Company/Industry Reports

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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Tüpraş announced its product margins for March. Accordingly, within middle distillates, the diesel margin declined by 21% MoM to $15.5/bbl, while the jet fuel margin fell by 13% MoM to $13.8/bbl. Among light distillates, the gasoline margin dropped by 19% MoM to $11.7/bbl, and the fuel oil margin was recorded at negative $6.4/bbl. All product margins decreased on a monthly basis, and except for fuel oil, margins...
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Following the announcement of 4Q24 financial results, we are revising our 12-month target price for Mavi Giyim from TL147.00 to TL135.00 per share. With a 100% upside potential based on the last closing price, we reiterate our “BUY” recommendation and continue to include the company in our model portfolio. In line with the updates in our model, we expect Mavi to achieve TL51.3 billion in revenue, TL9.2...
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We review TAV Airports' February passenger growth as "Slightly Positive." While the weakness in domestic passenger numbers put some pressure on overall traffic, international passenger growth continued. We maintain TAVHL in our Model Portfolio with a target price of TL396 and a 60% upside potential. We also reiterate our BUY...
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We evaluate Turkish Airlines’ February traffic data as "Slightly Negative." The decline in domestic passenger numbers pressured overall traffic. Although international passenger growth partially balanced the results, passenger growth contracted. Cargo volume remained flat YoY due to the high base effect of a strong 2024. We maintain THYAO in our Model Portfolio with a target price of TL428.00 and a 27%...
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