THYAO 4Q23 Meeting Notes

We attended the analyst meeting of Turkish Airlines to evaluate the company's financial results for Q4 2023, its current operations, and outlook. Turkish Airlines continues to grow in the aviation sector in both Turkey and international markets, with increasing passenger traffic and destinations. With an 8% increase in average daily flights compared to 2019, Turkish Airlines maintains its position with the highest traffic in Europe. We maintain our BUY recommendation for THYAO with a target price of TL428 and continue to hold it in our Model Portfolio.