Teb Yatirim - Dogus Otomotiv Servis ve Ticaret A.S. (DOAS) Dogus Otomotiv (DOAS TI) - Bottom-line turns black in 2Q19: Maintain Hold

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Teb Yatirim

Akif Dasıran

EUR 8.55 For Business Accounts Only

Dogus Otomotiv (DOAS TI) - Bottom-line turns black in 2Q19: Maintain Hold

Dogus Otomotiv posted TRY25m net income in 2Q19 vs the net loss estimates of RT consensus of TRY56m and our TRY80m. Better-than-expected operating performance, higher-than-expected profit from investments accounted for using the equity method, lower-than-expected financial expense and a TRY27m investment activity income were the reasons for the bottom-line beat.

We expect better-than-expected results to have a positive impact on share price performance in the short term. Nevertheless, on-going weakness in Turkish auto demand and TRY volatility may curb the positive impact of good 2Q19 results.

20/08/2019 8 EN

Underlying

Dogus Otomotiv Servis ve Ticaret A.S.

Dogus Otomotiv Servis Ve Ticaret is an automotive importer and distributor in Turkey. Co. represents 14 international brands each of which is engaged in the following sectors: Passenger cars, Light commercial vehicles, Heavy commercial vehicles, Industrial and marine engines, and Cooling systems.Co. provides its individual and corporate customers with a portfolio of more than 80 models. Co. competes in the industrial and marine engines market by representing the brand Scania Engines and in the cooling systems market representing Thermo King brand. Co.'s sales and service network is comprised of over 500 contact points.

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TREDOTO00013 Istanbul Stock Exchange Turkey

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Teb Yatirim

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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Analysts

Akif Dasıran

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Dogus Otomotiv (DOAS TI) - Bottom-line turns black in 2Q19: Maintain Hold

Turkish Autos - Resilient domestic demand amid an uncertain global backdrop

WOOD Flash – Coverage discontinued

The Rear-View Mirror – EME markets: Greek stocks in the lead

TURKEY STEEL - Strong outlook prevails

Turkcell (TCELL TI) - Investments on the rise: Maintain Hold

Ulker Biskuvi Sanayi (ULKER TI) - Proven resilience: Maintain Buy

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