BGC PARTNERS - YKB 1Q18 - BETTER
We currently have a BUY rating for YKB with a 12M TP of TL5.50/share. We will go over our estimates following the management’s conference call today at 4pm local time, where the management will provide guidance on the recently-announced capital strengthening plan. YKB remains as one of favoured names, as we think that the bank boasts the highest earnings growth potential among peers, via further normalization in margins and especially CoR, which should gradually be reflected to its multiples.Yapi Ve Kredi Bankasi is a financial services group. Co. serves its customers through its retail banking segment comprising of individual banking, Small and Medium Size Enterprises banking and card payment systems, corporate and commercial banking as well as private banking and wealth management segments. Co.'s operations are supported by domestic subsidiaries in asset management, brokerage, leasing and factoring as well as international banking subsidiaries in the Netherlands, Russia and Azerbaijan. As of Dec 31 2014, Co. had total assets of TL194.96 billion and total deposits of TL107.63 billion.
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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