Analyst Research Report Snapshot

Title:

IS YATIRIM MENKUL DEGERLER - UNFAVOURABLE MARKETS

Price:

$10.00

Provider:

Edison Investment Research

Date:

26 Nov 2012

Pages:

2

Type:

AcrobatPDF

Companies referenced:

ISMEN.IS

Available for Immediate Download
Summary:

In what was a challenging period for investment banks around the globe, IS Yatirim Menkul Degerler’s (ISY) gross profit declined 52% y-o-y in Q3. A further reduction in equity and fixed income trading volumes was the main cause. Despite this, its record Q1 performance means its nine-month net profit remains ahead 24% y-o-y, which is considerably above most other European investment banks. To reflect the decline in global trading volumes, we have conservatively lowered our FY12e PBT growth rate from 57% to 34%. We continue to favour ISY’s market-leading position in Turkey, strong balance sheet and undemanding valuation and believe it is positioning itself well for a recovery in global markets and domestic interest rates.

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