Full Article at IIR has reaffirmed its Recommended rating for PIA after undertaking a review post the appointment of a new Portfolio Manager, Harding Loevner. The full report can be found on the IIR website. On 26 July 2021, Pengana International Equities Limited (PIA) announced a fully franked dividend of 1.35 cents per share for the June quarter. This represents an 8% increase on the March quarter dividend and takes the total dividends declared for FY21 of 5.1 cents per share, fully franked....
1Qs and 2Qs are seasonally strongest quarters for Adel where revenues and EBITDA are the highest, while 3Q is weaker and 4Q is the weakest. In a seasonally strong quarter, Adel failed to show a good performance. Revenues of TL108.6mn in 1Q19 are down by 18.9%, y/y (after 19.5% growth in 2018), despite higher currency rates (majority of the stationery products in the market are imported), vs. our TL150mn estimate. Although EBITDA margin of 29.5% in 1Q19 is only slightly lower than our 31% estimat...
Adel Kalemcilik reported a net loss of TL22.3mn in 4Q18 (4Q17: -TL16.2mn, BGC: -TL14.4mn), slightly negative... We think that soaring financing costs has put some pressure on the bottom line as the company manages a sizeable working capital during the year. There is no market consensus for Adel. 1Qs and 2Qs are seasonally strongest quarters for Adel where revenues and EBITDA are the highest, while 3Q is weaker and 4Q is the weakest (in 4Qs, EBITDA and bottom line are generally negative). Note t...
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