Turkcell (TCELL TI) - Mixed results in 1Q18: Maintain Buy
Turkcell posted TRY501m net income in 1Q18, worse than our TRY565m call and RT consensus of TRY606m. Although operating performance was ahead of our and consensus estimates, higher financial expenses due to higher interest rates, FX losses and costs of cross currency swaps repressed the bottom line in 1Q18.
We maintain our BUY rating for Turkcell with a 12-month TP of TRY16.7. Nevertheless, the weak bottom line may overshadow the strong operating performance in the very short term
Turkcell Iletisim Hizmetleri is a provider of mobile services in Turkey. Co. provides mobile voice, internet and other services over its mobile communications network. Subscribers can choose between postpaid and prepaid services. Postpaid subscribers sign a subscription contract, and receive monthly bills for services, while prepaid subscribers must purchase a starter pack which consists of a SIM card and inclusive airtime. GSM offers a range of services that include voice, circuit switched data, packet data and fax, in addition to standard service offerings such as call barring, call forwarding, call waiting and roaming into areas serviced by other GSM carriers.
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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