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
  • Erol Danis
EUR 56.55

Macroeconomics Insight - November 2025

Inflation coming in significantly above expectations in August, and especially in September, markedly changed perceptions regarding price dynamics. These developments led to a substantial upward shift in inflation expectations and reshaped forward-looking views on monetary policy; expectations for higher levels of interest rates strengthened. This deterioration in expectations also placed notable pressure on financial markets, adversely affecting risk sentiment. Against this backdrop, markets we...

11/14/25 November 14, 2025 1 EN
Koray Pamir
  • Koray Pamir
EUR 56.55
EREGL Eregli Demir ye...

Erdemir - UMREK confirms Alacahan resource; Value accretive yet core v...

Resource confirmation & scope: The UMREK-compliant disclosure confirms that Ermaden’s Alacahan project hosts a 14.9 Mt inferred resource grading 0.89 g/t Au, translating to 424 Koz contained gold. This is closely aligned with our May 2025 base-case assumption of a 15 Mt deposit grading 1.0 g/t Au (~480 Koz), a 12% delta in contained ounces. The grade is marginally lower but within the range expected for heap-leach–amenable oxide systems. Drilling coverage of 45 hectares—about 0.8% of the 5,804 h...

EREGL EREGLI DEMIR YE CELIK FABRIKALARI T.A.S.
11/05/25 November 5, 2025 1 EN
Koray Pamir ... (+2)
  • Koray Pamir
  • Mehmet Yigit Yorulmaz
EUR 56.55
AYGAZ AYGAZ A.S.
TUPRS TUPRAS

Monthly Refining Margin Data (October 2025)

In October, within mid distillates, diesel cracks (in USD/bbl.) registered at 26.4 (down 0.2 m/m, up 11.4 y/y) and jet fuel cracks registered at 24.2 (up 2.6 m/m, up 10.8 y/y) based on Tupras provided data. Gasoline cracks came to 18.4 (down 3.4 m/m, up 4.5 y/y). HSFO cracks were realized at negative 5.3 (up 0.7 m/m, down 1.1 y/y). Differentials were slightly wider m/m. As outlined in our report published today, regional mid distillate cracks remain strong in the region, as evidenced in this mo...

AYGAZ AYGAZ A.S.
TUPRS TUPRAS
11/03/25 November 3, 2025 1 EN
Koray Pamir
  • Koray Pamir
EUR 56.55
AYGAZ AYGAZ A.S.

Aygaz - Buy re-iterated. Appealing valuation & favourable dividend yie...

Buy maintained; 12M roll-forward and TP raised: We maintain Buy and roll our 12M valuation to Dec-2026, lifting our TP 9% to TL272/share, implying 38% upside (Coverage: 43%; ex-bank Coverage: 37%). Shares have outperformed the BIST-100 by +9%/+18% over 1M/3M (+7%/+17% in USD). We keep Aygaz in our model portfolio, as earnings carry, balance-sheet strength, and look-through value continue to screen well on our cross-coverage stack. Valuation appeal with earnings support—still room to run: Despit...

11/03/25 November 3, 2025 1 EN
Koray Pamir
  • Koray Pamir
EUR 56.55
TUPRS TUPRAS

Tupras - Re-iterated as pick in TR commodity linked names. Div. provid...

Remains our pick within large cap Turkish commodity linked companies: We had positioned Tupras as our top pick within Turkey’s commodity-based equity universe, in our earlier report, supported by its stronger 2H25 outlook, robust balance sheet, and comparatively attractive valuation multiples. We stick to our view. Regional mid distillate cracks remain strong in the region, with particular strength observed in diesel into November. We do not expect this level of elevated cracks to persist struct...

11/03/25 November 3, 2025 1 EN

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