Teb Yatirim - Tofas Turk Otomobil Fabrikasi A.S. (TOASO) Earnings Review / Tofas Otomobil (TOASO TI) - Upbeat results despite headwinds: Maintain Buy

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Teb Yatirim

Akif Dasıran

EUR 8.53 For Business Accounts Only

Earnings Review / Tofas Otomobil (TOASO TI) - Upbeat results despite headwinds: Maintain Buy

Tofas posted TRY311m net income in 3Q18, better than both RT consensus of TRY247m and our estimate of TRY224m. EBITDA soared by 71% y-y to TRY731m in 3Q18 with an EBITDA margin improvement of 559bp y-y. EBITDA was 33% higher than RT consensus estimate of TRY549m and 36% higher than BNPPe of TRY536m.

Given upbeat 3Q18 results, we increase our TP by 6% to TRY33 and reiterated BUY.

01/11/2018 10 EN

Underlying

Tofas Turk Otomobil Fabrikasi A.S.

Turk Otomobil Fabrikasi is an automobile manufacturing group based in Turkey. Co. is engaged in manufacturing, assembly and trading of passenger cars and engines, equipment and spare parts. Co. manufactures passenger cars and light commercial vehicles at its plant near Bursa under licenses from Fiat Auto S.p.A. Co., which is a member of Koc Holding A.fi. and Fiat Group, also produces various automotive spare parts used in its automobiles. Co. manufacturing facilities are located in Bursa. Co. also is engaged in the production of Doblo modellight commercial vehicles in Turkey for Fiat.

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TRATOASO91H3 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

Akif Dasıran

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Earnings Review / Tofas Otomobil (TOASO TI) - Upbeat results despite headwinds: Maintain Buy

Turkish Autos - Resilient domestic demand amid an uncertain global backdrop

Turkish Autos

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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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