Analyst Research Report Snapshot

Title:

IS YATIRIM MENKUL DEGERLER - PROFITS EXPECTED TO RECOVER IN H2

Price:

$10.00

Provider:

Edison Investment Research

Date:

05 Sep 2013

Pages:

7

Type:

AcrobatPDF

Companies referenced:

ISMEN.IS

Available for Immediate Download
Summary:

IS Yatirim’s (ISY) investment banking division reported a 33% fall in operating profits during H113 as narrower spreads on interest rates reduced profits earned from interest and trading. Including the volatile profits from subsidiaries, consolidated profits were 52% lower. Substantial gains have already been generated since mid-year, which should see a recovery in subsidiary profits in H2. We have kept our long-term growth assumptions unchanged but reduced our FY14e fair value estimate by 20% to TRY1.9, reflecting the recent macroeconomic trends in Turkey.

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