Sisecam (SISE TI) - No surprise in 4Q18: Maintain Hold
Sisecam posted TRY244m net income in 4Q18 vs RT consensus of TRY216m and our estimate of TRY167m. Although the operating performance was in line with both RT consensus and our estimates, lower-than-expected FX losses boosted the bottomline.
SISE trades at 4% premium to our target NAV, indicating that subsidiaries are offering higher return potential than the parent SISE. We maintain HOLD.
Turkiye Sise ve Cam Fabrikalari is a holding company. Through its subsidiaries, Co. operates predominantly in the manufacture of glass and chemicals. Co.'s activities encompass all the areas of glass-making (flat glass, glassware, glass packaging and glass fiber) and soda ash and chromium chemicals. Co. consists of five operational divisions: flat glass, glass-ware, glass packaging, chemicals (soda ash products, chromium chemicals, glass fiber and unsaturated polyesters, industrial raw materials, electricity, steam, vitamin K3 derivatives and sodium metabisulfite), and export-import and insurance services.
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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