Ulker Biskuvi Sanayi (ULKER TI) - Raring to go: Maintain Buy
We met with Ulker IR Director today to get an update on operating performance of the company.
Key takeaway was top-line growth dynamics are intact this far in 3Q19 thanks to back-to-school period and a successful EID session, despite the high base of 3Q18.
The IR also mentioned Ulker has started to list McVities products in some Russian supermarket chains. The company also targets to expand its footprint in Central Asia next and concrete developments are expected in 4Q19.
We reiterate a BUY on attractive valuations, sound growth outlook and improving profitablilty.
Ulker Biskuvi Sanayi is a manufacturer and marketer of biscuit, chocolate coated biscuit, wafer, cake and chocolate. Co.'s brands include Potibor, Cizi, Krispi, Haylayf, Mavi YePil, HanYmeller, Bebe BiskUvisi, Biskrem, Krim Kraker, Probis, Cokoprens, As Kraker, Bathak, Ykram, Canpare, Rondo, Altinbasak, Kat Tat, Halley, Kat Kat Tat, Cubuk Kraker, Alpella Ring, Hasat, Bolero, Saklykoy, Dore and Haylayf.
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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