Company/Industry Reports

Tüpraş announced its product margins for January. Accordingly, among middle distillates, diesel margins improved by 4% MoM to $16.8/bbl, while jet fuel margins increased by 14% MoM to $13.8/bbl. Among light distillates, gasoline margins rose by 5% MoM to $11.6/bbl, while fuel oil margins stood at negative $10.7/bbl. In January, Brent crude oil prices averaged $79.2/bbl, marking a 7% MoM increase. While the fuel oil...
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We attended the analyst meeting where Emlak Konut GYO shared its "2024 pre-sales results and 2025 strategic targets." In summary, the company continues its growth process, focusing on strategic investments, a strong land portfolio, and urban transformation projects. In 2025, with the impact of interest rate cuts and the acceleration of urban transformation projects, we expect the sector to continue its...
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We evaluate Pegasus Airlines' December passenger statistics as "Positive," driven by the continued strong growth in international traffic and domestic traffic growth in line with the year's trend. With December included, the total passenger number for 2024 reached 37.5mn, representing a 17% increase compared to...
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National Power ASELSAN Ready for the Future We include ASELSAN in our coverage with a 12-month target price of 107.60 TL, offering a 38% upside potential, and assign a "BUY" recommendation. The main catalysts driving our valuation are: (i) the maintenance of record-high total backlog levels through new contract acquisitions, and (ii) the increase in global defense spending driven by geopolitical...
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We evaluate Turkish Airlines’ December traffic data as "Slightly Positive." The strong passenger traffic in December, particularly the robust growth in international traffic compared to the same period last year, indicates a continued recovery in passenger traffic, which had been weak throughout 2024. However, it is observed that the double-digit growth in cargo tonnage, which was a key highlight of 2024,...
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TAV Airports posted its passenger statistics for December 2024. The total number of passengers served in December increased by 10% year-on-year, reaching 6.2 million. In the fourth quarter of 2024, the total number of passengers served increased by 10% compared to the same period last year, reaching 23.4 million. We view TAVHL’s passenger traffic results as "Neutral" due to passenger traffic growth in...
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Tüpraş announced its December product margins. Accordingly, within middle distillate products, diesel margin contracted by 6% month-on-month to $16.1/bbl, while jet fuel margin declined by 17% month-on-month to $12.1/bbl. Among light distillate products, gasoline margin increased by 1% compared to the previous month, reaching $11.0/bbl. The fuel oil margin stood at negative $9.9/bbl. While a slight ...
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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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