{"id":3338,"date":"2025-05-29T21:18:47","date_gmt":"2025-05-29T18:18:47","guid":{"rendered":"https:\/\/baytutumlu.com\/?p=3338"},"modified":"2025-05-29T21:18:49","modified_gmt":"2025-05-29T18:18:49","slug":"is-yatirim-menkul-degerler-2025-1-ceyrek-bilanco-analizi","status":"publish","type":"post","link":"https:\/\/baytutumlu.com\/index.php\/2025\/05\/29\/is-yatirim-menkul-degerler-2025-1-ceyrek-bilanco-analizi\/","title":{"rendered":"\u0130\u015f Yat\u0131r\u0131m Menkul De\u011ferler 2025 1. \u00c7eyrek Bilan\u00e7o Analizi"},"content":{"rendered":"\n

Herkese selamlar. 2025 1. \u00c7eyrek bilan\u00e7o analizlerine #ISMEN ile devam ediyorum. Kendisi \u015fu anda portf\u00f6y\u00fcmde ilk s\u0131rada yer al\u0131yor. Faaliyet raporunu ve yat\u0131r\u0131mc\u0131 sunumunu bu y\u00fczden didik didik ettim:) \u0130lk olarak k\u0131saca \u015firket ne i\u015f yap\u0131yor onu anlatay\u0131m.<\/p>\n\n\n\n

\u0130\u015f Yat\u0131r\u0131m Menkul De\u011ferler A.\u015e., 1996 y\u0131l\u0131nda T\u00fcrkiye \u0130\u015f Bankas\u0131\u2019n\u0131n yat\u0131r\u0131m bankac\u0131l\u0131\u011f\u0131 kolu olarak kurulmu\u015f, T\u00fcrkiye\u2019nin lider arac\u0131 kurumlar\u0131ndan biri. \u015eirketin %71\u2019i \u0130\u015f Bankas\u0131 ve grup \u015firketlerine ait, %29\u2019u ise halka a\u00e7\u0131k.<\/p>\n\n\n\n

\u0130\u015f Yat\u0131r\u0131m\u2019\u0131n faaliyet alanlar\u0131 aras\u0131nda hisse senedi arac\u0131l\u0131k<\/strong> hizmetleri, vadeli i\u015flemler (V\u0130OP)<\/strong> arac\u0131l\u0131\u011f\u0131, kurumsal finansman<\/strong> (halka arz ve bor\u00e7lanma arac\u0131 ihra\u00e7lar\u0131 dan\u0131\u015fmanl\u0131\u011f\u0131), varl\u0131k ve portf\u00f6y y\u00f6netimi<\/strong>, menkul k\u0131ymet yat\u0131r\u0131mlar\u0131<\/strong> ve yurt d\u0131\u015f\u0131 arac\u0131l\u0131k<\/strong> hizmetleri bulunuyor. Birazdan bunlar\u0131n operasyonel gelirler i\u00e7indeki paylar\u0131na da de\u011finece\u011fim.<\/p>\n\n\n\n

Operasyonel Performans<\/strong><\/p>\n\n\n\n

\u0130\u015f yat\u0131r\u0131m yukar\u0131da da belirtti\u011fim gibi olduk\u00e7a \u00e7e\u015fitli bir operasyonel yap\u0131ya sahip. \u00c7o\u011fumuz onu komisyon gelirleri ve arac\u0131 kurum y\u00f6n\u00fcyle tan\u0131yoruz fakat gelirlerin b\u00fcy\u00fck k\u0131sm\u0131 t\u00fcrev ara\u00e7lar, portf\u00f6y y\u00f6netimi gibi di\u011fer alanlardan geliyor. \u00d6ncelikle komisyon gelirleriyle ba\u015flayal\u0131m.<\/p>\n\n\n\n

Hisse Senedi Piyasas\u0131 (Pay Piyasas\u0131):<\/strong> Y\u0131l\u0131n ilk \u00e7eyre\u011finde BIST ortalama i\u015flem hacmi %10 daral\u0131rken, \u0130\u015f yat\u0131r\u0131m\u0131n pay piyasas\u0131 gelirleri sabit kald\u0131. Dolay\u0131s\u0131yla \u015firketin pazar pay\u0131 %9.8\u2019den %10.9\u2019a y\u00fckseldi. Pazar pay\u0131n\u0131n artmas\u0131 olumlu, buray\u0131 yak\u0131ndan takip ediyorum. \u0130\u015flem hacimlerinde yap\u0131 Kredi Yat\u0131r\u0131m ve BOFA ilk 2 s\u0131ray\u0131 al\u0131rken \u0130\u015f yat\u0131r\u0131m 3. S\u0131rada.<\/p>\n\n\n\n

\"\"\/<\/figure>\n\n\n\n

Vadeli \u0130\u015flemler (V\u0130OP):<\/strong> V\u0130OP taraf\u0131nda hacim art\u0131\u015flar\u0131 daha belirgin. Borsa \u0130stanbul\u2019un V\u0130OP hacmi %60 artarken, \u0130\u015f yat\u0131r\u0131m %125 hacim art\u0131\u015f\u0131yla pazar pay\u0131n\u0131 %9.3\u2019den %13.1\u2019e \u00e7\u0131karm\u0131\u015f. Bu b\u00fcy\u00fcme ile \u0130\u015f Yat\u0131r\u0131m, t\u00fcrev i\u015flemlerde %13\u2019l\u00fck pay ve 1,44 trilyon TL\u2019lik hacimle sekt\u00f6r liderine yakla\u015fmaya devam etti. Buray\u0131 \u00e7ok be\u011fendim.<\/p>\n\n\n\n

\"\"\/<\/figure>\n\n\n\n

Bor\u00e7lanma Arac\u0131 \u0130hra\u00e7lar\u0131:<\/strong> Kurumsal finansman taraf\u0131nda, \u0130\u015f Yat\u0131r\u0131m 1. \u00e7eyrekte \u015firketlerin bor\u00e7lanma arac\u0131 ihra\u00e7lar\u0131nda aktif rol ald\u0131. Toplam 19 adet bor\u00e7lanma arac\u0131 ihrac\u0131na arac\u0131 olarak 17,3 milyar TL<\/strong> nominal tutarda fon temin edilmesine arac\u0131l\u0131k etti. Bu performans ile \u015firket, bor\u00e7lanma arac\u0131 piyasas\u0131nda yakla\u015f\u0131k %7,9 pazar pay\u0131na ula\u015farak ilk \u00fc\u00e7 arac\u0131 kurum aras\u0131nda yer ald\u0131.<\/p>\n\n\n\n

\"\"\/<\/figure>\n\n\n\n

Halka Arz Faaliyetleri:<\/strong> Y\u0131l\u0131n ilk \u00e7eyre\u011finde \u015firket Kalyon PV halka arz\u0131na konsorsiyum lideri olarak arac\u0131l\u0131k ederken 11 adet halka arzda konsorsiyum \u00fcyesi olarak yer ald\u0131.<\/p>\n\n\n\n

Portf\u00f6y Y\u00f6netimi:<\/strong> \u0130\u015f Yat\u0131r\u0131m\u2019\u0131n i\u015ftiraki olan \u0130\u015f Portf\u00f6y Y\u00f6netimi, ilk \u00e7eyrekte g\u00fc\u00e7l\u00fc bir b\u00fcy\u00fcme sergiledi. Grup b\u00fcnyesinde y\u00f6netilen toplam varl\u0131k b\u00fcy\u00fckl\u00fc\u011f\u00fc (AuM) y\u0131ll\u0131k bazda %81 art\u0131\u015f kaydederek 798 milyar TL<\/strong> seviyesine ula\u015ft\u0131. \u0130\u015f Portf\u00f6y taraf\u0131ndan y\u00f6netilen yat\u0131r\u0131m fonlar\u0131 ve emeklilik fonlar\u0131 hacimleri s\u0131ras\u0131yla %99 ve %57 oranlar\u0131nda b\u00fcy\u00fcme g\u00f6sterdi.<\/p>\n\n\n\n

\"\"\/<\/figure>\n\n\n\n

Kredili \u0130\u015flemler:<\/strong> Yat\u0131r\u0131mc\u0131lar\u0131n kredili menkul k\u0131ymet i\u015flemlerine talebi 2025 ilk \u00e7eyrekte artmaya devam etti. \u0130\u015f Yat\u0131r\u0131m\u2019\u0131n m\u00fc\u015fterilerine kulland\u0131rd\u0131\u011f\u0131 kredili i\u015flem bakiyesi (hisse senedi teminatl\u0131 krediler)<\/strong> ge\u00e7en y\u0131l\u0131n ayn\u0131 d\u00f6nemine g\u00f6re %45 b\u00fcy\u00fcyerek 14,3 milyar TL<\/strong>\u2019ye ula\u015ft\u0131. <\/p>\n\n\n\n

\u015eimdi s\u0131ras\u0131yla bu faaliyetlerin operasyonel gelirlerdeki pay\u0131 neymi\u015f bakal\u0131m.<\/p>\n\n\n\n

\"\"\/<\/figure>\n\n\n\n

Komisyon gelirlerinin(arac\u0131l\u0131k+portf\u00f6y y\u00f6netimi+kurumsal finansman) toplam gelirler i\u00e7indeki pay\u0131 %26 oldu. Komisyon d\u0131\u015f\u0131 gelirler(kredili i\u015flem faizleri+varant vb t\u00fcrev i\u015flemler) ise %74\u2019l\u00fck pay ald\u0131. Burada hisse senedi komisyon gelirleri ve halka arz gelirleri ge\u00e7en y\u0131la g\u00f6re azal\u0131rken, di\u011fer t\u00fcm kalemler art\u0131\u015f g\u00f6sterdi. \u00d6zellikle portf\u00f6y y\u00f6netimi ve V\u0130OP gelirlerindeki art\u0131\u015f g\u00f6z dolduruyor. Arac\u0131l\u0131k gelirleri toplam komisyon gelirlerinin %59\u2019unu olu\u015fturdu.<\/p>\n\n\n\n

\"\"\/<\/figure>\n\n\n\n

Gelir Tablosu ve Nakit Ak\u0131\u015flar\u0131<\/strong><\/p>\n\n\n\n

Arac\u0131 kurumlarda ciro pek \u00f6nemli olmad\u0131\u011f\u0131 i\u00e7in faaliyet kar\u0131na bakaca\u011f\u0131m. \u015eirketin faaliyet kar\u0131 ge\u00e7en y\u0131la g\u00f6re enflasyon muhasebesi uygulanm\u0131\u015f rakamlarla %4 azalarak 4.58 milyar TL oldu. Ge\u00e7ti\u011fimiz \u00e7eyreklerde \u00f6zkaynak y\u00f6ntemiyle de\u011ferlenen yat\u0131r\u0131mlar aras\u0131nda bulunan Tatilbudur\u2019un tamamen konsolide edilmesiyle 1.7 milyar TL\u2019lik bir yat\u0131r\u0131m faaliyet geliri yaz\u0131l\u0131rken bu kalemi de dahil etti\u011fimizde faaliyet kar\u0131 6.4 milyar TL\u2019ye ula\u015f\u0131yor. \u015eirket bu yat\u0131r\u0131m\u0131 olduk\u00e7a karl\u0131 bulmu\u015f olacak ki, s\u00fcrekli pay\u0131n\u0131 art\u0131rarak tamamen konsolide etti.<\/p>\n\n\n\n

\"\"\/<\/figure>\n\n\n\n

Enflasyon muhasebesi uygulanm\u0131\u015f finansal tablolara g\u00f6re 2025\/3 net kar y\u0131ll\u0131k %211 b\u00fcy\u00fcme ile 1.139 milyon TL olarak ger\u00e7ekle\u015fti. \u015eirket yine bu \u00e7eyrekte de bol bol vergi \u00f6demi\u015f. Toplam \u00f6denen vergi 1.3 milyar TL.<\/p>\n\n\n\n

\u0130\u015fletme faaliyetlerinden kaynaklanan nakit ak\u0131\u015f\u0131<\/strong>, 2024 ilk \u00e7eyre\u011finde negatif iken 2025 ilk \u00e7eyrekte pozitife d\u00f6nm\u00fc\u015ft\u00fcr. \u015eirket, d\u00f6nem i\u00e7inde yakla\u015f\u0131k 495 milyon TL tutar\u0131nda net i\u015fletme nakit giri\u015fi<\/strong> elde etti. <\/p>\n\n\n\n

Yat\u0131r\u0131m faaliyetlerinden kaynaklanan nakit ak\u0131\u015f\u0131<\/strong>, ilk \u00e7eyrekte 1,64 milyar TL net nakit \u00e7\u0131k\u0131\u015f\u0131<\/strong> yap\u0131lm\u0131\u015ft\u0131r. Bu \u00e7\u0131k\u0131\u015f\u0131n b\u00fcy\u00fck b\u00f6l\u00fcm\u00fc, ba\u011fl\u0131 ortakl\u0131klara yap\u0131lan sermaye yat\u0131r\u0131mlar\u0131 ve finansal duran varl\u0131k al\u0131mlar\u0131ndan kaynaklanmaktad\u0131r. Ge\u00e7en y\u0131l\u0131n ayn\u0131 d\u00f6neminde ise yakla\u015f\u0131k 1,79 milyar TL nakit giri\u015fi sa\u011flayan yat\u0131r\u0131m faaliyetleri g\u00f6r\u00fclmekteydi; bu fark\u0131n nedenini 2024\u2019te baz\u0131 finansal yat\u0131r\u0131mlar\u0131n nakde \u00e7evrilmesi veya sat\u0131\u015flar\u0131ndan elde edilen gelirler iken 2025\u2019te tam tersi y\u00f6nde, b\u00fcy\u00fcme ama\u00e7l\u0131 yat\u0131r\u0131mlar\u0131n h\u0131z kazanmas\u0131 olarak g\u00f6rebiliriz.<\/p>\n\n\n\n

2025 mart sonu itibar\u0131yla nakit ve benzerleri, d\u00f6nem ba\u015f\u0131na k\u0131yasla yakla\u015f\u0131k 2,3 milyar TL artarak 11.6 milyar TL\u2019ye ula\u015ft\u0131.<\/strong><\/p>\n\n\n\n

Sonu\u00e7 ve Beklentiler<\/strong><\/p>\n\n\n\n

2025 y\u0131l\u0131n\u0131n geri kalan\u0131nda \u0130\u015f Yat\u0131r\u0131m\u2019\u0131 ve genel olarak arac\u0131 kurum sekt\u00f6r\u00fcn\u00fc etkileyebilecek piyasa ko\u015fullar\u0131 s\u00fcrekli de\u011fi\u015fmeye devam ediyor. Enflasyon<\/strong> hala y\u00fcksek seviyelerde seyretmekte ve y\u0131l sonu i\u00e7in hala %20-30\u2019lu rakamlar beklenmekte. Bu nedenle T\u00fcrkiye Cumhuriyet Merkez Bankas\u0131 s\u0131k\u0131 para politikas\u0131na devam ediyor. Y\u00fcksek faiz ortam\u0131 bir yandan sabit getirili enstr\u00fcmanlara ilgiyi art\u0131r\u0131rken, di\u011fer yandan hisse senedi piyasalar\u0131nda \u015firket de\u011ferlemeleri ve yat\u0131r\u0131mc\u0131 davran\u0131\u015flar\u0131n\u0131 etkiliyor. Enflasyonun kademeli d\u00fc\u015f\u00fc\u015fe ge\u00e7mesi durumunda ilerleyen d\u00f6nemde faiz oranlar\u0131nda indirime gidilebilece\u011fi beklentisiyle sermaye piyasalar\u0131na y\u00f6nelik risk i\u015ftah\u0131n\u0131 olumlu etkileyebilir.<\/p>\n\n\n\n

\u015eirketin V\u0130OP piyasas\u0131ndaki artan pay\u0131 da d\u00fc\u015f\u00fcn\u00fcld\u00fc\u011f\u00fcnde, t\u00fcrev enstr\u00fcmanlara ilginin artmas\u0131 k\u00e2rl\u0131l\u0131\u011f\u0131 destekleyebilecek bir fakt\u00f6r olarak \u00f6ne \u00e7\u0131k\u0131yor.<\/p>\n\n\n\n

Okudu\u011funuz i\u00e7in te\u015fekk\u00fcr ederim.<\/p>\n\n\n\n

Bay Tutumlu<\/p>\n","protected":false},"excerpt":{"rendered":"

Herkese selamlar. 2025 1. \u00c7eyrek bilan\u00e7o analizlerine #ISMEN ile devam ediyorum. Kendisi \u015fu anda portf\u00f6y\u00fcmde ilk s\u0131rada yer al\u0131yor. Faaliyet raporunu ve yat\u0131r\u0131mc\u0131 sunumunu bu…<\/p>\n","protected":false},"author":2,"featured_media":3339,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"advanced_seo_description":"","jetpack_seo_html_title":"","jetpack_seo_noindex":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false}}},"categories":[44,4],"tags":[45,26],"class_list":["post-3338","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bilanco","category-hisse-senedi","tag-bilanco","tag-hisse-senedi","entry","double"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/baytutumlu.com\/wp-content\/uploads\/2025\/05\/Ekran-Resmi-2025-05-13-21.55.39.png?fit=1206%2C486&ssl=1","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"jetpack_likes_enabled":true,"_links":{"self":[{"href":"https:\/\/baytutumlu.com\/index.php\/wp-json\/wp\/v2\/posts\/3338","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/baytutumlu.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/baytutumlu.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/baytutumlu.com\/index.php\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/baytutumlu.com\/index.php\/wp-json\/wp\/v2\/comments?post=3338"}],"version-history":[{"count":1,"href":"https:\/\/baytutumlu.com\/index.php\/wp-json\/wp\/v2\/posts\/3338\/revisions"}],"predecessor-version":[{"id":3340,"href":"https:\/\/baytutumlu.com\/index.php\/wp-json\/wp\/v2\/posts\/3338\/revisions\/3340"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/baytutumlu.com\/index.php\/wp-json\/wp\/v2\/media\/3339"}],"wp:attachment":[{"href":"https:\/\/baytutumlu.com\/index.php\/wp-json\/wp\/v2\/media?parent=3338"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/baytutumlu.com\/index.php\/wp-json\/wp\/v2\/categories?post=3338"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/baytutumlu.com\/index.php\/wp-json\/wp\/v2\/tags?post=3338"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}