Report
Akif Dasıran
EUR 8.57 For Business Accounts Only

Bim Birlesik Magazalar (BIMAS TI) - A rapid recovery in profitability: Maintain Hold

Bim’s 2Q19 net income increased by 18% y-y to TRY347m, better than our estimate of TRY316m and much better than RT consensus of TRY306m. The operating performance, particularly gross margin, was better than expected, leading to better-than-expected net income.

Considering BIMAS outperformed the BIST-100 Index by 7% in the past one month and given we expect the inflation trend in Turkey to likely ease in 3Q19, we expect better-than-expected 2Q19 results to have a limited impact on the share price performance.

Underlying
BIM Birlesik Magazalar A.S.

Bim Birlesik Magazalar is engaged in operating retail stores through its retail shops throughout Turkey, which sell an assortment of approx. 600 items, including a number of private labels. Co.'s object is to offer consumers basic food items and consumer goods at discount prices with quality. Co.'s private labels provides its consumers with quality tasting sausage, salami and similar meat products while at the same time being suitable to the consumers family budget. Products include meat products, breakfast and dairy products, beverages, legumes and bakery, snacks and sweets, fruits and vegetables, frozen foods, and non-food items - cleaning supplies.

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
Akif Dasıran

Other Reports on these Companies
Other Reports from Teb Yatirim

ResearchPool Subscriptions

Get the most out of your insights

Get in touch