{"id":33221,"date":"2014-05-05T14:59:17","date_gmt":"2014-05-05T11:59:17","guid":{"rendered":"http:\/\/www.bilgeyatirimci.com\/?p=33221"},"modified":"2014-05-06T13:03:42","modified_gmt":"2014-05-06T10:03:42","slug":"erol-gurcan-pkart-teknik-analizi-28-03-2014","status":"publish","type":"post","link":"https:\/\/www.bilgeyatirimci.com\/i\/erol-gurcan-pkart-teknik-analizi-28-03-2014\/","title":{"rendered":"Erol G\u00fcrcan PKART Teknik Analizi &#8211; (05.05.2014)"},"content":{"rendered":"<p><em><strong>Teknik Analiz\u2026<\/strong><\/em><\/p><div class=\"bilge-yaziust\" style=\"margin-top: 10px;margin-bottom: 10px;\" id=\"bilge-3929301408\"><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><span style=\"line-height: 1.5em\"><a href=\"http:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2014\/05\/PKART.png\" data-wpel-link=\"internal\"><img loading=\"lazy\" decoding=\"async\" class=\"size-medium wp-image-33222 aligncenter\" alt=\"PKART\" src=\"http:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2014\/05\/PKART-300x208.png\" width=\"300\" height=\"208\" srcset=\"https:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2014\/05\/PKART-300x208.png 300w, https:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2014\/05\/PKART.png 604w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><\/span><\/p>\n<p><span style=\"line-height: 1.5em\">Yukar\u0131daki PKART\u2019a ait g\u00fcnl\u00fck fiyat grafi\u011finden de g\u00f6r\u00fcld\u00fc\u011f\u00fc \u00fczere; hisse fiyat\u0131 \u00e7ok uzun s\u00fcredir a\u011f\u0131rl\u0131kl\u0131 olarak 2.05 \u2013 2.50 TL band\u0131nda dalgalanmaktad\u0131r. Son d\u00f6nemlerde ise fiyat\u0131n 200 G\u00fcnl\u00fck Hareketli Ortalaman\u0131n a\u015fa\u011f\u0131s\u0131na sarkt\u0131\u011f\u0131 ve k\u0131sa vadeli en \u00f6nemli deste\u011fi olan 2.23 seviyesine tutunmaya \u00e7al\u0131\u015ft\u0131\u011f\u0131 g\u00f6r\u00fclmektedir. RSI g\u00f6stergesi de uzun vadeli kritik deste\u011fi olan 40 seviyesini test etmektedir. Ayr\u0131ca, orta vadeli trend g\u00f6stergelerinden olan MACD; herhangi bir al\u0131m sinyali \u00fcretmemi\u015f olup; sat konumunda a\u015fa\u011f\u0131 y\u00f6nl\u00fc hareket etmektedir. K\u0131sa vadeli en \u00f6nemli diren\u00e7 2.35 TL seviyesindedir. Orta ve uzun vadede, Olas\u0131 geri \u00e7ekilmelerde 2.06 \u2013 2.20 aral\u0131\u011f\u0131ndan al\u0131m yap\u0131larak 2.35 &#8211; 2.40 TL seviyelerinde kar realize etmek kayd\u0131yla bant i\u00e7erisinde trade yap\u0131labilir. Bu seviyelerden al\u0131m yap\u0131lmas\u0131 halinde 1.95 TL zarar stop seviyesi olarak takip edilmelidir. Hisse fiyat\u0131n\u0131n 2.50 TL seviyesini k\u0131rmas\u0131 ve arka arkaya 2 g\u00fcn bu seviyenin \u00fczerinde kapanmas\u0131 halinde ise 3.00 TL&#8217;ye kadar bir y\u00fckseli\u015f g\u00f6r\u00fclebilir. Ayr\u0131ca, RSI g\u00f6stergesinin de 50 seviyesinin \u00fczerine \u00e7\u0131kmas\u0131 durumunda yukar\u0131 y\u00f6nl\u00fc hareketler g\u00f6r\u00fclebilir.<\/span><\/p>\n<p><strong>K\u0131saca PKART\u2026<\/strong><\/p>\n<p>Ak\u0131ll\u0131 kartlar\u0131n \u00fclkemizde \u00fcretimi i\u00e7in, 2000 y\u0131l\u0131nda Ziyal ailesi, Anel Grup ve Ali Y\u0131ld\u0131z ortakl\u0131\u011f\u0131nda kurulan Plastikkart Ak\u0131ll\u0131 Kart \u0130leti\u015fim Sistemleri Sanayi ve Ticaret A.\u015e.\u2019nin (Plastkart) %28.57 hissesi 2004 y\u0131l\u0131nda halka arz edilmi\u015ftir. 2012 y\u0131l\u0131nda ger\u00e7ekle\u015ftirilen hisse devir anla\u015fmas\u0131ndan sonras\u0131nda paylar\u0131 Frans\u0131z orjinli Gemalto N.V.\u2019ye devir edilen \u015firketin son ortakl\u0131k yap\u0131s\u0131; Gemalto N.V %51.44 ve %48.56 halka a\u00e7\u0131k \u015feklindedir. PKart ile ili\u015fkisine 2003 y\u0131l\u0131nda ger\u00e7ekle\u015ftirilen stratejik ortakl\u0131k \u00e7er\u00e7evesinde ba\u015flayan Gemalto N.V., ak\u0131ll\u0131 kart \u00e7\u00f6z\u00fcmlerinde d\u00fcnyan\u0131n \u00f6nde gelen kurulu\u015flar\u0131ndan biri olup genel merkezi Hollanda\u2019da bulunmaktad\u0131r.<\/p>\n<p>Silivri-\u0130stanbul&#8217;da 9,000 m\u00b2 alan \u00fczerine kurulan \u00fcretim tesisinin y\u0131ll\u0131k kart \u00fcretim kapasitesi 70 milyon adet, kodlama kapasitesi ise 10 milyon adedin \u00fczerindedir. Kulland\u0131\u011f\u0131 malzemenin temininden \u00fcretimine, kartlara bilgi y\u00fcklenmesinden teslimine kadar zincirin her noktas\u0131nda d\u00fcnya standartlar\u0131nda g\u00fcvenlik sa\u011flayan \u015firket, d\u00fcnyada \u00e7ok az g\u00f6r\u00fclebilecek bir tesis g\u00fcvenli\u011fi de sa\u011flamaktad\u0131r. \u015eirket ayr\u0131ca, d\u00fcnyadaki TUVIT TU4 (ak\u0131ll\u0131 kart \u00fcretim ve personalizasyon) belgesine sahip 3 kart \u00fcretim \u015firketinden biridir. Giderek artan kredi kartlar\u0131, ATM kartlar\u0131 ve GSM kartlar\u0131n\u0131n yan\u0131 s\u0131ra, geli\u015fen bilgi teknolojilerine paralel olarak, resmi kurulu\u015flar\u0131n bireyleri te\u015fhis etmek ve kimliklerini onaylamak i\u00e7in tercihi haline gelen ak\u0131ll\u0131k kart pazar\u0131 y\u00fcksek b\u00fcy\u00fcme potansiyeline sahiptir.<\/p>\n<p><strong>Finansal Durum\u2026<\/strong><\/p>\n<p>Finansal yap\u0131s\u0131 incelendi\u011finde; yakla\u015f\u0131k son 1 y\u0131ld\u0131r sat\u0131\u015f ve karl\u0131l\u0131kta hafif a\u015fa\u011f\u0131 y\u00f6nl\u00fc, sat\u0131\u015flar\u0131n maliyetinde ise hafif yukar\u0131 y\u00f6nl\u00fc seyir \u00f6ne \u00e7\u0131kmaktad\u0131r. Ayr\u0131ca, \u00e7ok uzun s\u00fcredir eksi olan ve 2013 y\u0131l sonu itibariyle art\u0131ya ge\u00e7en yabanc\u0131 para net pozisyonun, son bilan\u00e7o itibariyle, mevcut durumunu koruyor olmas\u0131 da dikkati \u00e7ekmektedir.<\/p>\n<p>2014\/1. \u00e7eyrek sonu\u00e7lar\u0131na g\u00f6re 15.8 milyon TL net sat\u0131\u015f ger\u00e7ekle\u015ftirilmi\u015f olup, sat\u0131\u015flarda \u00f6nceki y\u0131l\u0131n ayn\u0131 d\u00f6nemine k\u0131yasla %13.9 oran\u0131nda gerileme bulunmaktad\u0131r (2013\/3: 18.4 milyon TL). \u015eirket yetkilileri sat\u0131\u015flardaki d\u00fc\u015f\u00fc\u015f\u00fcn \u00f6telenen sipari\u015flerden, \u00fcr\u00fcn gam\u0131ndaki de\u011fi\u015fiklik ve ortalama sat\u0131\u015f fiyatlar\u0131ndaki d\u00fc\u015f\u00fc\u015ften kaynakland\u0131\u011f\u0131n\u0131, buna ek olarak banka m\u00fc\u015fterilerinin planlanm\u0131\u015f sevkiyatlar\u0131n\u0131 \u00f6teleme taleplerinin hem ciroda hem de karl\u0131l\u0131kta negatif bir sonu\u00e7 olu\u015fturdu\u011funu ifade etmi\u015ftir.<\/p><div class=\"bilge-content-1\" style=\"margin-top: 10px;margin-bottom: 10px;\" id=\"bilge-3855673582\"><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>Y\u0131llar itibariyle ortalama % 86 \u2013 93 band\u0131nda dalgalanmakta olan sat\u0131lan mal\u0131n maliyetinin hem \u00f6nceki y\u0131l\u0131n ilk \u00e7eyre\u011fine hem de 2013\/4. \u00e7eyrek d\u00f6nemine g\u00f6re artarak, yakla\u015f\u0131k son 4 y\u0131l\u0131n en y\u00fcksek seviyesi olan % 95.37\u2019e y\u00fckseldi\u011fi g\u00f6r\u00fclmektedir (2013\/03: %92.97). Sat\u0131\u015flardaki a\u015fa\u011f\u0131, maliyetlerdeki yukar\u0131 y\u00f6nl\u00fc harekete paralel olarak, 2014 y\u0131l\u0131 1. \u00e7eyrek sonu itibariyle br\u00fct kar marj\u0131 % 7.03\u2019ten % 4.63\u2018e gerilemi\u015f, \u015firket 734 bin TL br\u00fct kar elde etmi\u015ftir (2013\/03: 1.2 milyon TL).<\/p>\n<p>Faaliyet giderleri\/net sat\u0131\u015flar oran\u0131na bakt\u0131\u011f\u0131m\u0131zda, son 4 y\u0131l i\u00e7erisinde % 17\u2019li seviyelerden ortalama % 5\u2019li seviyelere gelindi\u011fi, operasyonel giderlerin \u00f6nemli \u00f6l\u00e7\u00fcde kontrol alt\u0131na al\u0131nd\u0131\u011f\u0131 g\u00f6r\u00fclmektedir. B\u00f6yle olmakla birlikte, sat\u0131lan mal\u0131n maliyetindeki art\u0131\u015f y\u00fcz\u00fcnden 2014\/03 itibariyle esas faaliyetlerinden 73.4 bin TL zararda bulunan \u015firketin Fav\u00f6k marj\u0131 %1.47\u2019ye gerilemi\u015f, \u015firket 232 bin TL FAV\u00d6K yaratm\u0131\u015ft\u0131r (2013\/03: 1.1 milyon TL).<\/p>\n<p>Y\u0131ll\u0131kland\u0131r\u0131lm\u0131\u015f verilere g\u00f6re s\u0131ras\u0131yla, net kar marj\u0131 %2.38, aktif karl\u0131l\u0131\u011f\u0131 %4.06, bor\u00e7lanma oran\u0131 %9.69 ve \u00f6zvarl\u0131k karl\u0131l\u0131\u011f\u0131 %4.50 olup, sekt\u00f6r ortalamalar\u0131na paralel olan aktif karl\u0131l\u0131\u011f\u0131 haricindeki de\u011ferler sekt\u00f6r ortalamalar\u0131n\u0131n alt\u0131ndad\u0131r.<\/p>\n<p>31.03.2014 itibariyle d\u00f6viz pozisyonuna bakt\u0131\u011f\u0131m\u0131zda, 204.148 USD ve 429.549 EUR olmak \u00fczere toplam 1.7 milyon TL varl\u0131\u011fa kar\u015f\u0131; 8.650 USD ve 453.830 EUR olmak \u00fczere toplam 1.4 milyon TL y\u00fck\u00fcml\u00fcl\u00fc\u011f\u00fc olan \u015firketin, net d\u00f6viz pozisyonu +355.083 TL\u2019dir. D\u00f6viz y\u00fck\u00fcml\u00fcl\u00fcklerinin 65.044 EUR\u2019l\u0131k k\u0131sm\u0131 (195.600 TL) k\u0131sa ve uzun vadeli finansal bor\u00e7lardan olu\u015fmakta olup, hedge edilmedi\u011fi i\u00e7in d\u00f6viz riskine a\u00e7\u0131kt\u0131r.<\/p><div class=\"bilge-content-2\" style=\"margin-top: 10px;margin-bottom: 10px;\" id=\"bilge-1200941573\"><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><strong>Sonu\u00e7\u2026<\/strong><\/p>\n<p>Raporumuzun haz\u0131rland\u0131\u011f\u0131 tarih itibariyle piyasa de\u011feri 51.870.000 TL olan PKART hissesi 1.59 PD\/DD ve 35.36 F\/K oran\u0131ndan i\u015flem g\u00f6rmektedir. \u015eirketin \u00f6z varl\u0131k karl\u0131l\u0131\u011f\u0131n\u0131n y\u0131llar itibariyle sekt\u00f6r ortalamas\u0131n\u0131n alt\u0131nda seyretmesi, 1.\u00e7eyrek itibariyle \u015firketin hem esas faaliyet zarar\u0131 hem de net zarar yazm\u0131\u015f olmas\u0131 ve piyasa \u00e7arpanlar\u0131n\u0131n hissesinin \u00e7ok ucuz olmad\u0131\u011f\u0131n\u0131 i\u015faret etmesi nedeniyle, PKART hissesinin \u201cEndekse Paralel Getiri\u201d potansiyeli ta\u015f\u0131d\u0131\u011f\u0131n\u0131 d\u00fc\u015f\u00fcn\u00fcyoruz.<\/p>\n<p>Ancak, T.C kimlik kart\u0131 projesi ile ilgili bir tedarik s\u00f6zle\u015fmesi imzalama ve sipari\u015f alma s\u00fcrecine girildi\u011fine y\u00f6nelik bir a\u00e7\u0131klama yap\u0131lmas\u0131 ya da \u015firketin sat\u0131\u015f-karl\u0131l\u0131k performans\u0131n\u0131 etkileyebilecek \u00f6l\u00e7\u00fcde herhangi bir geli\u015fme g\u00f6r\u00fclmesi halinde karar\u0131m\u0131z g\u00f6zden ge\u00e7irilecektir.<\/p>\n<p>Erol G\u00fcrcan<br \/>\nAra\u015ft\u0131rma Uzman Yrd.<br \/>\nGedik Yat\u0131r\u0131m<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Teknik Analiz\u2026 Yukar\u0131daki PKART\u2019a ait g\u00fcnl\u00fck fiyat grafi\u011finden de g\u00f6r\u00fcld\u00fc\u011f\u00fc \u00fczere; hisse fiyat\u0131 \u00e7ok uzun s\u00fcredir a\u011f\u0131rl\u0131kl\u0131 olarak 2.05 \u2013 2.50 TL band\u0131nda dalgalanmaktad\u0131r. Son&hellip;<\/p>\n","protected":false},"author":2885,"featured_media":0,"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":[1083,1081,1077,1076,1224],"class_list":["post-33221","post","type-post","status-publish","format-standard","hentry","category-tumyazilar","tag-araci-kurum-arastirma-raporlari","tag-hisse-senedi-arastirma-raporlari","tag-hisse-senedi-yorumlari","tag-hisse-yorumlari","tag-pkart-hisse-yorumlari"],"_links":{"self":[{"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/posts\/33221","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\/2885"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/comments?post=33221"}],"version-history":[{"count":0,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/posts\/33221\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/media?parent=33221"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/categories?post=33221"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/tags?post=33221"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}