BGC Partners - Turk Traktor ve Ziraat Makineleri A.S. (TTRAK) BGC Partners: TURK TRAKTOR / Company Update / BUY (Prev. HOLD)

Report

BGC Partners

Berna Kurbay

EUR 103.27 For Business Accounts Only

BGC Partners: TURK TRAKTOR / Company Update / BUY (Prev. HOLD)

4Q19 is likely to be the best quarter of 2019 for Turk Traktor... Having cut 2019 domestic market guidance after 3Q19 results, Turk Traktor has now prepared the market for a disappointing year overall. That said, the new guidance still indicates a better 4Q, which will comprise 28% and 56% of 2019 revenue and earnings respectively, on our estimates.

31/10/2019 10 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.

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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

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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

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Cagdas Dogan

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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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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.

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BGC Partners: TURK TRAKTOR / Company Update / BUY (Prev. HOLD)

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

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