BGC PARTNERS - 1Q18 PETKIM: WORSE
PETKM - LOWER: TL131mn NI in 1Q18 much lower than mkt cons of TL276mn while EBITDA of TL218mn in 1Q18 was lso lower than mkt's TL374mn. Main deviation from our expectations was significantly weak gross margin (1Q18: 15.4% vs. our expectation of 24.5%) due to higher naphtha costs. We expect the earnings announcement to have a negative impact on the stock.Petkim Petrokimya Holdings is engaged in the production of petrochemical products. The product portfolio of Co. comprises goods such as thermoplastics, fibers, and raw material for paints, products which constitute primary inputs for a number of industries. These products are also used for the plastic, chemical, packaging, piping, paint, construction, agriculture, automotive, electricity, electronics, and textiles industries, as well as the pharmaceutical, detergent, and cosmetics sectors. Co. sells its products in the domestic market and in international markets.
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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