BGC Partners - Ford Otomotiv Sanayi A.S. (FROTO) BGC Partners: Ford Otosan 1Q19 Earnings Review â€“ In line, 2019E export guidance revised up

Report

BGC Partners

Berna Kurbay

EUR 103.73 For Business Accounts Only

BGC Partners: Ford Otosan 1Q19 Earnings Review â€“ In line, 2019E export guidance revised up

Ford Otosan reported 1Q19 net profit of TL478mn (+11% y/y), in line with expectations. The reported 1Q19 net profit is 1% lower than consensus and our expectation. The positive surprise is the upward revision to the companyâ€™s export guidance, now pointing to 340k-350k units vs. 320k-330k units before. We maintain BUY rating on Ford Otosan with a 12-mth TP of TL65.5/sh and we will go through our model with the 1Q19 findings as well as the revised guidance. Ford Otosan will hold a meeting/conference call today on the results.

30/04/2019 4 EN

Underlying

Ford Otomotiv Sanayi A.S.

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).

See profile

TRAOTOSN91H6 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

See profile

Analysts

Berna Kurbay

Other Reports on these Companies

Wood and Company

The Rear-View Mirror – EME markets: Turkish ISE back in the lead

EME Equity Market – February 2026 Muted performance across the region, with the Turkish ISE the best performer. The MSCI EM Europe Index declined by 0.7% mom in EUR terms and 2.1% mom in USD terms in February. The Turkish ISE was the top performer, adding 5.4% mom in EUR terms; while the Polish WIG and the Romanian BET improved slightly (+0.9% and +0.3% mom, respectively, in EUR terms). The Czech PX and the Greek ASE were the worst performers (-4.9%, and -3.0% mom, respectively, in EUR terms), while the Hungarian BUX declined by 0.3% mom in EUR terms.

March 3, 2026 March 3, 2026 1 EN

Wood and Company

WOOD Daily: THEON NA; DSPW CP; MOL HB; MOL HB; ELPE GA; FROTO TI

HEADLINES: • Theon International: 4Q25 trading update - strong margin beat POSITIVE • Doosan Skoda Power: signed a contract for turbine delivery in Dukovany NEUTRAL • MOL: asks for crude oil from the Strategic Reserve NEGATIVE • MOL: 4Q25E – results preview (due on 20 February) NEUTRAL • HELLENiQ Energy: consortium with Chevron signs concession for four new offshore E&P blocks NEUTRAL • Ford Otosan: proposes distribution of TRY 3.64 DPS NEUTRAL

February 17, 2026 February 17, 2026 1 EN

Wood and Company

WOOD Daily: BFT PW; ING PW; MBK PW; CAR PW; VGO PW; GEKTERNA GA; DIGI RO; FROTO TI; TOASO TI; THYAO TI; MCOVB SS

HEADLINES: • Benefit Systems: grow baby, grow! (BUY - transfer of coverage) • ING BSK: 4Q25 results beat; solid DPS guidance; recent share price rally might have consumed part of the upside • mBank: solid 4Q25; rather cautious on the 2026E revenue outlook NEUTRAL • Inter Cars: January sales increase by 4.0% yoy NEGATIVE • VIGO Photonics: 4Q25E results preview – solid yoy adjusted EBITDA improvement expected (due on 16 March) • GEK Terna: seals c.EUR 1bn of Romanian railway projects – positive, but expected POSITIVE • DIGI Communications: about to issue new shares to its current shareholder bas...

February 10, 2026 February 10, 2026 1 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 103.73

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 103.73

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 103.73

March 13, 2020 March 13, 2020 2 EN

Sign-up for free to access full reports immediately

Email Address*

Choose Password* ( 6 or more characters )

Due to regulatory restrictions regarding the distribution of financial research, this report is restricted to a specific region or investor type. Get access to exclusive reports by answering the questions below.

Select your country*

Get financial insights straight to your inbox

By clicking "register" you accept the Terms and Conditions & Privacy Policy

Already on ResearchPool?

Almost there...

Are you a professional investor?

Select your country

REGISTER

Create a free ResearchPool account to access full reports, get a personalised dashboard and follow providers or companies

In order to access this report please create an account.

LOGIN

BGC Partners: Ford Otosan 1Q19 Earnings Review â€“ In line, 2019E export guidance revised up

The Rear-View Mirror – EME markets: Turkish ISE back in the lead

WOOD Daily: THEON NA; DSPW CP; MOL HB; MOL HB; ELPE GA; FROTO TI

WOOD Daily: BFT PW; ING PW; MBK PW; CAR PW; VGO PW; GEKTERNA GA; DIGI RO; FROTO TI; TOASO TI; THYAO TI; MCOVB SS

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

Create a free ResearchPool account to access full reports, get a personalised dashboard and follow providers or companies

Sign-up for free to access full reports immediately

ResearchPool Subscriptions

Get the most out of your insights

Why subscribe?

How to subscribe

ResearchPool Subscriptions

This report is only available to subscribers

Why subscribe?

How to subscribe