Company/Industry Reports

We are initiating coverage on Koton with a 12-month target price of TL30.00, implying a 94% upside potential and an BUY recommendation. Key catalysts include: i) the company’s wide product range and competitive pricing strategy in an attractive sector, ii) potential to increase market share through new store openings both domestically and internationally, iii) acceleration in e-commerce operations supporting...
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We initiate coverage of TAB Gıda with a 12‑month target price of TL242,00 and assign a “BUY” recommendation, implying an upside potential of 46 %. The Company ranks among Turkey’s leading quick‑service restaurant (QSR) chains, operating global brands—Burger King, Popeyes, Arby’s, Sbarro and Subway—alongside domestic concepts such as Usta Dönerci and...
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Tüpraş announced its product margins for March. Accordingly, within middle distillates, the diesel margin declined by 21% MoM to $15.5/bbl, while the jet fuel margin fell by 13% MoM to $13.8/bbl. Among light distillates, the gasoline margin dropped by 19% MoM to $11.7/bbl, and the fuel oil margin was recorded at negative $6.4/bbl. All product margins decreased on a monthly basis, and except for fuel oil, margins...
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Following the announcement of 4Q24 financial results, we are revising our 12-month target price for Mavi Giyim from TL147.00 to TL135.00 per share. With a 100% upside potential based on the last closing price, we reiterate our “BUY” recommendation and continue to include the company in our model portfolio. In line with the updates in our model, we expect Mavi to achieve TL51.3 billion in revenue, TL9.2...
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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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