A director at Alkim Alkali Kimya sold 300,000 shares at 46.066TRY and the significance rating of the trade was 67/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years cle...
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 Efes reported a net profit of TL183mn (+56% YoY) in 4Q19, better than market consensus of TL100mn and our expectation of TL138mn… EBITDA (the company’s calculation and including IFRS-16 impact) came in at TL862mn (+47% YoY) also better than consensus (TL687mn) and our expectation (TL749mn). Main deviation from our estimates was stronger than expected EBITDA in all segments and higher than expected income from other operations due to lower FX losses from operations. Net profit and EBI...
Alkim Kimya owns 79.73% of Alka and fully consolidates it in its financials. Alka released its IFRS based 4Q19 figures yesterday and the company recorded a strong performance as hinted by tax office financials on 17 February. The bottom line of TL14.3mn in 4Q19 is well above TL3.5mn recorded in 4Q18 (3Q19: TL11.2mn). EBITDA margin of 18.3% in 4Q19 is the highest figure in the year and Alka posted a strong TL15.6mn EBITDA in the quarter despite weaker seasonality in revenues.
On the chemicals side, sodium sulfate demand and prices are robust, both on domestic and export markets. Strong margins seen in 1H19 continued in 3Q19; however margins are lower q/q and y/y as expected given lower EUR/TL rate in the quarter (most of the contracts on chemicals/mining side are in EUR). Paper operations (Alka ) had already announced its 3Q19 results, and they were good (breakdown of financials is in the attached excel file).
The BoD decided to start the long-awaited potassium sulfate (fertilizer) investment… The investment will be completed in 18 months (production will start in 2021) with an initial capacity of 50kt/year, but the infrastructure will be made according to 100kt/year so the company will raise capacity, going forward. It will be a brown-field investment with a size of EUR14mn and the process will be integrated to Acigol, Afyon, where Alkim has natural sodium sulfate production.
2Q19 was a strong quarter; both Chemicals/Mining operations (thanks mainly to weak TL vs. EUR as most of the contracts on chemicals/mining side are in EUR) and Paper operations (Alka ) posted robust margins thanks to good demand conditions and good pricing environment
Alkim reported a net income of TL26.1mn in 1Q19 (4Q18: TL15.9mn, 1Q18: TL11.5mn), above our TL22.2mn estimate, positive… Despite neutral set of results of the paper subsidiary Alka, Alkim Kimya posted strong results thanks to successful performance of the chemicals segment on the back of high EUR/TL rate (most of the contracts on chemicals/mining side are in EUR), robust demand environment and hence sales performance. Consolidated revenues were up by 48.9% y/y to TL173.6mn in 1Q19 (solo Alkim...
Alkim reported a net income of TL15.9mn in 4Q18 (4Q17: TL15.4mn, 3Q18: TL38.0mn), below our TL22.3mn estimate, operationally weaker, negative… Revenues were up by 52.2% y/y to TL164.0mn in 4Q18 (solo Alkim: TL68.4mn, up by 52.0%, solo Alka: TL95.6mn, up by 52.4%), in line with our estimate of TL169.7mn. Both segments are weaker operationally, which were hinted by tax office financials released on 14 February, despite weaker TL against EUR (most of the contracts on chemicals/mining side are in...
• TP upped to TL32.6/share from TL25.8/share, BUY maintained… The rise is thanks mainly to our new macro estimates. Contracts in Alkim’s mining/chemical operations are mainly in EUR (around 70%) while costs are in TL; the company is a clear beneficiary of weak TL. On the paper side, prices are generally linked to US$, as the majority of the market consists of imported products and the main raw material cellulose is in US$. We see 43% upside potential including expected dividend yield. The ...
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