BGC Partners: Brisa <BRISA TI> reported net profit of TL39.7mn in 4Q19 (4Q18: TL20.7mn, consensus: TL46mn; BGC: TL53mn), lower than expected, operationally in line...
Brisa produced 11.76mn tires in 2019 at 84% CUR, up by 2.9% vs. 11.44mn in 2018 at 88.8% CUR (recall that the capacity increased due to the Aksaray plant). In the seasonally weaker 4Q, the company sold 2.97mn tires in 4Q19 (domestic: 1.56mn, int’l: 1.41mn), up by a mere 3.1% y/y (domestic: +4.3%, exports: +1.7%)), slightly below our 3.08mn estimate (3Q19: 3.4mn, 2Q19: 2.9mn, 1Q19: 2.9mn). We believe that weak demand continues in the domestic market and exports seem to have decelerated in the last quarter.Brisa Bridgestone Sabanci Lastik Sanayi ve Ticaret is engaged in the manufacture and sale of vehicle tires for domestic and foreign brands.
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