BGC Partners - BGC Partners: SISECAM Company Update SISE TI Downgraded to HOLD

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BGC Partners

Ezgi Yilmaz

EUR 137.69 For Business Accounts Only

BGC Partners: SISECAM Company Update <SISE TI> Downgraded to HOLD

â€¢ Downgraded to HOLDâ€¦ We revised up our ex-dividend TP for Sisecam by 5.5%, from TL6.16 to TL6.50/share due to 5-8% upward revisions in TPs of listed subsidiaries, adjusting for the latest net debt positions and using updated peer multiples. We are downgrading Sisecam to HOLD due to rich valuation as indicated by negative upside and 23% premium to current NAV vs. 2-year historical average discount of 3%. Sisecam outperformed the BIST100 index by 25% and the stock price increased by 40% in the last 3-months. With 2019E EV/EBITDA and P/E multiples of 5.3x and 7.8x, Sisecam is trading at par and 29% discount to its international peers, respectively. We continue to prefer Soda Sanayi among glass companies.

27/02/2019 10 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

Ezgi Yilmaz

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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

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.

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BGC Partners: SISECAM Company Update <SISE TI> Downgraded to HOLD

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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