Pimas (PIMAS
TI, NR) announced that its main shareholder Enka Insaat (ENKA TI, Hold, TP:
TRY4.87) mandated an investment bank to evaluate strategic options (which we
read as M&A). Pimas manufactures/trades PVC-Windows, Door & Window
Systems, Vinyl Facade Systems, and Balcony Glazing Systems. Enka has 81.65%
stake in Pimas. Pimas has a Mcap of USD29m. We believe the exit from the
non-core business with declining margins is strategically positive for
Enka Insaat, however the impact on Enka ‘s valuation would be marginal
(<0.5% of NAV).
According to Milliyet, Sinpas REIT (SNGYO, N/R) is planning to develop
a residential project in Marmaris, a major holiday destination in Turkey by the
Mediterranean Sea. According to the news, the project will comprise 600
residential units, 48 mansions and 2 hotels. The news cites Omer Faruk Celik,
the chairman of the executive board, that they are planning to start
sales in March 2013. We deem the news a potential catalyst for the stock.
Trakya
Cam (TRKCM TI, NR) announced a timeline to increase its stake in SGGE
Egypt (partnership with Saint Gobain) from 15.4% to 30% (initial stage: 20%,
until Dec-12: 25%, until Jun-13: 30%) . Recall that during the agreement for
partnership with Saint Gobain in Russia, the parties targeted an eventual
51% stake for Trakya Cam in Russian investment (current: 70%), and 49%
stake in Egypt. We expect Trakya Cam to gradually reach the targeted stakes
both in Russia and Egypt. Neutral.
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