Company/Industry Reports

We review TAV Airports' February passenger growth as "Slightly Positive." While the weakness in domestic passenger numbers put some pressure on overall traffic, international passenger growth continued. We maintain TAVHL in our Model Portfolio with a target price of TL396 and a 60% upside potential. We also reiterate our BUY...
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We evaluate Turkish Airlines’ February traffic data as "Slightly Negative." The decline in domestic passenger numbers pressured overall traffic. Although international passenger growth partially balanced the results, passenger growth contracted. Cargo volume remained flat YoY due to the high base effect of a strong 2024. We maintain THYAO in our Model Portfolio with a target price of TL428.00 and a 27%...
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MGROS announced its 4Q24 financial results below market expectations and our estimate, reporting a net profit of TL731 million, down 37% year-on-year. The lower-than-expected net profit was mainly driven by deferred tax income and net financial expenses. On the other hand, strong operational margins, which exceeded market expectations, and the company’s 2025 guidance are expected to have a more positive impact in...
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CCOLA announced its 4Q24 financial results with a net loss of TL351 million, significantly below the market expectation of TL2,182 million and our own estimate. The pressure on gross profitability from its Turkey operations and the contraction in operational margins impacted the results. We view the results as slightly negative. However, we find the company’s forward-looking guidance and the strategic process...
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Despite a decline on an annual basis, we view the better-than-expected quarterly profitability performance and satisfactory dividend performance as positive for DOAS. In line with our updated forecasts, we have revised our 12-month target price for DOAS to TL259.00 from TL253.00 per share. The revised target price, indicating a 36% upside potential, is in line with our index expectations and reflects our view that...
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Tüpraş announced its product margins for February. Accordingly, among middle distillate products, diesel margins improved by 17% MoM to $19.6/bbl, while jet fuel margins increased by 15% MoM to $15.9/bbl. Among light distillate products, gasoline margins rose by 24% compared to the previous month, reaching $14.4/bbl, while fuel oil margins were recorded at negative $5.9/bbl. In February, the Brent crude oil price...
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TCELL announced its 4Q24 financial results, reporting a net profit of TL 1.68 billion, which was below market expectations. During this period, the company's revenue and EBITDA generation were in line with expectations, while operating expenses, non-operating expenses, and net monetary loss adjustments created pressure on net profit. We evaluate TCELL’s 4Q24 financial results as Slightly Negative and continue...
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Following ASELSAN's robust 4Q24 financial results, we have updated our forecasts in line with our macro expectations and raised our 12-month target price from TL107.60 to TL120.00 and add to our model portfolio. As of January 10th, ASELSAN, which we initiated coverage on, indicates a 40% upside potential compared to the latest closing price, and we maintain our "BUY" recommendation. The key catalysts...
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