BGC Partners - Soda Sanayii A.S. (SODA) BGC Partners: SODA SANAYI Company Update - BUY Maintained

Report

BGC Partners

Ezgi Yilmaz

EUR 106.01 For Business Accounts Only

BGC Partners: SODA SANAYI Company Update - BUY Maintained

BUY Maintained... We revised our valuation on the back of: i) including the natural soda ash investment in the US, ii) plugging in our new FX rate assumptions which had negative impact on valuation, iii) revising down our expectation for glass fibre operations in 2019 and updating our forecasts with 2Q19 results. Our ex-dividend TP increased by 17% from TL9.66/share to TL11.26/share

01/08/2019 12 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.

See profile

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

See profile

Analysts

Ezgi Yilmaz

Other Reports on these Companies

Independent Investment Research

Monthly LMI Update Independent Investment Research

Full Article at IIR has reaffirmed its Recommended rating for PIA after undertaking a review post the appointment of a new Portfolio Manager, Harding Loevner. The full report can be found on the IIR website. On 26 July 2021, Pengana International Equities Limited (PIA) announced a fully franked dividend of 1.35 cents per share for the June quarter. This represents an 8% increase on the March quarter dividend and takes the total dividends declared for FY21 of 5.1 cents per share, fully franked. This compares to the total dividends of 5 cents per share in FY20. The Board has confirmed that, in...

August 6, 2021 August 6, 2021 10 EN

Ünlü&Co

Sisecam

We expect to see a re-rating in Sisecam in the medium term, owing to an increased free float Mcap of possibly more than USD1bn, as well as an increase in the liquidity and foreign ownership in free float post-merger. We have undertaken a sensitivity analysis incorporating four different scenarios on merger/swap ratios, adjusted for our estimates of gross dividends to be distributed before the merger. We raise our target price by 4% to TL7.1, along with the slight revision to estimates after the 2019 results and maintain our BUY rating. Sisecam trades at 6.6x 2020e P/E, a 57% discount to its in...

EUR 58.90

February 10, 2020 February 10, 2020 20 EN

BGC Partners

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

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 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

Sign-up for free to access full reports immediately

Email Address*

Choose Password* ( 6 or more characters )

Due to regulatory restrictions regarding the distribution of financial research, this report is restricted to a specific region or investor type. Get access to exclusive reports by answering the questions below.

Select your country*

Get financial insights straight to your inbox

By clicking "register" you accept the Terms and Conditions & Privacy Policy

Already on ResearchPool?

Almost there...

Are you a professional investor?

Select your country

REGISTER

Create a free ResearchPool account to access full reports, get a personalised dashboard and follow providers or companies

In order to access this report please create an account.

LOGIN

BGC Partners: SODA SANAYI Company Update - BUY Maintained

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

Create a free ResearchPool account to access full reports, get a personalised dashboard and follow providers or companies

Sign-up for free to access full reports immediately

ResearchPool Subscriptions

Get the most out of your insights

Why subscribe?

How to subscribe

ResearchPool Subscriptions

This report is only available to subscribers

Why subscribe?

How to subscribe