{"id":54023,"date":"2018-04-21T17:39:28","date_gmt":"2018-04-21T14:39:28","guid":{"rendered":"https:\/\/www.bilgeyatirimci.com\/?p=54023"},"modified":"2018-04-23T09:43:46","modified_gmt":"2018-04-23T06:43:46","slug":"bilici-yatirim-sanayi-ve-ticaret-a-s","status":"publish","type":"post","link":"https:\/\/www.bilgeyatirimci.com\/i\/bilici-yatirim-sanayi-ve-ticaret-a-s\/","title":{"rendered":"Egemen \u00d6zt\u00fcrk &#8211; &#8220;Bilici Yat\u0131r\u0131m&#8221; Temel Analizi"},"content":{"rendered":"<h3>Ocak ay\u0131ndan itibaren y\u00fckseli\u015f trendine giren BLCYT\u2019nin yoluna devam edip etmeyece\u011fine dair bir ara\u015ft\u0131rma yap\u0131lacakt\u0131r.<\/h3>\n<p>\u0130lk olarak \u015firketi, \u015firketin faaliyet g\u00f6sterdi\u011fi sekt\u00f6r ve mali yap\u0131s\u0131 incelenecektir. Sonras\u0131nda iyi, orta ve k\u00f6t\u00fc olmak \u00fczere \u00fc\u00e7 farkl\u0131 senaryo \u00fczerinden gelecekteki hisse fiyatlar\u0131 tahmin edilecektir.<\/p><div class=\"bilge-yaziust\" style=\"margin-top: 10px;margin-bottom: 10px;\" id=\"bilge-1948357245\"><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><strong>1.\u015eirketi Tan\u0131yal\u0131m <\/strong><\/p>\n<p>Bilici Yat\u0131r\u0131m Sanayi ve Ticaret A.\u015e. pamu\u011fun tohum olarak ekilmesinden kuma\u015f olarak i\u015flenmesine kadar her kademede faaliyet g\u00f6stermektedir. \u015eirketin olu\u015fumunda yer alan kilometre ta\u015flar\u0131 \u015funlard\u0131r (\u015eirketin web sitesinden):<\/p>\n<p><span style=\"color: #0000ff;\">1950 Biliciler Kollektif \u015eirketi kuruldu, pamuk al\u0131m-sat\u0131m\u0131 ve zirai ila\u00e7 ticareti yap\u0131ld\u0131.<\/span><br \/>\n<span style=\"color: #0000ff;\"> 1956 Bilici Ailesi sahip oldu\u011fu topraklar \u00fczerinde \u00e7ift\u00e7ilik faaliyetine ba\u015flad\u0131lar.<\/span><br \/>\n<span style=\"color: #0000ff;\"> 1960 Aktar\u0131m Kollektif \u015eirketi kuruldu ve pamuk \u00fcretimi ile sanayiye ad\u0131m at\u0131ld\u0131.<\/span><br \/>\n<span style=\"color: #0000ff;\"> 1983 Bilta\u015f A.\u015e. kuruldu, pamuk ve iplik ihracat\u0131na ba\u015fland\u0131.<\/span><br \/>\n<span style=\"color: #0000ff;\"> 1996 Adana Org.San.B\u00f6lgesi&#8217;nde kuma\u015f dokuma fabrikas\u0131 Bilg\u00fcn Tekstil A.\u015e. faaliyete ge\u00e7ti.<\/span><br \/>\n<span style=\"color: #0000ff;\"> 1997 Bilta\u015f \u0130plik Tesisleri, Adana Organize Sanayi B\u00f6lgesi&#8217;nde faaliyete ge\u00e7ti.<\/span><br \/>\n<span style=\"color: #0000ff;\"> 1999 Tekstil \u00fcr\u00fcnleri pazarlamas\u0131 yapan, BTD Tekstil A.\u015e. kuruldu.<\/span><br \/>\n<span style=\"color: #0000ff;\"> 2000 Misis Apre A.\u015e. kuruldu ve Kuma\u015f Boya-Terbiye \u0130\u015fletmeleri faaliyete ge\u00e7ti.<\/span><br \/>\n<span style=\"color: #0000ff;\"> 2006 Misis Apre A.\u015e. b\u00fcnyesinde Kojenerasyon Tesisi faaliyete ge\u00e7ti.<\/span><br \/>\n<span style=\"color: #0000ff;\"> 2007 Osmaniye&#8217;de iplik \u00fcretimi yapan grup \u015firketi, Biteks \u0130plik A.\u015e. faaliyete ge\u00e7ti.<\/span><br \/>\n<span style=\"color: #0000ff;\"> 2007 Misis Apre A.\u015e. b\u00fcnyesinde Elyaf-\u0130plik Boyama Tesisi faaliyete ge\u00e7ti.<\/span><br \/>\n<span style=\"color: #0000ff;\"> 2008 Adana \u015eehir Merkezinde otel arsas\u0131 sat\u0131n al\u0131nd\u0131 ve 5 y\u0131ld\u0131zl\u0131 otel \u00e7al\u0131\u015fmalar\u0131na ba\u015fland\u0131.<\/span><br \/>\n<span style=\"color: #0000ff;\"> 2010 \u00c7ift\u00e7ilik faaliyetleri Biltar ad\u0131 alt\u0131nda t\u00fczel ki\u015filik kazand\u0131 ve modern bir \u015fekle b\u00fcr\u00fcnd\u00fc.<\/span><br \/>\n<span style=\"color: #0000ff;\"> 2010 Misis Apre A.\u015e., Bilta\u015f A.\u015e.&#8217;yi b\u00fcnyesine ald\u0131.<\/span><br \/>\n<span style=\"color: #0000ff;\"> 2010 Misis Apre A.\u015e. \u00fcnvan de\u011fi\u015ftirerek Bilici Yat\u0131r\u0131m San.Tic.A.\u015e. ad\u0131n\u0131 ald\u0131.<\/span><br \/>\n<span style=\"color: #0000ff;\"> 2011 Bilici Yat\u0131r\u0131m A.\u015e. \u00e7at\u0131s\u0131 alt\u0131nda halka arz \u00e7al\u0131\u015fmalar\u0131na ba\u015fland\u0131.<\/span><br \/>\n<span style=\"color: #0000ff;\"> 2014 Biteks \u0130plik Sanayi ve Ticaret A.\u015e.\u2019nin hisselerinin %21,14\u2019\u00fcn\u00fc sat\u0131n ald\u0131.<\/span><br \/>\n<span style=\"color: #0000ff;\"> 2015 %50 \u0130\u015ftirakimiz olan Adana Divan Otel\u2019i a\u00e7\u0131l\u0131\u015f\u0131 ger\u00e7ekle\u015fti.<\/span><\/p>\n<p>\u015eirket y\u00f6netiminde y\u0131llad\u0131r tekstil sekt\u00f6r\u00fcnde bulunan B\u0130L\u0130C\u0130 ailesi bulunmaktad\u0131r. Y\u00f6netim kurulundaki ki\u015filerin \u00f6z ge\u00e7mi\u015fleri internet sitesinde ve faaliyet raporlar\u0131nda mevcuttur.<\/p>\n<p>Bilici Yat\u0131r\u0131m\u0131n \u00fcr\u00fcnlerini Mango, GAP, Zara, H&amp;M, M&amp;S ara, Next, Ann Taylor, J Crew, Talbots, Jones, Etam gibi y\u00fcksek kaliteli \u00fcr\u00fcn talep eden firmalar tercih etmektedir.<\/p>\n<p>%50 i\u015ftiraki olan Adana Divan Oteli, otel derecelendirme sitesinde (www.trivago.com) \u015fehrin en iyi puan\u0131n\u0131 (89) alan oteldir.<\/p>\n<p>\u015eirket taraf\u0131ndan yay\u0131nlanan faaliyet raporunda <strong>halka arz\u0131n, finansal kaynak ihtiyac\u0131 nedeniyle de\u011fil de kurumsalla\u015fman\u0131n bir gere\u011fi olarak yap\u0131ld\u0131\u011f\u0131 belirtilmektedir<\/strong>.<\/p><div class=\"bilge-content-1\" style=\"margin-top: 10px;margin-bottom: 10px;\" id=\"bilge-2153749345\"><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>Yap\u0131lan geri al\u0131m program\u0131yla 2011 y\u0131l\u0131nda %33 l\u00fck halka a\u00e7\u0131kl\u0131k oran\u0131 2017\/4 bilan\u00e7osunda %23\u2019 e d\u00fc\u015fm\u00fc\u015ft\u00fcr.<\/p>\n<p>Bilici Yat\u0131r\u0131m\u0131n % 21,14 \u00fcne sahip oldu\u011fu \u0130plik sekt\u00f6r\u00fcn\u00fcn lider firmalar\u0131ndan Biteks \u0130plikin, 3,5 milyon dolarl\u0131k yat\u0131r\u0131m karar\u0131 ald\u0131\u011f\u0131na dair medyada haber yer almaktad\u0131r. Kapasiteyi artt\u0131rmay\u0131 hedefleyen Biteks \u0130plik, bu yat\u0131r\u0131mla y\u0131ll\u0131k ciroyu %12 artt\u0131rmay\u0131 planlamaktad\u0131r.<\/p>\n<p>Tekstil ve hammaddeleri ihracat rakamlar\u0131 ge\u00e7en y\u0131l\u0131n \u015eubat ay\u0131nda 786 milyon dolar iken 2018 \u015eubat ay\u0131nda 954 milyon dolar olarak \u0130TK\u0130B taraf\u0131ndan tespit edilmi\u015ftir. (Art\u0131\u015f: %21)<\/p>\n<p><strong>2.Mali G\u00f6r\u00fcn\u00fcm<\/strong><\/p><div class=\"bilge-content-2\" style=\"margin-top: 10px;margin-bottom: 10px;\" id=\"bilge-3866986041\"><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><a href=\"https:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2018\/04\/b1.png\" data-wpel-link=\"internal\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-54024 \" src=\"https:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2018\/04\/b1.png\" alt=\"\" width=\"733\" height=\"248\" srcset=\"https:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2018\/04\/b1.png 786w, https:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2018\/04\/b1-300x102.png 300w, https:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2018\/04\/b1-768x260.png 768w\" sizes=\"auto, (max-width: 733px) 100vw, 733px\" \/><\/a><\/strong><\/p>\n<p>Ge\u00e7en y\u0131l ayn\u0131 d\u00f6neme g\u00f6re, sat\u0131\u015f gelirleri %77 art\u0131\u015fla 144 mn TL, FAV\u00d6K %93 art\u0131\u015fla 48 mn TL ve net kar %336 art\u0131\u015fla 15 mn TL olmu\u015ftur. Kar marjlar\u0131nda ise 5-7 puan aras\u0131nda art\u0131\u015f sa\u011flanm\u0131\u015ft\u0131r.<\/p>\n<p>Esas faaliyet kar\u0131nda %105 ve piyasa de\u011ferinde %107 art\u0131\u015f yakalam\u0131\u015ft\u0131r. PD\/DD\u2019de 0,52\u2019lik art\u0131\u015f olmas\u0131na ra\u011fmen karl\u0131l\u0131ktaki art\u0131\u015f F\/K oran\u0131n\u0131 d\u00fc\u015f\u00fcrm\u00fc\u015ft\u00fcr.<\/p>\n<p><a href=\"https:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2018\/04\/b2.png\" data-wpel-link=\"internal\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-54025 \" src=\"https:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2018\/04\/b2.png\" alt=\"\" width=\"733\" height=\"265\" srcset=\"https:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2018\/04\/b2.png 733w, https:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2018\/04\/b2-300x108.png 300w\" sizes=\"auto, (max-width: 733px) 100vw, 733px\" \/><\/a><\/p>\n<p>\u015eirket varl\u0131klar\u0131 d\u00fczenli olarak b\u00fcy\u00fcmektedir. Yap\u0131lan yat\u0131r\u0131mlarla ba\u015flayan b\u00fcy\u00fcme, d\u00f6nen varl\u0131klarla devam etmektedir. Sa\u011fdaki grafikte d\u00f6nen varl\u0131klar ile duran varl\u0131klar\u0131n toplam varl\u0131klar i\u00e7indeki y\u00fczdeleri g\u00f6r\u00fclmektedir.<\/p>\n<p><strong>\u00a0<a href=\"https:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2018\/04\/b3.png\" data-wpel-link=\"internal\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-54026 size-full\" src=\"https:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2018\/04\/b3.png\" alt=\"\" width=\"536\" height=\"297\" srcset=\"https:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2018\/04\/b3.png 536w, https:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2018\/04\/b3-300x166.png 300w\" sizes=\"auto, (max-width: 536px) 100vw, 536px\" \/><\/a><\/strong><\/p>\n<p>\u015eirkete ait bor\u00e7luluk oranlar\u0131nda yakalanan denge uzun s\u00fcredir bozulmadan devam etmektedir.<\/p>\n<p><strong>\u00a0<a href=\"https:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2018\/04\/b4.png\" data-wpel-link=\"internal\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-54027 size-full\" src=\"https:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2018\/04\/b4.png\" alt=\"\" width=\"542\" height=\"298\" srcset=\"https:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2018\/04\/b4.png 542w, https:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2018\/04\/b4-300x165.png 300w\" sizes=\"auto, (max-width: 542px) 100vw, 542px\" \/><\/a><\/strong><\/p>\n<p><strong>\u00a0<\/strong>Sat\u0131\u015flar yukar\u0131daki grafikte \u00e7eyrek d\u00f6nemler itibariyle verilmi\u015f olup, ayn\u0131 renkler ayn\u0131 d\u00f6nemi g\u00f6stermektedir. \u00d6rne\u011fin 2017\/12 (Ekim-Kas\u0131m Aral\u0131k 2017) sat\u0131\u015flar\u0131n\u0131 g\u00f6stermektedir. Grafik, sat\u0131\u015flar\u0131n d\u00f6nemsel olarak b\u00fcy\u00fcd\u00fc\u011f\u00fc g\u00f6r\u00fclmektedir. Faaliyet kar\u0131 ile ana ortakl\u0131k paylar\u0131 aras\u0131nda paralellik yakalanm\u0131\u015ft\u0131r.<\/p>\n<p>&nbsp;<\/p>\n<p><a href=\"https:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2018\/04\/b11.png\" data-wpel-link=\"internal\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-54114 \" src=\"https:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2018\/04\/b11.png\" alt=\"\" width=\"783\" height=\"211\" srcset=\"https:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2018\/04\/b11.png 1109w, https:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2018\/04\/b11-300x81.png 300w, https:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2018\/04\/b11-768x207.png 768w, https:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2018\/04\/b11-1024x276.png 1024w\" sizes=\"auto, (max-width: 783px) 100vw, 783px\" \/><\/a><\/p>\n<p>Sat\u0131\u015f maliyetleri ve genel y\u00f6netim giderlerindeki y\u00fczdesel d\u00fc\u015f\u00fc\u015f, net kar marj\u0131na olumlu yans\u0131maktad\u0131r. D\u00f6nemsel olarak inceledi\u011fimizde maliyetlerin her \u00e7eyrek d\u00f6nemde yakla\u015f\u0131k olarak %1 oran\u0131nda d\u00fc\u015ft\u00fc\u011f\u00fc g\u00f6r\u00fclmektedir.<\/p>\n<p>Faaliyet d\u0131\u015f gelir ve giderlerin durumlar\u0131 hemen hemen birbirine e\u015fit seviyededir.<\/p>\n<p><a href=\"https:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2018\/04\/b6.png\" data-wpel-link=\"internal\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-54029 size-full\" src=\"https:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2018\/04\/b6.png\" alt=\"\" width=\"546\" height=\"298\" srcset=\"https:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2018\/04\/b6.png 546w, https:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2018\/04\/b6-300x164.png 300w\" sizes=\"auto, (max-width: 546px) 100vw, 546px\" \/><\/a><\/p>\n<p>Net kar marj\u0131nda ge\u00e7mi\u015fte dalgalanma g\u00f6r\u00fclse de son d\u00f6rt d\u00f6nemdir artan bir trend ile hareket etmekte ve her \u00e7eyrekte net kar marj\u0131 yakla\u015f\u0131k %2 oran\u0131nda artmaktad\u0131r. Yabanc\u0131 para y\u00fck\u00fcml\u00fcl\u00fc\u011f\u00fcnden dolay\u0131 kurlardaki dalgalanma\u00a0 Net Kar Marj\u0131n\u0131 etkilemektedir.<\/p>\n<p><strong>3.Gelece\u011fe D\u00f6n\u00fck Hisse Fiyat\u0131na Ait Senaryolar<\/strong><\/p>\n<p>\u201cBilici Yat\u0131r\u0131m Sanayi ve Ticaret A.\u015e. 2018 y\u0131l\u0131 \u0130li\u015fkili Taraf \u0130\u015flemlerine \u0130li\u015fkin Rapor\u201d una g\u00f6re \u00fcr\u00fcn sat\u0131\u015flar\u0131 BTD Tekstil, \u00d6zdoku Tekstil, Kipa\u015f Mensucat, Koton Mensucat, vb. \u015firketlere yap\u0131lmaktad\u0131r.<\/p>\n<p>T\u00fcrkiye \u0130hracat\u00e7\u0131lar Meclisi (T\u0130M) taraf\u0131ndan haz\u0131rlanan \u201cT\u00fcrkiye\u2019nin \u0130lk 1000 \u0130hracat\u00e7\u0131 Firmas\u0131 (2016)\u201d raporunda\u00a0 yukar\u0131da ad\u0131 ge\u00e7en firmalar ile kar\u015f\u0131la\u015fmaktay\u0131z.<\/p>\n<p><a href=\"https:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2018\/04\/b12.png\" data-wpel-link=\"internal\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-54115 size-full\" src=\"https:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2018\/04\/b12.png\" alt=\"\" width=\"575\" height=\"135\" srcset=\"https:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2018\/04\/b12.png 575w, https:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2018\/04\/b12-300x70.png 300w\" sizes=\"auto, (max-width: 575px) 100vw, 575px\" \/><\/a><\/p>\n<p>Yukar\u0131da \u0130stanbul Tekstil ve Hammaddeleri \u0130hracat\u00e7\u0131lar\u0131 Birli\u011fi taraf\u0131ndan haz\u0131rlanm\u0131\u015f olan bilgi notlar\u0131ndan derlenen ihracat rakamlar\u0131 (USD) de\u011fi\u015fim y\u00fczdeleri g\u00f6r\u00fclmektedir. 2018 y\u0131l\u0131n\u0131n ilk 3 ay\u0131nda ya\u015fanan art\u0131\u015f, 2018 y\u0131l\u0131n\u0131n bir \u00f6nceki y\u0131la oranla\u00a0daha verimli ge\u00e7ece\u011fini g\u00f6stermektedir.<\/p>\n<p>\u015eu ana kadar edindi\u011fimiz bilgiler \u0131\u015f\u0131\u011f\u0131nda, hisse fiyat\u0131na ait iyi, orta ve k\u00f6t\u00fc olmak \u00fczere \u00fc\u00e7 senaryo \u00fczerinden hesaplama yapal\u0131m.<\/p>\n<p>A\u015fa\u011f\u0131daki tablolarda tahmini karlar \u00fczerinden \u00d6zsermaye karl\u0131l\u0131\u011f\u0131 tahmini olarak hesaplanm\u0131\u015ft\u0131r.<\/p>\n<p><strong>\u0130yi Senaryo<\/strong><\/p>\n<p>2016\/4 ile 2017\/4 \u00e7eyrek d\u00f6nemleri aras\u0131ndaki sat\u0131\u015f b\u00fcy\u00fcmesi yakla\u015f\u0131k %77 oran\u0131nda ger\u00e7ekle\u015fmi\u015ftir. Mevcut ihracat rakamlar\u0131ndan yola \u00e7\u0131karak sat\u0131\u015f b\u00fcy\u00fcmesinin devam edece\u011fini ve kurlardaki y\u00fckseli\u015ften etkilenen Net kar marj\u0131n\u0131n 10-12 aras\u0131nda kald\u0131\u011f\u0131n\u0131 varsayal\u0131m. \u00d6zsermaye karl\u0131l\u0131\u011f\u0131n\u0131n 10 ile \u00e7arp\u0131lmas\u0131ndan PDDD bulunarak \u015firketin gelecekteki hisse fiyat\u0131 bulunmaya \u00e7al\u0131\u015f\u0131lm\u0131\u015ft\u0131r.<\/p>\n<p><a href=\"https:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2018\/04\/b20.png\" data-wpel-link=\"internal\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-54124 size-full\" src=\"https:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2018\/04\/b20.png\" alt=\"\" width=\"565\" height=\"196\" srcset=\"https:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2018\/04\/b20.png 565w, https:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2018\/04\/b20-300x104.png 300w\" sizes=\"auto, (max-width: 565px) 100vw, 565px\" \/><\/a><\/p>\n<p><strong>Orta Senaryo<\/strong><\/p>\n<p>2015\/3 bilan\u00e7osundan g\u00fcn\u00fcm\u00fcze kadar ge\u00e7en 12 bilan\u00e7o d\u00f6nemi boyunca sat\u0131\u015flar\u0131n d\u00f6nemsel olarak ortalama %10 b\u00fcy\u00fcd\u00fc\u011f\u00fcn\u00fc g\u00f6r\u00fclmektedir. Her \u00e7eyrek d\u00f6nemde sat\u0131\u015flar\u0131n %10 artt\u0131\u011f\u0131n\u0131 ve kurlardaki y\u00fckseli\u015ften etkilenen Net kar marj\u0131n\u0131n 10-12 aras\u0131nda kald\u0131\u011f\u0131n\u0131 varsayal\u0131m. Ge\u00e7mi\u015f bilan\u00e7olarda \u00d6zsermaye karl\u0131l\u0131\u011f\u0131 ile PDDD aras\u0131ndaki \u00e7arpan yakla\u015f\u0131k 8 oldu\u011fundan burada \u00e7arpan olarak 8 kullan\u0131lm\u0131\u015ft\u0131r.<\/p>\n<p><a href=\"https:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2018\/04\/b21.png\" data-wpel-link=\"internal\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-54125 size-full\" src=\"https:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2018\/04\/b21.png\" alt=\"\" width=\"566\" height=\"196\" srcset=\"https:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2018\/04\/b21.png 566w, https:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2018\/04\/b21-300x104.png 300w\" sizes=\"auto, (max-width: 566px) 100vw, 566px\" \/><\/a><\/p>\n<p><strong>K\u00f6t\u00fc Senaryo<\/strong><\/p>\n<p>Yeni yat\u0131r\u0131mlar yap\u0131lmad\u0131\u011f\u0131n\u0131, sat\u0131\u015flar\u0131n enflasyonla ayn\u0131 oranda b\u00fcy\u00fcd\u00fc\u011f\u00fcn\u00fc ve kurlardaki y\u00fckseli\u015ften etkilenen Net kar marj\u0131n\u0131n 10-12 aras\u0131nda kald\u0131\u011f\u0131n\u0131 varsayal\u0131m. Yerinde sayan bir \u015firkete talep olmayaca\u011f\u0131ndan \u00d6zsermaye karl\u0131l\u0131\u011f\u0131 ile PDDD aras\u0131ndaki \u00e7arpan 5 olarak kabul edilmi\u015ftir.<\/p>\n<p><a href=\"https:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2018\/04\/b22.png\" data-wpel-link=\"internal\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-54126 size-full\" src=\"https:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2018\/04\/b22.png\" alt=\"\" width=\"564\" height=\"197\" srcset=\"https:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2018\/04\/b22.png 564w, https:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2018\/04\/b22-300x105.png 300w\" sizes=\"auto, (max-width: 564px) 100vw, 564px\" \/><\/a><\/p>\n<p>\u0130yi veya Orta senaryolardan biri ger\u00e7ekle\u015fecek olursa mevcut y\u00fckseli\u015f trendi devam edecektir. %50 geri \u00e7ekilme seviyesini destek yapan hisse i\u00e7in bir sonraki destek seviyesi 1,72 dir.<\/p>\n<p><a href=\"https:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2018\/04\/iDeal.bmp\" data-wpel-link=\"internal\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-54120\" src=\"https:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2018\/04\/iDeal.bmp\" alt=\"\" width=\"1361\" height=\"694\" \/><\/a><\/p>\n<p><em>Kaynaklar<\/em><\/p>\n<p>Bilici Yat\u0131r\u0131ma Ait \u0130nternet Sitesi\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0: (<a href=\"http:\/\/www.biliciyatirim.com\" data-wpel-link=\"external\" target=\"_blank\" rel=\"nofollow external noopener\">http:\/\/www.biliciyatirim.com)<\/a><\/p>\n<p>Kamu Ayd\u0131nlatma Platformu \u0130nternet Sitesi : (<a href=\"https:\/\/www.kap.org.tr\/tr\/)\" data-wpel-link=\"external\" target=\"_blank\" rel=\"nofollow external noopener\">https:\/\/www.kap.org.tr\/tr\/)<\/a><\/p>\n<p>D\u00fcnya Ticaret \u00d6rg\u00fct\u00fc (WTO)&#8217;ne Ait Veriler : (<a href=\"https:\/\/www.wto.org\/english\/res_e\/statis_e\/wts2017_e\/WTO_Chapter_09_tables_e.pdf\" data-wpel-link=\"external\" target=\"_blank\" rel=\"nofollow external noopener\">https:\/\/www.wto.org\/english\/res_e\/statis_e\/wts2017_e\/WTO_Chapter_09_tables_e.pdf)<\/a><\/p>\n<p>T\u00fcrkiye \u0130hracat\u00e7\u0131lar Meclisi \u0130nternet Sitesi\u00a0 \u00a0: (<a href=\"http:\/\/www.tim.org.tr\/tr\/ihracat-rakamlari.html\" data-wpel-link=\"external\" target=\"_blank\" rel=\"nofollow external noopener\">http:\/\/www.tim.org.tr\/tr\/ihracat-rakamlari.html)<\/a><\/p>\n<p>\u0130\u015f Bankas\u0131 Haz\u0131r Giyim Sekt\u00f6r\u00fc Raporu\u00a0 \u00a0 \u00a0 \u00a0 : (<a href=\"https:\/\/ekonomi.isbank.com.tr\/UserFiles\/pdf\/sr201705_hazirgiyim.pdf\" data-wpel-link=\"external\" target=\"_blank\" rel=\"nofollow external noopener\">https:\/\/ekonomi.isbank.com.tr\/UserFiles\/pdf\/sr201705_hazirgiyim.pdf)<\/a><\/p>\n<p>T\u00fcrkiye Cumhuriyeti Bilim, Sanayi ve Teknoloji Bakanl\u0131\u011f\u0131 T\u00fcrkiye Tekstil, Haz\u0131r Giyim ve Deri \u00dcr\u00fcnleri Sekt\u00f6rleri Strateji Belgesi ve Eylem Plan\u0131 (2015-2018)\u00a0: (\u00a0<a href=\"https:\/\/sgm.sanayi.gov.tr\/DokumanGetHandler.ashx?dokumanId=7175d18f-bb11-41ee-bb58-2f8fd425f623\" data-wpel-link=\"external\" target=\"_blank\" rel=\"nofollow external noopener\">https:\/\/sgm.sanayi.gov.tr\/DokumanGetHandler.ashx?dokumanId=7175d18f-bb11-41ee-bb58-2f8fd425f623 )<\/a><\/p>\n<p>Biteks \u0130plik Yat\u0131r\u0131m Haberi\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0:(<a href=\"http:\/\/www.sanayigazetesi.com.tr\/yatirim\/biteks-35-milyon-dolar-yatirim-yapacak-h16722.html\" data-wpel-link=\"external\" target=\"_blank\" rel=\"nofollow external noopener\">http:\/\/www.sanayigazetesi.com.tr\/yatirim\/biteks-35-milyon-dolar-yatirim-yapacak-h16722.html<\/a>)<\/p>\n<p>\u0130\u015f Bankas\u0131 traf\u0131ndan haz\u0131rlanan sekt\u00f6rlerdeki g\u00fcncel geli\u015fmeler \u015eubat 2018 raporu : (<a href=\"https:\/\/ekonomi.isbank.com.tr\/Userfiles\/pdf\/sg_201802.pdf\" data-wpel-link=\"external\" target=\"_blank\" rel=\"nofollow external noopener\">https:\/\/ekonomi.isbank.com.tr\/Userfiles\/pdf\/sg_201802.pdf )<\/a><\/p>\n<p>Ayl\u0131k \u0130hracat De\u011ferlendirme Bilgi Notlar\u0131\u00a0 \u00a0 \u00a0 : (<a href=\"http:\/\/www.ithib.org.tr\/tr\/bilgi-bankasi-raporlar-donemsel.html\" data-wpel-link=\"external\" target=\"_blank\" rel=\"nofollow external noopener\">http:\/\/www.ithib.org.tr\/tr\/bilgi-bankasi-raporlar-donemsel.html )<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Ocak ay\u0131ndan itibaren y\u00fckseli\u015f trendine giren BLCYT\u2019nin yoluna devam edip etmeyece\u011fine dair bir ara\u015ft\u0131rma yap\u0131lacakt\u0131r. \u0130lk olarak \u015firketi, \u015firketin faaliyet g\u00f6sterdi\u011fi sekt\u00f6r ve mali yap\u0131s\u0131&hellip;<\/p>\n","protected":false},"author":3939,"featured_media":0,"comment_status":"open","ping_status":"closed","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":[1083,2117,1077,1076],"class_list":["post-54023","post","type-post","status-publish","format-standard","hentry","category-tumyazilar","tag-araci-kurum-arastirma-raporlari","tag-bilici-yatirim-hisse-yorumlari","tag-hisse-senedi-yorumlari","tag-hisse-yorumlari"],"_links":{"self":[{"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/posts\/54023","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\/3939"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/comments?post=54023"}],"version-history":[{"count":0,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/posts\/54023\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/media?parent=54023"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/categories?post=54023"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/tags?post=54023"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}