Company/Industry Reports

We view Turkish Airlines’ 3Q26 financial results as slightly positive, driven by stronger-than-expected net profit and operational performance in line with our estimates. Strong passenger and cargo revenues supported growth, while we positively view operational performance remaining in line with our expectations despite cost pressures, alongside the earnings beat. We believe the company maintains its medium- to...
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Tüpraş released its October product margins. Among middle distillates, the diesel margin declined by 20% month-on-month to USD67.0/bbl, while the jet fuel margin fell by 6% to USD70.9/bbl. Among light distillates, the gasoline margin decreased by 51% month-on-month to USD21.5/bbl, while the fuel oil margin, representing heavy products, weakened from USD-30.9/bbl in September to USD-31.6/bbl. On a year-on-year...
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We view ASELSAN's 3Q26 financial results positively, driven by stronger-than-expected net profit and robust operational performance. Based on the increasing backlog and our updated financial forecasts, we raise our 12-month target price from TL452 to TL480 per share. However, as the expected upside potential is broadly in line with our index return expectations, we maintain our HOLD...
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TTRAK 3Q26 results indicate that weak domestic demand continues to weigh on financial performance despite better-than-expected operational profitability and a narrower net loss. The QoQ improvement in margins, positive free cash flow and maintained year-end guidance suggest that there has been no further deterioration in the company's already challenging outlook. However, we believe these developments are not...
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We view TAV Airports’ 3Q26 financial results as broadly positive, supported by an improvement in the EBITDA margin and stronger-than-expected net profit. On the other hand, revenue growth falling slightly short of our expectations and the company maintaining its cautious year-end guidance somewhat temper the positive impact of the strong profitability. Based on our updated estimates, we maintain our 12-month target...
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We initiate coverage on Anadolu Efes with a 12-month target price of TL27.60, implying 53% upside potential, and assign a “BUY” recommendation to the stock. The key pillars of our investment thesis are: i) 2025 providing a cleaner and more comparable base following the deconsolidation of the Russian beer operations, ii) consolidated revenue growth supported by the contribution from Coca-Cola İçecek, and iii) an...
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Tüpraş announced its September product margins. Among middle distillates, the diesel margin fell by 1% m/m, while the jet fuel margin rose by 11%. Among light distillates, the gasoline margin declined by 7% m/m, while among heavy products, the fuel oil margin deteriorated from -$15.6/bbl in August to -$30.9/bbl. On a y/y basis, diesel, jet fuel and gasoline margins were up 216%, 249% and 100%, respectively. We have...
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Mavi’s 2Q26 results were positive from an operational perspective, supported by the improvement in gross margin and strong cash generation. Management revised its revenue guidance down due to a higher inflation assumption, while keeping its other targets unchanged. For 2026, we forecast TL62.4bn in revenue, TL11.5bn in EBITDA and TL3.1bn in net income. As the impact of our estimate revisions on our valuation is...
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