BGC Partners: BIZIM TOPTAN 3Q19 Earnings Review - slightly better
Bizim Toptan’s 3Q19 net profit is slightly better than expectations. The positive deviation from our forecasts stems from higher tobacco revenue with higher than expected gross margin of 4.4% in 3Q19 (thanks to inventory gains). Although the top line growth of 23% in the first nine months of 2019 renders the company’s full-year guidance of >25% slightly aggressive, we do not see downside risk to 2019 net profit guidance of >TL29mn, based on the performance so far (9M19 net profit: TL22mn) and expect the results to be taken positively by the market.
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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