Earnings Review / Trakya Cam (TRKCM TI) - Operationally in line: Maintain Hold
Trakya Cam posted TRY298m net income in 2Q18, better than our estimate of TRY246m and much better than RT consensus of TRY235m. Although the operating performance was broadly in-line with estimates, higher-than-expected gains from financial investments boosted the bottom-line in 2Q18. The operating performance of Trakya Cam was broadly in-line with expectations. Thus, we maintain our estimates and TP. On the other hand, we will be watching the evolution of high inventory levels in the upcoming periods, which may lead to lower margins medium 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.
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