Corporate bond issuance news
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1 Corporate bond issuance news Corporate bond issuances New applications for corporate bond issuances are as follows: Application to the Capital Markets Board Company Type of instrument Nominal issuance amount allowed Sale type İş Gayrimenkul Yatırım Ortaklığı A.Ş. Debt instrument TL200mn Yapı ve Kredi Bankası A.Ş. Debt instrument USD3bn* International sales Deniz Faktoring A.Ş. Debt instrument TL1.2bn Private Placement/ Türk Ekonomi Bankası A.Ş. Debt instrument USD500mn International sales TF Varlık Kiralama A.Ş. Rent certificate USD750mn International sales T. Garanti Bankası A.Ş. Mortgage-backed security EUR1bn* Internationaland/or domestic sales *or equivalent in other hard currency or TL Source: IS Investment, CMB These corporates got approval for a bond issuance: Approved issuances Company Type of instrument Nominal issuance amount allowed Sale type Lider Faktoring A.Ş. Debt Instrument TL100mn Private Placement/ Türkiye İş Bankası A.Ş. Debt Instrument USD 5bn* International sales *or equivalent in TL or other foreign currency Source: IS Investment, CMB 1
2 New issuances this week and next are as follows: Notes to be issued this week Issuer Book Building Settlement Date Maturity Total Nominal Issuance amount Spread/Yield Sale type Intermediary Türk Ekonomi Bankası A.Ş March 13/03/ /07/2014 TL250mn* 50 bps IPO TEB Yatırım Destek Faktoring A.Ş 7-10 March 12/03/ days TL60mn bps Creditw est Faktoring A.Ş 14/03/ /03/ /06/2014 TL30mn 150 bps Aynes Gıda Sanayi ve Ticaret A.Ş * total issuance size can go up to TL350mn upon demand Source: IS Investment, Borsa Istanbul March 25/03/ years TL50mn bps Ak Yatırım İş Yatırım İş Yatırım Notes issued last week : Notes issued last w eek ISIN Issuer Trading Date Maturity Date Total Issuance amount in TL mn Spread/Yield Sale type İntermediary TRQAKBK41417 Akbank T.A.Ş 05/03/ /04/2014 TL285.7mn 11% simple Ak Yatırım TRQYKBK91412 Yapı Kredi Bankası A.Ş. 11/03/ /09/2014 TL600mn 50 bps IPO Yapı Kredi Yatırım TRQTISB61438 İş Bankası A.Ş. 12/03/ /06/2014 TL348.9mn 35 bps IPO İş Yatırım TRQTISBK1416 İş Bankası A.Ş. 12/03/ /11/2014 TL507.8mn 40 bps IPO İş Yatırım TRSTISB31510 İş Bankası A.Ş. 12/03/ /03/2015 TL62.6mn 45 bps IPO İş Yatırım Source: IS Investment, Borsa 2
3 Corporate bond news Akfen Holding: Better than expected bottom-line due to the non-operational revaluation gain Date: 04/03/2014 Akfen Holding posted TL3mn net income in its consolidated 4Q13 financial results, significantly higher than both our call of 68mn net loss and market consensus call of TL57mn net loss. Although the bottom-line seems to be better than expectations, the main culprit of the deviation is nonoperational revaluation gain of TL209mn vs. TL42mn recorded in a year ago from the real estate arm Akfen REIT. The net fx losses recorded due to the depreciation of TL continue to take its toll on the bottom line. Akfen Holding recorded TL90mn financial expenses in 4Q13, edging the full year expenses to TL250mn vs. TL42mn recorded a year ago. The contribution of equity accounted subsidiaries is also negative in 4Q13 at TL9mn (TL18mn profit in 4Q12) mainly due to the fx losses. Revenues of MIP grew by 5% YoY to TL265mn in 2013 thanks to 9% container volume growth and 7% conventional growth in Adjusted EBITDA increased TL155mn, up by 17% YoY with an EBITDA margin of 59.2%, slightly deteriorated by 1.3pp YoY. The significant increase in EBITDA is mainly attributable to operational leverage, favorable fx movement (US$ revenues of the port) and ongoing cost optimization. HEPP portfolio posted TL52.3mn net revenues in 2013, up by 6% LfL YoY, thanks to decline in generation halts (caused by adverse weather conditions), higher flow in some plants and addition of new plants. The generation output reached 396GWh in 2013, 18% higher than adjusted generation output a year ago. As a result, EBITDA of the segment increased to TL42.4mn in 2013 along with an EBITDA margin of 68%, notably up by 20pp. Solo net debt position of the Holding decreased to TL242mn as of end of 4Q13 from TL285mn as of end of 3Q13. The consolidated net debt on the other hand increased to TL2.38bn, up 9% from 3Q13-end. Despite a 4% YoY decline in consolidated financial debt in fx terms, there is a higher TL based rise on BS due to the significant depreciation of TL since majority of debt (90%) is in &$. Analyst: Mustafa Küçükmeral Anadolu Efes: Weak results in 4Q13 Date: 10/03/2014 Anadolu Efes reported TL266mn of net loss in 4Q13 financials (attributable to majority shareholders), worse than the market consensus of TL93mn net loss and much lower than our call of TL118mn mainly due to weaker than expected revenues. 4Q13 revenues of TL1.8bn (flat on a YoY basis) are both lower than our estimate and the market consensus of TL2.0bn. Turkey s beer revenues fell sharply by 24% due to weak volumes (down by 24%, which led to a negative EBIT of TL6mn versus TL89mn of positive EBIT a year ago. The EBITDA of Turkish beer operations also declined by 80% on a YoY basis. In Russia, revenues declined relatively slower at 14% thanks to slowdown in volume decline (-3%). Consolidated EBITDA still fell by 38% YoY to TL140mn, lower than the market consensus of TL200mn. Anadolu Efes shared its guidance for 2014: on a consolidated basis (including soft drinks), the company expects mid-single digit gowth in volumes mainly due to the growth of the volumes of soft drink business. Consolidated revenues is expected to outpace the volume growth and EBITDA is expected to outperform the revenue growth. Both Turkish and Russian beer operations volumes are expected to decline mid-to-high single digit, while other markets are forecasted to perform better, adding up to low single digit decline in total beer volume. The Company expects better margins in beer segment but will continue with the network and cost base optimization program in Russia and other countries meaning that additional breweries will be closed throughout the year to improve efficiency. 3
4 Anadolu Efes will organize a conference call today at 17:00. There will be downward revision in our volume expectation for Russia, which was better than Company s guidance. Anadolu Efes will not distribute dividends from FY13 net earnings. Analyst: Başak Dinçkoç Bank Asya: Low single digit EPS growth is budgeted Date: 05/03/2014 Bank Asya held a conference call last week and presented its 2014 budget guidance with some downward revisions on asset growth and profitability sides. Briefly, loan growth target is almost halved to 10% while deposit growth will be slightly lower. The management sees 20bps NIM tightening on annual basis and high single digit net fees growth this year. NPL cleaning will be continued and the NPL ratio is estimated to deteriorate 10-20bps including further write-offs while specific provisioning guidance has been revised higher mainly owing to seasoning of bad loans. Cost increase is expected to be low double digit. Overall, the management guides for single digit EPS growth for this year down from high teens or above. We expect to see sizable EPS cuts from the street estimates following weak 4Q13 results and downward revision in 2014 guidance. We are currently reviewing our estimates and valuation for Bank Asya. Eregli Demir Celik: Record high dividends from Eregli Demir Celik Date: 06/03/2014 Erdemir BoD decided to propose TL820mn of cash dividends (TL per share) in the general assembly to be held on 31 March 2014, corresponding to 92% of the FY13 distributable income and to a dividend yield of 9.72% as of yesterday s closing. The planned dividend payment almost doubles our estimated dividend payment of TL451mn. Market reaction is expected to be positive. Global Yatırım Holding: The talks with Akkok for 270MW Sırnak TPP are partially completed Date: 05/03/2014 Global Investment Holding announced that the preconditions for the partial divesture of Sırnak power plant to Akkok Group has been partially completed, while the talks for the remaining issues are ongoing. Note that Global Investment Holding had signed a preagreement for the divesture of its i) 55% stake of its 85% subsidiary Galata Energy and ii) 55% stake of its 85% subsidiary Gelis Mining to Akkok Sanayi Yatirim. Galata Enerji holds a 49-year power generation license for the asphaltite-fired thermal power plant with an initial installed capacity of 270MW. The plant will be located in Sirnak, in East Turkey near to a coal mine that owned by Gelis Mining, which will source the needed coal to the plant. The project is estimated to be completed with a US$350mn investment. We deem the news positive for the Group as Akkok will be a strong partner to finance the project, with a knowhow in the energy sector. Sise Cam: SISE 4Q13: Net profit beat consensus estimate Date: 07/03/2014 In-line with our estimate of TL171mn, yet better than TL143mn consensus estimate, Sise Cam posted TL173mn net income in 4Q13 compared to TL43mn in 4Q12. Higher topline figure along with solid margins and TL108mn one-off income from land sale were the primary reasons of bottom-line growth in 4Q13. Much higher than estimates (TL1.5bn), 4
5 consolidated turnover surged 27% YoY to TL1.7bn thanks to higher revnues at all segments while flat glass was the largest contributor to revenue growth with Fritz acquisition. Gross margin improved to 25.3% in 4Q13 thanks to effective cost management and higher CUR. However, EBITDA margin deteriorated slightly to 14,4% in 4Q13 from 15.1% in 4Q12 due to margin erosion at glass packaging side at Russia operations. Analyst: Ilyas Urgancı Yaşar Holding: Pınar Süt 4Q13 financials: Operationally in-line, bottom-line boosted by deferred tax income Date: 04/03/2014 Beating both our estimate of TL6mn and consensus of TL10mn, Pınar Sut posted TL22mn net income in 4Q13, up 44% YoY, carrying its full year bottom-line to TL67mn. Operational performance during 4Q13 was broadly parallel to our estimates while net income boosted by TL12mn deferred tax income. The company generated TL209mn revenues in 4Q13, up 18% YoY, thanks to combination of volume growth and price increases. EBITDA decreased by 17% TL16mn in 4Q13 as the increase on raw milk prices could not be immediately reflected on prices. Accordingly, EBITDA margin deteriorated to 7.6% in 4Q13 from 10.7% in 4Q12. Similar to our estimate of TL45mn, Pınar Sut announced to distribute TL41mn dividends from its 2013 net distributable income, corresponding 5% dividend yield. Pınar Et ve Un: Perfectly in-line Neutral Date: 04/03/2014 Meeting our estimate of TL9mn, Pınar Et disclosed TL8mn net income in 4Q13, up 12% YoY. Accordingly, the company closed the year with TL38mn net income, up 17% YoY. Revenues grew 23% YoY to TL122mn in 4Q13 thanks to higher sales volume with improved market share and price increases. However, EBITDA increased only by 5% due to sharp increase on raw meat prices in 4Q13. Accordingly, EBITDA margin fell to 6.9% in 4Q13 from 8.1% in 4Q12 and 11.2% 3Q13. Slightly below our TL31mn estimate, Petun announced to distribute TL28mn dividends from its 2013 net distributable income, implying 6.6% dividend yield. The company will held a webcast today regarding the results. Analyst: Ilyas Urgancı 5
6 This report has been prepared by İş Yatırım Menkul Değerler A.Ş. (İş Investment) solely for the information of clients of İş Investment. Opinions and estimates contained in this material are not under the scope of investment advisory services. Investment advisory services are given according to the investment advisory contract, signed between the intermediary institutions, portfolio management companies, investment banks and the clients. Opinions and recommendations contained in this report reflect the personal views of the analysts who supplied them. The investments discussed or recommended in this report may involve significant risk, may be illiquid and may not be suitable for all. Investors must make their decisions based on their specific investment objectives and financial positions and with the assistance of independent advisors, as they believe necessary. The information presented in this report has been obtained from public institutions, such as Istanbul Stock Exchange (ISE), Capital Market Board of Turkey (CMB), Republic of Turkey, Prime Ministry State Institute of Statistics (SIS), Central Bank of the Republic of Turkey (CBT); various media institutions, and other sources believed to be reliable but no independent verification has been made, nor is its accuracy or completeness guaranteed. All information in these pages remains the property of İş Investment and as such may not be disseminated, copied, altered or changed in any way, nor may this information be printed for distribution purposes or forwarded as electronic attachments without the prior written permission of İş Investment. ( This research report can also be accessed by subscribers of Capital IQ, a division of Standard & Poor's. For more information, please visit Capital IQ's web site at 6
Corporate bond issuance news
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