Company/Industry Reports

We attended Orge Elektrik’s (ORGE) analyst meeting held on June 16 to evaluate the company's 1Q25 financials and learn about its future...
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Kuzey Boru (KBORU) held an analyst meeting at its production facility in Aksaray on June 13, 2025. As Tacirler Yatırım, we attended the meeting, and the key highlights from the session are summarized in the PDF...
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Tüpraş announced its product margins for May. Accordingly, among middle distillate products, diesel margin improved by 17% MoM to $16.8/bbl, while jet fuel margin rose by 12% MoM to $16.2/bbl. Among light distillate products, gasoline margin increased by 41% MoM to $18.6/bbl, while fuel oil margin was recorded at negative $3.6/bbl. All product margins improved on a monthly basis. Although year-on-year declines were...
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We are initiating coverage of Doğan Holding with a 12-month target price of TL22.60, implying 55% upside potential, and assign a “BUY” recommendation. Key catalysts include: i) A strong solo net cash position of USD 646 million and low leverage, ii) High growth potential in the attractive sectors where the company operates, iii) Potential asset sales, new acquisitions, and...
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Tüpraş announced its product margins for April. Accordingly, within middle distillates, the diesel margin declined by 7% MoM to $14.4/bbl, while the jet fuel margin improved by 5% MoM to $14.5/bbl. Among light distillates, the gasoline margin increased by 13% MoM to $13.2/bbl, while the fuel oil margin was recorded at negative $7.2/bbl. As such, diesel and fuel oil margins declined compared to the previous month,...
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In the first quarter of the year, while TAV Airports recorded revenue growth supported by increased traffic, profitability remained below expectations due to the low season and temporary one-off effects. Despite the net loss coming in below our estimate, we evaluate the 1Q25 results as slightly negative given the relatively stable operational performance and margin pressure that aligned with our forecasts. Based on...
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We are initiating coverage on Koton with a 12-month target price of TL30.00, implying a 94% upside potential and an BUY recommendation. Key catalysts include: i) the company’s wide product range and competitive pricing strategy in an attractive sector, ii) potential to increase market share through new store openings both domestically and internationally, iii) acceleration in e-commerce operations supporting...
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We initiate coverage of TAB Gıda with a 12‑month target price of TL242,00 and assign a “BUY” recommendation, implying an upside potential of 46 %. The Company ranks among Turkey’s leading quick‑service restaurant (QSR) chains, operating global brands—Burger King, Popeyes, Arby’s, Sbarro and Subway—alongside domestic concepts such as Usta Dönerci and...
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