BGC PARTNERS - 1Q18 ISCTR BETTER
ISCTR .: 1) TL1,807mn NI in 1Q18 beat the cons by 27%. Bank-only results were also stronger-than-expected in 1Q18 thanks to a wider NIM and lower total net CoR, supported by lower funding costs and NPL inflows. 2) ISCTR has finally aligned its financials with its private peers by adopting the equity method for accounting subsidiary income as of 1Q18. As a result earnings are boosted and unconsolidated earnings will from now on show the real strong profitability of group. We believe that the market vastly underappreciated the real underlying profitability of ISCTR. We revised up our earnings expectations by 28% and 22% resp, for 2018 and 2019. Unconsolidated ROAE of the bank would improve from 13% levels to 16.5% in 1Q18. Trades at 3.5x P/E and 0.5x P/BV (2018E).Turkiye Is Bankasi is a commercial banking group based in Turkey Co. is engaged in the provision of private, retail, commercial and corporate banking, money market and securities market operations as well as international banking services. Co. provides services to corporations, SMEs and other trading companies (excluding real trading persons) within the course of its corporate and commercial operations. Co. is organized into two main business segments: Banking segment, which includes corporate, retail and private banking, as well as treasury; and non-banking operations, which are followed according to insurance, ‘investment and finance' and ‘manufacturing and trading' segments.
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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