Teb Yatirim - Smartiks Yazilim AS (SMART) Smartiks YazÄ±lÄ±m (SMART TI) - Time to take breather: Downgrading to Hold

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Teb Yatirim

Kurthan Atmaca

EUR 10.00 For Business Accounts Only

Smartiks YazÄ±lÄ±m (SMART TI) - Time to take breather: Downgrading to Hold

Despite in-line 3Q19 results, the stock has rallied 65% (vs BIST-100 of 2%) since the quarterly results announced on 7 November. The nominal return reached 85.8% (vs BIST-100 of 12%) in the last three months. After the recent rally, we find the stock fairly valued and therefore downgrade to HOLD from Buy.

We pencil in minor changes to our estimates, which does not necessitate a revision in our DCF-based TP. As there is no upside left to our TP of TRY4.49, we downgrade our rating to HOLD from Buy.

02/12/2019 8 EN

Underlying

Smartiks Yazilim AS

Smartiks Yazilim AS. Smartiks Yazilim AS is a Turkey-based software company. It provides a range of solutions divided into six categories: Oracle Human Resources (HR), Oracle Siebel CRM (Customer Relationship Management), Oracle Customer Experience, Corporate Software Development, IoT (Internet of Things) and SmartXperience. Oracle Human Resources provides cloud based solution for the HR management. Oracle Siebel CRM offers solutions for sales and marketing departments. Oracle Customer Experience includes different products related to the customer support. Corporate Software Development assists businesses in the development of customizable solutions. IoT provide a cloud-based application for the management of IoT assets. SmartXperience provides solutions for the enterprise management, including e-commerce and data analytics, among others. It operates in the field of Health, Insurance, Banking and Finance, Retail, Automotive, Public and Telecom.

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TRESMRT00018 Istanbul Stock Exchange Turkey

Provider

Teb Yatirim

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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Analysts

Kurthan Atmaca

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Smartiks YazÄ±lÄ±m (SMART TI) - Time to take breather: Downgrading to Hold

TURKEY STEEL - Strong outlook prevails

Turkcell (TCELL TI) - Investments on the rise: Maintain Hold

Ulker Biskuvi Sanayi (ULKER TI) - Proven resilience: Maintain Buy

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