Bizim Toptan (BIZIM TI) - 1Q19 better than expected: Maintain Buy
BIZIM posted TRY4m net income in 1Q19, better than our estimate of TRY3m. Stripping out the IFRS-16 impact, net income would be TRY6.4m, better than RT consensus’s TRY5m.
We maintain BUY on BIZIM, due to its attractive valuation and ongoing recovery in its operating performance.
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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