BGC PARTNERS - BIMAS UPGRADED TO BUY
BIMAS - UPGRADED TO BUY: 4Q17 results released on March 7 brought no surprises at first glance, with a 2% beat at the revenue line. However, the slight beat at the top-line was owing to an outstanding 16.2% LFL revenue growth in BIM operations at home. That is a strong indicator for 1Q18 in our view, given the prevailing high processed food inflation of 13.3% y/y as well as headline CPI of 10.3% as of Feb. Around 20% growth looks achievable in both 2018E and 2019E now and strong top-line prospects justify some re-rating to last three year averages in our view. UPGRADED to BUY from HOLD w/TP of TL85.2 (16% including 2.6% div'd yield).Bim Birlesik Magazalar is engaged in operating retail stores through its retail shops throughout Turkey, which sell an assortment of approx. 600 items, including a number of private labels. Co.'s object is to offer consumers basic food items and consumer goods at discount prices with quality. Co.'s private labels provides its consumers with quality tasting sausage, salami and similar meat products while at the same time being suitable to the consumers family budget. Products include meat products, breakfast and dairy products, beverages, legumes and bakery, snacks and sweets, fruits and vegetables, frozen foods, and non-food items - cleaning supplies.
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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