Company/Industry Reports

Tüpraş announced its product margins for June. Accordingly, among middle distillate products, the diesel margin improved by 18% month-on-month, while the jet fuel margin rose by 5%. Among light distillate products, the gasoline margin contracted by 9% compared to the previous month, and the fuel oil margin was recorded at negative USD 6.2 per barrel. We view the monthly improvements and the resilience of product...
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Since the beginning of 2025, the Turkish housing market has experienced a strong recovery. In the January–May period, home sales reached a record high with a 25.4% increase compared to the same period last year. On the other hand, the House Price Index (HPI) recorded a 2.3% decline in real terms, while foreign investor interest declined significantly due to regulatory changes and the reduced appeal of citizenship...
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We attended Orge Elektrik’s (ORGE) analyst meeting held on June 16 to evaluate the company's 1Q25 financials and learn about its future...
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Kuzey Boru (KBORU) held an analyst meeting at its production facility in Aksaray on June 13, 2025. As Tacirler Yatırım, we attended the meeting, and the key highlights from the session are summarized in the PDF...
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Tüpraş announced its product margins for May. Accordingly, among middle distillate products, diesel margin improved by 17% MoM to $16.8/bbl, while jet fuel margin rose by 12% MoM to $16.2/bbl. Among light distillate products, gasoline margin increased by 41% MoM to $18.6/bbl, while fuel oil margin was recorded at negative $3.6/bbl. All product margins improved on a monthly basis. Although year-on-year declines were...
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We are initiating coverage of Doğan Holding with a 12-month target price of TL22.60, implying 55% upside potential, and assign a “BUY” recommendation. Key catalysts include: i) A strong solo net cash position of USD 646 million and low leverage, ii) High growth potential in the attractive sectors where the company operates, iii) Potential asset sales, new acquisitions, and...
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Tüpraş announced its product margins for April. Accordingly, within middle distillates, the diesel margin declined by 7% MoM to $14.4/bbl, while the jet fuel margin improved by 5% MoM to $14.5/bbl. Among light distillates, the gasoline margin increased by 13% MoM to $13.2/bbl, while the fuel oil margin was recorded at negative $7.2/bbl. As such, diesel and fuel oil margins declined compared to the previous month,...
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In the first quarter of the year, while TAV Airports recorded revenue growth supported by increased traffic, profitability remained below expectations due to the low season and temporary one-off effects. Despite the net loss coming in below our estimate, we evaluate the 1Q25 results as slightly negative given the relatively stable operational performance and margin pressure that aligned with our forecasts. Based on...
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