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BGC Partners: Turkey - 4Q19 EARNINGS PREVIEW
Aggregate results: We present 4Q19 forecasts for the companies under our coverage, including the impact of the IFRS16 standard, where y/y comparisons may not be meaningful at the affected companies, unless otherwise stated. We expect aggregate earnings to drop by 11% y/y in 4Q19, driven by the 18% y/y decline in non-financials’ earnings while banks’ earnings decline by only 1% y/y. We note that TL lost 5.9% against the equally-weighted exchange rate basket in 4Q19 vs a gain of 14.6% in 4Q18. Accordingly, companies with short foreign currency positions recorded losses in 4Q19 vs. even higher gains in 4Q18, part of the reason for the y/y contraction in earnings in 4Q19.
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
Berna Kurbay
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