BGC Partners - BGC Partners: INDES - IN LINE: Indeks Bilgisayar INDES TI reported a net income of TL39.2mn in 4Q19 (3Q19: TL17.2mn, 4Q18: TL74.7mn), in line (BGC: 38.9mn) but good set of results as expected.

Report

BGC Partners

Erdem Hafizoglu

EUR 107.77 For Business Accounts Only

BGC Partners: INDES - IN LINE: Indeks Bilgisayar <INDES TI> reported a net income of TL39.2mn in 4Q19 (3Q19: TL17.2mn, 4Q18: TL74.7mn), in line (BGC: 38.9mn) but good set of results as expected.

As indicated by tax office financials on 17 February, Indeks Bilgisayar posted successful quarterly results thanks to robust performance on the PC, server, storage and other IT products front and on the consumer segment, despite relatively weaker Datagate numbers. The company reported TL1,960mn revenues in the seasonally strongest quarter (3Q19: TL1,025mn, 4Q18: TL833mn), in line with our TL1,940mn estimate.

10/03/2020 3 EN

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

See profile

Analysts

Erdem Hafizoglu

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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.

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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)

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

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BGC Partners: INDES - IN LINE: Indeks Bilgisayar <INDES TI> reported a net income of TL39.2mn in 4Q19 (3Q19: TL17.2mn, 4Q18: TL74.7mn), in line (BGC: 38.9mn) but good set of results as expected.

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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