Tofas Otomobil (TOASO TI) - Guidance tracks upbeat 9M: Maintain Buy
Tofas posted TRY298m net income in 3Q19, broadly in-line with RT consensus of TRY293m and our TRY309m estimate. There were no surprises in 3Q19 results while upward revision in 2019 domestic sales volume guidance was also predicted after Tofas’s very strong market share performance in 9M19.
We maintain BUY on TOASO, on its strong performance in Turkey, guaranteed exports volumes and a compelling valuation. In our view, long awaited announcement on new Doblo project would be a catalyst for share price in the short term as we expect a concrete development in this issue in 4Q19.
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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