Earnings Review / Tekfen Holding (TKFEN TI) - Strong performance continues: Maintain Hold
Tekfen Holding reported net income of TRY448m in 3Q18, in line with our estimate of TRY424m but 21% higher than Research Turkey consensus of TRY369m. 3Q18 EBITDA (excl. profit from affiliates) of TRY387m came slightly higher than our estimate of TRY347m (vs. the market consensus of TRY365m) on better operating performance of the agri segment. In 3Q18, consolidated revenues increased by 91% y-y to TRY3.3b, which is in line with our estimate and market consensus of TRY3.3b. As of end-3Q18, its order book increased by USD440m to USD3b, backed by order intake from Saudi Arabia. Agri-business revenues rose by 48% y-y to TRY711m (vs. our estimate of TRY652m), backed by 38% y-y TRY depreciation and 12% y-y higher average prices in USD terms.
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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