ASELSAN (ASELS) 2Q25 Financial Results

We view ASELSAN’s 2Q25 financial results as positive. Despite strong operational performance, recent share price movements suggest that much of the quarter’s expectations have already been priced in. Nevertheless, we continue to favor the company’s business model and maintain it under close watch. Following the results, we have made a slight upward revision to our forecasts and raised our 12-month target price from TL180 to TL220 per share. The revised target implies a 19% upside potential based on yesterday’s closing price, and we reiterate our “HOLD” recommendation for the stock.