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....
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.
Soda Sanayi reported a net profit of TL151mn (-82% YoY) in 3Q19, in line with market consensus of TL147mn, but better than BGC estimate of TL136mn. EBITDA came in at TL237mn (-29% YoY) in 3Q19, slightly better than market consensus (TL221mn) and BGC estimate (TL223mn). Main deviation from our expectations was a higher than expected net tax income and EBITDA margin.
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.
BUY Maintained... We revised our valuation on the back of: i) including the natural soda ash investment in the US, ii) plugging in our new FX rate assumptions which had negative impact on valuation, iii) revising down our expectation for glass fibre operations in 2019 and updating our forecasts with 2Q19 results. Our ex-dividend TP increased by 17% from TL9.66/share to TL11.26/share
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...
Soda Sanayi reported a net profit of TL285mn (+19% YoY) in 1Q19, slightly better than market consensus of TL259mn and BGC estimate of TL262mn. Lower than expected effective tax rate was the reason behind the slight deviation of net profit from BGC estimate. EBITDA came in at TL200mn (+8% YoY) in 1Q19, broadly in line with market consensus (TL193mn) and BGC estimate (TL191mn). EBITDA margin declined by 5.3pps YoY to 21.1% in 1Q19 on the back of dilutive impact of glass fibre plant due to the ram...
SODA 4Q18 - INLINE: TL81m NI in 4Q and EBITDA of TL233m were both in-line w/cons. Higher than expected financial expense in 4Q18 (due to TL appreciation in the quarter leading to FX losses in financial investments), while this was mitigated by a deferred tax income of TL121mn related to the investment incentive for the glass fiber business. EBITDA margin down by 0.4% y/y to 23.6% in 4Q18 as higher average US$ and EUR against TL, price increases in soda ash and chromium operations partially of...
TL418m NI is 25% higher than mkt cons while EBITDA of TL206m was 6% higher. Bottom-line beats our expectations mainly due to a deferred tax income of TL61mn stemming from the investment incentive for glass fiber investment. SODA’s revenues are FX-linked and US$ and EUR-denominated revenues account for around 85% of total revenues. Average US$/TL and EUR/TL rates increased by 22% and 32% YoY in 2Q18, respectively. SODA has a net long FX position of US$275m long and EUR93m. Despite the o/p o...
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