Edison Investment Research - Is Yatirim Menkul Degerler AS (ISMEN) Ahead of expectations

Report

Edison Investment Research

Julian Roberts

Ahead of expectations

Is Yatirim’s (ISY) Q117 results showed a strong performance by the investment banking business, driven by robust equity, debt and derivatives markets, slight increases to some commission margins as well as continued growth in AUM, particularly from higher-fee pension fund assets. Is Investment (the investment bank) posted net profits more than 50% up on Q116, which was the strongest quarter in that year. With the exception of the NPL business, all the consolidated segments beat our expectations and we have revised our estimates upwards as a result. The government’s success in the 16 April referendum may bring greater stability to the turbulent political scene in Turkey, contributing to a better outlook in 2017.

11/05/2017 7 EN

Underlying

Is Yatirim Menkul Degerler AS

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TREISMD00011 Istanbul Stock Exchange Turkey

Provider

Edison Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

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Analysts

Julian Roberts

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Ahead of expectations

Is Yatirim Menkul Degerler - Termination of coverage

Increasing estimates again

Metro Bank - Profitability achieved and targets reiterated

Pan African Resources - Tennant Creek acquisition

Datatec - Operational focus drives H125 profit growth

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