Vestel Beyaz Esya (VESBE TI) - Strong TRY mars profitability: Maintain Buy
Vestel Beyaz’s net income slumped by 48% y-y to TRY128m vs. our estimate of TRY139m. The bottom-line miss stemmed mainly from weaker than expected operational profitability.
In view of the weak 3Q19 results and with the VESBE stock outperforming the BIST-100 Index by 13% in the last week, we expect profit taking in the short term. On a longer term perspective, we maintain BUY on strong growth outlook, particularly in exports, high dividend yield and attractive valuation.
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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