Research

We view Ford Otosan's 3Q26 financial results as slightly positive, reflecting stronger-than-expected profitability and a QoQ recovery. We believe the prolonged decline in the share price has largely priced in the challenging operating environment, while we expect the recovery in 2027 to be gradual. Based on the latest financial results and revisions to our growth and profitability assumptions for the coming...
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We maintain our Neutral view on Coca-Cola İçecek's (CCOLA) 3Q26 financial results, as operating profitability fell short of expectations despite solid volume performance. In the third quarter, the company reported net sales revenue of TL 68.4bn, up 1% YoY, EBITDA of TL 12.6bn, down 17.1% YoY, and net income of TL 7.8bn, declining 16.4% YoY. Net sales and EBITDA came in 3.3% and 10.7% below our estimates,...
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Koton reported revenue of TL9.3bn, EBITDA of TL1.6bn and a net loss of TL604mn in 3Q26. Revenue and the net loss were close to expectations, while EBITDA exceeded our estimate by 8% and the market forecast by 9%. Weak domestic demand weighed on operating margins. Although financing costs declined from TL1.0bn a year earlier to TL791mn, lower monetary gains weighed on net earnings. Management lowered its full-year...
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Doğan Holding reported revenue of TL30.0bn, EBITDA of TL6.0bn and net profit of TL2.0bn in 3Q26. Net profit rose from TL165mn a year earlier, supported by stronger operations and investment income. Financing costs and tax expenses limited the improvement. We view the results positively, as the clear improvement in operating margins points to a strong quarter. Following the results, we maintain our 12-month target...
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Good morning. While the Nasdaq Composite index lost 5.5% yesterday with sharp selling in technology companies in the U.S., other industrial and services companies could not remain indifferent to this selling, and the Dow Jones Industrial index lost 3.4% and the S&P 500 index 4.4%. Let us note that, with these serious losses, there has been a serious deterioration in the technical outlook of U.S. markets, which...
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* The Treasury and Finance Ministry will release October cash budget figures @ 17:30 local time. The Treasury cash balance posted a deficit of TL467.2bn in September, alongside a primary deficit of TL193.3bn. Accordingly, the cumulative Treasury cash deficit reached TL1.9tn in Jan–Sep, while the primary balance registered a surplus of TL312.5bn over the same period. Meanwhile, the central government budget recorded...
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We view the company's 3Q26 financial results as slightly positive, driven by revenues broadly in line with market expectations, stronger-than-expected EBITDA and improving operational margins. We believe new hospital investments and strong cash generation support the company's medium-term growth outlook. MLP Saglik remains in our model portfolio with a 12-month target price of TL645 per share and a BUY...
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* The CBT will release weekly foreign portfolio flows and money & banking statistics for the October 23 – 30 period today at 14:30 local time. Based on our calculations using the CBT’s analytical balance sheet, we estimate that gross reserves decreased by USD4.1bn to USD158.1bn, while net reserves slid by USD4.7bn to USD38.1bn during the week. We expect today’s official data to confirm a change in reserves...
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