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....
Petkim reported a net profit of TL104mn (vs. TL44mn net loss in 4Q18) in 4Q19, in line with market consensus of TL103mn, but better than our expectation of TL41mn. The company posted an EBITDA of TL312mn (+653% YoY), better than market consensus of TL281mn and BGC estimate of TL231mn. Main deviation from our expectations was a higher than expected top-line and lower operating expenses. Net profit and EBITDA reached TL813mn (-7% YoY) and TL1,531mn (+4% YoY) in 2019, respectively. We expect the e...
The market is difficult for producers to reflect raw material prices hikes (raw milk, packaging, energy etc.) to its end product prices due to competition (mainly from private labels and clients’ declining purchasing power). Pinar Sut posted TL400.2mn revenues in the quarter (up by 14.5% y/y), slightly above our TL381mn estimate.
… Similar to Tat Gida and Pinar Et , we believe that competition, especially from discount markets and private label products, took its toll from the volume growth of the company. Pinar Sut posted TL379.2mn revenues in the quarter (up by a mere 4.1% y/y), below our TL400.5mn estimate.
Pinar Sut reported a net profit of TL39.7mn in 4Q18, better (BGC: TL20mn)… FX gains on TL’s appreciation (in contrast to 3Q18), and tax “income†of TL8.3mn in 4Q18 on ongoing Sanliurfa investments are the boosting factors. Pinar Sut had also a strong operational profitability in the quarter with TL32mn EBITDA at 8.6% margin (3Q18: TL19mn at 4.8% margin) vs. our TL25mn estimate at 6.4% margin estimate, despite the harsh competition in the sector. The market is difficult for producers to ...
.. Pinar Sut reported a net income of TL3.0mn in 2Q18, lower (consensus: TL8.5mn, BGC: TL10.4mn). Pinar Sut recorded a strong TL26.3mn EBITDA in the quarter (at 7.5% margin vs. 1Q18’s 9.2% and 2Q17’s 5.5%), above consensus estimate of TL22.5mn at 6.7% margin (BGC: TL26.8mn at 7.7% margin). We think that the market reaction on 2Q18 bottom line may be negative, but operational performance is neutral in our view
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