Turkish Market Community

Key Investment Arguments: Excessively Discounted Asset Value: RGYAS shares are currently trading at approximately a 55% discount to their Net Asset Value (NAV) at the current market price. Considering the company's "Best in Class" (B) shopping mall portfolio and successful debt reduction operations, this indicates an overly pessimistic market pricing.Read more

Yeo, enerjiyi teknolojiyle birleştiren bir mühendislik ve EPC şirketidir. Şirketin büyüme stratejisi bu kollarda ilerliyor: EPC ve Küresel Projeler: Güneş, rüzgar santralleri ve yüksek gerilim trafo merkezlerinin kurulumunda 30’dan fazla ülkede aktif rol alıyorlar.Read more

Key Investment Theses: TAV Airports Holding is approaching the end of one of the most intensive investment cycles in its history by 2025. This period of massive capital expenditure (CapEx), totaling over €2.5 billion, including capacity expansion at Antalya Airport, a new terminal building at Almaty Airport, and concession renewal investments at Ankara Esenboğa, has transformed the company into an asset platform that will generate cash for decades to come.Read more

Why are Hitit's Multiples Higher? As analysts have noted, Hitit's multiples (P/E >30x, EV/EBITDA >20x) are significantly higher than its competitors.Read more

The key pillars supporting our investment thesis are as follows: Record Order Balance and Revenue Visibility: The company's order balance of US$786 million, reached as of the third quarter of 2025, largely secures its revenue stream for the next 12-18 months. The fact that 81% of this balance consists overwhelmingly of high-value-added power transformers supports the sustainability of margin quality.Read more

Corporate Profile and Operational Implications of Koç Holding Synergy Founded in 1963 with the aim of producing Türkiye's first intercity buses, Otokar has today transformed into a technology and industrial enterprise that develops, designs, and exports products with entirely its own intellectual property rights to more than 75 countries on 5 continents. The company's modern 555,000 m² production facility in Sakarya offers a high-capacity and flexible production infrastructure for both commercial vehicles and armored platforms for the defense industry.Read more

1. The Fundamental Pillars of the Investment Thesis: "Why Now?" BİM investment thesis is built on three main strategic pillars covering the 2025-2027 period, which the market has not yet fully priced in: 1.1. Normalization in Inflation Accounting and Tax Regime (Impact of Law No. 7571): Law No. 7571, accepted by the Turkish Grand National Assembly and stipulating that inflation adjustment will not be applied in the calculation of the tax base in the 2025, 2026, and 2027 accounting periods, is a turning point for BİM.Read more

ASELSAN sits at the center of Turkey’s push to build more of its own defense technology, supplying everything from communications gear to advanced sensing systems. Its close ties to the armed forces, growing export reach, and heavy focus on research could drive further growth—but that same national importance can also shape how the business is run.Read more

Turkcell is growing beyond mobile service into broadband, digital payments, and telecom infrastructure, giving it more ways to expand even in a tough economy. With new network upgrades coming and a stronger cash cushion after a major asset sale, the business could surprise investors—unless rollout delays, regulators, or rivals get in the way.Read more