BGC Partners: Dogus Otomotiv 4Q19 Earnings Review, in line
Dogus Otomotiv reported 4Q19 net profit of TL79mn (vs. TL4mn in 4Q18), in line with consensus, higher than our expectation. We expected a net profit of TL56mn while the consensus expectation was TL71mn. The higher than expected net profit vs. our expectation is due to 1) Higher than expected contribution from associates through equity pick-up method materializing at TL60mn (+45% y/y and -3% q/q) vs. our expectation of TL41mn, 2) Net tax expense of TL4mn (effective tax rate -6%) vs. our expectation of -TL14mn (-20% effective tax rate). The Board proposed to pay no cash dividends as there is a loss in the statutory (tax) financial statements. The company will hold an analyst meeting today.Dogus Otomotiv Servis Ve Ticaret is an automotive importer and distributor in Turkey. Co. represents 14 international brands each of which is engaged in the following sectors: Passenger cars, Light commercial vehicles, Heavy commercial vehicles, Industrial and marine engines, and Cooling systems.Co. provides its individual and corporate customers with a portfolio of more than 80 models. Co. competes in the industrial and marine engines market by representing the brand Scania Engines and in the cooling systems market representing Thermo King brand. Co.'s sales and service network is comprised of over 500 contact points.
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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