Koza Altin Isletmeleri AS. Koza Altin Isletmeleri AS is a Turkey-based company established to explore and operate gold mines in Turkey. The Company had a gold production of approximately 338,182 ounces in the 12 months of 2012. As at 31 December 2012, it had 53 operating licenses and 406 exploration licenses throughout Turkey in the Aegean and Marmara regions, the Black Sea region and Central and Eastern Anatolia. The Company owns four operating mines: an underground mine at Ovacik, a mine at Mastra & Cukuralan where it utilizes both underground and open pit mining methods, a mine in Cukuralan where it utilizes both underground and open pit mining methods and an open pit mine at Kaymaz.
BGC has been one of the major market players in Turkish OTC debt, FX and swaps markets since 1998.
We started offering corporate finance and investment banking services to our clients in 2013. We offer a complete range of financial services to help our clients achieve their goals. Our main areas of activity within investment banking are as follows:
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 mine. Despite a lower gold production forecast, we raise our TP for Koza Gold by 2% and Koza Metal...
Koza Altin reported TL319.5mn net income in 1Q19 (4Q18: TL191.0mn, 1Q18: TL141.5mn), in line (BGC: TL327mn, consensus: TL327mn), operationally lower… Strong cash position and FX long position (and TL's 7.0% depreciation against US$) helped the bottom line in the quarter as expected
ZALANDO - NEUTRAL | EUR34(-19%) Q1 sales in line, the strong performance on EBIT remains to be proven over 2019 Q1 growth in line with expectations As already flagged by Zalando, noticeable beat on adj EBIT Guidance confirmed for 2019 Neutral confirmed, no FV change prior to the conference call
In our “Picturing Turkey” product we present our Nowcast Model, which aims to estimate where Turkey stands in terms of economic activity by using 22 indicators. We bring those together in three charts, one showing the GDP growth momentum and the other two showing the total consumption and investment growths.
DEPOSITS: Total non-bank FX deposits in the Turkish banking system increased by US$2.8bn during the week on May 10, after having dropped in each of the past four weeks by a cumulative US$3.0bn. As such, non-bank FX deposits dropped by US$0.2bn since 29-Mar but increased by US$22.1bn year-to-date.
We observe some further increases in inflation expectations over almost all time horizons, probably as a result of recent TL depreciation. On the other hand, growth forecasts have been further cut, in tandem with C/A deficit estimates
Selcuk Ecza reported a net income of TL253.3mn in 1Q19 (+66.6%, y/y), better (consensus: TL195mn, BGC: TL193mn)… There was a 26.4% rise in pharmaceuticals prices (EUR adjustment) in February 2019; the rise in prices helped Selcuk Ecza to post strong margins in 1Q19, thanks to growing top line and inventory gains (we expect the impact to fade significantly in 2Q19). Revenues of TL4,163mn in 1Q19 (+26.8%, y/y) were in line with estimates (consensus: TL4,184mn, BGC: TL4,171mn), but the company posted TL279.6mn EBITDA in the quarter at an impressive 6.7% margin, exceeding market estimates (consen...
Yatas reported TL14.1mn net income in 1Q19 (consensus: TL15.7mn, BGC: TL17.8mn), slightly lower, operationally in line… January was weak, but February was stronger than expected, followed by a stable March. Recall that VAT cut (to 8% from 18%, re-initiated in October 2018) had been extended until June-end, so the company benefited from it in the quarter
Indeks Bilgisayar reported a net income of TL18.2mn in 1Q19 (4Q18: TL74.7mn, 1Q18: TL16.6mn), better (BGC: TL12.5mn)... As expected, Indeks’ top line has been negatively affected by Datagate’s performance on a y/y basis; however, the company had stable margins despite challenges
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