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 ... (+4)
  • Erol Danis
  • Koray Pamir
  • Mehmet Yigit Yorulmaz
  • Sevgi Onur
EUR 57.23

Turkish Equity Research - 3Q25 Preview

3Q25 earnings season to kick off today: 3Q25 earnings season for companies under our coverage is set to start today with Turkiye Sigorta and last until November 10th. Based on our projections, banks will show 64% y/y EPS growth (up 5% q/q) in 3Q25. As for non-financials, in USD terms, we estimate 11% y/y EPS contraction (up 40% q/q), while estimating 6% y/y growth in EBITDA (up 17% q/q). Note that to facilitate comparisons, we calculated the overall figures for non-financial companies in USD ter...

10/18/25 October 18, 2025 1 EN
Erol Danis
  • Erol Danis
EUR 57.23

Macroeconomics Insight - October 2025

September data marked a notable shift in the inflation outlook. The monthly CPI increase, which came in significantly above expectations, led to upward revisions in year-end forecasts and prompted a realignment of expectations regarding monetary policy. Assuming no shocks in exchange rates, wages, administered prices, or commodity costs, we estimate 2025 year-end inflation at around 31.0%. Given the September dynamics and the emergence of new forward-looking risks, we also find an upward revisio...

10/10/25 October 10, 2025 1 EN
Koray Pamir ... (+2)
  • Koray Pamir
  • Mehmet Yigit Yorulmaz
EUR 57.23
AYGAZ AYGAZ A.S.
TUPRS TUPRAS

Monthly Refining Margin Data (September 2025)

In September, within mid distillates, diesel cracks (in USD/bbl.) registered at 26.6 (up 4.6 m/m, up 11.8 y/y) and jet fuel cracks registered at 21.6 (up 3.3 m/m, up 9.4 y/y) based on Tupras provided data. Gasoline cracks came to 21.8 (up 3.4 m/m, up 10.5 y/y). HSFO cracks were realized at negative 9.1 (down 2.3 m/m, up 4.2 y/y). Differentials were slightly wider m/m. On a quarterly basis, diesel cracks came to 25.0 (up 60% y/y, up 46% q/q), jet cracks rose to 20.0 (up 48% y/y, up 26% q/q) and ...

AYGAZ AYGAZ A.S.
TUPRS TUPRAS
10/01/25 October 1, 2025 1 EN
Erol Danis
  • Erol Danis
EUR 57.23

Macroeconomics Insight - September 2025

The Medium-Term Program (MTP), covering the economic targets for the 2026–2028 period, has been announced. In addition to a general assessment of the macro forecasts contained in the MTP, we would also like to share our expectations and how the current realizations outline a framework; Messages are being given regarding the continuation of the disinflation process. The inflation targets in the MTP are consistent with the forecasts announced in the Central Bank’s latest Inflation Report. In part...

09/17/25 September 17, 2025 1 EN
Erol Danis ... (+2)
  • Erol Danis
  • Koray Pamir
EUR 57.23
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

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