Vestel Beyaz Esya (VESBE TI) - Upbeat results in 2Q19: Maintain Buy
Vestel Beyaz Esya’s net income soared by 75% y-y to TRY234m, better than our estimate of TRY187m (no consensus figure available). Robust operating performance, particularly the improved profitability, boosted the bottom-line in 2Q19.
We expect a positive market reaction to upbeat 2Q19 results. We maintain BUY on Vestel Beyaz, on the back of its attractive valuation and robust export performance.
Vestel Beyaz Esya Sanayi ve Ticaret AS (Vestel Beyaz Esya) is a Turkey-based manufacturer of home appliances, including no-frost, double door, and single door, refrigerators; washing machines with different capacities; air conditioners; ovens with different functions, and dishwashers. The Company operates production facilities in Manisa and Turkey. The Company's marketing and sales activities are carried out by two other group companies, Vestel Dayanikli Tuketim Mallari Pazarlama AS and Vestel Dis Ticaret AS. Vestel Beyaz Esya is a subsidiary of Vestel Group. In January 2014, Vestel Elektronik Sanayi ve Ticaret AS, increased its stake in the Company to 92.6%.
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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