Report
Berna Kurbay ...
  • Erdem Hafizoglu
  • Ezgi Yilmaz
EUR 107.84 For Business Accounts Only

BGC Partners: 4Q19 Earnings: PETKM (in line), DOAS (in line), PNSUT (better), PETUN (better)

Petkim reported a net profit of TL104mn (vs. TL44mn net loss in 4Q18) in 4Q19, in line with market consensus of TL103mn, but better than our expectation of TL41mn. The company posted an EBITDA of TL312mn (+653% YoY), better than market consensus of TL281mn and BGC estimate of TL231mn. Main deviation from our expectations was a higher than expected top-line and lower operating expenses. Net profit and EBITDA reached TL813mn (-7% YoY) and TL1,531mn (+4% YoY) in 2019, respectively. We expect the earnings announcement to have a neutral impact on the stock performance. We do not expect Petkim to distribute cash dividends from 2019 earnings.
Underlyings
Dogus Otomotiv Servis ve Ticaret A.S.

Dogus Otomotiv Servis Ve Ticaret is an automotive importer and distributor in Turkey. Co. represents 14 international brands each of which is engaged in the following sectors: Passenger cars, Light commercial vehicles, Heavy commercial vehicles, Industrial and marine engines, and Cooling systems.Co. provides its individual and corporate customers with a portfolio of more than 80 models. Co. competes in the industrial and marine engines market by representing the brand Scania Engines and in the cooling systems market representing Thermo King brand. Co.'s sales and service network is comprised of over 500 contact points.

Pinar Entegre Et Ve Yem Sanayii A.S.

Pinar Entegre Et ve Un Sanayi AS is a Turkey-based company engaged in the production of meat and meat-related products. The Company carries out all of its slaughtering in its own facilities for the meat that it uses in the production. The Company exports its products to North America, Africa, Europe, Asia and Australia, to such countries, as the United States, Canada, Nigeria, Libya, Poland, Germany, France, China, Japan and Iran, among others. It has such associated companies, as Yasad Birlesik Pazarlama AS, Desa Enerji AS, Camli Yem AS, Pinar Anadolu Gida AS and Pinar Foods GmbH. The Company is a part of the Yasar Group.

Pinar Sut Mamulleri Sanayii A.S.

Pinar Sut Mamulleri Sanayii is engaged in the processing, production and sales of milk, dairy products (milk, yoghurt, ayran, traditional and modern cheeses, butter, cream), fruit juice, mayonnaise, ketchups, puddings, honey, sauces, jams and jellies, desserts, and powder products. Co. sells its products under "Pinar"brand.

Turkiye Petrol Rafinerileri A.S.

Turkiye Petrol Rafinerileri is an energy and refining company based in Turkey. Co. is engaged in providing and refining crude oil, the importing and exporting of oil products, and establishing and operating refineries in Turkey and foreign countries. Also, Co. is establishing and operating factories and facilities in the petrochemical industry. Co. is engaged in purchasing, selling, importing, exporting, storing, marketing and distributing (wholesale, retail, foreign and domestic) all kinds of petroleum products, LPG and natural gas. Co. runs its business through the refineries in Izmit, Izmir, Kirikkale and Batman.

Provider
BGC Partners
BGC Partners

BGC has been one of the major market players in Turkish OTC debt, FX and swaps markets since 1998.

We started offering corporate finance and investment banking services to our clients in 2013. We offer a complete range of financial services to help our clients achieve their goals. Our main areas of activity within investment banking are as follows:

  • Mergers & Acquisitions
  • Equity Capital Markets
  • Debt Finance & Advisory

Analysts
Berna Kurbay

Erdem Hafizoglu

Ezgi Yilmaz

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