Research

We held an analyst meeting with Lila Paper’s Investor Relations team. During the meeting, recent developments regarding the company’s current operations were discussed, along with investments and strategic priorities expected to contribute to growth in the medium to long...
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Tüpraş announced its December product margins. Accordingly, within middle distillates, the diesel margin declined by 36% month-on-month, while the jet fuel margin fell by 23%. Among light distillates, the gasoline margin decreased by 26% compared to the previous month, and the fuel oil margin came in at -14.5 $/bbl. For Tüpraş, which is in our model portfolio, we maintain our 271.00 TL target price and “BUY”...
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Good morning. Global equity markets are starting the first trading day of 2026 on a mixed but broadly optimistic note. Ongoing expectations of rate cuts by the Fed, upward revisions to growth forecasts, generally solid corporate financials, and positive revisions to profitability expectations continue to support equity markets. Sensitivity to geopolitical developments and the macroeconomic outlook, and the...
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*Istanbul Chamber of Industry (ICI) Turkey December Manufacturing PMI will be announced @ 10:00 local time. The ICI Turkey Manufacturing PMI rose from 46.5 to 48.0 in November, marking its highest reading since February. yet, the index remained below the 50-threshold for the 20th consecutive month, signaling that the deterioration in manufacturing activity conditions persisted. The PMI reading suggests that the...
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Good morning. A thin year-end trading environment with limited market participation continues to prevail across global equity markets. Signals in the Fed minutes suggesting a period of pause following the December rate cut have played a key role in the loss of momentum, as markets now price the next initial rate cut for June 2026. That said, liquidity injections into the financial system via bond purchases are...
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* TURKSTAT will release November foreign trade figures @ 10:00 local time. The Ministry of Trade’s preliminary figures point to a modest widening in the foreign trade deficit in November. According to the preliminary figures, exports increased by 2.2% y/y to USD22.7bn, while imports rose by 2.6% y/y to USD30.5bn in November. Accordingly, the monthly trade deficit widened slightly to USD7.8bn in November, up from...
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Global equity markets are displaying a weaker tone this morning. The softness is driven by limited news flow, declining year-end market participation, and partial profit-taking from peak levels. In Borsa Istanbul, we saw a more pronounced pullback relative to global peers, with the index closing yesterday at 11,150. While the banking sector remained broadly resilient, selling pressure was more evident across...
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According to BDDK data for November 2025, the improvement in net interest margins in the banking sector, which began in August following the interest rate cuts initiated by the Monetary Policy Committee (MPC) in July, continued for the fourth consecutive month. For the past seven months, credit growth has remained below deposit growth on an annual basis. Although it continued at a very limited pace in the eighth...
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