BGC Partners - Anadolu Cam Sanayi A.S. (ANACM) ANADOLU CAM 2Q18 - BETTER

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BGC Partners

Ezgi Yilmaz

EUR 104.01 For Business Accounts Only

ANADOLU CAM 2Q18 - BETTER

TL166m NI in 2Q 37% higher than cons while EBITDA at TL188m is c5% above. Main deviation from was a net tax income of TL53mn (BGC TL4m) in 2Q18 parallel to the investment incentive for the new furnace. Increased price levels both in Turkey and Russia, better sales mix, increasing efficiency and higher CUR supported EBITDA, despite higher general production expenses with 25% increase in natural gas prices in Turkey, higher soda ash prices and higher packaging costs. ANACM noted that the company started to implement second round of price increases in 2H18, so average price increase in Turkey is expected to reach 15% in 2018. Higher bottom-line may have positive impact at the open but also as a reminder ANACM outperformed the mkt by 50% ytd.

30/07/2018 4 EN

Underlying

Anadolu Cam Sanayi A.S.

Anadolu Cam Sanayii AS (Anadolu Cam) is the glass packaging Company of Sisecam Group, based in Turkey. It manufactures and markets glass packages in various volume and colors for different industries. These are food, water, mineral water, milk, beer, wine and beverages including high alcohol ones as well as pharmaceuticals and cosmetics sectors. The product portfolio includes green, amber and forehearth-colored containers ranging from six to 8,000 cubic centimeters. Production is carried out in four countries, with a total of 10 production facilities, three of which are located in Istanbul, Mersin and Yenisehir, Turkey, whereas the foreign production facilities are located in Russia, Ukraine and Georgia.

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TRAANACM91F7 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

Ezgi Yilmaz

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TheScreener

By reducing its risk exposure, ANADOLU CAM SANAYII AS improves to Slightly Positive

ANADOLU CAM SANAYII AS (TR), a company active in Containers & Packaging, reduces its risk exposure and improves its general evaluation despite the loss of a fundamental star(s). The independent financial analyst theScreener has removed a fundamental star(s) of the title, which now shows 3 out of 4 stars; conversely, its market risk is now considered lower and can be described as defensive. Despite the loss of a star, theScreener upgrades the general evaluation of the title to Slightly Positive. As of the analysis date April 21, 2020, the closing price was TRY 3.75 and its potential was estimat...

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April 22, 2020 April 22, 2020 6 EN

Ünlü&Co

Sisecam

We expect to see a re-rating in Sisecam in the medium term, owing to an increased free float Mcap of possibly more than USD1bn, as well as an increase in the liquidity and foreign ownership in free float post-merger. We have undertaken a sensitivity analysis incorporating four different scenarios on merger/swap ratios, adjusted for our estimates of gross dividends to be distributed before the merger. We raise our target price by 4% to TL7.1, along with the slight revision to estimates after the 2019 results and maintain our BUY rating. Sisecam trades at 6.6x 2020e P/E, a 57% discount to its in...

EUR 57.79

February 10, 2020 February 10, 2020 20 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 104.01

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 104.01

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 104.01

March 13, 2020 March 13, 2020 2 EN

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ANADOLU CAM 2Q18 - BETTER

Monthly LMI Update Independent Investment Research

By reducing its risk exposure, ANADOLU CAM SANAYII AS improves to Slightly Positive

Sisecam

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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