BGC Partners - Dogus Otomotiv <DOAS TI> 1Q19 Earnings Review - lower than expected
Dogus Otomotiv reported 1Q19 net loss of TL69mn (vs. 1Q18 net profit of TL81mn), lower than expected. The reported net loss at TL69mn is lower than our net loss estimate of TL36mn and consensus net loss estimate of TL23mn. The footnotes to financial statements do not indicate the impact of the adoption of IFRS 16 on the income statement – but only balance sheet – and therefore, we conclude that the impact of IFRS 16 on the bottom line is negligibleDogus 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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