Arcelik (ARCLK TI) - 1Q19: Operationally in-line: Maintain Buy
Arcelik posted TRY225m net income in 1Q19, better than RT consensus of TRY191m and our estimate of TRY133m. Although the operating performance was in-line with our estimate, higher than expected FX gain boosted the bottom-line in 1Q19. Arcelik benefited from anomaly in swap market in 1Q19 and registered TRY139m FX gain in 1Q19, of which cTRY90m was one-off. Excluding this, results were in-line with our estimate.
Arcelik is engaged in the commercial and industrial activities in respect of the production, sales and marketing, customer services after sales, exportation and importation of consumer durable goods and consumer electronics. Co. has two segments: white goods reportable segment, which comprises washing machines, dryers, dish washers, refrigerators, ovens, cookers and the services provided for these products; and the consumer goods reportable segment, which comprises televisions primarily with flat screens, computers, cash registers, other electronic devices and the services provided to consumers for these products.
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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