Company/Industry Reports

We evaluate Turk Traktor’s 1Q26 financial results as negative, driven by a net loss close to market expectations but above our estimate, a sharp contraction in the domestic market, and continued weakness in operational profitability. Following the 1Q26 results, we revise our 12-month target price for TTRAK to TL 595 from TL 680, factoring in weak domestic demand, pressure on operational margins, and downward...
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Tüpraş announced its April product margins. Accordingly, among middle distillate products, the diesel margin declined by 7% MoM, while the jet fuel margin decreased by 22% MoM. Among light distillate products, the gasoline margin fell by 37% compared to the previous month, while the fuel oil margin stood at -32.9 USD/bbl. We have a BUY recommendation for Tüpraş, which is included in our model portfolio, with a...
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We evaluate ASELSAN’s 1Q26 financial results as neutral overall, with strong annual operational performance in line with our expectations and net income slightly above our estimate driven by one-off effects. We raise our 12-month target price to TL 452 from TL 420, while revising our recommendation to Hold from Buy due to the limited upside potential implied by the current target...
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We attended the analyst meeting held by ORGE Energy and evaluated the company’s operational outlook, backlog structure, new contract awards and financial expectations. Management pointed to strong growth in backlog as of the beginning of 2026 and accelerating new contract awards, while emphasizing that rail systems, airports, data centers, upper-segment tourism projects and the electric vehicle ecosystem stand out...
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We raise our 12-month target price to TL 352.00 from TL 271.00 and maintain our BUY recommendation. The main reason for the revision is not Brent itself, but the strengthening in middle-distillate margins (diesel and jet fuel), which has improved the outlook for net refining margins. Accordingly, we have revised our 2026 EBITDA forecast upward by 61%. Based on our updated estimates, the stock is trading at 7.1x...
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Tüpraş announced its product margins for March. Accordingly, among middle distillates, the diesel margin increased by 153% month-on-month, while the jet fuel margin posted a strong 256% monthly increase. Among light distillates, the gasoline margin rose by 20% compared to the previous month, while the fuel oil margin stood at negative $14.1/bbl. We maintain our 12-month target price of TL271.00 and BUY...
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MLP Care reported TL 14,164mn in revenue and TL 4,418mn in EBITDA in 4Q25, exceeding expectations by 1% and 3%, respectively. Net profit, however, stood at TL 1,284mn, 11% below the market expectation. While the strong improvement in EBITDA margin stood out in the final quarter, the weakness in net profit was largely driven by non-operating items and the tax burden. We assess the results positively. Accordingly, we...
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We view Mavi’s 4Q25 results as neutral. The company reported TL11.9 billion in revenue, TL1.9 billion in EBITDA, and a net loss of TL60 million in the quarter. While revenue was flat year-on-year, EBITDA margin improved from 12.8% to 16.0% thanks to strong cost discipline. Nevertheless, a TL208 million monetary loss and a TL422 million deferred tax expense weighed on net profit. For full-year 2025, revenue declined...
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