All Newsletters

Good morning. Global markets are starting the new week with strong risk appetite. Optimism is being supported by reports that Democrats and Republicans in the U.S. have reached an agreement on a temporary budget, signaling that the 40-day government shutdown may soon come to an end. U.S. and European futures are trading sharply higher this morning, while Asian markets are also posting solid gains. In South Korea,...
Read More

*The Treasury will hold a 7-month zero coupon bond auction today. According to the Treasury’s three-month domestic borrowing program covering the period of November 2025 – January 2026, it plans to borrow a total of TL128.3bn from domestic markets against its redemption of TL95bn this month, implying a rollover ratio of 135%. The November borrowing program will begin today with the auction of a 7-month zero-coupon...
Read More

We evaluate Turkish Airlines’ 3Q25 financial results as neutral. Although net profit exceeded expectations during the period, the cost pressures seen on the EBITDA side limited profitability outlook. We maintain our 12-month target price of TL 439 per share and our “BUY” recommendation, keeping Turkish Airlines in our model portfolio due to its long-term growth potential and strategic...
Read More

We view Koton’s (KOTON) 3Q25 results as slightly negative. In 3Q, high campaign intensity and the need to balance pricing discipline put pressure on margins; however, thanks to effective inventory and cost management, domestic gross profitability remained strong. For the remainder of the year, management has revised its year-end revenue outlook under TMS 29 from “low single-digit growth” to “flat / slightly...
Read More

Good morning. Global risk appetite is weak this morning; however, early trading hours show signs of a mild recovery attempt. In Borsa Istanbul, we are going through a period where the correlation with global equity markets remains limited. Despite declines exceeding 1% in the U.S. and European markets yesterday, the BIST 100 index closed the day up by 0.94%, while the BIST 30 futures contract traded flat during the...
Read More

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...
Read More

*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...
Read More

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”...
Read More