Turk Traktor (TTRAK) 3Q26 Financial Results
Tacirler Investment
TTRAK 3Q26 results indicate that weak domestic demand continues to weigh on financial performance despite better-than-expected operational profitability and a narrower net loss. The QoQ improvement in margins, positive free cash flow and maintained year-end guidance suggest that there has been no further deterioration in the company's already challenging outlook. However, we believe these developments are not yet sufficient to signal a sustainable recovery. Accordingly, we lower our 12-month target price from TL570 to TL530 per share and reiterate our HOLD recommendation.