Company/Industry Reports

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...
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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...
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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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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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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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Tüpraş reported TL 220.7bn net sales, TL 19.8bn EBITDA (9.0% margin) and TL 12.2bn net profit in 3Q25, above our estimates (Tacirler: 199.1/19.2/11.0). Operationally, it was a quarter where the peak-season effect was evident with c. 100% utilization, ~7.2mn tons of production and ~8.0mn tons of sales. A distillate/gasoline-heavy product mix and normalization in energy $/bbl supported profitability. Management...
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Tüpraş released its October product margins. Among middle distillates, the diesel margin narrowed by 1% m/m, while the jet fuel margin improved by 12% m/m. In light distillates, the gasoline margin contracted by 16% m/m, and the fuel oil margin came in at −$5.3/bbl. Across the product slate, margins continued to run above their 5-year averages. On a y/y basis, diesel, jet fuel, and gasoline margins increased by...
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