{"id":2401,"date":"2026-05-04T01:52:05","date_gmt":"2026-05-03T22:52:05","guid":{"rendered":"https:\/\/tabildot.com.tr\/marketrisk\/?p=2401"},"modified":"2026-05-04T01:53:05","modified_gmt":"2026-05-03T22:53:05","slug":"sasa-hisse-analizi-2026-finansal-rapor-ve-teknik-yorumlar","status":"publish","type":"post","link":"https:\/\/tabildot.com.tr\/marketrisk\/2401","title":{"rendered":"SASA Hisse Analizi 2026: Finansal Rapor ve Teknik Yorumlar"},"content":{"rendered":"<p><iframe loading=\"lazy\" title=\"SASA Hissesi Teknik Analizi 2026: Finansal Rapor ve Teknik Yorumlar\" width=\"858\" height=\"483\" src=\"https:\/\/www.youtube.com\/embed\/6dDS4j-pLdI?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe><\/p>\n<h1>SASA Polyester Finansal ve Operasyonel De\u011ferlendirme Raporu (Nisan 2026)<\/h1>\n<h2>Y\u00f6netici \u00d6zeti<\/h2>\n<p>Bu belge, SASA Polyester Sanayi A.\u015e.&#8217;nin (SASA) 2024 ve 2025 mali y\u0131llar\u0131n\u0131 kapsayan finansal performans\u0131n\u0131, bilan\u00e7o yap\u0131s\u0131n\u0131 ve hisse senedi teknik g\u00f6r\u00fcn\u00fcm\u00fcn\u00fc analiz etmektedir. 2025 y\u0131l\u0131 sonu itibar\u0131yla \u015firket, operasyonel ve finansal a\u00e7\u0131dan zorlu bir d\u00f6nemden ge\u00e7mektedir. En dikkat \u00e7ekici geli\u015fme, 2024 y\u0131l\u0131nda kaydedilen 23,9 milyar TL&#8217;lik net k\u00e2r\u0131n, 2025 y\u0131l\u0131nda 21,9 milyar TL&#8217;lik bir net zarara d\u00f6n\u00fc\u015fmesidir. Net sat\u0131\u015flar %16,47 oran\u0131nda gerilerken, bor\u00e7luluk yap\u0131s\u0131ndaki art\u0131\u015f ve k\u00e2r marjlar\u0131ndaki sert d\u00fc\u015f\u00fc\u015f \u015firketin finansal dengelerini bask\u0131 alt\u0131na alm\u0131\u015ft\u0131r. Teknik g\u00f6stergeler k\u0131sa ve orta vadede &#8220;Sat&#8221; sinyalleri \u00fcretmekte, hisse fiyat\u0131 hareketli ortalamalar\u0131n alt\u0131nda seyretmektedir.<\/p>\n<p>&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8211;<\/p>\n<h2>1. Gelir Tablosu ve Karl\u0131l\u0131k Analizi<\/h2>\n<p>SASA&#8217;n\u0131n gelir tablosu verileri, 2024-2025 d\u00f6neminde operasyonel verimlilikte ve sat\u0131\u015f hacminde belirgin bir daralmaya i\u015faret etmektedir.<\/p>\n<h3>1.1. Sat\u0131\u015f Performans\u0131<\/h3>\n<ul>\n<li><b>Net Sat\u0131\u015flar:<\/b> 2024 y\u0131l\u0131nda 63,59 milyar TL olan net sat\u0131\u015flar, 2025 y\u0131l\u0131nda %16,47 azalarak 53,12 milyar TL&#8217;ye gerilemi\u015ftir.<\/li>\n<li><b>Sat\u0131\u015flar\u0131n K\u0131r\u0131l\u0131m\u0131:<\/b> Yurti\u00e7i sat\u0131\u015flar %24,83 oran\u0131nda sert bir d\u00fc\u015f\u00fc\u015f g\u00f6sterirken, yurtd\u0131\u015f\u0131 sat\u0131\u015flar %3,89 oran\u0131nda s\u0131n\u0131rl\u0131 bir art\u0131\u015f kaydederek 19,24 milyar TL&#8217;ye ula\u015fm\u0131\u015ft\u0131r.<\/li>\n<li><b>Br\u00fct K\u00e2r:<\/b> Br\u00fct k\u00e2r, sat\u0131\u015f maliyetlerindeki %5,24&#8217;l\u00fck s\u0131n\u0131rl\u0131 d\u00fc\u015f\u00fc\u015fe ra\u011fmen, has\u0131lat kayb\u0131 nedeniyle %68,44 oran\u0131nda azalarak 3,56 milyar TL&#8217;ye inmi\u015ftir.<\/li>\n<\/ul>\n<h3>1.2. K\u00e2r Marjlar\u0131 ve Operasyonel K\u00e2rl\u0131l\u0131k<\/h3>\n<p>Karl\u0131l\u0131k oranlar\u0131ndaki d\u00fc\u015f\u00fc\u015f, \u015firketin operasyonel maliyet bask\u0131s\u0131 alt\u0131nda oldu\u011funu g\u00f6stermektedir:<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Oran T\u00fcr\u00fc<\/td>\n<td>2024\/12 (%)<\/td>\n<td>2025\/12 (%)<\/td>\n<td>De\u011fi\u015fim (bps)<\/td>\n<\/tr>\n<tr>\n<td><b>Br\u00fct K\u00e2r Marj\u0131<\/b><\/td>\n<td>17,76<\/td>\n<td>6,71<\/td>\n<td>-11,05<\/td>\n<\/tr>\n<tr>\n<td><b>FAV\u00d6K Marj\u0131<\/b><\/td>\n<td>16,10<\/td>\n<td>12,30<\/td>\n<td>-3,80<\/td>\n<\/tr>\n<tr>\n<td><b>Net K\u00e2r Marj\u0131<\/b><\/td>\n<td>37,63<\/td>\n<td>-41,39<\/td>\n<td>a.d.<\/td>\n<\/tr>\n<tr>\n<td><b>\u00d6zsermaye K\u00e2rl\u0131l\u0131\u011f\u0131<\/b><\/td>\n<td>21,08<\/td>\n<td>-15,90<\/td>\n<td>a.d.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<ul>\n<li><b>FAV\u00d6K:<\/b> 2024&#8217;te 10,24 milyar TL olan FAV\u00d6K, %36,18 azal\u0131\u015fla 6,53 milyar TL&#8217;ye gerilemi\u015ftir.<\/li>\n<li><b>Net D\u00f6nem K\u00e2r\u0131\/Zarar\u0131:<\/b> \u015eirket, 2025 y\u0131l\u0131n\u0131 21,98 milyar TL net zarar ile kapatarak bir \u00f6nceki y\u0131l\u0131n k\u00e2rl\u0131 yap\u0131s\u0131ndan uzakla\u015fm\u0131\u015ft\u0131r.<\/li>\n<\/ul>\n<p>&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8211;<\/p>\n<h2>2. Bilan\u00e7o ve Finansal Yap\u0131 Analizi<\/h2>\n<p>\u015eirketin toplam varl\u0131klar\u0131 b\u00fcy\u00fcme g\u00f6sterse de bor\u00e7 y\u00fck\u00fcml\u00fcl\u00fckleri ve \u00f6zkaynak kayb\u0131 dikkat \u00e7ekicidir.<\/p>\n<h3>2.1. Varl\u0131k ve Kaynak Yap\u0131s\u0131<\/h3>\n<ul>\n<li><b>Toplam Aktifler:<\/b> %5,42 art\u0131\u015fla 320,57 milyar TL&#8217;ye y\u00fckselmi\u015ftir. Bu b\u00fcy\u00fcme temel olarak duran varl\u0131klardaki %7,89&#8217;luk art\u0131\u015ftan kaynaklanm\u0131\u015ft\u0131r.<\/li>\n<li><b>Likit Kaynaklar:<\/b> Haz\u0131r de\u011ferler %62,60 oran\u0131nda ciddi bir kay\u0131pla 1,07 milyar TL&#8217;ye gerilemi\u015ftir.<\/li>\n<li><b>\u00d6zkaynaklar:<\/b> 158,22 milyar TL&#8217;den 154,30 milyar TL&#8217;ye (%2,48 azal\u0131\u015f) gerileyen \u00f6zkaynaklar, net d\u00f6nem zarar\u0131n\u0131n etkisini yans\u0131tmaktad\u0131r.<\/li>\n<\/ul>\n<h3>2.2. Bor\u00e7luluk ve Kald\u0131ra\u00e7 Oranlar\u0131<\/h3>\n<ul>\n<li><b>Toplam Bor\u00e7lar:<\/b> %14 art\u0131\u015fla 166,27 milyar TL&#8217;ye ula\u015fm\u0131\u015ft\u0131r.<\/li>\n<li><b>Net Bor\u00e7:<\/b> 121,66 milyar TL seviyesinde yatay bir seyir izlemektedir. Ancak <b>Net Bor\u00e7 \/ FAV\u00d6K<\/b> oran\u0131n\u0131n 8,80&#8217;den 17,95&#8217;e y\u00fckselmesi, bor\u00e7 geri \u00f6deme kapasitesinin zay\u0131flad\u0131\u011f\u0131n\u0131 g\u00f6stermektedir.<\/li>\n<li><b>Finansman Giderleri:<\/b> Finansman giderlerinin net sat\u0131\u015flara oran\u0131 %44,04&#8217;ten %94,41&#8217;e y\u00fckselerek dramatik bir art\u0131\u015f kaydetmi\u015ftir.<\/li>\n<li><b>Yabanc\u0131 Para Pozisyonu:<\/b> \u015eirketin yabanc\u0131 para net pozisyonunun \u00f6zkaynaklara oran\u0131 -%94,20 gibi y\u00fcksek bir negatif seviyededir.<\/li>\n<\/ul>\n<p>&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8211;<\/p>\n<h2>3. Hisse Performans\u0131 ve Teknik G\u00f6stergeler<\/h2>\n<p>30 Nisan 2026 itibar\u0131yla SASA hisselerinin piyasa performans\u0131 ve teknik analizi \u015fu \u015fekildedir:<\/p>\n<h3>3.1. Piyasa Verileri<\/h3>\n<ul>\n<li><b>Kapan\u0131\u015f Fiyat\u0131:<\/b> 3,14 TL<\/li>\n<li><b>Piyasa De\u011feri (PD):<\/b> 137,58 milyar TL (3,06 milyar USD)<\/li>\n<li><b>Fiyat\/Kazan\u00e7 (F\/K):<\/b> Net zarar nedeniyle hesaplanamamaktad\u0131r (a.d.).<\/li>\n<li><b>PD\/DD:<\/b> 0,89 (\u015eirket defter de\u011ferinin alt\u0131nda i\u015flem g\u00f6rmektedir).<\/li>\n<li><b>Y\u0131ll\u0131k Getiri:<\/b> -%25,77 (Hisse son bir y\u0131lda yat\u0131r\u0131mc\u0131s\u0131na kaybettirmi\u015ftir).<\/li>\n<\/ul>\n<h3>3.2. Teknik G\u00f6sterge Analizi<\/h3>\n<p>Teknik veriler genel olarak negatif bir g\u00f6r\u00fcn\u00fcm sergilemektedir:<\/p>\n<ul>\n<li><b>Hareketli Ortalamalar:<\/b> Hisse fiyat\u0131 (3,14 TL), 3, 5, 10, 20, 50 ve 100 g\u00fcnl\u00fck hareketli ortalamalar\u0131n alt\u0131nda kalarak zay\u0131f bir trend sinyali vermektedir.<\/li>\n<li><b>RSI:<\/b> 63,63 seviyesinde olup, bir \u00f6nceki d\u00f6nemdeki 66,94 seviyesinden gerilemi\u015ftir.<\/li>\n<li><b>MACD:<\/b> 0,20 seviyesinde sabit kalarak zay\u0131f seyrini korumaktad\u0131r.<\/li>\n<li><b>CCI:<\/b> 72,59&#8217;dan 46,96&#8217;ya d\u00fc\u015ferek ivme kayb\u0131na i\u015faret etmektedir.<\/li>\n<li><b>Genel Yorum:<\/b> K\u0131sa vadeli g\u00f6stergeler &#8220;Sat&#8221; konumundad\u0131r. Orta vadeli g\u00f6stergeler de belirgin &#8220;Sat&#8221; sinyalleri \u00fcretmeye ba\u015flam\u0131\u015ft\u0131r.<\/li>\n<\/ul>\n<p>&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8211;<\/p>\n<h2>4. Kurumsal Bilgiler ve \u0130\u015ftirak Yap\u0131s\u0131<\/h2>\n<p>SASA, Y\u0131ld\u0131z Pazar&#8217;da i\u015flem g\u00f6rmekte olup XU030, XU100 ve XUSIN gibi ana endekslere dahildir.<\/p>\n<ul>\n<li><b>Ortakl\u0131k Yap\u0131s\u0131:<\/b>\n<ul>\n<li>Erdemo\u011flu Holding A.\u015e.: %49,35<\/li>\n<li>Halka A\u00e7\u0131k (Di\u011fer): %49,93<\/li>\n<li>Hisse Geri Al\u0131m: %0,72<\/li>\n<\/ul>\n<\/li>\n<li><b>Ba\u011fl\u0131 Ortakl\u0131klar:<\/b>\n<ul>\n<li><b>SASA Rafineri A.\u015e.:<\/b> %100 pay oran\u0131, 100 milyon TL sermaye.<\/li>\n<li><b>SASA Uluslararas\u0131 Finansal Yat\u0131r\u0131m A.\u015e.:<\/b> %100 pay oran\u0131, 20 milyon TL sermaye.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<h2>5. Sonu\u00e7 ve De\u011ferlendirme<\/h2>\n<p>SASA&#8217;n\u0131n 2025 y\u0131l\u0131 finansal sonu\u00e7lar\u0131, operasyonel k\u00e2rl\u0131l\u0131\u011f\u0131n zay\u0131flad\u0131\u011f\u0131 ve finansman giderlerinin \u015firket bilan\u00e7osu \u00fczerinde a\u011f\u0131r bir y\u00fck olu\u015fturdu\u011fu bir tablo ortaya koymaktad\u0131r. Net sat\u0131\u015flardaki daralma, br\u00fct k\u00e2r marj\u0131ndaki sert d\u00fc\u015f\u00fc\u015f ve sonu\u00e7 olarak ortaya \u00e7\u0131kan y\u00fcksek tutarl\u0131 net zarar, \u015firketin yak\u0131n d\u00f6nemdeki en b\u00fcy\u00fck risk unsurlar\u0131d\u0131r. Piyasa de\u011feri defter de\u011ferinin alt\u0131na (0,89) gerilemi\u015f olsa da, teknik g\u00f6stergelerdeki &#8220;Sat&#8221; e\u011filimi ve likidite oranlar\u0131ndaki zay\u0131flama (Cari Oran: 0,44), hisse \u00fczerindeki bask\u0131n\u0131n devam edebilece\u011fini g\u00f6stermektedir.<\/p>\n<button class=\"simplefavorite-button\" data-postid=\"2401\" data-siteid=\"1\" data-groupid=\"1\" data-favoritecount=\"0\" style=\"\">Favorile <i class=<\/button>","protected":false},"excerpt":{"rendered":"<p>SASA Polyester&#8217;in 2026 y\u0131l\u0131 g\u00fcncel finansal verileri, \u015firketin gelirlerinde ve karl\u0131l\u0131\u011f\u0131nda ciddi bir daralma oldu\u011funu ortaya koyuyor<br \/>\n \u00d6zellikle br\u00fct kar marj\u0131ndaki keskin d\u00fc\u015f\u00fc\u015f ve net zarar rakam\u0131, yat\u0131r\u0131mc\u0131lar i\u00e7in temel risk fakt\u00f6rleri aras\u0131nda yer al\u0131yor<br \/>\n Teknik g\u00f6stergelerin &#8220;Sat&#8221; sinyali verdi\u011fi bu d\u00f6nemde, \u015firketin bor\u00e7 yap\u0131s\u0131 ve piyasa performans\u0131 detayl\u0131 analiziyle yat\u0131r\u0131mc\u0131lara \u0131\u015f\u0131k tutuyoruz<\/p>\n","protected":false},"author":7,"featured_media":2385,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[337],"tags":[308],"class_list":["post-2401","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-hisse-teknik-analizi","tag-sasa"],"_links":{"self":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/2401","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/users\/7"}],"replies":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/comments?post=2401"}],"version-history":[{"count":1,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/2401\/revisions"}],"predecessor-version":[{"id":2403,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/2401\/revisions\/2403"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media\/2385"}],"wp:attachment":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media?parent=2401"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/categories?post=2401"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/tags?post=2401"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}