Turkish Auto Sales – 1Q18
We prefer Tofas among the three, but Ford Otosan is likely to report better 1Q18 results due to exports… We expect Ford Otosan to increase unit exports by c8% in 1Q18 (2M18A: +13%), whereas Tofas is likely to note a c13% contraction (2M18A: -16%) due to high base. Exports comprise c70% of the top line for both companies. Dogus Otomotiv generates its entire sales in Turkey but the increase in unit sales in 1Q18 is unlikely to be reflected onto the bottom line due to higher cost pressures from a weaker TL and higher interest rates y/y which are likely to raise the company’s financial costsDogus 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.
Ford Otomotiv Sanayi is an automobile manufacturing company based in Turkey. Co. operates as a joint venture between Ford Motor Company and the Koc Group of Companies. Co. is engaged in manufacturing, assembling and selling motor vehicles, primarily commercial vehicles, imports and sells passenger cars and manufactures and imports and sells spare parts of those vehicles. Co. has two plants located in Kocaeli and Eskisehir, has a spare part distribution warehouse in Kartal, Istanbul and a branch in Tubitak Marmara Research Centre, Gebze Campus Technological Free Zone (TEKSEB).
Turk Otomobil Fabrikasi is an automobile manufacturing group based in Turkey. Co. is engaged in manufacturing, assembly and trading of passenger cars and engines, equipment and spare parts. Co. manufactures passenger cars and light commercial vehicles at its plant near Bursa under licenses from Fiat Auto S.p.A. Co., which is a member of Koc Holding A.fi. and Fiat Group, also produces various automotive spare parts used in its automobiles. Co. manufacturing facilities are located in Bursa. Co. also is engaged in the production of Doblo modellight commercial vehicles in Turkey for Fiat.
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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