Garanti BBVA Yatırım updates model portfolio with Aselsan and ŞOK Marketler

Garanti BBVA Yatırım has updated its model portfolio, adding defense company Aselsan and retailer ŞOK Marketler, while removing Türkiye Sigorta and Galata Wind Enerji.

Aselsan was included due to rising global defense spending, increased domestic investment in Turkey, and significant export potential. The company's backlog of orders has grown from $6.2 billion in 2016 to $23.2 billion in the first half of 2026. Recent contract announcements in the third quarter and early October, totaling billions of euros and dollars, are expected to support revenue growth. Consequently, Garanti BBVA Yatırım raised its 12-month target price for Aselsan to 560 TL, maintaining an ‘Above Index Return’ recommendation with a potential return of 63%.

ŞOK Marketler was added based on expectations of a recovery in operational profitability and its extensive network of over 11,000 stores, which supports its competitive position and growth prospects.