BGC Partners - Trakya Cam Sanayi A.S. (TRKCM) BGC Partners: TRAKYA CAM Company Update - HOLD Maintained - 23% Upside

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BGC Partners

Ezgi Yilmaz

EUR 105.25 For Business Accounts Only

BGC Partners: TRAKYA CAM Company Update - HOLD Maintained - 23% Upside

We revised down our TP by 20%, from TL4.33 to TL3.48/share, on the back of sharper than expected contraction in Turkish market and potential demand weakness in Europe. Meanwhile, we are now utilizing a risk-free rate of 15% vs. 16% before, which prevented further downward revision in our TP.

02/10/2019 9 EN

Underlying

Trakya Cam Sanayi A.S.

Trakya Cam Sanayii is a float glass manufacturing company. Co. produces and sells basic flat glass, patterned glass, mirror, automotive glass, tempered glass, laminated glass, coated glass, processed glass and glassware. Co. is a glass supplier for the construction, automotive, energy and home appliance industries. As of Dec 31 2014, Co. had two business segments: the basic glass category contains flat glass, coated, laminated, mirror and project glass; and the other glass category contains automotive glass, energy glass, white goods glass and glassware category of the foreign joint ventures.

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TRATRKCM91F7 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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August 6, 2021 August 6, 2021 10 EN

TheScreener

TRAKYA CAM SANAYI AS increases its risk exposure and slightly lowers to Neutral

TRAKYA CAM SANAYI AS (TR), a company active in the Building Materials & Fixtures industry, now shows a lower overall rating. The independent financial analyst theScreener confirms the fundamental rating of 2 out of 4 stars. However, the market behaviour deterioration triggered a risk requalification, which can be thus described as moderately risky. theScreener believes that increased risk justifies the general evaluation downgrade to Neutral. As of the analysis date March 6, 2020, the closing price was TRY 3.27 and its expected value was estimated at TRY 3.61.

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March 7, 2020 March 7, 2020 6 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 58.47

February 10, 2020 February 10, 2020 20 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 105.25

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 105.25

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 105.25

March 13, 2020 March 13, 2020 2 EN

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BGC Partners: TRAKYA CAM Company Update - HOLD Maintained - 23% Upside

Monthly LMI Update Independent Investment Research

TRAKYA CAM SANAYI AS increases its risk exposure and slightly lowers to Neutral

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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