2Q18: Turkish Companies' Earnings Preview
Aggregate results: We present 2Q18 forecasts for 7 banks and 38 non-financial companies. We expect aggregate earnings to decrease 11% y/y in 2Q18, driven by the 35% y/y contraction in non-financials’ earnings parallel to weaker results in Tupras and Turk Telekom. On the other hand, we expect 12% y/y growth in banks’ earnings in 2Q18. On a quarterly basis, we estimate earnings to inch down by 1% q/q, with 10% growth in earnings of non-financials, which was offset by 6% contraction in banks’ earnings. Equally-weighted FX basket climbed by 10.8% from 4.45 to 4.93 in 2Q18, which will be weighing on the bottom-lines of companies with short FX positions. In contrast, equally-weighted FX basket had remained flat in 2Q17. Therefore, currency moves have significant impact on y/y earnings comparison
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
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