{"id":55,"date":"2026-06-12T18:56:57","date_gmt":"2026-06-12T15:56:57","guid":{"rendered":"https:\/\/tabildot.com.tr\/tv\/?p=55"},"modified":"2026-06-12T19:32:09","modified_gmt":"2026-06-12T16:32:09","slug":"%f0%9f%94%b5-sasa-2026-03-faaliyet-raporu-analizi-sasa-polyester-sanayi-a-s-sasanin-kar-paradoksu-ve-bo","status":"publish","type":"post","link":"https:\/\/tabildot.com.tr\/tv\/arsivler\/55","title":{"rendered":"\ud83d\udd35 SASA 2026-03 Faaliyet Raporu Analizi | Sasa Polyester Sanayi A.\u015e. (SASA&#8217;n\u0131n K\u00e2r Paradoksu ve Bo&#8230;"},"content":{"rendered":"<p><iframe loading=\"lazy\" title=\"\ud83d\udd35 SASA 2026-03 Faaliyet Raporu Analizi | Sasa Polyester Sanayi A.\u015e. (SASA&amp;apos;n\u0131n K\u00e2r Paradoksu ve Bo...\" width=\"858\" height=\"644\" src=\"https:\/\/www.youtube.com\/embed\/q0GvEDIn09Q?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<blockquote class=\"wp-embedded-content\" data-secret=\"tNTfS7xBvK\"><p><a href=\"https:\/\/tabildot.com.tr\/marketrisk\/2525\">\ud83d\udd35 SASA 2026-03 Faaliyet Raporu Analizi | Sasa Polyester Sanayi A.\u015e.<\/a><\/p><\/blockquote>\n<p><iframe loading=\"lazy\" class=\"wp-embedded-content\" sandbox=\"allow-scripts\" security=\"restricted\" style=\"position: absolute; visibility: hidden;\" title=\"\u201c\ud83d\udd35 SASA 2026-03 Faaliyet Raporu Analizi | Sasa Polyester Sanayi A.\u015e.\u201d \u2014 Market Risk\" src=\"https:\/\/tabildot.com.tr\/marketrisk\/2525\/embed#?secret=bWsQNRNCPk#?secret=tNTfS7xBvK\" data-secret=\"tNTfS7xBvK\" width=\"600\" height=\"338\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\"><\/iframe><\/p>\n<p>Sasa Polyester Sanayi A.\u015e.&#8217;nin 09 Haziran 2026 tarihli 2,50 TL hisse fiyat\u0131 \u00fczerinden, 31 Mart 2026 tarihli faaliyet raporundaki veriler \u0131\u015f\u0131\u011f\u0131nda hesaplanan finansal oranlar, de\u011fi\u015fimler ve analizler a\u015fa\u011f\u0131dad\u0131r:Temel Piyasa ve Kar Oranlar\u0131 \u2022 Piyasa De\u011feri (Market Value): \u015eirketin \u00e7\u0131kar\u0131lm\u0131\u015f sermayesi olan 43.815.615.360,80 pay\u0131n, 2,50 TL fiyatla \u00e7arp\u0131m\u0131 sonucu piyasa de\u011feri yakla\u015f\u0131k 109.539.038.402 TL (109,5 milyar TL) olarak hesaplanmaktad\u0131r. Rapor tarihindeki (31 Mart 2026) 2,34 TL&#8217;lik fiyata g\u00f6re piyasa de\u011feri yakla\u015f\u0131k 102,5 milyar TL seviyesindeydi. Bu durum, hisse fiyat\u0131nda rapor d\u00f6neminden bug\u00fcne %6,8 oran\u0131nda bir art\u0131\u015f oldu\u011funu g\u00f6stermektedir. \u2022 Net D\u00f6nem Kar\u0131: 2026 y\u0131l\u0131n\u0131n ilk \u00e7eyre\u011finde 1.725 Milyon TL olarak ger\u00e7ekle\u015fmi\u015ftir. \u2022 Y\u0131ll\u0131k Net Kar De\u011fi\u015fimi: 2025 y\u0131l\u0131n\u0131n ilk \u00e7eyre\u011findeki 1.860 Milyon TL&#8217;lik k\u00e2ra oranla %7,26 oran\u0131nda bir azal\u0131\u015f kaydedilmi\u015ftir. Sat\u0131\u015f hacmi ve br\u00fct k\u00e2rdaki devasa art\u0131\u015fa ra\u011fmen net k\u00e2rdaki bu d\u00fc\u015f\u00fc\u015f, artan finansal giderlerin net k\u00e2r \u00fczerindeki bask\u0131s\u0131n\u0131 i\u015faret etmektedir. \u2022 F\/K (Fiyat\/Kazan\u00e7) Oran\u0131: \u0130lk \u00e7eyrek k\u00e2r\u0131 olan 1.725 Milyon TL y\u0131ll\u0131kland\u0131r\u0131ld\u0131\u011f\u0131nda (basit hesapla x4) 6.900 Milyon TL y\u0131ll\u0131k k\u00e2r tahmini \u00fczerinden F\/K oran\u0131 yakla\u015f\u0131k 15,8 olarak hesaplanmaktad\u0131r. Bu oran, yat\u0131r\u0131mc\u0131lar\u0131n \u015firketin elde etti\u011fi her 1 TL&#8217;lik k\u00e2r i\u00e7in 15,8 TL \u00f6demeye raz\u0131 oldu\u011funu g\u00f6sterir. \u2022 PD\/DD (Piyasa De\u011feri \/ Defter De\u011feri): \u00d6zsermaye karl\u0131l\u0131\u011f\u0131 oranlar\u0131ndan hareketle hesaplanan yakla\u015f\u0131k 172,5 milyar TL&#8217;lik \u00f6zsermaye \u00fczerinden PD\/DD oran\u0131 0,63 seviyesindedir. \u015eirketin defter de\u011ferinin alt\u0131nda i\u015flem g\u00f6rmesi, piyasan\u0131n \u015firketi varl\u0131k de\u011ferine oranla iskontolu fiyatlad\u0131\u011f\u0131n\u0131 g\u00f6sterebilir. \u2022 Net Bor\u00e7 Durumu: \u015eirketin &#8220;Nette Bor\u00e7lu&#8221; oldu\u011fu g\u00f6r\u00fclmektedir. Cari oran 0,63, nakit oran\u0131 ise 0,09 gibi olduk\u00e7a d\u00fc\u015f\u00fck seviyelerdedir. Bu durum, \u015firketin nakit varl\u0131klar\u0131n\u0131n k\u0131sa vadeli bor\u00e7lar\u0131n\u0131 kar\u015f\u0131lamada yetersiz kald\u0131\u011f\u0131n\u0131 ve likidite bask\u0131s\u0131 alt\u0131nda oldu\u011funu g\u00f6stermektedir. Ancak nakit oran\u0131n\u0131n ge\u00e7en y\u0131lki 0,01 seviyesinden 0,09&#8217;a y\u00fckselmesi olumlu bir toparlanma sinyalidir. \u2022 Varl\u0131k Finansman\u0131: Varl\u0131klar\u0131n %49&#8217;u ana sermaye (\u00f6zkaynak), %51&#8217;i ise bor\u00e7 (y\u00fck\u00fcml\u00fcl\u00fckler) ile finanse edilmektedir. Ge\u00e7en y\u0131l varl\u0131klar\u0131n %51&#8217;i \u00f6zkaynakla finanse edilirken, bu y\u0131l bor\u00e7la finansman\u0131n pay\u0131 %49&#8217;dan %51&#8217;e y\u00fckselmi\u015ftir. \u2022 \u00d6zkaynaklardaki De\u011fi\u015fim: \u00d6zkaynaklar\u0131n toplam aktifler i\u00e7indeki pay\u0131 %51&#8217;den %49&#8217;a gerilemi\u015ftir. \u2022 Finansal Bor\u00e7lardaki De\u011fi\u015fim: K\u0131sa vadeli y\u00fck\u00fcml\u00fcl\u00fcklerin toplam aktifteki pay\u0131 %23&#8217;ten %19&#8217;a d\u00fc\u015ferken, uzun vadeli y\u00fck\u00fcml\u00fcl\u00fcklerin pay\u0131 %26&#8217;dan %33&#8217;e y\u00fckselmi\u015ftir. Bu, bor\u00e7 yap\u0131s\u0131n\u0131n vadesinin uzat\u0131ld\u0131\u011f\u0131n\u0131 (ECA ve EBRD kredileri gibi) g\u00f6stermektedir. \u2022 Sat\u0131\u015flardaki De\u011fi\u015fim: Net sat\u0131\u015flar 11.847 Milyon TL&#8217;den 16.138 Milyon TL&#8217;ye y\u00fckselerek %36,2 art\u0131\u015f g\u00f6stermi\u015ftir. \u2022 Br\u00fct Kardaki De\u011fi\u015fim: Br\u00fct k\u00e2r 937 Milyon TL&#8217;den 1.789 Milyon TL&#8217;ye \u00e7\u0131karak %90,9 oran\u0131nda devasa bir art\u0131\u015f kaydetmi\u015ftir. Br\u00fct k\u00e2r marj\u0131 da %8&#8217;den %11&#8217;e y\u00fckselmi\u015ftir. Bu, \u00f6zellikle PTA tesisinin devreye girmesiyle d\u00fc\u015fen hammadde maliyetlerinin operasyonel karl\u0131l\u0131\u011fa do\u011frudan yans\u0131mas\u0131d\u0131r. \u2022 Esas Faaliyet Kar\u0131ndaki De\u011fi\u015fim: 361 Milyon TL&#8217;den 771 Milyon TL&#8217;ye \u00e7\u0131karak %113,5 art\u0131\u015f g\u00f6stermi\u015ftir. \u2022 \u00d6zkaynak Karl\u0131l\u0131\u011f\u0131ndaki De\u011fi\u015fim: %1 seviyesinde sabit kalarak anlaml\u0131 bir de\u011fi\u015fim g\u00f6stermemi\u015ftir. Bu durum, artan varl\u0131k ve sat\u0131\u015f hacmine ra\u011fmen net k\u00e2r marj\u0131ndaki daralman\u0131n \u00f6zsermaye verimlili\u011fini bask\u0131lad\u0131\u011f\u0131n\u0131 kan\u0131tlamaktad\u0131r. \u2022 FAV\u00d6K Marj\u0131: %8&#8217;den %19&#8217;a y\u00fckselmi\u015ftir. Bu, \u015firketin operasyonel verimlili\u011finin (PTA yat\u0131r\u0131m\u0131 ve enerji \u00f6z yeterlili\u011fi sayesinde) neredeyse iki kat\u0131na \u00e7\u0131kt\u0131\u011f\u0131n\u0131 g\u00f6steren en kritik veridir. \u2022 Alacak Devir S\u00fcresi: 96 g\u00fcnden 57 g\u00fcne d\u00fc\u015ferek ciddi \u015fekilde iyile\u015fmi\u015ftir. \u015eirketin nakit d\u00f6ng\u00fcs\u00fcn\u00fc \u00e7ok daha h\u0131zl\u0131 y\u00f6netmeye ba\u015flad\u0131\u011f\u0131 g\u00f6r\u00fclmektedir. \u2022 Faizleri Kar\u015f\u0131lama Rasyosu (FAV\u00d6K\/Faiz): 0,70&#8217;ten 1,00 seviyesine y\u00fckselmi\u015ftir. \u015eirket art\u0131k operasyonel k\u00e2r\u0131 ile faiz giderlerini tam olarak kar\u015f\u0131layabilir duruma gelmi\u015ftir; ancak finansal riskin tamamen ortadan kalkmas\u0131 i\u00e7in bu oran\u0131n 1,00&#8217;in \u00fczerine \u00e7\u0131kmas\u0131 beklenir.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>\ud83d\udd35 SASA 2026-03 Faaliyet Raporu Analizi | Sasa Polyester Sanayi A.\u015e. Sasa Polyester Sanayi A.\u015e.&#8217;nin 09 Haziran 2026 tarihli 2,50 TL hisse fiyat\u0131 \u00fczerinden, 31 Mart 2026 tarihli faaliyet raporundaki veriler \u0131\u015f\u0131\u011f\u0131nda hesaplanan finansal oranlar, de\u011fi\u015fimler ve analizler a\u015fa\u011f\u0131dad\u0131r:Temel Piyasa&#8230; <\/p>\n","protected":false},"author":2,"featured_media":56,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[14],"tags":[8],"class_list":["post-55","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-market-risk","tag-sasa"],"_links":{"self":[{"href":"https:\/\/tabildot.com.tr\/tv\/wp-json\/wp\/v2\/posts\/55","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/tabildot.com.tr\/tv\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/tabildot.com.tr\/tv\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/tv\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/tv\/wp-json\/wp\/v2\/comments?post=55"}],"version-history":[{"count":1,"href":"https:\/\/tabildot.com.tr\/tv\/wp-json\/wp\/v2\/posts\/55\/revisions"}],"predecessor-version":[{"id":57,"href":"https:\/\/tabildot.com.tr\/tv\/wp-json\/wp\/v2\/posts\/55\/revisions\/57"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/tv\/wp-json\/wp\/v2\/media\/56"}],"wp:attachment":[{"href":"https:\/\/tabildot.com.tr\/tv\/wp-json\/wp\/v2\/media?parent=55"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tabildot.com.tr\/tv\/wp-json\/wp\/v2\/categories?post=55"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tabildot.com.tr\/tv\/wp-json\/wp\/v2\/tags?post=55"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}