{"id":58668,"date":"2026-03-13T09:12:01","date_gmt":"2026-03-13T09:12:01","guid":{"rendered":"https:\/\/amazing-banzai.188-132-230-163.plesk.page\/index.php\/2026\/03\/13\/koc-holding-kchol-2025-4-ceyrek-bilanco-degerlendirmesi\/"},"modified":"2026-03-13T09:12:01","modified_gmt":"2026-03-13T09:12:01","slug":"koc-holding-kchol-2025-4-ceyrek-bilanco-degerlendirmesi","status":"publish","type":"post","link":"https:\/\/amazing-banzai.188-132-230-163.plesk.page\/index.php\/2026\/03\/13\/koc-holding-kchol-2025-4-ceyrek-bilanco-degerlendirmesi\/","title":{"rendered":"Ko\u00e7 Holding (KCHOL) 2025 4. \u00e7eyrek bilan\u00e7o de\u011ferlendirmesi"},"content":{"rendered":"<p>Ko\u00e7 Holding A.\u015e. (KCHOL) 2025 y\u0131l\u0131 4. \u00e7eyrek finansal sonu\u00e7lar\u0131 11 \u015eubat g\u00fcn\u00fc kamuya a\u00e7\u0131kland\u0131. <a href=\"https:\/\/rotaborsa.com\/haberler\/bilanco-haberleri\/\">Bilan\u00e7o<\/a> sonras\u0131nda \u015eirketin finansal tablolar\u0131 i\u00e7in de\u011ferlendirme, Deniz Yat\u0131r\u0131m Menkul K\u0131ymetler A.\u015e.\u2019den geldi.<\/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\/2024\/09\/kchol-2.jpg\" alt=\"| Rota Borsa\" class=\"wp-image-217755\" title=\"2 kurum Ford Otomotiv (FROTO) i\u00e7in hedef fiyatlar\u0131n\u0131 a\u00e7\u0131klad\u0131 6 HABERLER, G\u00fcndemdekiler, \u015eirket Haberleri Rota Borsa\" \/><\/figure>\n<h2 class=\"wp-block-heading\">Ko\u00e7 Holding A.\u015e. hisse haberleri \u2013 KCHOL hisse yorumu<\/h2>\n<p>Deniz Yat\u0131r\u0131m de\u011ferlendirmesi \u015fu \u015fekilde; \u201c<em><strong>De\u011ferlendirme: <\/strong>N\u00f6tr;<\/em> Ko\u00e7 Holding 4\u00c725\u2019te 7.024 milyon TL net kar (Konsensus: 4.416 milyon TL net kar \/ Deniz Yat\u0131r\u0131m: 4.416 milyon TL net kar) a\u00e7\u0131klad\u0131. Enflasyon muhasebesi nedeniyle 4\u00c725 finansallar\u0131nda, parasal kazan\u00e7\/kay\u0131p kalemi alt\u0131nda 4.641 milyon TL\u2019lik olumlu etki olu\u015ftu.<br \/>\u25a0 Bilan\u00e7oda olumlu okudu\u011fumuz detaylar<br \/>\u2713 Y\u0131ll\u0131k olarak bak\u0131ld\u0131\u011f\u0131nda net kara ge\u00e7i\u015f, enflasyon muhasebesinin bask\u0131s\u0131nda azalma ile ge\u00e7en y\u0131l\u0131n ayn\u0131 d\u00f6nemindeki parasal kayb\u0131n parasal kazanca d\u00f6nmesi ve kombine net finansal borcun FAV\u00d6K\u2019e oran\u0131nda azal\u0131\u015f.<br \/>\u25a0 Bilan\u00e7oda olumsuz okudu\u011fumuz detaylar<br \/>\u2713 Enflasyon muhasebesinin VUK\u2019ta kald\u0131r\u0131lmas\u0131 kaynakl\u0131 olu\u015fan y\u00fcksek ertelenmi\u015f vergi gideri ve solo net nakit pozisyonunda \u00e7eyreksel azal\u0131\u015f.<br \/>\u25a0 Bilan\u00e7oya dair k\u0131sa de\u011ferlendirmemiz<br \/>\u2192 4\u00c725 finansallar\u0131nda, enflasyon muhasebesinin bask\u0131s\u0131nda azalma ile ge\u00e7en y\u0131l\u0131n ayn\u0131 d\u00f6neminin aksine net kar kaydedilirken, a\u00e7\u0131klanan net kar beklentilerin \u00fczerinde ger\u00e7ekle\u015fti. Di\u011fer yandan, solo net nakit pozisyonunda \u00e7eyreksel bazda azal\u0131\u015f g\u00f6zlendi. Halka a\u00e7\u0131k i\u015ftiraklerinin a\u00e7\u0131klad\u0131\u011f\u0131 finansallar\u0131n beklentilerin \u00fczerinde net kara i\u015faret etmesi dolay\u0131s\u0131yla finansal sonu\u00e7lar\u0131n hisse performans\u0131 \u00fczerinde \u00f6nemli bir etkisinin olmayaca\u011f\u0131 d\u00fc\u015f\u00fcncesindeyiz.<br \/>\u25a0 Holding\u2019in finans d\u0131\u015f\u0131 sat\u0131\u015f gelirleri 4\u00c725\u2019te y\u0131ll\u0131k bazda %3 azal\u0131\u015fla 479.508 milyon TL d\u00fczeyinde ger\u00e7ekle\u015fti.<br \/>\u25a0 2025 y\u0131l\u0131nda kombine gelirler i\u00e7erisinde otomotiv  b\u00fcy\u00fcme kaydederken, s\u0131ras\u0131yla  ve %6 daralma ile enerji ve dayan\u0131kl\u0131 t\u00fcketim segmentleri ise kombine gelirdeki y\u0131ll\u0131k azal\u0131\u015f\u0131n ana nedenleri oldu.<br \/>\u25a0 \u015eirket 4\u00c725\u2019te \u00e7eyreksel bazda  azal\u0131\u015fla 7.024 milyon TL seviyesinde net kar a\u00e7\u0131klad\u0131 (4\u00c724: 7.996 milyon TL net zarar). Halka a\u00e7\u0131k i\u015ftiraklerinin \u00e7o\u011funun beklentimizin \u00fczerinde sonu\u00e7lar a\u00e7\u0131klamas\u0131 net kar\u0131n tahminimizin \u00fczerinde ger\u00e7ekle\u015fmesinde etkili oldu. 2025 y\u0131l\u0131nda konsolide bazda en b\u00fcy\u00fck katk\u0131 17.747 milyon TL kar ile otomotiv olurken, 4.443 milyon TL zarar ile finans segmenti bask\u0131 yaratt\u0131.<br \/>\u25a0 2025 y\u0131l sonu itibariyle solo net nakit pozisyonu 34.917 milyon TL (815 milyon USD) (Eyl\u00fcl 2025 sonu: 874 milyon USD), kombine net finansal borcun FAV\u00d6K\u2019e oran\u0131 1,2x (Eyl\u00fcl 2025 sonu: 1,4x) d\u00fczeyindedir. Holding\u2019in yabanc\u0131 para pozisyonu 526 milyon USD art\u0131da bulunmaktad\u0131r. Holding\u2019in nakit \u00e7\u0131k\u0131\u015f\u0131nda ba\u011fl\u0131 ortakl\u0131k sermaye art\u0131\u015flar\u0131 ve Ar\u00e7elik\u2019in paylar\u0131n\u0131n al\u0131m \u00f6demesi etkili oldu.<br \/>\u25a0 Ko\u00e7 Holding\u2019in net aktif de\u011ferini yakla\u015f\u0131k 815 milyar TL olarak hesapl\u0131yoruz. Son kapan\u0131\u015fa g\u00f6re net aktif de\u011fer iskontosu 5 seviyesinde bulunurken, uzun vadeli ortalamas\u0131  civar\u0131ndad\u0131r.<br \/>\u25a0 <em>Genel De\u011ferlendirme:<\/em> \u00c7e\u015fitlendirilmi\u015f portf\u00f6y\u00fc ve g\u00fc\u00e7l\u00fc bilan\u00e7o yap\u0131s\u0131 Ko\u00e7 Holding a\u00e7\u0131s\u0131ndan olumlu unsurlar olarak kar\u015f\u0131m\u0131za \u00e7\u0131karken, iyile\u015fen \u00fclke risk priminin de NAD iskontosunun daralmas\u0131 a\u00e7\u0131s\u0131ndan destekleyici unsur oldu\u011funu d\u00fc\u015f\u00fcn\u00fcyoruz. KCHOL\u2019\u00fc 15 Eyl\u00fcl 2025 tarihinden bu yana Model Portf\u00f6y\u00fcm\u00fczde ta\u015f\u0131d\u0131\u011f\u0131m\u0131z\u0131 hat\u0131rlatmak isteriz. \u015eirket\u2019in 2025 y\u0131l\u0131nda 21,8 milyar TL net kar elde etmesini bekliyorduk. KCHOL\u2019\u00fcn 22,0 milyar TL net kar ile tamamlad\u0131\u011f\u0131n\u0131 takip ettik.<br \/>2026 tahminlerimize g\u00f6re, KCHOL hissesi 0,7x PD\/DD \u00e7arpan\u0131 ile i\u015flem g\u00f6rmektedir. Hisse, y\u0131l ba\u015f\u0131ndan itibaren BIST 100 endeksine paralel performans sergilemi\u015ftir. Geriye d\u00f6n\u00fck 12 ayl\u0131k verilere g\u00f6re hisse 0,8x PD\/DD \u00e7arpan\u0131yla i\u015flem g\u00f6rmektedir.\u201d<br \/>\u27a2 Raporun tamam\u0131n\u0131 PDF olarak g\u00f6r\u00fcnt\u00fclemek i\u00e7in a\u015fa\u011f\u0131daki dosyay\u0131 indirebilirsiniz.<\/p>\n<div data-wp-interactive=\"core\/file\" class=\"wp-block-file\"><object><\/object><a id=\"wp-block-file--media-57f1f6ba-9eae-462d-a480-41f8e9605550\" href=\"https:\/\/rotaborsa.com\/wp-content\/uploads\/2026\/02\/1770877466162_DenizYatrmStratejiveAratrmaKCHOL425BilanoDeerlendirme12909.pdf\">1770877466162_DenizYatrmStratejiveAratrmaKCHOL425BilanoDeerlendirme12909<\/a><a href=\"https:\/\/rotaborsa.com\/wp-content\/uploads\/2026\/02\/1770877466162_DenizYatrmStratejiveAratrmaKCHOL425BilanoDeerlendirme12909.pdf\" class=\"wp-block-file__button wp-element-button\" download aria-describedby=\"wp-block-file--media-57f1f6ba-9eae-462d-a480-41f8e9605550\">\u0130ndir<\/a><\/div>\n<p><em><strong>Kaynak: <\/strong>Deniz Yat\u0131r\u0131m Ara\u015ft\u0131rma<\/em><\/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<div class=\"wp-block-group\">\n<div class=\"wp-block-group__inner-container is-layout-constrained wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-group\">\n<div class=\"wp-block-group__inner-container is-layout-constrained wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-group\">\n<div class=\"wp-block-group__inner-container is-layout-constrained wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-group\">\n<div class=\"wp-block-group__inner-container is-layout-constrained wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-group\">\n<div class=\"wp-block-group__inner-container is-layout-constrained wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-group\">\n<div class=\"wp-block-group__inner-container is-layout-constrained wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-group\">\n<div class=\"wp-block-group__inner-container is-layout-constrained wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-group\">\n<div class=\"wp-block-group__inner-container is-layout-constrained wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-group\">\n<div class=\"wp-block-group__inner-container is-layout-constrained wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-group\">\n<div class=\"wp-block-group__inner-container is-layout-constrained wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-group\">\n<div class=\"wp-block-group__inner-container is-layout-constrained wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-group\">\n<div class=\"wp-block-group__inner-container is-layout-constrained wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-group\">\n<div class=\"wp-block-group__inner-container is-layout-constrained wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-group\">\n<div class=\"wp-block-group__inner-container is-layout-constrained wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-group\">\n<div class=\"wp-block-group__inner-container is-layout-constrained wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-group\" style=\"font-size:10px\">\n<div class=\"wp-block-group__inner-container is-layout-constrained wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-group\">\n<div class=\"wp-block-group__inner-container is-layout-constrained wp-block-group-is-layout-constrained\">\n<ul class=\"wp-block-social-links aligncenter has-huge-icon-size has-visible-labels has-icon-color is-style-default is-horizontal is-content-justification-center is-layout-flex wp-container-core-social-links-is-layout-499968f5 wp-block-social-links-is-layout-flex\">\n<li style=\"color:#ffffff\" class=\"wp-social-link wp-social-link-whatsapp has-white-color wp-block-social-link\"><a rel=\"noopener nofollow\" target=\"_blank\" href=\"https:\/\/whatsapp.com\/channel\/0029Vb6J7JQ6GcG8uLrIR81x\" class=\"wp-block-social-link-anchor\"><span class=\"wp-block-social-link-label\">Rota Borsa WhatsApp kanal\u0131na kat\u0131l\u0131n!<\/span><\/a><\/li>\n<li style=\"color:#ffffff\" class=\"wp-social-link wp-social-link-telegram has-white-color wp-block-social-link\"><a rel=\"noopener nofollow\" target=\"_blank\" href=\"https:\/\/t.me\/rotaborsa_halkaarz\" class=\"wp-block-social-link-anchor\"><span class=\"wp-block-social-link-label\">Rota Borsa Telegram kanal\u0131na kat\u0131l\u0131n!<\/span><\/a><\/li>\n<li style=\"color:#ffffff\" class=\"wp-social-link wp-social-link-x has-white-color wp-block-social-link\"><a rel=\"noopener nofollow\" target=\"_blank\" href=\"https:\/\/x.com\/rotaborsa\" class=\"wp-block-social-link-anchor\"><span class=\"wp-block-social-link-label\">Rota Borsa Twitter hesab\u0131n\u0131 takip edin!<\/span><\/a><\/li>\n<\/ul>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/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=\"JLedEdHwfW\"><p><a href=\"https:\/\/rotaborsa.com\/ford-otomotiv-froto-yuzde-364-oraninda-temettu-dagitacak\/\">Ford Otomotiv (FROTO) y\u00fczde 364 oran\u0131nda temett\u00fc da\u011f\u0131tacak<\/a><\/p><\/blockquote>\n<\/div>\n<\/figure>\n<p><em><em><em><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. 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><br \/><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>Ko\u00e7 Holding A.\u015e. (KCHOL) 2025 y\u0131l\u0131 4. \u00e7eyrek finansal sonu\u00e7lar\u0131 11 \u015eubat g\u00fcn\u00fc kamuya a\u00e7\u0131kland\u0131. Bilan\u00e7o sonras\u0131nda \u015eirketin finansal tablolar\u0131 i\u00e7in de\u011ferlendirme, Deniz Yat\u0131r\u0131m Menkul K\u0131ymetler A.\u015e.\u2019den geldi. Ko\u00e7 Holding A.\u015e. hisse haberleri \u2013 KCHOL hisse yorumu Deniz Yat\u0131r\u0131m de\u011ferlendirmesi \u015fu \u015fekilde; \u201cDe\u011ferlendirme: N\u00f6tr; Ko\u00e7 Holding 4\u00c725\u2019te 7.024 milyon TL net kar (Konsensus: 4.416 milyon [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":58669,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-58668","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\/58668","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=58668"}],"version-history":[{"count":0,"href":"https:\/\/amazing-banzai.188-132-230-163.plesk.page\/index.php\/wp-json\/wp\/v2\/posts\/58668\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/amazing-banzai.188-132-230-163.plesk.page\/index.php\/wp-json\/wp\/v2\/media\/58669"}],"wp:attachment":[{"href":"https:\/\/amazing-banzai.188-132-230-163.plesk.page\/index.php\/wp-json\/wp\/v2\/media?parent=58668"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/amazing-banzai.188-132-230-163.plesk.page\/index.php\/wp-json\/wp\/v2\/categories?post=58668"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/amazing-banzai.188-132-230-163.plesk.page\/index.php\/wp-json\/wp\/v2\/tags?post=58668"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}