Haluk Gorgun

Aselsan is Turkey's largest defense electronics company and one of the most significant defense technology firms in the MENA region, listed on the Istanbul Stock Exchange. The company designs and manufactures advanced defense electronics including radars, electro-optical and infrared systems, military communications equipment, electronic warfare systems, avionics, unmanned systems electronics, and homeland security solutions. Aselsan is majority-owned by the Turkish Armed Forces Foundation (TSKGV). Aselsan has been the technological backbone of Turkey's ambitious drive to build an indigenous defense industry, reducing dependence on foreign suppliers. The company's systems are integrated into virtually every major Turkish defense platform — from Bayraktar drones to Turkish-built warships to the Altay main battle tank. Aselsan has also become an increasingly significant defense exporter, selling systems to countries across the Middle East, Central Asia, Africa, and Southeast Asia. Key factors for the stock include Turkish defense budget growth, export contract wins, technology development milestones, the broader trajectory of Turkey's defense industry indigenization program, and the lira-denominated revenue mix vs. dollar-denominated export contracts.