Company/Industry Reports

Tüpraş announced September product margins. Among middle distillates, the diesel margin improved 21% m/m, while the jet fuel margin rose 18% m/m. In light distillates, the gasoline margin increased 18% m/m, whereas the fuel oil margin came in at −$13.3/bbl. With the exception of fuel oil, all product margins improved in September, and overall margins remained above their five-year averages. On a y/y basis, diesel,...
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Following 2Q25, we revise our 12-month target price for Mavi from TL 67.50 to TL 58.00. The change reflects weaker LFL (like-for-like / same-store sales; sales adjusted for store openings/closures) pricing, heavy promotional activity, a more cautious store-opening plan, and updates to our year-end assumptions. At the same time, we maintain our positive stance and keep Mavi in our Model Portfolio on expectations of...
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We attended the analyst meeting held for Astor Energy (ASTOR), where updated information on the company’s current operations was provided, along with an assessment of its future...
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Following the strong 2Q25 financial results, we are updating our forecasts for TABGD in line with our expectations and raising our 12-month target price per share from TRY 241.00 (TRY 236.20 after dividend distribution) to TRY 290.00, while maintaining our BUY recommendation. Our new target price implies a 37% upside potential. The main catalysts of our valuation are: i) Market share gains and customer-focused...
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We attended the analyst meeting held for Ahlatcı Holding group companies Ahlatcı Natural Gas (AHGAZ) and Enerya Energy (ENERY), whose shares are traded on the stock exchange. During the meeting, up-to-date information was shared regarding their operations in natural gas, banking, and gold mining, along with an assessment of the...
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Tüpraş announced its August product margins. In middle distillates, the diesel margin fell 16% m/m and the jet fuel margin declined 9% m/m; in light distillates, the gasoline margin recovered 14% m/m. The fuel oil margin came in at −$6.8/bbl. Despite the pullback in diesel and jet fuel, margins across the product slate remained above their 5-year...
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DESA reported TL 1.03bn revenue, TL 207mn EBITDA (20% margin) and TL 115mn net profit in 2Q25; the gross margin came in at 56%. 1H25 results were TL 1.84bn revenue, TL 568mn EBITDA (31% margin) and TL 242mn net profit. Despite the impact of promotional activity and higher selling & marketing and G&A expenses, operating profitability was preserved in 2Q. In yesterday’s analyst call, management reaffirmed...
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Doğan Holding reported 2Q25 revenue of TL 21.8bn, EBITDA of TL 2.1bn, and net profit of TL 75mn. Net Asset Value (NAV) rose to USD 2.6bn and standalone net cash to USD 662mn. Quarterly indicators point to strong profitability in renewables, mining, and digital financial services, while weak demand and regulatory headwinds weighed on automotive and some industrial lines. The gross margin improved by 3pp y/y, whereas...
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