Report
Kurthan Atmaca
EUR 10.00 For Business Accounts Only

Akcansa (AKCNS TI) - Still no signs of improvement: Maintain Hold

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.

Underlying
Akcansa Cimento

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.

Provider
Teb Yatirim
Teb Yatirim

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.

Analysts
Kurthan Atmaca

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