Company/Industry Reports

We raise our 12-month target price to TL 352.00 from TL 271.00 and maintain our BUY recommendation. The main reason for the revision is not Brent itself, but the strengthening in middle-distillate margins (diesel and jet fuel), which has improved the outlook for net refining margins. Accordingly, we have revised our 2026 EBITDA forecast upward by 61%. Based on our updated estimates, the stock is trading at 7.1x...
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Tüpraş announced its product margins for March. Accordingly, among middle distillates, the diesel margin increased by 153% month-on-month, while the jet fuel margin posted a strong 256% monthly increase. Among light distillates, the gasoline margin rose by 20% compared to the previous month, while the fuel oil margin stood at negative $14.1/bbl. We maintain our 12-month target price of TL271.00 and BUY...
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MLP Care reported TL 14,164mn in revenue and TL 4,418mn in EBITDA in 4Q25, exceeding expectations by 1% and 3%, respectively. Net profit, however, stood at TL 1,284mn, 11% below the market expectation. While the strong improvement in EBITDA margin stood out in the final quarter, the weakness in net profit was largely driven by non-operating items and the tax burden. We assess the results positively. Accordingly, we...
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We view Mavi’s 4Q25 results as neutral. The company reported TL11.9 billion in revenue, TL1.9 billion in EBITDA, and a net loss of TL60 million in the quarter. While revenue was flat year-on-year, EBITDA margin improved from 12.8% to 16.0% thanks to strong cost discipline. Nevertheless, a TL208 million monetary loss and a TL422 million deferred tax expense weighed on net profit. For full-year 2025, revenue declined...
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We attended Karsan Automotive’s analyst meeting, where updated information on its current operations and future strategies was shared. During the meeting, management reiterated that Karsan’s growth strategy is centered around electric mobility solutions, autonomous technologies, and alternative fuel systems. Increasing demand in the electric public transportation segment, expansion into global markets particularly...
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Alarko Holding reported a net loss of TL875mn in 4Q25 (vs. a net profit of TL2.6bn in 4Q24). Weak operational results, a year-on-year decline in investment income, and a one-off tax expense weighed on bottom-line performance. Consolidated revenues increased by 150% year-on-year to TL1.4bn in the same period (4Q24: TL559mn). For the full year 2025, consolidated revenues came in at TL8.7bn, while the company reported...
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DESA reported TL907mn in revenue, TL277mn in EBITDA, and TL190mn in net income in 4Q25. Although revenues declined on a yearly basis, the notable improvement in gross margin, resilient operational profitability, and a more balanced financial expense profile supported bottom-line performance. The resilience in profitability and strong cash generation maintained throughout 2025 continue to support our investment...
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BIM reported better-than-expected results across all three key line items in 4Q25, with sales of TL186.0bn (consensus: TL182.8bn), EBITDA of TL12.8bn (consensus: TL9.6bn), and net income of TL6.9bn (consensus: TL4.2bn). Strong real revenue growth on a year-on-year basis and the positive momentum in operational margins support our investment thesis. Incorporating the latest results into our model and rolling our...
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