Page 88 - TURKRptSept19

spin-off.
McDonald's Corp sold the bulk of its China business to state-backed conglomerate CITIC Ltd and private equity giant Carlyle Group in 2017.
TFI's China business is also part-owned by private equity firm Cartesian Capital Group and Restaurant Brands International , the owner of Burger King itself.
They own 50%, 22.5% and 27.5% of the China business, respectively, according to the IPO prospectus TFI filed with the US Securities and Exchange Commission last year.
9.2.7 TMT corporate news
● Turkcell
Turkcell increased its net income by 12% y/y to TRY465mn in Q2 while revenues grew by 22% y/y to TRY5.9bn.
The market expected a TRY540mn profit in the quarter.
Ebitda rose 20% y/y to TRY2.6bn. The company’s assets and debts stood at TRY46bn and TRY22bn, respectively, at the end of the second quarter, according to a presentation on Turkcell’s website. Net debt was TRY11.3bn.
The company had a total of 36.8mn subscribers as of end-Q2.
The company increased its EBITDA margin target for 2019 to 39-41% from a previous 38-40% while it kept its revenue growth target at 17-19%.
“Turkcell’s board has called an AGM for 12 September 2019, and recommended TRY 0.46 DPS distribution from 2018 profits (in line with the company’s 50% NI pay-out policy, and equivalent to a 3.4% yield and a TRY 1.01bn total amount). The dividend payments are scheduled in four instalments (22 October 2019, 17 December 2019, 14 January 2020, 17 March 2020). Uncertainty over the dividend distribution has been one of the factors weighing on stock performance, in our view. Now it remains to be seen i) whether the AGM convenes to approve the dividend (likely, in our view), and ii) whether the dividend amount is increased (that has happened before, and could be a moderate catalyst for the stock, although in any case a yield of more than 5-6% is unlikely, in our view),” Ivan Kim of VTB Capital said on August 1 in a research note.
Turkcell, Turkey’s largest mobile carrier, has announced that the annual
88 TURKEY Country Report September 2019 www.intellinews.com