Dogus Otomotiv (DOAS TI) - Bottom-line weakness continues: Maintain Hold
Dogus Otomotiv posted TRY69m net loss in 1Q19, worse than our net loss estimate of TRY30m and RT’s TRY23m. Although the operating performance was better than expected, higher-than-expected financial expenses and a negative contribution from the subsidiaries, consolidated with the equity pick-up method, repressed the bottom-line in 1Q19.
Although the operating performance was better than expected, we believe the bottom-line is more important for investors due to DOAS’s high debt leverage. We expect 1Q19 results to have a negative impact on share price performance in the short term.
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.
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.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.