Research

We evaluate Turk Traktor’s 1Q26 financial results as negative, driven by a net loss close to market expectations but above our estimate, a sharp contraction in the domestic market, and continued weakness in operational profitability. Following the 1Q26 results, we revise our 12-month target price for TTRAK to TL 595 from TL 680, factoring in weak domestic demand, pressure on operational margins, and downward...
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Tüpraş announced its April product margins. Accordingly, among middle distillate products, the diesel margin declined by 7% MoM, while the jet fuel margin decreased by 22% MoM. Among light distillate products, the gasoline margin fell by 37% compared to the previous month, while the fuel oil margin stood at -32.9 USD/bbl. We have a BUY recommendation for Tüpraş, which is included in our model portfolio, with a...
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Good morning. Tensions between the U.S. and Iran are ongoing. The 14-point proposal submitted by Iran has been described as “unacceptable” by the U.S., and there are reports suggesting that the U.S. may conduct an operation to evacuate ships stranded in the Strait of Hormuz and the Persian Gulf. While this situation points to a potential increase in geopolitical tensions, it is also contributing to a decline in oil...
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* TURKSTAT will release March foreign trade figures @ 10:00 local time. Preliminary data released by the Ministry of Trade point to a further widening in the trade deficit. According to the preliminary figures, exports declined by 6.4% y/y to USD21.9bn, while imports increased by 8.4% y/y to USD33.2bn. Accordingly, the trade deficit widened to USD11.3bn in March from USD9bn in February, while the rolling annual...
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We evaluate ASELSAN’s 1Q26 financial results as neutral overall, with strong annual operational performance in line with our expectations and net income slightly above our estimate driven by one-off effects. We raise our 12-month target price to TL 452 from TL 420, while revising our recommendation to Hold from Buy due to the limited upside potential implied by the current target...
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Good morning. The United Arab Emirates’ (UAE) decision to withdraw from OPEC and the Russia-led OPEC+ coalition has pushed oil prices higher while triggering a sell-off in global equity markets. The UAE’s decision is driven by its intention to independently determine production levels in pursuit of its 5 million barrels per day target, free from OPEC/OPEC+ constraints. Although this development had been anticipated...
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* March Employment figures will be released @ 10:00 local time. The seasonally adjusted unemployment rate rose from 8.2% to 8.5% in February, while the broader underutilization measure that we closely monitor – the rate of composite measure of labor underutilization consisting of time-related underemployment, potential labor force and unemployment – rose a tad from 29.8% to 29.9%. A breakdown of the components...
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Good morning. The news flow regarding U.S.–Iran tensions has partially stabilized, and in parallel, global markets are exhibiting a relatively sideways trajectory. U.S. and European futures are mildly positive this morning, while Asian markets present a mixed outlook. In Borsa Istanbul, the benchmark index closed yesterday at 14,594, up 1.3%, renewing its all-time high on a TRY basis. This upward movement was also...
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