{"id":10571,"date":"2012-01-18T19:48:59","date_gmt":"2012-01-18T17:48:59","guid":{"rendered":"http:\/\/www.bilgeyatirimci.com\/?p=10571"},"modified":"2012-01-30T12:06:50","modified_gmt":"2012-01-30T10:06:50","slug":"hayatin-basit-bir-denklemi-2-18-ocak-2012","status":"publish","type":"post","link":"https:\/\/www.bilgeyatirimci.com\/i\/hayatin-basit-bir-denklemi-2-18-ocak-2012\/","title":{"rendered":"Hayat\u0131n Basit Bir Denklemi (2)  &#8211; 18 Ocak 2012"},"content":{"rendered":"<p>Son yaz\u0131mda \u00d6ZVARLIK nedir bunu \u00f6\u011frendik. \u015eirketler i\u00e7in de\u011ferleme yaparken PD\/DD (Piyasa De\u011feri\/Defter De\u011feri) oran\u0131 \u00e7ok \u00f6nemlidir. \u00a0Burada defter de\u011feri dedi\u011fimiz \u015fey asl\u0131nda \u00f6zvarl\u0131k&#8217;tan ba\u015fka bir \u015fey de\u011fildir. \u015eirketin piyasa de\u011ferini \u015firketin \u00f6zvarl\u0131klar\u0131na b\u00f6leriz ve PD\/DD oran\u0131n\u0131 buluruz.<\/p><div class=\"bilge-yaziust\" style=\"margin-top: 10px;margin-bottom: 10px;\" id=\"bilge-3588719525\"><ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-7495567325667578\"\r\n     data-ad-slot=\"9580705384\"\r\n     data-ad-format=\"rectangle\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n(adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><\/div>\n<p>Yani; PD\/DD oran\u0131 asl\u0131nda &#8220;bir \u015firkete \u00f6zvarl\u0131klar\u0131n\u0131n ka\u00e7 kat\u0131n\u0131n \u00f6dendi\u011fini g\u00f6steren bir say\u0131d\u0131r. \u00d6rne\u011fin \u015firketin piyasa de\u011feri (Hisse say\u0131s\u0131 * Hisse fiyat\u0131)\u00a0\u00a0100 milyon TL olsun. E\u011fer \u015firketin \u00f6zvarl\u0131klar\u0131 40 milyon TL ise<\/p>\n<p>PD\/DD=100\/40=2.5 olacakt\u0131r.<\/p>\n<p>Demek ki piyasa,\u00a0\u00a0bu \u015firkete \u00f6zvarl\u0131klar\u0131n\u0131n 2.5 kat\u0131 kadar de\u011fer bi\u00e7mektedir.<\/p>\n<p>Hemen \u015fu soru akla gelir&#8230; Bir \u015firketin de\u011feri \u00f6zvarl\u0131klar\u0131n\u0131n ka\u00e7 kat\u0131 olmal\u0131d\u0131r?<\/p>\n<p>2 kat\u0131 m\u0131? 3 kat\u0131 m\u0131? 10 kat\u0131 m\u0131? Yoksa \u00f6zvarl\u0131klar\u0131n\u0131n 0.5 kat\u0131 m\u0131, yani yar\u0131s\u0131 m\u0131?<\/p>\n<p>Asl\u0131nda \u015fu an bu konular\u0131 bilen biri bu yaz\u0131y\u0131 okumaktan s\u0131k\u0131lacakt\u0131r. \u00a0HAYIR&#8230; resim gittik\u00e7e ilgin\u00e7 bir hal almaya ba\u015flayacakt\u0131r&#8230;<\/p>\n<p>Acaba bir \u015firketin \u00f6zvarl\u0131\u011f\u0131 negatif olabilir mi? E\u011fer negatif yani eksi bir rakam ise bu ne anlama gelir?<\/p><div class=\"bilge-content-1\" style=\"margin-top: 10px;margin-bottom: 10px;\" id=\"bilge-3611673242\"><ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-7495567325667578\"\r\n     data-ad-slot=\"3167340272\"\r\n     data-ad-format=\"rectangle\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n(adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><\/div>\n<p>Elbette ki \u00f6zvarl\u0131k negatif olabilir. Yani varl\u0131klar\u0131n\u0131z\u0131 toplars\u0131n\u0131z ve diyelim ki 150 bin TLvarl\u0131\u011f\u0131n\u0131z var. Bor\u00e7lar\u0131n\u0131z\u0131n toplam\u0131 170 bin TL ise \u00d6ZVARLIK=150.000-170.000 = -20.000 TL olur<\/p>\n<p>Yani varl\u0131klar\u0131n\u0131z\u0131n toplam\u0131, bor\u00e7lar\u0131n\u0131z\u0131 bile kar\u015f\u0131lam\u0131yordur. \u00a0Ben bir liste yapt\u0131m ve 18 Ocak 2012 tarihi itibariyle \u00f6zvarl\u0131klar\u0131 eksi olan \u015firketleri \u00e7\u0131kartt\u0131m.<\/p>\n<p><a href=\"http:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2012\/01\/eksiozvarlik2.png\" data-wpel-link=\"internal\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-10573\" title=\"eksiozvarlik2\" src=\"http:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2012\/01\/eksiozvarlik2.png\" alt=\"\" width=\"386\" height=\"331\" srcset=\"https:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2012\/01\/eksiozvarlik2.png 386w, https:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2012\/01\/eksiozvarlik2-300x257.png 300w, https:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2012\/01\/eksiozvarlik2-96x82.png 96w, https:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2012\/01\/eksiozvarlik2-31x26.png 31w, https:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2012\/01\/eksiozvarlik2-38x32.png 38w, https:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2012\/01\/eksiozvarlik2-250x215.png 250w, https:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2012\/01\/eksiozvarlik2-128x109.png 128w\" sizes=\"auto, (max-width: 386px) 100vw, 386px\" \/><\/a><\/p>\n<p>Matriks&#8217;den ald\u0131\u011f\u0131m verilere g\u00f6re, 16 tane \u015firketin \u00f6zvarl\u0131klar\u0131 negatif. Yani \u015fu an \u015firketin toplam varl\u0131klar\u0131n\u0131 (bilan\u00e7oda yaz\u0131l\u0131 de\u011ferler \u00fczerinden) paraya \u00e7evirseniz bor\u00e7lar\u0131n\u0131 \u00f6deyemiyorlar. \u00a0\u00d6rne\u011fin Be\u015fikta\u015f&#8217;\u0131n bor\u00e7lar\u0131 varl\u0131klar\u0131ndan 253.8 milyon Tl \u00a0daha fazla. Galatasaray\u0131n \u00f6zvarl\u0131\u011f\u0131 ise eksi 152.3 milyon TL&#8217;de bulunuyor. Dardanel, EGYO \u00a0vs diye liste uzay\u0131p gidiyor.<\/p>\n<p>\u015eimdi sorulmas\u0131 gereken soru \u015fu de\u011fil mi?<\/p><div class=\"bilge-content-2\" style=\"margin-top: 10px;margin-bottom: 10px;\" id=\"bilge-1019304534\"><ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-7495567325667578\"\r\n     data-ad-slot=\"1818807385\"\r\n     data-ad-format=\"rectangle\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n(adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><\/div>\n<p>Peki bu \u015firketler borsada nas\u0131l i\u015flem g\u00f6r\u00fcyor?\u0130nsanlar ni\u00e7in \u00f6zvarl\u0131\u011f\u0131 negatif olan bu \u015firketlerin hisselerini sat\u0131n alabiliyorlar?<\/p>\n<p>\u015eirket tasfiye olacak olsa, \u00f6nce varl\u0131klar paraya \u00e7evrilir, sonra alacakl\u0131lara bor\u00e7lar \u00f6denir ve bir\u015fey geriye kal\u0131rsa ortaklar aras\u0131nda payla\u015ft\u0131r\u0131l\u0131r. Ama bu \u015firketlerde orta\u011fa bir\u015fey kalmayaca\u011f\u0131 gibi, \u00a0e\u011fer tasfiye durumu olsa, \u015firket orta\u011f\u0131 oldu\u011funuz i\u00e7in sermayenizle s\u0131n\u0131rl\u0131 olmak \u00fczere bor\u00e7 \u00f6demelerinin yap\u0131labilmesi i\u00e7in sizden ekstra para bile istenebilir.<\/p>\n<p>Bu hisseleri almak b\u00fcy\u00fck risk de\u011fil midir? SPK buna nas\u0131l izin veriyor?<\/p>\n<p>Asl\u0131nda durum g\u00f6r\u00fcnd\u00fc\u011f\u00fc gibi de\u011fil. \u00d6nce SPK&#8217;n\u0131n buna nas\u0131l izin verdi\u011fine gelelim. \u00a0SPK&#8217;n\u0131n g\u00f6revi yat\u0131r\u0131mc\u0131y\u0131 uyar\u0131p &#8220;bu hisseyi al&#8221; ya da &#8220;alma&#8221; demek de\u011fildir. SPK&#8217;n\u0131n sa\u011flamas\u0131 gereken en \u00f6nemli fonksiyon, bu \u015firketlerin ger\u00e7ek durumlar\u0131n\u0131n (finansal tablolar\u0131n\u0131n) \u00a0en do\u011fru ve \u015feffaf bir \u015fekilde kamuoyuna sunulmas\u0131d\u0131r. <strong>Bundan sonras\u0131 yat\u0131r\u0131mc\u0131ya kal\u0131r.<\/strong> Yat\u0131r\u0131mc\u0131 arzu ederse bu \u015firket hisselerini sat\u0131n alabilir. \u00c7\u00fcnk\u00fc yasalar\u0131m\u0131z yat\u0131r\u0131mc\u0131lar\u0131n bu karar\u0131 en do\u011fru \u015fekilde verecekleri varsay\u0131m\u0131n\u0131 yapar ve bu do\u011fru bir varsay\u0131md\u0131r. Aksi halde SPK her bir \u015firket i\u00e7in &#8220;bunu al\u0131n, bu riskli bunu almay\u0131n&#8221; gibi d\u00fcnyada e\u015fi g\u00f6r\u00fclmemi\u015f bir uygulama yapmak durumunda kal\u0131rd\u0131. \u0130\u015fte bu nedenledir ki, A,B,C hisse gruplar\u0131 olu\u015fturularak bir nebze olsun yat\u0131r\u0131mc\u0131lar\u0131n dikkat etmesi gereken ve y\u00fcksek riski olan hisseler zaman zaman belirlenmektedir.<\/p>\n<p><strong>Sorumuza tekrar d\u00f6necek olursak, neden yat\u0131r\u0131mc\u0131lar \u00f6zvarl\u0131\u011f\u0131 negatif olan bir hisseyi al\u0131rlar?<\/strong><\/p>\n<p>Bunun \u00e7e\u015fitli cevaplar\u0131 olabilir.<\/p>\n<p>1) yat\u0131r\u0131mc\u0131lar\u0131n finansal okur yazarl\u0131k oran\u0131 d\u00fc\u015f\u00fckt\u00fcr, bilgi seviyeleri zay\u0131ft\u0131r ve \u00f6zvarl\u0131\u011f\u0131n ne oldu\u011funu dahi bilmezler bu y\u00fczden al\u0131rlar. \u00dcstelik bu hisseler en fazla dalgalanma yapan hisselerdir. \u00c7\u00fcnk\u00fc en \u00e7ok t\u00fcyo ve as\u0131ls\u0131z haber bu hisselerde \u00e7\u0131kart\u0131l\u0131r. \u00d6rne\u011fin son be\u015f y\u0131lda DARDANEL \u015firketi en az 8 kere yabanc\u0131lara sat\u0131l\u0131yor haberi \u00e7\u0131km\u0131\u015ft\u0131r.<\/p>\n<p>2) Yat\u0131r\u0131mc\u0131lar \u00f6zvarl\u0131\u011f\u0131 negatif olan bir hisseyi alabilir, \u00e7\u00fcnk\u00fc \u015firketin i\u015flerinin h\u0131zla d\u00fczeldi\u011fini g\u00f6rm\u00fc\u015f olabilirler. Bu tip yat\u0131r\u0131mc\u0131lar \u015firketin faaliyet raporunu okurlar. Bilan\u00e7o dipnotlar\u0131n\u0131 okurlar. \u015eirketin gidi\u015fat\u0131 konusunda herhalde \u015firketin ana sahipleri her yat\u0131r\u0131mc\u0131dan daha tedirgin olabilir. \u00d6rne\u011fin \u015firketin y\u00f6netimi de\u011fi\u015ftirilmi\u015f olabilir. Yeni projelerle gelen bir CEO veya ekip vard\u0131r. \u0130\u015fte bu durum, \u00a0ileride \u015firketin k\u00e2rlar\u0131n\u0131 art\u0131racak ve \u00f6zvarl\u0131\u011f\u0131n tekrar pozitife d\u00f6nmesini sa\u011flayacakt\u0131r. HATIRLAYINIZ&#8230;. \u00d6zvarl\u0131\u011f\u0131 art\u0131ran sadece K\u00c2R&#8217;d\u0131r. Elbette ki \u015firkete yeni sermaye konulur veya bedelli sermaye art\u0131r\u0131m\u0131 yap\u0131l\u0131rsa \u015firketin \u00f6zvarl\u0131\u011f\u0131 artar ama zaten artan k\u0131s\u0131m yat\u0131r\u0131mc\u0131n\u0131n cebinden \u00e7\u0131kan para olaca\u011f\u0131 i\u00e7in anlaml\u0131 ve reel bir art\u0131\u015f de\u011fildir. \u00dcstelik sermaye art\u0131r\u0131m\u0131 nedeniyle \u00f6zvarl\u0131k art\u0131yorsa, k\u00f6t\u00fc y\u00f6netilen bir \u015firkette bu \u00f6zvarl\u0131\u011f\u0131n da ileride u\u011fran\u0131lacak zararlar nedeniyle erimeme garantisi yoktur.<\/p>\n<p>3) \u00d6zvarl\u0131\u011f\u0131 negatif olan bir \u015firket e\u011fer rutin bir \u015fekilde faaliyetine devam ediyor ve zarar etmeye devam ediyorsa, gelece\u011fe dair \u00e7ok \u00f6nemli bir yeniden yap\u0131lanma veya umut yoksa bile maniplat\u00f6rler taraf\u0131ndan her zaman as\u0131ls\u0131z haberlerle hisse fiyat\u0131 maniple edilebilir.<\/p>\n<p>Yat\u0131r\u0131mc\u0131lar bu konuda bu anlatt\u0131\u011f\u0131m\u0131z bilgileri bir kenara yazmal\u0131 ve e\u011fer ger\u00e7ek yat\u0131r\u0131mc\u0131 olacaklarsa \u00e7ok detayl\u0131 ve ayr\u0131nt\u0131l\u0131 bir analiz yapmadan ve yukar\u0131da ikinci maddede verdi\u011fimiz incelemeleri bitirmeden k\u00f6r\u00fc k\u00f6r\u00fcne hisse almamal\u0131d\u0131rlar. Unutulmamal\u0131d\u0131r ki, bir \u015firketin \u00f6zvarl\u0131\u011f\u0131 negatif demek, bu \u015firketin hisse fiyat\u0131 artmayacak anlam\u0131na gelmez. Yukar\u0131da s\u00f6yledi\u011fimiz sebeplerden herhangi biri nedeniyle artabilir. Ge\u00e7mi\u015fte, \u00f6zvarl\u0131\u011f\u0131 negatifken poztifie d\u00f6nen ve yeni bir hikaye yaratabilen \u015firketlerin hisse fiyatlar\u0131nda uzun vadede de\u011fil ama k\u0131sa ve orta vadede \u00f6nemli art\u0131\u015flar olabilmi\u015ftir.<\/p>\n<p>Yukar\u0131da bir soru daha sormu\u015ftuk. PD\/DD oran\u0131 ka\u00e7 olmal\u0131? diye. Ortalama bir oran var m\u0131d\u0131r? En ideal oran nedir? \u0130sterseniz \u00a0borsadaki \u015firketlerin tamam\u0131n\u0131n PD\/DD oranlar\u0131n\u0131 en k\u00fc\u00e7\u00fckten en b\u00fcy\u00fc\u011f\u00fcne do\u011fru s\u0131ralanm\u0131\u015f halini verelim.<\/p>\n<p><a href=\"http:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2012\/01\/PD_DD-ORANLARI.xlsx\" data-wpel-link=\"internal\">PD_DD ORANLARI<\/a>\u00a0(Tabloyu indirmek i\u00e7in t\u0131klay\u0131n\u0131z)<\/p>\n<p>Yukar\u0131da linki verilen tabloyu a\u00e7t\u0131\u011f\u0131n\u0131zda PD\/DD oran\u0131 en d\u00fc\u015f\u00fck \u015firketten en y\u00fckse\u011fe do\u011fru s\u0131ralanm\u0131\u015f halini bulacaks\u0131n\u0131z. Biz \u00f6nce en d\u00fc\u015f\u00fck PD\/DD oran\u0131na sahip \u015firketlere bakal\u0131m.<\/p>\n<p><a href=\"http:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2012\/01\/en-dusuk-pd_dd_2.png\" data-wpel-link=\"internal\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-10577\" title=\"en dusuk pd_dd_2\" src=\"http:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2012\/01\/en-dusuk-pd_dd_2.png\" alt=\"\" width=\"380\" height=\"439\" srcset=\"https:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2012\/01\/en-dusuk-pd_dd_2.png 380w, https:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2012\/01\/en-dusuk-pd_dd_2-259x300.png 259w, https:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2012\/01\/en-dusuk-pd_dd_2-83x96.png 83w, https:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2012\/01\/en-dusuk-pd_dd_2-26x31.png 26w, https:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2012\/01\/en-dusuk-pd_dd_2-32x38.png 32w, https:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2012\/01\/en-dusuk-pd_dd_2-186x215.png 186w, https:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2012\/01\/en-dusuk-pd_dd_2-110x128.png 110w\" sizes=\"auto, (max-width: 380px) 100vw, 380px\" \/><\/a><\/p>\n<p>\u00d6rne\u011fin tablonun ba\u015f\u0131ndaki GSDHO \u015firketinin \u00f6zvarl\u0131\u011f\u0131 529.6 milyon TL iken, bu \u015firketin piyasa de\u011feri sadece 137.5 milyon TL&#8217;dir. Piyasa bu \u015firkete de\u011fer bi\u00e7erken \u00f6zvarl\u0131\u011f\u0131n\u0131n y\u00fczde 26&#8217;s\u0131 kadar de\u011fer bi\u00e7mektedir. Yani piyasa de\u011feri nerdeyse \u00f6zvarl\u0131\u011f\u0131n d\u00f6rtte biri kadard\u0131r. \u00a0\u00d6rne\u011fin DOHOL hissesinin toplam varl\u0131klar\u0131ndan bor\u00e7lar\u0131n\u0131 \u00e7\u0131karsan\u0131z \u00a03.2 milyar TL kal\u0131yor, yani \u00f6zvarl\u0131\u011f\u0131 3.2 milyar TL ama, piyasa de\u011feri sadece 1.39 milyar TL&#8217;dir. Demek ki piyasa \u00f6zvarl\u0131klar\u0131n\u0131n yar\u0131s\u0131 kadar bile de\u011fer vermemi\u015ftir.<\/p>\n<p>\u015eimdi de PD\/DD oran\u0131 en y\u00fcksek olanlar\u0131 verelim.<\/p>\n<p><a href=\"http:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2012\/01\/en-yuksek-pd_dd.png\" data-wpel-link=\"internal\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-10578\" title=\"en yuksek pd_dd\" src=\"http:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2012\/01\/en-yuksek-pd_dd.png\" alt=\"\" width=\"382\" height=\"385\" srcset=\"https:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2012\/01\/en-yuksek-pd_dd.png 382w, https:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2012\/01\/en-yuksek-pd_dd-150x150.png 150w, https:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2012\/01\/en-yuksek-pd_dd-297x300.png 297w, https:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2012\/01\/en-yuksek-pd_dd-96x96.png 96w, https:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2012\/01\/en-yuksek-pd_dd-31x31.png 31w, https:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2012\/01\/en-yuksek-pd_dd-38x38.png 38w, https:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2012\/01\/en-yuksek-pd_dd-213x215.png 213w, https:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2012\/01\/en-yuksek-pd_dd-128x128.png 128w\" sizes=\"auto, (max-width: 382px) 100vw, 382px\" \/><\/a><\/p>\n<p>Bu tabloda g\u00f6r\u00fcld\u00fc\u011f\u00fc \u00fczere, BFREN&#8217;in \u00f6zvarl\u0131\u011f\u0131 3.2 milyon TL iken, piyasa de\u011feri 345 milyon TL&#8217;dir. Yani \u00f6zvarl\u0131klar\u0131n\u0131n 108 kat\u0131ndan i\u015flem g\u00f6rmektedir. Bu \u015firket \u00fcstelik son \u00fc\u00e7 bilan\u00e7osunda zarar a\u00e7\u0131klam\u0131\u015ft\u0131r. AVTUR (Avrasya Petrol ve Turizm) \u015firketi de \u00a0\u00f6zvarl\u0131klar\u0131n\u0131n 85 kat\u0131ndan i\u015flem g\u00f6rmekte ve ayn\u0131 zamanda s\u00fcrekli zarar etmektedir. \u00a0Fakat bu listede \u00f6zvarl\u0131klar\u0131 1.3 milyon TL g\u00f6r\u00fclse de \u015fimdi \u015firketin haberlerine bakt\u0131m. Son zamanlarda sermaye art\u0131r\u0131m\u0131 yapm\u0131\u015flar ve sermayelerini 3 milyon TL&#8217;den 45 milyon TL&#8217;ye \u00e7\u0131karm\u0131\u015flar. \u00a0Dolay\u0131s\u0131yla \u00f6zvarl\u0131klar\u0131 da 12 ayl\u0131k bilan\u00e7olar a\u00e7\u0131kland\u0131\u011f\u0131nda yakla\u015f\u0131k olarak 41-42 milyon TL olacakt\u0131r. Dolay\u0131s\u0131yla \u015firketin PD\/DD oran\u0131 da 2.5-3 civar\u0131na gerilemi\u015f olacakt\u0131r. \u00a0Burada \u00f6nemle vurgulamal\u0131y\u0131z ki buradaki listede 9 ayl\u0131k bilan\u00e7olardaki sermaye ve \u00f6zvarl\u0131klar dikkate al\u0131nmaktad\u0131r. \u00a0Dolay\u0131s\u0131yla Eyl\u00fcl ay\u0131ndan sonra sermaye art\u0131\u015f\u0131 nedeniyle \u00f6zvarl\u0131klar\u0131 artan \u015firketleri yans\u0131tm\u0131yor.<\/p>\n<p>Demek ki; \u00a0PD\/DD oran\u0131 0.25 ile 108 aras\u0131nda bir de\u011fer alabiliyormu\u015f. Ama e\u011fer u\u00e7 de\u011ferleri eleyecek olursak genel de 0.50 ile 7 veya 8 aras\u0131nda de\u011ferler alabiliyor. fakat bu aral\u0131k bile \u00e7ok y\u00fcksek bir aral\u0131kt\u0131r. \u015eimdi as\u0131l soru \u015fudur;<\/p>\n<p>Siz olsayd\u0131n\u0131z bir \u015firkete \u00f6zvarl\u0131\u011f\u0131n\u0131n ka\u00e7 kat\u0131n\u0131 \u00f6derdiniz ? Yar\u0131s\u0131n\u0131 m\u0131? \u0130ki kat\u0131n\u0131 m\u0131? Cevab\u0131n\u0131z neye ba\u011fl\u0131 olacakt\u0131r?<\/p>\n<p>Bu \u00a0sorumun \u00fczerinde d\u00fc\u015f\u00fcn\u00fcn&#8230;. E\u011fer ilk dersi dikkatle okursan\u0131z cevab\u0131 \u015f\u0131p diye bulursunuz&#8230;<\/p>\n<p>&nbsp;<\/p>\n<p><strong>KISA B\u0130R BORSA YORUMU<\/strong><\/p>\n<p>En son yorumumda borsa i\u00e7in S&amp;P&#8217;Nin not indirimi karar\u0131n\u0131n \u00e7ok \u00f6nemli olmayaca\u011f\u0131n\u0131 belirtip hise pozisyonlar\u0131n\u0131n krounmas\u0131n\u0131 \u00f6nermi\u015ftim ve a\u015fa\u011f\u0131daki yorumu yapm\u0131\u015ft\u0131m.<\/p>\n<p><span style=\"color: #0000ff;\"><em>&#8220;&#8230;K\u0131sa vadeli bir y\u00fckseli\u015f i\u00e7in 50.500-51.500 aral\u0131\u011f\u0131ndan hisse pozisyonlar\u0131 al\u0131nabilir. Endeksin teknik olarak 53 bin seviyesindeki direncini yukar\u0131 k\u0131rmas\u0131 durumunda hedefi 55 bin civar\u0131 olacakt\u0131r. Ocak ay\u0131n\u0131n ikinci haftas\u0131 itibariyle geli\u015fmekte olan \u00fclkelerin piyasalar\u0131na da (GOP) para giri\u015fi oldu\u011funu g\u00f6r\u00fcyoruz&#8230;&#8221;<\/em><\/span><\/p>\n<p>\u0130MKB endeksi bug\u00fcn 54.384 seviyesinden kapand\u0131. \u00c7\u0131k\u0131\u015f devam ediyor. Bir d\u00fc\u015f\u00fc\u015f sinyali yok. Stop-loss seviyesi 52.890 seviyesidir. Endekste 55.500&#8217;e kadar y\u00fckseli\u015f devam eder ve bu seviyelerde yataya girip beklemeye ge\u00e7er diye d\u00fc\u015f\u00fcn\u00fcyorum. Hisse pozisyonlar\u0131 korunmal\u0131d\u0131r. Bu ba\u015flayan trend hemen bitecek gibi g\u00f6r\u00fcnm\u00fcyor. \u00d6nce 55.000-55.500 aral\u0131\u011f\u0131n\u0131 g\u00f6relim sonra yeniden de\u011ferlendirme yapar\u0131z.<\/p>\n<p>Alt\u0131n, dolar ve parite yorumlar\u0131m\u0131 okumak i\u00e7in<a href=\"http:\/\/ www.uzmanforex.com\" target=\"_blank\" data-wpel-link=\"external\" rel=\"nofollow external noopener\"> www.uzmanforex.com<\/a> sitesini ziyaret edebilirsiniz. \u00a0E\u011fitimlerimin kay\u0131tlar\u0131 25 Ocak&#8217;ta sona erecek ve ba\u015fka kay\u0131t almayaca\u011f\u0131z. E\u011fitim detaylar\u0131n\u0131 g\u00f6rmeyi arzu ederseniz <a href=\"http:\/\/www.drerdincegitim.com\" target=\"_blank\" data-wpel-link=\"external\" rel=\"nofollow external noopener\">www.drerdincegitim.com<\/a> adresini ziyaret edebilirsiniz.<\/p>\n<p>Sa\u011fl\u0131cakla kal\u0131n\u0131z&#8230;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Son yaz\u0131mda \u00d6ZVARLIK nedir bunu \u00f6\u011frendik. \u015eirketler i\u00e7in de\u011ferleme yaparken PD\/DD (Piyasa De\u011feri\/Defter De\u011feri) oran\u0131 \u00e7ok \u00f6nemlidir. \u00a0Burada defter de\u011feri dedi\u011fimiz \u015fey asl\u0131nda \u00f6zvarl\u0131k&#8217;tan ba\u015fka&hellip;<\/p>\n","protected":false},"author":102,"featured_media":9297,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-10571","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-tumyazilar"],"_links":{"self":[{"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/posts\/10571","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/users\/102"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/comments?post=10571"}],"version-history":[{"count":0,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/posts\/10571\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/media\/9297"}],"wp:attachment":[{"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/media?parent=10571"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/categories?post=10571"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/tags?post=10571"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}