Turkish Market Community
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ASELSAN: Turkey's Defense Electronics Giant and Strategic National Asset
Key aspects of ASELSAN Foundation and ownership: The Turkish Armed Forces Foundation created it, and it still maintains a majority stake (around 74-75%) in the company. ASELSAN was publicly listed on the Istanbul Stock Exchange (Borsa Istanbul) in 1990.Read more
Turkcell: Defensive Growth with Digital Potential and Valuation Upside
Catalysts Turkcell’s growth is fueled by its diversified business model, including PayCell in digital payments, Superonline in broadband, and Global Tower in telecom infrastructure. The 5G rollout is a key catalyst, expected to drive ARPU growth and boost revenue across services.Read more
EREGL: Future Sales Guidance Will Support Efficiency As Risks Remain Balanced
Key Takeaways Recent production upgrades and efficiency projects will boost margins, support higher earnings, and reduce reliance on volatile raw material input costs. Strategic investment in sustainable energy and an EU-focused export strategy enhance revenue diversification and position the company for premium pricing and stable long-term growth.Read more
HALKB: Improved Profit Margins And Lower P/E Are Set To Influence Outlook
Key Takeaways Central Bank rate cuts and CPI-linked securities income are expected to boost Halkbank's profitability and net interest margins. Focus on Turkish lira assets and expected dedollarization trends could enhance revenue growth and reduce funding volatility.Read more
YKBNK: Improving Margins And Rising Profitability Will Drive Positive Revenue Outlook
Key Takeaways Digital expansion, urbanization, and a growing middle class are expected to boost customer growth, loan demand, and fee-based revenues. Strengthened efficiency, risk controls, and diversified services position the bank for stable earnings and improved profitability.Read more
TOASO: Stellantis Integration Will Reinforce 26% Domestic Market Leadership In Turkey
Key Takeaways Integration with Stellantis and a broadened product portfolio strengthens domestic leadership, expanding technology access and export opportunities while enhancing revenue and margin stability. Investments in new models, electric vehicles, and a multi-brand dealer network position Tofas to capture evolving consumer demand and regulatory trends, supporting sustainable growth.Read more
ISCTR: Revenue Strength Will Drive Outperformance Despite Lower Margins
Key Takeaways Digital transformation and targeted investments are boosting fee growth, cost efficiency, and margin potential as financial inclusion rises across a young, tech-savvy population. Strong ESG focus and disciplined credit management strengthen revenue resilience and position the bank to benefit from Turkey's shift toward sustainable, inclusive economic growth.Read more
Fiber Rollout And 5G Upgrade Will Unlock Digital Markets
Key Takeaways Expanding subscriber base and successful upselling are driving strong revenue growth and improved operating margins, capitalizing on rising data demand and digitalization trends. Ongoing fiberization and new market expansion, combined with operational efficiencies, position the company for future margin improvements and enhanced cash flow.Read more
Store Expansions And Sustainability Initiatives Will Drive Future Success
Key Takeaways Store expansion, particularly in Turkey, Morocco, and Egypt, aims to drive revenue growth, supported by a strong investment drive. Sustainability and cost control initiatives, including solar investments and energy efficiency, could enhance operational efficiency and improve margins.Read more