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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...
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*TURKSTAT will release April housing sales figures @ 10:00 local time. Housing sales declined by 2.1% both on a monthly and annual basis in March, reaching 113,367 units. Within total sales, first-hand transactions accounted for 31.5%, while second-hand sales maintained their dominance with a 68.5% share. First-hand housing sales increased modestly by 1.3% y/y to 35,725 units, while second-hand sales declined by...
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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...
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*The CBT will release March Balance of Payment figures today @10:00 local time. We expect the current account balance to post a deficit of USD10.4bn in March. The market median forecast, which points to a deficit of USD9.7bn, remains below our house estimate. We estimate that the balance-of-payments-defined foreign trade deficit widened to USD9.9bn in March, while the services balance surplus likely stood at around...
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We evaluate Dogus Otomotiv’s 1Q26 financial results as neutral overall, as the company delivered results in line with our expectations despite continued annual weakness in both operational performance and net profitability. Following the recent weak share price performance and financial results broadly in line with our expectations, we revise our 12-month target price to TL 255 from TL 278 in line with our updated...
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We evaluate Astor Enerji’s 1Q26 financial results as broadly in line with our expectations and neutral overall. While the company maintained strong annual operational profitability, we observed a more normalized trend on a quarterly basis. ASTOR reported net income of TL 1,812mn in 1Q26, up 53% YoY, with net income coming in 9% below market expectations but 4% above our estimate. For ASTOR, we are revising our...
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* The Treasury will hold a 4-year TLREF-indexed bond, as well as the direct sales of a 2-year USD-denominated bond and a 2y USD-denominated lease certificate today. The Treasury tapped the domestic markets to the tune of TL37bn (including non-competitive saleS) via yesterday’s 2y fixed-coupon and 4y CPI-indexed bond auctions. Demand conditions remained relatively weak, with the bid-to-cover ratio in the...
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Koç Holding posted a net profit of TL 522 million in 1Q26. While the figure came in below the market expectation of TL 5.3 billion, it points to a meaningful recovery compared to the TL 1.9 billion net loss recorded in the same period last year. Strengthening operational performance at subsidiaries — particularly Yapı Kredi and Tüpraş — along with easing financial expenses versus the prior year and a narrower...
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