TURKEY: 1Q18 Earnings Preview
Aggregate results: We present 1Q18 forecasts for 7 banks and 37 non-financial companies. We expect aggregate earnings to decrease 1% y/y in 1Q18, when adjusted for Migros’ one-off in 1Q17, driven by the 7% y/y drop in bank earnings from a high base. We estimate earnings to drop 5% q/q in 1Q18, driven by 26% q/q decline at non-financials, mostly explained by airline companies. Equally-weighted FX basket climbed from 4.14 to 4.41 in 1Q18, which will be weighing on the bottom-lines of companies with short FX positions. Yet, with TL having depreciated against both US$ and EUR in 1Q17 and 4Q17 as well, currency moves should not significantly impact y/y and q/q changes in earnings, from FX losses perspective. (STOCK SPECIFIC ANALYSIS AVAILABLE)
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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