earnings for first quarter of 2008 although we were delighted to see operating expenses being much lower than our estimates.

The stock is trading at 8.3x our newly-lowered 2008 EPADS estimate and 6.4x our new 2009 EPADS estimate, which represents a hefty discount to the average of European wireless carriers. While the company’s growth prospects are solid, more so due to award of 3G license to its 100% subsidiary Kibris Mobile Telekomunikasyon Ltd. Sti (KKTCell) and we have adjusted our 2008 revenue estimates slightly downwards along with our earnings estimates.

The company’s expansion in other regions has led to an increased debt level. However, the economic stability in Turkey has become more uncertain as the country is in skirmishes with the Iraqi border, upsetting the US and Europe and the expected high level of inflation in