BGC Partners - BGC Partners: Selcuk Ecza SELEC TI reported a net income of TL201.3mn in 2Q19 (+156.3%, y/y), better (consensus: TL162mn, BGC: TL150mn)â€¦

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BGC Partners

Erdem Hafizoglu

EUR 102.99 For Business Accounts Only

BGC Partners: Selcuk Ecza <SELEC TI> reported a net income of TL201.3mn in 2Q19 (+156.3%, y/y), better (consensus: TL162mn, BGC: TL150mn)â€¦

There was 26.4% rise in pharmaceuticals prices (EUR adjustment) in February 2019; so Selcuk Ecza posted very strong margins in the first quarter (thanks to growing top line and inventory gains). As expected, we see some decline in profitability in 2Q19 as the impact faded slightly, but the numbers are still strong and above market expectations.

20/08/2019 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

Other Reports from BGC Partners

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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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Cagdas Dogan

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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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March 13, 2020 March 13, 2020 2 EN

Cagdas Dogan

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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 102.99

March 13, 2020 March 13, 2020 2 EN

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BGC Partners: Selcuk Ecza <SELEC TI> reported a net income of TL201.3mn in 2Q19 (+156.3%, y/y), better (consensus: TL162mn, BGC: TL150mn)â€¦

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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