BGC Partners - BIM 1Q19 Earnings Review - Slightly lower than consensus
BIM reported 1Q19 net profit of TL215mn (-8% y/y) with IFRS 16; TL266mn (+13% y/y) without IFRS 16 adjustment, 7% lower than consensus and 2% higher than our expectation… We view the results in line, reflecting the margin pressures that were widely anticipated in 1Q19, although the bottom line is slightly lower than consensus. We rate BIM Buy with a 12-mth target price of TL96.2/share and will go through the results after hearing the management’s comments on outlook after today’s conference call, the details of which are provided at the end of this message.Bim Birlesik Magazalar is engaged in operating retail stores through its retail shops throughout Turkey, which sell an assortment of approx. 600 items, including a number of private labels. Co.'s object is to offer consumers basic food items and consumer goods at discount prices with quality. Co.'s private labels provides its consumers with quality tasting sausage, salami and similar meat products while at the same time being suitable to the consumers family budget. Products include meat products, breakfast and dairy products, beverages, legumes and bakery, snacks and sweets, fruits and vegetables, frozen foods, and non-food items - cleaning supplies.
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
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