BGC Partners - Kordsa Global Endustriyel Iplik ve Kord Bezi Sanayi ve Ticaret A.S. (KORDS) BGC Partners: Kordsa KORDS TI reported a net income of TL98.2mn in 2Q19 (1Q19: TL93.0mn, 2Q18: TL74.7mn), slightly above consensus estimate of TL93.4mnâ€¦

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BGC Partners

Erdem Hafizoglu

EUR 104.02 For Business Accounts Only

BGC Partners: Kordsa <KORDS TI> reported a net income of TL98.2mn in 2Q19 (1Q19: TL93.0mn, 2Q18: TL74.7mn), slightly above consensus estimate of TL93.4mnâ€¦

Note that consensus estimate is the average of only three forecasts. Kordsa posted TL1,321mn in 2Q19 (+60.0% y/y) vs. TL1,298mn consensus estimate. The companyâ€™s EBITDA of TL209.8mn in 2Q19 (15.9% margin) is slightly above of consensus estimate of TL199.0mn, as Kordsa posted 15.9% EBITDA margin in the quarter vs.

06/08/2019 3 EN

Underlying

Kordsa Global Endustriyel Iplik ve Kord Bezi Sanayi ve Ticaret A.S.

Kordsa Sabanci Dupont Endustriyel lplik ve Kord Bezi Sanayi ve Ticaret is engaged in the manufacture and trade of tyre cord fabric used as raw material for tyres, conveyor belt fabrics, chafer fabrics and other industrial fabrics used in industrial textiles industry. Co.'s predominant focus of operations is on products manufactured from nylon and polyester yarn, cord fabric and single end cord production. Co. serves the tire reinforcement and mechanical rubber markets with its wide product range. Co. serves its customers through operations in 10 facilities in nine countries spread over five continents.

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TRAKORDS91B2 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

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Analysts

Erdem Hafizoglu

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We are initiating coverage of Kordsa Teknik Tekstil ("Kordsa") with a Buy rating and a 12M TP of TL42.9/s, implying 32% upside potential. Kordsa has benefitted from rising tire cord fabric (TCF) demand post 3Q20 and its sales volume was up 40% y/y vs. 10% y/y global volume growth in 9M21. Both company and market research projections put TCF demand in NY66 and polyester above the 5Y average 2% growth rate, predicting 5.4% CAGR over 2021-2024. The recovery in composite demand is expected to pick up post 3Q22. Trading at a 2022E P/E of 6.4x and an EV/EBITDA of 5.6x (23% and 14% discounts, respect...

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Kordsa

We held a conference call with the senior management of Kordsa Global . Management emphasized 1) Challenges faced in 2020 and their longer-term implications; 2) Potential improvement in operating profitability into 2021, starting with 4Q20; 3) Room for lowering NWC and net debt/EBITDA in 2021; and 4) Continued, albeit prudent, monitoring of potential investments in international markets. Below are highlights: On a recovery path in the core tire cord business (82% of 2019 revenues), following a challenging 9M20: During 1Q20, the sudden disruption in Chinese TCF supply propelled the demand towa...

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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 104.02

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 104.02

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 104.02

March 13, 2020 March 13, 2020 2 EN

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BGC Partners: Kordsa <KORDS TI> reported a net income of TL98.2mn in 2Q19 (1Q19: TL93.0mn, 2Q18: TL74.7mn), slightly above consensus estimate of TL93.4mnâ€¦

Kordsa

Monthly LMI Update Independent Investment Research

Kordsa

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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