Turkish Airlines Aviation Stats (December 2024)

We evaluate Turkish Airlines’ December traffic data as "Slightly Positive."

The strong passenger traffic in December, particularly the robust growth in international traffic compared to the same period last year, indicates a continued recovery in passenger traffic, which had been weak throughout 2024. However, it is observed that the double-digit growth in cargo tonnage, which was a key highlight of 2024, has entered a normalization phase, with the high base effect playing a significant role in the loss of momentum. We maintain Turkish Airlines in our Model Portfolio with a target price of TL428.00, offering a 46% upside potential, and reiterate our "Buy" recommendation.