{"id":36746,"date":"2014-11-03T15:42:51","date_gmt":"2014-11-03T13:42:51","guid":{"rendered":"http:\/\/www.bilgeyatirimci.com\/?p=36746"},"modified":"2014-11-03T15:56:30","modified_gmt":"2014-11-03T13:56:30","slug":"ikinci-seans-yorumu","status":"publish","type":"post","link":"https:\/\/www.bilgeyatirimci.com\/i\/ikinci-seans-yorumu\/","title":{"rendered":"\u0130kinci Seans Yorumu"},"content":{"rendered":"<p><strong><em>\u0130lk seansta endeks en y\u00fcksek 80.850 civar\u0131n\u0131 g\u00f6rd\u00fckten sonra, 80.300 seviyelerine kadar geriledi ve ikinci seans\u0131n \u015fu dakikalar\u0131nda (15:35) 80.700 civar\u0131nda i\u015flem g\u00f6r\u00fcyor. <\/em><\/strong><\/p><div class=\"bilge-yaziust\" style=\"margin-top: 10px;margin-bottom: 10px;\" id=\"bilge-3435160115\"><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>Dolar\/TL kuru 2.23 seviyelerinin \u00fczerine \u00e7\u0131kt\u0131ktan sonra geri \u00e7ekilme yap\u0131yor. En y\u00fcksek 2.2310 seviyeleri g\u00f6r\u00fcld\u00fckten sonra \u015fu an 2.2289 seviyesinde bulunuyor. G\u00f6sterge faiz 8.61 seviyesinde olup, genel piyasa \u015fartlar\u0131n\u0131n dengeli oldu\u011funu s\u00f6yleyebiliriz. Enflasyona bakt\u0131\u011f\u0131m\u0131zda T\u00dcFE verisi Ekim ay\u0131nda y\u00fczde 1.90 art\u0131\u015f yapt\u0131. Piyasa bu enflasyon oran\u0131na bir miktar sat\u0131\u015fla kar\u015f\u0131l\u0131k verse de, kal\u0131c\u0131 bir etki yaratmad\u0131. Bug\u00fcn endeksin 80.250 ile 81.000 aral\u0131\u011f\u0131ndaki yatay hareketinin devam etmesini bekliyorum.<\/p>\n<p>Gedik Yat\u0131r\u0131m Dan\u0131\u015fmanl\u0131\u011f\u0131 ve Ara\u015ft\u0131rma biriminin son a\u00e7\u0131klanan bilan\u00e7olara ili\u015fkin \u00a0notlar\u0131ndan baz\u0131lar\u0131 a\u015fa\u011f\u0131dad\u0131r. Bunlar yat\u0131r\u0131m tavsiyesi de\u011fildir.<\/p>\n<p><strong>T\u00dcRK TELEKOM (TTKOM)<\/strong><\/p>\n<p>3. \u00e7eyrekte 319 mln TL olarak ger\u00e7ekle\u015fen net k\u00e2r, piyasa beklentisi olan 328 milyon TL ile neredeyse paralel ger\u00e7ekle\u015fti. Ge\u00e7en senenin ayn\u0131 \u00e7eyre\u011finde ise net k\u00e2r 236 milyon TL olmu\u015ftu. Net finansal giderlerin ge\u00e7en y\u0131l\u0131n ayn\u0131 \u00e7eyre\u011fine g\u00f6re %18 azalarak 3. \u00e7eyrekte 453 mln TL (bunun 418 mln TL\u2019lik tutar\u0131 net kur zarar\u0131d\u0131r) olarak ger\u00e7ekle\u015fmesi \u00e7eyreklik bazda kaydedilen %35\u2019lik art\u0131\u015f\u0131n en \u00f6nemli sebebi olarak dikkat \u00e7ekti.<\/p>\n<p>\u015eirketin, 2014\/09 d\u00f6nemi itibariyle, 9.043 milyar TL tutar\u0131nda \u00e7ok ciddi bir net yabanc\u0131 para a\u00e7\u0131\u011f\u0131 bulunmakta olup; kur riskine kar\u015f\u0131 herhangin bir hedge i\u015flemi yap\u0131lmamaktad\u0131r. Bundan dolay\u0131, TL\u2019de ya\u015fanabilecek sert de\u011fer kay\u0131plar\u0131, daha \u00f6nce oldu\u011fu gibi hisse fiyat\u0131n\u0131 olumsuz y\u00f6nde etkileyebilir.<\/p>\n<p>Geli\u015fmekte olan teknoloji, ileti\u015fime olan gereksinimi art\u0131rd\u0131\u011f\u0131 gibi; sekt\u00f6r a\u00e7\u0131s\u0131ndan yeni f\u0131rsatlar\u0131 da g\u00fcndeme getirmektedir. D\u00fcnya genelinde, sabit ses pazar\u0131n\u0131n kan kaybetmesi; buna kar\u015f\u0131n mobil ve internet pazar\u0131n\u0131n g\u00fc\u00e7lenmekte olmas\u0131 dikkat \u00e7ekmektedir. \u00d6zellikle son y\u0131llarda ak\u0131ll\u0131 cihazlara olan talepteki patlama mobil pazar\u0131n cazibesini art\u0131rmaya devam etmektedir. \u015eirketin, sekt\u00f6r\u00fcn 3 temel alan\u0131 olan sabit ses, geni\u015fbant internet ve mobil pazarlar\u0131n\u0131n tamam\u0131nda faaliyet g\u00f6stermesinin yaratt\u0131\u011f\u0131 \u00f6nemli bir sinerji s\u00f6z konusudur. \u00d6zellikle fiber alan\u0131nda yap\u0131lan yat\u0131r\u0131mlar ve T\u00fcrkiye&#8217;deki gen\u00e7 n\u00fcfus, \u015firket a\u00e7\u0131s\u0131ndan gelece\u011fe dair son derece olumlu bir senaryo yaratmaktad\u0131r. Ayr\u0131ca, yap\u0131lan hurda sat\u0131\u015flar\u0131n\u0131n fiber alt yap\u0131 yat\u0131r\u0131mlar\u0131n\u0131 \u00f6nemli \u00f6l\u00e7\u00fcde finanse ediyor olmas\u0131 da, \u015firket ad\u0131na bir di\u011fer \u00f6nemli avantaj olarak de\u011ferlendirilebilir.\u00a0 \u0130stikrarl\u0131 sat\u0131\u015f-karl\u0131l\u0131k ve temett\u00fc performans\u0131yla TTKOM hissesinin orta ve uzun vadede endeks \u00fczerinde bir getiri potansiyeline sahip oldu\u011funu d\u00fc\u015f\u00fcnmekteyiz.<\/p>\n<p><strong>BIZIM TOPTAN (BIZIM)<\/strong><\/p><div class=\"bilge-content-1\" style=\"margin-top: 10px;margin-bottom: 10px;\" id=\"bilge-3382315943\"><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>2014\/09 d\u00f6nemi itibariyle Bizim Toptan 14.6 milyon TL net kar a\u00e7\u0131klam\u0131\u015ft\u0131r. \u00c7eyreklik bazda 4.5 milyon TL olarak a\u00e7\u0131klanan net kar ise piyasa beklentisi olan 4 milyon TL\u2019nin hafif \u00fczerinde ger\u00e7ekle\u015fmi\u015ftir. \u015eirketin ge\u00e7en y\u0131l\u0131n ayn\u0131 d\u00f6neminde \u015eok Marketlerdeki pay\u0131n\u0131n sat\u0131\u015f\u0131ndan elde etti\u011fi tek seferlik gelir etkisi (14.4 mln TL) ar\u0131nd\u0131r\u0131ld\u0131\u011f\u0131nda net kar, bir \u00f6nceki y\u0131l\u0131n ayn\u0131 d\u00f6nemine g\u00f6re %27 azalm\u0131\u015ft\u0131r (2013\/09 d\u00f6nemi ar\u0131nd\u0131r\u0131lm\u0131\u015f net kar: 20.0 mln TL).<\/p>\n<p>Bizim Toptan\u2019\u0131n toplam sat\u0131\u015f gelirleri Ocak \u2013 Eyl\u00fcl d\u00f6neminde, bir \u00f6nceki y\u0131l\u0131n ayn\u0131 d\u00f6nemine g\u00f6re % 1.6 oran\u0131nda artarak 1.683 milyar TL oldu. Ana kategori sat\u0131\u015flar y\u0131l\u0131n ilk dokuz ay\u0131nda % 3.1 oran\u0131nda artarken, t\u00fct\u00fcn sat\u0131\u015flar\u0131 % 3.4 oran\u0131nda azalm\u0131\u015ft\u0131r. Ana kategori sat\u0131\u015flar\u0131n s\u00f6z konusu d\u00f6nemdeki s\u0131n\u0131rl\u0131 art\u0131\u015f\u0131nda, \u015eubat 2014 itibar\u0131yla kredi kartlar\u0131nda uygulamaya girmi\u015f olan g\u0131da sat\u0131\u015flar\u0131na taksit yasa\u011f\u0131 uygulamas\u0131 etkili oldu. Ancak sonradan bu uygulaman\u0131n kurumsal kredi kartlar\u0131 i\u00e7in 13 May\u0131s 2014 itibar\u0131yla y\u00fcr\u00fcrl\u00fckten kalkmas\u0131 ve buna ek olarak faaliyetine ba\u015flad\u0131\u011f\u0131 ilk iki ay i\u00e7inde 18 milyon TL\u2019lik sat\u0131\u015f katk\u0131s\u0131 sa\u011flayan franchising sistemi de b\u00fcy\u00fcmeyi olumlu etkilemi\u015ftir.<\/p>\n<p>Daha karl\u0131 \u00fcr\u00fcn ve sat\u0131\u015f kanallar\u0131na odaklanan \u015firketin 2013 y\u0131l\u0131 Eyl\u00fcl d\u00f6neminde % 8.8 oran\u0131nda olan br\u00fct kar marj\u0131n\u0131n % 9.6 seviyesine y\u00fckselmi\u015f olmas\u0131, piyasa ko\u015fullar\u0131ndaki zorluklar g\u00f6z \u00f6n\u00fcne al\u0131nd\u0131\u011f\u0131nda, olumlu bir geli\u015fme olarak de\u011ferlendirilebilir. Ge\u00e7en y\u0131l Ocak \u2013 Eyl\u00fcl d\u00f6neminde % 3.2 olan FAV\u00d6K marj\u0131 bu y\u0131l\u0131n ayn\u0131 d\u00f6neminde % 3.1\u2019e gerilemi\u015ftir. Yaln\u0131zca 3. \u00e7eyrek sonu\u00e7lar\u0131 ele al\u0131nd\u0131\u011f\u0131nda ise FAV\u00d6K marj\u0131n\u0131n 2014 y\u0131l\u0131nda s\u0131n\u0131rl\u0131 bir art\u0131\u015f g\u00f6stererek % 2.9 oran\u0131na y\u00fckseldi\u011fi g\u00f6r\u00fclmektedir (2013 3. \u00c7eyrek: % 2.5).<\/p>\n<p>Bunun yan\u0131 s\u0131ra, 157 ma\u011fazaya sahip olan Bizim Toptan, 3.\u00e7eyrekte 1 ma\u011faza a\u00e7\u0131l\u0131\u015f\u0131 ger\u00e7ekle\u015ftirmi\u015f, d\u00fc\u015f\u00fck performansl\u0131 2 ma\u011fazan\u0131n ise faaliyetine son vermi\u015ftir. Karl\u0131l\u0131k odakl\u0131 strateji izleyen \u015firket 2014 y\u0131l\u0131n\u0131n dokuz ay\u0131 itibariyle net 10 ma\u011faza a\u00e7\u0131l\u0131\u015f\u0131 hedefinin gerisinde kalarak net 5 ma\u011faza a\u00e7\u0131l\u0131\u015f\u0131 ger\u00e7ekle\u015ftirebilmi\u015ftir.<\/p><div class=\"bilge-content-2\" style=\"margin-top: 10px;margin-bottom: 10px;\" id=\"bilge-3821904220\"><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>\u00d6zetle<\/strong>, Bizim Toptan y\u00f6netimi, piyasa ko\u015fullar\u0131ndaki zorluklar\u0131 k\u00e2rl\u0131l\u0131k odakl\u0131 strateji ve franchising sisteminin olumlu katk\u0131s\u0131yla a\u015fmaya \u00e7al\u0131\u015fmaktad\u0131r. 13 May\u0131s 2014\u2019te, kredi kart\u0131 taksitlendirme s\u0131n\u0131r\u0131n\u0131n kurumsal kredi kartlar\u0131 i\u00e7in kald\u0131r\u0131lm\u0131\u015f olmas\u0131 da talep ko\u015fullar\u0131n\u0131n olumluya d\u00f6nd\u00fcrm\u00fc\u015ft\u00fcr. \u00d6zellikle son 3 \u00e7eyrekte br\u00fct kar marj\u0131nda iyile\u015fmeler g\u00f6zlenmektedir. \u00c7eyreklik sonu\u00e7lar incelendi\u011finde faaliyet giderlerinde son iki d\u00f6nemde g\u00f6zlenen d\u00fc\u015f\u00fc\u015f pozitif olmakla birlikte finansman giderlerinin son \u00e7eyrekte art\u0131\u015f kaydetmesi dikkate de\u011ferdir. Net k\u00e2r marj\u0131 ve FAV\u00d6K marj\u0131n\u0131n ise 2015 y\u0131l\u0131nda daha olumlu olmas\u0131n\u0131 beklemekteyiz. BIZIM i\u00e7in en az 2 y\u0131l vade ile d\u00fc\u015f\u00fcn\u00fcld\u00fc\u011f\u00fcnde yat\u0131r\u0131m i\u00e7in uygun oldu\u011funu d\u00fc\u015f\u00fcn\u00fcyor, ve bu s\u00fcrede endeks \u00fczerinde performans getirmesini bekliyoruz. K\u0131sa vadede ise (en fazla 6 ay) endekse paralel getiri karar\u0131m\u0131z bulunmakta.<\/p>\n<p><strong>K\u00dcTAHYA PORSELEN (KUTPO)<\/strong><\/p>\n<p>\u015eirketin son mali verileri 2014\/9 d\u00f6nemine aittir. Bu d\u00f6nemde bir \u00f6nceki y\u0131l\u0131n ayn\u0131 d\u00f6nemine g\u00f6re %33 art\u0131\u015fla 222.4 milyon TL net sat\u0131\u015f geliri elde eden \u015firketin br\u00fct kar marj\u0131, sat\u0131\u015flar\u0131n maliyetinde g\u00f6r\u00fclen 5.5 puanl\u0131k azal\u0131\u015fa paralel olarak %26.9\u2019dan %32.5\u2019e y\u00fckselmi\u015f, br\u00fct kar\u0131 72.4 milyon TL olmu\u015ftur (2013\/9: 45.1 milyon TL). 2014\/9 d\u00f6neminde sat\u0131\u015flar\u0131n hem parasal hem de miktarsal art\u0131\u015f\u0131 dikkat \u00e7ekmektedir.<\/p>\n<p>Sat\u0131lan mal\u0131n maliyeti i\u00e7erisinde hammadde ve genel \u00fcretim giderlerinin pay\u0131 y\u00fcksek olup, bu kalemlerdeki iyile\u015fmeler maliyetleri azal\u0131\u015f\u0131nda etkili olmu\u015ftur. Faaliyet giderleri, \u00f6nceki y\u0131l\u0131n ayn\u0131 d\u00f6nemine g\u00f6re 2.5 puanl\u0131k y\u00fckseli\u015f kaydeden K\u00fctahya Porselen\u2019in imha etti\u011fi stoklar\u0131 nedeniyle esas faaliyetlerinden di\u011fer giderlerini artt\u0131rm\u0131\u015f, esas faaliyet kar\u0131 17.4 milyon TL\u2019den 22.3 milyon TL\u2019ye y\u00fckselmi\u015f, fav\u00f6k marj\u0131 ise %12.5 ile ayn\u0131 seviyelerde kalm\u0131\u015ft\u0131r.<\/p>\n<p>Tek seferlik gelir olarak kaydedilen 39 milyon TL\u2019lik yat\u0131r\u0131m faaliyeti gelirinin etkisi ve vergi giderlerinin artmas\u0131 sonras\u0131 \u015firket, d\u00f6nem sonunda 52.1 milyon TL net kar elde etmi\u015ftir (2013\/09: 12.8 milyon TL).<\/p>\n<p><strong>YORUM:<\/strong> \u015eirketin mevcut mali yap\u0131s\u0131nda olumluya do\u011fru bir gidi\u015fat olmakla birlikte, net kar marj\u0131ndaki ve \u00f6zvarl\u0131k karl\u0131l\u0131\u011f\u0131ndaki tek seferlik gelir etkisi ar\u0131nd\u0131r\u0131ld\u0131\u011f\u0131nda finansal tablolar\u0131ndaki iyile\u015fmenin s\u0131n\u0131rl\u0131 oldu\u011fu g\u00f6zlenmektedir. Son a\u00e7\u0131klanan finansal tablolar\u0131 sonras\u0131nda, hisse fiyatlar\u0131n\u0131n 3.90TL fiyat seviyesi \u00fczerinde pahal\u0131 ve 2.80 TL fiyat seviyesinde ucuz oldu\u011funu d\u00fc\u015f\u00fcnmekteyiz.<\/p>\n<p><strong>DESPEC B\u0130LG\u0130SAYAR (DESPC)<\/strong><\/p>\n<p>\u015eirketin, 30 Ekim Per\u015fembe g\u00fcn\u00fc a\u00e7\u0131klad\u0131\u011f\u0131 2014 y\u0131l\u0131 9 ayl\u0131k finansal sonu\u00e7lar\u0131n\u0131 inceledi\u011fimizde sat\u0131\u015flardaki yukar\u0131 y\u00f6nl\u00fc trendin s\u00fcrd\u00fc\u011f\u00fcn\u00fc; ancak sat\u0131\u015flar\u0131n maliyetindeki ve kur fark\u0131 giderlerindeki (Ticari Alacaklar ve bor\u00e7lar) art\u0131\u015f\u0131n \u015firketin karl\u0131l\u0131\u011f\u0131 \u00fczerinde bir miktar a\u015fa\u011f\u0131 y\u00f6nl\u00fc bir bask\u0131 olu\u015fturdu\u011funu g\u00f6r\u00fcyoruz. \u015eirketin 2014 y\u0131l\u0131 9 ayl\u0131k kar\u0131 ge\u00e7en y\u0131l\u0131n ayn\u0131 d\u00f6nemine g\u00f6re % 8.2 oran\u0131nda art\u0131\u015f g\u00f6stermi\u015f; ancak net kar marj\u0131 % 5.2\u2019den\u00a0 % 4.6\u2019ya gerilemi\u015ftir. Son d\u00f6nemlerde kur taraf\u0131nda g\u00f6zlenen oynakl\u0131k ve ekonomideki yava\u015flama g\u00f6z \u00f6n\u00fcne al\u0131nd\u0131\u011f\u0131nda, net kar marj\u0131nda g\u00f6zlenen d\u00fc\u015f\u00fc\u015f\u00fcn kabul edilebilir seviyelerde oldu\u011funu s\u00f6yleyebiliriz.<\/p>\n<p>A\u00e7\u0131klanan son finansal sonu\u00e7lar itibariyle, y\u0131ll\u0131kland\u0131r\u0131lm\u0131\u015f k\u00e2rlardaki y\u00fckseli\u015f trendi sekteye u\u011fram\u0131\u015f gibi g\u00f6r\u00fcnse de, sat\u0131\u015flar\u0131n\u0131 istikrarl\u0131 bir \u015fekilde art\u0131ran ve y\u0131llar itibariyle sat\u0131\u015flar\u0131n maliyeti oran\u0131n\u0131 yatay bir \u015fekilde korumay\u0131 ba\u015faran Despec Bilgisayar\u2019\u0131n gelecek d\u00f6nemlerde karlar\u0131n\u0131 art\u0131rmaya devam etmesini bekliyoruz.<\/p>\n<p>K\u00e2rlar\u0131n\u0131 d\u00fczenli bir \u015fekilde yat\u0131r\u0131mc\u0131s\u0131yla payla\u015fan \u015firketin son bir y\u0131ll\u0131k d\u00f6nemde sat\u0131\u015f ve karl\u0131l\u0131\u011f\u0131nda g\u00f6zlenen yukar\u0131 y\u00f6nl\u00fc seyir dikkat \u00e7ekmektedir. 2014\/09 d\u00f6nemi itibariyle % 18.8 ile sekt\u00f6r ortalamas\u0131n\u0131n \u00fczerinde bir \u00f6zvarl\u0131k karl\u0131l\u0131\u011f\u0131na ve % 24.5 ile sekt\u00f6r ortalamas\u0131n\u0131n olduk\u00e7a alt\u0131nda bir bor\u00e7 oran\u0131na sahip olan Despec, kurlardaki dalgalanmaya kar\u015f\u0131n hedge i\u015flemleri yapmakta ve tahsilat riskini \u00e7ok dikkatli takip etmektedir. \u015eirketin sekt\u00f6rdeki g\u00fc\u00e7l\u00fc konumu, y\u00f6netimin g\u00fcc\u00fc, T\u00fcrkiye BT sekt\u00f6r\u00fc ve onun alt ana kollar\u0131ndan biri olan sarf malzemeleri sekt\u00f6r\u00fcndeki s\u00fcreklilik ve geli\u015fme potansiyeli ile sekt\u00f6r ortalamalar\u0131n\u0131n \u00fczerinde olan finansallar\u0131n\u0131n g\u00fc\u00e7l\u00fc yap\u0131s\u0131 dikkate al\u0131nd\u0131\u011f\u0131nda, hissenin uzun vadeli yat\u0131r\u0131m a\u00e7\u0131s\u0131ndan uygun oldu\u011funu d\u00fc\u015f\u00fcn\u00fcyoruz.<strong><em>\u00a0<\/em><\/strong><\/p>\n<p><strong>ERE\u011eL\u0130 DEM\u0130R \u00c7EL\u0130K (EREGL)<\/strong><\/p>\n<p>\u015eirketin son mali verileri 2014\/9 d\u00f6nemine aittir. EREGL net sat\u0131\u015f gelirleri kriz d\u00f6nemi hari\u00e7 artan trend i\u00e7inde olup faaliyet karl\u0131l\u0131\u011f\u0131 geli\u015fimi de olumludur. 2014\u2019\u00fcn ilk 9 ayl\u0131k d\u00f6neminde sat\u0131\u015f gelirleri bir \u00f6nceki y\u0131l\u0131n ayn\u0131 d\u00f6nemine g\u00f6re %19 artarak 7.199 milyon TL\u2019den 8.594 milyon TL net sat\u0131\u015f geliri elde eden \u015firket, ilk madde maliyetlerinde demir cevheri ve kokla\u015fabilir k\u00f6m\u00fcr fiyatlar\u0131nda ki d\u00fc\u015f\u00fc\u015fe ve \u015firketin fonksiyonel para birimini TL\u2019den Dolara \u00e7evirmesine paralel olarak br\u00fct kar marj\u0131 %19\u2019dan %20 seviyesine y\u00fckselmi\u015ftir. Esas faaliyet kar\u0131 1.188 milyon TL\u2019den %31 art\u0131rarak 1.561 milyon TL\u2019ye \u00e7\u0131karm\u0131\u015ft\u0131r. Erdemir\u2019in fav\u00f6k marj\u0131 ise %19.4 seviyesinden\u00a0 %21.3\u2019e y\u00fckselmi\u015f ve \u015firket 1.833 milyon TL fav\u00f6k elde etmi\u015ftir. Finansal gelir ve giderlerini bir \u00f6nceki y\u0131l\u0131n ayn\u0131 d\u00f6nemine g\u00f6re azaltan \u015firket d\u00f6nemi 1.260 milyon TL net kar ile kapatm\u0131\u015ft\u0131r. (2013\/3\u00c7:796 milyon TL)<\/p>\n<p>Sonu\u00e7 olarak 1.70-2.00 PD\/DD de\u011feri %14 \u00f6zvarl\u0131k karl\u0131l\u0131\u011f\u0131 ile i\u015flem g\u00f6ren \u015firketin finansal yap\u0131s\u0131ndaki gidi\u015fat\u0131 olumlu buluyor olmam\u0131za ra\u011fmen, bu olumlu seyrin fiyatlara yans\u0131d\u0131\u011f\u0131n\u0131 d\u00fc\u015f\u00fcnmekteyiz. Hissenin y\u0131l sonu finansal tablolar\u0131 a\u00e7\u0131klanana kadar ge\u00e7en s\u00fcrede\u00a0 4.40-4.85 aral\u0131\u011f\u0131nda dalgalanmas\u0131n\u0131 beklemekteyiz.<\/p>\n<p><strong>SASA POLYESTER (SASA)<\/strong><\/p>\n<p>\u015eirketin son mali verileri 2014\/9 d\u00f6nemine aittir. SASA net sat\u0131\u015f gelirleri kriz d\u00f6nemi hari\u00e7 artan trend i\u00e7inde olup faaliyet karl\u0131l\u0131\u011f\u0131 geli\u015fimi de olumludur. 2014\u2019\u00fcn ilk 9 ayl\u0131k d\u00f6neminde sat\u0131\u015f gelirleri bir \u00f6nceki y\u0131l\u0131n ayn\u0131 d\u00f6nemine g\u00f6re %12 artarak 828 milyon TL\u2019den 927 milyon TL net sat\u0131\u015f geliri elde eden \u015firket, \u00f6zellikle son 3 d\u00f6nemde ya\u015fanan maliyetlerdeki d\u00fc\u015f\u00fc\u015fe paralel olarak esas faaliyet kar\u0131 31 milyon TL\u2019den 72 milyon TL\u2019ye \u00e7\u0131km\u0131\u015ft\u0131r. Sasa\u2019n\u0131n FAV\u00d6K marj\u0131 ise %5.6 seviyesinden\u00a0 %9.5\u2019a y\u00fckselmi\u015f ve \u015firket 88.7 milyon TL fav\u00f6k elde etmi\u015ftir. \u015eirket finansal giderlerindeki d\u00fc\u015f\u00fc\u015fe paralel olarak d\u00f6nemi 61 milyon TL net kar ile kapatm\u0131\u015ft\u0131r.(2013\/3\u00c7: 7.6 milyon TL)<\/p>\n<p>Sonu\u00e7 olarak 1.40-1.65 PD\/DD %16 \u00f6zvarl\u0131k karl\u0131l\u0131\u011f\u0131 ile i\u015flem g\u00f6ren \u015firketin finansal yap\u0131s\u0131n\u0131 olumlu buluyoruz. Hisse fiyat\u0131n\u0131n 1.80 fiyat\u0131na geri \u00e7ekilmesi halinde al\u0131m olarak de\u011ferlendirilip 2.20-2.30 aral\u0131\u011f\u0131 hedeflenebilir.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u0130lk seansta endeks en y\u00fcksek 80.850 civar\u0131n\u0131 g\u00f6rd\u00fckten sonra, 80.300 seviyelerine kadar geriledi ve ikinci seans\u0131n \u015fu dakikalar\u0131nda (15:35) 80.700 civar\u0131nda i\u015flem g\u00f6r\u00fcyor. Dolar\/TL kuru&hellip;<\/p>\n","protected":false},"author":102,"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":[1083,769,715],"class_list":["post-36746","post","type-post","status-publish","format-standard","hentry","category-tumyazilar","tag-araci-kurum-arastirma-raporlari","tag-borsa-yorumlari-gunluk","tag-yasar-erdinc-yazilari"],"_links":{"self":[{"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/posts\/36746","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=36746"}],"version-history":[{"count":0,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/posts\/36746\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/media?parent=36746"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/categories?post=36746"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/tags?post=36746"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}