Research

We view Doğan Holding’s (DOHOL) 3Q25 results as neutral. Operating momentum remained strong in energy, mining and digital financial services, while regulation-driven pressure in automotive and a selective inventory policy limited consolidated growth. A modest increase in NAV and continued cost discipline across the portfolio balanced the picture. We maintain our 12-month target price at TL25.90 and reiterate our...
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*The CBT will unveil the 4thd Quarterly Inflation Report of the year @10:30 local time. Today’s report will shed light on the Bank's future monetary policy, inflation and output expectations. The CBT Governor Karahan’s assessments on monetary policy and inflation outlook as well as the Q&A session will be closely scrutinized today. Between 10:30 am - 11:00 am, Governor Fatih Karahan will present the...
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We evaluate MLP Healthcare’s 3Q25 financial results as neutral. We maintain our 12-month target price of TL 450 per share and our “HOLD”...
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Ford Otosan’s 3Q25 financial results are assessed as slightly negative, as operating margins remained under pressure despite the company’s net profitability coming in above expectations. We believe that ongoing electrification investments and new-generation commercial vehicle projects will continue to contribute positively in the upcoming periods. We maintain our 12-month target price of TL135 per share and “BUY”...
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Good morning. Global risk appetite appears balanced this morning. Following yesterday’s buying in U.S. technology stocks, U.S. and European futures are trading flat, while Asian markets continue to see gains. In the U.S., the government shutdown has entered its 37th day, marking the longest closure in history, with the estimated economic cost so far ranging between 75 and 150 billion dollars. Additionally, a...
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* The CBT will release weekly foreign portfolio flows, money & banking statistics, and international reserves for the period of October 24 – 31 @ 14:30 local time. Based on our calculations using the CBT’s analytical balance sheet, we estimate that during the week of October 24 – 31, gross FX reserves dropped by USD1.7bn to USD183.9bn. To recall the previous week’s data: In the week of October 17 – 24, there...
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We view ASELSAN’s 3Q25 results as neutral. The company maintained a solid operational performance; however, the stock has already largely priced in these positive expectations. Although the bottom line came in above expectations, current valuation levels suggest only limited short-term upside potential. We continue to favor ASELSAN’s business model and keep the company under close coverage. With its leading...
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Good morning. Led by technology stocks, U.S. equities experienced sharp declines yesterday, with major indices falling by up to 2%. This morning, selling pressure continues across U.S. and European futures as well as Asian markets, indicating that global risk appetite remains notably weak. Borsa Istanbul declined by 1.3% yesterday, partially reflecting the external pressure in local markets, bringing the BIST 100...
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