BGC Partners: OTKAR 2Q19 Earnings Review
Otokar reports 2Q19 net profit of TL206mn (vs. 2Q18 net loss of TL51mn), better than expected. The reported 2Q19 net profit is 26% higher than consensus and 34% higher than our estimate, owing to better operating profitability – mainly gross margin - than we had expected. As a reminder, the company delivered US$63mn worth of armored vehicles as part of the UAE order in 2Q19 (amounting to TL370mn) in 2Q19, including the part delayed from 1Q19Otokar Otomotive Ve Savunma Sanavi is engaged in the import, manufacture, assembly, sale and export of bodies, engines, and all other components of all kinds of land, sea and air defense vehicles, as well as security vehicles, commercial buses, trucks, minibuses, midibuses, panel vans, cross-country vehicles, etc. Co.'s primary focus is on the production of Land Rover 4x4 and minibuses.
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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