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....
TRAKYA CAM SANAYI AS (TR), a company active in the Building Materials & Fixtures industry, now shows a lower overall rating. The independent financial analyst theScreener confirms the fundamental rating of 2 out of 4 stars. However, the market behaviour deterioration triggered a risk requalification, which can be thus described as moderately risky. theScreener believes that increased risk justifies the general evaluation downgrade to Neutral. As of the analysis date March 6, 2020, the closing pr...
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.
Trakya Cam reported a net profit of TL170mn (-37% YoY) in 3Q19, better than market consensus of TL130mn and our expectation of TL126mn. EBITDA came in at TL279mn (-5% YoY) in line with market consensus of TL272mn and our expectation of TL277mn.
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 down our TP by 20%, from TL4.33 to TL3.48/share, on the back of sharper than expected contraction in Turkish market and potential demand weakness in Europe. Meanwhile, we are now utilizing a risk-free rate of 15% vs. 16% before, which prevented further downward revision in our TP.
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...
Trakya Cam reported a net profit of TL149mn (-28% YoY) in 1Q19, better than market consensus of TL135mn, but in line with our expectation of TL142mn. EBITDA came in at TL288mn (+10% YoY) better than market consensus of TL235mn and our expectation of TL245mn. Despite a stronger than expected EBITDA figure, higher effective tax rate and a one-off expense of TL25mn prevented a positive earnings surprise. We expect the earnings announcement to have a slight positive impact on the stock performance.
TRKCM 4Q18 - BETTER: TL178m NI beat the mkt cons by 19% while EBITDA of TL343m was in-line. Higher income from subsidiary in Egypt was the reason for the beat. Despite margin dilution impact of India operations, we see 3.7pps and 3.1pps YoY and QoQ improvement in EBITDA margin, respectively, thanks to strong performance of Turkey auto glass business, improving capacity utilization in Romania, positive currency impact and opex control in European operations. Expect positive reaction to the re...
Trakya Cam posted TRY178m of net income in 4Q18, better than Research Turkey consensus's TRY150m and much better than our estimate of TRY120m. Although the operating performance was in line with our estimate, lower-than-expected losses (reversal of gains) from revaluation of FX-denominated fixed securities led the divergence at the bottomline. We maintain BUY, due to attractive valuation, strong growth outlook in export markets and on-going improvement in its profitability.
Trakya Cam’s net income increased by 72% y-y to TRY276m in 3Q18. Despite an outstanding y-y growth, the bottom-line was slightly below RT consensus of TRY291m and worse than our estimate of TRY311m. Cost pressure in Turkey and dilutive impact of Indian operations repressed the results in 3Q18. We expect 3Q18 results to weigh on share price performance in the near term.
TL298m NI 26% higher than cons while EBITDA of TL294m was in-line. Consolidated net profit surged by 102% YoY on the back of i) TL131mn investment income from revaluation of financial investments, ii) TL55mn one-off income from revaluation of 50% of HNG Float Glass’ shares as the value paid for the other 50% of the shares was higher than the initial book value of the subsidiary and iii) an EBITDA growth of 28%. TRKCM had a short FX position of TL33mn as of end-2Q18, consisting of i) US$43mn ...
Trakya Cam posted TRY298m net income in 2Q18, better than our estimate of TRY246m and much better than RT consensus of TRY235m. Although the operating performance was broadly in-line with estimates, higher-than-expected gains from financial investments boosted the bottom-line in 2Q18. The operating performance of Trakya Cam was broadly in-line with expectations. Thus, we maintain our estimates and TP. On the other hand, we will be watching the evolution of high inventory levels in the upcoming p...
We revise our earnings forecasts for Trakya Cam following the strong 1H17 results. We expect this momentum to continue on the back of solid glass demand in both Turkey and Europe. Our new estimates imply a one-year forward EV/EBITDA of 4.8 and P/E of 7.7, which offer attractive discounts of 33% and 42%, respectively, against international peers. We raise our target price from TRY3.91 to TRY4.81 per share, which offers 38% upside. We maintain our BUY recommendation on the stock.
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