{"id":48508,"date":"2025-08-01T11:22:48","date_gmt":"2025-08-01T11:22:48","guid":{"rendered":"https:\/\/amazing-banzai.188-132-230-163.plesk.page\/index.php\/2025\/08\/01\/tofas-otomobil-toaso-2025-2-ceyrek-bilanco-yorumu\/"},"modified":"2025-08-01T11:22:48","modified_gmt":"2025-08-01T11:22:48","slug":"tofas-otomobil-toaso-2025-2-ceyrek-bilanco-yorumu","status":"publish","type":"post","link":"https:\/\/amazing-banzai.188-132-230-163.plesk.page\/index.php\/2025\/08\/01\/tofas-otomobil-toaso-2025-2-ceyrek-bilanco-yorumu\/","title":{"rendered":"Tofa\u015f Otomobil (TOASO) 2025 2. \u00e7eyrek bilan\u00e7o yorumu"},"content":{"rendered":"<p>Tofa\u015f T\u00fcrk Otomobil Fabrikas\u0131 A.\u015e.\u00a0(TOASO) 2025 y\u0131l\u0131 2. \u00e7eyrek finansal sonu\u00e7lar\u0131 kamuya a\u00e7\u0131kland\u0131. Bilan\u00e7o sonras\u0131 \u015eirketin finansal tablolar\u0131 i\u00e7in de\u011ferlendirme, Deniz Yat\u0131r\u0131m Menkul K\u0131ymetler A.\u015e.\u2019den geldi. Kurum de\u011ferlendirmesinde \u015fu ifadeleri kulland\u0131;<\/p>\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" loading=\"lazy\" width=\"1024\" height=\"576\" src=\"https:\/\/rotaborsa.com\/wp-content\/uploads\/2024\/12\/toaso4-1024x576.jpg\" alt=\"| Rota Borsa\" class=\"wp-image-258787\" title=\"T\u00fcpra\u015f (TUPRS) 2023 2. \u00e7eyrek bilan\u00e7o beklentisi 10 HABERLER, G\u00fcndemdekiler, H\u0130SSE HEDEF F\u0130YAT, \u015eirket Haberleri Rota Borsa\" \/><\/figure>\n<h2 class=\"wp-block-heading\">Tofa\u015f T\u00fcrk Otomobil Fabrikas\u0131 A.\u015e.\u00a0hisse haberleri<\/h2>\n<p>Deniz Yat\u0131r\u0131m de\u011ferlendirmesi \u015fu \u015fekilde; \u201c<em>De\u011ferlendirme: S\u0131n\u0131rl\u0131 Olumlu<\/em>\u2026 Tofa\u015f, 2\u00c725 d\u00f6neminde 69.440 milyon TL sat\u0131\u015f geliri (Konsensus: 65.680 milyon TL), 2.420 milyon TL FAV\u00d6K (Konsensus: 2.451 milyon TL) ve 1.751 milyon TL net kar (Konsensus: 1.044 milyon TL net kar) a\u00e7\u0131klad\u0131. Enflasyon muhasebesi nedeniyle 2\u00c725 finansallar\u0131nda, parasal kazan\u00e7\/kay\u0131p kalemi alt\u0131nda 154 milyon TL\u2019lik olumlu etki olu\u015ftu.<br \/>\u25a0 Bilan\u00e7oda olumlu okudu\u011fumuz detaylar<br \/>\u2713 Stellantis birle\u015fmesi sonucunda art\u0131\u015f g\u00f6steren sat\u0131\u015f geliri, net zarar pozisyonundan net kar pozisyonuna ge\u00e7i\u015f.<br \/>\u25a0 Bilan\u00e7oda olumsuz okudu\u011fumuz detaylar<br \/>\u2713 FAV\u00d6K marj\u0131n\u0131n \u00e7eyreklik bazda nominal art\u0131\u015f g\u00f6stermesine kar\u015f\u0131l\u0131k y\u0131ll\u0131k bazda daralma g\u00f6stermesi, art\u0131\u015f g\u00f6steren net bor\u00e7 pozisyonu.<br \/>\u25a0 Bilan\u00e7oya dair k\u0131sa de\u011ferlendirmemiz<br \/>\u2713 S\u00fcregelen zay\u0131f finansal sonu\u00e7lar\u0131n Stellantis birle\u015fmesi sonras\u0131nda, karl\u0131l\u0131k taraf\u0131nda olmasa da, toparlanma g\u00f6stermesini olumlu olarak de\u011ferlendirirken, vergi \u00f6ncesi kar (V\u00d6K) marj\u0131n\u0131 beklentimizin yakla\u015f\u0131k 1 puan alt\u0131nda a\u00e7\u0131kland\u0131. Keza, ihracat ve \u00fcretim adedi beklentilerinin \u00fcst band\u0131nda a\u015fa\u011f\u0131 y\u00f6nl\u00fc revizyon yap\u0131lmas\u0131, yeni model ve ramp up s\u00fcre\u00e7lerinin beklentilerden daha uzun s\u00fcrece\u011fi y\u00f6n\u00fcnde izlenim yaratmaktad\u0131r. Nette, \u201cen k\u00f6t\u00fc geride kald\u0131\u201d fiyatlamas\u0131 ile Tofa\u015f\u2019\u0131n bug\u00fcn \u00f6n planda olaca\u011f\u0131n\u0131 d\u00fc\u015f\u00fcn\u00fcyoruz.<br \/>\u25a0 Finansal verilere ge\u00e7meden \u00f6nce \u00fcretim ve sat\u0131\u015f taraf\u0131ndaki ger\u00e7ekle\u015fmelere bakt\u0131\u011f\u0131m\u0131zda; Tofa\u015f\u2019\u0131n 2025 y\u0131l\u0131n\u0131n ilk alt\u0131 ay\u0131nda toplam \u00fcretimi, ge\u00e7en y\u0131l\u0131n ayn\u0131 d\u00f6nemine g\u00f6re 7,2 oran\u0131nda azalarak 59.450 adede gerilemi\u015ftir. Bu rakam, a\u00e7\u0131klanan yeni \u00fcretim hedefinin alt band\u0131n\u0131n @\u2019\u0131na, \u00fcst band\u0131n\u0131n ise 7\u2019sine kar\u015f\u0131l\u0131k gelmektedir. Ayn\u0131 d\u00f6nemde yurt i\u00e7i sat\u0131\u015flar, Stellantis birle\u015fmesinin etkisiyle 1,5 artarak 98.527 adede ula\u015fm\u0131\u015ft\u0131r. Bu seviye, yeni yurt i\u00e7i sat\u0131\u015f hedefinin alt band\u0131n\u0131n %\u2019ini, \u00fcst band\u0131n\u0131n ise &#8220;\u2019sini olu\u015fturmaktad\u0131r. \u00d6te yandan, 6A25 d\u00f6neminde ihracat adetleri 3,2 oran\u0131nda d\u00fc\u015fm\u00fc\u015f olup, ger\u00e7ekle\u015fen ihracat hacmi yeni ihracat hedefinin alt band\u0131n\u0131n 2\u2019sine, \u00fcst band\u0131n\u0131n ise )\u2019una kar\u015f\u0131l\u0131k gelmektedir.<br \/>\u25a0 Tofa\u015f\u2019\u0131n sat\u0131\u015f geliri 2\u00c725 d\u00f6neminde y\u0131ll\u0131k bazda 6 art\u0131\u015fla 69.440 milyon TL olarak ger\u00e7ekle\u015fti.<br \/>\u25a0 Bu d\u00f6nemde FAV\u00d6K 4 azal\u0131\u015fla 2.420 milyon TL seviyesine gerilerken, FAV\u00d6K marj\u0131 8 puan azal\u0131\u015fla %3,5 seviyesinde ger\u00e7ekle\u015fti.<br \/>\u25a0 \u015eirket, 2\u00c725 d\u00f6neminde 1.751 milyon TL net kar a\u00e7\u0131klad\u0131.<\/p>\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" loading=\"lazy\" width=\"726\" height=\"280\" src=\"https:\/\/rotaborsa.com\/wp-content\/uploads\/2025\/07\/C9984559-C1BB-49B7-A319-875D2281478D.png\" alt=\"| Rota Borsa\" class=\"wp-image-341884\" title=\"| Rota Borsa\" \/><\/figure>\n<p>\u25a0 \u015eirket, 2\u00c725 d\u00f6neminde 313 milyon TL seviyesinde net di\u011fer gider ve 983 milyon TL seviyesinde net finansman geliri kaydetti. Enflasyon muhasebesi nedeniyle parasal kazan\u00e7\/kay\u0131p kalemi alt\u0131nda 154 milyon TL\u2019lik olumlu etki olu\u015ftu.<br \/>\u25a0 2\u00c725 d\u00f6nem sonu itibariyle \u015eirket\u2019in 19.866 milyon TL net bor\u00e7 pozisyonu bulunmaktad\u0131r (1\u00c725 sonu: 3.235 milyon TL net bor\u00e7). Net bor\u00e7\/FAV\u00d6K oran\u0131 ise 2\u00c725 d\u00f6nemi sonu itibariyle 5,3x (1\u00c725: 0,6x net bor\u00e7\/FAV\u00d6K) seviyesindedir.<br \/>\u25a0 \u015eirket, 2025 y\u0131l\u0131na y\u00f6nelik beklentilerinde de\u011fi\u015fikli\u011fe gitti. Yurt i\u00e7i sat\u0131\u015f adeti beklentisini, Stellantis birle\u015fmesi paralelinde 300-330 bin ara\u00e7 olarak yukar\u0131 y\u00f6nl\u00fc revize etti. Bunun yan\u0131 s\u0131ra, ihracat ve \u00fcretim adeti beklentilerinin \u00fcst bantlar\u0131nda ise a\u015fa\u011f\u0131 y\u00f6nl\u00fc revizyon ger\u00e7ekle\u015ftirdi. Daha \u00f6nce 70-90 adet olan ihracat adeti beklentisi 70-80 bin olarak revize edilirken; \u00fcretim adeti beklentisi 150-170 bin adetten 150-160 bin adet olarak belirtildi. 2024 y\u0131l sonunda %5\u2019in \u00fczerinde a\u00e7\u0131klanan V\u00d6K marj\u0131, 2025 birinci \u00e7eyrek d\u00f6neminde \u201cStellantis-T\u00fcrkiye sat\u0131n al\u0131m kapan\u0131\u015f\u0131 sonras\u0131 a\u00e7\u0131klanacak\u201d \u015feklinde revize edilmi\u015fti. Yeni a\u00e7\u0131klanan V\u00d6K marj\u0131 beklentisi, 2025 y\u0131l\u0131 i\u00e7in yakla\u015f\u0131k %3, 2028 y\u0131l\u0131 i\u00e7in ise %5-7 aras\u0131nda olarak belirtilmi\u015ftir.<br \/>\u25a0 <strong>Genel de\u011ferlendirme:<\/strong> Toplant\u0131n\u0131n ard\u0131ndan \u015eirket\u2019e ait modelimizi g\u00f6zden ge\u00e7irece\u011fimizi ve olas\u0131 fiyat ve\/veya \u00f6neri pozisyonlar\u0131m\u0131zda de\u011fi\u015fiklik hakk\u0131m\u0131z\u0131 sakl\u0131 tuttu\u011fumuzu \u00f6nemle belirtmek isteriz. Modelimizde yurt i\u00e7i ara\u00e7 beklentimiz yakla\u015f\u0131k 200 bin adet iken ihracat beklentimiz 80 bin adet ve V\u00d6K marj\u0131 beklentimiz 2025 y\u0131l\u0131 i\u00e7in yakla\u015f\u0131k %4, 2028 y\u0131l\u0131 i\u00e7in ise yakla\u015f\u0131k %7 y\u00f6n\u00fcndeydi. Bu noktada, yurt i\u00e7i ara\u00e7 sat\u0131\u015f\u0131 beklentimizin yukar\u0131 y\u00f6nl\u00fc, ihracat ve V\u00d6K marj\u0131 beklentimizin a\u015fa\u011f\u0131 y\u00f6nl\u00fc revizyon ihtiyac\u0131 oldu\u011funu g\u00f6rmekteyiz. Buna ek olarak artan net bor\u00e7 pozisyonu hedef fiyat \u00fczerinde bask\u0131 olu\u015fturan unsur olarak kar\u015f\u0131m\u0131za \u00e7\u0131kacakt\u0131r.<br \/>\u25a0 Mevcut durumda, Tofa\u015f i\u00e7in \u00f6nerimizi TUT olarak koruyoruz. Hisse, y\u0131l ba\u015f\u0131ndan itibaren BIST 100 endeksinin %6 \u00fczerinde performans g\u00f6stermi\u015ftir. Geriye d\u00f6n\u00fck 12 ayl\u0131k verilere g\u00f6re hisse 58,8x F\/K ve 34,3x FD\/FAV\u00d6K \u00e7arpanlar\u0131ndan i\u015flem g\u00f6rmektedir.\u201d<\/p>\n<div class=\"kanews-banner kanews-banner-single\">\n<div style=\"min-height:280px\" data-empower-zone=\"159899\" class=\"empower-ad\"><\/div>\n<\/div>\n<figure class=\"wp-block-embed is-type-wp-embed is-provider-rota-borsa wp-block-embed-rota-borsa\">\n<div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"wp-embedded-content\" data-secret=\"iZ0yKiDZQA\"><p><a href=\"https:\/\/rotaborsa.com\/tupras-tuprs-hisse-yorumu-ve-hedef-fiyati-2\/\">T\u00fcpra\u015f (TUPRS) hisse yorumu ve hedef fiyat\u0131<\/a><\/p><\/blockquote>\n<\/div>\n<\/figure>\n<p>Bizi WhatsApp Kanal\u0131m\u0131z \u00fczerinden de takip edebilirsiniz. WhatsApp kanal\u0131 linki:\u00a0<a href=\"https:\/\/whatsapp.com\/channel\/0029Vb6J7JQ6GcG8uLrIR81x\" target=\"_blank\" rel=\"noreferrer noopener\"><mark><mark style=\"background-color:#ffffff;color:#056c47\" class=\"has-inline-color\">https:\/\/whatsapp.com\/channel\/0029Vb6J7JQ6GcG8uLrIR81x<\/mark><\/mark><\/a><\/p>\n<p>Bizi Telegram \u00dczerinden de takip edebilirsiniz. Telegram kanal\u0131 linki:\u00a0<a href=\"https:\/\/t.me\/rotaborsa_halkaarz\" target=\"_blank\" rel=\"noreferrer noopener\"><mark><mark style=\"background-color:#ffffff\" class=\"has-inline-color has-vivid-red-color\">https:\/\/t.me\/rotaborsa_halkaarz<\/mark><\/mark><\/a><\/p>\n<p><em><em><em><strong>Deniz Yat\u0131r\u0131m yasal uyar\u0131s\u0131:<\/strong><\/em> <em>Bu rapor\/e-posta i\u00e7erisinde yer alan de\u011ferlendirmeler Deniz Yat\u0131r\u0131m Menkul K\u0131ymetler A.\u015e. taraf\u0131ndan, g\u00fcvenilir oldu\u011funa inan\u0131lan kaynaklardan elde edilen bilgi ve veriler kullan\u0131larak genel nitelikte haz\u0131rlanm\u0131\u015ft\u0131r. Raporda yer alan ifadeler, mali durumunuz ile risk ve getiri tercihlerinize uygun olmayabilir ve hi\u00e7bir \u015fekilde al\u0131\u015f veya sat\u0131\u015f yap\u0131lmas\u0131 y\u00f6n\u00fcnde y\u00f6nlendirme olarak de\u011ferlendirilmemelidir. Deniz Yat\u0131r\u0131m, bu bilgilerin do\u011fru, eksiksiz ve de\u011fi\u015fmez oldu\u011funu garanti etmemektedir. Bu sebeple, okuyucular\u0131n, bu raporlardan elde edilen bilgilere dayanarak hareket etmeden \u00f6nce, bilgilerin do\u011frulu\u011funu teyit etmeleri \u00f6nerilir ve bu bilgilere dayan\u0131larak ald\u0131klar\u0131 kararlarda sorumluluk okuyucular\u0131n kendilerine aittir. Bilgilerin eksikli\u011fi ve yanl\u0131\u015fl\u0131\u011f\u0131ndan Deniz Yat\u0131r\u0131m hi\u00e7bir \u015fekilde sorumlu tutulamaz. Ayr\u0131ca, Deniz Yat\u0131r\u0131m ve DenizBank Finansal Hizmetler Grubu \u00e7al\u0131\u015fanlar\u0131 ve dan\u0131\u015fmanlar\u0131n\u0131n, herhangi bir \u015fekilde bu rapor\/e-posta i\u00e7erisinde yer alan bilgiler dolay\u0131s\u0131yla ortaya \u00e7\u0131kabilecek, do\u011frudan veya dolayl\u0131 zararlarla ilgili herhangi bir sorumlulu\u011fu yoktur. Burada yer alan bilgiler sermaye piyasas\u0131 arac\u0131na y\u00f6nelik bir yat\u0131r\u0131m tavsiyesi, al\u0131m-sat\u0131m \u00f6nerisi ya da getiri vaadi de\u011fildir ve yat\u0131r\u0131m dan\u0131\u015fmanl\u0131\u011f\u0131 kapsam\u0131nda yer almamaktad\u0131r. Yat\u0131r\u0131m Dan\u0131\u015fmanl\u0131\u011f\u0131 hizmeti; yetkili kurulu\u015flar taraf\u0131ndan imzalanacak yat\u0131r\u0131m dan\u0131\u015fmanl\u0131\u011f\u0131 s\u00f6zle\u015fmesi \u00e7er\u00e7evesinde ki\u015filerin risk ve getiri tercihleri dikkate al\u0131narak ki\u015fiye \u00f6zel sunulmaktad\u0131r. Buradaki i\u00e7eri\u011fin hi\u00e7bir b\u00f6l\u00fcm\u00fc Deniz Yat\u0131r\u0131m Menkul K\u0131ymetler A.\u015e.\u2019nin yaz\u0131l\u0131 izni olmadan \u00e7o\u011falt\u0131lamaz, hi\u00e7bir \u015fekil ve ortamda yay\u0131nlanamaz, al\u0131nt\u0131 yap\u0131lamaz ve kullan\u0131lamaz. Sadece burada yer alan bilgilere dayan\u0131larak yat\u0131r\u0131m karar\u0131 verilmesi beklentilerinize uygun sonu\u00e7lar do\u011furmayabilir.<\/em><\/em><\/em><\/p>\n<p><em><strong>Rota Borsa yasal uyar\u0131s\u0131:<\/strong> Burada yer alan yat\u0131r\u0131m bilgi, yorum ve tavsiyeleri yat\u0131r\u0131m dan\u0131\u015fmanl\u0131\u011f\u0131 kapsam\u0131nda de\u011fildir. Yat\u0131r\u0131m dan\u0131\u015fmanl\u0131\u011f\u0131 hizmeti, arac\u0131 kurumlar, portf\u00f6y y\u00f6netim \u015firketleri, mevduat kabul etmeyen bankalar ile m\u00fc\u015fteri aras\u0131nda imzalanacak yat\u0131r\u0131m dan\u0131\u015fmanl\u0131\u011f\u0131 s\u00f6zle\u015fmesi \u00e7er\u00e7evesinde sunulmaktad\u0131r. Burada yer alan yorum ve tavsiyeler, yorum ve tavsiyede bulunanlar\u0131n ki\u015fisel g\u00f6r\u00fc\u015flerine dayanmaktad\u0131r. Bu g\u00f6r\u00fc\u015fler, mali durumunuz ile risk ve getiri tercihlerinize uygun olmayabilir. Bu nedenle sadece burada yer alan bilgilere dayan\u0131larak yat\u0131r\u0131m karar\u0131 verilmesi beklentilerinize uygun sonu\u00e7lar do\u011furmayabilir.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Tofa\u015f T\u00fcrk Otomobil Fabrikas\u0131 A.\u015e.\u00a0(TOASO) 2025 y\u0131l\u0131 2. \u00e7eyrek finansal sonu\u00e7lar\u0131 kamuya a\u00e7\u0131kland\u0131. Bilan\u00e7o sonras\u0131 \u015eirketin finansal tablolar\u0131 i\u00e7in de\u011ferlendirme, Deniz Yat\u0131r\u0131m Menkul K\u0131ymetler A.\u015e.\u2019den geldi. Kurum de\u011ferlendirmesinde \u015fu ifadeleri kulland\u0131; Tofa\u015f T\u00fcrk Otomobil Fabrikas\u0131 A.\u015e.\u00a0hisse haberleri Deniz Yat\u0131r\u0131m de\u011ferlendirmesi \u015fu \u015fekilde; \u201cDe\u011ferlendirme: S\u0131n\u0131rl\u0131 Olumlu\u2026 Tofa\u015f, 2\u00c725 d\u00f6neminde 69.440 milyon TL sat\u0131\u015f geliri (Konsensus: 65.680 [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":48509,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-48508","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bilanco-haberleri"],"_links":{"self":[{"href":"https:\/\/amazing-banzai.188-132-230-163.plesk.page\/index.php\/wp-json\/wp\/v2\/posts\/48508","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/amazing-banzai.188-132-230-163.plesk.page\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/amazing-banzai.188-132-230-163.plesk.page\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/amazing-banzai.188-132-230-163.plesk.page\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/amazing-banzai.188-132-230-163.plesk.page\/index.php\/wp-json\/wp\/v2\/comments?post=48508"}],"version-history":[{"count":0,"href":"https:\/\/amazing-banzai.188-132-230-163.plesk.page\/index.php\/wp-json\/wp\/v2\/posts\/48508\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/amazing-banzai.188-132-230-163.plesk.page\/index.php\/wp-json\/wp\/v2\/media\/48509"}],"wp:attachment":[{"href":"https:\/\/amazing-banzai.188-132-230-163.plesk.page\/index.php\/wp-json\/wp\/v2\/media?parent=48508"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/amazing-banzai.188-132-230-163.plesk.page\/index.php\/wp-json\/wp\/v2\/categories?post=48508"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/amazing-banzai.188-132-230-163.plesk.page\/index.php\/wp-json\/wp\/v2\/tags?post=48508"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}