BGC Partners - Turk Traktor ve Ziraat Makineleri A.S. (TTRAK) BGC Partners: TTRAK - Negative: Jun-19 trade data, weak domestic shipments(-66% y/y, -15% m/m), solid exports (+26.5% y/y, -11% m/m),

Report

BGC Partners

Berna Kurbay

EUR 103.27 For Business Accounts Only

BGC Partners: TTRAK - Negative: Jun-19 trade data, weak domestic shipments(-66% y/y, -15% m/m), solid exports (+26.5% y/y, -11% m/m),

Turk Traktorâ€™s domestic shipments declined by 66% y/y to 623 units in Jun-19 while noting a 15% decline m/m compared to 730 units in May-19. Shipments to local dealers totaled 4,303 units, indicating 66% y/y decline in 1H19. Turk Traktor guides for domestic shipments of 11,500-14,000 units (21%-35% y/y contraction) in 2019 (BGC est: 12,555 units).

03/07/2019 3 EN

Underlying

Turk Traktor ve Ziraat Makineleri A.S.

Turk Traktor Ve Ziraat Makineleri is engaged in the manufacturing of agricultural machinery, such as tractors, harvesting machinery and earth moving machinery, and its allied parts, including gearboxes, transmission boxes, engine blocks, cylinder heads and hydraulic lifters. Co. sells New Holland and Case IH branded vehicles and equipments. Co. exports its products to over 50 countries.

See profile

TRETTRK00010 Istanbul Stock Exchange 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

Berna Kurbay

Other Reports on these Companies

ING Financial Markets

EM Credit Spark/EM credit weekly

Markets were calmer last week as investors continue to look towards potential rate cuts in the US in September. Chair Jerome Powell at his Jackson Hole speech on Friday, 23 August, sent strong signals that the Fed is ready to cut key rates. “The time has come for policy to adjust. The direction of travel is clear". Markets now price up to 100bp in US key rates cut till the end of the year and a further 125bp of cuts next year. We view the macro backdrop as supportive for EM credit, while new supply in September could offer some interesting opportunities before the primary market quiets ahead o...

EUR 84.27

August 26, 2024 August 26, 2024 1 EN

ING Financial Markets

Turkish bank sector update/Moving forward

We believe that Turkish banks passed the lowest point of the year in terms of net interest margins (NIM) in 2Q24. With some aspects of full-year guidance tweaked after the first-half reporting season, we now expect these banks' performance to be broadly in line with the updated FY24 targets.

August 23, 2024 August 23, 2024 1 EN

Ünlü&Co

Turk Traktor

Turk Traktor has surpassed expectations and improved its cash position during 2023. However, after a year marked by historically high net income, we anticipate lower profitability in terms of USD for 2024. With our updated estimates, including the impact of inflationary accounting, Turk Traktor trades at 9.4x 2024E P/E, indicating an 12% discount to its peers. We have raised our target price to TL1,025 per share and maintain HOLD rating, given the recent share price outperformance. Turk Traktor will distribute TL63 per share gross cash dividend, resulting in a 7% dividend yield on April 1. Tr...

EUR 57.37

March 12, 2024 March 12, 2024 1 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 103.27

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 103.27

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 103.27

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: TTRAK - Negative: Jun-19 trade data, weak domestic shipments(-66% y/y, -15% m/m), solid exports (+26.5% y/y, -11% m/m),

EM Credit Spark/EM credit weekly

Turkish bank sector update/Moving forward

Turk Traktor

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