Company/Industry Reports

We held an analyst meeting with Lila Paper’s Investor Relations team. During the meeting, recent developments regarding the company’s current operations were discussed, along with investments and strategic priorities expected to contribute to growth in the medium to long...
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Tüpraş announced its December product margins. Accordingly, within middle distillates, the diesel margin declined by 36% month-on-month, while the jet fuel margin fell by 23%. Among light distillates, the gasoline margin decreased by 26% compared to the previous month, and the fuel oil margin came in at -14.5 $/bbl. For Tüpraş, which is in our model portfolio, we maintain our 271.00 TL target price and “BUY”...
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In our analyst meeting with Gen İlaç management, we discussed recent developments in the company’s ongoing operations, regulatory actions taken to date, R&D projects expected to support medium to long term growth, and the company’s overall growth strategy. The key takeaway from the meeting was that Gen İlaç continues to preserve its strong cash generating business model in the short term, while steadily...
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We attended Doğan Holding’s institutional investor meeting, which also included the senior management of its subsidiaries Hepiyi Insurance and Gümüştaş Mining. The key messages from the meeting were that momentum in the non-automotive portfolio remains intact despite volatility in the automotive segment, 2025 is being managed with a focus on margin protection and cost discipline, and the portfolio simplification...
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MAVI reported 3Q25 results, delivering TL12.2bn in revenue, TL2.7bn EBITDA (22.0% margin) and TL969mn net income. The figures came in slightly above consensus expectations (TL12.1bn revenue, TL2.4bn EBITDA, 19.8% margin and TL814mn net income). Overall, we view the quarter positively, as seasonality and tighter cost control helped the operational performance move towards a more balanced quarter-on-quarter trend....
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Tüpraş announced its November product margins. Accordingly, within middle distillate products, diesel margins improved by 38% month-on-month, while jet fuel margins increased by 26%. Among light distillates, the gasoline margin rose by 29% compared to the previous month, while the fuel oil margin was recorded at minus USD 9.3 per barrel. For Tüpraş, which is included in our model portfolio, we have a target price...
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DESA reported TL 817mn in revenue, TL 167mn in EBITDA and TL 114mn in net income in 3Q25. While gross profitability was broadly preserved both year-on-year and quarter-on-quarter, the slight annual contraction in operating margins was mainly driven by the decline in international sales and the increase in operating expenses; conversely, the easing of financial expenses versus last year supported the bottom line....
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We evaluate Turkish Airlines’ 3Q25 financial results as neutral. Although net profit exceeded expectations during the period, the cost pressures seen on the EBITDA side limited profitability outlook. We maintain our 12-month target price of TL 439 per share and our “BUY” recommendation, keeping Turkish Airlines in our model portfolio due to its long-term growth potential and strategic...
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