BGC PARTNERS - TOASO 1Q18 - BETTER
TOASO - BETTER: TL325m NI was 17% higher than cons. Considering 10% y/y considering in vols results were solid thanks to EBITDA margin y/y and higher net interest income. PBT increased by 39% y/y to TL321mn (by 17% y/y in EUR terms) while it is the lower tax income that led to a lower 24% y/y growth at the bottom line. BUY maintained.Turk Otomobil Fabrikasi is an automobile manufacturing group based in Turkey. Co. is engaged in manufacturing, assembly and trading of passenger cars and engines, equipment and spare parts. Co. manufactures passenger cars and light commercial vehicles at its plant near Bursa under licenses from Fiat Auto S.p.A. Co., which is a member of Koc Holding A.fi. and Fiat Group, also produces various automotive spare parts used in its automobiles. Co. manufacturing facilities are located in Bursa. Co. also is engaged in the production of Doblo modellight commercial vehicles in Turkey for Fiat.
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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