BGC Partners - SOK MARKETLER: GOOD SET OF NUMBERS (3Q18 Earnings Review)

Report

BGC Partners

Berna Kurbay

EUR 57.17 For Business Accounts Only

SOK MARKETLER: GOOD SET OF NUMBERS (3Q18 Earnings Review)

Sok announces 3Q18 net profit of TL12mn (vs. 3Q17 net loss of TL115mn), with no available consensus. Sokâ€™s net profit is TL122mn as of 9M18 vs. a net loss of TL285mn as of 9M17. This is a good set of numbers at first glance, showing solid margin progress q/q, in our view.

27/11/2018 3 EN

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

Berna Kurbay

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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)

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SOK MARKETLER: GOOD SET OF NUMBERS (3Q18 Earnings Review)

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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