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BGC Partners: TOASO 4Q19 Earnings Review - Better than expected earnings, underwhelming 2020 volume guidance
Tofas reported 4Q19 net profit of TL450mn (+38% y/y), better than expected. The reported net profit is 12% higher than consensus and 24% above our estimate. Although part of the positive surprise for us is owing to the fact that once again the company reported a tax income (albeit little) in 4Q19 vs. our expectation of tax expense, Tofas’ 4Q19 PBT beat our expectation by 12% still
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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
Berna Kurbay
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