{"id":49508,"date":"2025-09-03T10:57:57","date_gmt":"2025-09-03T10:57:57","guid":{"rendered":"https:\/\/amazing-banzai.188-132-230-163.plesk.page\/index.php\/2025\/09\/03\/avrupakent-gyo-avpgy-2025-2-ceyrek-bilanco-yorumu\/"},"modified":"2025-09-03T10:57:57","modified_gmt":"2025-09-03T10:57:57","slug":"avrupakent-gyo-avpgy-2025-2-ceyrek-bilanco-yorumu","status":"publish","type":"post","link":"https:\/\/amazing-banzai.188-132-230-163.plesk.page\/index.php\/2025\/09\/03\/avrupakent-gyo-avpgy-2025-2-ceyrek-bilanco-yorumu\/","title":{"rendered":"Avrupakent GYO (AVPGY) 2025 2. \u00e7eyrek bilan\u00e7o yorumu"},"content":{"rendered":"<p>Avrupakent Gayrimenkul Yat\u0131r\u0131m Ortakl\u0131\u011f\u0131 A.\u015e. (AVPGY) 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, Ak Yat\u0131r\u0131m Menkul De\u011ferler A.\u015e.\u2019den geldi. Kurum de\u011ferlendirmesinde \u015fu ifadeleri kulland\u0131;<\/p>\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" loading=\"lazy\" width=\"1280\" height=\"720\" src=\"https:\/\/rotaborsa.com\/wp-content\/uploads\/2025\/04\/avpgy.jpg\" alt=\"| Rota Borsa\" class=\"wp-image-310499\" title=\"T\u00fcrk Hava Yollar\u0131 (THYAO) 2023 hedef fiyat\u0131 9 HABERLER, G\u00fcndemdekiler, \u015eirket Haberleri Rota Borsa\" \/><\/figure>\n<h2 class=\"wp-block-heading\">Avrupakent Gayrimenkul Yat\u0131r\u0131m Ortakl\u0131\u011f\u0131 A.\u015e. hisse haberleri<\/h2>\n<p>Ak Yat\u0131r\u0131m de\u011ferlendirmesi \u015fu \u015fekilde; \u201c<strong>Daha g\u00fc\u00e7l\u00fc k\u00e2rl\u0131l\u0131k sayesinde beklenti \u00fcst\u00fc net kazan\u00e7:<\/strong> Avrupakent GYO, 2\u00c725\u2019te 1,07 milyar TL net k\u00e2r a\u00e7\u0131klad\u0131 (AK: 907 milyon TL); ge\u00e7en y\u0131l ayn\u0131 d\u00f6nemdeki 6,33 milyar TL net k\u00e2ra k\u0131yasla belirgin d\u00fc\u015f\u00fc\u015fte. Bunda ge\u00e7en seneki 5,79 milyar TL\u2019lik yeniden de\u011ferleme kazanc\u0131n\u0131n etkisi vard\u0131. Has\u0131lat, g\u00fc\u00e7l\u00fc konut teslimatlar\u0131 (2\u00c724\u2019teki seviyesinin ~4,5 kat\u0131) ve tekrarlayan gelirlerde g,8 art\u0131\u015fla y\u0131ll\u0131k bazda 7 y\u00fckselerek 1,75 milyar TL\u2019ye ula\u015ft\u0131 (AK: 1,72 milyar TL). FAV\u00d6K, g\u00fc\u00e7l\u00fc ciro b\u00fcy\u00fcmesi sayesinde y\u0131ll\u0131k e art\u0131\u015fla 1,15 milyar TL oldu (AK: 754 milyon TL). Tahminlerimizden sapmalar\u0131n ba\u015fl\u0131ca nedenleri: (i) konut teslimatlar\u0131ndan beklenti \u00fcst\u00fc br\u00fct k\u00e2rl\u0131l\u0131k olurken, (ii) beklentimizden hafif y\u00fcksek vergi gideri net k\u00e2rdaki pozitif s\u00fcrprizi s\u0131n\u0131rlad\u0131.<\/p>\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" loading=\"lazy\" width=\"782\" height=\"232\" src=\"https:\/\/rotaborsa.com\/wp-content\/uploads\/2025\/08\/86321E60-7326-421F-8318-316C0425E5D2.png\" alt=\"| Rota Borsa\" class=\"wp-image-348426\" title=\"| Rota Borsa\" \/><\/figure>\n<p>Ertelenmi\u015f gelir etkisinden ar\u0131nd\u0131r\u0131lm\u0131\u015f net nakit 0,6 milyon TL net bor\u00e7 olarak ger\u00e7ekle\u015fti. \u015eirket 2\u00c725\u2019te 600 milyon TL temett\u00fc da\u011f\u0131tt\u0131\u011f\u0131ndan \u00e7eyreklik bazda net nakitte gerileme g\u00f6zlendi.<br \/>Ertelenmi\u015f vergi y\u00fck\u00fcml\u00fcl\u00fc\u011f\u00fc 2\u00c725 itibar\u0131yla 9,21 milyar TL\u2019ye ula\u015ft\u0131. Yeni vergi d\u00fczenlemeleri, GYO\u2019lar\u0131n yasal ve TFRS finansallar\u0131 aras\u0131ndaki ge\u00e7ici zaman farklar\u0131 nedeniyle ertelenmi\u015f vergi kaydetmesine neden oldu. Avrupakent GYO\u2019nun ertelenmi\u015f vergi y\u00fck\u00fcml\u00fcl\u00fc\u011f\u00fc 9,21 milyar TL\u2019ye (piyasa de\u011ferinin ~4\u2019\u00fc) y\u00fckseldi ve \u00e7eyrek bazda %6 reel art\u0131\u015f g\u00f6stermi\u015f oldu. Yeni getirilen GYO vergi d\u00fczenlemelerinin dikkatli bir \u015fekilde yorumlanmas\u0131 gerekti\u011fini d\u00fc\u015f\u00fcn\u00fcyor ve iki \u00f6nemli hususu vurgulamak istiyoruz. \u0130lk olarak, yasal vergi oran\u0131 temett\u00fc da\u011f\u0131tmayanlar i\u00e7in 0, temett\u00fc da\u011f\u0131tanlar i\u00e7in  iken, ertelenmi\u015f vergi y\u00fck\u00fcml\u00fcl\u00fckleri 0 vergi oran\u0131 varsay\u0131m\u0131yla kaydedilmi\u015ftir. \u0130kinci olarak, ticari GYO\u2019lar kira getirili gayrimenkulleri uzun vadeli olarak portf\u00f6ylerinde tutmaktad\u0131r, bu da ertelenmi\u015f vergi y\u00fck\u00fcml\u00fcl\u00fcklerinin ancak sat\u0131\u015f durumunda ger\u00e7ekle\u015fece\u011fi anlam\u0131na gelmektedir. Bu t\u00fcr sat\u0131\u015flar\u0131n ger\u00e7e\u011fe uygun de\u011ferinden \u00f6nemli iskontolarla ger\u00e7ekle\u015fmesi m\u00fcmk\u00fcn olmayaca\u011f\u0131ndan, ilgili vergi y\u00fck\u00fcml\u00fcl\u00fcklerinin NAD iskontosunda daralma olmadan nakit \u00e7\u0131k\u0131\u015f\u0131 ile sonu\u00e7lanmas\u0131n\u0131 beklemiyoruz.<br \/><strong>Yorum:<\/strong> Tavsiyemizi \u201cEndeks \u00dczerinde Getiri\u201ddan \u201cN\u00f6tr\u201de indiriyoruz. Hisse, hesaplad\u0131\u011f\u0131m\u0131z net aktif de\u011ferine g\u00f6re 0,75x PD\/NAD \u00e7arpan\u0131yla i\u015flem g\u00f6r\u00fcyor.\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-image size-full\"><img decoding=\"async\" loading=\"lazy\" width=\"509\" height=\"572\" src=\"https:\/\/rotaborsa.com\/wp-content\/uploads\/2025\/08\/79C2DED5-1473-42E0-B228-278E337166F2.png\" alt=\"| Rota Borsa\" class=\"wp-image-348427\" title=\"| Rota Borsa\" \/><\/figure>\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=\"e3GgdUbLRb\"><p><a href=\"https:\/\/rotaborsa.com\/yarin-bir-sirket-yuzde-100-oraninda-bedelli-sermaye-artirimi-yapacak-8\/\">Yar\u0131n bir \u015firket y\u00fczde 100 oran\u0131nda bedelli sermaye art\u0131r\u0131m\u0131 yapacak<\/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:#01b673\" 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><em><em><em><em><strong>Ak Yat\u0131r\u0131m yasal uyar\u0131s\u0131:<\/strong> Bu rapor, Ak Yat\u0131r\u0131m Menkul De\u011ferler A.\u015e. taraf\u0131ndan, g\u00fcvenilir oldu\u011funa inan\u0131lan kaynaklardan elde edilen bilgi ve veriler kullan\u0131larak haz\u0131rlanm\u0131\u015ft\u0131r. Raporda yer alan ifadeler, hi\u00e7bir \u015fekilde veya suretle al\u0131\u015f veya sat\u0131\u015f teklifi olarak de\u011ferlendirilmemelidir. Ak 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 ettirmeleri \u00f6nerilir ve bu bilgilere dayan\u0131larak ald\u0131klar\u0131 kararlarda sorumluluk kendilerine aittir. Bilgilerin eksikli\u011fi ve yanl\u0131\u015fl\u0131\u011f\u0131ndan Ak Yat\u0131r\u0131m hi\u00e7bir \u015fekilde sorumlu tutulamaz. Ayr\u0131ca, Ak Yat\u0131r\u0131m\u2019\u0131n ve Akbank\u2019\u0131n t\u00fcm \u00e7al\u0131\u015fanlar\u0131 ve dan\u0131\u015fmanlar\u0131n\u0131n, herhangi bir \u015fekilde bilgiler dolay\u0131s\u0131yla ortaya \u00e7\u0131kabilecek, do\u011frudan veya dolayl\u0131 zararlarla ilgili herhangi bir sorumlulu\u011fu yoktur. Burada yer alan bilgiler, bir yat\u0131r\u0131m tavsiyesi, yat\u0131r\u0131m arac\u0131n\u0131n al\u0131msat\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; 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. Bunlara ilaveten, Ak Yat\u0131r\u0131m, raporlar\u0131n Internet \u00fczerinden e-mail yoluyla al\u0131nmas\u0131 durumunda vir\u00fcs, hatal\u0131 g\u00f6nderim veya di\u011fer herhangi bir teknik sebepten dolay\u0131 al\u0131c\u0131n\u0131n donan\u0131m\u0131na veya yaz\u0131l\u0131m\u0131na gelebilecek herhangi bir zarardan dolay\u0131 sorumlu tutulamaz.<\/em><\/em><\/em><\/em><\/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>Avrupakent Gayrimenkul Yat\u0131r\u0131m Ortakl\u0131\u011f\u0131 A.\u015e. (AVPGY) 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, Ak Yat\u0131r\u0131m Menkul De\u011ferler A.\u015e.\u2019den geldi. Kurum de\u011ferlendirmesinde \u015fu ifadeleri kulland\u0131; Avrupakent Gayrimenkul Yat\u0131r\u0131m Ortakl\u0131\u011f\u0131 A.\u015e. hisse haberleri Ak Yat\u0131r\u0131m de\u011ferlendirmesi \u015fu \u015fekilde; \u201cDaha g\u00fc\u00e7l\u00fc k\u00e2rl\u0131l\u0131k sayesinde beklenti \u00fcst\u00fc net kazan\u00e7: Avrupakent GYO, 2\u00c725\u2019te [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":49509,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-49508","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\/49508","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=49508"}],"version-history":[{"count":0,"href":"https:\/\/amazing-banzai.188-132-230-163.plesk.page\/index.php\/wp-json\/wp\/v2\/posts\/49508\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/amazing-banzai.188-132-230-163.plesk.page\/index.php\/wp-json\/wp\/v2\/media\/49509"}],"wp:attachment":[{"href":"https:\/\/amazing-banzai.188-132-230-163.plesk.page\/index.php\/wp-json\/wp\/v2\/media?parent=49508"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/amazing-banzai.188-132-230-163.plesk.page\/index.php\/wp-json\/wp\/v2\/categories?post=49508"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/amazing-banzai.188-132-230-163.plesk.page\/index.php\/wp-json\/wp\/v2\/tags?post=49508"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}