Earnings Review / Trakya Cam (TRKCM TI) - Missed estimates in 3Q18: Maintain Hold
Trakya Cam’s net income increased by 72% y-y to TRY276m in 3Q18. Despite an outstanding y-y growth, the bottom-line was slightly below RT consensus of TRY291m and worse than our estimate of TRY311m. Cost pressure in Turkey and dilutive impact of Indian operations repressed the results in 3Q18. We expect 3Q18 results to weigh on share price performance in the near term.
Trakya Cam Sanayii is a float glass manufacturing company. Co. produces and sells basic flat glass, patterned glass, mirror, automotive glass, tempered glass, laminated glass, coated glass, processed glass and glassware. Co. is a glass supplier for the construction, automotive, energy and home appliance industries. As of Dec 31 2014, Co. had two business segments: the basic glass category contains flat glass, coated, laminated, mirror and project glass; and the other glass category contains automotive glass, energy glass, white goods glass and glassware category of the foreign joint ventures.
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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