BGC PARTNERS - AKBANK 1Q18 - BETTER
We went over our estimates and fine-tuned our 2018E net income up by 2% and our 2019E down by 2%. Mainly driven by a higher cost of equity assumption, we also cut our 12M TP to TL10.60/share, from TL11.55/share previously. While the multiples of 0.77x 2018E P/B and 5.3x 2018E P/E are attractive, we maintain our HOLD recommendation for Akbank, for the time being. We will assess our bank recommendations following the 1Q18 earnings season.Akbank is a commercial bank. Co. operates in five segments: Retail banking offers a range of retail services, such as deposit accounts, loans, credit cards, insurance products and asset management services; Corporate and Small and Medium Size Enterprises banking provides financial solutions and banking services; Treasury Activities conducts regional and foreign currency spot and forward transactions, bonds and other domestic securities; Private banking offers banking and investment transactions for upper-income groups and the International banking provides services for foreign trade financing and Turkish Lira clearances, and money transfers through agent financial institutions.
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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