3Q18 Earnings Preview
We have left behind one of the toughest quarters ever. USDTRY jumped by 31% to 6.0 q-q, significantly impairing P/Ls of FX-indebted companies. Bankruptcy protection calls and loan restructuring applications surged due to weaker TRY and damage to consumer demand. The PMI collapsing from 52% to 47% q-q is the first sign of an inevitable GDP contraction in 3Q18E.
In this tough operating environment, we expect non-financials to post better operating results than the banks as a big chunk of heavyweight corporates are exporters and have priced their products in hard currency or are doing business outside of Turkey. However, we expect FX losses and elevated financial expenses to drag bottomlines y-y.
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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