Time for Turkish Food Retailers - JP Morgan

Sok Marketler Ticaret AS

01/07/2019 08:12

** JP Morgan turns positive on Turkish food retailers,
pointing to support from normalising margins and valuations
    ** "Turks grow faster," it says, upgrades BIM  BIMAS.IS  to
"overweight" from "neutral"
    ** They are likely to be supported by normalizing margins
starting from Q2 and 10-year low valuations, it adds
    ** The broker sees an attractive entry level and outstanding
normalised capital returns
    ** JP Morgan expects BIM to increase earnings by 29% and
forecasts SOK  SOKM.IS  to generate positive income by 2020
    ** It keeps an "overweight" rating on SOK and "neutral" on
Migros  MGROS.IS , adding that pressure on Migros's EPS
continues due to high leverage


    
  

 ((pawel.goraj@thomsonreuters.com))