Bizim Toptan (BIZIM TI) - Improving corporate governance: Upgrading to Buy
Bizim Toptan posted TRY7m net income in 4Q18, in line with our estimate of TRY7m and Research Turkey’s TRY6m. We liked the developments on balance sheet and corporate governance issues, rather than that in the income statement in 4Q18.
We upgrade BIZIM to BUY from Hold, on the back of its attractive valuation, improving corporate governance, improving outlook and clean balance sheet.
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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