BGC Partners - Ozak Gayrimenkul Yatirim Ortakligi AS (OZKGY) BGC Partners - OZKGY (Company Update - BUY (maintained), 68% upside)

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BGC Partners

Cagdas Dogan

EUR 107.60 For Business Accounts Only

BGC Partners - OZKGY (Company Update - BUY (maintained), 68% upside)

Deliveries in the flagship Buyukyali project have startedâ€¦ Deliveries in Ozak REITâ€™s flagship Buyukyali project have started as of September 2019. This means that the sales have finally started to flow through the P&L of the company, which will materially boost earnings over the coming quarters. NAV will expand accordingly by some 56% from 3Q19â€™s TL1.9bn to TL3.0bn by end-2020. We should note that Ozak has so far been able to sell slightly more than one-third of the project over the past three years but we think that sales momentum will gain pace, going forward, supported by lower interest rates and the fact that life will have fully started in the project with construction being finished by March 2020.

11/11/2019 8 EN

Underlying

Ozak Gayrimenkul Yatirim Ortakligi AS

Ozak Gayrimenkul Yatirim Ortakligi AS (Ozak GYO), an affiliate of Ozak Global Holding, is a Turkey-based company engaged in the real estate investment trust sector. It is a portfolio management company carrying out activities by investing in real estates, real estate-based projects and real estate-based capital market instruments in accordance with the principles and procedures set out by the arrangements of the Capital Markets Board on real estate investment trusts. It focuses on land development, project development, urban transformation and real estate projects. Its portfolio includes five lands and plots; two completed building and real estate projects, 34 Portall and Is Istanbul 34, as well as Ela Quality Resort Hotel real estate project which is Ozak GYO affiliate company. Ela Quality Resort Hotel is established on a total construction area of 110,000 square meters and its convention center consists of eight meeting halls, SPA&Wellness center, restaurants and recreational areas.

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TREOZAK00014 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

Cagdas Dogan

Other Reports on these Companies

Independent Investment Research

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August 6, 2021 August 6, 2021 10 EN

SmartInsider

Ozak Gayrimenkul Yatirim Ort: 1 director bought

A director at Ozak Gayrimenkul Yatirim Ort bought 1,220,000 shares at 3.410TRY and the significance rating of the trade was 67/100. 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. ...

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June 16, 2020 June 16, 2020 1 EN

Fundamental Research

Feasibility Study Results in December to be a Catalyst for this Junior

EUR 18.31

November 25, 2019 November 25, 2019 14 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 107.60

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 107.60

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 107.60

March 13, 2020 March 13, 2020 2 EN

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BGC Partners - OZKGY (Company Update - BUY (maintained), 68% upside)

Monthly LMI Update Independent Investment Research

Ozak Gayrimenkul Yatirim Ort: 1 director bought

Feasibility Study Results in December to be a Catalyst for this Junior

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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