Trakya Cam (TRKCM TI) - 4Q18 slightly better: Maintain Buy
Trakya Cam posted TRY178m of net income in 4Q18, better than Research Turkey consensus's TRY150m and much better than our estimate of TRY120m. Although the operating performance was in line with our estimate, lower-than-expected losses (reversal of gains) from revaluation of FX-denominated fixed securities led the divergence at the bottomline.
We maintain BUY, due to attractive valuation, strong growth outlook in export markets and on-going improvement in its profitability.
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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