Earnings Review / Anadolu Cam (ANACM TI) - Better than expected: Maintain Buy
Anadolu Cam posted TRY147m net income in 3Q18, better than our estimate of TRY131m and much better than RT consensus of TRY115m. The operating performance was ahead of estimates, despite the headwinds in Turkey such as increased costs particularly in energy and FX denominated raw materials. We expect upbeat 3Q18 results to have a positive impact on share price performance in the near term. BUY maintained.
Anadolu Cam Sanayii AS (Anadolu Cam) is the glass packaging Company of Sisecam Group, based in Turkey. It manufactures and markets glass packages in various volume and colors for different industries. These are food, water, mineral water, milk, beer, wine and beverages including high alcohol ones as well as pharmaceuticals and cosmetics sectors. The product portfolio includes green, amber and forehearth-colored containers ranging from six to 8,000 cubic centimeters. Production is carried out in four countries, with a total of 10 production facilities, three of which are located in Istanbul, Mersin and Yenisehir, Turkey, whereas the foreign production facilities are located in Russia, Ukraine and Georgia.
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