{"id":302602,"date":"2025-07-12T16:50:09","date_gmt":"2025-07-12T16:50:09","guid":{"rendered":"https:\/\/pocketoption.com\/blog\/news-events\/data\/what-are-the-basic-profits-on-stocks-2\/"},"modified":"2025-07-12T16:50:09","modified_gmt":"2025-07-12T16:50:09","slug":"what-are-the-basic-profits-on-stocks","status":"publish","type":"post","link":"https:\/\/pocketoption.com\/blog\/tr\/knowledge-base\/learning\/what-are-the-basic-profits-on-stocks\/","title":{"rendered":"Hisse Ba\u015f\u0131na Kazan\u00e7 Nedir: Her yat\u0131r\u0131mc\u0131n\u0131n \u015fimdi bilmesi gereken temel bir hisse senedi de\u011ferlendirme arac\u0131"},"content":{"rendered":"<div id=\"root\"><div id=\"wrap-img-root\"><\/div><\/div>","protected":false},"excerpt":{"rendered":"","protected":false},"author":50,"featured_media":213460,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[17],"tags":[28,39,45,44],"class_list":["post-302602","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-learning","tag-investment","tag-platform","tag-stock","tag-strategy"],"acf":{"h1":"Pocket Option: Hisse ba\u015f\u0131na kazanc\u0131n ne oldu\u011funu \u00e7\u00f6zmek ve en etkili \u015fekilde nas\u0131l uygulanaca\u011f\u0131n\u0131 anlamak","h1_source":{"label":"H1","type":"text","formatted_value":"Pocket Option: Hisse ba\u015f\u0131na kazanc\u0131n ne oldu\u011funu \u00e7\u00f6zmek ve en etkili \u015fekilde nas\u0131l uygulanaca\u011f\u0131n\u0131 anlamak"},"description":"Vietnaml\u0131 i\u015fletmelerin ger\u00e7ek de\u011ferini belirleyen oran olan hisse ba\u015f\u0131na kazanc\u0131 ayr\u0131nt\u0131l\u0131 olarak ke\u015ffedin. Do\u011fru bir \u015fekilde nas\u0131l hesaplanaca\u011f\u0131n\u0131 \u00f6\u011frenin ve HOSE'deki ilk 5 hisse senedine hemen uygulay\u0131n. Pocket Option, 2025 i\u00e7in \u00f6zel bir rehber sunuyor.","description_source":{"label":"Description","type":"textarea","formatted_value":"Vietnaml\u0131 i\u015fletmelerin ger\u00e7ek de\u011ferini belirleyen oran olan hisse ba\u015f\u0131na kazanc\u0131 ayr\u0131nt\u0131l\u0131 olarak ke\u015ffedin. Do\u011fru bir \u015fekilde nas\u0131l hesaplanaca\u011f\u0131n\u0131 \u00f6\u011frenin ve HOSE'deki ilk 5 hisse senedine hemen uygulay\u0131n. Pocket Option, 2025 i\u00e7in \u00f6zel bir rehber sunuyor."},"intro":"Hisse ba\u015f\u0131na kazanc\u0131 anlamak, sadece ilk ad\u0131m de\u011fil, bir \u015firketin de\u011ferini do\u011fru bir \u015fekilde de\u011ferlendirmek ve di\u011ferlerinden \u00f6nce potansiyel yat\u0131r\u0131m f\u0131rsatlar\u0131n\u0131 ke\u015ffetmek i\u00e7in en \u00f6nemli anahtard\u0131r. Bilgilerin ger\u00e7ekten \u015feffaf olmad\u0131\u011f\u0131 Vietnam hisse senedi piyasas\u0131nda, bu g\u00f6sterge, yat\u0131r\u0131mc\u0131lar\u0131n y\u00fczlerce listelenmi\u015f hisse aras\u0131nda yolunu bulmas\u0131na yard\u0131mc\u0131 olan bir pusula haline gelir. Bu makale, Pocket Option'dan \u00f6zel bir EPS analiz y\u00f6ntemi sunacak ve \u00e7o\u011fu yat\u0131r\u0131mc\u0131n\u0131n g\u00f6zden ka\u00e7\u0131rd\u0131\u011f\u0131 potansiyel hisseleri ke\u015ffetmenize yard\u0131mc\u0131 olacakt\u0131r.","intro_source":{"label":"Intro","type":"text","formatted_value":"Hisse ba\u015f\u0131na kazanc\u0131 anlamak, sadece ilk ad\u0131m de\u011fil, bir \u015firketin de\u011ferini do\u011fru bir \u015fekilde de\u011ferlendirmek ve di\u011ferlerinden \u00f6nce potansiyel yat\u0131r\u0131m f\u0131rsatlar\u0131n\u0131 ke\u015ffetmek i\u00e7in en \u00f6nemli anahtard\u0131r. Bilgilerin ger\u00e7ekten \u015feffaf olmad\u0131\u011f\u0131 Vietnam hisse senedi piyasas\u0131nda, bu g\u00f6sterge, yat\u0131r\u0131mc\u0131lar\u0131n y\u00fczlerce listelenmi\u015f hisse aras\u0131nda yolunu bulmas\u0131na yard\u0131mc\u0131 olan bir pusula haline gelir. Bu makale, Pocket Option'dan \u00f6zel bir EPS analiz y\u00f6ntemi sunacak ve \u00e7o\u011fu yat\u0131r\u0131mc\u0131n\u0131n g\u00f6zden ka\u00e7\u0131rd\u0131\u011f\u0131 potansiyel hisseleri ke\u015ffetmenize yard\u0131mc\u0131 olacakt\u0131r."},"body_html":"<div class='po-container po-container_width_article-sm'><h2 class='po-article-page__title'>Vietnam Pazar\u0131nda Hisse Ba\u015f\u0131na Kazan\u00e7 Kavram\u0131 ve \u00d6nemi<\/h2><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Ayn\u0131 fiyata sahip iki hissenin neden tamamen farkl\u0131 i\u00e7sel de\u011ferlere sahip olabilece\u011fini hi\u00e7 merak ettiniz mi? Cevap, hisse ba\u015f\u0131na kazan\u00e7ta yat\u0131yor. Hisse ba\u015f\u0131na kazan\u00e7 nedir? Genellikle \u00fc\u00e7 ayl\u0131k veya y\u0131ll\u0131k bir raporlama d\u00f6nemi boyunca her bir adi hisse senedinin hissedarlara getirdi\u011fi k\u00e2r miktar\u0131d\u0131r.<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Bireysel yat\u0131r\u0131mc\u0131lar\u0131n %70'inden fazlas\u0131n\u0131n bulundu\u011fu ve borsa piyasas\u0131n\u0131n hala gen\u00e7 oldu\u011fu Vietnam'da, EPS g\u00f6stergesi g\u00fcvenilir bir pusula haline geliyor. Dragon Capital veya VinaCapital gibi yabanc\u0131 yat\u0131r\u0131m fonlar\u0131n\u0131n, herhangi bir Vietnam i\u015fletmesine yat\u0131r\u0131m yapmadan \u00f6nce her zaman EPS analizine \u00f6ncelik vermesi tesad\u00fcf de\u011fildir.<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Pocket Option taraf\u0131ndan Vietnam'da 500 ba\u015far\u0131l\u0131 yat\u0131r\u0131mc\u0131yla yap\u0131lan son ankete g\u00f6re, %83'\u00fc bir hisse senedi sat\u0131n almadan \u00f6nce kontrol ettikleri ilk g\u00f6sterge olarak EPS'yi de\u011ferlendiriyor. Ana neden: EPS, HOSE ve HNX'te \u00e7ok yayg\u0131n olan kalabal\u0131k psikolojisi ve piyasa s\u00f6ylentileri taraf\u0131ndan kolayca \u00e7arp\u0131t\u0131lamayan ger\u00e7ek i\u015f performans\u0131n\u0131 do\u011frudan yans\u0131t\u0131r.<\/p><\/div><div class='po-container po-container_width_article-sm'><h3 class='po-article-page__title'>EPS - Vietnam Borsa Piyasas\u0131nda \"Premium\" ve \"Alt\" Hisseleri Ay\u0131rt Etme Arac\u0131<\/h3><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Biliyor muydunuz: 2020-2024 d\u00f6neminde, Vietnam'da y\u0131ll\u0131k %15'in \u00fczerinde istikrarl\u0131 EPS b\u00fcy\u00fcmesine sahip hisseler, ortalama %78 getiri sa\u011flarken, VN-Index sadece %35 artt\u0131? Bu rastgele bir tesad\u00fcf de\u011fil.<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>EPS, Vietnaml\u0131 yat\u0131r\u0131mc\u0131lar\u0131n 5 \u00f6nemli g\u00f6revi yerine getirmesine yard\u0131mc\u0131 olur:<\/p><\/div><div class='po-container po-container_width_article-sm article-content po-article-page__text'><ul class='po-article-page-list'><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Ger\u00e7ekten para kazanan i\u015fletmeleri tan\u0131mlay\u0131n&nbsp;- sadece PR ve pazarlamada iyi olanlar\u0131 de\u011fil<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Farkl\u0131 boyutlardaki ve hisse fiyatlar\u0131ndaki i\u015fletmeler aras\u0131nda do\u011fru kar\u015f\u0131la\u015ft\u0131rmalar yap\u0131n<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Gelecekteki EPS iyile\u015ftirme beklentilerine dayal\u0131 olarak fiyat art\u0131\u015f potansiyelini tahmin edin<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>EPS d\u00fc\u015fmeye ba\u015flad\u0131\u011f\u0131nda hisse fiyatlar\u0131 bunu yans\u0131tmadan \u00f6nce d\u00fc\u015f\u00fc\u015f\u00fcn erken i\u015faretlerini tespit edin<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>\u0130\u015fletmelerin uzun vadede \u00f6deyebilece\u011fi s\u00fcrd\u00fcr\u00fclebilir temett\u00fc seviyelerini de\u011ferlendirin<\/li><\/ul><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>\u00d6zellikle Vietnam'\u0131n ba\u011flam\u0131nda, bilgi bazen yat\u0131r\u0131mc\u0131 gruplar\u0131 aras\u0131nda e\u015fit olmayabilece\u011finden, EPS, bireysel yat\u0131r\u0131mc\u0131lar\u0131n b\u00fcy\u00fck kurumlarla aradaki fark\u0131 daraltmas\u0131na yard\u0131mc\u0131 olan objektif bir \u00f6l\u00e7\u00fct haline gelir.<\/p><\/div><div class='po-container po-container_width_article po-article-page__table'><div class='po-table'><table><thead><tr><th>Parametre<\/th><th>Analizdeki Rol\u00fc<\/th><th>Vietnam Borsa Piyasas\u0131nda \u00d6zel \u00d6rnek<\/th><\/tr><\/thead><tbody><tr><td>\u0130stikrarl\u0131 EPS b\u00fcy\u00fcmesi<\/td><td>S\u00fcrd\u00fcr\u00fclebilir i\u015f modelini yans\u0131t\u0131r<\/td><td>FPT s\u00fcrekli olarak EPS'yi %15-20 art\u0131rd\u0131\/y\u0131l \u2192 Hisse %300 artt\u0131 (2020-2024)<\/td><\/tr><tr><td>Y\u00fcksek dalgal\u0131 EPS<\/td><td>D\u00f6ng\u00fcsel risk uyar\u0131s\u0131<\/td><td>HPG: 2021 EPS 5,600 VND'ye ula\u015ft\u0131, 2022'de 1,500 VND'ye d\u00fc\u015ft\u00fc \u2192 Fiyat -%65<\/td><\/tr><tr><td>S\u00fcrekli d\u00fc\u015fen EPS<\/td><td>Ciddi bozulma i\u015fareti<\/td><td>CII: EPS 4 y\u0131l \u00fcst \u00fcste d\u00fc\u015ft\u00fc \u2192 Fiyat 40,000 VND'den 12,000 VND'ye d\u00fc\u015ft\u00fc<\/td><\/tr><tr><td>Sekt\u00f6rden %30+ daha y\u00fcksek EPS<\/td><td>\u00dcst\u00fcn rekabet avantaj\u0131<\/td><td>MWG 2018-2020 d\u00f6neminde \u2192 Yat\u0131r\u0131mc\u0131lar i\u00e7in ROI +%215<\/td><\/tr><\/tbody><\/table><\/div><\/div><div class='po-container po-container_width_article-sm'><h2 class='po-article-page__title'>Hisse Ba\u015f\u0131na Kazanc\u0131 Do\u011fru ve H\u0131zl\u0131 Hesaplama Y\u00f6ntemi<\/h2><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Art\u0131k EPS'nin \u00f6nemini anlad\u0131\u011f\u0131n\u0131za g\u00f6re, bir sonraki soru: hisse ba\u015f\u0131na kazanc\u0131 nas\u0131l do\u011fru hesaplayabilirsiniz? Pocket Option, HOSE, HNX veya UPCOM'daki herhangi bir hisse senedine uygulanabilir kolay bir 3 ad\u0131ml\u0131 y\u00f6ntem sunar.<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Bir\u00e7ok yeni yat\u0131r\u0131mc\u0131 s\u0131k\u00e7a \u015fu soruyu sorar: \"Hisse ba\u015f\u0131na kazanc\u0131 nas\u0131l hatas\u0131z hesaplar\u0131m?\" Cevap, do\u011fru form\u00fcl\u00fc uygulamak ve bile\u015fenlerini anlamakta yatar.<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'><b>EPS hesaplaman\u0131n alt\u0131n form\u00fcl\u00fc:<\/b><\/p><\/div><div class='po-container po-container_width_article po-article-page__table'><div class='po-table'><table><thead><tr><th>EPS = (Net K\u00e2r - \u0130mtiyazl\u0131 Hisse Senedi Temett\u00fcleri) \/ A\u011f\u0131rl\u0131kl\u0131 Ortalama Adi Hisse Senedi Say\u0131s\u0131<\/th><\/tr><\/thead><tbody><\/tbody><\/table><\/div><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Her bir bile\u015feni analiz edelim:<\/p><\/div><div class='po-container po-container_width_article-sm article-content po-article-page__text'><ul class='po-article-page-list'><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Net K\u00e2r:&nbsp;Konsolide finansal tablolardaki \"Ana \u015firket hissedarlar\u0131na atfedilen vergi sonras\u0131 k\u00e2r\" sat\u0131r\u0131ndan do\u011frudan al\u0131n\u0131r (toplam PAT de\u011fil!)<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>\u0130mtiyazl\u0131 Hisse Senedi Temett\u00fcleri:&nbsp;Vietnam'da yayg\u0131n de\u011fil, ancak finansal tablo notlar\u0131nda \"\u0130mtiyazl\u0131 temett\u00fc \u00f6demeleri\" kontrol edilmelidir<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>A\u011f\u0131rl\u0131kl\u0131 Ortalama Hisse Say\u0131s\u0131:&nbsp;Bu, bir\u00e7ok Vietnaml\u0131 yat\u0131r\u0131mc\u0131n\u0131n EPS'yi yanl\u0131\u015f hesaplad\u0131\u011f\u0131 noktad\u0131r<\/li><\/ul><\/div><div class='po-container po-container_width_article-sm'><h3 class='po-article-page__title'>A\u011f\u0131rl\u0131kl\u0131 Ortalama Hisse Say\u0131s\u0131n\u0131 Do\u011fru Hesaplama Y\u00f6ntemi<\/h3><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Vietnam pazar\u0131nda, ek hisse ihra\u00e7lar\u0131 s\u0131k\u00e7a \u015fu yollarla ger\u00e7ekle\u015fir: hisse temett\u00fcleri, ESOP ihra\u00e7lar\u0131, \u00f6zel yerle\u015ftirmeler... A\u011f\u0131rl\u0131kl\u0131 ortalama hisse say\u0131s\u0131n\u0131 do\u011fru hesaplamak i\u00e7in bu form\u00fcl\u00fc uygulay\u0131n:<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'><b>A\u011f\u0131rl\u0131kl\u0131 Ort. Hisseler = (Ba\u015flang\u0131\u00e7 hisseleri \u00d7 mevcut aylar + Yeni hisseler \u00d7 kalan aylar) \/ D\u00f6nemdeki toplam aylar<\/b><\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Ger\u00e7ek \u00f6rnek: 15 Nisan 2024'te Vinhomes (VHM) hisse priminden 500 milyon bonus hisse ihra\u00e7 etti. Daha \u00f6nce, VHM'nin 4 milyar tedav\u00fcldeki hissesi vard\u0131. 2024 2. \u00c7eyrek EPS'yi hesaplarken, a\u011f\u0131rl\u0131kl\u0131 ortalama hisseler \u015f\u00f6yle olurdu:<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>A\u011f\u0131rl\u0131kl\u0131 Ort. Hisseler = (4 milyar \u00d7 0.5 ay + 4.5 milyar \u00d7 2.5 ay) \/ 3 ay = 4.42 milyar hisse<\/p><\/div><div class='po-container po-container_width_article po-article-page__table'><div class='po-table'><table><thead><tr><th>Yayg\u0131n Hata<\/th><th>\u00c7\u00f6z\u00fcm<\/th><th>Sonu\u00e7lar \u00dczerindeki Etki<\/th><\/tr><\/thead><tbody><tr><td>D\u00f6nem sonu hisselerini ortalama yerine kullanmak<\/td><td>Zaman a\u011f\u0131rl\u0131kl\u0131 ortalama hesaplay\u0131n<\/td><td>EPS, seyrelmeye ba\u011fl\u0131 olarak %5-20 sapabilir<\/td><\/tr><tr><td>Geriye d\u00f6n\u00fck ayarlamalar\u0131 g\u00f6z ard\u0131 etmek<\/td><td>Finansal tablo notlar\u0131nda ayarlamalar\u0131 kontrol edin<\/td><td>EPS b\u00fcy\u00fcme oran\u0131n\u0131n yanl\u0131\u015f anla\u015f\u0131lmas\u0131na neden olabilir<\/td><\/tr><tr><td>Toplam PAT yerine ana \u015firket hissedarlar\u0131na atfedilen PAT kullanmak<\/td><td>Her zaman \"Ana \u015firket hissedarlar\u0131na atfedilen k\u00e2r\" kullan\u0131n<\/td><td>\u00d6zellikle bir\u00e7ok az\u0131nl\u0131k hissedar\u0131 olan \u015firketler i\u00e7in \u00f6nemlidir<\/td><\/tr><tr><td>Ola\u011fan\u00fcst\u00fc geliri incelemeyi unutmak<\/td><td>Finansal tablolarda \"Di\u011fer kazan\u00e7\/kay\u0131plar\"\u0131 ay\u0131r\u0131n ve analiz edin<\/td><td>Temel k\u00e2rl\u0131l\u0131\u011f\u0131n yanl\u0131\u015f de\u011ferlendirilmesine neden olur<\/td><\/tr><\/tbody><\/table><\/div><\/div><div class='po-container po-container_width_article-sm'><h2 class='po-article-page__title'>Ger\u00e7ek Durumlarla Hisse Ba\u015f\u0131na Kazan\u00e7 Hesaplama \u0130\u00e7in 7 Al\u0131\u015ft\u0131rma<\/h2><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Hi\u00e7bir \u015fey pratik kadar etkili de\u011fildir! Pocket Option, Vietnam'daki \u00f6nde gelen halka a\u00e7\u0131k \u015firketlerden al\u0131nan verilerle 7 pratik al\u0131\u015ft\u0131rma sunar. Bu durumlarda kendinizi deneyin:<\/p><\/div><div class='po-container po-container_width_article-sm'><h3 class='po-article-page__title'>Al\u0131\u015ft\u0131rma 1: Basit Verilerle Temel EPS Hesaplama<\/h3><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'><b>Durum:<\/b>&nbsp;Techcombank (TCB) 2023 i\u00e7in vergi sonras\u0131 net k\u00e2r\u0131n\u0131 22,900 milyar VND olarak bildirdi. Y\u0131l boyunca tedav\u00fcldeki hisse say\u0131s\u0131 3.51 milyar hisseydi. TCB'nin imtiyazl\u0131 hissesi yoktur.<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'><b>Analiz:<\/b>&nbsp;D\u00f6nem boyunca hisse say\u0131s\u0131n\u0131n de\u011fi\u015fmedi\u011fi en basit durumdur.<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'><b>Hesaplama:<\/b>&nbsp;EPS = 22,900,000,000,000 \u00f7 3,510,000,000 = 6,524 VND\/hisse<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'><b>Sonu\u00e7:<\/b>&nbsp;TCB'nin 2023 i\u00e7in EPS'si 6,524 VND, bankac\u0131l\u0131k sekt\u00f6r\u00fc ortalamas\u0131n\u0131n (yakla\u015f\u0131k 3,500 VND) \u00fczerinde, \u00fcst\u00fcn operasyonel verimlili\u011fi yans\u0131t\u0131r.<\/p><\/div><div class='po-container po-container_width_article-sm'><h3 class='po-article-page__title'>Al\u0131\u015ft\u0131rma 2: D\u00f6nem Ortas\u0131 Hisse \u0130hrac\u0131 ile EPS Hesaplama<\/h3><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'><b>Daha karma\u015f\u0131k durum:<\/b>&nbsp;Vietcombank (VCB) 2023 i\u00e7in vergi sonras\u0131 net k\u00e2r\u0131n\u0131 30,500 milyar VND olarak bildirdi. Y\u0131l ba\u015f\u0131nda, VCB'nin 4.7 milyar hissesi vard\u0131. 15 Temmuz 2023'te, VCB temett\u00fc \u00f6demesi olarak ek 300 milyon hisse ve \u00f6zel yerle\u015ftirme yoluyla 200 milyon hisse daha ihra\u00e7 etti.<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'><b>Ortalama hisseleri belirleme:<\/b>- \u0130lk 6 ay: 4.7 milyar hisse- Son 6 ay: 5.2 milyar hisse- A\u011f\u0131rl\u0131kl\u0131 ortalama = (4.7 \u00d7 6.5\/12) + (5.2 \u00d7 5.5\/12) = 4.93 milyar hisse<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'><b>EPS Hesaplama:<\/b>&nbsp;30,500,000,000,000 \u00f7 4,930,000,000 = 6,187 VND\/hisse<\/p><\/div><div class='po-container po-container_width_article po-article-page__table'><div class='po-table'><table><thead><tr><th>\u015eirket<\/th><th>2023 PAT (milyar VND)<\/th><th>Y\u0131l \u0130\u00e7inde Hisse De\u011fi\u015fiklikleri<\/th><th>Hesaplanan EPS (VND)<\/th><th>Raporlanan EPS (VND)<\/th><th>Fark<\/th><\/tr><\/thead><tbody><tr><td>Vinamilk (VNM)<\/td><td>8,520<\/td><td>2.09 milyar hisse (de\u011fi\u015fmedi)<\/td><td>4,077<\/td><td>4,077<\/td><td>0%<\/td><\/tr><tr><td>FPT Corporation<\/td><td>7,110<\/td><td>1.22 milyar \u2192 1.37 milyar hisse (Eyl\u00fcl)<\/td><td>5,494<\/td><td>5,511<\/td><td>-0.3%<\/td><\/tr><tr><td>Novaland (NVL)<\/td><td>1,230<\/td><td>1.95 milyar \u2192 2.31 milyar hisse (birden fazla ihra\u00e7)<\/td><td>603<\/td><td>532<\/td><td>+13.3%<\/td><\/tr><tr><td>Hoa Phat (HPG)<\/td><td>6,800<\/td><td>4.47 milyar \u2192 5.81 milyar hisse (Haziran)<\/td><td>1,311<\/td><td>1,274<\/td><td>+2.9%<\/td><\/tr><\/tbody><\/table><\/div><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Novaland \u00f6rne\u011finde b\u00fcy\u00fck fark\u0131 g\u00f6r\u00fcyor musunuz? Bu, bir\u00e7ok Vietnaml\u0131 yat\u0131r\u0131mc\u0131n\u0131n EPS analizinde hata yapmas\u0131n\u0131n nedenidir - \u015firketler y\u0131l i\u00e7inde birden fazla tur ihra\u00e7 etti\u011finde a\u011f\u0131rl\u0131kl\u0131 ortalama hisse say\u0131s\u0131n\u0131 do\u011fru hesaplamazlar.<\/p><\/div><div class='po-container po-container_width_article-sm'><h2 class='po-article-page__title'>Hisse Ba\u015f\u0131na Kazanc\u0131 Analiz Etmenin En Etkili 5 Y\u00f6ntemi<\/h2><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>EPS'yi nas\u0131l hesaplayaca\u011f\u0131n\u0131z\u0131 bilmek yeterli de\u011fildir; ba\u015far\u0131n\u0131n anahtar\u0131, bu g\u00f6stergenin ger\u00e7ek yat\u0131r\u0131m stratejilerine nas\u0131l analiz edilece\u011fini ve uygulanaca\u011f\u0131n\u0131 bilmektir. Pocket Option, Vietnam'daki profesyonel yat\u0131r\u0131mc\u0131lar taraf\u0131ndan kan\u0131tlanm\u0131\u015f 5 y\u00f6ntemi payla\u015f\u0131yor.<\/p><\/div><div class='po-container po-container_width_article-sm'><h3 class='po-article-page__title'>Y\u00f6ntem 1: EPS B\u00fcy\u00fcme E\u011filimlerini Analiz Etme<\/h3><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Sadece mevcut EPS rakam\u0131na bakmak yerine, en az 12 ard\u0131\u015f\u0131k \u00e7eyrek boyunca b\u00fcy\u00fcme e\u011filimini izleyin. A\u015fa\u011f\u0131da Masan Group (MSN) ile \u00f6rnek bir analiz bulunmaktad\u0131r:<\/p><\/div><div class='po-container po-container_width_article po-article-page__table'><div class='po-table'><table><thead><tr><th>\u00c7eyrek<\/th><th>EPS (VND)<\/th><th>\u00c7\u00c7 B\u00fcy\u00fcme<\/th><th>YY B\u00fcy\u00fcme<\/th><th>\u0130\u015f Geli\u015fmeleri<\/th><\/tr><\/thead><tbody><tr><td>Q1\/2022<\/td><td>842<\/td><td>-<\/td><td>-<\/td><td>Winmart zinciri hala zarar ediyor<\/td><\/tr><tr><td>Q2\/2022<\/td><td>912<\/td><td>+8.3%<\/td><td>-<\/td><td>Et segmenti k\u00e2r marjlar\u0131n\u0131 iyile\u015ftiriyor<\/td><\/tr><tr><td>Q3\/2022<\/td><td>1,037<\/td><td>+13.7%<\/td><td>-<\/td><td>Winmart k\u00e2rl\u0131 olmaya ba\u015fl\u0131yor<\/td><\/tr><tr><td>Q4\/2022<\/td><td>1,215<\/td><td>+17.2%<\/td><td>-<\/td><td>Masan Consumer Tet sezonunda g\u00fc\u00e7l\u00fc b\u00fcy\u00fcme<\/td><\/tr><tr><td>Q1\/2023<\/td><td>1,156<\/td><td>-4.9%<\/td><td>+37.3%<\/td><td>Tet sonras\u0131 mevsimsel fakt\u00f6r<\/td><\/tr><tr><td>Q2\/2023<\/td><td>1,327<\/td><td>+14.8%<\/td><td>+45.5%<\/td><td>Winmart yeni ma\u011fazalar a\u00e7\u0131yor<\/td><\/tr><\/tbody><\/table><\/div><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'><b>De\u011ferlendirme:<\/b>&nbsp;MSN'nin EPS b\u00fcy\u00fcme e\u011filimi \u00e7ok olumlu, 6 \u00e7eyrekten 5'inde b\u00fcy\u00fcme g\u00f6steriyor, \u00f6zellikle \u00f6nceki y\u0131la g\u00f6re g\u00fc\u00e7l\u00fc art\u0131\u015flar. Bu, temel i\u015f operasyonlar\u0131nda \u00f6nemli bir iyile\u015fme sinyali veriyor, \u00f6zellikle Winmart'\u0131n zarardan k\u00e2ra ge\u00e7mesiyle.<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'><b>Uzman ipucu:<\/b>&nbsp;Y\u0131l baz\u0131nda %15'in \u00fczerinde EPS b\u00fcy\u00fcme e\u011filimi g\u00f6steren 3 ard\u0131\u015f\u0131k \u00e7eyrek ke\u015ffetti\u011finizde, bu genellikle \u00f6n\u00fcm\u00fczdeki 6-12 ay i\u00e7inde g\u00fc\u00e7l\u00fc hisse fiyat\u0131 art\u0131\u015flar\u0131n\u0131 \u00f6ng\u00f6ren bir sinyaldir.<\/p><\/div><div class='po-container po-container_width_article-sm'><h3 class='po-article-page__title'>Y\u00f6ntem 2: EPS'yi Sekt\u00f6r ve Piyasa ile Kar\u015f\u0131la\u015ft\u0131rma<\/h3><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Tek ba\u015f\u0131na EPS pek bir \u015fey ifade etmez. Do\u011fru de\u011ferlendirme i\u00e7in ayn\u0131 sekt\u00f6rdeki \u015firketlerle ve piyasan\u0131n genel endeksiyle kar\u015f\u0131la\u015ft\u0131r\u0131lmas\u0131 gerekir. A\u015fa\u011f\u0131da Vietnam'\u0131n bankac\u0131l\u0131k sekt\u00f6r\u00fc ile bir \u00f6rnek bulunmaktad\u0131r:<\/p><\/div><div class='po-container po-container_width_article po-article-page__table'><div class='po-table'><table><thead><tr><th>Banka<\/th><th>2023 EPS (VND)<\/th><th>2022'ye G\u00f6re B\u00fcy\u00fcme<\/th><th>Mevcut F\/K<\/th><th>De\u011ferlendirme<\/th><\/tr><\/thead><tbody><tr><td>Vietcombank (VCB)<\/td><td>6,187<\/td><td>+15.3%<\/td><td>17.2<\/td><td>Premium - En iyi varl\u0131k kalitesi<\/td><\/tr><tr><td>Techcombank (TCB)<\/td><td>6,524<\/td><td>+18.7%<\/td><td>8.5<\/td><td>De\u011ferinin alt\u0131nda - Y\u00fcksek b\u00fcy\u00fcme potansiyeli<\/td><\/tr><tr><td>MB Bank (MBB)<\/td><td>4,780<\/td><td>+10.2%<\/td><td>7.3<\/td><td>De\u011ferinin alt\u0131nda - Sigorta segmentini geni\u015fletiyor<\/td><\/tr><tr><td>ACB<\/td><td>5,112<\/td><td>+7.5%<\/td><td>6.8<\/td><td>Adil de\u011fer - KOB\u0130 m\u00fc\u015fterilerine odaklan\u0131yor<\/td><\/tr><tr><td><i>Sekt\u00f6r Ortalamas\u0131<\/i><\/td><td><i>4,230<\/i><\/td><td><i>+9.8%<\/i><\/td><td><i>8.9<\/i><\/td><td>-<\/td><\/tr><\/tbody><\/table><\/div><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'><b>K\u0131yaslama analizi:<\/b>&nbsp;TCB, sekt\u00f6rdeki en y\u00fcksek EPS'ye sahip ancak F\/K's\u0131 sadece sekt\u00f6r ortalamas\u0131nda, yeniden de\u011ferleme potansiyelini g\u00f6steriyor. Buna kar\u015f\u0131l\u0131k, VCB'nin F\/K's\u0131 sekt\u00f6r ortalamas\u0131n\u0131n neredeyse iki kat\u0131, piyasan\u0131n en y\u00fcksek kaliteli banka i\u00e7in \u00f6demeye istekli oldu\u011fu primi yans\u0131t\u0131yor.<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'><b>Yat\u0131r\u0131m f\u0131rsat\u0131:<\/b>&nbsp;Sekt\u00f6r ortalamas\u0131ndan \u2265%20 daha y\u00fcksek EPS'ye sahip ancak sekt\u00f6r ortalamas\u0131ndan daha d\u00fc\u015f\u00fck F\/K'ya sahip bir hisse senedi ke\u015ffetti\u011finizde, bu genellikle fiyat art\u0131\u015f potansiyeline sahip bir de\u011ferinin alt\u0131nda hisse i\u015faretidir.<\/p><\/div><div class='po-container po-container_width_article-sm'><h2 class='po-article-page__title'>Hisse Ba\u015f\u0131na Kazan\u00e7 ve Hisse De\u011ferlemesi Aras\u0131ndaki \u0130li\u015fki<\/h2><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Hisse ba\u015f\u0131na kazanc\u0131n ne oldu\u011funu derinlemesine anlamak yeterli de\u011fildir; EPS'nin hisse de\u011ferini do\u011frudan nas\u0131l etkiledi\u011fini kavraman\u0131z gerekir. Vietnam'da, EPS ile ilgili en yayg\u0131n kullan\u0131lan 3 de\u011ferleme oran\u0131 vard\u0131r.<\/p><\/div><div class='po-container po-container_width_article-sm'><h3 class='po-article-page__title'>1. F\/K Oran\u0131: En Yayg\u0131n De\u011ferleme Arac\u0131<\/h3><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>F\/K = Hisse Fiyat\u0131 \u00f7 EPS<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Bu oran, yat\u0131r\u0131mc\u0131lar\u0131n \u015firket k\u00e2r\u0131n\u0131n her bir dongu i\u00e7in ne kadar \u00f6demeye istekli oldu\u011funu g\u00f6sterir. Teorik olarak, F\/K ne kadar d\u00fc\u015f\u00fckse, hisse o kadar \"ucuz\"dur, ancak ger\u00e7eklik \u00e7ok daha karma\u015f\u0131kt\u0131r.<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Vietnam'da, 2020-2024 y\u0131llar\u0131 aras\u0131nda ortalama F\/K \u015fu aral\u0131klarda de\u011fi\u015fmi\u015ftir:<\/p><\/div><div class='po-container po-container_width_article po-article-page__table'><div class='po-table'><table><thead><tr><th>Sekt\u00f6r<\/th><th>Ortalama F\/K<\/th><th>D\u00f6ng\u00fcsel Dalgalanmalar<\/th><th>Etkili Yat\u0131r\u0131m Stratejisi<\/th><\/tr><\/thead><tbody><tr><td>Bankac\u0131l\u0131k<\/td><td>8-12<\/td><td>Faiz oranlar\u0131 y\u00fcksekken d\u00fc\u015f\u00fck, faiz oranlar\u0131 d\u00fc\u015ft\u00fc\u011f\u00fcnde y\u00fcksek<\/td><td>F\/K &lt; 8 ve faiz oranlar\u0131 d\u00fc\u015ferken sat\u0131n al\u0131n<\/td><\/tr><tr><td>Perakende<\/td><td>15-25<\/td><td>Her y\u0131l Q4'te zirve (al\u0131\u015fveri\u015f sezonu)<\/td><td>F\/K d\u00fc\u015f\u00fckken Q2'de sat\u0131n al\u0131n, Tet \u00f6ncesi sat\u0131n<\/td><\/tr><tr><td>Teknoloji<\/td><td>20-30<\/td><td>Daha az mevsimsel dalgalanma, teknolojik at\u0131l\u0131mlara ba\u011fl\u0131<\/td><td>EPS b\u00fcy\u00fcmesine dayal\u0131 uzun vadeli yat\u0131r\u0131m<\/td><\/tr><tr><td>Gayrimenkul<\/td><td>10-20<\/td><td>3-5 y\u0131ll\u0131k d\u00f6ng\u00fclerde g\u00fc\u00e7l\u00fc dalgalanmalar<\/td><td>Kriz d\u00f6nemlerinden sonra F\/K &lt; 7 iken sat\u0131n al\u0131n<\/td><\/tr><tr><td>\u00c7elik, Petrol ve Gaz<\/td><td>6-12<\/td><td>K\u00fcresel emtia fiyatlar\u0131n\u0131 takip eden g\u00fc\u00e7l\u00fc dalgalanmalar<\/td><td>Kar\u015f\u0131 d\u00f6ng\u00fcsel strateji uygulay\u0131n<\/td><\/tr><\/tbody><\/table><\/div><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'><b>\u00d6nemli not:<\/b>&nbsp;D\u00fc\u015f\u00fck F\/K her zaman bir f\u0131rsat de\u011fildir! D\u00fc\u015f\u00fck F\/K'n\u0131n nedenleri \u015funlar olabilir:<\/p><\/div><div class='po-container po-container_width_article-sm article-content po-article-page__text'><ul class='po-article-page-list'><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Ola\u011fan\u00fcst\u00fc gelir nedeniyle anormal derecede y\u00fcksek EPS&nbsp;(varl\u0131k sat\u0131\u015flar\u0131, kar\u015f\u0131l\u0131k iptalleri...)<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Piyasan\u0131n yak\u0131n gelecekte EPS'nin d\u00fc\u015fece\u011fini \u00f6ng\u00f6rmesi&nbsp;(sekt\u00f6r riskleri)<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Kurumsal y\u00f6netim sorunlar\u0131&nbsp;nedeniyle yat\u0131r\u0131mc\u0131lar\u0131n daha y\u00fcksek \"risk primi\" talep etmesi<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>D\u00fc\u015f\u00fck hisse likiditesi, yat\u0131r\u0131mc\u0131lar\u0131n \"likidite indirimi\" uygulamas\u0131na yol a\u00e7ar<\/li><\/ul><\/div><div class='po-container po-container_width_article-sm'><h3 class='po-article-page__title'>2. PEG Oran\u0131: Fiyat ve B\u00fcy\u00fcmeyi Dengeleme Arac\u0131<\/h3><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>PEG = F\/K \u00f7 Y\u0131ll\u0131k EPS B\u00fcy\u00fcme Oran\u0131 (%)<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>PEG'nin 1'in alt\u0131nda olmas\u0131 genellikle cazip fiyatl\u0131 bir hisse olarak kabul edilir. Bu, ayn\u0131 sekt\u00f6rdeki ancak farkl\u0131 b\u00fcy\u00fcme oranlar\u0131na sahip \u015firketleri kar\u015f\u0131la\u015ft\u0131r\u0131rken \u00f6zellikle etkili bir ara\u00e7t\u0131r.<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'><b>Ger\u00e7ek \u00f6rnek:<\/b>&nbsp;2023'te The Gioi Di Dong (MWG) 20 F\/K'ya sahipti, ancak beklenen EPS b\u00fcy\u00fcme oran\u0131 %25\/y\u0131l \u2192 PEG = 0.8 \u2192 Nispeten y\u00fcksek F\/K'ya ra\u011fmen cazip de\u011ferleme.<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'><b>Pocket Option \u00f6nerir:<\/b>&nbsp;En az 3 ard\u0131\u015f\u0131k y\u0131l boyunca istikrarl\u0131 EPS b\u00fcy\u00fcmesi s\u00fcrd\u00fcr\u00fclen ve PEG 0.9'un alt\u0131nda olan Vietnam hisse senetlerine \u00f6ncelik verin.<\/p><\/div><div class='po-container po-container_width_article-sm'><h3 class='po-article-page__title'>3. Geni\u015fletilmi\u015f DDM (Temett\u00fc \u0130skonto Modeli)<\/h3><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Vietnam'da bankalar, kamu hizmetleri, telekom\u00fcnikasyon gibi d\u00fczenli temett\u00fc \u00f6deyen hisse senetleri i\u00e7in, DDM y\u00f6ntemi EPS ile birle\u015ftirildi\u011finde \u00e7ok etkilidir:<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Adil De\u011fer = EPS \u00d7 (1 - b) \u00d7 (1 + g) \/ (r - g)<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Burada:<\/p><\/div><div class='po-container po-container_width_article-sm article-content po-article-page__text'><ul class='po-article-page-list'><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>b: Kar pay\u0131 oran\u0131 (temett\u00fc olarak da\u011f\u0131t\u0131lmayan k\u00e2r)<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>g: Uzun vadeli b\u00fcy\u00fcme oran\u0131<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>r: Gerekli getiri oran\u0131<\/li><\/ul><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'><b>Pratik uygulama:<\/b>&nbsp;2023 EPS'si 5,511 VND olan FPT hissesi i\u00e7in, k\u00e2r\u0131n %40'\u0131n\u0131 tutarak, %18\/y\u0131l b\u00fcy\u00fcme bekleniyor ve %25 getiri oran\u0131 gereklidir, adil de\u011fer 86,280 VND - mevcut piyasa fiyat\u0131ndan %15 daha y\u00fcksek.<\/p><\/div><div class='po-container po-container_width_article-sm'><h2 class='po-article-page__title'>Vietnaml\u0131 Yat\u0131r\u0131mc\u0131lar\u0131n Bilmesi Gereken Hisse Ba\u015f\u0131na Kazanc\u0131n 5 S\u0131n\u0131rlamas\u0131<\/h2><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Hisse ba\u015f\u0131na kazan\u00e7 g\u00fc\u00e7l\u00fc bir ara\u00e7t\u0131r ancak m\u00fckemmel de\u011fildir. Pocket Option, Vietnaml\u0131 yat\u0131r\u0131mc\u0131lar\u0131n yanl\u0131\u015f kararlardan ka\u00e7\u0131nmak i\u00e7in dikkat etmesi gereken 5 \u00f6nemli s\u0131n\u0131rlamay\u0131 uyar\u0131yor:<\/p><\/div><div class='po-container po-container_width_article-sm article-content po-article-page__text'><ul class='po-article-page-list'><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Muhasebe teknikleriyle \"g\u00fczelle\u015ftirilebilir\"&nbsp;- \u00d6rnek: Gayrimenkul \u015firketleri kar\u015f\u0131l\u0131klar\u0131 geciktiriyor, bankalar\u0131n \"yarat\u0131c\u0131\" bor\u00e7 s\u0131n\u0131fland\u0131rmas\u0131<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Nakit ak\u0131\u015f\u0131 kalitesini yans\u0131tmaz&nbsp;- \u00d6rnek: 2022'de HAG 1,235 VND EPS'ye sahipti ancak sermayele\u015ftirilmi\u015f giderler nedeniyle negatif nakit ak\u0131\u015f\u0131<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Mevsimsel dalgalanmalar yan\u0131lt\u0131c\u0131 olabilir&nbsp;- \u00d6rnek: 2023 Q1'de DGW'nin EPS'si \u00c7\u00c7 %30 d\u00fc\u015ft\u00fc ancak bu, Q4 sonras\u0131 y\u0131ll\u0131k bir fenomendir<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Sermaye yap\u0131s\u0131n\u0131 ve riski g\u00f6z ard\u0131 eder&nbsp;- \u00d6rnek: MSN ve VNM e\u015fde\u011fer EPS'ye sahip ancak MSN'nin bor\u00e7\/\u00f6zsermaye oran\u0131 5 kat daha y\u00fcksek<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Ola\u011fan\u00fcst\u00fc gelir e\u011filimleri \u00e7arp\u0131t\u0131r&nbsp;- \u00d6rnek: 2022'de VIC'nin EPS'si %120 artt\u0131 ancak esas olarak elden \u00e7\u0131karmalardan, temel i\u015ften de\u011fil<\/li><\/ul><\/div><div class='po-container po-container_width_article po-article-page__table'><div class='po-table'><table><thead><tr><th>S\u0131n\u0131rlama<\/th><th>Vietnam Borsa Piyasas\u0131nda G\u00f6r\u00fcn\u00fcm<\/th><th>\u00c7\u00f6z\u00fcm<\/th><\/tr><\/thead><tbody><tr><td>Muhasebe manip\u00fclasyonlar\u0131<\/td><td>Baz\u0131 \u00e7eyrek raporlar\u0131 g\u00f6zden ge\u00e7irilmemi\u015f\/denetlenmemi\u015f<\/td><td>Varl\u0131k kalitesini kontrol edin, kar\u015f\u0131l\u0131k giderlerini do\u011frulay\u0131n<\/td><\/tr><tr><td>Nakit ak\u0131\u015f\u0131 sorunlar\u0131<\/td><td>\u00d6zellikle gayrimenkul, in\u015faat, perakende<\/td><td>FCF\/Hisse (Hisse Ba\u015f\u0131na Serbest Nakit Ak\u0131\u015f\u0131) analizi ile birle\u015ftirin<\/td><\/tr><tr><td>D\u00f6ng\u00fcsel, mevsimsel fakt\u00f6rler<\/td><td>Turizm, perakende, F&amp;B, deniz \u00fcr\u00fcnleri<\/td><td>Tek \u00e7eyrek yerine TTM EPS (Son 12 Ay) kullan\u0131n<\/td><\/tr><tr><td>Sermaye yap\u0131s\u0131 riskleri<\/td><td>Konglomeratlar ve gayrimenkul\u00fcn karakteristi\u011fi<\/td><td>Bor\u00e7\/FAV\u00d6K oran\u0131n\u0131, faiz kar\u015f\u0131lama oran\u0131n\u0131 (ICR) analiz edin<\/td><\/tr><tr><td>Ola\u011fan\u00fcst\u00fc gelir<\/td><td>\u0130\u015fletmeler yeniden yap\u0131land\u0131r\u0131ld\u0131\u011f\u0131nda yayg\u0131n<\/td><td>\"Temel EPS\" ve \"Tekrarlanmayan EPS\"yi ay\u0131r\u0131n<\/td><\/tr><\/tbody><\/table><\/div><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'><b>Alt\u0131n ipucu:<\/b>&nbsp;Pocket Option, \"5 Noktal\u0131 EPS Analizi\" y\u00f6ntemini \u00f6nerir - 5 analitik boyutu birle\u015ftirir: EPS B\u00fcy\u00fcmesi, EPS Kalitesi, EPS \u0130stikrar\u0131, EPS \u00d6ng\u00f6r\u00fclebilirli\u011fi ve EPS'nin sekt\u00f6rle Kar\u015f\u0131la\u015ft\u0131r\u0131lmas\u0131.<\/p><\/div><div class='po-container po-container_width_article-sm'><h2 class='po-article-page__title'>Hisse Ba\u015f\u0131na Kazanca Dayal\u0131 7 \u00c7\u0131\u011f\u0131r A\u00e7an Yat\u0131r\u0131m Stratejisi<\/h2><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Binlerce Vietnaml\u0131 yat\u0131r\u0131mc\u0131ya destek olma deneyiminden, Pocket Option, \u00f6zellikle mevcut piyasa ko\u015fullar\u0131na uygun, EPS'ye dayal\u0131 7 son derece etkili yat\u0131r\u0131m stratejisini dam\u0131tt\u0131:<\/p><\/div><div class='po-container po-container_width_article-sm'><h3 class='po-article-page__title'>Strateji 1: \"EPS Momentum\" - B\u00fcy\u00fcme Momentumunun \u00d6n\u00fcne Ge\u00e7mek<\/h3><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>En az 2 ard\u0131\u015f\u0131k \u00e7eyrek boyunca h\u0131zlanan EPS b\u00fcy\u00fcme oranlar\u0131na (sadece b\u00fcy\u00fcyen de\u011fil, daha h\u0131zl\u0131 b\u00fcy\u00fcyen) sahip hisselere odaklan\u0131n.<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'><b>Se\u00e7im kriterleri:<\/b><\/p><\/div><div class='po-container po-container_width_article-sm article-content po-article-page__text'><ul class='po-article-page-list'><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>En son \u00e7eyrek EPS'si y\u0131l baz\u0131nda (YY) &gt;%20 b\u00fcy\u00fcyor<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Mevcut \u00e7eyrek EPS b\u00fcy\u00fcme oran\u0131 &gt; \u00f6nceki \u00e7eyrek EPS b\u00fcy\u00fcme oran\u0131<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Raporlama d\u00f6nemi boyunca \u00f6nemli bir ola\u011fan\u00fcst\u00fc gelir yok<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>EPS a\u00e7\u0131kland\u0131\u011f\u0131nda i\u015flem hacmi artar<\/li><\/ul><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'><b>Ba\u015far\u0131 \u00f6rne\u011fi:<\/b>&nbsp;2022'de DGC hissesi (Duc Giang Kimya) \u015firketin 85%, 120% ve 175% y\u0131l baz\u0131nda artan EPS b\u00fcy\u00fcme oranlar\u0131yla 3 ard\u0131\u015f\u0131k \u00e7eyrek raporlamas\u0131ndan sonra 60,000 VND'den 150,000 VND'ye (+%150) y\u00fckseldi.<\/p><\/div><div class='po-container po-container_width_article-sm'><h3 class='po-article-page__title'>Strateji 2: \"Unutulmu\u015f De\u011fer\" - Ke\u015ffedilmemi\u015f Hazine<\/h3><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Geleneksel sekt\u00f6rlerde faaliyet g\u00f6steren veya \u00e7ekici fakt\u00f6rlerden yoksun olduklar\u0131 i\u00e7in piyasa taraf\u0131ndan \"unutulmu\u015f\" g\u00fc\u00e7l\u00fc temellere sahip, istikrarl\u0131 EPS'ye sahip i\u015fletmeleri aray\u0131n.<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'><b>Se\u00e7im kriterleri:<\/b><\/p><\/div><div class='po-container po-container_width_article-sm article-content po-article-page__text'><ul class='po-article-page-list'><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>F\/K sekt\u00f6r ortalamas\u0131ndan en az %30 daha d\u00fc\u015f\u00fck<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>3 ard\u0131\u015f\u0131k y\u0131l boyunca istikrarl\u0131 veya hafif artan EPS<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Y\u00fcksek temett\u00fc getirisi (&gt;%5\/y\u0131l)<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>D\u00fc\u015f\u00fck bor\u00e7\/\u00f6zsermaye oran\u0131 (&lt;0.5)<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>S\u00fcrekli y\u00fcksek ROE &gt;%15<\/li><\/ul><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'><b>Tipik \u00f6rnek:<\/b>&nbsp;2022-2023'te DHG (Hau Giang \u0130la\u00e7) 4,500-5,000 VND\/hisse civar\u0131nda istikrarl\u0131 EPS'yi s\u00fcrd\u00fcrd\u00fc, F\/K sadece 12-13 kat (ila\u00e7 sekt\u00f6r\u00fc ortalamas\u0131 olan 18-20 kat\u0131n \u00e7ok alt\u0131nda), %5\/y\u0131l temett\u00fc. 2024 ba\u015f\u0131nda, piyasa defansif hisselere d\u00f6nd\u00fc\u011f\u00fcnde hisse %40 y\u00fckseldi.<\/p><\/div><div class='po-container po-container_width_article po-article-page__table'><div class='po-table'><table><thead><tr><th>Strateji<\/th><th>\u0130zlenecek EPS Parametreleri<\/th><th>VN'de Uygun Sekt\u00f6rler<\/th><th>\u00d6rnek Hisseler<\/th><\/tr><\/thead><tbody><tr><td>EPS Momentum<\/td><td>H\u0131zlanan EPS b\u00fcy\u00fcmesi<\/td><td>Teknoloji, Lojistik, \u0130hracat<\/td><td>FPT, MWG, DGC<\/td><\/tr><tr><td>Unutulmu\u015f De\u011fer<\/td><td>\u0130stikrarl\u0131 EPS, d\u00fc\u015f\u00fck F\/K<\/td><td>\u0130la\u00e7, G\u0131da, Kamu Hizmetleri<\/td><td>DHG, VNM, POW<\/td><\/tr><tr><td>EPS Kurtarma Oyunu<\/td><td>D\u00fc\u015f\u00fc\u015ften sonra EPS'nin toparlanmaya ba\u015flamas\u0131<\/td><td>Gayrimenkul, \u00c7elik, Petrol ve Gaz<\/td><td>HPG, DXG, PVD<\/td><\/tr><tr><td>Kaliteli B\u00fcy\u00fcme<\/td><td>EPS'nin y\u0131lda %15-25 aras\u0131nda istikrarl\u0131 b\u00fcy\u00fcmesi<\/td><td>Bankac\u0131l\u0131k, Perakende, T\u00fcketici \u00dcr\u00fcnleri<\/td><td>ACB, PNJ, MSN<\/td><\/tr><tr><td>Kataliz\u00f6r Odakl\u0131 EPS<\/td><td>Olaylar nedeniyle EPS'nin artmas\u0131 bekleniyor<\/td><td>T\u00fcm sekt\u00f6rler<\/td><td>Zamana g\u00f6re de\u011fi\u015fir<\/td><\/tr><\/tbody><\/table><\/div><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Hisse ba\u015f\u0131na kazanc\u0131 nas\u0131l hesaplayaca\u011f\u0131n\u0131z\u0131 ve yat\u0131r\u0131m stratejilerine nas\u0131l uygulayaca\u011f\u0131n\u0131z\u0131 bilmek, Vietnam pazar\u0131nda profesyonel ve amat\u00f6r yat\u0131r\u0131mc\u0131lar\u0131 ay\u0131ran temel bir beceridir. Pocket Option, bu yolculukta derinlemesine ara\u00e7lar ve analizlerle yan\u0131n\u0131zda olmaya kararl\u0131d\u0131r.<\/p><\/div>[cta_button text=\"\"]<div class='po-container po-container_width_article-sm'><h2 class='po-article-page__title'>Sonu\u00e7: Hisse Ba\u015f\u0131na Kazanc\u0131 Rekabet Avantaj\u0131n\u0131za D\u00f6n\u00fc\u015ft\u00fcr\u00fcn<\/h2><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Hisse ba\u015f\u0131na kazanc\u0131n ne oldu\u011funu ve nas\u0131l etkili bir \u015fekilde uygulanaca\u011f\u0131n\u0131 derinlemesine inceledikten sonra, \u015fimdi \u00e7o\u011fu Vietnaml\u0131 yat\u0131r\u0131mc\u0131n\u0131n tam olarak kullanmad\u0131\u011f\u0131 g\u00fc\u00e7l\u00fc bir analitik araca sahipsiniz. Unutmay\u0131n ki:<\/p><\/div><div class='po-container po-container_width_article-sm article-content po-article-page__text'><ul class='po-article-page-list'><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>EPS sadece bir say\u0131 de\u011fildir&nbsp;- sahip oldu\u011funuz her hisse ile ald\u0131\u011f\u0131n\u0131z de\u011ferin do\u011frudan bir \u00f6l\u00e7\u00fcs\u00fcd\u00fcr<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>EPS e\u011filimlerini analiz etmek&nbsp;tek bir zamanda mutlak de\u011ferden daha \u00f6nemlidir<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>EPS kalitesi&nbsp;(temel i\u015f faaliyetlerinden) s\u00fcrd\u00fcr\u00fclebilir olmayan y\u00fcksek EPS rakamlar\u0131ndan daha \u00f6nemlidir<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>EPS'yi di\u011fer g\u00f6stergelerle birle\u015ftirin&nbsp;(F\/K, PEG, FCF\/Hisse, ROE) kapsaml\u0131 bir resim i\u00e7in<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Pocket Option'dan 5 Noktal\u0131 EPS Analizi y\u00f6ntemi&nbsp;sizi kapsaml\u0131 bir \u015fekilde analiz etmeye ve do\u011fru yat\u0131r\u0131m kararlar\u0131 almaya y\u00f6nlendirir<\/li><\/ul><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Vietnam borsa piyasas\u0131 giderek olgunla\u015f\u0131yor ve uluslararas\u0131 standartlara yakla\u015f\u0131yor. Gelecekte, EPS gibi temel finansal g\u00f6stergelerin rol\u00fc, yabanc\u0131 sermaye piyasaya akmaya devam ettik\u00e7e ve uluslararas\u0131 ETF fonlar\u0131 ","body_html_source":{"label":"Body HTML","type":"wysiwyg","formatted_value":"<div class='po-container po-container_width_article-sm'>\n<h2 class='po-article-page__title'>Vietnam Pazar\u0131nda Hisse Ba\u015f\u0131na Kazan\u00e7 Kavram\u0131 ve \u00d6nemi<\/h2>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Ayn\u0131 fiyata sahip iki hissenin neden tamamen farkl\u0131 i\u00e7sel de\u011ferlere sahip olabilece\u011fini hi\u00e7 merak ettiniz mi? Cevap, hisse ba\u015f\u0131na kazan\u00e7ta yat\u0131yor. Hisse ba\u015f\u0131na kazan\u00e7 nedir? Genellikle \u00fc\u00e7 ayl\u0131k veya y\u0131ll\u0131k bir raporlama d\u00f6nemi boyunca her bir adi hisse senedinin hissedarlara getirdi\u011fi k\u00e2r miktar\u0131d\u0131r.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Bireysel yat\u0131r\u0131mc\u0131lar\u0131n %70&#8217;inden fazlas\u0131n\u0131n bulundu\u011fu ve borsa piyasas\u0131n\u0131n hala gen\u00e7 oldu\u011fu Vietnam&#8217;da, EPS g\u00f6stergesi g\u00fcvenilir bir pusula haline geliyor. Dragon Capital veya VinaCapital gibi yabanc\u0131 yat\u0131r\u0131m fonlar\u0131n\u0131n, herhangi bir Vietnam i\u015fletmesine yat\u0131r\u0131m yapmadan \u00f6nce her zaman EPS analizine \u00f6ncelik vermesi tesad\u00fcf de\u011fildir.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Pocket Option taraf\u0131ndan Vietnam&#8217;da 500 ba\u015far\u0131l\u0131 yat\u0131r\u0131mc\u0131yla yap\u0131lan son ankete g\u00f6re, %83&#8217;\u00fc bir hisse senedi sat\u0131n almadan \u00f6nce kontrol ettikleri ilk g\u00f6sterge olarak EPS&#8217;yi de\u011ferlendiriyor. Ana neden: EPS, HOSE ve HNX&#8217;te \u00e7ok yayg\u0131n olan kalabal\u0131k psikolojisi ve piyasa s\u00f6ylentileri taraf\u0131ndan kolayca \u00e7arp\u0131t\u0131lamayan ger\u00e7ek i\u015f performans\u0131n\u0131 do\u011frudan yans\u0131t\u0131r.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<h3 class='po-article-page__title'>EPS &#8211; Vietnam Borsa Piyasas\u0131nda &#8220;Premium&#8221; ve &#8220;Alt&#8221; Hisseleri Ay\u0131rt Etme Arac\u0131<\/h3>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Biliyor muydunuz: 2020-2024 d\u00f6neminde, Vietnam&#8217;da y\u0131ll\u0131k %15&#8217;in \u00fczerinde istikrarl\u0131 EPS b\u00fcy\u00fcmesine sahip hisseler, ortalama %78 getiri sa\u011flarken, VN-Index sadece %35 artt\u0131? Bu rastgele bir tesad\u00fcf de\u011fil.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>EPS, Vietnaml\u0131 yat\u0131r\u0131mc\u0131lar\u0131n 5 \u00f6nemli g\u00f6revi yerine getirmesine yard\u0131mc\u0131 olur:<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm article-content po-article-page__text'>\n<ul class='po-article-page-list'>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Ger\u00e7ekten para kazanan i\u015fletmeleri tan\u0131mlay\u0131n&nbsp;&#8211; sadece PR ve pazarlamada iyi olanlar\u0131 de\u011fil<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Farkl\u0131 boyutlardaki ve hisse fiyatlar\u0131ndaki i\u015fletmeler aras\u0131nda do\u011fru kar\u015f\u0131la\u015ft\u0131rmalar yap\u0131n<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Gelecekteki EPS iyile\u015ftirme beklentilerine dayal\u0131 olarak fiyat art\u0131\u015f potansiyelini tahmin edin<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>EPS d\u00fc\u015fmeye ba\u015flad\u0131\u011f\u0131nda hisse fiyatlar\u0131 bunu yans\u0131tmadan \u00f6nce d\u00fc\u015f\u00fc\u015f\u00fcn erken i\u015faretlerini tespit edin<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>\u0130\u015fletmelerin uzun vadede \u00f6deyebilece\u011fi s\u00fcrd\u00fcr\u00fclebilir temett\u00fc seviyelerini de\u011ferlendirin<\/li>\n<\/ul>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>\u00d6zellikle Vietnam&#8217;\u0131n ba\u011flam\u0131nda, bilgi bazen yat\u0131r\u0131mc\u0131 gruplar\u0131 aras\u0131nda e\u015fit olmayabilece\u011finden, EPS, bireysel yat\u0131r\u0131mc\u0131lar\u0131n b\u00fcy\u00fck kurumlarla aradaki fark\u0131 daraltmas\u0131na yard\u0131mc\u0131 olan objektif bir \u00f6l\u00e7\u00fct haline gelir.<\/p>\n<\/div>\n<div class='po-container po-container_width_article po-article-page__table'>\n<div class='po-table'>\n<table>\n<thead>\n<tr>\n<th>Parametre<\/th>\n<th>Analizdeki Rol\u00fc<\/th>\n<th>Vietnam Borsa Piyasas\u0131nda \u00d6zel \u00d6rnek<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>\u0130stikrarl\u0131 EPS b\u00fcy\u00fcmesi<\/td>\n<td>S\u00fcrd\u00fcr\u00fclebilir i\u015f modelini yans\u0131t\u0131r<\/td>\n<td>FPT s\u00fcrekli olarak EPS&#8217;yi %15-20 art\u0131rd\u0131\/y\u0131l \u2192 Hisse %300 artt\u0131 (2020-2024)<\/td>\n<\/tr>\n<tr>\n<td>Y\u00fcksek dalgal\u0131 EPS<\/td>\n<td>D\u00f6ng\u00fcsel risk uyar\u0131s\u0131<\/td>\n<td>HPG: 2021 EPS 5,600 VND&#8217;ye ula\u015ft\u0131, 2022&#8217;de 1,500 VND&#8217;ye d\u00fc\u015ft\u00fc \u2192 Fiyat -%65<\/td>\n<\/tr>\n<tr>\n<td>S\u00fcrekli d\u00fc\u015fen EPS<\/td>\n<td>Ciddi bozulma i\u015fareti<\/td>\n<td>CII: EPS 4 y\u0131l \u00fcst \u00fcste d\u00fc\u015ft\u00fc \u2192 Fiyat 40,000 VND&#8217;den 12,000 VND&#8217;ye d\u00fc\u015ft\u00fc<\/td>\n<\/tr>\n<tr>\n<td>Sekt\u00f6rden %30+ daha y\u00fcksek EPS<\/td>\n<td>\u00dcst\u00fcn rekabet avantaj\u0131<\/td>\n<td>MWG 2018-2020 d\u00f6neminde \u2192 Yat\u0131r\u0131mc\u0131lar i\u00e7in ROI +%215<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<h2 class='po-article-page__title'>Hisse Ba\u015f\u0131na Kazanc\u0131 Do\u011fru ve H\u0131zl\u0131 Hesaplama Y\u00f6ntemi<\/h2>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Art\u0131k EPS&#8217;nin \u00f6nemini anlad\u0131\u011f\u0131n\u0131za g\u00f6re, bir sonraki soru: hisse ba\u015f\u0131na kazanc\u0131 nas\u0131l do\u011fru hesaplayabilirsiniz? Pocket Option, HOSE, HNX veya UPCOM&#8217;daki herhangi bir hisse senedine uygulanabilir kolay bir 3 ad\u0131ml\u0131 y\u00f6ntem sunar.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Bir\u00e7ok yeni yat\u0131r\u0131mc\u0131 s\u0131k\u00e7a \u015fu soruyu sorar: &#8220;Hisse ba\u015f\u0131na kazanc\u0131 nas\u0131l hatas\u0131z hesaplar\u0131m?&#8221; Cevap, do\u011fru form\u00fcl\u00fc uygulamak ve bile\u015fenlerini anlamakta yatar.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'><b>EPS hesaplaman\u0131n alt\u0131n form\u00fcl\u00fc:<\/b><\/p>\n<\/div>\n<div class='po-container po-container_width_article po-article-page__table'>\n<div class='po-table'>\n<table>\n<thead>\n<tr>\n<th>EPS = (Net K\u00e2r &#8211; \u0130mtiyazl\u0131 Hisse Senedi Temett\u00fcleri) \/ A\u011f\u0131rl\u0131kl\u0131 Ortalama Adi Hisse Senedi Say\u0131s\u0131<\/th>\n<\/tr>\n<\/thead>\n<tbody><\/tbody>\n<\/table>\n<\/div>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Her bir bile\u015feni analiz edelim:<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm article-content po-article-page__text'>\n<ul class='po-article-page-list'>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Net K\u00e2r:&nbsp;Konsolide finansal tablolardaki &#8220;Ana \u015firket hissedarlar\u0131na atfedilen vergi sonras\u0131 k\u00e2r&#8221; sat\u0131r\u0131ndan do\u011frudan al\u0131n\u0131r (toplam PAT de\u011fil!)<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>\u0130mtiyazl\u0131 Hisse Senedi Temett\u00fcleri:&nbsp;Vietnam&#8217;da yayg\u0131n de\u011fil, ancak finansal tablo notlar\u0131nda &#8220;\u0130mtiyazl\u0131 temett\u00fc \u00f6demeleri&#8221; kontrol edilmelidir<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>A\u011f\u0131rl\u0131kl\u0131 Ortalama Hisse Say\u0131s\u0131:&nbsp;Bu, bir\u00e7ok Vietnaml\u0131 yat\u0131r\u0131mc\u0131n\u0131n EPS&#8217;yi yanl\u0131\u015f hesaplad\u0131\u011f\u0131 noktad\u0131r<\/li>\n<\/ul>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<h3 class='po-article-page__title'>A\u011f\u0131rl\u0131kl\u0131 Ortalama Hisse Say\u0131s\u0131n\u0131 Do\u011fru Hesaplama Y\u00f6ntemi<\/h3>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Vietnam pazar\u0131nda, ek hisse ihra\u00e7lar\u0131 s\u0131k\u00e7a \u015fu yollarla ger\u00e7ekle\u015fir: hisse temett\u00fcleri, ESOP ihra\u00e7lar\u0131, \u00f6zel yerle\u015ftirmeler&#8230; A\u011f\u0131rl\u0131kl\u0131 ortalama hisse say\u0131s\u0131n\u0131 do\u011fru hesaplamak i\u00e7in bu form\u00fcl\u00fc uygulay\u0131n:<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'><b>A\u011f\u0131rl\u0131kl\u0131 Ort. Hisseler = (Ba\u015flang\u0131\u00e7 hisseleri \u00d7 mevcut aylar + Yeni hisseler \u00d7 kalan aylar) \/ D\u00f6nemdeki toplam aylar<\/b><\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Ger\u00e7ek \u00f6rnek: 15 Nisan 2024&#8217;te Vinhomes (VHM) hisse priminden 500 milyon bonus hisse ihra\u00e7 etti. Daha \u00f6nce, VHM&#8217;nin 4 milyar tedav\u00fcldeki hissesi vard\u0131. 2024 2. \u00c7eyrek EPS&#8217;yi hesaplarken, a\u011f\u0131rl\u0131kl\u0131 ortalama hisseler \u015f\u00f6yle olurdu:<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>A\u011f\u0131rl\u0131kl\u0131 Ort. Hisseler = (4 milyar \u00d7 0.5 ay + 4.5 milyar \u00d7 2.5 ay) \/ 3 ay = 4.42 milyar hisse<\/p>\n<\/div>\n<div class='po-container po-container_width_article po-article-page__table'>\n<div class='po-table'>\n<table>\n<thead>\n<tr>\n<th>Yayg\u0131n Hata<\/th>\n<th>\u00c7\u00f6z\u00fcm<\/th>\n<th>Sonu\u00e7lar \u00dczerindeki Etki<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>D\u00f6nem sonu hisselerini ortalama yerine kullanmak<\/td>\n<td>Zaman a\u011f\u0131rl\u0131kl\u0131 ortalama hesaplay\u0131n<\/td>\n<td>EPS, seyrelmeye ba\u011fl\u0131 olarak %5-20 sapabilir<\/td>\n<\/tr>\n<tr>\n<td>Geriye d\u00f6n\u00fck ayarlamalar\u0131 g\u00f6z ard\u0131 etmek<\/td>\n<td>Finansal tablo notlar\u0131nda ayarlamalar\u0131 kontrol edin<\/td>\n<td>EPS b\u00fcy\u00fcme oran\u0131n\u0131n yanl\u0131\u015f anla\u015f\u0131lmas\u0131na neden olabilir<\/td>\n<\/tr>\n<tr>\n<td>Toplam PAT yerine ana \u015firket hissedarlar\u0131na atfedilen PAT kullanmak<\/td>\n<td>Her zaman &#8220;Ana \u015firket hissedarlar\u0131na atfedilen k\u00e2r&#8221; kullan\u0131n<\/td>\n<td>\u00d6zellikle bir\u00e7ok az\u0131nl\u0131k hissedar\u0131 olan \u015firketler i\u00e7in \u00f6nemlidir<\/td>\n<\/tr>\n<tr>\n<td>Ola\u011fan\u00fcst\u00fc geliri incelemeyi unutmak<\/td>\n<td>Finansal tablolarda &#8220;Di\u011fer kazan\u00e7\/kay\u0131plar&#8221;\u0131 ay\u0131r\u0131n ve analiz edin<\/td>\n<td>Temel k\u00e2rl\u0131l\u0131\u011f\u0131n yanl\u0131\u015f de\u011ferlendirilmesine neden olur<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<h2 class='po-article-page__title'>Ger\u00e7ek Durumlarla Hisse Ba\u015f\u0131na Kazan\u00e7 Hesaplama \u0130\u00e7in 7 Al\u0131\u015ft\u0131rma<\/h2>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Hi\u00e7bir \u015fey pratik kadar etkili de\u011fildir! Pocket Option, Vietnam&#8217;daki \u00f6nde gelen halka a\u00e7\u0131k \u015firketlerden al\u0131nan verilerle 7 pratik al\u0131\u015ft\u0131rma sunar. Bu durumlarda kendinizi deneyin:<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<h3 class='po-article-page__title'>Al\u0131\u015ft\u0131rma 1: Basit Verilerle Temel EPS Hesaplama<\/h3>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'><b>Durum:<\/b>&nbsp;Techcombank (TCB) 2023 i\u00e7in vergi sonras\u0131 net k\u00e2r\u0131n\u0131 22,900 milyar VND olarak bildirdi. Y\u0131l boyunca tedav\u00fcldeki hisse say\u0131s\u0131 3.51 milyar hisseydi. TCB&#8217;nin imtiyazl\u0131 hissesi yoktur.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'><b>Analiz:<\/b>&nbsp;D\u00f6nem boyunca hisse say\u0131s\u0131n\u0131n de\u011fi\u015fmedi\u011fi en basit durumdur.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'><b>Hesaplama:<\/b>&nbsp;EPS = 22,900,000,000,000 \u00f7 3,510,000,000 = 6,524 VND\/hisse<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'><b>Sonu\u00e7:<\/b>&nbsp;TCB&#8217;nin 2023 i\u00e7in EPS&#8217;si 6,524 VND, bankac\u0131l\u0131k sekt\u00f6r\u00fc ortalamas\u0131n\u0131n (yakla\u015f\u0131k 3,500 VND) \u00fczerinde, \u00fcst\u00fcn operasyonel verimlili\u011fi yans\u0131t\u0131r.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<h3 class='po-article-page__title'>Al\u0131\u015ft\u0131rma 2: D\u00f6nem Ortas\u0131 Hisse \u0130hrac\u0131 ile EPS Hesaplama<\/h3>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'><b>Daha karma\u015f\u0131k durum:<\/b>&nbsp;Vietcombank (VCB) 2023 i\u00e7in vergi sonras\u0131 net k\u00e2r\u0131n\u0131 30,500 milyar VND olarak bildirdi. Y\u0131l ba\u015f\u0131nda, VCB&#8217;nin 4.7 milyar hissesi vard\u0131. 15 Temmuz 2023&#8217;te, VCB temett\u00fc \u00f6demesi olarak ek 300 milyon hisse ve \u00f6zel yerle\u015ftirme yoluyla 200 milyon hisse daha ihra\u00e7 etti.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'><b>Ortalama hisseleri belirleme:<\/b>&#8211; \u0130lk 6 ay: 4.7 milyar hisse- Son 6 ay: 5.2 milyar hisse- A\u011f\u0131rl\u0131kl\u0131 ortalama = (4.7 \u00d7 6.5\/12) + (5.2 \u00d7 5.5\/12) = 4.93 milyar hisse<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'><b>EPS Hesaplama:<\/b>&nbsp;30,500,000,000,000 \u00f7 4,930,000,000 = 6,187 VND\/hisse<\/p>\n<\/div>\n<div class='po-container po-container_width_article po-article-page__table'>\n<div class='po-table'>\n<table>\n<thead>\n<tr>\n<th>\u015eirket<\/th>\n<th>2023 PAT (milyar VND)<\/th>\n<th>Y\u0131l \u0130\u00e7inde Hisse De\u011fi\u015fiklikleri<\/th>\n<th>Hesaplanan EPS (VND)<\/th>\n<th>Raporlanan EPS (VND)<\/th>\n<th>Fark<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>Vinamilk (VNM)<\/td>\n<td>8,520<\/td>\n<td>2.09 milyar hisse (de\u011fi\u015fmedi)<\/td>\n<td>4,077<\/td>\n<td>4,077<\/td>\n<td>0%<\/td>\n<\/tr>\n<tr>\n<td>FPT Corporation<\/td>\n<td>7,110<\/td>\n<td>1.22 milyar \u2192 1.37 milyar hisse (Eyl\u00fcl)<\/td>\n<td>5,494<\/td>\n<td>5,511<\/td>\n<td>-0.3%<\/td>\n<\/tr>\n<tr>\n<td>Novaland (NVL)<\/td>\n<td>1,230<\/td>\n<td>1.95 milyar \u2192 2.31 milyar hisse (birden fazla ihra\u00e7)<\/td>\n<td>603<\/td>\n<td>532<\/td>\n<td>+13.3%<\/td>\n<\/tr>\n<tr>\n<td>Hoa Phat (HPG)<\/td>\n<td>6,800<\/td>\n<td>4.47 milyar \u2192 5.81 milyar hisse (Haziran)<\/td>\n<td>1,311<\/td>\n<td>1,274<\/td>\n<td>+2.9%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Novaland \u00f6rne\u011finde b\u00fcy\u00fck fark\u0131 g\u00f6r\u00fcyor musunuz? Bu, bir\u00e7ok Vietnaml\u0131 yat\u0131r\u0131mc\u0131n\u0131n EPS analizinde hata yapmas\u0131n\u0131n nedenidir &#8211; \u015firketler y\u0131l i\u00e7inde birden fazla tur ihra\u00e7 etti\u011finde a\u011f\u0131rl\u0131kl\u0131 ortalama hisse say\u0131s\u0131n\u0131 do\u011fru hesaplamazlar.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<h2 class='po-article-page__title'>Hisse Ba\u015f\u0131na Kazanc\u0131 Analiz Etmenin En Etkili 5 Y\u00f6ntemi<\/h2>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>EPS&#8217;yi nas\u0131l hesaplayaca\u011f\u0131n\u0131z\u0131 bilmek yeterli de\u011fildir; ba\u015far\u0131n\u0131n anahtar\u0131, bu g\u00f6stergenin ger\u00e7ek yat\u0131r\u0131m stratejilerine nas\u0131l analiz edilece\u011fini ve uygulanaca\u011f\u0131n\u0131 bilmektir. Pocket Option, Vietnam&#8217;daki profesyonel yat\u0131r\u0131mc\u0131lar taraf\u0131ndan kan\u0131tlanm\u0131\u015f 5 y\u00f6ntemi payla\u015f\u0131yor.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<h3 class='po-article-page__title'>Y\u00f6ntem 1: EPS B\u00fcy\u00fcme E\u011filimlerini Analiz Etme<\/h3>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Sadece mevcut EPS rakam\u0131na bakmak yerine, en az 12 ard\u0131\u015f\u0131k \u00e7eyrek boyunca b\u00fcy\u00fcme e\u011filimini izleyin. A\u015fa\u011f\u0131da Masan Group (MSN) ile \u00f6rnek bir analiz bulunmaktad\u0131r:<\/p>\n<\/div>\n<div class='po-container po-container_width_article po-article-page__table'>\n<div class='po-table'>\n<table>\n<thead>\n<tr>\n<th>\u00c7eyrek<\/th>\n<th>EPS (VND)<\/th>\n<th>\u00c7\u00c7 B\u00fcy\u00fcme<\/th>\n<th>YY B\u00fcy\u00fcme<\/th>\n<th>\u0130\u015f Geli\u015fmeleri<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>Q1\/2022<\/td>\n<td>842<\/td>\n<td>&#8211;<\/td>\n<td>&#8211;<\/td>\n<td>Winmart zinciri hala zarar ediyor<\/td>\n<\/tr>\n<tr>\n<td>Q2\/2022<\/td>\n<td>912<\/td>\n<td>+8.3%<\/td>\n<td>&#8211;<\/td>\n<td>Et segmenti k\u00e2r marjlar\u0131n\u0131 iyile\u015ftiriyor<\/td>\n<\/tr>\n<tr>\n<td>Q3\/2022<\/td>\n<td>1,037<\/td>\n<td>+13.7%<\/td>\n<td>&#8211;<\/td>\n<td>Winmart k\u00e2rl\u0131 olmaya ba\u015fl\u0131yor<\/td>\n<\/tr>\n<tr>\n<td>Q4\/2022<\/td>\n<td>1,215<\/td>\n<td>+17.2%<\/td>\n<td>&#8211;<\/td>\n<td>Masan Consumer Tet sezonunda g\u00fc\u00e7l\u00fc b\u00fcy\u00fcme<\/td>\n<\/tr>\n<tr>\n<td>Q1\/2023<\/td>\n<td>1,156<\/td>\n<td>-4.9%<\/td>\n<td>+37.3%<\/td>\n<td>Tet sonras\u0131 mevsimsel fakt\u00f6r<\/td>\n<\/tr>\n<tr>\n<td>Q2\/2023<\/td>\n<td>1,327<\/td>\n<td>+14.8%<\/td>\n<td>+45.5%<\/td>\n<td>Winmart yeni ma\u011fazalar a\u00e7\u0131yor<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'><b>De\u011ferlendirme:<\/b>&nbsp;MSN&#8217;nin EPS b\u00fcy\u00fcme e\u011filimi \u00e7ok olumlu, 6 \u00e7eyrekten 5&#8217;inde b\u00fcy\u00fcme g\u00f6steriyor, \u00f6zellikle \u00f6nceki y\u0131la g\u00f6re g\u00fc\u00e7l\u00fc art\u0131\u015flar. Bu, temel i\u015f operasyonlar\u0131nda \u00f6nemli bir iyile\u015fme sinyali veriyor, \u00f6zellikle Winmart&#8217;\u0131n zarardan k\u00e2ra ge\u00e7mesiyle.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'><b>Uzman ipucu:<\/b>&nbsp;Y\u0131l baz\u0131nda %15&#8217;in \u00fczerinde EPS b\u00fcy\u00fcme e\u011filimi g\u00f6steren 3 ard\u0131\u015f\u0131k \u00e7eyrek ke\u015ffetti\u011finizde, bu genellikle \u00f6n\u00fcm\u00fczdeki 6-12 ay i\u00e7inde g\u00fc\u00e7l\u00fc hisse fiyat\u0131 art\u0131\u015flar\u0131n\u0131 \u00f6ng\u00f6ren bir sinyaldir.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<h3 class='po-article-page__title'>Y\u00f6ntem 2: EPS&#8217;yi Sekt\u00f6r ve Piyasa ile Kar\u015f\u0131la\u015ft\u0131rma<\/h3>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Tek ba\u015f\u0131na EPS pek bir \u015fey ifade etmez. Do\u011fru de\u011ferlendirme i\u00e7in ayn\u0131 sekt\u00f6rdeki \u015firketlerle ve piyasan\u0131n genel endeksiyle kar\u015f\u0131la\u015ft\u0131r\u0131lmas\u0131 gerekir. A\u015fa\u011f\u0131da Vietnam&#8217;\u0131n bankac\u0131l\u0131k sekt\u00f6r\u00fc ile bir \u00f6rnek bulunmaktad\u0131r:<\/p>\n<\/div>\n<div class='po-container po-container_width_article po-article-page__table'>\n<div class='po-table'>\n<table>\n<thead>\n<tr>\n<th>Banka<\/th>\n<th>2023 EPS (VND)<\/th>\n<th>2022&#8217;ye G\u00f6re B\u00fcy\u00fcme<\/th>\n<th>Mevcut F\/K<\/th>\n<th>De\u011ferlendirme<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>Vietcombank (VCB)<\/td>\n<td>6,187<\/td>\n<td>+15.3%<\/td>\n<td>17.2<\/td>\n<td>Premium &#8211; En iyi varl\u0131k kalitesi<\/td>\n<\/tr>\n<tr>\n<td>Techcombank (TCB)<\/td>\n<td>6,524<\/td>\n<td>+18.7%<\/td>\n<td>8.5<\/td>\n<td>De\u011ferinin alt\u0131nda &#8211; Y\u00fcksek b\u00fcy\u00fcme potansiyeli<\/td>\n<\/tr>\n<tr>\n<td>MB Bank (MBB)<\/td>\n<td>4,780<\/td>\n<td>+10.2%<\/td>\n<td>7.3<\/td>\n<td>De\u011ferinin alt\u0131nda &#8211; Sigorta segmentini geni\u015fletiyor<\/td>\n<\/tr>\n<tr>\n<td>ACB<\/td>\n<td>5,112<\/td>\n<td>+7.5%<\/td>\n<td>6.8<\/td>\n<td>Adil de\u011fer &#8211; KOB\u0130 m\u00fc\u015fterilerine odaklan\u0131yor<\/td>\n<\/tr>\n<tr>\n<td><i>Sekt\u00f6r Ortalamas\u0131<\/i><\/td>\n<td><i>4,230<\/i><\/td>\n<td><i>+9.8%<\/i><\/td>\n<td><i>8.9<\/i><\/td>\n<td>&#8211;<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'><b>K\u0131yaslama analizi:<\/b>&nbsp;TCB, sekt\u00f6rdeki en y\u00fcksek EPS&#8217;ye sahip ancak F\/K&#8217;s\u0131 sadece sekt\u00f6r ortalamas\u0131nda, yeniden de\u011ferleme potansiyelini g\u00f6steriyor. Buna kar\u015f\u0131l\u0131k, VCB&#8217;nin F\/K&#8217;s\u0131 sekt\u00f6r ortalamas\u0131n\u0131n neredeyse iki kat\u0131, piyasan\u0131n en y\u00fcksek kaliteli banka i\u00e7in \u00f6demeye istekli oldu\u011fu primi yans\u0131t\u0131yor.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'><b>Yat\u0131r\u0131m f\u0131rsat\u0131:<\/b>&nbsp;Sekt\u00f6r ortalamas\u0131ndan \u2265%20 daha y\u00fcksek EPS&#8217;ye sahip ancak sekt\u00f6r ortalamas\u0131ndan daha d\u00fc\u015f\u00fck F\/K&#8217;ya sahip bir hisse senedi ke\u015ffetti\u011finizde, bu genellikle fiyat art\u0131\u015f potansiyeline sahip bir de\u011ferinin alt\u0131nda hisse i\u015faretidir.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<h2 class='po-article-page__title'>Hisse Ba\u015f\u0131na Kazan\u00e7 ve Hisse De\u011ferlemesi Aras\u0131ndaki \u0130li\u015fki<\/h2>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Hisse ba\u015f\u0131na kazanc\u0131n ne oldu\u011funu derinlemesine anlamak yeterli de\u011fildir; EPS&#8217;nin hisse de\u011ferini do\u011frudan nas\u0131l etkiledi\u011fini kavraman\u0131z gerekir. Vietnam&#8217;da, EPS ile ilgili en yayg\u0131n kullan\u0131lan 3 de\u011ferleme oran\u0131 vard\u0131r.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<h3 class='po-article-page__title'>1. F\/K Oran\u0131: En Yayg\u0131n De\u011ferleme Arac\u0131<\/h3>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>F\/K = Hisse Fiyat\u0131 \u00f7 EPS<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Bu oran, yat\u0131r\u0131mc\u0131lar\u0131n \u015firket k\u00e2r\u0131n\u0131n her bir dongu i\u00e7in ne kadar \u00f6demeye istekli oldu\u011funu g\u00f6sterir. Teorik olarak, F\/K ne kadar d\u00fc\u015f\u00fckse, hisse o kadar &#8220;ucuz&#8221;dur, ancak ger\u00e7eklik \u00e7ok daha karma\u015f\u0131kt\u0131r.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Vietnam&#8217;da, 2020-2024 y\u0131llar\u0131 aras\u0131nda ortalama F\/K \u015fu aral\u0131klarda de\u011fi\u015fmi\u015ftir:<\/p>\n<\/div>\n<div class='po-container po-container_width_article po-article-page__table'>\n<div class='po-table'>\n<table>\n<thead>\n<tr>\n<th>Sekt\u00f6r<\/th>\n<th>Ortalama F\/K<\/th>\n<th>D\u00f6ng\u00fcsel Dalgalanmalar<\/th>\n<th>Etkili Yat\u0131r\u0131m Stratejisi<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>Bankac\u0131l\u0131k<\/td>\n<td>8-12<\/td>\n<td>Faiz oranlar\u0131 y\u00fcksekken d\u00fc\u015f\u00fck, faiz oranlar\u0131 d\u00fc\u015ft\u00fc\u011f\u00fcnde y\u00fcksek<\/td>\n<td>F\/K &lt; 8 ve faiz oranlar\u0131 d\u00fc\u015ferken sat\u0131n al\u0131n<\/td>\n<\/tr>\n<tr>\n<td>Perakende<\/td>\n<td>15-25<\/td>\n<td>Her y\u0131l Q4&#8217;te zirve (al\u0131\u015fveri\u015f sezonu)<\/td>\n<td>F\/K d\u00fc\u015f\u00fckken Q2&#8217;de sat\u0131n al\u0131n, Tet \u00f6ncesi sat\u0131n<\/td>\n<\/tr>\n<tr>\n<td>Teknoloji<\/td>\n<td>20-30<\/td>\n<td>Daha az mevsimsel dalgalanma, teknolojik at\u0131l\u0131mlara ba\u011fl\u0131<\/td>\n<td>EPS b\u00fcy\u00fcmesine dayal\u0131 uzun vadeli yat\u0131r\u0131m<\/td>\n<\/tr>\n<tr>\n<td>Gayrimenkul<\/td>\n<td>10-20<\/td>\n<td>3-5 y\u0131ll\u0131k d\u00f6ng\u00fclerde g\u00fc\u00e7l\u00fc dalgalanmalar<\/td>\n<td>Kriz d\u00f6nemlerinden sonra F\/K &lt; 7 iken sat\u0131n al\u0131n<\/td>\n<\/tr>\n<tr>\n<td>\u00c7elik, Petrol ve Gaz<\/td>\n<td>6-12<\/td>\n<td>K\u00fcresel emtia fiyatlar\u0131n\u0131 takip eden g\u00fc\u00e7l\u00fc dalgalanmalar<\/td>\n<td>Kar\u015f\u0131 d\u00f6ng\u00fcsel strateji uygulay\u0131n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'><b>\u00d6nemli not:<\/b>&nbsp;D\u00fc\u015f\u00fck F\/K her zaman bir f\u0131rsat de\u011fildir! D\u00fc\u015f\u00fck F\/K&#8217;n\u0131n nedenleri \u015funlar olabilir:<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm article-content po-article-page__text'>\n<ul class='po-article-page-list'>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Ola\u011fan\u00fcst\u00fc gelir nedeniyle anormal derecede y\u00fcksek EPS&nbsp;(varl\u0131k sat\u0131\u015flar\u0131, kar\u015f\u0131l\u0131k iptalleri&#8230;)<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Piyasan\u0131n yak\u0131n gelecekte EPS&#8217;nin d\u00fc\u015fece\u011fini \u00f6ng\u00f6rmesi&nbsp;(sekt\u00f6r riskleri)<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Kurumsal y\u00f6netim sorunlar\u0131&nbsp;nedeniyle yat\u0131r\u0131mc\u0131lar\u0131n daha y\u00fcksek &#8220;risk primi&#8221; talep etmesi<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>D\u00fc\u015f\u00fck hisse likiditesi, yat\u0131r\u0131mc\u0131lar\u0131n &#8220;likidite indirimi&#8221; uygulamas\u0131na yol a\u00e7ar<\/li>\n<\/ul>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<h3 class='po-article-page__title'>2. PEG Oran\u0131: Fiyat ve B\u00fcy\u00fcmeyi Dengeleme Arac\u0131<\/h3>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>PEG = F\/K \u00f7 Y\u0131ll\u0131k EPS B\u00fcy\u00fcme Oran\u0131 (%)<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>PEG&#8217;nin 1&#8217;in alt\u0131nda olmas\u0131 genellikle cazip fiyatl\u0131 bir hisse olarak kabul edilir. Bu, ayn\u0131 sekt\u00f6rdeki ancak farkl\u0131 b\u00fcy\u00fcme oranlar\u0131na sahip \u015firketleri kar\u015f\u0131la\u015ft\u0131r\u0131rken \u00f6zellikle etkili bir ara\u00e7t\u0131r.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'><b>Ger\u00e7ek \u00f6rnek:<\/b>&nbsp;2023&#8217;te The Gioi Di Dong (MWG) 20 F\/K&#8217;ya sahipti, ancak beklenen EPS b\u00fcy\u00fcme oran\u0131 %25\/y\u0131l \u2192 PEG = 0.8 \u2192 Nispeten y\u00fcksek F\/K&#8217;ya ra\u011fmen cazip de\u011ferleme.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'><b>Pocket Option \u00f6nerir:<\/b>&nbsp;En az 3 ard\u0131\u015f\u0131k y\u0131l boyunca istikrarl\u0131 EPS b\u00fcy\u00fcmesi s\u00fcrd\u00fcr\u00fclen ve PEG 0.9&#8217;un alt\u0131nda olan Vietnam hisse senetlerine \u00f6ncelik verin.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<h3 class='po-article-page__title'>3. Geni\u015fletilmi\u015f DDM (Temett\u00fc \u0130skonto Modeli)<\/h3>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Vietnam&#8217;da bankalar, kamu hizmetleri, telekom\u00fcnikasyon gibi d\u00fczenli temett\u00fc \u00f6deyen hisse senetleri i\u00e7in, DDM y\u00f6ntemi EPS ile birle\u015ftirildi\u011finde \u00e7ok etkilidir:<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Adil De\u011fer = EPS \u00d7 (1 &#8211; b) \u00d7 (1 + g) \/ (r &#8211; g)<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Burada:<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm article-content po-article-page__text'>\n<ul class='po-article-page-list'>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>b: Kar pay\u0131 oran\u0131 (temett\u00fc olarak da\u011f\u0131t\u0131lmayan k\u00e2r)<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>g: Uzun vadeli b\u00fcy\u00fcme oran\u0131<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>r: Gerekli getiri oran\u0131<\/li>\n<\/ul>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'><b>Pratik uygulama:<\/b>&nbsp;2023 EPS&#8217;si 5,511 VND olan FPT hissesi i\u00e7in, k\u00e2r\u0131n %40&#8217;\u0131n\u0131 tutarak, %18\/y\u0131l b\u00fcy\u00fcme bekleniyor ve %25 getiri oran\u0131 gereklidir, adil de\u011fer 86,280 VND &#8211; mevcut piyasa fiyat\u0131ndan %15 daha y\u00fcksek.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<h2 class='po-article-page__title'>Vietnaml\u0131 Yat\u0131r\u0131mc\u0131lar\u0131n Bilmesi Gereken Hisse Ba\u015f\u0131na Kazanc\u0131n 5 S\u0131n\u0131rlamas\u0131<\/h2>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Hisse ba\u015f\u0131na kazan\u00e7 g\u00fc\u00e7l\u00fc bir ara\u00e7t\u0131r ancak m\u00fckemmel de\u011fildir. Pocket Option, Vietnaml\u0131 yat\u0131r\u0131mc\u0131lar\u0131n yanl\u0131\u015f kararlardan ka\u00e7\u0131nmak i\u00e7in dikkat etmesi gereken 5 \u00f6nemli s\u0131n\u0131rlamay\u0131 uyar\u0131yor:<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm article-content po-article-page__text'>\n<ul class='po-article-page-list'>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Muhasebe teknikleriyle &#8220;g\u00fczelle\u015ftirilebilir&#8221;&nbsp;&#8211; \u00d6rnek: Gayrimenkul \u015firketleri kar\u015f\u0131l\u0131klar\u0131 geciktiriyor, bankalar\u0131n &#8220;yarat\u0131c\u0131&#8221; bor\u00e7 s\u0131n\u0131fland\u0131rmas\u0131<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Nakit ak\u0131\u015f\u0131 kalitesini yans\u0131tmaz&nbsp;&#8211; \u00d6rnek: 2022&#8217;de HAG 1,235 VND EPS&#8217;ye sahipti ancak sermayele\u015ftirilmi\u015f giderler nedeniyle negatif nakit ak\u0131\u015f\u0131<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Mevsimsel dalgalanmalar yan\u0131lt\u0131c\u0131 olabilir&nbsp;&#8211; \u00d6rnek: 2023 Q1&#8217;de DGW&#8217;nin EPS&#8217;si \u00c7\u00c7 %30 d\u00fc\u015ft\u00fc ancak bu, Q4 sonras\u0131 y\u0131ll\u0131k bir fenomendir<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Sermaye yap\u0131s\u0131n\u0131 ve riski g\u00f6z ard\u0131 eder&nbsp;&#8211; \u00d6rnek: MSN ve VNM e\u015fde\u011fer EPS&#8217;ye sahip ancak MSN&#8217;nin bor\u00e7\/\u00f6zsermaye oran\u0131 5 kat daha y\u00fcksek<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Ola\u011fan\u00fcst\u00fc gelir e\u011filimleri \u00e7arp\u0131t\u0131r&nbsp;&#8211; \u00d6rnek: 2022&#8217;de VIC&#8217;nin EPS&#8217;si %120 artt\u0131 ancak esas olarak elden \u00e7\u0131karmalardan, temel i\u015ften de\u011fil<\/li>\n<\/ul>\n<\/div>\n<div class='po-container po-container_width_article po-article-page__table'>\n<div class='po-table'>\n<table>\n<thead>\n<tr>\n<th>S\u0131n\u0131rlama<\/th>\n<th>Vietnam Borsa Piyasas\u0131nda G\u00f6r\u00fcn\u00fcm<\/th>\n<th>\u00c7\u00f6z\u00fcm<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>Muhasebe manip\u00fclasyonlar\u0131<\/td>\n<td>Baz\u0131 \u00e7eyrek raporlar\u0131 g\u00f6zden ge\u00e7irilmemi\u015f\/denetlenmemi\u015f<\/td>\n<td>Varl\u0131k kalitesini kontrol edin, kar\u015f\u0131l\u0131k giderlerini do\u011frulay\u0131n<\/td>\n<\/tr>\n<tr>\n<td>Nakit ak\u0131\u015f\u0131 sorunlar\u0131<\/td>\n<td>\u00d6zellikle gayrimenkul, in\u015faat, perakende<\/td>\n<td>FCF\/Hisse (Hisse Ba\u015f\u0131na Serbest Nakit Ak\u0131\u015f\u0131) analizi ile birle\u015ftirin<\/td>\n<\/tr>\n<tr>\n<td>D\u00f6ng\u00fcsel, mevsimsel fakt\u00f6rler<\/td>\n<td>Turizm, perakende, F&amp;B, deniz \u00fcr\u00fcnleri<\/td>\n<td>Tek \u00e7eyrek yerine TTM EPS (Son 12 Ay) kullan\u0131n<\/td>\n<\/tr>\n<tr>\n<td>Sermaye yap\u0131s\u0131 riskleri<\/td>\n<td>Konglomeratlar ve gayrimenkul\u00fcn karakteristi\u011fi<\/td>\n<td>Bor\u00e7\/FAV\u00d6K oran\u0131n\u0131, faiz kar\u015f\u0131lama oran\u0131n\u0131 (ICR) analiz edin<\/td>\n<\/tr>\n<tr>\n<td>Ola\u011fan\u00fcst\u00fc gelir<\/td>\n<td>\u0130\u015fletmeler yeniden yap\u0131land\u0131r\u0131ld\u0131\u011f\u0131nda yayg\u0131n<\/td>\n<td>&#8220;Temel EPS&#8221; ve &#8220;Tekrarlanmayan EPS&#8221;yi ay\u0131r\u0131n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'><b>Alt\u0131n ipucu:<\/b>&nbsp;Pocket Option, &#8220;5 Noktal\u0131 EPS Analizi&#8221; y\u00f6ntemini \u00f6nerir &#8211; 5 analitik boyutu birle\u015ftirir: EPS B\u00fcy\u00fcmesi, EPS Kalitesi, EPS \u0130stikrar\u0131, EPS \u00d6ng\u00f6r\u00fclebilirli\u011fi ve EPS&#8217;nin sekt\u00f6rle Kar\u015f\u0131la\u015ft\u0131r\u0131lmas\u0131.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<h2 class='po-article-page__title'>Hisse Ba\u015f\u0131na Kazanca Dayal\u0131 7 \u00c7\u0131\u011f\u0131r A\u00e7an Yat\u0131r\u0131m Stratejisi<\/h2>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Binlerce Vietnaml\u0131 yat\u0131r\u0131mc\u0131ya destek olma deneyiminden, Pocket Option, \u00f6zellikle mevcut piyasa ko\u015fullar\u0131na uygun, EPS&#8217;ye dayal\u0131 7 son derece etkili yat\u0131r\u0131m stratejisini dam\u0131tt\u0131:<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<h3 class='po-article-page__title'>Strateji 1: &#8220;EPS Momentum&#8221; &#8211; B\u00fcy\u00fcme Momentumunun \u00d6n\u00fcne Ge\u00e7mek<\/h3>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>En az 2 ard\u0131\u015f\u0131k \u00e7eyrek boyunca h\u0131zlanan EPS b\u00fcy\u00fcme oranlar\u0131na (sadece b\u00fcy\u00fcyen de\u011fil, daha h\u0131zl\u0131 b\u00fcy\u00fcyen) sahip hisselere odaklan\u0131n.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'><b>Se\u00e7im kriterleri:<\/b><\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm article-content po-article-page__text'>\n<ul class='po-article-page-list'>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>En son \u00e7eyrek EPS&#8217;si y\u0131l baz\u0131nda (YY) &gt;%20 b\u00fcy\u00fcyor<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Mevcut \u00e7eyrek EPS b\u00fcy\u00fcme oran\u0131 &gt; \u00f6nceki \u00e7eyrek EPS b\u00fcy\u00fcme oran\u0131<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Raporlama d\u00f6nemi boyunca \u00f6nemli bir ola\u011fan\u00fcst\u00fc gelir yok<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>EPS a\u00e7\u0131kland\u0131\u011f\u0131nda i\u015flem hacmi artar<\/li>\n<\/ul>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'><b>Ba\u015far\u0131 \u00f6rne\u011fi:<\/b>&nbsp;2022&#8217;de DGC hissesi (Duc Giang Kimya) \u015firketin 85%, 120% ve 175% y\u0131l baz\u0131nda artan EPS b\u00fcy\u00fcme oranlar\u0131yla 3 ard\u0131\u015f\u0131k \u00e7eyrek raporlamas\u0131ndan sonra 60,000 VND&#8217;den 150,000 VND&#8217;ye (+%150) y\u00fckseldi.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<h3 class='po-article-page__title'>Strateji 2: &#8220;Unutulmu\u015f De\u011fer&#8221; &#8211; Ke\u015ffedilmemi\u015f Hazine<\/h3>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Geleneksel sekt\u00f6rlerde faaliyet g\u00f6steren veya \u00e7ekici fakt\u00f6rlerden yoksun olduklar\u0131 i\u00e7in piyasa taraf\u0131ndan &#8220;unutulmu\u015f&#8221; g\u00fc\u00e7l\u00fc temellere sahip, istikrarl\u0131 EPS&#8217;ye sahip i\u015fletmeleri aray\u0131n.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'><b>Se\u00e7im kriterleri:<\/b><\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm article-content po-article-page__text'>\n<ul class='po-article-page-list'>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>F\/K sekt\u00f6r ortalamas\u0131ndan en az %30 daha d\u00fc\u015f\u00fck<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>3 ard\u0131\u015f\u0131k y\u0131l boyunca istikrarl\u0131 veya hafif artan EPS<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Y\u00fcksek temett\u00fc getirisi (&gt;%5\/y\u0131l)<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>D\u00fc\u015f\u00fck bor\u00e7\/\u00f6zsermaye oran\u0131 (&lt;0.5)<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>S\u00fcrekli y\u00fcksek ROE &gt;%15<\/li>\n<\/ul>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'><b>Tipik \u00f6rnek:<\/b>&nbsp;2022-2023&#8217;te DHG (Hau Giang \u0130la\u00e7) 4,500-5,000 VND\/hisse civar\u0131nda istikrarl\u0131 EPS&#8217;yi s\u00fcrd\u00fcrd\u00fc, F\/K sadece 12-13 kat (ila\u00e7 sekt\u00f6r\u00fc ortalamas\u0131 olan 18-20 kat\u0131n \u00e7ok alt\u0131nda), %5\/y\u0131l temett\u00fc. 2024 ba\u015f\u0131nda, piyasa defansif hisselere d\u00f6nd\u00fc\u011f\u00fcnde hisse %40 y\u00fckseldi.<\/p>\n<\/div>\n<div class='po-container po-container_width_article po-article-page__table'>\n<div class='po-table'>\n<table>\n<thead>\n<tr>\n<th>Strateji<\/th>\n<th>\u0130zlenecek EPS Parametreleri<\/th>\n<th>VN&#8217;de Uygun Sekt\u00f6rler<\/th>\n<th>\u00d6rnek Hisseler<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>EPS Momentum<\/td>\n<td>H\u0131zlanan EPS b\u00fcy\u00fcmesi<\/td>\n<td>Teknoloji, Lojistik, \u0130hracat<\/td>\n<td>FPT, MWG, DGC<\/td>\n<\/tr>\n<tr>\n<td>Unutulmu\u015f De\u011fer<\/td>\n<td>\u0130stikrarl\u0131 EPS, d\u00fc\u015f\u00fck F\/K<\/td>\n<td>\u0130la\u00e7, G\u0131da, Kamu Hizmetleri<\/td>\n<td>DHG, VNM, POW<\/td>\n<\/tr>\n<tr>\n<td>EPS Kurtarma Oyunu<\/td>\n<td>D\u00fc\u015f\u00fc\u015ften sonra EPS&#8217;nin toparlanmaya ba\u015flamas\u0131<\/td>\n<td>Gayrimenkul, \u00c7elik, Petrol ve Gaz<\/td>\n<td>HPG, DXG, PVD<\/td>\n<\/tr>\n<tr>\n<td>Kaliteli B\u00fcy\u00fcme<\/td>\n<td>EPS&#8217;nin y\u0131lda %15-25 aras\u0131nda istikrarl\u0131 b\u00fcy\u00fcmesi<\/td>\n<td>Bankac\u0131l\u0131k, Perakende, T\u00fcketici \u00dcr\u00fcnleri<\/td>\n<td>ACB, PNJ, MSN<\/td>\n<\/tr>\n<tr>\n<td>Kataliz\u00f6r Odakl\u0131 EPS<\/td>\n<td>Olaylar nedeniyle EPS&#8217;nin artmas\u0131 bekleniyor<\/td>\n<td>T\u00fcm sekt\u00f6rler<\/td>\n<td>Zamana g\u00f6re de\u011fi\u015fir<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Hisse ba\u015f\u0131na kazanc\u0131 nas\u0131l hesaplayaca\u011f\u0131n\u0131z\u0131 ve yat\u0131r\u0131m stratejilerine nas\u0131l uygulayaca\u011f\u0131n\u0131z\u0131 bilmek, Vietnam pazar\u0131nda profesyonel ve amat\u00f6r yat\u0131r\u0131mc\u0131lar\u0131 ay\u0131ran temel bir beceridir. Pocket Option, bu yolculukta derinlemesine ara\u00e7lar ve analizlerle yan\u0131n\u0131zda olmaya kararl\u0131d\u0131r.<\/p>\n<\/div>\n    <div class=\"po-container po-container_width_article\">\n        <a href=\"\/en\/quick-start\/\" class=\"po-line-banner po-article-page__line-banner\">\n            <svg class=\"svg-image po-line-banner__logo\" fill=\"currentColor\" width=\"auto\" height=\"auto\"\n                 aria-hidden=\"true\">\n                <use href=\"#svg-img-logo-white\"><\/use>\n            <\/svg>\n            <span class=\"po-line-banner__btn\"><\/span>\n        <\/a>\n    <\/div>\n    \n<div class='po-container po-container_width_article-sm'>\n<h2 class='po-article-page__title'>Sonu\u00e7: Hisse Ba\u015f\u0131na Kazanc\u0131 Rekabet Avantaj\u0131n\u0131za D\u00f6n\u00fc\u015ft\u00fcr\u00fcn<\/h2>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Hisse ba\u015f\u0131na kazanc\u0131n ne oldu\u011funu ve nas\u0131l etkili bir \u015fekilde uygulanaca\u011f\u0131n\u0131 derinlemesine inceledikten sonra, \u015fimdi \u00e7o\u011fu Vietnaml\u0131 yat\u0131r\u0131mc\u0131n\u0131n tam olarak kullanmad\u0131\u011f\u0131 g\u00fc\u00e7l\u00fc bir analitik araca sahipsiniz. Unutmay\u0131n ki:<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm article-content po-article-page__text'>\n<ul class='po-article-page-list'>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>EPS sadece bir say\u0131 de\u011fildir&nbsp;&#8211; sahip oldu\u011funuz her hisse ile ald\u0131\u011f\u0131n\u0131z de\u011ferin do\u011frudan bir \u00f6l\u00e7\u00fcs\u00fcd\u00fcr<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>EPS e\u011filimlerini analiz etmek&nbsp;tek bir zamanda mutlak de\u011ferden daha \u00f6nemlidir<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>EPS kalitesi&nbsp;(temel i\u015f faaliyetlerinden) s\u00fcrd\u00fcr\u00fclebilir olmayan y\u00fcksek EPS rakamlar\u0131ndan daha \u00f6nemlidir<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>EPS&#8217;yi di\u011fer g\u00f6stergelerle birle\u015ftirin&nbsp;(F\/K, PEG, FCF\/Hisse, ROE) kapsaml\u0131 bir resim i\u00e7in<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Pocket Option&#8217;dan 5 Noktal\u0131 EPS Analizi y\u00f6ntemi&nbsp;sizi kapsaml\u0131 bir \u015fekilde analiz etmeye ve do\u011fru yat\u0131r\u0131m kararlar\u0131 almaya y\u00f6nlendirir<\/li>\n<\/ul>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Vietnam borsa piyasas\u0131 giderek olgunla\u015f\u0131yor ve uluslararas\u0131 standartlara yakla\u015f\u0131yor. Gelecekte, EPS gibi temel finansal g\u00f6stergelerin rol\u00fc, yabanc\u0131 sermaye piyasaya akmaya devam ettik\u00e7e ve uluslararas\u0131 ETF fonlar\u0131 <\/p>\n"},"faq":[{"question":"Temel hisse ba\u015f\u0131na kazan\u00e7, seyreltilmi\u015f hisse ba\u015f\u0131na kazan\u00e7tan nas\u0131l farkl\u0131d\u0131r?","answer":"Temel EPS, yaln\u0131zca fiilen tedav\u00fcldeki adi hisse senetlerinin say\u0131s\u0131na dayanarak hesaplan\u0131r. Buna kar\u015f\u0131l\u0131k, seyreltilmi\u015f EPS, hisse senetlerine d\u00f6n\u00fc\u015ft\u00fcr\u00fclebilecek T\u00dcM finansal ara\u00e7lar\u0131n kullan\u0131ld\u0131\u011f\u0131 senaryoyu hesaplar - opsiyonlar, d\u00f6n\u00fc\u015ft\u00fcr\u00fclebilir tahviller ve varantlar dahil. Vietnam'da, FPT, Vietjet veya Techcombank gibi bir\u00e7ok ESOP ihra\u00e7 eden \u015firketler i\u00e7in bu iki g\u00f6sterge aras\u0131ndaki fark \u00f6zellikle dikkat \u00e7ekicidir; burada Seyreltilmi\u015f EPS, Temel EPS'den %5-8 daha d\u00fc\u015f\u00fck olabilir."},{"question":"Bir \u015firketin hisse ba\u015f\u0131na kazanc\u0131 y\u00fcksek olabilir ancak hisse senedi fiyat\u0131 buna g\u00f6re artmayabilir.","answer":"Bu, Vietnam borsa piyasas\u0131nda yayg\u0131n bir fenomendir ve 4 ana nedeni vard\u0131r: (1) Piyasa, y\u00fcksek EPS beklentilerini zaten \"fiyatlam\u0131\u015ft\u0131r\" (2022'de VHM \u00f6rne\u011finde oldu\u011fu gibi); (2) Y\u00fcksek EPS ancak d\u00fc\u015f\u00fck kalite - ola\u011fan\u00fcst\u00fc gelir veya yarat\u0131c\u0131 muhasebeden kaynaklanmaktad\u0131r (2020-2021 y\u0131llar\u0131nda NVL gibi); (3) \u0130yi k\u00e2rlara ra\u011fmen zay\u0131f nakit ak\u0131\u015f\u0131 (bir\u00e7ok gayrimenkul i\u015fletmesinde oldu\u011fu gibi); (4) Faiz art\u0131\u015flar\u0131, kredi s\u0131k\u0131la\u015ft\u0131rmas\u0131 gibi olumsuz makroekonomik fakt\u00f6rler, piyasa genelinde P\/E daralmas\u0131na neden olurken, EPS b\u00fcy\u00fcmesi bunu telafi etmek i\u00e7in yetersiz kalmaktad\u0131r."},{"question":"Bir ki\u015fi, EPS b\u00fcy\u00fcmesini temel i\u015f operasyonlar\u0131ndan kaynaklanan b\u00fcy\u00fcme ile s\u00fcrd\u00fcr\u00fclemez fakt\u00f6rlerden kaynaklanan b\u00fcy\u00fcme aras\u0131nda nas\u0131l ay\u0131rt edebilir?","answer":"Pocket Option'un \"3 katmanl\u0131 analiz\" y\u00f6ntemini uygulay\u0131n: (1) Gelir tablosunun yap\u0131s\u0131n\u0131 analiz edin, gelir ve br\u00fct kar b\u00fcy\u00fcme oranlar\u0131n\u0131 net kar ile kar\u015f\u0131la\u015ft\u0131r\u0131n - e\u011fer net kar \u00e7ok daha g\u00fc\u00e7l\u00fc art\u0131yorsa, \u015f\u00fcphelenin; (2) Finansal tablo notlar\u0131n\u0131 dikkatlice kontrol edin, \u00f6zellikle \"Di\u011fer gelir\" ve \"\u0130\u015ftiraklerden kar\/zarar\" b\u00f6l\u00fcmlerini; (3) Kar\u015f\u0131l\u0131k de\u011fi\u015fikliklerini izleyin - bir\u00e7ok Vietnaml\u0131 \u015firket, karlar\u0131 ayarlamak i\u00e7in kar\u015f\u0131l\u0131klar\u0131 art\u0131r\u0131r\/azalt\u0131r. Tipik bir \u00f6rnek: 2021'de VCB, %19 kar art\u0131\u015f\u0131 bildirdi ancak bu esas olarak kar\u015f\u0131l\u0131klar\u0131n azalt\u0131lmas\u0131ndan kaynaklan\u0131yordu, oysa net faiz geliri sadece %5 artt\u0131."},{"question":"\u00dc\u00e7 ayl\u0131k EPS ne zaman kullan\u0131lmal\u0131 ve son 12 ayl\u0131k EPS ne zaman kullan\u0131lmal\u0131?","answer":"A\u015fa\u011f\u0131daki durumlarda \u00fc\u00e7 ayl\u0131k EPS kullan\u0131n: (1) \u00d6nemli bir d\u00f6n\u00fc\u015f\u00fcm ge\u00e7iren bir \u015firketi analiz ederken (2021-2023 y\u0131llar\u0131 aras\u0131nda MSN gibi); (2) \u00d6nemli olaylar\u0131n anl\u0131k etkisini de\u011ferlendirirken (\u00c7in'in yeniden a\u00e7\u0131lmas\u0131ndan sonra HPG gibi); (3) En son trendleri yakalamak istedi\u011finizde. Buna kar\u015f\u0131l\u0131k, TTM EPS kullan\u0131n: (1) Y\u00fcksek derecede mevsimsel \u015firketleri de\u011ferlendirirken (DGW, PNJ, QNS gibi); (2) Piyasa F\/K oran\u0131 ile kar\u015f\u0131la\u015ft\u0131r\u0131rken (VNINDEX F\/K oran\u0131 her zaman TTM \u00fczerinden hesaplan\u0131r); (3) Uzun vadeli bir yat\u0131r\u0131m portf\u00f6y\u00fc olu\u015ftururken. Alt\u0131n kural: Trendleri tespit etmek i\u00e7in \u00fc\u00e7 ayl\u0131k EPS kullan\u0131n, karar vermek i\u00e7in TTM EPS kullan\u0131n."},{"question":"Hisse senetleri yaln\u0131zca bir \u015firketin y\u00fcksek EPS ve d\u00fc\u015f\u00fck F\/K oran\u0131na sahip olmas\u0131 temelinde mi sat\u0131n al\u0131nmal\u0131d\u0131r?","answer":"Kesinlikle hay\u0131r! Bu, bir\u00e7ok Vietnaml\u0131 yat\u0131r\u0131mc\u0131n\u0131n d\u00fc\u015ft\u00fc\u011f\u00fc bir tuzakt\u0131r. 2020-2024 y\u0131llar\u0131 aras\u0131nda Vietnam pazar\u0131nda, en d\u00fc\u015f\u00fck F\/K oranlar\u0131na sahip hisselerin (en alt %10) %75'i negatif getiri sa\u011flad\u0131. Nedenler: (1) D\u00fc\u015f\u00fck F\/K genellikle piyasan\u0131n zaten fark\u0131nda oldu\u011fu y\u00fcksek risk veya k\u00f6t\u00fc beklentileri yans\u0131t\u0131r; (2) Y\u00fcksek EPS, d\u00f6ng\u00fcsel fakt\u00f6rler nedeniyle ge\u00e7ici olabilir (petrol ve gaz, \u00e7elik gibi); (3) Bir\u00e7ok \"de\u011fer tuza\u011f\u0131\" - ucuz g\u00f6r\u00fcnen ancak yava\u015f yava\u015f d\u00fc\u015f\u00fc\u015fte olan \u015firketler. Bunun yerine, makul bir F\/K (mutlaka en d\u00fc\u015f\u00fck de\u011fil) ve s\u00fcrd\u00fcr\u00fclebilir EPS b\u00fcy\u00fcmesi, iyi varl\u0131k kalitesi ve kurumsal y\u00f6netim kombinasyonunu aray\u0131n."}],"faq_source":{"label":"FAQ","type":"repeater","formatted_value":[{"question":"Temel hisse ba\u015f\u0131na kazan\u00e7, seyreltilmi\u015f hisse ba\u015f\u0131na kazan\u00e7tan nas\u0131l farkl\u0131d\u0131r?","answer":"Temel EPS, yaln\u0131zca fiilen tedav\u00fcldeki adi hisse senetlerinin say\u0131s\u0131na dayanarak hesaplan\u0131r. Buna kar\u015f\u0131l\u0131k, seyreltilmi\u015f EPS, hisse senetlerine d\u00f6n\u00fc\u015ft\u00fcr\u00fclebilecek T\u00dcM finansal ara\u00e7lar\u0131n kullan\u0131ld\u0131\u011f\u0131 senaryoyu hesaplar - opsiyonlar, d\u00f6n\u00fc\u015ft\u00fcr\u00fclebilir tahviller ve varantlar dahil. Vietnam'da, FPT, Vietjet veya Techcombank gibi bir\u00e7ok ESOP ihra\u00e7 eden \u015firketler i\u00e7in bu iki g\u00f6sterge aras\u0131ndaki fark \u00f6zellikle dikkat \u00e7ekicidir; burada Seyreltilmi\u015f EPS, Temel EPS'den %5-8 daha d\u00fc\u015f\u00fck olabilir."},{"question":"Bir \u015firketin hisse ba\u015f\u0131na kazanc\u0131 y\u00fcksek olabilir ancak hisse senedi fiyat\u0131 buna g\u00f6re artmayabilir.","answer":"Bu, Vietnam borsa piyasas\u0131nda yayg\u0131n bir fenomendir ve 4 ana nedeni vard\u0131r: (1) Piyasa, y\u00fcksek EPS beklentilerini zaten \"fiyatlam\u0131\u015ft\u0131r\" (2022'de VHM \u00f6rne\u011finde oldu\u011fu gibi); (2) Y\u00fcksek EPS ancak d\u00fc\u015f\u00fck kalite - ola\u011fan\u00fcst\u00fc gelir veya yarat\u0131c\u0131 muhasebeden kaynaklanmaktad\u0131r (2020-2021 y\u0131llar\u0131nda NVL gibi); (3) \u0130yi k\u00e2rlara ra\u011fmen zay\u0131f nakit ak\u0131\u015f\u0131 (bir\u00e7ok gayrimenkul i\u015fletmesinde oldu\u011fu gibi); (4) Faiz art\u0131\u015flar\u0131, kredi s\u0131k\u0131la\u015ft\u0131rmas\u0131 gibi olumsuz makroekonomik fakt\u00f6rler, piyasa genelinde P\/E daralmas\u0131na neden olurken, EPS b\u00fcy\u00fcmesi bunu telafi etmek i\u00e7in yetersiz kalmaktad\u0131r."},{"question":"Bir ki\u015fi, EPS b\u00fcy\u00fcmesini temel i\u015f operasyonlar\u0131ndan kaynaklanan b\u00fcy\u00fcme ile s\u00fcrd\u00fcr\u00fclemez fakt\u00f6rlerden kaynaklanan b\u00fcy\u00fcme aras\u0131nda nas\u0131l ay\u0131rt edebilir?","answer":"Pocket Option'un \"3 katmanl\u0131 analiz\" y\u00f6ntemini uygulay\u0131n: (1) Gelir tablosunun yap\u0131s\u0131n\u0131 analiz edin, gelir ve br\u00fct kar b\u00fcy\u00fcme oranlar\u0131n\u0131 net kar ile kar\u015f\u0131la\u015ft\u0131r\u0131n - e\u011fer net kar \u00e7ok daha g\u00fc\u00e7l\u00fc art\u0131yorsa, \u015f\u00fcphelenin; (2) Finansal tablo notlar\u0131n\u0131 dikkatlice kontrol edin, \u00f6zellikle \"Di\u011fer gelir\" ve \"\u0130\u015ftiraklerden kar\/zarar\" b\u00f6l\u00fcmlerini; (3) Kar\u015f\u0131l\u0131k de\u011fi\u015fikliklerini izleyin - bir\u00e7ok Vietnaml\u0131 \u015firket, karlar\u0131 ayarlamak i\u00e7in kar\u015f\u0131l\u0131klar\u0131 art\u0131r\u0131r\/azalt\u0131r. Tipik bir \u00f6rnek: 2021'de VCB, %19 kar art\u0131\u015f\u0131 bildirdi ancak bu esas olarak kar\u015f\u0131l\u0131klar\u0131n azalt\u0131lmas\u0131ndan kaynaklan\u0131yordu, oysa net faiz geliri sadece %5 artt\u0131."},{"question":"\u00dc\u00e7 ayl\u0131k EPS ne zaman kullan\u0131lmal\u0131 ve son 12 ayl\u0131k EPS ne zaman kullan\u0131lmal\u0131?","answer":"A\u015fa\u011f\u0131daki durumlarda \u00fc\u00e7 ayl\u0131k EPS kullan\u0131n: (1) \u00d6nemli bir d\u00f6n\u00fc\u015f\u00fcm ge\u00e7iren bir \u015firketi analiz ederken (2021-2023 y\u0131llar\u0131 aras\u0131nda MSN gibi); (2) \u00d6nemli olaylar\u0131n anl\u0131k etkisini de\u011ferlendirirken (\u00c7in'in yeniden a\u00e7\u0131lmas\u0131ndan sonra HPG gibi); (3) En son trendleri yakalamak istedi\u011finizde. Buna kar\u015f\u0131l\u0131k, TTM EPS kullan\u0131n: (1) Y\u00fcksek derecede mevsimsel \u015firketleri de\u011ferlendirirken (DGW, PNJ, QNS gibi); (2) Piyasa F\/K oran\u0131 ile kar\u015f\u0131la\u015ft\u0131r\u0131rken (VNINDEX F\/K oran\u0131 her zaman TTM \u00fczerinden hesaplan\u0131r); (3) Uzun vadeli bir yat\u0131r\u0131m portf\u00f6y\u00fc olu\u015ftururken. Alt\u0131n kural: Trendleri tespit etmek i\u00e7in \u00fc\u00e7 ayl\u0131k EPS kullan\u0131n, karar vermek i\u00e7in TTM EPS kullan\u0131n."},{"question":"Hisse senetleri yaln\u0131zca bir \u015firketin y\u00fcksek EPS ve d\u00fc\u015f\u00fck F\/K oran\u0131na sahip olmas\u0131 temelinde mi sat\u0131n al\u0131nmal\u0131d\u0131r?","answer":"Kesinlikle hay\u0131r! Bu, bir\u00e7ok Vietnaml\u0131 yat\u0131r\u0131mc\u0131n\u0131n d\u00fc\u015ft\u00fc\u011f\u00fc bir tuzakt\u0131r. 2020-2024 y\u0131llar\u0131 aras\u0131nda Vietnam pazar\u0131nda, en d\u00fc\u015f\u00fck F\/K oranlar\u0131na sahip hisselerin (en alt %10) %75'i negatif getiri sa\u011flad\u0131. Nedenler: (1) D\u00fc\u015f\u00fck F\/K genellikle piyasan\u0131n zaten fark\u0131nda oldu\u011fu y\u00fcksek risk veya k\u00f6t\u00fc beklentileri yans\u0131t\u0131r; (2) Y\u00fcksek EPS, d\u00f6ng\u00fcsel fakt\u00f6rler nedeniyle ge\u00e7ici olabilir (petrol ve gaz, \u00e7elik gibi); (3) Bir\u00e7ok \"de\u011fer tuza\u011f\u0131\" - ucuz g\u00f6r\u00fcnen ancak yava\u015f yava\u015f d\u00fc\u015f\u00fc\u015fte olan \u015firketler. Bunun yerine, makul bir F\/K (mutlaka en d\u00fc\u015f\u00fck de\u011fil) ve s\u00fcrd\u00fcr\u00fclebilir EPS b\u00fcy\u00fcmesi, iyi varl\u0131k kalitesi ve kurumsal y\u00f6netim kombinasyonunu aray\u0131n."}]}},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.8 (Yoast SEO v27.2) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Hisse Ba\u015f\u0131na Kazan\u00e7 Nedir: Her yat\u0131r\u0131mc\u0131n\u0131n \u015fimdi bilmesi gereken temel bir hisse senedi de\u011ferlendirme arac\u0131<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/pocketoption.com\/blog\/tr\/knowledge-base\/learning\/what-are-the-basic-profits-on-stocks\/\" \/>\n<meta property=\"og:locale\" content=\"tr_TR\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Hisse Ba\u015f\u0131na Kazan\u00e7 Nedir: Her yat\u0131r\u0131mc\u0131n\u0131n \u015fimdi bilmesi gereken temel bir hisse senedi de\u011ferlendirme arac\u0131\" \/>\n<meta property=\"og:url\" content=\"https:\/\/pocketoption.com\/blog\/tr\/knowledge-base\/learning\/what-are-the-basic-profits-on-stocks\/\" \/>\n<meta property=\"og:site_name\" content=\"Pocket Option blog\" \/>\n<meta property=\"article:published_time\" content=\"2025-07-12T16:50:09+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/pocketoption.com\/blog\/wp-content\/uploads\/2025\/04\/1740322411645-304564534-1.webp\" \/>\n\t<meta property=\"og:image:width\" content=\"1840\" \/>\n\t<meta property=\"og:image:height\" content=\"700\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/webp\" \/>\n<meta name=\"author\" content=\"Igor OK\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Yazan:\" \/>\n\t<meta name=\"twitter:data1\" content=\"Igor OK\" \/>\n<script 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