Ford Otosan (FROTO TI) - Improving sales mix in 3Q19: Maintain Buy
Ford Otosan posted TRY454m of net income in 3Q19, in line with our estimate of TRY444m but slightly better than RT consensus of TRY431m. The operating performance, particularly EBITDA was better than both our and RT consensus estimates.
After the 9M19 results, Ford Otosan made minor change in its 2019 export guidance. In our view, an improving sales mix will offset the lower export guidance. We maintain our BUY rating on Ford Otosan.
Ford Otomotiv Sanayi is an automobile manufacturing company based in Turkey. Co. operates as a joint venture between Ford Motor Company and the Koc Group of Companies. Co. is engaged in manufacturing, assembling and selling motor vehicles, primarily commercial vehicles, imports and sells passenger cars and manufactures and imports and sells spare parts of those vehicles. Co. has two plants located in Kocaeli and Eskisehir, has a spare part distribution warehouse in Kartal, Istanbul and a branch in Tubitak Marmara Research Centre, Gebze Campus Technological Free Zone (TEKSEB).
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