Tera Research Department provides services to foreign and domestic institutional clients as well retail clients. Two of our analysts are CFA charterholders (Chartered Financial Analyst), which also indicates commitment to ethical values and higher business standards.

Research Team provides daily and monthly reports as well as equity research reports which contains ‘BUY’, ‘SELL’ or ‘NEUTRAL’ recommendations and sends these reports to clients periodically.

Stocks under coverage represent about 70% of the market cap of Borsa Istanbul.

In the “Daily” Reports, we present political, macroeconomic, sector and company specific news and comments with their respective implications on the market and stocks.

In the “Monthly Outlook” reports, we present previous month's developments and next month's outlook with respect to newsflow and expectations along with our market comments. In addition, we publish our "Top Pick List" with respect to fundamental analysis and track its performance in our Monthly Outlook Bulletin.

In “Equity Research” reports, we present our financial forecasts for the companies under coverage with one year forward target price, using various valuation methods such as DCF and Peer Comparison. We decide our recommendation as "BUY", "SELL" or "NEUTRAL" with respect to its upside potential.

Research Team also prepares one pager reports based on client requests for the stocks that are not under coverage and comments on their respective valuation as undervalued or overvalued compared to sector, general index and global peer group.

On the technical analysis front, Tera prepares “Weekly Technical Suggestions” with LONG or SHORT recommendations, stop-loss/take-profit levels. Technical analysis is more of a short term nature therefore the recommendations should not always be in line with fundamental research that gives 12-Month target prices.

Please send email to if you want to subscribe to our research reports.