Research

MLP Care reported TL 16,252mn in revenue, in line with market expectations, TL 4,810mn in EBITDA, 7% above expectations, and TL 1,668mn in net profit, 42% above expectations, in 1Q26. The results were mainly driven by an improvement in patient and payer mix, efficiency gains, and the support to net profit from monetary gains stemming from inflation accounting as well as deferred tax income. We assess the results as...
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Koton reported TL8.3bn in revenue, TL1.5bn in EBITDA and a net loss of TL265mn in 1Q26. Revenue came in line with both our estimate and market expectations, while EBITDA delivered an upside surprise, coming in at nearly twice our TL887mn estimate and the market median estimate of TL901mn. The main drivers of this positive deviation were the stronger-than-expected improvement in gross margin and lower-than-expected...
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Good morning. Tensions in the Middle East escalated again last night following an Iranian attack targeting U.S. vessels in the Strait of Hormuz and the subsequent response by U.S. forces. Despite the heightened geopolitical risks, global markets are not showing signs of panic pricing at this stage. Oil prices continue to hover around the $100 level. U.S. futures are mildly positive this morning, while European...
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Doğan Holding reported 1Q26 net sales of TL23.9bn, EBITDA of TL2.6bn and net income of TL334mn, compared to a net loss of TL680mn in 1Q25. The YoY increase in investment income and the decline in financial expenses supported the recovery in net income, while the widening monetary loss, from TL988mn to TL3.3bn, limited the bottom line. On the operational side, Mining, the turnaround at Karel and the recovery in...
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* TURKSTAT will release March industrial production figures today at 10:00 local time. As a reminder, industrial production posted the rebound we had anticipated in February, with seasonally and calendar-adjusted industrial output rising by 2.6% m/m, while calendar-adjusted annual industrial production increased by 2.2% y/y. However, leading indicators for March point to a renewed loss of momentum in industrial...
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Good morning. Expectations surrounding a potential agreement between the U.S. and Iran continue to support global markets. U.S. President Trump kept optimism alive by responding “one week” when asked whether he could share a timeline. The agenda referenced by Trump also aligns with his scheduled visit to China next week. Meanwhile, Iran stated that it is reviewing the U.S. proposals and will communicate its...
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Sabancı Holding reported consolidated net profit of TL 318mn in 1Q26. While the headline figure came in slightly below the TL 330mn market expectation, it marks a clear turnaround from the TL 3.8bn net loss recorded in the same period last year. Lower net financial expenses and a decline in monetary losses supported bottom-line profitability, although a higher tax expense year-on-year offset part of the...
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Tupras posted 1Q26 results with net sales of TL 258.3bn, EBITDA of TL 15.8bn and net profit of TL 3.7bn. Net sales came in above both our estimate (TL 235.2bn) and the market consensus (TL 237.8bn), while EBITDA was slightly below expectations (Tacirler: TL 16.3bn; market: TL 16.4bn). Net profit was below our forecast (TL 7.1bn) but came in close to the market expectation (TL 3.8bn). As we highlighted in our Tupras...
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