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....
ANADOLU CAM SANAYII AS (TR), a company active in Containers & Packaging, reduces its risk exposure and improves its general evaluation despite the loss of a fundamental star(s). The independent financial analyst theScreener has removed a fundamental star(s) of the title, which now shows 3 out of 4 stars; conversely, its market risk is now considered lower and can be described as defensive. Despite the loss of a star, theScreener upgrades the general evaluation of the title to Slightly Positive. ...
We expect to see a re-rating in Sisecam in the medium term, owing to an increased free float Mcap of possibly more than USD1bn, as well as an increase in the liquidity and foreign ownership in free float post-merger. We have undertaken a sensitivity analysis incorporating four different scenarios on merger/swap ratios, adjusted for our estimates of gross dividends to be distributed before the merger. We raise our target price by 4% to TL7.1, along with the slight revision to estimates after the ...
Anadolu Cam , Soda Sanayi , Trakya Cam , Denizli Cam will merge under Sisecam … Sisecam announced to initiate negotiations for a merger with its five subsidiaries in order to capture potential synergies by combining all of Sisecam’s activities in one entity and improve its global competitive position as well as increasing its trading volume. Minority shareholders will have the exit right opportunity.
Anadolu Cam posted TRY171m net income in 3Q19, better than our estimate of TRY138m and RT consensus of TRY137m. The bottom-line beat mainly stemmed from better than expected operating performance as top-line growth and profitability of Turkey operations were both ahead of our estimates. In our view, i) recent and upcoming capacity increases, ii) high capacity utilization rates in both Turkey and Russia, and iii) ongoing improvement in consumer sentiment in both Turkey and Russia promise a compe...
TAV Airports posted a net profit of EUR89mn in 3Q19, better than market consensus (EUR80mn) and our expectation (EUR63mn). Adjusted EBITDA came in at EUR156mn in 3Q19, broadly in line with market consensus (EUR150mn) and our expectation (EUR163mn). TAV booked earnings from Istanbul Ataturk Airport as a discontinued item following the closure of the airport April 6th, so the financials in 9M18 and 9M19 were restated.
We revised our valuation for in line with our new risk-free rate assumption (15% current vs. 16% before), new FX assumptions and a more optimistic view about the margin environment in the long run. We revised up our ex-dividend TP by 22%, from TL3.80/share to TL4.63/share, which points to a 12-month total return of 51%.
ANACM posted TRY155m net income in 2Q19, better than RT consensus of TRY121m and our estimate of TRY124m. Better than expected operating performance (better top-line and better EBITDA margin) and a higher than expected deferred tax income were the main drivers of upbeat results in 2Q19. We maintain BUY on ANACM after its strong operational performance in 2Q19.
Anadolu Cam reported a net profit of TL155mn (-6% YoY) in 2Q19, better than market consensus of TL121mn, but in line with BGC estimate of TL152mn. EBITDA came in at TL265mn (+41% YoY) in 2Q19, slightly better than market consensus of TL237mn and our expectation of TL244mn
We expect the positive momentum to continue: Global growth fears, which have pushed down global bond yields, and the recent shift to a more dovish stance by both the Federal Reserve and the European Central Bank, have led to a significant recovery in global equity indices since mid-May. This rising tide in the global markets has also lifted the Turkish equity market to a higher level. Despite the occasional volatility and challenges in the upcoming months, we expect this positive momentum in Tur...
Anadolu Cam reported a net profit of TL102mn (+60% YoY) in 1Q19, slightly lower than market consensus of TL112mn, but better than BGC estimate of TL79mn. EBITDA came in at TL195mn (+43% YoY) in 1Q19, better than market consensus of TL179mn and our expectation of TL176mn. Main deviations from our expectation was a higher than expected EBITDA margin and lower than expected effective tax rate. We expect the earnings announcement to have a neutral impact on the stock.
Anadolu Cam posted TRY74m net income in 4Q18, better than Research Turkey’s TRY61m and much better than our estimate of TRY22m. Although the operating performance was in line with our estimates and RT’s, higher-than-expected financial income led the divergence between our estimate and the bottomline. We maintain our estimates for ANACM. On the other hand, we started to refer to 2019 multiples (P/E and EV/EBITDA) in our peer comparison (2018 previously) and revise our 12M TP (based on DCF and pee...
Anadolu Cam posted TRY147m net income in 3Q18, better than our estimate of TRY131m and much better than RT consensus of TRY115m. The operating performance was ahead of estimates, despite the headwinds in Turkey such as increased costs particularly in energy and FX denominated raw materials. We expect upbeat 3Q18 results to have a positive impact on share price performance in the near term. BUY maintained.
TL166m NI in 2Q 37% higher than cons while EBITDA at TL188m is c5% above. Main deviation from was a net tax income of TL53mn (BGC TL4m) in 2Q18 parallel to the investment incentive for the new furnace. Increased price levels both in Turkey and Russia, better sales mix, increasing efficiency and higher CUR supported EBITDA, despite higher general production expenses with 25% increase in natural gas prices in Turkey, higher soda ash prices and higher packaging costs. ANACM noted that the company...
Anadolu Cam posted TRY166m net income in 2Q18, better than consensus of TRY121m and much better than our estimate of TRY101m. Excluding the tax impact, EBT tripled y-y to TRY113m in 2Q18. Net income reached TRY229m in 1H18, vs our FY estimate of TRY266m. We thus raise our 2018-20E estimates. We increased our TP by 7% to TRY3.75. We maintain our BUY rating on Anadolu Cam on the back of its resilient growth outlook, improving profitability and attractive valuation.
Anadolu Cam’s net income soared 56% y-y to TRY64m, beating both our estimate of TRY41m and RT consensus of TRY40m by a wide margin. EBITDA grew by 25% y-y to TRY136m, beating consensus and our estimate of TRY127m. EBITDA margin improved by 456bp y-y to 25%, thanks to ongoing efficiency improvement program and a higher CUR outside Turkey. O-going improvement in profitability, despite higher costs stemming from depreciated TRY promises strong results ahead. We reiterate our BUY rating for the ...
> Market comment > Soda Sanayi 3Q17: Operating performance better than expected > Trakya Cam 3Q: Strong bottom line on low opex, non-operating factors > Anadolu Cam 3Q17: Solid net income mostly on non-operating factors > Ulker 3Q17: Better than expected operating margins
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