Turk Telekom (TTKOM TI) - Better outlook with higher hedging: Maintain Buy
TTKOM posted TRY310m net income in 1Q19, better than our estimate of TRY281m and much better than RT consensus’s TRY254m. Robust operating performance, higher-than-expected tax income and the increased hedge ratio were the main reasons for the bottom-line divergence.
We welcome TTKOM’s higher-than-expected results and stronger balance sheet to allow for sustainable dividend distribution in future. We reiterate BUY.
Turk Telekomuniksayon is an integrated telecommunications company in Turkey. Co.'s principal activities include the provision of local, national, international and mobile telecommunication services, internet products and services, as well as call centre and customer relationship management, technology and information management. Co. has service network and product range in the fields of individual and corporate services. Co. provides services in all 81 cities of Turkey. Co. has two main segments; fixed line and mobile. As of Dec 31 2015, Co. had 12.9 million fixed access lines, 8.0 million broadband and 17.3 million mobile subscribers.
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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