Migros Ticaret (MGROS TI) - Transition era seems to have ended: Maintain Buy
MGROS posted TRY151m of net loss in 2Q19, better than the net loss estimate of RT consensus’s TRY163m and much better than ours at TRY199m. The difference between our estimate and the bottom-line stems from a better operating performance in 2Q19, particularly higher-than-expected top-line growth and better opex control.
We expect a positive reaction to better-than-expected 2Q19 results, while on-going TRY appreciation against EUR will likely contribute to positive sentiment for MGROS.
Migros Ticaret is a retailing group based in Turkey. Co. offers spacious stores in a wide range of formats and locations whose vast selection of stationery, glass and kitchenware, appliance, book, clothing, and other items along with groceries and other necessities. Co. maintains a store network of 1,004 national and international locations with a national presence in 70 provinces in Turkey's seven geographical regions. Store brand names include M, MM, MMM, 5M, MigroJet, Tansas, Macrocenter and Ramstores. Co. also provides customers alternatives such as internet, call centers, kiosks, catalogues, and mobile shopping networks.
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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