BGC Partners - Ulker Biskuvi Sanayi A.S. (ULKER) BGC Partners: 4Q19 Earnings: ULKER (better), SOKM (lower)

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BGC Partners

Berna Kurbay ...

Erdem Hafizoglu

EUR 104.96 For Business Accounts Only

BGC Partners: 4Q19 Earnings: ULKER (better), SOKM (lower)

Ulker Biskuvi reported TL164.6mn net earnings in 4Q19, better (consensus: TL121mn, BGC: TL119mn)â€¦ Thanks to the effective price and product positioning in both domestic and international markets, positive demand environment, new product launches, portfolio optimizations and favorable category mix impact in domestic and international operations, Ulker Biskuvi had a successful quarter in 4Q19. Supported by efficient cost management, positive impact of McVities in international operations, and stable cost environment, Ulker Biskuvi posted TL340.2mn EBITDA in the quarter (15.8% margin) slightly above TL322mn consensus estimate at 15.7% margin (BGC: TL328mn, 16.2%).

06/03/2020 5 EN

Underlying

Ulker Biskuvi Sanayi A.S.

Ulker Biskuvi Sanayi is a manufacturer and marketer of biscuit, chocolate coated biscuit, wafer, cake and chocolate. Co.'s brands include Potibor, Cizi, Krispi, Haylayf, Mavi YePil, HanYmeller, Bebe BiskUvisi, Biskrem, Krim Kraker, Probis, Cokoprens, As Kraker, Bathak, Ykram, Canpare, Rondo, Altinbasak, Kat Tat, Halley, Kat Kat Tat, Cubuk Kraker, Alpella Ring, Hasat, Bolero, Saklykoy, Dore and Haylayf.

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TREULKR00015 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

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Analysts

Berna Kurbay

Erdem Hafizoglu

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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 104.96

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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: 4Q19 Earnings: ULKER (better), SOKM (lower)

WOOD Flash – Coverage discontinued

The Rear-View Mirror – EME markets: Greek stocks in the lead

Model Portfolio Update

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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