Tupras (TUPRS TI) - Another disappointing result: Maintain Hold
Tupras reported NI of TRY378m in 1Q18, higher than our estimate of TRY311m but much lower than the Research Turkey consensus of TRY562m. The deviation from our estimate can be attributed to a higher-than-expected inventory gain. 1Q18 EBITDA of TRY957m was boosted by a USD74m inventory gain (our estimate USD20m); it was higher than our estimate of TRY762m but in line with consensus at TRY969m. Clean EBITDA (CCS) (adjusted for FX items and inventory gain) fell 42% y-y and 14% q-q to USD201m in 1Q18 (vs our estimate of USD180m) due to maintenance shutdowns.
We fine-tune our TP and estimates to reflect results and latest product pricing
Turkiye Petrol Rafinerileri is an energy and refining company based in Turkey. Co. is engaged in providing and refining crude oil, the importing and exporting of oil products, and establishing and operating refineries in Turkey and foreign countries. Also, Co. is establishing and operating factories and facilities in the petrochemical industry. Co. is engaged in purchasing, selling, importing, exporting, storing, marketing and distributing (wholesale, retail, foreign and domestic) all kinds of petroleum products, LPG and natural gas. Co. runs its business through the refineries in Izmit, Izmir, Kirikkale and Batman.
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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