All Newsletters

Good morning. Global risk appetite remains broadly intact midweek; in the U.S., following the Senate’s 60-to-40 approval of the temporary budget bill aimed at reopening the government, attention now turns to the House vote expected today or tomorrow and the subsequent signing process. The upward momentum seen in U.S. and European indices toward record highs yesterday is being maintained in futures markets this...
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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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Good morning. Global markets started the new week on a positive note. While the rally in U.S. and European indices continued yesterday with attempts to reach new record highs, futures are also maintaining a positive tone this morning. In Asia, however, a mild selling pressure is being observed. Risk appetite is supported by the U.S. Senate’s approval of a temporary budget bill to reopen the federal government, with...
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* The Treasury will hold 2y and 5y fixed-coupon bond auctions today. The Treasury tapped the domestic markets at an amount of TL34.1bn (including non-competitive sales) via yesterday’s 7m G-bond auction. The bid-to-cover ratio stood high at 2.94x, while the average cost of borrowing was 41.13%. According to the Treasury’s three-month domestic borrowing program covering the period of November 2025 – January 2026, it...
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Good morning. Global markets are starting the new week with strong risk appetite. Optimism is being supported by reports that Democrats and Republicans in the U.S. have reached an agreement on a temporary budget, signaling that the 40-day government shutdown may soon come to an end. U.S. and European futures are trading sharply higher this morning, while Asian markets are also posting solid gains. In South Korea,...
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*The Treasury will hold a 7-month zero coupon bond auction today. According to the Treasury’s three-month domestic borrowing program covering the period of November 2025 – January 2026, it plans to borrow a total of TL128.3bn from domestic markets against its redemption of TL95bn this month, implying a rollover ratio of 135%. The November borrowing program will begin today with the auction of a 7-month zero-coupon...
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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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We view Koton’s (KOTON) 3Q25 results as slightly negative. In 3Q, high campaign intensity and the need to balance pricing discipline put pressure on margins; however, thanks to effective inventory and cost management, domestic gross profitability remained strong. For the remainder of the year, management has revised its year-end revenue outlook under TMS 29 from “low single-digit growth” to “flat / slightly...
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