{"id":54042,"date":"2025-11-27T11:16:04","date_gmt":"2025-11-27T11:16:04","guid":{"rendered":"https:\/\/amazing-banzai.188-132-230-163.plesk.page\/index.php\/2025\/11\/27\/is-yatirim-ismen-2025-3-ceyrek-bilanco-degerlendirmesi\/"},"modified":"2025-11-27T11:16:04","modified_gmt":"2025-11-27T11:16:04","slug":"is-yatirim-ismen-2025-3-ceyrek-bilanco-degerlendirmesi","status":"publish","type":"post","link":"https:\/\/amazing-banzai.188-132-230-163.plesk.page\/index.php\/2025\/11\/27\/is-yatirim-ismen-2025-3-ceyrek-bilanco-degerlendirmesi\/","title":{"rendered":"\u0130\u015f Yat\u0131r\u0131m (ISMEN) 2025 3. \u00e7eyrek bilan\u00e7o de\u011ferlendirmesi"},"content":{"rendered":"

\u0130\u015f Yat\u0131r\u0131m Menkul De\u011ferler A.\u015e. (ISMEN) 2025 y\u0131l\u0131 3. \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

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\u0130\u015f Yat\u0131r\u0131m Menkul De\u011ferler A.\u015e. hisse haberleri \u2013 ISMEN hisse yorumu<\/h2>\n

Deniz Yat\u0131r\u0131m de\u011ferlendirmesi \u015fu \u015fekilde; \u201cDe\u011ferlendirme: <\/em><\/strong>S\u0131n\u0131rl\u0131 olumsuz<\/em>\u2026 \u0130\u015f Yat\u0131r\u0131m, 3\u00c725 konsolide olmayan finansallar\u0131nda 1.514 milyon TL net kar a\u00e7\u0131klad\u0131. \u015eirket\u2019in net kar rakam\u0131 \u00f6nceki d\u00f6neme g\u00f6re , ge\u00e7en y\u0131l\u0131n ayn\u0131 d\u00f6nemine g\u00f6re azal\u0131\u015f g\u00f6stermi\u015ftir. Deniz Yat\u0131r\u0131m olarak net kar kalemine y\u00f6nelik beklentimiz, 2.155 milyon TL seviyesinde bulunuyordu.
\u25a0 Bilan\u00e7oda olumlu okudu\u011fumuz detaylar
\u2713 Devam eden hacim b\u00fcy\u00fcmesi.
\u25a0 Bilan\u00e7oda olumsuz okudu\u011fumuz detaylar
\u2713 Y\u0131ll\u0131k ve \u00e7eyreklik bazda azal\u0131\u015f g\u00f6steren net kar.
\u25a0 Bilan\u00e7oya dair k\u0131sa de\u011ferlendirmemiz
\u2192 Enflasyon muhasebesi uygulanm\u0131\u015f verilere g\u00f6re azal\u0131\u015f g\u00f6steren net kar rakam\u0131n\u0131n k\u0131sa vadede hisse performans\u0131 \u00fczerinde olumsuz y\u00f6nde bask\u0131 yapmas\u0131n\u0131 beklemekteyiz. Bunun yan\u0131 s\u0131ra \u015eirket\u2019in, sundu\u011fu cazip \u00e7arpanlarla iskontolu fiyatlamas\u0131 a\u00e7\u0131s\u0131ndan dikkat \u00e7ekici seviyelerde oldu\u011funu d\u00fc\u015f\u00fcnd\u00fc\u011f\u00fcm\u00fcz\u00fc de yinelemek isteriz.
\u25a0 9A25 d\u00f6neminde Borsa \u0130stanbul pay piyasas\u0131 i\u015flem hacmi, ge\u00e7en y\u0131l\u0131n ayn\u0131 d\u00f6nemine g\u00f6re artarak 60.6 trilyon TL\u2019ye ula\u015fm\u0131\u015ft\u0131r. \u0130\u015f Yat\u0131r\u0131m i\u015flem hacmi ise bu d\u00f6nemde &\u2019l\u0131k art\u0131\u015fla 6.8 trilyon TL\u2019ye y\u00fckselmi\u015ftir. B\u00f6ylece 9A25 d\u00f6neminde \u015eirket\u2019in pazar pay\u0131 ,3 seviyesinde ger\u00e7ekle\u015fmi\u015ftir. V\u0130OP taraf\u0131nda i\u015flem hacmi, ilk 9 ayda ge\u00e7en y\u0131l\u0131n ayn\u0131 d\u00f6nemine g\u00f6re I artarak 35 trilyon TL\u2019ye y\u00fckselmi\u015ftir. \u0130\u015f Yat\u0131r\u0131m\u2019\u0131n i\u015flem hacmi ise 4.5 trilyon TL\u2019ye \u00e7\u0131kararak y\u0131ll\u0131k bazda s oran\u0131nda kayda de\u011fer art\u0131\u015f sergilemi\u015ftir. \u015eirket\u2019in pazar pay\u0131 bu d\u00f6nemde seviyesinde ger\u00e7ekle\u015fmi\u015ftir.
\u25a0 Hacim art\u0131\u015f\u0131na ra\u011fmen arac\u0131l\u0131k gelirlerinin enflasyon muhasebesinin de etkisiyle daralmaya devam etti\u011fini g\u00f6r\u00fcyoruz. 9A25 d\u00f6neminde arac\u0131l\u0131k gelirleri %8 azal\u0131\u015fla 3,3 milyar TL seviyesinde ger\u00e7ekle\u015fmi\u015ftir. Portf\u00f6y y\u00f6netimi gelirlerinin katk\u0131s\u0131 ile komisyon gelirleri bu d\u00f6nemde ge\u00e7en y\u0131la paralel 5,6 milyar TL seviyesinde ger\u00e7ekle\u015fmi\u015ftir.
\u25a0 Pay kredisi b\u00fcy\u00fckl\u00fc\u011f\u00fc, 9A25\u2019te ge\u00e7en y\u0131l\u0131n ayn\u0131 d\u00f6nemine g\u00f6re ` art\u0131\u015f g\u00f6stererek 16.918 milyon TL b\u00fcy\u00fckl\u00fc\u011fe ula\u015fm\u0131\u015ft\u0131r. Operasyonel gelirlerin 3\u2019\u00fcn\u00fc olu\u015fturan pay kredisi faizlerinin de bu paralelde yakla\u015f\u0131k art\u0131\u015f g\u00f6stererek 7.4 milyar TL\u2019ye ula\u015ft\u0131\u011f\u0131n\u0131 g\u00f6rmekteyiz.
\u25a0 9A25 d\u00f6neminde \u015eirket\u2019in operasyonel gelirleri y\u0131ll\u0131k %1 azal\u0131\u015fla 22.677 milyon TL ve faaliyet kar\u0131 azal\u0131\u015fla 15.743 milyon TL seviyesinde ger\u00e7ekle\u015fmi\u015ftir.
\u25a0 Net kar 3\u00c725 d\u00f6neminde y\u0131ll\u0131k bazda \u2019l\u00fck azal\u0131\u015fla 1.5 milyar TL, 9A25 d\u00f6neminde ise ge\u00e7en y\u0131l\u0131na ayn\u0131 d\u00f6nemine paralel 4,8 milyar TL seviyesinde ger\u00e7ekle\u015fmi\u015ftir. Net kar beklentimizdeki sapma temel olarak beklentimizin \u00fczerinde ger\u00e7ekle\u015fen parasal kay\u0131p kalemi kaynakl\u0131d\u0131r.<\/p>\n

Bilan\u00e7o haberleri<\/h2>\n
\"|<\/figure>\n

\u25a0 Enflasyon muhasebesi uygulanmam\u0131\u015f finansal sonu\u00e7lara g\u00f6re 9A25 d\u00f6neminde \u015eirket\u2019in operasyonel gelirleri y\u0131ll\u0131k A art\u0131\u015fla 21.441 milyon TL\u2019ye ve net kar\u0131 ise art\u0131\u015fla 9.849 milyon TL\u2019ye ula\u015fm\u0131\u015ft\u0131r.
\u25a0 Genel de\u011ferlendirme:<\/em><\/strong> Hisse, geriye d\u00f6n\u00fck 12 ayl\u0131k verilere g\u00f6re 9,7x F\/K ve 2,3x PD\/DD \u00e7arpanlar\u0131yla i\u015flem g\u00f6rmektedir. 2025 tahminlerimize g\u00f6re ISMEN hissesi 8,8x F\/K ve 1,9x PD\/DD, 2026 tahminlerimize g\u00f6re ise 6,8x F\/K ve 1,7x PD\/DD \u00e7arpanlar\u0131 ile i\u015flem g\u00f6rmektedir.\u201d<\/p>\n

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<\/div>\n<\/div>\n

\u27a2 Raporun tamam\u0131n\u0131 PDF olarak g\u00f6r\u00fcnt\u00fclemek i\u00e7in a\u015fa\u011f\u0131daki dosyay\u0131 indirebilirsiniz.<\/p>\n

<\/object>Deniz_Yat_r_m_Strateji_ve_Ara_t_rma_ISMEN_3_25_Bilan_o_De_erlendirme_11920<\/a>\u0130ndir<\/a><\/div>\n

Kaynak: <\/strong>https:\/\/www.denizyatirim.com.tr\/Uploads\/Deniz_Yat_r_m_Strateji_ve_Ara_t_rma_ISMEN_3_25_Bilan_o_De_erlendirme_11920.pdf<\/em><\/p>\n

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Hekta\u015f (HEKTS) hisse teknik analizi ve hedef fiyat\u0131<\/a><\/p><\/blockquote>\n<\/div>\n<\/figure>\n

Bizi WhatsApp Kanal\u0131m\u0131z \u00fczerinden de takip edebilirsiniz. WhatsApp kanal\u0131 linki:\u00a0https:\/\/whatsapp.com\/channel\/0029Vb6J7JQ6GcG8uLrIR81x<\/mark><\/mark><\/a>
Bizi Telegram \u00dczerinden de takip edebilirsiniz. Telegram kanal\u0131 linki:\u00a0https:\/\/t.me\/rotaborsa_halkaarz<\/mark><\/mark><\/a><\/p>\n

Deniz Yat\u0131r\u0131m yasal uyar\u0131s\u0131:<\/strong><\/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. Sadece burada yer alan bilgilere dayan\u0131larak yat\u0131r\u0131m karar\u0131 verilmesi beklentilerinize uygun sonu\u00e7lar do\u011furmayabilir.<\/em><\/em><\/em><\/em><\/em><\/em><\/em><\/em>
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":"

\u0130\u015f Yat\u0131r\u0131m Menkul De\u011ferler A.\u015e. (ISMEN) 2025 y\u0131l\u0131 3. \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; \u0130\u015f Yat\u0131r\u0131m Menkul De\u011ferler A.\u015e. hisse haberleri \u2013 ISMEN hisse yorumu Deniz Yat\u0131r\u0131m de\u011ferlendirmesi \u015fu \u015fekilde; \u201cDe\u011ferlendirme: S\u0131n\u0131rl\u0131 olumsuz\u2026 \u0130\u015f Yat\u0131r\u0131m, 3\u00c725 konsolide […]<\/p>\n","protected":false},"author":1,"featured_media":54043,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-54042","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\/54042","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=54042"}],"version-history":[{"count":0,"href":"https:\/\/amazing-banzai.188-132-230-163.plesk.page\/index.php\/wp-json\/wp\/v2\/posts\/54042\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/amazing-banzai.188-132-230-163.plesk.page\/index.php\/wp-json\/wp\/v2\/media\/54043"}],"wp:attachment":[{"href":"https:\/\/amazing-banzai.188-132-230-163.plesk.page\/index.php\/wp-json\/wp\/v2\/media?parent=54042"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/amazing-banzai.188-132-230-163.plesk.page\/index.php\/wp-json\/wp\/v2\/categories?post=54042"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/amazing-banzai.188-132-230-163.plesk.page\/index.php\/wp-json\/wp\/v2\/tags?post=54042"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}