Datagate’s bottom line is consistent with our forecast. Datagate posted TRY4.8m of net income in 3Q19, up 74% y-y, in line with our expectation of TRY5.0m. Operational results also were roughly in line with our expectations. There is no available consensus estimate.
We maintain our HOLD rating on the stock. Since the overall result was consistent to our expectations, we retain our forecasts after quarterly results. Further, we maintain our target price of TRY6.30/sh and retain our HOLD rating due to unattractive 2% upside potential.
Datagate Bilgisayar Malzemeleri Ticaret AS. Datagate Bilgisayar Malzemeleri Ticaret AS is a Turkey-based computer and computer peripherals distributor. The Company distributes, markets and offers logistics and after-sale services for more than 1,000 computers and computer accessories of international brands, such as Seagate, Intel, Acer, Fujitsu, Belkin, Sapphire, Vestel, genius, Samsung and Transcend, among others. The Company's product portfolio includes microprocessors, hard discs, memory units, optical units, motherboards, tapes, video accelerator cards, monitors and various types of hardware supporting software. The Company distributes its products to wholesale companies and retailers. As of December 31, 2011, its main shareholder was Indeks Bilg. A.S. (59.24%).
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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