SISECAM 2Q18 - BETTER
TL691m NI in 2Q 38% higher than mkt cons while TL795m EBITDA is line. The deviation from our expectations stemmed from better than expected net profit from subsidiaries (SODA, TRKCM, ANACM and Pasabahce) in 2Q18 thanks to some non-operational items such as deferred tax income, revaluation gain and investment income. We expect the earnings announcement to have a positive impact on the stock performance.Turkiye Sise ve Cam Fabrikalari is a holding company. Through its subsidiaries, Co. operates predominantly in the manufacture of glass and chemicals. Co.'s activities encompass all the areas of glass-making (flat glass, glassware, glass packaging and glass fiber) and soda ash and chromium chemicals. Co. consists of five operational divisions: flat glass, glass-ware, glass packaging, chemicals (soda ash products, chromium chemicals, glass fiber and unsaturated polyesters, industrial raw materials, electricity, steam, vitamin K3 derivatives and sodium metabisulfite), and export-import and insurance services.
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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