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Good morning. Oil prices are moving higher again amid continued uncertainty surrounding the Strait of Hormuz and Iran’s ongoing threats against vessels from countries it considers unfriendly. Active Brent crude oil contracts, which were trading around $78 per barrel yesterday morning, are now priced at around $83. US and European futures, as well as Asian equities, are also broadly negative on this backdrop,...
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* The Treasury and Finance Ministry will release July cash budget figures @ 17:30 local time. The Treasury's cash balance posted a surplus of TL50.8bn in June, bringing the cumulative cash deficit to TL1.1tn in the Jan - Jun period. Meanwhile, the central government budget registered a surplus of TL114.2bn in June, while the primary balance recorded a surplus of TL315.8bn. The sharp deterioration in the budget...
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We assess TAB Gıda’s 2Q26 financial results as Slightly Positive, as the stronger-than-expected operating performance and solid sequential margin recovery were partly offset by the year-on-year weakening in cash flow generation. The company reported net income of TL1,514mn in 2Q26, exceeding the market median expectation of TL1,167mn by 30% and our estimate of TL1,150mn by 32%. Net sales came in at TL16,243mn, 3%...
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Teknosa posted TL22.6bn in revenue, TL742mn EBITDA and a TL986mn net loss in 2Q26. Revenue came in line with our TL22.6bn estimate, while EBITDA was slightly above our TL680mn forecast. The net loss, however, exceeded our TL749mn estimate. On an annual basis, revenue fell 3% and EBITDA declined 37%; the EBITDA margin narrowed to 3.3% from 5.1% a year earlier. Against this backdrop, we view the 2Q26 results as...
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Koç Holding posted a net profit of TL 19.7bn in 2Q26. The result came in roughly 46% above the TL 13.6bn market consensus and rose 93% year-on-year. Tüpraş was the main driver of the beat. Strong product margins lifted the energy segment's first-half contribution to more than four times last year's level. The non-energy side of the results, however, looks more cautious. Demand and profitability pressure...
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Good morning. Global markets are maintaining a positive tone, supported by optimism over the potential reopening of the Strait of Hormuz and the decline in oil prices. However, selling pressure in semiconductor stocks is limiting gains in equity markets. In the U.S., the Dow Jones Industrial Average reached another record high yesterday, while the Nasdaq declined as technology stocks came under pressure. U.S....
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* The CBT will release weekly foreign portfolio flows, money & banking statistics, and international reserves for the July 24 – 31 period at 14:30 local time today. Based on our calculations using the CBT's analytical balance sheet, we estimate that the CBT's net FX reserves increased by USD2.7bn to USD53.7bn, while gross FX reserves rose by USD1.6bn to USD164.2bn, in the week of July 17–24. We expect...
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We assess Ford Otosan’s 2Q26 financial results as slightly negative, as the broadly in-line operating performance was overshadowed by the continued YoY weakness and the downward revision to the company’s 2026 guidance. Following the 2Q26 results, we maintain our 12-month target price of TRY 132 per share and our BUY recommendation for Ford Otosan, which remains in our model...
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