BGC Partners - Koc Holding A.S. (KCHOL) BGC Partners: KCHOL 4Q19 - SLIGHTLY BETTER

Report

BGC Partners

Berna Kurbay

EUR 103.27 For Business Accounts Only

BGC Partners: KCHOL 4Q19 - SLIGHTLY BETTER

Koc Holdingâ€™s 4Q19 net profit of TL1,110mn is higher compared with the earnings reports of the underlying companies, according to our calculations; with around TL150mn in excess contribution from unlisted companies and/or strong financial income at the holding level. Consensus 4Q19 net profit expectation was TL877mn, with the market having underestimated Tupras , YKB , Ford Otosan and Tofasâ€™ earnings to some extent too.

17/02/2020 3 EN

Underlying

Koc Holding A.S.

Koc Holdings is an investment holding company. Through its subsidiaries, Co. is engaged in the business of natural gas, marketing, petroleum shipping, liquefied petroleum gas, power generation, production and trading of petroleum products and mining in the energy sector, production, trading, insurance and car rental in the automotive sector, production and sales, procurement, research and developement in the consumer durables sector, consumer finance, banking, custody, financial consulting, leasing, brokerage, real estate and portfolio management and brokerage banking in the finance sector, and tourism, trading, technology, ship construction and foreign trade in the other sectors.

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TRAKCHOL91Q8 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

Ünlü&Co

Model Portfolio Update

We believe that Koc Holding offers a wide discount (32% to CNAV), improving reported EPS (likely to be supported by lower monetary losses) coupled with multi-engine subsidiary sequential earnings momentum (YKBNK, TUPRS, FROTO, TOASO) and balance-sheet optionality leading to a credible rerating. We see scope for CNAV gap closure as macro rates drift lower and foreign participation normalizes. Details of our reasoning are: House View on Key Subsidiaries Is Positive: We have a constructive view on Koc Holding’s core subsidiaries, which collectively account for 75% of our Target NAV (“TNAV”). Yap...

EUR 57.37

August 28, 2025 August 28, 2025 1 EN

Ünlü&Co

Koc Holding - Attractive discount to NAV. Higher EPS visibility & quality in 2H25E. Buy.

Increasing 12M TP to TL285, Positive View on Key Subs and 2H25 EPS outlook, Buy Reiterated: We have raised our 12-month target price for Koc Holding (“Koc”) by 4% to TL285/share, implying 59% upside potential (compared to 37% for our full coverage and 34% for our ex-bank coverage). Accordingly, we reiterate our Buy rating on Koc. We maintain a positive view on Koc’s key subsidiaries and consider the 30% discount to its current NAV (“CNAV”) attractive—particularly given the tangible improvement in Turkey’s CDS, which we believe is relevant for Koc due to its proxy status. Despite this, the disc...

EUR 57.37

August 1, 2025 August 1, 2025 1 EN

Moody's Investors Service

Moody's Ratings withdraws Koc Holding's ratings

Moody's Ratings (Moody's) has withdrawn all credit ratings of Koc Holding A.S. (Koc Holding), including the Ba3 corporate family rating, Ba3-PD probability of default rating and the Ba3 rating on the company's $750 million senior unsecured notes due in March 2025. The outlook prior to withdrawal was...

EUR 151.69

August 8, 2024 August 8, 2024 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 103.27

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 103.27

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 103.27

March 13, 2020 March 13, 2020 2 EN

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BGC Partners: KCHOL 4Q19 - SLIGHTLY BETTER

Model Portfolio Update

Koc Holding - Attractive discount to NAV. Higher EPS visibility & quality in 2H25E. Buy.

Moody's Ratings withdraws Koc Holding's ratings

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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