BGC Partners - Datagate Bilgisayar Malzemeleri TAS (DGATE) BGC Partners: DATAGATE 4Q18 Earnings â€“ BETTER

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BGC Partners

Erdem Hafizoglu

EUR 103.53 For Business Accounts Only

BGC Partners: DATAGATE 4Q18 Earnings â€“ BETTER

Datagate posted TL6.8mn net income in 4Q18 (3Q18: TL2.7mn, 4Q17: TL12.3mn) vs. our TL2.3mn estimate, better... The weakness in Datagate's revenues continued as Turk Telekom continues to apply strict rules in the contracted phone sales which is affecting especially high-priced cell phones (such as the new iPhone series).

18/02/2019 2 EN

Underlying

Datagate Bilgisayar Malzemeleri TAS

Datagate Bilgisayar Malzemeleri Ticaret AS. Datagate Bilgisayar Malzemeleri Ticaret AS is a Turkey-based computer and computer peripherals distributor. The Company distributes, markets and offers logistics and after-sale services for more than 1,000 computers and computer accessories of international brands, such as Seagate, Intel, Acer, Fujitsu, Belkin, Sapphire, Vestel, genius, Samsung and Transcend, among others. The Company's product portfolio includes microprocessors, hard discs, memory units, optical units, motherboards, tapes, video accelerator cards, monitors and various types of hardware supporting software. The Company distributes its products to wholesale companies and retailers. As of December 31, 2011, its main shareholder was Indeks Bilg. A.S. (59.24%).

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TREDGTE00010 Istanbul Stock Exchange Turkey

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

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Analysts

Erdem Hafizoglu

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BGC Partners

BGC Partners: Datagate <DGATE TI> posted TL6.2mn net income in 4Q19 (3Q19: TL4.8mn, 4Q18: TL6.8mn), in line but weak set of results (BGC: TL6.8mn)...

Despite the new region from Turk Telekom as of 1 April 2019, Datagate posted a weak results despite positive seasonality in 4Q19 mainly to 1) SCT increase on smartphone purchases on 1st of May 2019 from 25% to 40-50% (which is affecting especially high-priced cell phones such as iPhone series), 2) declined sales volume of Huawei phones after US-China tension, and 3) price increases. Turk Telekom continues to apply strict rules in the contracted phone sales (with more careful rules and parameters) which takes its toll on Datagate's revenues and margins.

EUR 103.53

February 17, 2020 February 17, 2020 3 EN

BGC Partners: TURKEY - Central Government Budget continued to improve in February

Finance Ministry released February Central Government budget figures and the data showed further improvement in budget balances, as already suggested by the Treasury cash budget figures.

EUR 103.53

March 16, 2020 March 16, 2020 1 EN

Cagdas Dogan

Cagdas Dogan

BGC Partners: TURKEY - CBT Expectation Survey: No major change in inflation forecasts and a 50bps rate cut expectation from the CBT next week...

OUR TAKE: We observe no major change in inflation expectations, as the positive surprise in February reading seems to be offset by increased depreciation pressure on TL, while 2020 GDP growth forecast has been cut for the first time since July 2019. Meanwhile, there seems to be a 50bps rate cut expectation from the CBT in next weekâ€™s meeting, 100bps over the next three months, and 175bps over the next twelve months. We currently plug in a 50bps rate cut in our forecasts in next weekâ€™s meeting, followed by a 25bps in the April meeting. (CBT, BGC Partners)

EUR 103.53

March 13, 2020 March 13, 2020 2 EN

Cagdas Dogan

Cagdas Dogan

BGC Partners: TURKEY - Retail sales volume maintained a strong trend in January

According to Turkstat, retail sales volume registered a 9.6% y/y expansion in January 2020 in unadjusted terms; while the calendar-adjusted figure also increased by 9.6% y/y in January, which is a quite strong figure, albeit indicating a mild slow down compared to the 11.9% increase recorded in December 2019.

EUR 103.53

March 13, 2020 March 13, 2020 2 EN

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BGC Partners: DATAGATE 4Q18 Earnings â€“ BETTER

Monthly LMI Update Independent Investment Research

Datagate Bilgisayar Malzemel: 1 director sold

BGC Partners: Datagate <DGATE TI> posted TL6.2mn net income in 4Q19 (3Q19: TL4.8mn, 4Q18: TL6.8mn), in line but weak set of results (BGC: TL6.8mn)...

BGC Partners: TURKEY - Central Government Budget continued to improve in February

BGC Partners: TURKEY - CBT Expectation Survey: No major change in inflation forecasts and a 50bps rate cut expectation from the CBT next week...

BGC Partners: TURKEY - Retail sales volume maintained a strong trend in January

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