BGC Partners - Alkim Alkali Kimya A.S. (ALKIM) BGC Partners: ALKIM 4Q18 - Operationally Weaker

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BGC Partners

Erdem Hafizoglu

EUR 107.75 For Business Accounts Only

BGC Partners: ALKIM 4Q18 - Operationally Weaker

Alkim reported a net income of TL15.9mn in 4Q18 (4Q17: TL15.4mn, 3Q18: TL38.0mn), below our TL22.3mn estimate, operationally weaker, negativeâ€¦ Revenues were up by 52.2% y/y to TL164.0mn in 4Q18 (solo Alkim: TL68.4mn, up by 52.0%, solo Alka: TL95.6mn, up by 52.4%), in line with our estimate of TL169.7mn. Both segments are weaker operationally, which were hinted by tax office financials released on 14 February, despite weaker TL against EUR (most of the contracts on chemicals/mining side are in EUR) and US$ (paper business is linked to US$) on a y/y basis which is surprising.

28/02/2019 3 EN

Underlying

Alkim Alkali Kimya A.S.

Alkim Alkali Kimya produces and sells chemical materials and paper products in Turkey and internationally. Co. offers sodium sulphate for use in detergent, paper, glass, textile and chemical industries. Co. manufactures natural raw salts, common salts and industrial type of salts. Co. manufactures liquid magnesium chloride for the manufacturing of fire-resistant sheets. Co. offers leonite, a fertilizer for crops sensitive to chloride. Co. also offers paper products. In addition, Co. operates a chromite mine in Eskisehir region of Turkey; and produces glauberite and tenardite, as well as provides insurance services.

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TRAALKIM91E0 Istanbul Stock Exchange Turkey

Provider

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

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Analysts

Erdem Hafizoglu

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BGC Partners: 4Q19 EARNINGS REVIEWS: AEFES (better), ALKIM (positive), BIZIM (in line)

Anadolu Efes reported a net profit of TL183mn (+56% YoY) in 4Q19, better than market consensus of TL100mn and our expectation of TL138mnâ€¦ EBITDA (the companyâ€™s calculation and including IFRS-16 impact) came in at TL862mn (+47% YoY) also better than consensus (TL687mn) and our expectation (TL749mn). Main deviation from our estimates was stronger than expected EBITDA in all segments and higher than expected income from other operations due to lower FX losses from operations. Net profit and EBITDA reached TL1,022mn (vs. TL12mn net loss in 2018) and TL4,051mn (+35% YoY) in 12M19, respectively....

EUR 107.75

February 28, 2020 February 28, 2020 5 EN

BGC Partners: TURKEY - Central Government Budget continued to improve in February

Finance Ministry released February Central Government budget figures and the data showed further improvement in budget balances, as already suggested by the Treasury cash budget figures.

EUR 107.75

March 16, 2020 March 16, 2020 1 EN

Cagdas Dogan

Cagdas Dogan

BGC Partners: TURKEY - CBT Expectation Survey: No major change in inflation forecasts and a 50bps rate cut expectation from the CBT next week...

OUR TAKE: We observe no major change in inflation expectations, as the positive surprise in February reading seems to be offset by increased depreciation pressure on TL, while 2020 GDP growth forecast has been cut for the first time since July 2019. Meanwhile, there seems to be a 50bps rate cut expectation from the CBT in next weekâ€™s meeting, 100bps over the next three months, and 175bps over the next twelve months. We currently plug in a 50bps rate cut in our forecasts in next weekâ€™s meeting, followed by a 25bps in the April meeting. (CBT, BGC Partners)

EUR 107.75

March 13, 2020 March 13, 2020 2 EN

Cagdas Dogan

Cagdas Dogan

BGC Partners: TURKEY - Retail sales volume maintained a strong trend in January

According to Turkstat, retail sales volume registered a 9.6% y/y expansion in January 2020 in unadjusted terms; while the calendar-adjusted figure also increased by 9.6% y/y in January, which is a quite strong figure, albeit indicating a mild slow down compared to the 11.9% increase recorded in December 2019.

EUR 107.75

March 13, 2020 March 13, 2020 2 EN

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BGC Partners: ALKIM 4Q18 - Operationally Weaker

Alkim Alkali Kimya: 1 director

Monthly LMI Update Independent Investment Research

BGC Partners: 4Q19 EARNINGS REVIEWS: AEFES (better), ALKIM (positive), BIZIM (in line)

BGC Partners: TURKEY - Central Government Budget continued to improve in February

BGC Partners: TURKEY - CBT Expectation Survey: No major change in inflation forecasts and a 50bps rate cut expectation from the CBT next week...

BGC Partners: TURKEY - Retail sales volume maintained a strong trend in January

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