Bizim Toptan (BIZIM TI) - Back to net cash: Maintain Buy
Bizim Toptan’s net income increased by 41% y-y to TRY6.7m, in line with RT consensus’s TRY6.9m but better than our estimate of TRY5.7m. Excluding the IFRS-16 impact, net income would be TRY9.5m, indicating a 99% y-y increase. The operating performance (particularly gross margin for our estimate) was better than both RT consensus and our estimate. We welcome the improved balance sheet structure and corporate governance practices of BIZIM in 2Q19.
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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