Ulker Biskuvi Sanayi (ULKER TI) - Well equipped for tough times: Maintain Buy
Ulker’s 1Q19 net income of TRY365m beat RT consensus of TRY254m and our estimate of TRY263m. In addition to a better than expected operating performance, higher than expected income from investment activities boosted the bottom-line in 1Q19.
Ulker’s net FX short position in 4Q18, turned into a net long position in 1Q19.
We are incrementally more positive on Ulker following better than expected results and its strengthening balance sheet. We reiterate BUY.
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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