BGC Partners - BGC Partners: SELCUK ECZA 1Q19 - Better

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BGC Partners

Erdem Hafizoglu

EUR 103.41 For Business Accounts Only

BGC Partners: SELCUK ECZA 1Q19 - Better

Selcuk Ecza reported a net income of TL253.3mn in 1Q19 (+66.6%, y/y), better (consensus: TL195mn, BGC: TL193mn)â€¦ There was a 26.4% rise in pharmaceuticals prices (EUR adjustment) in February 2019; the rise in prices helped Selcuk Ecza to post strong margins in 1Q19, thanks to growing top line and inventory gains (we expect the impact to fade significantly in 2Q19). Revenues of TL4,163mn in 1Q19 (+26.8%, y/y) were in line with estimates (consensus: TL4,184mn, BGC: TL4,171mn), but the company posted TL279.6mn EBITDA in the quarter at an impressive 6.7% margin, exceeding market estimates (consensus: TL228mn, 5.5% margin, BGC: TL224mn, 5.4% margin).

13/05/2019 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)

EUR 103.41

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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 103.41

March 13, 2020 March 13, 2020 2 EN

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BGC Partners: SELCUK ECZA 1Q19 - Better

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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