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Following the 4Q25 results and our updated projections, we are adding Astor Energy back to our Model Portfolio. In the wake of the 4Q25 release, we revise our 2026 and 2027 forecasts upward, more explicitly incorporating the rising export contribution, robust order backlog, and the impact of the capacity expansion scheduled to come onstream in 2026. Accordingly, we increase our 12-month target price to TL 257 from...
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We asses Astor Energy’s 4Q25 financial results as neutral overall as revenue and EBITDA came in broadly in line with our expectations despite the strong growth in net income, while margins exhibited a QoQ normalization. That said, we revise our 2026 and 2027 year-end forecasts upward, factoring in the rising export contribution, a higher share of power transformer orders within the backlog, and the impact of...
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* The unadjusted Real Sector Confidence Index (RSCI) increased by 2.5 points m/m to 104.1 in February, while the seasonally adjusted index rose by 1.1 points to the same level. Remaining comfortably above the 100 threshold, the index continues to signal an improvement in real sector confidence regarding economic activity. An assessment of the diffusion indices underlying the survey indicates that the rise in...
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Good morning. Geopolitical tensions between the U.S. and Iran remain the primary driver of global markets, with escalation risks still elevated. Recent reports from U.S.-based media outlets indicate an increasing buildup of ammunition and personnel in the region, alongside intensified speculation regarding a potential intervention against Iran in the near term. Discussions of operations that could extend over...
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*The CBT will release the February Real Sector Confidence Index and Capacity Utilization Rate @ 10:00 local time today. The unadjusted Real Sector Confidence Index (RSCI) increased to 101.6 in January from 100.8, while the seasonally adjusted index edged down to 103.0 from 103.7. Despite the monthly moderation in the adjusted series, the index remains comfortably above the 100 threshold, signaling that firms’...
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Good morning. As tensions between the U.S. and Iran set the main tone for global markets, other headlines such as the Fed minutes, U.S. growth-oriented data, and earnings releases are having a relatively limited market impact during this period. Although news flow during the day pointed to the possibility of a strong intervention against Iran in the near term—heightening tensions—subsequent, more measured messages...
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We evaluate TAV Airports’ 4Q25 results as neutral overall. Despite the deviation on the net income line due to higher financial expenses, operational performance came in broadly in line with our expectations. While the stock has delivered a more balanced performance year to date despite strong traffic data and a constructive 2026 outlook, we consider potential short term post-earnings profit taking and intermittent...
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Good morning. Iran’s launch of military drills in the Persian Gulf and the Strait of Hormuz is raising geopolitical tensions once again. Given that approximately 20%–30% of global crude oil and LNG shipments transit through this المنطقة, supply concerns are resurfacing. Today, the second round of U.S.–Iran negotiations in Geneva, Switzerland, as well as ongoing talks regarding the Russia–Ukraine war, are expected...
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