TURK TRAKTOR DOWNGRADED TO HOLD
TL56mn NI in 1Q18 was in-line w/mkt cons while EBITDA margin 9.7% was s.lower than our exp. TL depreciation which accelerated towards the end of 1Q18 took its toll on the margins, while the contraction in volumes did not help, hindering an uplift from scale benefits; in our view. Lowered our net profit est for 2018 and 19E by 1% and 10% respectively and downgraded the stock to HOLD, from BUY, with an expected total return potential of 16%. Upside risks to our rating would be significant surge in trade data in 2Q18 and appreciation of TL.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.
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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