On a segmental basis, domestic and export sales volume surged by 117% and 28% y/y respectively, partly thanks to low base and favorable loan rates.
We believe the company managed to survive through turbulent times between 2018-2020. The company also managed to turn to TL596mn net cash as of 2020 year-end.
Going forward, we foresee TTRAK’s domestic sales volume to increase by 15% y/y to 25.5K units while export sales volume to increase by 25% y/y to 15.7K units in 2021E.
Company officials hinted during 4Q20 teleconference that demand outlook continues to look strong till May 2021. However, we believe that most of the positives are priced in.
We maintain our “Marketperform” recommendation for TTRAK with our 12M TP of TL152.
Based on our estimates, the company trades at 2021E 11.6x P/E compared to its 3-year multiple of 8.8x.