Dogus Otomotiv (DOAS TI) - Debt leverage to be focus in 2019: Maintain Hold
Dogus Otomotiv posted net income of TRY4m in 4Q18, in line with our estimate of TRY2m but slightly better than RT consensus’s TRY9m net loss. In our view, the deteriorating balance sheet should not be overlooked while the income statement performance seems in line with estimates and the operating performance was better than expected.
We maintain HOLD on DOAS, due to its unattractive valuation and highly leveraged balance sheet.
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.
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