Q3 beat, guidance upgrade boost Turkey's Migros shares

Migros Ticaret AS

06/11/2024 10:08

** Shares in Migros  MGROS.IS  rise 10% after the group that
operates in the food and consumer goods sector posted
better-than-expected Q3 results and hiked its guidance 
    ** The Turkish company reported Q3 net profit of 3.16
billion lira with brokerage Halk Yatirim saying it exceeded
market expectations
    ** Migros raised its 2024 consolidated sales growth forecast
to 10%-12%, up from the previous estimate of around 10%, with a
new EBITDA margin target of about 5% compared to the earlier
range of 4.5%-5.0%
    ** Halk Yatirim says the profit beat was driven by stronger
operational profitability and net monetary gains
    ** "We view the strong financial results, including
operational margins and net cash position, as well as the
dividend distribution decision, positively for the stock" Halk
Yatirim adds
    ** J.P.Morgan said the results have the potential to reverse
the stock's 12% underperformance against the index over the last
three months
    ** The stock, on track for a best day since Feb 2023, is the
top performer on Turkey's BIST 100 index  .XU100 , which is up
3.1%
    

 (Reporting by Canan Sevgili)
 ((canan.sevgili@thomsonreuters.com))