Bizim Toptan (BIZIM TI) - Operational improvement in 1Q18: Maintain Hold
Bizim Toptan posted TRY1m net income in 1Q18, vs. our and RT consensus of TRY0.4m. Although operating performance was better than expected, higher financial expenses swept out the positive impact at the bottom-line in 1Q18.
Despite a strong recovery in EBITDA, net cash position of Bizim Toptan declined to TRY39m in 1Q18 from TRY202m in 4Q17 (TRY106m in 1Q17).
We maintain our HOLD rating for Bizim Toptan with 12-month TP of TRY8.1, which indicates limited upside potential.
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