BGC Partners: OTOKAR / 1Q19 Earnings and Rec Change / Downgrading to HOLD (from BUY)
Otokar reported 1Q19 net loss of TL11mn (vs. net loss of TL28mn in 1Q18, in line... The 66% y/y increase in revenue to TL419mn was driven by the bus exports, with export share of revenue jumping to 73% in 1Q19 vs. 27% in 1Q18. Unlike initially planned, no revenue was recorded from the UAE project in 1Q19, as there was a delay in tests and approvals at the client-end. However, this is merely a shift of deliveries to the subsequent quarters and would not change the full-year revenue targets, according to our understanding. Yet, the lack of revenue from the Al Jasoor (UAE) project and weak domestic commercial vehicle sales pulled the bottom line to the red in 1Q19.Otokar 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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