BGC Partners - Soda Sanayii A.S. (SODA) BGC Partners: SODA 2Q19 Earnings Review: Better

Report

BGC Partners

Ezgi Yilmaz

EUR 106.01 For Business Accounts Only

BGC Partners: SODA 2Q19 Earnings Review: Better

Soda Sanayi reported a net profit of TL376mn (-10% YoY) in 2Q19, better than market consensus of TL313mn and BGC estimate of TL310mn. EBITDA came in at TL281mn (+36% YoY) in 2Q19, also better than market consensus (TL259mn) and BGC estimate (TL258mn)

29/07/2019 4 EN

Underlying

Soda Sanayii A.S.

Soda Sanayii is engaged in establishing and acquiring manufacturing facilities to manufacture light soda ash, dense soda ash, sodium bicarbonate, sodium bichromate, sodium sulphur, sodium sulfate, basic chromium sulfate (Tankrom AB, Tankrom SB, Tankrom OBM, Tankrom F24, Tankrom FS, Tankrom OB, Tankrom FO, Resintan M), chromic acid and derivatives of soda and other products derived from soda, and importing and exporting the production of these products and construction of industrial machinery.

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TRASODAS91E5 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

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Analysts

Ezgi Yilmaz

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BGC Partners: SISE- POSITIVE & ANACM, SODA, TRKCM, DENCM- NEUTRAL: Subs will merge under Sisecam..

Anadolu Cam , Soda Sanayi , Trakya Cam , Denizli Cam will merge under Sisecam â€¦ Sisecam announced to initiate negotiations for a merger with its five subsidiaries in order to capture potential synergies by combining all of Sisecamâ€™s activities in one entity and improve its global competitive position as well as increasing its trading volume. Minority shareholders will have the exit right opportunity.

EUR 106.01

February 4, 2020 February 4, 2020 2 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 106.01

March 16, 2020 March 16, 2020 1 EN

Cagdas Dogan

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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 106.01

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 106.01

March 13, 2020 March 13, 2020 2 EN

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BGC Partners: SODA 2Q19 Earnings Review: Better

Monthly LMI Update Independent Investment Research

Sisecam

BGC Partners: SISE- POSITIVE & ANACM, SODA, TRKCM, DENCM- NEUTRAL: Subs will merge under Sisecam..

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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