TAB Gida (TABGD TI) Initiate at Buy: Built to scale, priced to win

Research evidence excerpt

TAB Gida (TABGD TI) Initiate at Buy: Built to scale, priced to win

network expansion

continues for western and local brands. TAB Gida holds 19% market share, ~3.1x the 52-WEEK PRICE (TRY)

second largest - supporting scale advantages and portfolio diversification across cuisines. 390.00

Franchise-led scale, value proposition tailored fit to the market: TAB Gida is shifting 275.00

expansion towards franchising to drive faster, capital-efficient growth: since end-1H23 it

160.00

added 242 corporate and 290 franchise stores, lifting the franchise mix to 44% by 07/25 01/26 07/26

end-2Q26. Management expects franchise-led openings to dominate, preserving TargetHigh: 289.00price: 360.00Low: 187.50 Current: 224.90

balance-sheet flexibility; the 2025 corporate build looks tactical to scale Popeyes, Source: LSEG IBES, HSBC estimates

well-timed after KFC’s 2025 exit. Pricing checks also show a strong value proposition and

broad choice - especially at Burger King, which offers the deepest entry-level and Bulent Yurdagul*

mid-range assortment - supporting share gains in a price-sensitive market. Head of EEMEA Consumer Research

HSBC Bank Middle East Limited, DIFC

Digital scale advantage amid aggregator consolidation: TAB Gida is scaling rapidly in bulentyurdagul@hsbc.com

+971 569445882

digital and delivery, with 55% of revenue from digital channels; in 1Q26, delivery

Neerav Agarwal*

contributed 31% of sales, kiosks 19% and click & collect 5%, supported by 18% delivery Analyst, EEMEA Consumer

ticket CAGR (1Q24–1Q26) versus 14% for restaurants and a 3.7x rise in kiosks. Despite HSBC Securities and Capital Markets (India) Private

Limited

consolidation in Türkiye’s delivery aggregators, TAB Gida is relatively insulated through its neerav.kumar.agarwal@hsbc.co.in