Turk Traktor (TTRAK TI) - Waiting for the recovery in demand: Maintain Buy
Turk Traktor posted TRY14m net income in 2Q19, vs RT consensus's TRY12m and our TRY10m. Net income plunged by 83% y-y in 2Q19, due to weak domestic demand and higher financial expenses. But, operating performance, particularly EBITDA margin, was better than expected, signalling a continuation of recovery in 2H19 profitability.
Turk Traktor Ve Ziraat Makineleri is engaged in the manufacturing of agricultural machinery, such as tractors, harvesting machinery and earth moving machinery, and its allied parts, including gearboxes, transmission boxes, engine blocks, cylinder heads and hydraulic lifters. Co. sells New Holland and Case IH branded vehicles and equipments. Co. exports its products to over 50 countries.
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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