Vestel Beyaz Esya Sanayi ve Ticaret

Vestel Beyaz Esya Sanayi Ve Ticaret AS. Vestel Beyaz Esya Sanayi ve Ticaret AS (Vestel Beyaz Esya) is a Turkey-based manufacturer of home appliances, including no-frost, double door, and single door, refrigerators; washing machines with different capacities; air conditioners; ovens with different functions, and dishwashers. The Company operates production facilities in Manisa and Turkey. The Company's marketing and sales activities are carried out by two other group companies, Vestel Dayanikli Tuketim Mallari Pazarlama AS and Vestel Dis Ticaret AS. Vestel Beyaz Esya is a subsidiary of Vestel Group. In January 2014, Vestel Elektronik Sanayi ve Ticaret AS, increased its stake in the Company to 92.6%.
  • TickerVESBE
  • ISINTREVEST00017
  • ExchangeIstanbul Stock Exchange
  • SectorLeisure Goods
  • CountryTurkey

Analysts

Research Team

Focus: Russia macro – inflation update; Polish utilities – 2024 capacity auction preliminary results; Famur – AO SUEK selects company’s offer for delivery of power roof supports; Postcards from Prague

HEADLINES: • Russia macro: inflation update • Polish utilities: 2024 capacity auction preliminary results POSITIVE • Famur: AO SUEK selects company's offer for delivery of power roof supports POSITIVE • Alior Bank: postcard from Prague NEUTRAL • Astarta: postcard from Prague • CCC: postcard from Prague • Famur: postcard from Prague • Kernel: postcard from Prague • Kety: postcard from Prague • PZU: postcard from Prague • MONETA Money Bank: postcard from Prague • OTP Bank: postcard from Prague • Kazatomprom: postcard from Prague • Fondul Proprietatea: postcard from Prague • Lukoil: p...

Research Team

Focus: Erste Bank targeting 2020E ROTE above 10%, issues medium-term guidance for selected KPIs; CA Immo’s 3Q19 – powering ahead; ANY PLC’s 3Q19 results – strong top-line growth; KGHM’s 3Q19 financial results – in line with consensus EBITDA

HEADLINES: • Erste Bank: targeting 2020E ROTE above 10%, issues medium-term guidance for selected KPIs NEUTRAL • CA Immo: 3Q19 - powering ahead POSITIVE • ANY PLC: 3Q19 results - strong top-line growth • KGHM: 3Q19 financial results - in line with consensus EBITDA, immaterial net income beat NEUTRAL • Enea: 3Q19 results - in line with preliminaries NEUTRAL • PKP Cargo: 3Q19 final results - in line with preliminary figures NEUTRAL • Famur: 3Q19 preliminary EBITDA 11% below consensus on PLN 44m of charges NEGATIVE • Ciech: 3Q19 conference takeaways NEGATIVE • Rostelecom: board approves acquisit...

Research Team

The Rear-View Mirror – EME markets: Weak Istanbul, but good month in Hungary

EME Equity Market – October 2019 Market performance – ISE30 index the worst performer among our followed indices, down 10.1% in EUR terms and 7% in local currency terms. The MSCI EME index gained 3.7%, but added 6% in local currency terms. All our followed indices were in the black, bar the BET (-0.8% in EUR) and ISE30 indices (-10.1% in EUR). The BUX Index gained the most (5.9%), followed by MOEX (4.3%) and WSE (3.6%; all performance figures in EUR terms). Prague was also up in October (+1.9%) in EUR terms, while the Athens Stock Exchange index almost matched Prague’s performance, with a gain...

Research Team

Focus: Bank Millennium – very strong delivery in 3Q19 amid provisions for CJEU ruling; Akbank’s 3Q19 highlights – 9% higher than consensus, but tone somewhat downbeat; Vestel Beyaz’s 3Q19 results – weak on stronger TRY and high base

HEADLINES: • Bank Millennium: very strong delivery in 3Q19 amid provisions for CJEU ruling POSITIVE • Akbank: 3Q19 highlights - 9% higher than consensus, but tone somewhat downbeat • Vestel Beyaz: 3Q19 results - weak on stronger TRY and high base, but export growth remains intact NEUTRAL • Tekfen Holding: 3Q19 results - broadly in line • CME: to be acquired by PPF NEUTRAL • Atrium: shareholders vote down Gazit's offer NEGATIVE • Alior Bank: takeaways from call with management after the 25 October conference call NEUTRAL • Mobile TeleSystems: confirms current listing structure POSITIVE • S Im...

Research Team

Focus: Turkish automotive - turning the corner (Ford Otosan stays BUY, Tofas downgraded to HOLD); Jeronimo Martins’ 3Q19 results a notch ahead of expectations on 8% lfl in Biedronka; strong FCF; AmRest’s 3Q19 preliminary sales up 29% yoy

HEADLINES: • Turkish automotive: turning the corner (Ford Otosan stays BUY, Tofas downgraded to HOLD) • Jeronimo Martins: 3Q19 results a notch ahead of expectations on 8% lfl in Biedronka; strong FCF POSITIVE • AmRest: 3Q19 preliminary sales up 29% yoy, 17% excluding M&A POSITIVE • PKN Orlen: 3Q19 results - small beat on EBITDA • Kety: 3Q19 results - EBITDA 4% above the preliminary forecasts, very strong export sales POSITIVE • Orange Polska: UKE has extended the list of districts exempt from BSA and LLU regulation POSITIVE • X5: key takeaways from the capital markets day • Polish banks: 3...

Research Team

The Rear-View Mirror – EME markets: Weak Istanbul, but good month in Hungary

EME Equity Market – October 2019 Market performance – ISE30 index the worst performer among our followed indices, down 10.1% in EUR terms and 7% in local currency terms. The MSCI EME index gained 3.7%, but added 6% in local currency terms. All our followed indices were in the black, bar the BET (-0.8% in EUR) and ISE30 indices (-10.1% in EUR). The BUX Index gained the most (5.9%), followed by MOEX (4.3%) and WSE (3.6%; all performance figures in EUR terms). Prague was also up in October (+1.9%) in EUR terms, while the Athens Stock Exchange index almost matched Prague’s performance, with a gain...

Research Team

Focus: Turkish automotive - turning the corner (Ford Otosan stays BUY, Tofas downgraded to HOLD); Jeronimo Martins’ 3Q19 results a notch ahead of expectations on 8% lfl in Biedronka; strong FCF; AmRest’s 3Q19 preliminary sales up 29% yoy

HEADLINES: • Turkish automotive: turning the corner (Ford Otosan stays BUY, Tofas downgraded to HOLD) • Jeronimo Martins: 3Q19 results a notch ahead of expectations on 8% lfl in Biedronka; strong FCF POSITIVE • AmRest: 3Q19 preliminary sales up 29% yoy, 17% excluding M&A POSITIVE • PKN Orlen: 3Q19 results - small beat on EBITDA • Kety: 3Q19 results - EBITDA 4% above the preliminary forecasts, very strong export sales POSITIVE • Orange Polska: UKE has extended the list of districts exempt from BSA and LLU regulation POSITIVE • X5: key takeaways from the capital markets day • Polish banks: 3...

Research Team

The Rear-View Mirror – EME markets: Turkish market stands out in September

EME Equity Market – September 2019 Market performance – all markets in the black, with Turkey standing out. In September, the MSCI EME index expanded by 3.8% mom. The Turkish ISE30 stood out among its peers, rising by 14.1% mom, vs. losing 10.8% in August. Moscow’s index was the second-best performer, up 4.0% mom, recovering from the 3.8% loss seen in the previous month. Bucharest’s BET index ended September with a gain of 3.3%, while Warsaw’s WIG20 rose by 2.0%, vs. its 8.3% loss in August. The BUX index gained 1% in September, while Prague’s PX was up 1.1%. The ASE remained flat in September...

Akif Dasıran

TURKEY CONSUMER - Vestel Group looking for new markets to grow

We met with Vestel Group (VESTL and VESBE) IR team last week. The key takeaways are: 1) export volume growth is intact in the white goods segment thanks to new clients and projects (both ODM and branded sales) coupled with a recovery in exports in the TV segment, 2) the company took some actions recently to respond to competition and stem its market share loss in Turkey but their focus on profitability remains intact, 3) raw material prices are still low and the group expects a further easing in steel and plastic prices in 2H19, 4) the group is looking for new markets to grow and USA is one of...

Research Team

The Rear-View Mirror – EME markets: Soft performance across markets and sectors in August

EME Equity Market – August 2019 Market performance – pressure on all markets, only the BET flattish. The MSCI EME contracted by 4.9% mom in August, while the ASE index fell by 3.5% and Moscow’s index dropped by 3.8%. Bucharest’s BET index was the only one to rise, if only marginally, by 0.4% mom. The worst performer was Turkey’s ISE30, losing 10.8% mom, while the WIG20 index was down 8.3% mom, the BUX index dropped by 4.1% mom, and Prague’s PX index fell by 2.8% mom.

Alex Boulougouris, CFA ...
  • Atinc Ozkan
  • Can Demir
  • Jakub Mician

Turkey Macro/Strategy: S400 and CAATSA risk – Geopolitical brinkmanship, or déjà vu 2018?

Following recent statements made by Turkish Minister of Defence H. Akar (22 May, Reuters), confirming that Turkish troops have started their S400 missile operator training in Russia and that the Turkish Ministry of Defence is bracing for possible US sanctions, we believe the risk of Turkey facing US sanctions, under the Countering America’s Adversaries Act (CAATSA) in the near future, has been elevated. In fact, in a letter to his Turkish counterpart (6 June, Bloomberg), acting US Secretary of Defence P. Shanahan announced that, as a result of Turkey’s S400 procurement from Russia, Turkish pil...

Research Team

Focus: Russia macro – inflation update; Polish utilities – 2024 capacity auction preliminary results; Famur – AO SUEK selects company’s offer for delivery of power roof supports; Postcards from Prague

HEADLINES: • Russia macro: inflation update • Polish utilities: 2024 capacity auction preliminary results POSITIVE • Famur: AO SUEK selects company's offer for delivery of power roof supports POSITIVE • Alior Bank: postcard from Prague NEUTRAL • Astarta: postcard from Prague • CCC: postcard from Prague • Famur: postcard from Prague • Kernel: postcard from Prague • Kety: postcard from Prague • PZU: postcard from Prague • MONETA Money Bank: postcard from Prague • OTP Bank: postcard from Prague • Kazatomprom: postcard from Prague • Fondul Proprietatea: postcard from Prague • Lukoil: p...

Research Team

Focus: Erste Bank targeting 2020E ROTE above 10%, issues medium-term guidance for selected KPIs; CA Immo’s 3Q19 – powering ahead; ANY PLC’s 3Q19 results – strong top-line growth; KGHM’s 3Q19 financial results – in line with consensus EBITDA

HEADLINES: • Erste Bank: targeting 2020E ROTE above 10%, issues medium-term guidance for selected KPIs NEUTRAL • CA Immo: 3Q19 - powering ahead POSITIVE • ANY PLC: 3Q19 results - strong top-line growth • KGHM: 3Q19 financial results - in line with consensus EBITDA, immaterial net income beat NEUTRAL • Enea: 3Q19 results - in line with preliminaries NEUTRAL • PKP Cargo: 3Q19 final results - in line with preliminary figures NEUTRAL • Famur: 3Q19 preliminary EBITDA 11% below consensus on PLN 44m of charges NEGATIVE • Ciech: 3Q19 conference takeaways NEGATIVE • Rostelecom: board approves acquisit...

Research Team

Focus: Bank Millennium – very strong delivery in 3Q19 amid provisions for CJEU ruling; Akbank’s 3Q19 highlights – 9% higher than consensus, but tone somewhat downbeat; Vestel Beyaz’s 3Q19 results – weak on stronger TRY and high base

HEADLINES: • Bank Millennium: very strong delivery in 3Q19 amid provisions for CJEU ruling POSITIVE • Akbank: 3Q19 highlights - 9% higher than consensus, but tone somewhat downbeat • Vestel Beyaz: 3Q19 results - weak on stronger TRY and high base, but export growth remains intact NEUTRAL • Tekfen Holding: 3Q19 results - broadly in line • CME: to be acquired by PPF NEUTRAL • Atrium: shareholders vote down Gazit's offer NEGATIVE • Alior Bank: takeaways from call with management after the 25 October conference call NEUTRAL • Mobile TeleSystems: confirms current listing structure POSITIVE • S Im...

Research Team

Focus: reinitiating coverage of Fondul Proprietatea with a HOLD and PT of RON 1.33; Turkish white goods - September sales up 7% due to low base, exports growth pace continues to ease; PKO BP’s CEO says the bank is likely to purchase assets

HEADLINES: • Fondul Proprietatea: a Holding worth HOLDing (HOLD - reinitiation of coverage) • Turkish white goods: September sales up 7% due to low base, exports growth pace continues to ease NEUTRAL • PKO BP: CEO says the bank is likely to purchase assets in 2020E and press hints on mBank takeover NEUTRAL • PKN Orlen: 3Q19E preview (due on 24 October) • Short news (KER)

Research Team

Focus: Commerzbank (finally) officially admits that mBank is for sale; Romanian politics - new proposal for the offshore tax regime; Polish banks - press speculation that the ECJ ruling on FX mortgages may be published on 3 October

HEADLINES: • mBank: Commerzbank (finally) officially admits that mBank is for sale POSITIVE • Romanian politics: new proposal for the offshore tax regime POSITIVE • Polish banks: press speculation that the ECJ ruling on FX mortgages may be published on 3 October • PKP Cargo: launches discussions on the potential acquisition of a stake in PU Hatrans • Turkish white goods: August sales down 8% - better performance than in July NEUTRAL • Philip Morris CR: 1H19E preview - rather neutral results ahead (due on 24 September) NEUTRAL

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