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.

Koray Pamir
  • Koray Pamir
EUR 57.47
KCHOL Koc Holding A.S...

Koc Holding - Attractive discount to NAV. Higher EPS visibility & qual...

Increasing 12M TP to TL285, Positive View on Key Subs and 2H25 EPS outlook, Buy Reiterated: We have raised our 12-month target price for Koc Holding (“Koc”) by 4% to TL285/share, implying 59% upside potential (compared to 37% for our full coverage and 34% for our ex-bank coverage). Accordingly, we reiterate our Buy rating on Koc. We maintain a positive view on Koc’s key subsidiaries and consider the 30% discount to its current NAV (“CNAV”) attractive—particularly given the tangible improvement i...

KCHOL KOC HOLDING A.S.
08/01/25 August 1, 2025 1 EN
Koray Pamir
  • Koray Pamir
EUR 57.47
AYGAZ AYGAZ A.S.

Aygaz - Core business valuation gyrates back to attractive following U...

Upgraded to Buy on improved relative valuation: We upgrade Aygaz to Buy (from Hold) with a revised 12-month target price of TL230/share (+23%), implying 50% upside potential. This follows a valuation refresh—including updated subsidiary assumptions and a shift in our valuation horizon to mid-2026. Our key argument centers on a compelling relative valuation reset: Aygaz has underperformed Tupras by 17% since our downgrade in January 2025, despite Tupras constituting approximately 68% of Aygaz’s t...

07/30/25 July 30, 2025 1 EN
Koray Pamir
  • Koray Pamir
EUR 57.47
TUPRS TUPRAS

Tupras - Remains our tactical relative pick. TP increased, Hold mainta...

Remains our preferred name in Turkish commodities: Tupras continues to stand out as our top pick within Turkey’s commodity-based equity universe, supported by its stronger 2H25 outlook, robust balance sheet, and comparatively attractive valuation multiples. While we do not expect the current regional diesel crack strength to persist structurally in the long run, prevailing levels remain well above historical averages and—if sustained—should meaningfully support 3Q25 earnings. This view is underp...

07/30/25 July 30, 2025 1 EN
Ece Mandaci ... (+6)
  • Ece Mandaci
  • Erol Danis
  • Koray Pamir
  • Mehmet Yigit Yorulmaz
  • Sevgi Onur
  • Zekai Unal
EUR 57.47

Turkish Equity Research - 2Q25 Preview

2Q25 earnings season to kick off today: 2Q25 earnings season for companies under our coverage is set to start on July 21st with Turkiye Sigorta and last until August 19th. Based on our projections, banks will show 9% y/y EPS growth (down 19% q/q) in 2Q25. As for non-financials, in USD terms, we estimate 29% y/y EPS contraction (up 303% q/q), while EBITDA should stay flat (up 42% q/q). Note that to facilitate comparisons, we calculated the overall figures for non-financial companies in USD terms,...

07/21/25 July 21, 2025 1 EN
Erol Danis ... (+2)
  • Erol Danis
  • Sevgi Onur
EUR 57.47
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

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