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ÜNLÜ & Co is a financial services group and Turkey’s leading provider of investment advisory and asset management products and services.

ÜNLÜ & Co’s extensive knowledge and experience is the foundation of its solid local market position combined with the ability to deliver world-class standards of service in order to design and provide products and solutions that uniquely address its clients’ needs. Headquartered in Istanbul, ÜNLÜ & Co has a staff of more than 350 high caliber professionals, working together for the aim of making ÜNLÜ the leading provider of financial products and servicesfor the entire region. ÜNLÜ & Co provides world class investment advisory and asset management solutions to a diverse client base ranging from domestic and international investors to leading corporates, multinationals and financial institutions.

Erol Danis ... (+2)
  • Erol Danis
  • Sevgi Onur
EUR 57.52
YKBNK Yapi ve Kredi B...
ANSGR ANADOLU SIGORTA

Model Portfolio Update - Including Yapi Kredi to our model portfolio w...

Yapi Kredi is set to deliver the fastest earnings growth among private peers and stands out with its limited rise in past-due loans in 1Q25, following its proactive slowdown in retail loans throughout 2024. We also favor its best-in-class demand deposit weight, widespread and retail-heavy deposit structure with pricing agility, market leader position in payroll accounts which boosts revenue generation and strength in efficiency KPI’s with a solid Fee/OPEX ratio at 90.7%. We forecast YKB to deli...

YKBNK YAPI VE KREDI BANKASI A.S.
ANSGR ANADOLU SIGORTA
07/08/25 July 8, 2025 1 EN
Sevgi Onur
  • Sevgi Onur
EUR 57.52
GARAN Turkiye Garanti...
YKBNK Yapi ve Kredi B... ... (+7)

Turkish Banking Sector - Well-positioned for the long-awaited rate cut...

Turkish banking sector is poised for strong earnings rebound in 2025-2026, driven by recovering margins and an improving macroeconomic backdrop. After an estimated 18% sector-wide EPS decline in 2024, aggregate EPS is forecast to surge by 63% in 2025, followed by another 61% growth in 2026. Key drivers include a significant NIM recovery amid rate cuts, continued (though moderating) fee income growth, and normalization of trading gains. Sector ROAE is projected to rise to 27% in 2025E and 33% in...

GARAN TURKIYE GARANTI BANKASI ANONIM SIRKETI
YKBNK YAPI VE KREDI BANKASI A.S.
ISCTR TURKIYE IS BANKASI ANONIM SIRKETI CLASS C
AKBNK AKBANK TAS
HALKB TURKIYE HALK BANKASI ANONIM SIRKETI
VAKBN TURKIYE VAKIFLAR BANKASI TURK ANONIM ORTAKLIGI
TSKB TSKB
07/08/25 July 8, 2025 1 EN
Koray Pamir
  • Koray Pamir
EUR 57.52
DOHOL Dogan Sirketler...

Dogan Holding - Visit Note

Dogan Holding is a diversified investment holding company operating across seven core sectors: renewable energy, industrial manufacturing, mining, automotive and mobility, financial services, internet & entertainment, and real estate. Over the last decade, the holding has transitioned from a media-centric structure into diversified asset platform. Based on the company provided Net Asset Value (NAV) of USD2.5bn, shares are trading at a CNAV discount of 58%, highest discount vs. other holdings in ...

DOHOL DOGAN SIRKETLER GRUBU HOLDING A.S.
07/03/25 July 3, 2025 1 EN
Erol Danis ... (+2)
  • Erol Danis
  • Mehmet Yigit Yorulmaz
EUR 57.52
DOAS Dogus Otomotiv ...
FROTO Ford Otomotiv S... ... (+3)

Turkish Autos - Resilient domestic demand amid an uncertain global bac...

Domestic demand has been more resilient than expected: Following a record-breaking year in 2024, the Turkish automotive market maintained its strength so far in 2025, with 5M25 growth reaching 4% y/y. Despite the high base and tighter financial conditions, demand remained resilient, supported by not only stable exchange rates and improved vehicle availability, but also the traction of affordable EVs (electric vehicles) that has 10% special consumption tax rate vs. ICE (internal combustion engine...

DOAS DOGUS OTOMOTIV SERVIS VE TICARET A.S.
FROTO FORD OTOMOTIV SANAYI A.S.
TOASO TOFAS TURK OTOMOBIL FABRIKASI A.S.
06/25/25 June 25, 2025 1 EN
Koray Pamir ... (+2)
  • Koray Pamir
  • Zekai Unal
EUR 57.52
EREGL Eregli Demir ye...

Erdemir - Reserved view on steel ops; gauging upside on gold mining po...

Conservative view on steel operations mainly due to weak FCF outlook, placing gold mining prospect into perspective, maintain Hold: We have updated our valuation (blended target 6.0x FY25E–FY26E EV/EBITDA (net debt adjusted)) and estimates for Erdemir, raising our 12M target price by 6% to TL30.1/share. This revision primarily reflects updated macro assumptions including FX and steel price forecasts. Our 12M TP implies a 26% upside potential yet remains below the 54% average upside across our no...

EREGL EREGLI DEMIR YE CELIK FABRIKALARI T.A.S.
05/29/25 May 29, 2025 1 EN

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