BGC Partners - Pinar Sut Mamulleri Sanayii A.S. (PNSUT) BGC Partners: Pinar Sut PNSUT TI reported a net profit of TL17.5mn in 1Q19, in line (BGC: TL17.5mn), operationally weakerâ€¦

Report

BGC Partners

Erdem Hafizoglu

EUR 105.92 For Business Accounts Only

BGC Partners: Pinar Sut <PNSUT TI> reported a net profit of TL17.5mn in 1Q19, in line (BGC: TL17.5mn), operationally weakerâ€¦

â€¦ Similar to Tat Gida and Pinar Et , we believe that competition, especially from discount markets and private label products, took its toll from the volume growth of the company. Pinar Sut posted TL379.2mn revenues in the quarter (up by a mere 4.1% y/y), below our TL400.5mn estimate.

02/05/2019 3 EN

Underlying

Pinar Sut Mamulleri Sanayii A.S.

Pinar Sut Mamulleri Sanayii is engaged in the processing, production and sales of milk, dairy products (milk, yoghurt, ayran, traditional and modern cheeses, butter, cream), fruit juice, mayonnaise, ketchups, puddings, honey, sauces, jams and jellies, desserts, and powder products. Co. sells its products under "Pinar"brand.

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TRAPNSUT91A5 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

Erdem Hafizoglu

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BGC Partners

BGC Partners: 4Q19 Earnings: PETKM (in line), DOAS (in line), PNSUT (better), PETUN (better)

Petkim reported a net profit of TL104mn (vs. TL44mn net loss in 4Q18) in 4Q19, in line with market consensus of TL103mn, but better than our expectation of TL41mn. The company posted an EBITDA of TL312mn (+653% YoY), better than market consensus of TL281mn and BGC estimate of TL231mn. Main deviation from our expectations was a higher than expected top-line and lower operating expenses. Net profit and EBITDA reached TL813mn (-7% YoY) and TL1,531mn (+4% YoY) in 2019, respectively. We expect the earnings announcement to have a neutral impact on the stock performance. We do not expect Petkim to d...

EUR 105.92

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Fundamental Research

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

EUR 17.69

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 105.92

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 105.92

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 105.92

March 13, 2020 March 13, 2020 2 EN

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BGC Partners: Pinar Sut <PNSUT TI> reported a net profit of TL17.5mn in 1Q19, in line (BGC: TL17.5mn), operationally weakerâ€¦

Monthly LMI Update Independent Investment Research

BGC Partners: 4Q19 Earnings: PETKM (in line), DOAS (in line), PNSUT (better), PETUN (better)

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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