Tüpraş (TUPRS) Company Report

We raise our 12-month target price for Tüpraş from TL352 to TL481 and maintain our BUY recommendation. After the second-quarter results, we had kept our estimates unchanged to see whether the strong product margin environment would continue. Over the past month, diesel and jet fuel margins have remained strong, while the company also raised its net refining margin guidance. We therefore increase our 2026 EBITDA forecast from USD2.4bn to USD3.1bn and our net income forecast from USD1.4bn to USD2.1bn. Our target price implies around 22% upside from yesterday’s close. Tüpraş remains in our Model Portfolio.