BGC Partners: TUPRAS Company Update and Earnings Review - BUY Maintained
Tupras reported a net profit of TL870mn (-15% YoY) in 2Q19, better than market consensus of TL544mn and our expectation of TL414mn. The company posted an EBITDA of TL1,425mn (-32% YoY) in 2Q19 beating market consensus (TL1,279mn) and our estimate (TL824mn). Reasons for the major beat on EBITDA and bottom-line were: i) higher than expected production volume, ii) an inventory gain of US$115mn in 2Q19 vs. our expectation of US$40mn, iii) a net tax income of TL302mn in 2Q19 vs. our expectation of TL165mn. Net profit and EBITDA reached TL495mn (-65% YoY) and TL2,214mn (-28% YoY) in 1H19, respectively.Turkiye Petrol Rafinerileri is an energy and refining company based in Turkey. Co. is engaged in providing and refining crude oil, the importing and exporting of oil products, and establishing and operating refineries in Turkey and foreign countries. Also, Co. is establishing and operating factories and facilities in the petrochemical industry. Co. is engaged in purchasing, selling, importing, exporting, storing, marketing and distributing (wholesale, retail, foreign and domestic) all kinds of petroleum products, LPG and natural gas. Co. runs its business through the refineries in Izmit, Izmir, Kirikkale and Batman.
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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