Earnings Review / Bizim Toptan (BIZIM TI) - Increasing receivables from parent: Maintain Hold
Bizim Toptan posted TRY5m net income in 2Q18, broadly in line consensus of TRY4m but much better than our estimate of TRY1m. Although the operating performance was broadly in line with our estimate (but better than consensus), higher income from interest revenues via parent Yildiz Holding underpinned the bottom-line. Note that receivables from Yildiz Holding account for 60% of Bizim Toptan’s market cap. We maintain our estimates, TP, and HOLD rating for the stock
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