Akcansa’s 3Q19 net profit of TRY28m stood slightly higher than both our TRY25m estimate and RT consensus forecast of TRY26m. Operational performance was lower than our expectations and almost in line with RT consensus forecast. Note that the company sold idle land in 3Q19 and fetched TRY17m as asset sale income. This led to the beat versus our bottom-line estimate as we had assumed TRY12m asset sale income.
Following the changes to our USD/TRY parity assumptions, we have raised our DCF-based TP by 4.5% to TRY6.5. We expect weak domestic cement market dynamics to continue with no signs of recovery seen over ensuing quarters. We maintain HOLD.
Co. is engaged in the manufacture and sale of clinker, cement and ready mixed concrete, establishment of facilities for the same or their purchase in part or in full.
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