Company/Industry Reports

MAVI reported 3Q25 results, delivering TL12.2bn in revenue, TL2.7bn EBITDA (22.0% margin) and TL969mn net income. The figures came in slightly above consensus expectations (TL12.1bn revenue, TL2.4bn EBITDA, 19.8% margin and TL814mn net income). Overall, we view the quarter positively, as seasonality and tighter cost control helped the operational performance move towards a more balanced quarter-on-quarter trend....
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Tüpraş announced its November product margins. Accordingly, within middle distillate products, diesel margins improved by 38% month-on-month, while jet fuel margins increased by 26%. Among light distillates, the gasoline margin rose by 29% compared to the previous month, while the fuel oil margin was recorded at minus USD 9.3 per barrel. For Tüpraş, which is included in our model portfolio, we have a target price...
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DESA reported TL 817mn in revenue, TL 167mn in EBITDA and TL 114mn in net income in 3Q25. While gross profitability was broadly preserved both year-on-year and quarter-on-quarter, the slight annual contraction in operating margins was mainly driven by the decline in international sales and the increase in operating expenses; conversely, the easing of financial expenses versus last year supported the bottom line....
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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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