Tofas Otomobil (TOASO TI) - Operationally in line: Maintain Buy
Tofas posted TRY325m net income in 1Q18, better than both consensus of TRY278m and our estimate of TRY281m.
Although the operating performance was broadly in-line with consensus (slightly better than our estimate), lower depreciation expense and lower effective tax rate led the divergence at the bottom-line.
Since the divergence between estimates and the bottom-line stems from non-operational items, we expect that the market reaction will be neutral to 1Q18 results near term.
Turk Otomobil Fabrikasi is an automobile manufacturing group based in Turkey. Co. is engaged in manufacturing, assembly and trading of passenger cars and engines, equipment and spare parts. Co. manufactures passenger cars and light commercial vehicles at its plant near Bursa under licenses from Fiat Auto S.p.A. Co., which is a member of Koc Holding A.fi. and Fiat Group, also produces various automotive spare parts used in its automobiles. Co. manufacturing facilities are located in Bursa. Co. also is engaged in the production of Doblo modellight commercial vehicles in Turkey for Fiat.
TEB Investment equity research analysts and strategist team consists of 8 analysts with an average finance sector experience of 15 years and special focus on international investors.
With our 6 equity research analysts we cover 93 companies across 21 sectors, reflecting 80% of the total market capitalization of all BIST companies and 86% of the BIST100 companies. Our strategy team provides in depth top-down and bottom-up market views with insight on FX and bond markets by publishing sectoral and strategic reports both in English and Turkish.
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