Tekfen Holding (TKFEN TI) - Another strong quarter: Maintain Hold
Tekfen Holding reported net income of TRY241m in 1Q18, broadly in line with our estimate of TRY269m and Research Turkey consensus of TRY225m. Operationally, 1Q18 EBITDA (excl. profit from affiliates) of TRY279m was in line with our estimate of TRY280m and the market consensus TRY275mn.
We maintain our HOLD rating for Tekfen Holding with 12-month TP of TRY17.69, which indicates limited upside potential.
Tekfen Holding conducts its operations in four main business segments: Contracting, Agriculture, Real Estate and Other operations. Contracting group focuses on construction of petroleum and gas facilities, land and sea terminals, offshore platforms and tank farms. Agricultural group has operations in chemical fertilizer, ground and vegetable grain, production, distribution and trade of seedling and sapling. Real estate group operates in designing, constructing, renting, and sale of real estates such as residents, offices, shopping centers and hotels. Operations of other segment comprise of light-pulp trading, cotton yarn production and trading, insurance services and holding operations.
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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