Ünlü&Co

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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
  • Koray Pamir
EUR 57.82
AYGAZ AYGAZ A.S.

Model Portfolio Update - Adding Aygaz to our Model Portfolio

Yesterday may have been about iPhone 17; today is about Aygaz where, even after a 10% holding discount, the participation portfolio now trades broadly at par with its market cap, leaving the core LPG franchise (including net cash of TL2.3bn) effectively priced at zero—an inefficiency we expect to mean-revert. We recently upgraded to Buy and the shares have outperformed the BIST-100 by c.5% since; we now add Aygaz to our model portfolio to reiterate our conviction. Near-term EPS is supported by ...

09/10/25 September 10, 2025 1 EN
EUR 57.82

Ronesans Gayrimenkul - Initiation of Coverage

Ronesans Gayrimenkul Yatirim (Ronesans) is a leading commercial real estate developer and investor based in Turkey, operating a diversified portfolio of income-generating assets across major urban centers. In addition to its strong operational platform, Ronesans offers exposure to long-term value creation through development-ready land reserves and strategic joint ventures with global partners, enhancing capital efficiency and reinforce the company’s institutional quality, positioning Ronesans a...

09/09/25 September 9, 2025 1 EN
Koray Pamir
  • Koray Pamir
EUR 57.82
KCHOL Koc Holding A.S...

Model Portfolio Update

We believe that Koc Holding offers a wide discount (32% to CNAV), improving reported EPS (likely to be supported by lower monetary losses) coupled with multi-engine subsidiary sequential earnings momentum (YKBNK, TUPRS, FROTO, TOASO) and balance-sheet optionality leading to a credible rerating. We see scope for CNAV gap closure as macro rates drift lower and foreign participation normalizes. Details of our reasoning are: House View on Key Subsidiaries Is Positive: We have a constructive view on...

KCHOL KOC HOLDING A.S.
08/28/25 August 28, 2025 1 EN
Ece Mandaci ... (+2)
  • Ece Mandaci
  • Erol Danis
EUR 57.82
TCELL Turkcell Iletis...
ASELS Aselsan Elektro...

Model Portfolio Update - Inclusion of Astor, Exclusion of Aselsan and ...

Astor is Turkey’s largest and most profitable transformer and switchgear producer, with 31% revenue CAGR in 2019–24 and best-in-class margins supported by vertical integration and long-standing ties to TEIAS, distribution companies, and industrial clients. Capacity expansions from 4Q25, including new transformer lines, conductor production, and a switchgear plant, are set to boost production, underpinning our forecast of 9.8% revenue CAGR and 30% average EBITDA margin in 2025–34. Global transfor...

TCELL TURKCELL ILETISIM HIZMETLERI A.S.
ASELS ASELSAN ELEKTRONIK SANAYI VE TICARET A.S. CLASS B
08/12/25 August 12, 2025 1 EN
EUR 57.82

Astor - Initiation of Coverage

Market leadership underpinned by capacity expansion and export growth: Astor Enerji is Turkey’s largest and most profitable transformer and switchgear manufacturer, combining market leadership with strong growth and high margins. The company has outperformed peers with rapid revenue expansion at 31% CAGR between 2019-24 and best in class profitability, supported by vertical integration and long standing client relationships with TEIAS, distribution companies and industrial customers. Ongoing inv...

08/12/25 August 12, 2025 1 EN

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