BGC Partners - Koza Altin Isletmeleri AS (KOZAL) BGC Partners: KOZAL 4Q19 Earnings- Lower due to one-off expenseâ€¦

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BGC Partners

Erdem Hafizoglu

EUR 107.51 For Business Accounts Only

BGC Partners: KOZAL 4Q19 Earnings- Lower due to one-off expenseâ€¦

Koza Altin reported TL507.0mn net income in 4Q19 (3Q19: TL526.3mn, 4Q18: TL191.0mn), lower (BGC: TL556mn, consensus: TL564mn) due mainly to TL74mn one-off expenseâ€¦ The company sold a robust 109.9k oz gold in 4Q19 (3Q19: 97.9k oz, 4Q18: 74.3k oz), above our 95k oz estimate, closing the year with 353k oz at the upper end of the revised guidance of 330-355k oz (from 300-320k oz after 3Q19 results).

28/02/2020 3 EN

Underlying

Koza Altin Isletmeleri AS

Koza Altin Isletmeleri AS. Koza Altin Isletmeleri AS is a Turkey-based company established to explore and operate gold mines in Turkey. The Company had a gold production of approximately 338,182 ounces in the 12 months of 2012. As at 31 December 2012, it had 53 operating licenses and 406 exploration licenses throughout Turkey in the Aegean and Marmara regions, the Black Sea region and Central and Eastern Anatolia. The Company owns four operating mines: an underground mine at Ovacik, a mine at Mastra & Cukuralan where it utilizes both underground and open pit mining methods, a mine in Cukuralan where it utilizes both underground and open pit mining methods and an open pit mine at Kaymaz.

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TREKOAL00014 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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SmartInsider

Koza Altin Isletmeleri As: 1 director

A director at Koza Altin Isletmeleri As bought 200,000 shares at 28.620TRY and the significance rating of the trade was 65/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. The ...

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March 21, 2023 March 21, 2023 1 EN

Ünlü&Co

Top Picks Portfolio

Including Akbank to our model portfolio, while removing Koza Gold: We are including Akbank to our model portfolio, while excluding Koza Gold. Akbank underperformed BIST banking index by 9% ytd and was the worst performing large cap private bank. We believe this underperformance is not justified. The bank has one of the highest amount of CPI linkers in comparison to its equity (83%) among private banks, which is offering a protection against the inflation. We expect nominal profits to continue rising in 2H22 and anticipate TL52.8bn net income (+336% y/y) indicating 50% ROE. We are observing a d...

EUR 59.73

August 16, 2022 August 16, 2022 1 EN

Ünlü&Co

Koza Gold

We revise our estimates, which incorporate a weaker TL and margin gains, due to currency mismatches regarding revenues (100% in USD) and costs (60% in TL), and slightly higher gold reserves. Hence, we maintain BUY ratings and raise target prices for Koza Gold, to TL226 (vs TL171), and Koza Anadolu, to TL36 (from TL28.3) per share. With the approval of the bill authorizing the SDIF regarding asset sales and dividend distributions for Koza-Ipek Holding assets, we expect to see developments become more aligned with the government’s strategy going forward. We believe prospects regarding dividend d...

EUR 59.73

June 17, 2022 June 17, 2022 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 107.51

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 107.51

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 107.51

March 13, 2020 March 13, 2020 2 EN

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BGC Partners: KOZAL 4Q19 Earnings- Lower due to one-off expenseâ€¦

Koza Altin Isletmeleri As: 1 director

Top Picks Portfolio

Koza Gold

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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