Gubre Fabrikalari posted a TRY 3.8mn net profit in 2Q12, which is
significantly below our estimate of TRY 38.6mn and the consensus estimate of
TRY 38.9mn. The deviation between actual
figures and our estimates mainly stemmed from higher OPEX and lower margins at
Razi, the company’s Iranian subsidiary.
ü Following the 2Q financials, we will revise our model, although we
currently maintain our “Buy” call with a TRY 16.30 target price.
Hiç yorum yok:
Yorum Gönder