Company/Industry Reports

Tüpraş has released the product margins for November. Accordingly, in middle distillates, the diesel margins improved by 15% MoM to $17.2/bbl, while jet fuel margins increased by 8% MoM to $14.5/bbl. Among light distillates, gasoline margins decreased by 22% compared to the previous month, falling to $10.9/bbl, while fuel oil margins were recorded at negative $8.2/bbl. In November, the average price of...
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We included Arçelik in our research coverage with a 12-month target price of TRY 206.60 and a BUY recommendation with a 44% upside potential. The main catalysts highlighted in our valuation are: i) the gradual increase in the European share of total revenues following the Whirlpool acquisition, ii) signs of recovery in demand in the European market, iii) the increasing footprint of Beko in the African region with...
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We are initiating coverage on Teknosa with a target price of 48.00 TL, assigning a Buy recommendation, offering a 69% upside potential. Key catalysts in our valuation include: i) Teknosa's established and solid presence in the sector, ii) efficiency gains driven by its digital transformation journey, and iii) value creation potential through complementary products and services, including...
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We attended Ülker Bisküvi's analyst meeting to assess the company's 3Q24 financial results, current operations, and future outlook. In the Turkish market, revenue increased by 7%, and EBITDA grew by 5%, while export revenue saw a 12% decline and EBITDA a 28% decrease. Rising cocoa prices, a strong Turkish lira, and the end of government support in Kazakhstan, which has tightened consumption, have...
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We attended Tab Gıda's analyst meeting to evaluate the company's 3Q24 financial results, current operations, and future outlook. Despite the economic slowdown, Tab Gıda recorded revenue growth in the first nine months of 2024. The company achieved TL22.9bln in revenue with a real increase of 1.9%; excluding the application of IAS 29, net sales grew by 67% to TL20.3bln. Gross profit stood at TL4.0bln,...
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We attended Turkcell's analyst meeting to evaluate the company's 3Q24 financial results, current operations, and future outlook. Given Turkcell's strong operational performance during this period and the support from one-time gains, we assess Turkcell's financials as...
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Tüpraş has released the product margins for October. Accordingly, in middle distillates, the diesel margin improved by 1% MoM, reaching $15.0 per barrel, while the jet fuel margin increased by 10% MoM to $13.4 per barrel. In light distillates, the gasoline margin rose by 23% from the previous month to $13.9 per barrel, whereas the fuel oil margin was recorded at negative $4.2 per barrel. The price of...
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Yesterday, we visited the tooling, stamping, welding, assembly, and battery areas at Ford Otosan's Gölcük and Yeniköy factories in Kocaeli. Afterwards, we met with company executives to evaluate Ford Otosan and sectoral developments. The factories located in Gölcük and Yeniköy, Kocaeli, serve as a comprehensive automotive innovation center where next-generation electric commercial vehicle projects are...
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