Company/Industry Reports

Tüpraş announced its July product margins. Accordingly, among middle distillates, diesel and jet fuel margins increased by 64% and 52% month-on-month, respectively. Among light distillates, the gasoline margin rose by 40% compared to the previous month, while the fuel oil margin improved slightly to -$12.4/bbl from -$12.5/bbl in June. On a year-on-year basis, diesel, jet fuel and gasoline margins increased by 185%,...
Read More

We view TAV Airports’ 2Q26 results positively overall, supported by growth in revenue and EBITDA as well as net income exceeding expectations. The company reported net income of TRY 3,518 million in 2Q26, above both our estimate of TRY 1.4 billion and the market consensus of TRY 1.7 billion. The better-than-expected net income was driven by operating performance coming in slightly above our forecast, TAV Antalya...
Read More

Tüpraş announced its June product margins. Accordingly, among middle distillates, diesel margin declined by 4% m/m, while jet fuel margin decreased by 13% m/m. Among light distillates, gasoline margin remained flat compared to the previous month, while fuel oil margin was recorded at -12.5 USD/bbl. On a yearly basis, diesel, jet fuel and gasoline margins improved by 129%, 146% and 86%, respectively. We have a...
Read More

Mavi reported TL 12.7 billion in net sales, TL 2.4 billion in EBITDA and TL 686 million in net income attributable to shareholders in 1Q26. Consensus stood at TL 12.6 billion in net sales, TL 2.5 billion in EBITDA and TL 590 million in net income. We view 1Q26 as a neutral quarter. Sales came in line with expectations, while operating profitability saw limited pressure stemming from operating expenses. The...
Read More

Tüpraş announced its May product margins. Among middle distillates, the diesel margin declined 13% m/m and the jet fuel margin declined 26%. Among light distillates, the gasoline margin rose 210% versus the prior month, while the fuel oil margin came in at -$17.6/bbl. For Tüpraş, which is included in our model portfolio, we maintain a target price of TL352.00 and a Buy...
Read More

Following Astor Enerji’s 1Q26 results, we view the strong order inflow, details regarding capacity expansion investments, acceleration in exports, and particularly the company’s expectations for the US market shared during the analyst meeting positively. In line with the updated guidance shared by management during the analyst meeting, the contribution from new factory investments, the strong backlog outlook, and...
Read More

Turkcell reported 1Q26 financial results slightly above our expectations, posting TL 68,377 million in revenue, TL 28,300 million in EBITDA, and TL 4,634 million in net income. Relative to our estimates, revenue and EBITDA came in c.1% above, while net income was c.3% ahead. This quarter was marked by sustained operational growth, with net income exceeding expectations despite a high tax burden, supported by...
Read More

We evaluate Pegasus Airlines’s 1Q26 financial results as neutral overall, with significant weakness on the operational side but no meaningful deviation from our expectations. Considering the recent weak share price performance, rising geopolitical risks, upward pressure on energy costs, and the current uncertainty environment, we revise our 12-month target price to TL 252 from TL 300 while maintaining our Buy...
Read More