We revise our estimates, which incorporate a weaker TL and margin gains, due to currency mismatches regarding revenues (100% in USD) and costs (60% in TL), and slightly higher gold reserves. Hence, we maintain BUY ratings and raise target prices for Koza Gold, to TL226 (vs TL171), and Koza Anadolu, to TL36 (from TL28.3) per share. With the approval of the bill authorizing the SDIF regarding asset sales and dividend distributions for Koza-Ipek Holding assets, we expect to see developments become ...
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....
Koza Gold posted net income of TRY584m in 3Q20, broadly in-line with our estimate of TRY561m and Research Turkey consensus of TRY620m. Operationally, 3Q20 EBITDA of TRY620m came in 15% higher than our estimate of TRY541m (vs RT consensus of TRY640m), driven by higher than expected average selling price (ASP). Average selling price was higher by 39% y-y to USD2,057/oz, while the average gold price stood at USD1,911/oz in 3Q20. We make minor changes to our TPs for Koza Gold and Koza Metal, based ...
Koza Gold’s 2Q20 net income of TRY470mn slightly beat our estimate of TRY443m and Research Turkey consensus of TRY422m due to better operating profitability - EBITDA of TRY477m beat our estimate of TRY416m (vs. RT consensus of TRY449m), driven by lower than expected cash costs. Despite lower gold production q-q, cash cost/oz was down by 7% q-q to USD587/oz (vs USD420/oz in 2Q19) driven by lower than expected R&D expenses and 11% TRY depreciation against the USD. Based on updated forecasts for m...
Koza Gold reported TL470m net earnings (+13% y/y), thanks to higher-than-forecast gold production at 61k oz (-23% y/y) in 2q20. Lower grades attained at the mines and reduced ore extraction during Covid-19 were the main culprits behind production decline y/y. While we keep our production estimate of 280K oz for 2020, we adjust estimates for higher gold price (+32% y/y for 2h20). Accordingly, we expect a 16% net earnings growth in 2h20. We also increase TP to TL114 per share (TL104 earlier) for K...
Broadly in-line results in 1Q20 Koza Gold posted net income of TRY394m in 1Q20, slightly lower than our estimate of TRY436m and Research Turkey (RT) consensus of TRY437m. The deviation at the bottom line emanated from a higher-than-expected effective tax rate of 27% (vs BNPPe: 22%). EBITDA of TRY417m came in line with our estimate of TRY397m (vs RT consensus of TRY425m). In 1Q20, gold production was up by 5.4% y-y to 72k oz (vs 109k oz in 4Q19). This is 11% higher than our estimate of 65k oz, ...
Koza Gold posted net income of TRY507m in 4Q19, slightly lower than BNPPe of TRY550m and RT consensus of TRY564m. The deviation at the bottom-line came from higher than expected amortization charges. On the operational front, 4Q19 EBITDA of TRY556m came in-line with BNPPe of TRY562m (vs RT consensus of TRYT602m), despite gold production beating our expectations by 12% due to one-off expense of TRY74m, related to feasibility expenses on the disputed Sogut mine. The total reserves of Koza Gold dec...
Koza Gold’s 3Q19 net income significantly beat the RT consensus and our estimates. Operationally, 3Q19 EBITDA beat our estimates by 22% backed by a significant increase in gold production and a drop in cash costs. Based on higher gold production, cash cost per oz fell by 18% y-y in 3Q19. It also raised its 2019 gold production guidance to 330k-355k oz from 300-320k oz. Despite assuming higher revenue and lower cash costs for 2019 and 2020, our TPs for Koza Gold and Koza Metal inched down by 1%,...
Koza Gold’s 2Q19 net income of TRY414m beat our/Research Turkey consensus estimate of TRY361m/ TRY357m. Operationally, 2Q19 EBITDA of TRY415m was 29% higher than our estimate of TRY321m (no consensus) backed by a significant drop in cash costs. In 2Q19, gold production remained strong y-y at 79k oz vs 68k oz in 1Q19. This is 6% higher than our estimate of 74k oz, backed by re-initiation of Mastra operations. Backed by an 8% higher gold price and a 14% lower cash cost assumption for 2019, we hav...
Koza Gold reported net income of TRY320m in 1Q19, in-line with our estimate of TRY324m and Research Turkey consensus of TRY327m. Operationally, 1Q19 EBITDA of TRY253m was 11% below our estimate of TRY284m (vs. market consensus of TRY293m) due to weaker gold production because of a lack of production from Mastra mine. In 1Q19, gold production surged 47% y-y to 68k oz gold which was 71.5k oz gold in 4Q18. This is 8% lower than our estimate of 74k oz gold, due to absence of production at the Mastra...
Koza Gold reported net income of TRY484m in 3Q18, surpassing our estimate of TRY412m. The deviation at the bottom-line came from higher-than-expected financial income during the quarter. 3Q18 EBITDA of TRY271m came 21% lower than our estimate of TRY345m due to weaker average sales prices and a temporary production halt at Kaymaz mine. Koza Metal reported net income of TRY193m in 3Q18, above our estimate of TRY167m. The deviation at the bottom-line came from higher-than-expected profit contribut...
We reinitiate coverage of Koza Gold with a BUY rating and 12M TP of TRY70.50/share. We expect the company to increase its gold production by 42% y-y in 2018, with a 25% CAGR over the next two years. Koza stands to be a major beneficiary of TRY depreciation, as 60% of its costs are in TRY while 100% of revenues are USD-correlated. We also resume coverage of Koza Anadolu Metal with a BUY rating and 12M TP of TRY7.65/share, which implies 36% upside potential. We view Koza Metal as a value play, of...
Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind...
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