{"id":302656,"date":"2025-07-12T16:52:48","date_gmt":"2025-07-12T16:52:48","guid":{"rendered":"https:\/\/pocketoption.com\/blog\/news-events\/data\/what-is-fund-stock-2\/"},"modified":"2025-07-12T16:52:48","modified_gmt":"2025-07-12T16:52:48","slug":"what-is-fund-stock","status":"publish","type":"post","link":"https:\/\/pocketoption.com\/blog\/tr\/knowledge-base\/learning\/what-is-fund-stock\/","title":{"rendered":"Hazine hisseleri nedir: Vietnaml\u0131 yat\u0131r\u0131mc\u0131lar i\u00e7in ak\u0131ll\u0131 yat\u0131r\u0131m stratejisi"},"content":{"rendered":"<div id=\"root\"><div id=\"wrap-img-root\"><\/div><\/div>","protected":false},"excerpt":{"rendered":"","protected":false},"author":50,"featured_media":213880,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[17],"tags":[47,28,45],"class_list":["post-302656","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-learning","tag-beginner","tag-investment","tag-stock"],"acf":{"h1":"Pocket Option: Hazine hisseleri nedir ve Vietnaml\u0131 yat\u0131r\u0131mc\u0131lar \u00fczerindeki etkisi nedir?","h1_source":{"label":"H1","type":"text","formatted_value":"Pocket Option: Hazine hisseleri nedir ve Vietnaml\u0131 yat\u0131r\u0131mc\u0131lar \u00fczerindeki etkisi nedir?"},"description":"Hazine hisseleri nedir? \u015eirketlerin hisse geri al\u0131mlar\u0131n\u0131 nas\u0131l ger\u00e7ekle\u015ftirdi\u011fine, piyasa \u00fczerindeki etkilerine ve \u015fu anda Pocket Option'dan benzersiz yat\u0131r\u0131m f\u0131rsatlar\u0131na kapsaml\u0131 bir bak\u0131\u015f ke\u015ffedin.","description_source":{"label":"Description","type":"textarea","formatted_value":"Hazine hisseleri nedir? \u015eirketlerin hisse geri al\u0131mlar\u0131n\u0131 nas\u0131l ger\u00e7ekle\u015ftirdi\u011fine, piyasa \u00fczerindeki etkilerine ve \u015fu anda Pocket Option'dan benzersiz yat\u0131r\u0131m f\u0131rsatlar\u0131na kapsaml\u0131 bir bak\u0131\u015f ke\u015ffedin."},"intro":"Vietnam borsa piyasas\u0131 h\u0131zla geli\u015fiyor ve yat\u0131r\u0131mc\u0131lar\u0131n \u00f6nemli kavramlar\u0131 iyi anlamas\u0131n\u0131 gerektiriyor. Hazine hisseleri, Vietnam'da nispeten yeni finansal ara\u00e7lardan biridir ancak hisse de\u011feri ve yat\u0131r\u0131m stratejisi \u00fczerinde g\u00fc\u00e7l\u00fc bir etkiye sahiptir. Bu makale, Vietnam piyasas\u0131 ba\u011flam\u0131nda hazine hisselerinin derinlemesine bir analizini sunar ve yat\u0131r\u0131mc\u0131lar i\u00e7in pratik stratejiler sa\u011flar.","intro_source":{"label":"Intro","type":"text","formatted_value":"Vietnam borsa piyasas\u0131 h\u0131zla geli\u015fiyor ve yat\u0131r\u0131mc\u0131lar\u0131n \u00f6nemli kavramlar\u0131 iyi anlamas\u0131n\u0131 gerektiriyor. Hazine hisseleri, Vietnam'da nispeten yeni finansal ara\u00e7lardan biridir ancak hisse de\u011feri ve yat\u0131r\u0131m stratejisi \u00fczerinde g\u00fc\u00e7l\u00fc bir etkiye sahiptir. Bu makale, Vietnam piyasas\u0131 ba\u011flam\u0131nda hazine hisselerinin derinlemesine bir analizini sunar ve yat\u0131r\u0131mc\u0131lar i\u00e7in pratik stratejiler sa\u011flar."},"body_html":"<div class='po-container po-container_width_article-sm'><h2 class='po-article-page__title'>Hazine hisseleri nedir? Vietnam pazar\u0131nda tan\u0131m ve temel \u00f6zellikler<\/h2><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Hazine hisseleri nedir? Bu, Vietnaml\u0131 yat\u0131r\u0131mc\u0131lar\u0131n borsa hakk\u0131nda bilgi edinirken s\u0131k\u00e7a sordu\u011fu bir sorudur. Basit\u00e7e s\u00f6ylemek gerekirse, hazine hisseleri, ihra\u00e7 eden \u015firket taraf\u0131ndan piyasadan geri sat\u0131n al\u0131nan ve daha sonra iptal edilmeyen hisselerdir. Bu hisseler, gelecekteki stratejik ama\u00e7lar i\u00e7in \u015firket taraf\u0131ndan tutulur.<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Vietnam'da, hazine hissesi olarak hisse geri sat\u0131n alma faaliyeti, 2020'den bu yana \u00f6zellikle pop\u00fcler hale geldi. Vingroup, FPT ve Masan gibi b\u00fcy\u00fck i\u015fletmeler, hisse fiyatlar\u0131n\u0131n i\u00e7sel de\u011ferlerine g\u00f6re d\u00fc\u015f\u00fck oldu\u011funu fark etti. Ho Chi Minh \u015eehri Borsa's\u0131ndan (HOSE) al\u0131nan verilere g\u00f6re, 2023 y\u0131l\u0131nda listelenen \u015firketlerin hazine hisselerinin toplam de\u011feri bir \u00f6nceki y\u0131la g\u00f6re %27 artt\u0131.<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Hazine hisseleri, Vietnaml\u0131 yat\u0131r\u0131mc\u0131lar\u0131n net bir \u015fekilde anlamas\u0131 gereken \u00f6nemli \u00f6zelliklere sahip \u00f6zel bir hisse t\u00fcr\u00fcd\u00fcr:<\/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'>Y\u0131ll\u0131k veya ola\u011fan\u00fcst\u00fc genel kurul toplant\u0131lar\u0131nda oy hakk\u0131 yoktur<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Nakit veya hisse temett\u00fcs\u00fc alma hakk\u0131 yoktur<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Finansal oranlar hesaplan\u0131rken dola\u015f\u0131mdaki hisse say\u0131s\u0131na dahil edilmez<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Yat\u0131r\u0131mc\u0131lara yeniden ihra\u00e7 edilebilir veya \u00e7al\u0131\u015fanlara ESOP programlar\u0131 arac\u0131l\u0131\u011f\u0131yla da\u011f\u0131t\u0131labilir<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>EPS (Hisse Ba\u015f\u0131na Kazan\u00e7) ve ROE (\u00d6zsermaye Getirisi) gibi \u00f6nemli finansal g\u00f6stergeleri do\u011frudan etkiler<\/li><\/ul><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Bir \u015firket kendi hisselerini geri sat\u0131n almaya karar verdi\u011finde, piyasada dola\u015fan hisse say\u0131s\u0131 azal\u0131r. Bu, \u015firketin de\u011feri ve mevcut hissedarlar\u0131n \u00e7\u0131karlar\u0131 \u00fczerinde olumlu bir etki yarat\u0131r, \u00f6zellikle de Vietnam borsas\u0131n\u0131n hala bir\u00e7ok dalgalanma ya\u015fad\u0131\u011f\u0131 ve i\u015fletmeleri de\u011ferlemede ger\u00e7ekten etkili olmad\u0131\u011f\u0131 ko\u015fullarda.<\/p><\/div><div class='po-container po-container_width_article-sm'><h2 class='po-article-page__title'>Vietnaml\u0131 i\u015fletmelerin hazine hissesi olarak hisse geri sat\u0131n alma nedenleri<\/h2><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Vietnaml\u0131 \u015firketler neden giderek artan bir \u015fekilde kendi hisselerini geri sat\u0131n almakla ilgileniyor? Bunun nedenleri sadece finansal y\u00f6nlerle s\u0131n\u0131rl\u0131 kalmay\u0131p, uzun vadeli geli\u015fim stratejisi ve Vietnam pazar\u0131n\u0131n \u00f6zel rekabet ba\u011flam\u0131yla da ilgilidir.<\/p><\/div><div class='po-container po-container_width_article po-article-page__table'><div class='po-table'><table><thead><tr><th>Neden<\/th><th>Detayl\u0131 A\u00e7\u0131klama<\/th><th>Vietnam'daki Ger\u00e7ek \u00d6rnekler<\/th><\/tr><\/thead><tbody><tr><td>EPS'yi Art\u0131rma<\/td><td>Dola\u015f\u0131mdaki hisse say\u0131s\u0131n\u0131 azaltarak hisse ba\u015f\u0131na kazanc\u0131 art\u0131rma, hisseyi daha \u00e7ekici hale getirme<\/td><td>FPT, 2023'\u00fcn 2. \u00e7eyre\u011finde 2,56 milyon hazine hissesini geri sat\u0131n ald\u0131, ard\u0131ndan EPS %8,2 artt\u0131<\/td><\/tr><tr><td>Hisse fiyat\u0131n\u0131 destekleme<\/td><td>Hisse fiyat\u0131 d\u00fc\u015f\u00fck de\u011ferlendi\u011finde ek talep yaratma, a\u015f\u0131r\u0131 d\u00fc\u015f\u00fc\u015f\u00fc \u00f6nleme<\/td><td>Vinamilk (VNM), 2022-2023 y\u0131llar\u0131nda 22,9 milyon hisseyi hazine hissesi olarak sat\u0131n ald\u0131, fiyat ard\u0131ndan istikrar kazand\u0131<\/td><\/tr><tr><td>Sat\u0131n almalar\u0131 \u00f6nleme<\/td><td>Piyasadaki hisse say\u0131s\u0131n\u0131 azaltarak istenmeyen sat\u0131n almalar\u0131 zorla\u015ft\u0131rma<\/td><td>REE, Hoa Phat gibi bir\u00e7ok i\u015fletme bu stratejiyi yabanc\u0131 yat\u0131r\u0131mc\u0131lara pazar a\u00e7ma ba\u011flam\u0131nda uyguluyor<\/td><\/tr><tr><td>\u00c7al\u0131\u015fanlara da\u011f\u0131tma<\/td><td>Bonus hisse veya ESOP olarak kullanarak yetenek \u00e7ekme ve elde tutma<\/td><td>Masan Group ve Techcombank, 2023'te b\u00fcy\u00fck \u00f6l\u00e7ekli ESOP programlar\u0131 i\u00e7in hazine hisselerini kulland\u0131<\/td><\/tr><tr><td>Sermaye yeniden yap\u0131land\u0131rma<\/td><td>Sermaye yap\u0131s\u0131n\u0131 optimize etme, \u00f6zsermaye ve bor\u00e7 aras\u0131nda denge sa\u011flama<\/td><td>Vingroup (VIC), grubun yeniden yap\u0131land\u0131rma s\u00fcrecinde 2022'de 10 milyon hazine hissesini sat\u0131n ald\u0131<\/td><\/tr><\/tbody><\/table><\/div><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>\u00d6zellikle 2022-2023 y\u0131llar\u0131nda Vietnam'\u0131n makroekonomik zorluklar\u0131 ba\u011flam\u0131nda, Vinamilk (VNM), FPT ve Masan Group gibi bir\u00e7ok b\u00fcy\u00fck \u015firket geni\u015f \u00e7apl\u0131 hisse geri sat\u0131n alma programlar\u0131 uygulad\u0131. Vinamilk, hisseleri geri sat\u0131n almak i\u00e7in yakla\u015f\u0131k 2.500 milyar VND harcarken, FPT 300 milyar VND'yi a\u015fan bir de\u011ferle 3 milyondan fazla hazine hissesini geri sat\u0131n ald\u0131. Bu hamleler sadece hisse fiyatlar\u0131n\u0131 istikrara kavu\u015fturmakla kalmad\u0131, ayn\u0131 zamanda liderli\u011fin \u015firketin uzun vadeli beklentilerine olan g\u00fcvenini g\u00f6steren g\u00fc\u00e7l\u00fc bir sinyal g\u00f6nderdi.<\/p><\/div><div class='po-container po-container_width_article-sm'><h2 class='po-article-page__title'>Vietnam'da hazine hissesi olarak hisse geri sat\u0131n alma s\u00fcreci<\/h2><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Hazine hissesi olarak hisse geri sat\u0131n almak i\u00e7in, Vietnaml\u0131 \u015firketler Maliye Bakanl\u0131\u011f\u0131'n\u0131n 155\/2020\/ND-CP say\u0131l\u0131 Kararnamesi ve 96\/2020\/TT-BTC say\u0131l\u0131 Genelgesi'ne g\u00f6re s\u0131k\u0131 bir s\u00fcreci takip etmelidir. Bu s\u00fcreci anlamak, yat\u0131r\u0131mc\u0131lar\u0131n \u015firketlerin hisse geri sat\u0131n alma faaliyetlerindeki \u015feffafl\u0131\u011f\u0131 tan\u0131mas\u0131na yard\u0131mc\u0131 olur.<\/p><\/div><div class='po-container po-container_width_article-sm'><h3 class='po-article-page__title'>Vietnam'da hazine hisse geri sat\u0131n alma ad\u0131mlar\u0131<\/h3><\/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'>Ad\u0131m 1: Y\u00f6netim Kurulu toplan\u0131r ve detayl\u0131 bir hisse geri sat\u0131n alma plan\u0131 \u00f6nerir<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Ad\u0131m 2: Genel Kurul, geri sat\u0131n alma karar\u0131 onaylar (veya Y\u00f6netim Kurulu, dola\u015f\u0131mdaki hisselerin %10'undan az\u0131 i\u00e7in karar verir)<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Ad\u0131m 3: \u0130lk i\u015flem g\u00fcn\u00fcnden en az 20 g\u00fcn \u00f6nce geri sat\u0131n alma plan\u0131 hakk\u0131nda bilgi a\u00e7\u0131klan\u0131r<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Ad\u0131m 4: Hisse geri sat\u0131n alma i\u00e7in kay\u0131t belgeleri Devlet Menkul K\u0131ymetler Komisyonu'na sunulur ve geri bildirim beklenir<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Ad\u0131m 5: Ba\u015flang\u0131\u00e7 tarihinden itibaren maksimum 30 g\u00fcn i\u00e7inde sat\u0131n alma i\u015flemi ger\u00e7ekle\u015ftirilir<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Ad\u0131m 6: Tamamland\u0131ktan sonra 10 g\u00fcn i\u00e7inde i\u015flem sonu\u00e7lar\u0131 rapor edilir<\/li><\/ul><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Mevcut d\u00fczenlemelere g\u00f6re, Vietnaml\u0131 \u015firketler toplam ihra\u00e7 edilen hisselerin en fazla %30'unu geri sat\u0131n alabilir (\u00f6nceden %25'ti). Geri sat\u0131n alma, borsa arac\u0131l\u0131\u011f\u0131yla (sipari\u015f e\u015fle\u015ftirme veya m\u00fczakere yoluyla) kamuya a\u00e7\u0131k bir \u015fekilde ger\u00e7ekle\u015ftirilmelidir, \u015feffafl\u0131\u011f\u0131 sa\u011flamak i\u00e7in borsa d\u0131\u015f\u0131nda kesinlikle izin verilmez.<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Pocket Option, Vietnaml\u0131 yat\u0131r\u0131mc\u0131lara, 1.500'den fazla listelenen \u015firketin hazine hisse geri sat\u0131n alma faaliyetleri hakk\u0131nda ger\u00e7ek zamanl\u0131 bilgi izlemeye yard\u0131mc\u0131 olan \u00f6zel bir \"Hazine Hisse Uyar\u0131s\u0131\" arac\u0131 sunar. Yat\u0131r\u0131mc\u0131lar, b\u00fcy\u00fck \u015firketler geri sat\u0131n alma planlar\u0131n\u0131 a\u00e7\u0131klad\u0131\u011f\u0131nda otomatik uyar\u0131lar kurabilir, b\u00f6ylece piyasa tam olarak tepki vermeden \u00f6nce yat\u0131r\u0131m f\u0131rsatlar\u0131n\u0131 yakalayabilirler. Pocket Option ayr\u0131ca, hazine hisse geri sat\u0131n alma programlar\u0131n\u0131n Vietnam pazar\u0131ndaki hisse fiyatlar\u0131 \u00fczerindeki etkisi hakk\u0131nda derinlemesine analiz raporlar\u0131 sunar.<\/p><\/div><div class='po-container po-container_width_article-sm'><h2 class='po-article-page__title'>Hazine hisselerinin Vietnaml\u0131 i\u015fletmelerin finansal g\u00f6stergeleri \u00fczerindeki etkisi<\/h2><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Hazine hisseleri, i\u015fletmelerin bir\u00e7ok \u00f6nemli finansal g\u00f6stergesini do\u011frudan etkiler. Vietnaml\u0131 yat\u0131r\u0131mc\u0131lar i\u00e7in bu etkileri anlamak, \u00f6zellikle Vietnam gibi bilgi asimetrilerinin \u00e7ok oldu\u011fu bir pazarda, i\u015fletmelerin ger\u00e7ek de\u011ferini daha do\u011fru bir \u015fekilde de\u011ferlendirmeye yard\u0131mc\u0131 olur.<\/p><\/div><div class='po-container po-container_width_article po-article-page__table'><div class='po-table'><table><thead><tr><th>G\u00f6sterge<\/th><th>Hazine Hisselerinin Etkisi<\/th><th>Vietnaml\u0131 \u0130\u015fletmelerden \u00d6rnekler<\/th><\/tr><\/thead><tbody><tr><td>EPS (Hisse Ba\u015f\u0131na Kazan\u00e7)<\/td><td>Dola\u015f\u0131mdaki hisse say\u0131s\u0131 azald\u0131\u011f\u0131nda artar, karlar de\u011fi\u015fmese bile<\/td><td>MWG, 2022'de 2,35 milyon hazine hissesini geri sat\u0131n ald\u0131, 2022'nin 4. \u00e7eyre\u011finde EPS %4,7 artt\u0131, karlar hafif\u00e7e azalm\u0131\u015f olmas\u0131na ra\u011fmen<\/td><\/tr><tr><td>P\/E (Fiyat-Kazan\u00e7 Oran\u0131)<\/td><td>EPS artt\u0131\u011f\u0131nda azal\u0131r (fiyat de\u011fi\u015fmezse), hisseyi \"daha ucuz\" g\u00f6sterir<\/td><td>FPT, 2023'teki hisse geri sat\u0131n alma program\u0131ndan sonra P\/E 18,5'ten 17,2'ye d\u00fc\u015ft\u00fc<\/td><\/tr><tr><td>ROE (\u00d6zsermaye Getirisi)<\/td><td>Hisse geri sat\u0131n alma nedeniyle \u00f6zsermaye azald\u0131\u011f\u0131nda artar<\/td><td>Vinamilk (VNM), 2023 hisse geri sat\u0131n alma sonras\u0131 ROE'yi %25,8'den %27,3'e \u00e7\u0131kard\u0131<\/td><\/tr><tr><td>Hisse Ba\u015f\u0131na Defter De\u011feri<\/td><td>Geri sat\u0131n alma fiyat\u0131na g\u00f6re de\u011fi\u015fir<\/td><td>PNJ, defter de\u011ferinden %15 daha y\u00fcksek bir fiyata hisse geri sat\u0131n ald\u0131, BVPS hafif\u00e7e azald\u0131<\/td><\/tr><tr><td>Temett\u00fc Verimi<\/td><td>Toplam temett\u00fcler de\u011fi\u015fmeden kal\u0131rken temett\u00fc alan hisse say\u0131s\u0131 azald\u0131\u011f\u0131nda artar<\/td><td>REE, 2023 geri sat\u0131n alma program\u0131 sonras\u0131 temett\u00fc verimini %3,8'den %4,2'ye \u00e7\u0131kard\u0131<\/td><\/tr><\/tbody><\/table><\/div><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Bir\u00e7ok Vietnaml\u0131 yat\u0131r\u0131mc\u0131 s\u0131k\u00e7a \u015fu soruyu sorar: \"Hazine hisseleri temett\u00fc al\u0131r m\u0131?\" Cevap kesinlikle hay\u0131r. Hazine hisseleri, nakit veya hisse temett\u00fcs\u00fc almaz. Bu, mevcut hissedarlar i\u00e7in bir avantaj yarat\u0131r - temett\u00fc almaya hak kazanan toplam hisse say\u0131s\u0131 azald\u0131\u011f\u0131nda, \u015firketler toplam maliyetleri art\u0131rmadan hisse ba\u015f\u0131na temett\u00fc \u00f6deme oran\u0131n\u0131 art\u0131rabilir.<\/p><\/div><div class='po-container po-container_width_article-sm'><h3 class='po-article-page__title'>Vietnam'da hazine hisse etkisinin ger\u00e7ek d\u00fcnya \u00f6rne\u011fi<\/h3><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Daha iyi anlamak i\u00e7in, 2023 y\u0131l\u0131nda Vinhomes Anonim \u015eirketi (VHM) \u00f6rne\u011fine bakal\u0131m. VHM'nin 4,35 milyar dola\u015f\u0131mdaki hissesi vard\u0131 ve vergi sonras\u0131 net kar\u0131 29.000 milyar VND idi, bu da hisse ba\u015f\u0131na 6.667 VND'lik bir EPS'ye e\u015fde\u011ferdi. \u015eirket, hazine hissesi olarak 300 milyon hisseyi geri sat\u0131n ald\u0131 ve dola\u015f\u0131mdaki hisse say\u0131s\u0131n\u0131 4,05 milyara d\u00fc\u015f\u00fcrd\u00fc. Karlar de\u011fi\u015fmeden kal\u0131rken, yeni EPS 7.160 VND\/hisseye y\u00fckseldi, bu da %7,4'l\u00fck bir art\u0131\u015f anlam\u0131na geliyordu. Bu, gayrimenkul sekt\u00f6r\u00fcn\u00fcn bir\u00e7ok zorlukla kar\u015f\u0131la\u015ft\u0131\u011f\u0131 bir d\u00f6nemde bile VHM hisselerinin piyasadaki \u00e7ekicili\u011fini art\u0131rmaya katk\u0131da bulundu.<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Pocket Option, Vietnaml\u0131 yat\u0131r\u0131mc\u0131lar\u0131n hazine hisse geri sat\u0131n alma programlar\u0131n\u0131n EPS ve di\u011fer finansal g\u00f6stergeler \u00fczerindeki potansiyel etkisini kolayca hesaplamalar\u0131na yard\u0131mc\u0131 olan benzersiz bir \"EPS Etki Hesaplay\u0131c\u0131s\u0131\" arac\u0131 sunar. Bu ara\u00e7, hisse geri sat\u0131n alma planlar\u0131n\u0131 yeni a\u00e7\u0131klayan \u015firketlerde yat\u0131r\u0131m f\u0131rsatlar\u0131n\u0131 de\u011ferlendirirken \u00f6zellikle faydal\u0131d\u0131r.<\/p><\/div><div class='po-container po-container_width_article-sm'><h2 class='po-article-page__title'>Hazine hisseleri ve Vietnam borsas\u0131 ile ili\u015fkisi<\/h2><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Vietnam borsas\u0131nda, hazine hisseleri ve hisse geri sat\u0131n alma faaliyetleri, i\u015f d\u00fcnyas\u0131n\u0131n duyarl\u0131l\u0131\u011f\u0131 ve y\u00f6n\u00fc hakk\u0131nda \u00f6nemli bir g\u00f6sterge haline gelmi\u015ftir. Bu e\u011filim, \u00f6zellikle 2020-2023 d\u00f6ng\u00fcs\u00fc gibi g\u00fc\u00e7l\u00fc piyasa dalgalanmalar\u0131 d\u00f6nemlerinde giderek daha belirgin hale gelmi\u015ftir.<\/p><\/div><div class='po-container po-container_width_article po-article-page__table'><div class='po-table'><table><thead><tr><th>Piyasa A\u015famas\u0131<\/th><th>Vietnam'da Hazine Hisse Geri Sat\u0131n Alma E\u011filimi<\/th><th>Yat\u0131r\u0131m Stratejisi \u0130\u00e7in \u00d6nemi<\/th><\/tr><\/thead><tbody><tr><td>Piyasada keskin d\u00fc\u015f\u00fc\u015f (VN-Index -%30)<\/td><td>B\u00fcy\u00fck \u015firketlerin %72'si (\u0130lk 50) geri sat\u0131n alma planlar\u0131n\u0131 uygulad\u0131 veya a\u00e7\u0131klad\u0131<\/td><td>G\u00fc\u00e7l\u00fc al\u0131m sinyali - liderlik fiyat\u0131n i\u00e7sel de\u011ferin alt\u0131nda oldu\u011funa inan\u0131yor<\/td><\/tr><tr><td>Yatay piyasa (VN-Index \u00b1%10)<\/td><td>\u015eirketlerin %35'i se\u00e7ici geri sat\u0131n almalar ger\u00e7ekle\u015ftirdi, genellikle finansal olarak g\u00fc\u00e7l\u00fc i\u015fletmeler<\/td><td>Y\u00fcksek kaliteli i\u015fletmelerde se\u00e7ici yat\u0131r\u0131m f\u0131rsatlar\u0131<\/td><\/tr><tr><td>G\u00fc\u00e7l\u00fc piyasa y\u00fckseli\u015fi (VN-Index +%25)<\/td><td>\u015eirketlerin sadece %15'i geri sat\u0131n ald\u0131, %22'si sermaye art\u0131rmak i\u00e7in hazine hisselerini satt\u0131<\/td><td>Dikkat uyar\u0131s\u0131 - liderlik hisselerin y\u00fcksek de\u011ferlendi\u011fine inanabilir<\/td><\/tr><\/tbody><\/table><\/div><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Ho Chi Minh \u015eehri Borsa's\u0131ndan al\u0131nan veriler, VN-Index'in Nisan 2022'den Kas\u0131m 2022'ye kadar keskin bir \u015fekilde d\u00fc\u015ft\u00fc\u011f\u00fc d\u00f6nemde (neredeyse %40 d\u00fc\u015f\u00fc\u015f), 78 listelenen \u015firketin toplam 12.500 milyar VND de\u011ferinde hisse geri sat\u0131n alma ger\u00e7ekle\u015ftirdi\u011fini g\u00f6stermektedir. Vingroup (VIC), Vinhomes (VHM), FPT, MWG ve Hoa Phat (HPG) gibi b\u00fcy\u00fck i\u015fletmeler, geni\u015f \u00e7apl\u0131 geri sat\u0131n alma programlar\u0131n\u0131 aktif bir \u015fekilde uygulad\u0131. \u00d6zellikle, bu programlar tamamland\u0131ktan sonra, bu \u015firketlerin %82'sinin hisse fiyatlar\u0131, sonraki 6 ayda piyasa ortalamas\u0131ndan daha iyi toparland\u0131.<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Ak\u0131ll\u0131 Vietnaml\u0131 yat\u0131r\u0131mc\u0131lar, listelenen \u015firketlerin hazine hisse geri sat\u0131n alma planlar\u0131 hakk\u0131ndaki bilgilere \u00f6zel dikkat g\u00f6stermelidir. \u00d6zellikle, a\u015fa\u011f\u0131daki fakt\u00f6rleri dikkatlice analiz etmelidirler: (1) toplam hisselere g\u00f6re geri sat\u0131n alma b\u00fcy\u00fckl\u00fc\u011f\u00fc, (2) geri sat\u0131n alma i\u00e7in kullan\u0131lan fon kaynaklar\u0131, (3) piyasa fiyat\u0131 ve i\u00e7sel de\u011ferle kar\u015f\u0131la\u015ft\u0131r\u0131ld\u0131\u011f\u0131nda beklenen sat\u0131n alma fiyat\u0131 ve (4) uygulama zaman\u0131. Bu bilgiler genellikle liderli\u011fin i\u015fletmenin de\u011feri ve beklentileri hakk\u0131ndaki ger\u00e7ek perspektifini yans\u0131t\u0131r.<\/p><\/div><div class='po-container po-container_width_article-sm'><h2 class='po-article-page__title'>Vietnam'da hazine hisseleri ile ilgili ak\u0131ll\u0131 yat\u0131r\u0131m stratejileri<\/h2><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Vietnaml\u0131 yat\u0131r\u0131mc\u0131lar, hazine hisselerinin ne oldu\u011funu ve geri sat\u0131n alma programlar\u0131n\u0131n \u00f6nemini derinlemesine anlayarak etkili yat\u0131r\u0131m stratejileri olu\u015fturabilirler. Bu stratejiler, bilgi asimetrilerinin ger\u00e7ekten simetrik olmad\u0131\u011f\u0131 ve piyasa tepkilerinin bazen tamamen etkili olmad\u0131\u011f\u0131 Vietnam pazar\u0131n\u0131n \u00f6zelliklerine uygun olarak ayarlanmal\u0131d\u0131r.<\/p><\/div><div class='po-container po-container_width_article-sm'><h3 class='po-article-page__title'>Hazine hisse geri sat\u0131n alma bilgilerini analiz etmek i\u00e7in etkili y\u00f6ntemler<\/h3><\/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'>\u015eirketlerin hisse geri sat\u0131n alma planlar\u0131 i\u00e7in SSC'nin bilgi a\u00e7\u0131klama takvimini yak\u0131ndan takip edin<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Geri sat\u0131n alma oran\u0131n\u0131 de\u011ferlendirin (dola\u015f\u0131mdaki hisselerin %5'inden fazlas\u0131 genellikle g\u00fc\u00e7l\u00fc bir etkiye sahiptir)<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Finansal durumu, \u00f6zellikle nakit ve k\u0131sa vadeli yat\u0131r\u0131mlar\u0131 analiz edin<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Beklenen geri sat\u0131n alma fiyat\u0131n\u0131 DCF, FCFF veya P\/B modelleri kullanarak hesaplanan i\u00e7sel de\u011ferle kar\u015f\u0131la\u015ft\u0131r\u0131n<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Son 3-5 y\u0131lda \u015firketin hazine hisselerini geri sat\u0131n alma ve yeniden ihra\u00e7 etme ge\u00e7mi\u015fini g\u00f6zden ge\u00e7irin<\/li><\/ul><\/div><div class='po-container po-container_width_article po-article-page__table'><div class='po-table'><table><thead><tr><th>Yat\u0131r\u0131m Stratejisi<\/th><th>Vietnam'da Uygulama Y\u00f6ntemi<\/th><th>Uygun Piyasa Ko\u015fullar\u0131<\/th><\/tr><\/thead><tbody><tr><td>Resmi a\u00e7\u0131klamadan \u00f6nce sat\u0131n alma<\/td><td>Fiyat-defter oran\u0131 (P\/B) 1'in alt\u0131nda olan, b\u00fcy\u00fck pozitif nakit ak\u0131\u015f\u0131 ve pozitif geri sat\u0131n alma ge\u00e7mi\u015fi olan \u015firketleri filtreleyin<\/td><td>Piyasa %20'den fazla d\u00fc\u015fm\u00fc\u015f, sekt\u00f6r ortalama P\/E 5 y\u0131ll\u0131k tarihsel seviyenin alt\u0131nda<\/td><\/tr><tr><td>Resmi a\u00e7\u0131klamadan hemen sonra sat\u0131n alma<\/td><td>\u015eirketin geri sat\u0131n alma karar\u0131 hakk\u0131nda BOD\/AGM karar\u0131n\u0131 a\u00e7\u0131klad\u0131ktan sonra 1-2 g\u00fcn i\u00e7inde h\u0131zl\u0131 tepki verin<\/td><td>Geni\u015f \u00e7apl\u0131 geri sat\u0131n alma plan\u0131 (&gt;%7 dola\u015f\u0131mdaki hisseler), g\u00fc\u00e7l\u00fc finansal kapasiteye sahip \u015firket<\/td><\/tr><tr><td>Geri sat\u0131n alma s\u00fcreci boyunca sat\u0131n alma<\/td><td>G\u00fcnl\u00fck i\u015flem raporlar\u0131n\u0131 izleyin, i\u015flem hacmi dramatik bir \u015fekilde artt\u0131\u011f\u0131nda sat\u0131n al\u0131n<\/td><td>Piyasa likiditesi yeterince b\u00fcy\u00fck, \u015firket uzun bir s\u00fcre boyunca istikrarl\u0131 bir h\u0131zda sat\u0131n al\u0131yor<\/td><\/tr><tr><td>Uzun vadeli yat\u0131r\u0131m stratejisi<\/td><td>Geri sat\u0131n alma programlar\u0131n\u0131 tamamlam\u0131\u015f ve net geli\u015fim planlar\u0131na sahip \u015firketlere odaklan\u0131n<\/td><td>\u0130yi temellere sahip \u015firket, ROE &gt;%15, d\u00fc\u015f\u00fck bor\u00e7-\u00f6zsermaye oran\u0131, b\u00fcy\u00fcme potansiyeline sahip sekt\u00f6r<\/td><\/tr><\/tbody><\/table><\/div><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Hazine hisseleri, Vietnam'da ak\u0131ll\u0131 yat\u0131r\u0131mc\u0131lar i\u00e7in de\u011ferli bilgiler ta\u015f\u0131yan \u00f6zel bir hisse t\u00fcr\u00fcd\u00fcr. Geri sat\u0131n alma programlar\u0131n\u0131n anlam\u0131n\u0131 do\u011fru ve tam olarak anlad\u0131klar\u0131nda, yat\u0131r\u0131mc\u0131lar piyasa bilgiyi tam olarak yans\u0131tmadan \u00f6nce yat\u0131r\u0131m f\u0131rsatlar\u0131n\u0131 ke\u015ffedebilirler. Bu, Vietnam borsas\u0131nda, hala bir\u00e7ok bilgi asimetrisi ve piyasa etkinli\u011finin d\u00fc\u015f\u00fck oldu\u011fu bir ortamda \u00f6zellikle \u00f6nemlidir.<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Pocket Option, Vietnaml\u0131 yat\u0131r\u0131mc\u0131lar\u0131n hazine hisse geri sat\u0131n alma faaliyetlerine dayal\u0131 olarak hisse senetlerini filtrelemelerine ve analiz etmelerine olanak tan\u0131yan \u00f6zel bir \"Hazine Hisse Analiz\u00f6r\u00fc\" ara\u00e7 seti sunar. Bu ara\u00e7, ola\u011fand\u0131\u015f\u0131 i\u015flem hacmi, yabanc\u0131 yat\u0131r\u0131mc\u0131 al\u0131m oranlar\u0131 ve \u00f6nde gelen menkul k\u0131ymet \u015firketlerinden analitik raporlar gibi teknik g\u00f6stergeleri entegre ederek, yat\u0131r\u0131mc\u0131lar\u0131n kapsaml\u0131 verilere dayal\u0131 bilin\u00e7li kararlar almas\u0131na yard\u0131mc\u0131 olur.<\/p><\/div><div class='po-container po-container_width_article-sm'><h2 class='po-article-page__title'>Vietnam'da geri sat\u0131n alma faaliyetleri olan hisse senetlerine yat\u0131r\u0131m yaparken riskler ve dikkate al\u0131nmas\u0131 gerekenler<\/h2><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Hisse geri sat\u0131n almalar\u0131 genellikle olumlu sinyaller getirirken, Vietnaml\u0131 yat\u0131r\u0131mc\u0131lar potansiyel riskleri tam olarak tan\u0131mlamal\u0131d\u0131r. \"Hazine hisseleri temett\u00fc al\u0131r m\u0131?\" sorusu, bu faaliyetin genel etkisinin sadece k\u00fc\u00e7\u00fck bir par\u00e7as\u0131d\u0131r.<\/p><\/div><div class='po-container po-container_width_article po-article-page__table'><div class='po-table'><table><thead><tr><th>Risk<\/th><th>Vietnam Pazar\u0131nda \u00d6zel G\u00f6r\u00fcn\u00fcm<\/th><th>Nas\u0131l Tan\u0131mlan\u0131r ve Ka\u00e7\u0131n\u0131l\u0131r<\/th><\/tr><\/thead><tbody><tr><td>\u015eeffaf olmayan motivasyonlar<\/td><td>Baz\u0131 i\u015fletmeler, raporlama sezonu \u00f6ncesinde finansal g\u00f6stergeleri \"g\u00fczelle\u015ftirmek\" i\u00e7in hisse geri sat\u0131n al\u0131r<\/td><td>Y\u00f6netim ge\u00e7mi\u015fini, y\u0131ll\u0131k rapor kalitesini ve bilgi a\u00e7\u0131klama \u015feffafl\u0131\u011f\u0131n\u0131 analiz edin<\/td><\/tr><tr><td>Etkisiz para kullan\u0131m\u0131<\/td><td>\u0130\u015fletmeler, potansiyel yeni projelere yat\u0131r\u0131m yapmak yerine hisse sat\u0131n almak i\u00e7in nakit kullan\u0131r<\/td><td>Yat\u0131r\u0131m yap\u0131lan sermaye getirisi (ROIC) ile a\u011f\u0131rl\u0131kl\u0131 ortalama sermaye maliyeti (WACC) kar\u015f\u0131la\u015ft\u0131r\u0131n<\/td><\/tr><tr><td>Azalan likidite<\/td><td>B\u00fcy\u00fck geri sat\u0131n almalardan sonra, bir\u00e7ok VN hisse senedi likiditede keskin bir d\u00fc\u015f\u00fc\u015f ya\u015far, al\u0131m\/sat\u0131m zorla\u015f\u0131r<\/td><td>G\u00fcnl\u00fck ortalama i\u015flem de\u011feri &gt;10 milyar VND olan hisse senetlerine yat\u0131r\u0131m yap\u0131n<\/td><\/tr><tr><td>Geri sat\u0131n almak i\u00e7in bor\u00e7lanma<\/td><td>Baz\u0131 gayrimenkul ve perakende i\u015fletmeleri, 2022-2023 y\u0131llar\u0131nda hazine hisselerini geri sat\u0131n almak i\u00e7in bor\u00e7land\u0131<\/td><td>Bor\u00e7\/EBITDA oran\u0131n\u0131 ve faiz kar\u015f\u0131lama oran\u0131n\u0131 izleyin<\/td><\/tr><tr><td>Geri sat\u0131n alma s\u0131ras\u0131nda y\u00fcksek de\u011ferleme<\/td><td>Bir\u00e7ok \u015firket, adil de\u011ferden %20-30 daha y\u00fcksek fiyatlarla geri sat\u0131n al\u0131r<\/td><td>Sat\u0131n alma fiyat\u0131n\u0131 DCF, P\/B, EV\/EBITDA gibi de\u011ferleme modelleriyle kar\u015f\u0131la\u015ft\u0131r\u0131n<\/td><\/tr><\/tbody><\/table><\/div><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Vietnam ba\u011flam\u0131nda dikkat \u00e7ekici bir nokta, hisse geri sat\u0131n almalar\u0131n\u0131n bazen yeni etkili yat\u0131r\u0131m f\u0131rsatlar\u0131n\u0131n yoklu\u011funu yans\u0131tmas\u0131d\u0131r. Vinamilk gibi bir \u015firket, fabrikalar\u0131 geni\u015fletmek veya yeni pazarlara girmek yerine hisse geri sat\u0131n almak i\u00e7in milyarlarca dong harcad\u0131\u011f\u0131nda, bu, sekt\u00f6r\u00fcn b\u00fcy\u00fcme beklentilerinin yava\u015flad\u0131\u011f\u0131n\u0131 g\u00f6sterebilir. Yat\u0131r\u0131mc\u0131lar, d\u00fc\u015f\u00fck de\u011ferli hisse nedeniyle geri sat\u0131n almalar ile geli\u015fim stratejisi eksikli\u011fi nedeniyle geri sat\u0131n almalar aras\u0131nda net bir ayr\u0131m yapmal\u0131d\u0131r.<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Vietnam'daki baz\u0131 finansal uzmanlar, agresif hazine hisse geri sat\u0131n almalar\u0131n\u0131n, \u00f6zellikle bir\u00e7ok listelenen \u015firketin hala d\u00fc\u015f\u00fck serbest dola\u015f\u0131m oranlar\u0131na sahip oldu\u011fu bir ba\u011flamda, piyasan\u0131n likiditesini ve \u00e7e\u015fitlili\u011fini kaybetmesine neden olabilece\u011fi konusunda kar\u015f\u0131t g\u00f6r\u00fc\u015fler bile ifade etmektedir. Ancak, bu tart\u0131\u015fmal\u0131 bir g\u00f6r\u00fc\u015ft\u00fcr ve duruma g\u00f6re de\u011ferlendirilmelidir.<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Pocket Option, Vietnaml\u0131 yat\u0131r\u0131mc\u0131lar\u0131n \u00e7ok boyutlu ve objektif bir bak\u0131\u015f a\u00e7\u0131s\u0131na sahip olmalar\u0131na yard\u0131mc\u0131 olan hazine hisse geri sat\u0131n alma programlar\u0131 i\u00e7in derinlemesine risk analizi raporlar\u0131 sunar. Bu rapor, finansal, y\u00f6netim ve piyasa psikolojisi fakt\u00f6rlerini de\u011ferlendirerek yat\u0131r\u0131m kararlar\u0131 i\u00e7in sa\u011flam bir temel olu\u015fturur.<\/p><\/div><div class='po-container po-container_width_article-sm'><h2 class='po-article-page__title'>Vietnam'da hazine hisseleri i\u00e7in yasal \u00e7er\u00e7eve: Dikkat edilmesi gereken \u00f6nemli noktalar<\/h2><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Vietnam'da, hazine hisse faaliyetleri bir\u00e7ok \u00f6nemli yasal belge ile s\u0131k\u0131 bir \u015fekilde d\u00fczenlenmi\u015ftir. Bu yasal \u00e7er\u00e7eve, son y\u0131llarda bir\u00e7ok de\u011fi\u015fiklik ge\u00e7irmi\u015ftir ve hisse geri sat\u0131n alma faaliyetleri i\u00e7in daha elveri\u015fli ko\u015fullar yaratm\u0131\u015ft\u0131r.<\/p><\/div><div class='po-container po-container_width_article po-article-page__table'><div class='po-table'><table><thead><tr><th>Yasal Y\u00f6n<\/th><th>Vietnam'daki Mevcut D\u00fczenlemeler<\/th><th>Uluslararas\u0131 D\u00fczenlemelerle Kar\u015f\u0131la\u015ft\u0131rma<\/th><\/tr><\/thead><tbody><tr><td>Geri sat\u0131n alma limiti<\/td><td>Toplam ihra\u00e7 edilen hisselerin en fazla %30'u (155\/2020\/ND-CP say\u0131l\u0131 Kararname)<\/td><td>Tayland: %10, Singapur: s\u0131n\u0131rs\u0131z, ABD: s\u0131n\u0131rs\u0131z<\/td><\/tr><tr><td>Tutma s\u00fcresi<\/td><td>Hazine hisse tutma s\u00fcresi s\u0131n\u0131rs\u0131z (2020 \u00f6ncesi d\u00fczenlemelerden farkl\u0131)<\/td><td>\u00c7o\u011fu geli\u015fmi\u015f piyasa ile benzer<\/td><\/tr><tr><td>\u0130\u015flem y\u00f6ntemi<\/td><td>Borsa arac\u0131l\u0131\u011f\u0131yla zorunlu (sipari\u015f e\u015fle\u015ftirme veya m\u00fczakere)<\/td><td>Bir\u00e7ok \u00fclkeden daha kat\u0131 (ABD, OTC, darkpool al\u0131mlar\u0131na izin verir)<\/td><\/tr><tr><td>Bilgi a\u00e7\u0131klama<\/td><td>20 g\u00fcn \u00f6nce, s\u00fcre\u00e7 s\u0131ras\u0131nda ve tamamland\u0131ktan sonra (10 g\u00fcn) a\u00e7\u0131klama<\/td><td>Tayland ve Malezya'dan daha detayl\u0131, Singapur'a e\u015fde\u011fer<\/td><\/tr><tr><td>Yasal fon kaynaklar\u0131<\/td><td>Hisse primi, vergi sonras\u0131 da\u011f\u0131t\u0131lmam\u0131\u015f kar, yat\u0131r\u0131m ve geli\u015ftirme fonu, di\u011fer \u00f6zsermaye kaynaklar\u0131<\/td><td>B\u00f6lgedeki \u00e7o\u011fu \u00fclkenin d\u00fczenlemelerine benzer<\/td><\/tr><\/tbody><\/table><\/div><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>2019 Menkul K\u0131ymetler Kanunu ve rehber belgelerine g\u00f6re, hazine hisseleri ola\u011fan haklara sahip olmayan hisselerdir. Hazine hisseleri temett\u00fc al\u0131r m\u0131? Hay\u0131r, bu, istisnas\u0131z a\u00e7\u0131k bir d\u00fczenlemedir. Ayr\u0131ca, hazine hisseleri, Genel Kurul toplant\u0131s\u0131 i\u00e7in kat\u0131l\u0131m oran\u0131n\u0131 belirlemek i\u00e7in say\u0131lmaz ve \u015firket, hisse b\u00f6lme, ay\u0131rma veya birle\u015ftirme prosed\u00fcrlerini uygularken devredilmesine izin verilmez.<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Dikkate de\u011fer bir geli\u015fme, Mart 2020'de Vietnam H\u00fck\u00fcmeti'nin 58\/2012\/ND-CP say\u0131l\u0131 Kararnameyi de\u011fi\u015ftirerek 155\/2020\/ND-CP say\u0131l\u0131 Kararnameyi yay\u0131nlamas\u0131d\u0131r. Bu, hazine hisse geri sat\u0131n alma limitini %25'ten %30'a y\u00fckseltmi\u015f ve maksimum tutma s\u00fcresi d\u00fczenlemesini (\u00f6nceden 1 y\u0131l) kald\u0131rm\u0131\u015ft\u0131r. Bu de\u011fi\u015fiklikler, i\u015fletmelerin daha b\u00fcy\u00fck esneklikle geni\u015f \u00e7apl\u0131 hazine hisse geri sat\u0131n alma programlar\u0131 uygulamalar\u0131 i\u00e7in daha elveri\u015fli ko\u015fullar yaratm\u0131\u015ft\u0131r.<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Pocket Option, Vietnam'da hazine hisseleri ile ilgili yasal d\u00fczenlemelerdeki en son de\u011fi\u015fiklikleri s\u00fcrekli olarak g\u00fcnceller, yat\u0131r\u0131mc\u0131lar\u0131n yat\u0131r\u0131m stratejisini etkileyebilecek ayarlamalar\u0131 takip etmelerine yard\u0131mc\u0131 olur. Bu platform arac\u0131l\u0131\u011f\u0131yla, yat\u0131r\u0131mc\u0131lar ayr\u0131ca yasal de\u011fi\u015fikliklerin Vietnam borsas\u0131 \u00fczerindeki etkisi hakk\u0131nda derinlemesine analizlere eri\u015fim sa\u011flar.<\/p><\/div><div class='po-container po-container_width_article-sm'><h2 class='po-article-page__title'>Sonu\u00e7: Vietnaml\u0131 yat\u0131r\u0131mc\u0131lar i\u00e7in hazine hisseleri ve ak\u0131ll\u0131 yat\u0131r\u0131m stratejisi<\/h2><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Hazine hisseleri nedir? Vietnaml\u0131 yat\u0131r\u0131mc\u0131lar\u0131n, hala bir\u00e7ok dalgalanma ya\u015fayan bir pazarda etkili yat\u0131r\u0131m stratejileri olu\u015fturmak i\u00e7in ustala\u015fmas\u0131 gereken \u00f6nemli bir finansal ara\u00e7t\u0131r. Derinlemesine analiz yoluyla, hazine hisse geri sat\u0131n alma faaliyetlerinin i\u015fletme de\u011feri ve yat\u0131r\u0131m f\u0131rsatlar\u0131 \u00fczerindeki \u00e7ok boyutlu etkisini a\u00e7\u0131k\u00e7a g\u00f6rd\u00fck.<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Vietnaml\u0131 yat\u0131r\u0131mc\u0131lar\u0131n hazine hisseleri hakk\u0131nda hat\u0131rlamas\u0131 gereken ana noktalar \u015funlard\u0131r:<\/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'>Hazine hisseleri, \u015firket taraf\u0131ndan ihra\u00e7 edilen ve daha sonra geri sat\u0131n al\u0131nan, oy hakk\u0131 ve temett\u00fc hakk\u0131 olmayan hisselerdir<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Hisse geri sat\u0131n almalar\u0131, EPS, ROE ve P\/E gibi finansal g\u00f6stergeleri \u00f6nemli \u00f6l\u00e7\u00fcde iyile\u015ftirebilir, mevcut hissedarlara de\u011fer yarat\u0131r<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Vietnam'da, hazine hisse geri sat\u0131n alma faaliyetleri, \u00f6zellikle piyasa d\u00fczeltme d\u00f6nemlerinde daha yayg\u0131n hale gelmi\u015ftir<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Geni\u015f \u00e7apl\u0131 geri sat\u0131n alma programlar\u0131 (&gt;%5 dola\u015f\u0131mdaki hisseler) genellikle hisse fiyatlar\u0131na \u00f6nemli olumlu etki getirir<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Yat\u0131r\u0131mc\u0131lar, hazine hisse geri sat\u0131n almalar\u0131n\u0131n motivasyonlar\u0131n\u0131, \u00f6l\u00e7e\u011fini ve fon kaynaklar\u0131n\u0131 dikkatlice analiz etmelidir<\/li><\/ul><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Vietnam borsas\u0131n\u0131n giderek daha olgun hale geldi\u011fi ve bir\u00e7ok kurumsal ve yabanc\u0131 yat\u0131r\u0131mc\u0131n\u0131n kat\u0131l\u0131m\u0131yla, hazine hisseleri hakk\u0131nda bilgi edinmek ve bu bilgiyi kullanmak \u00f6nemli bir rekabet avantaj\u0131 yaratacakt\u0131r. Pocket Option, hazine hisse geri sat\u0131n alma faaliyetleri hakk\u0131nda kapsaml\u0131 derinlemesine analiz ara\u00e7lar\u0131 ve ger\u00e7ek zamanl\u0131 g\u00fcncellemeler sunarak, Vietnaml\u0131 yat\u0131r\u0131mc\u0131lar\u0131n ak\u0131ll\u0131 ve zaman\u0131nda yat\u0131r\u0131m kararlar\u0131 almas\u0131na yard\u0131mc\u0131 olur.<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Unutmay\u0131n ki hi\u00e7bir yat\u0131r\u0131m stratejisi herkes i\u00e7in m\u00fckemmel de\u011fildir. Her yat\u0131r\u0131mc\u0131, finansal hedeflerine, risk i\u015ftah\u0131na ve yat\u0131r\u0131m ufkuna g\u00f6re kendi stratejisini olu\u015fturmal\u0131d\u0131r. Ancak, Vietnam borsas\u0131nda ak\u0131ll\u0131 yat\u0131r\u0131mc\u0131lar\u0131n bilgi ara\u00e7 setinde, hazine hisseleri ve bunlar\u0131n etkisi hakk\u0131nda derin bir anlay\u0131\u015f, \u00f6zellikle piyasa dalgalanmalar\u0131n\u0131n oldu\u011fu mevcut d\u00f6nemde vazge\u00e7ilmez bir unsurdur.<\/p><\/div>[cta_button text=\"\"]","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'>Hazine hisseleri nedir? Vietnam pazar\u0131nda tan\u0131m ve temel \u00f6zellikler<\/h2>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Hazine hisseleri nedir? Bu, Vietnaml\u0131 yat\u0131r\u0131mc\u0131lar\u0131n borsa hakk\u0131nda bilgi edinirken s\u0131k\u00e7a sordu\u011fu bir sorudur. Basit\u00e7e s\u00f6ylemek gerekirse, hazine hisseleri, ihra\u00e7 eden \u015firket taraf\u0131ndan piyasadan geri sat\u0131n al\u0131nan ve daha sonra iptal edilmeyen hisselerdir. Bu hisseler, gelecekteki stratejik ama\u00e7lar i\u00e7in \u015firket taraf\u0131ndan tutulur.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Vietnam&#8217;da, hazine hissesi olarak hisse geri sat\u0131n alma faaliyeti, 2020&#8217;den bu yana \u00f6zellikle pop\u00fcler hale geldi. Vingroup, FPT ve Masan gibi b\u00fcy\u00fck i\u015fletmeler, hisse fiyatlar\u0131n\u0131n i\u00e7sel de\u011ferlerine g\u00f6re d\u00fc\u015f\u00fck oldu\u011funu fark etti. Ho Chi Minh \u015eehri Borsa&#8217;s\u0131ndan (HOSE) al\u0131nan verilere g\u00f6re, 2023 y\u0131l\u0131nda listelenen \u015firketlerin hazine hisselerinin toplam de\u011feri bir \u00f6nceki y\u0131la g\u00f6re %27 artt\u0131.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Hazine hisseleri, Vietnaml\u0131 yat\u0131r\u0131mc\u0131lar\u0131n net bir \u015fekilde anlamas\u0131 gereken \u00f6nemli \u00f6zelliklere sahip \u00f6zel bir hisse t\u00fcr\u00fcd\u00fcr:<\/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'>Y\u0131ll\u0131k veya ola\u011fan\u00fcst\u00fc genel kurul toplant\u0131lar\u0131nda oy hakk\u0131 yoktur<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Nakit veya hisse temett\u00fcs\u00fc alma hakk\u0131 yoktur<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Finansal oranlar hesaplan\u0131rken dola\u015f\u0131mdaki hisse say\u0131s\u0131na dahil edilmez<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Yat\u0131r\u0131mc\u0131lara yeniden ihra\u00e7 edilebilir veya \u00e7al\u0131\u015fanlara ESOP programlar\u0131 arac\u0131l\u0131\u011f\u0131yla da\u011f\u0131t\u0131labilir<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>EPS (Hisse Ba\u015f\u0131na Kazan\u00e7) ve ROE (\u00d6zsermaye Getirisi) gibi \u00f6nemli finansal g\u00f6stergeleri do\u011frudan etkiler<\/li>\n<\/ul>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Bir \u015firket kendi hisselerini geri sat\u0131n almaya karar verdi\u011finde, piyasada dola\u015fan hisse say\u0131s\u0131 azal\u0131r. Bu, \u015firketin de\u011feri ve mevcut hissedarlar\u0131n \u00e7\u0131karlar\u0131 \u00fczerinde olumlu bir etki yarat\u0131r, \u00f6zellikle de Vietnam borsas\u0131n\u0131n hala bir\u00e7ok dalgalanma ya\u015fad\u0131\u011f\u0131 ve i\u015fletmeleri de\u011ferlemede ger\u00e7ekten etkili olmad\u0131\u011f\u0131 ko\u015fullarda.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<h2 class='po-article-page__title'>Vietnaml\u0131 i\u015fletmelerin hazine hissesi olarak hisse geri sat\u0131n alma nedenleri<\/h2>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Vietnaml\u0131 \u015firketler neden giderek artan bir \u015fekilde kendi hisselerini geri sat\u0131n almakla ilgileniyor? Bunun nedenleri sadece finansal y\u00f6nlerle s\u0131n\u0131rl\u0131 kalmay\u0131p, uzun vadeli geli\u015fim stratejisi ve Vietnam pazar\u0131n\u0131n \u00f6zel rekabet ba\u011flam\u0131yla da ilgilidir.<\/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>Neden<\/th>\n<th>Detayl\u0131 A\u00e7\u0131klama<\/th>\n<th>Vietnam&#8217;daki Ger\u00e7ek \u00d6rnekler<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>EPS&#8217;yi Art\u0131rma<\/td>\n<td>Dola\u015f\u0131mdaki hisse say\u0131s\u0131n\u0131 azaltarak hisse ba\u015f\u0131na kazanc\u0131 art\u0131rma, hisseyi daha \u00e7ekici hale getirme<\/td>\n<td>FPT, 2023&#8217;\u00fcn 2. \u00e7eyre\u011finde 2,56 milyon hazine hissesini geri sat\u0131n ald\u0131, ard\u0131ndan EPS %8,2 artt\u0131<\/td>\n<\/tr>\n<tr>\n<td>Hisse fiyat\u0131n\u0131 destekleme<\/td>\n<td>Hisse fiyat\u0131 d\u00fc\u015f\u00fck de\u011ferlendi\u011finde ek talep yaratma, a\u015f\u0131r\u0131 d\u00fc\u015f\u00fc\u015f\u00fc \u00f6nleme<\/td>\n<td>Vinamilk (VNM), 2022-2023 y\u0131llar\u0131nda 22,9 milyon hisseyi hazine hissesi olarak sat\u0131n ald\u0131, fiyat ard\u0131ndan istikrar kazand\u0131<\/td>\n<\/tr>\n<tr>\n<td>Sat\u0131n almalar\u0131 \u00f6nleme<\/td>\n<td>Piyasadaki hisse say\u0131s\u0131n\u0131 azaltarak istenmeyen sat\u0131n almalar\u0131 zorla\u015ft\u0131rma<\/td>\n<td>REE, Hoa Phat gibi bir\u00e7ok i\u015fletme bu stratejiyi yabanc\u0131 yat\u0131r\u0131mc\u0131lara pazar a\u00e7ma ba\u011flam\u0131nda uyguluyor<\/td>\n<\/tr>\n<tr>\n<td>\u00c7al\u0131\u015fanlara da\u011f\u0131tma<\/td>\n<td>Bonus hisse veya ESOP olarak kullanarak yetenek \u00e7ekme ve elde tutma<\/td>\n<td>Masan Group ve Techcombank, 2023&#8217;te b\u00fcy\u00fck \u00f6l\u00e7ekli ESOP programlar\u0131 i\u00e7in hazine hisselerini kulland\u0131<\/td>\n<\/tr>\n<tr>\n<td>Sermaye yeniden yap\u0131land\u0131rma<\/td>\n<td>Sermaye yap\u0131s\u0131n\u0131 optimize etme, \u00f6zsermaye ve bor\u00e7 aras\u0131nda denge sa\u011flama<\/td>\n<td>Vingroup (VIC), grubun yeniden yap\u0131land\u0131rma s\u00fcrecinde 2022&#8217;de 10 milyon hazine hissesini sat\u0131n ald\u0131<\/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'>\u00d6zellikle 2022-2023 y\u0131llar\u0131nda Vietnam&#8217;\u0131n makroekonomik zorluklar\u0131 ba\u011flam\u0131nda, Vinamilk (VNM), FPT ve Masan Group gibi bir\u00e7ok b\u00fcy\u00fck \u015firket geni\u015f \u00e7apl\u0131 hisse geri sat\u0131n alma programlar\u0131 uygulad\u0131. Vinamilk, hisseleri geri sat\u0131n almak i\u00e7in yakla\u015f\u0131k 2.500 milyar VND harcarken, FPT 300 milyar VND&#8217;yi a\u015fan bir de\u011ferle 3 milyondan fazla hazine hissesini geri sat\u0131n ald\u0131. Bu hamleler sadece hisse fiyatlar\u0131n\u0131 istikrara kavu\u015fturmakla kalmad\u0131, ayn\u0131 zamanda liderli\u011fin \u015firketin uzun vadeli beklentilerine olan g\u00fcvenini g\u00f6steren g\u00fc\u00e7l\u00fc bir sinyal g\u00f6nderdi.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<h2 class='po-article-page__title'>Vietnam&#8217;da hazine hissesi olarak hisse geri sat\u0131n alma s\u00fcreci<\/h2>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Hazine hissesi olarak hisse geri sat\u0131n almak i\u00e7in, Vietnaml\u0131 \u015firketler Maliye Bakanl\u0131\u011f\u0131&#8217;n\u0131n 155\/2020\/ND-CP say\u0131l\u0131 Kararnamesi ve 96\/2020\/TT-BTC say\u0131l\u0131 Genelgesi&#8217;ne g\u00f6re s\u0131k\u0131 bir s\u00fcreci takip etmelidir. Bu s\u00fcreci anlamak, yat\u0131r\u0131mc\u0131lar\u0131n \u015firketlerin hisse geri sat\u0131n alma faaliyetlerindeki \u015feffafl\u0131\u011f\u0131 tan\u0131mas\u0131na yard\u0131mc\u0131 olur.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<h3 class='po-article-page__title'>Vietnam&#8217;da hazine hisse geri sat\u0131n alma ad\u0131mlar\u0131<\/h3>\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'>Ad\u0131m 1: Y\u00f6netim Kurulu toplan\u0131r ve detayl\u0131 bir hisse geri sat\u0131n alma plan\u0131 \u00f6nerir<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Ad\u0131m 2: Genel Kurul, geri sat\u0131n alma karar\u0131 onaylar (veya Y\u00f6netim Kurulu, dola\u015f\u0131mdaki hisselerin %10&#8217;undan az\u0131 i\u00e7in karar verir)<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Ad\u0131m 3: \u0130lk i\u015flem g\u00fcn\u00fcnden en az 20 g\u00fcn \u00f6nce geri sat\u0131n alma plan\u0131 hakk\u0131nda bilgi a\u00e7\u0131klan\u0131r<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Ad\u0131m 4: Hisse geri sat\u0131n alma i\u00e7in kay\u0131t belgeleri Devlet Menkul K\u0131ymetler Komisyonu&#8217;na sunulur ve geri bildirim beklenir<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Ad\u0131m 5: Ba\u015flang\u0131\u00e7 tarihinden itibaren maksimum 30 g\u00fcn i\u00e7inde sat\u0131n alma i\u015flemi ger\u00e7ekle\u015ftirilir<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Ad\u0131m 6: Tamamland\u0131ktan sonra 10 g\u00fcn i\u00e7inde i\u015flem sonu\u00e7lar\u0131 rapor edilir<\/li>\n<\/ul>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Mevcut d\u00fczenlemelere g\u00f6re, Vietnaml\u0131 \u015firketler toplam ihra\u00e7 edilen hisselerin en fazla %30&#8217;unu geri sat\u0131n alabilir (\u00f6nceden %25&#8217;ti). Geri sat\u0131n alma, borsa arac\u0131l\u0131\u011f\u0131yla (sipari\u015f e\u015fle\u015ftirme veya m\u00fczakere yoluyla) kamuya a\u00e7\u0131k bir \u015fekilde ger\u00e7ekle\u015ftirilmelidir, \u015feffafl\u0131\u011f\u0131 sa\u011flamak i\u00e7in borsa d\u0131\u015f\u0131nda kesinlikle izin verilmez.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Pocket Option, Vietnaml\u0131 yat\u0131r\u0131mc\u0131lara, 1.500&#8217;den fazla listelenen \u015firketin hazine hisse geri sat\u0131n alma faaliyetleri hakk\u0131nda ger\u00e7ek zamanl\u0131 bilgi izlemeye yard\u0131mc\u0131 olan \u00f6zel bir &#8220;Hazine Hisse Uyar\u0131s\u0131&#8221; arac\u0131 sunar. Yat\u0131r\u0131mc\u0131lar, b\u00fcy\u00fck \u015firketler geri sat\u0131n alma planlar\u0131n\u0131 a\u00e7\u0131klad\u0131\u011f\u0131nda otomatik uyar\u0131lar kurabilir, b\u00f6ylece piyasa tam olarak tepki vermeden \u00f6nce yat\u0131r\u0131m f\u0131rsatlar\u0131n\u0131 yakalayabilirler. Pocket Option ayr\u0131ca, hazine hisse geri sat\u0131n alma programlar\u0131n\u0131n Vietnam pazar\u0131ndaki hisse fiyatlar\u0131 \u00fczerindeki etkisi hakk\u0131nda derinlemesine analiz raporlar\u0131 sunar.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<h2 class='po-article-page__title'>Hazine hisselerinin Vietnaml\u0131 i\u015fletmelerin finansal g\u00f6stergeleri \u00fczerindeki etkisi<\/h2>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Hazine hisseleri, i\u015fletmelerin bir\u00e7ok \u00f6nemli finansal g\u00f6stergesini do\u011frudan etkiler. Vietnaml\u0131 yat\u0131r\u0131mc\u0131lar i\u00e7in bu etkileri anlamak, \u00f6zellikle Vietnam gibi bilgi asimetrilerinin \u00e7ok oldu\u011fu bir pazarda, i\u015fletmelerin ger\u00e7ek de\u011ferini daha do\u011fru bir \u015fekilde de\u011ferlendirmeye yard\u0131mc\u0131 olur.<\/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>G\u00f6sterge<\/th>\n<th>Hazine Hisselerinin Etkisi<\/th>\n<th>Vietnaml\u0131 \u0130\u015fletmelerden \u00d6rnekler<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>EPS (Hisse Ba\u015f\u0131na Kazan\u00e7)<\/td>\n<td>Dola\u015f\u0131mdaki hisse say\u0131s\u0131 azald\u0131\u011f\u0131nda artar, karlar de\u011fi\u015fmese bile<\/td>\n<td>MWG, 2022&#8217;de 2,35 milyon hazine hissesini geri sat\u0131n ald\u0131, 2022&#8217;nin 4. \u00e7eyre\u011finde EPS %4,7 artt\u0131, karlar hafif\u00e7e azalm\u0131\u015f olmas\u0131na ra\u011fmen<\/td>\n<\/tr>\n<tr>\n<td>P\/E (Fiyat-Kazan\u00e7 Oran\u0131)<\/td>\n<td>EPS artt\u0131\u011f\u0131nda azal\u0131r (fiyat de\u011fi\u015fmezse), hisseyi &#8220;daha ucuz&#8221; g\u00f6sterir<\/td>\n<td>FPT, 2023&#8217;teki hisse geri sat\u0131n alma program\u0131ndan sonra P\/E 18,5&#8217;ten 17,2&#8217;ye d\u00fc\u015ft\u00fc<\/td>\n<\/tr>\n<tr>\n<td>ROE (\u00d6zsermaye Getirisi)<\/td>\n<td>Hisse geri sat\u0131n alma nedeniyle \u00f6zsermaye azald\u0131\u011f\u0131nda artar<\/td>\n<td>Vinamilk (VNM), 2023 hisse geri sat\u0131n alma sonras\u0131 ROE&#8217;yi %25,8&#8217;den %27,3&#8217;e \u00e7\u0131kard\u0131<\/td>\n<\/tr>\n<tr>\n<td>Hisse Ba\u015f\u0131na Defter De\u011feri<\/td>\n<td>Geri sat\u0131n alma fiyat\u0131na g\u00f6re de\u011fi\u015fir<\/td>\n<td>PNJ, defter de\u011ferinden %15 daha y\u00fcksek bir fiyata hisse geri sat\u0131n ald\u0131, BVPS hafif\u00e7e azald\u0131<\/td>\n<\/tr>\n<tr>\n<td>Temett\u00fc Verimi<\/td>\n<td>Toplam temett\u00fcler de\u011fi\u015fmeden kal\u0131rken temett\u00fc alan hisse say\u0131s\u0131 azald\u0131\u011f\u0131nda artar<\/td>\n<td>REE, 2023 geri sat\u0131n alma program\u0131 sonras\u0131 temett\u00fc verimini %3,8&#8217;den %4,2&#8217;ye \u00e7\u0131kard\u0131<\/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'>Bir\u00e7ok Vietnaml\u0131 yat\u0131r\u0131mc\u0131 s\u0131k\u00e7a \u015fu soruyu sorar: &#8220;Hazine hisseleri temett\u00fc al\u0131r m\u0131?&#8221; Cevap kesinlikle hay\u0131r. Hazine hisseleri, nakit veya hisse temett\u00fcs\u00fc almaz. Bu, mevcut hissedarlar i\u00e7in bir avantaj yarat\u0131r &#8211; temett\u00fc almaya hak kazanan toplam hisse say\u0131s\u0131 azald\u0131\u011f\u0131nda, \u015firketler toplam maliyetleri art\u0131rmadan hisse ba\u015f\u0131na temett\u00fc \u00f6deme oran\u0131n\u0131 art\u0131rabilir.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<h3 class='po-article-page__title'>Vietnam&#8217;da hazine hisse etkisinin ger\u00e7ek d\u00fcnya \u00f6rne\u011fi<\/h3>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Daha iyi anlamak i\u00e7in, 2023 y\u0131l\u0131nda Vinhomes Anonim \u015eirketi (VHM) \u00f6rne\u011fine bakal\u0131m. VHM&#8217;nin 4,35 milyar dola\u015f\u0131mdaki hissesi vard\u0131 ve vergi sonras\u0131 net kar\u0131 29.000 milyar VND idi, bu da hisse ba\u015f\u0131na 6.667 VND&#8217;lik bir EPS&#8217;ye e\u015fde\u011ferdi. \u015eirket, hazine hissesi olarak 300 milyon hisseyi geri sat\u0131n ald\u0131 ve dola\u015f\u0131mdaki hisse say\u0131s\u0131n\u0131 4,05 milyara d\u00fc\u015f\u00fcrd\u00fc. Karlar de\u011fi\u015fmeden kal\u0131rken, yeni EPS 7.160 VND\/hisseye y\u00fckseldi, bu da %7,4&#8217;l\u00fck bir art\u0131\u015f anlam\u0131na geliyordu. Bu, gayrimenkul sekt\u00f6r\u00fcn\u00fcn bir\u00e7ok zorlukla kar\u015f\u0131la\u015ft\u0131\u011f\u0131 bir d\u00f6nemde bile VHM hisselerinin piyasadaki \u00e7ekicili\u011fini art\u0131rmaya katk\u0131da bulundu.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Pocket Option, Vietnaml\u0131 yat\u0131r\u0131mc\u0131lar\u0131n hazine hisse geri sat\u0131n alma programlar\u0131n\u0131n EPS ve di\u011fer finansal g\u00f6stergeler \u00fczerindeki potansiyel etkisini kolayca hesaplamalar\u0131na yard\u0131mc\u0131 olan benzersiz bir &#8220;EPS Etki Hesaplay\u0131c\u0131s\u0131&#8221; arac\u0131 sunar. Bu ara\u00e7, hisse geri sat\u0131n alma planlar\u0131n\u0131 yeni a\u00e7\u0131klayan \u015firketlerde yat\u0131r\u0131m f\u0131rsatlar\u0131n\u0131 de\u011ferlendirirken \u00f6zellikle faydal\u0131d\u0131r.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<h2 class='po-article-page__title'>Hazine hisseleri ve Vietnam borsas\u0131 ile ili\u015fkisi<\/h2>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Vietnam borsas\u0131nda, hazine hisseleri ve hisse geri sat\u0131n alma faaliyetleri, i\u015f d\u00fcnyas\u0131n\u0131n duyarl\u0131l\u0131\u011f\u0131 ve y\u00f6n\u00fc hakk\u0131nda \u00f6nemli bir g\u00f6sterge haline gelmi\u015ftir. Bu e\u011filim, \u00f6zellikle 2020-2023 d\u00f6ng\u00fcs\u00fc gibi g\u00fc\u00e7l\u00fc piyasa dalgalanmalar\u0131 d\u00f6nemlerinde giderek daha belirgin hale gelmi\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>Piyasa A\u015famas\u0131<\/th>\n<th>Vietnam&#8217;da Hazine Hisse Geri Sat\u0131n Alma E\u011filimi<\/th>\n<th>Yat\u0131r\u0131m Stratejisi \u0130\u00e7in \u00d6nemi<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>Piyasada keskin d\u00fc\u015f\u00fc\u015f (VN-Index -%30)<\/td>\n<td>B\u00fcy\u00fck \u015firketlerin %72&#8217;si (\u0130lk 50) geri sat\u0131n alma planlar\u0131n\u0131 uygulad\u0131 veya a\u00e7\u0131klad\u0131<\/td>\n<td>G\u00fc\u00e7l\u00fc al\u0131m sinyali &#8211; liderlik fiyat\u0131n i\u00e7sel de\u011ferin alt\u0131nda oldu\u011funa inan\u0131yor<\/td>\n<\/tr>\n<tr>\n<td>Yatay piyasa (VN-Index \u00b1%10)<\/td>\n<td>\u015eirketlerin %35&#8217;i se\u00e7ici geri sat\u0131n almalar ger\u00e7ekle\u015ftirdi, genellikle finansal olarak g\u00fc\u00e7l\u00fc i\u015fletmeler<\/td>\n<td>Y\u00fcksek kaliteli i\u015fletmelerde se\u00e7ici yat\u0131r\u0131m f\u0131rsatlar\u0131<\/td>\n<\/tr>\n<tr>\n<td>G\u00fc\u00e7l\u00fc piyasa y\u00fckseli\u015fi (VN-Index +%25)<\/td>\n<td>\u015eirketlerin sadece %15&#8217;i geri sat\u0131n ald\u0131, %22&#8217;si sermaye art\u0131rmak i\u00e7in hazine hisselerini satt\u0131<\/td>\n<td>Dikkat uyar\u0131s\u0131 &#8211; liderlik hisselerin y\u00fcksek de\u011ferlendi\u011fine inanabilir<\/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'>Ho Chi Minh \u015eehri Borsa&#8217;s\u0131ndan al\u0131nan veriler, VN-Index&#8217;in Nisan 2022&#8217;den Kas\u0131m 2022&#8217;ye kadar keskin bir \u015fekilde d\u00fc\u015ft\u00fc\u011f\u00fc d\u00f6nemde (neredeyse %40 d\u00fc\u015f\u00fc\u015f), 78 listelenen \u015firketin toplam 12.500 milyar VND de\u011ferinde hisse geri sat\u0131n alma ger\u00e7ekle\u015ftirdi\u011fini g\u00f6stermektedir. Vingroup (VIC), Vinhomes (VHM), FPT, MWG ve Hoa Phat (HPG) gibi b\u00fcy\u00fck i\u015fletmeler, geni\u015f \u00e7apl\u0131 geri sat\u0131n alma programlar\u0131n\u0131 aktif bir \u015fekilde uygulad\u0131. \u00d6zellikle, bu programlar tamamland\u0131ktan sonra, bu \u015firketlerin %82&#8217;sinin hisse fiyatlar\u0131, sonraki 6 ayda piyasa ortalamas\u0131ndan daha iyi toparland\u0131.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Ak\u0131ll\u0131 Vietnaml\u0131 yat\u0131r\u0131mc\u0131lar, listelenen \u015firketlerin hazine hisse geri sat\u0131n alma planlar\u0131 hakk\u0131ndaki bilgilere \u00f6zel dikkat g\u00f6stermelidir. \u00d6zellikle, a\u015fa\u011f\u0131daki fakt\u00f6rleri dikkatlice analiz etmelidirler: (1) toplam hisselere g\u00f6re geri sat\u0131n alma b\u00fcy\u00fckl\u00fc\u011f\u00fc, (2) geri sat\u0131n alma i\u00e7in kullan\u0131lan fon kaynaklar\u0131, (3) piyasa fiyat\u0131 ve i\u00e7sel de\u011ferle kar\u015f\u0131la\u015ft\u0131r\u0131ld\u0131\u011f\u0131nda beklenen sat\u0131n alma fiyat\u0131 ve (4) uygulama zaman\u0131. Bu bilgiler genellikle liderli\u011fin i\u015fletmenin de\u011feri ve beklentileri hakk\u0131ndaki ger\u00e7ek perspektifini yans\u0131t\u0131r.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<h2 class='po-article-page__title'>Vietnam&#8217;da hazine hisseleri ile ilgili ak\u0131ll\u0131 yat\u0131r\u0131m stratejileri<\/h2>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Vietnaml\u0131 yat\u0131r\u0131mc\u0131lar, hazine hisselerinin ne oldu\u011funu ve geri sat\u0131n alma programlar\u0131n\u0131n \u00f6nemini derinlemesine anlayarak etkili yat\u0131r\u0131m stratejileri olu\u015fturabilirler. Bu stratejiler, bilgi asimetrilerinin ger\u00e7ekten simetrik olmad\u0131\u011f\u0131 ve piyasa tepkilerinin bazen tamamen etkili olmad\u0131\u011f\u0131 Vietnam pazar\u0131n\u0131n \u00f6zelliklerine uygun olarak ayarlanmal\u0131d\u0131r.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<h3 class='po-article-page__title'>Hazine hisse geri sat\u0131n alma bilgilerini analiz etmek i\u00e7in etkili y\u00f6ntemler<\/h3>\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'>\u015eirketlerin hisse geri sat\u0131n alma planlar\u0131 i\u00e7in SSC&#8217;nin bilgi a\u00e7\u0131klama takvimini yak\u0131ndan takip edin<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Geri sat\u0131n alma oran\u0131n\u0131 de\u011ferlendirin (dola\u015f\u0131mdaki hisselerin %5&#8217;inden fazlas\u0131 genellikle g\u00fc\u00e7l\u00fc bir etkiye sahiptir)<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Finansal durumu, \u00f6zellikle nakit ve k\u0131sa vadeli yat\u0131r\u0131mlar\u0131 analiz edin<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Beklenen geri sat\u0131n alma fiyat\u0131n\u0131 DCF, FCFF veya P\/B modelleri kullanarak hesaplanan i\u00e7sel de\u011ferle kar\u015f\u0131la\u015ft\u0131r\u0131n<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Son 3-5 y\u0131lda \u015firketin hazine hisselerini geri sat\u0131n alma ve yeniden ihra\u00e7 etme ge\u00e7mi\u015fini g\u00f6zden ge\u00e7irin<\/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>Yat\u0131r\u0131m Stratejisi<\/th>\n<th>Vietnam&#8217;da Uygulama Y\u00f6ntemi<\/th>\n<th>Uygun Piyasa Ko\u015fullar\u0131<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>Resmi a\u00e7\u0131klamadan \u00f6nce sat\u0131n alma<\/td>\n<td>Fiyat-defter oran\u0131 (P\/B) 1&#8217;in alt\u0131nda olan, b\u00fcy\u00fck pozitif nakit ak\u0131\u015f\u0131 ve pozitif geri sat\u0131n alma ge\u00e7mi\u015fi olan \u015firketleri filtreleyin<\/td>\n<td>Piyasa %20&#8217;den fazla d\u00fc\u015fm\u00fc\u015f, sekt\u00f6r ortalama P\/E 5 y\u0131ll\u0131k tarihsel seviyenin alt\u0131nda<\/td>\n<\/tr>\n<tr>\n<td>Resmi a\u00e7\u0131klamadan hemen sonra sat\u0131n alma<\/td>\n<td>\u015eirketin geri sat\u0131n alma karar\u0131 hakk\u0131nda BOD\/AGM karar\u0131n\u0131 a\u00e7\u0131klad\u0131ktan sonra 1-2 g\u00fcn i\u00e7inde h\u0131zl\u0131 tepki verin<\/td>\n<td>Geni\u015f \u00e7apl\u0131 geri sat\u0131n alma plan\u0131 (&gt;%7 dola\u015f\u0131mdaki hisseler), g\u00fc\u00e7l\u00fc finansal kapasiteye sahip \u015firket<\/td>\n<\/tr>\n<tr>\n<td>Geri sat\u0131n alma s\u00fcreci boyunca sat\u0131n alma<\/td>\n<td>G\u00fcnl\u00fck i\u015flem raporlar\u0131n\u0131 izleyin, i\u015flem hacmi dramatik bir \u015fekilde artt\u0131\u011f\u0131nda sat\u0131n al\u0131n<\/td>\n<td>Piyasa likiditesi yeterince b\u00fcy\u00fck, \u015firket uzun bir s\u00fcre boyunca istikrarl\u0131 bir h\u0131zda sat\u0131n al\u0131yor<\/td>\n<\/tr>\n<tr>\n<td>Uzun vadeli yat\u0131r\u0131m stratejisi<\/td>\n<td>Geri sat\u0131n alma programlar\u0131n\u0131 tamamlam\u0131\u015f ve net geli\u015fim planlar\u0131na sahip \u015firketlere odaklan\u0131n<\/td>\n<td>\u0130yi temellere sahip \u015firket, ROE &gt;%15, d\u00fc\u015f\u00fck bor\u00e7-\u00f6zsermaye oran\u0131, b\u00fcy\u00fcme potansiyeline sahip sekt\u00f6r<\/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'>Hazine hisseleri, Vietnam&#8217;da ak\u0131ll\u0131 yat\u0131r\u0131mc\u0131lar i\u00e7in de\u011ferli bilgiler ta\u015f\u0131yan \u00f6zel bir hisse t\u00fcr\u00fcd\u00fcr. Geri sat\u0131n alma programlar\u0131n\u0131n anlam\u0131n\u0131 do\u011fru ve tam olarak anlad\u0131klar\u0131nda, yat\u0131r\u0131mc\u0131lar piyasa bilgiyi tam olarak yans\u0131tmadan \u00f6nce yat\u0131r\u0131m f\u0131rsatlar\u0131n\u0131 ke\u015ffedebilirler. Bu, Vietnam borsas\u0131nda, hala bir\u00e7ok bilgi asimetrisi ve piyasa etkinli\u011finin d\u00fc\u015f\u00fck oldu\u011fu bir ortamda \u00f6zellikle \u00f6nemlidir.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Pocket Option, Vietnaml\u0131 yat\u0131r\u0131mc\u0131lar\u0131n hazine hisse geri sat\u0131n alma faaliyetlerine dayal\u0131 olarak hisse senetlerini filtrelemelerine ve analiz etmelerine olanak tan\u0131yan \u00f6zel bir &#8220;Hazine Hisse Analiz\u00f6r\u00fc&#8221; ara\u00e7 seti sunar. Bu ara\u00e7, ola\u011fand\u0131\u015f\u0131 i\u015flem hacmi, yabanc\u0131 yat\u0131r\u0131mc\u0131 al\u0131m oranlar\u0131 ve \u00f6nde gelen menkul k\u0131ymet \u015firketlerinden analitik raporlar gibi teknik g\u00f6stergeleri entegre ederek, yat\u0131r\u0131mc\u0131lar\u0131n kapsaml\u0131 verilere dayal\u0131 bilin\u00e7li kararlar almas\u0131na yard\u0131mc\u0131 olur.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<h2 class='po-article-page__title'>Vietnam&#8217;da geri sat\u0131n alma faaliyetleri olan hisse senetlerine yat\u0131r\u0131m yaparken riskler ve dikkate al\u0131nmas\u0131 gerekenler<\/h2>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Hisse geri sat\u0131n almalar\u0131 genellikle olumlu sinyaller getirirken, Vietnaml\u0131 yat\u0131r\u0131mc\u0131lar potansiyel riskleri tam olarak tan\u0131mlamal\u0131d\u0131r. &#8220;Hazine hisseleri temett\u00fc al\u0131r m\u0131?&#8221; sorusu, bu faaliyetin genel etkisinin sadece k\u00fc\u00e7\u00fck bir par\u00e7as\u0131d\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>Risk<\/th>\n<th>Vietnam Pazar\u0131nda \u00d6zel G\u00f6r\u00fcn\u00fcm<\/th>\n<th>Nas\u0131l Tan\u0131mlan\u0131r ve Ka\u00e7\u0131n\u0131l\u0131r<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>\u015eeffaf olmayan motivasyonlar<\/td>\n<td>Baz\u0131 i\u015fletmeler, raporlama sezonu \u00f6ncesinde finansal g\u00f6stergeleri &#8220;g\u00fczelle\u015ftirmek&#8221; i\u00e7in hisse geri sat\u0131n al\u0131r<\/td>\n<td>Y\u00f6netim ge\u00e7mi\u015fini, y\u0131ll\u0131k rapor kalitesini ve bilgi a\u00e7\u0131klama \u015feffafl\u0131\u011f\u0131n\u0131 analiz edin<\/td>\n<\/tr>\n<tr>\n<td>Etkisiz para kullan\u0131m\u0131<\/td>\n<td>\u0130\u015fletmeler, potansiyel yeni projelere yat\u0131r\u0131m yapmak yerine hisse sat\u0131n almak i\u00e7in nakit kullan\u0131r<\/td>\n<td>Yat\u0131r\u0131m yap\u0131lan sermaye getirisi (ROIC) ile a\u011f\u0131rl\u0131kl\u0131 ortalama sermaye maliyeti (WACC) kar\u015f\u0131la\u015ft\u0131r\u0131n<\/td>\n<\/tr>\n<tr>\n<td>Azalan likidite<\/td>\n<td>B\u00fcy\u00fck geri sat\u0131n almalardan sonra, bir\u00e7ok VN hisse senedi likiditede keskin bir d\u00fc\u015f\u00fc\u015f ya\u015far, al\u0131m\/sat\u0131m zorla\u015f\u0131r<\/td>\n<td>G\u00fcnl\u00fck ortalama i\u015flem de\u011feri &gt;10 milyar VND olan hisse senetlerine yat\u0131r\u0131m yap\u0131n<\/td>\n<\/tr>\n<tr>\n<td>Geri sat\u0131n almak i\u00e7in bor\u00e7lanma<\/td>\n<td>Baz\u0131 gayrimenkul ve perakende i\u015fletmeleri, 2022-2023 y\u0131llar\u0131nda hazine hisselerini geri sat\u0131n almak i\u00e7in bor\u00e7land\u0131<\/td>\n<td>Bor\u00e7\/EBITDA oran\u0131n\u0131 ve faiz kar\u015f\u0131lama oran\u0131n\u0131 izleyin<\/td>\n<\/tr>\n<tr>\n<td>Geri sat\u0131n alma s\u0131ras\u0131nda y\u00fcksek de\u011ferleme<\/td>\n<td>Bir\u00e7ok \u015firket, adil de\u011ferden %20-30 daha y\u00fcksek fiyatlarla geri sat\u0131n al\u0131r<\/td>\n<td>Sat\u0131n alma fiyat\u0131n\u0131 DCF, P\/B, EV\/EBITDA gibi de\u011ferleme modelleriyle kar\u015f\u0131la\u015ft\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'>Vietnam ba\u011flam\u0131nda dikkat \u00e7ekici bir nokta, hisse geri sat\u0131n almalar\u0131n\u0131n bazen yeni etkili yat\u0131r\u0131m f\u0131rsatlar\u0131n\u0131n yoklu\u011funu yans\u0131tmas\u0131d\u0131r. Vinamilk gibi bir \u015firket, fabrikalar\u0131 geni\u015fletmek veya yeni pazarlara girmek yerine hisse geri sat\u0131n almak i\u00e7in milyarlarca dong harcad\u0131\u011f\u0131nda, bu, sekt\u00f6r\u00fcn b\u00fcy\u00fcme beklentilerinin yava\u015flad\u0131\u011f\u0131n\u0131 g\u00f6sterebilir. Yat\u0131r\u0131mc\u0131lar, d\u00fc\u015f\u00fck de\u011ferli hisse nedeniyle geri sat\u0131n almalar ile geli\u015fim stratejisi eksikli\u011fi nedeniyle geri sat\u0131n almalar aras\u0131nda net bir ayr\u0131m yapmal\u0131d\u0131r.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Vietnam&#8217;daki baz\u0131 finansal uzmanlar, agresif hazine hisse geri sat\u0131n almalar\u0131n\u0131n, \u00f6zellikle bir\u00e7ok listelenen \u015firketin hala d\u00fc\u015f\u00fck serbest dola\u015f\u0131m oranlar\u0131na sahip oldu\u011fu bir ba\u011flamda, piyasan\u0131n likiditesini ve \u00e7e\u015fitlili\u011fini kaybetmesine neden olabilece\u011fi konusunda kar\u015f\u0131t g\u00f6r\u00fc\u015fler bile ifade etmektedir. Ancak, bu tart\u0131\u015fmal\u0131 bir g\u00f6r\u00fc\u015ft\u00fcr ve duruma g\u00f6re de\u011ferlendirilmelidir.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Pocket Option, Vietnaml\u0131 yat\u0131r\u0131mc\u0131lar\u0131n \u00e7ok boyutlu ve objektif bir bak\u0131\u015f a\u00e7\u0131s\u0131na sahip olmalar\u0131na yard\u0131mc\u0131 olan hazine hisse geri sat\u0131n alma programlar\u0131 i\u00e7in derinlemesine risk analizi raporlar\u0131 sunar. Bu rapor, finansal, y\u00f6netim ve piyasa psikolojisi fakt\u00f6rlerini de\u011ferlendirerek yat\u0131r\u0131m kararlar\u0131 i\u00e7in sa\u011flam bir temel olu\u015fturur.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<h2 class='po-article-page__title'>Vietnam&#8217;da hazine hisseleri i\u00e7in yasal \u00e7er\u00e7eve: Dikkat edilmesi gereken \u00f6nemli noktalar<\/h2>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Vietnam&#8217;da, hazine hisse faaliyetleri bir\u00e7ok \u00f6nemli yasal belge ile s\u0131k\u0131 bir \u015fekilde d\u00fczenlenmi\u015ftir. Bu yasal \u00e7er\u00e7eve, son y\u0131llarda bir\u00e7ok de\u011fi\u015fiklik ge\u00e7irmi\u015ftir ve hisse geri sat\u0131n alma faaliyetleri i\u00e7in daha elveri\u015fli ko\u015fullar yaratm\u0131\u015ft\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>Yasal Y\u00f6n<\/th>\n<th>Vietnam&#8217;daki Mevcut D\u00fczenlemeler<\/th>\n<th>Uluslararas\u0131 D\u00fczenlemelerle Kar\u015f\u0131la\u015ft\u0131rma<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>Geri sat\u0131n alma limiti<\/td>\n<td>Toplam ihra\u00e7 edilen hisselerin en fazla %30&#8217;u (155\/2020\/ND-CP say\u0131l\u0131 Kararname)<\/td>\n<td>Tayland: %10, Singapur: s\u0131n\u0131rs\u0131z, ABD: s\u0131n\u0131rs\u0131z<\/td>\n<\/tr>\n<tr>\n<td>Tutma s\u00fcresi<\/td>\n<td>Hazine hisse tutma s\u00fcresi s\u0131n\u0131rs\u0131z (2020 \u00f6ncesi d\u00fczenlemelerden farkl\u0131)<\/td>\n<td>\u00c7o\u011fu geli\u015fmi\u015f piyasa ile benzer<\/td>\n<\/tr>\n<tr>\n<td>\u0130\u015flem y\u00f6ntemi<\/td>\n<td>Borsa arac\u0131l\u0131\u011f\u0131yla zorunlu (sipari\u015f e\u015fle\u015ftirme veya m\u00fczakere)<\/td>\n<td>Bir\u00e7ok \u00fclkeden daha kat\u0131 (ABD, OTC, darkpool al\u0131mlar\u0131na izin verir)<\/td>\n<\/tr>\n<tr>\n<td>Bilgi a\u00e7\u0131klama<\/td>\n<td>20 g\u00fcn \u00f6nce, s\u00fcre\u00e7 s\u0131ras\u0131nda ve tamamland\u0131ktan sonra (10 g\u00fcn) a\u00e7\u0131klama<\/td>\n<td>Tayland ve Malezya&#8217;dan daha detayl\u0131, Singapur&#8217;a e\u015fde\u011fer<\/td>\n<\/tr>\n<tr>\n<td>Yasal fon kaynaklar\u0131<\/td>\n<td>Hisse primi, vergi sonras\u0131 da\u011f\u0131t\u0131lmam\u0131\u015f kar, yat\u0131r\u0131m ve geli\u015ftirme fonu, di\u011fer \u00f6zsermaye kaynaklar\u0131<\/td>\n<td>B\u00f6lgedeki \u00e7o\u011fu \u00fclkenin d\u00fczenlemelerine benzer<\/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'>2019 Menkul K\u0131ymetler Kanunu ve rehber belgelerine g\u00f6re, hazine hisseleri ola\u011fan haklara sahip olmayan hisselerdir. Hazine hisseleri temett\u00fc al\u0131r m\u0131? Hay\u0131r, bu, istisnas\u0131z a\u00e7\u0131k bir d\u00fczenlemedir. Ayr\u0131ca, hazine hisseleri, Genel Kurul toplant\u0131s\u0131 i\u00e7in kat\u0131l\u0131m oran\u0131n\u0131 belirlemek i\u00e7in say\u0131lmaz ve \u015firket, hisse b\u00f6lme, ay\u0131rma veya birle\u015ftirme prosed\u00fcrlerini uygularken devredilmesine izin verilmez.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Dikkate de\u011fer bir geli\u015fme, Mart 2020&#8217;de Vietnam H\u00fck\u00fcmeti&#8217;nin 58\/2012\/ND-CP say\u0131l\u0131 Kararnameyi de\u011fi\u015ftirerek 155\/2020\/ND-CP say\u0131l\u0131 Kararnameyi yay\u0131nlamas\u0131d\u0131r. Bu, hazine hisse geri sat\u0131n alma limitini %25&#8217;ten %30&#8217;a y\u00fckseltmi\u015f ve maksimum tutma s\u00fcresi d\u00fczenlemesini (\u00f6nceden 1 y\u0131l) kald\u0131rm\u0131\u015ft\u0131r. Bu de\u011fi\u015fiklikler, i\u015fletmelerin daha b\u00fcy\u00fck esneklikle geni\u015f \u00e7apl\u0131 hazine hisse geri sat\u0131n alma programlar\u0131 uygulamalar\u0131 i\u00e7in daha elveri\u015fli ko\u015fullar yaratm\u0131\u015ft\u0131r.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Pocket Option, Vietnam&#8217;da hazine hisseleri ile ilgili yasal d\u00fczenlemelerdeki en son de\u011fi\u015fiklikleri s\u00fcrekli olarak g\u00fcnceller, yat\u0131r\u0131mc\u0131lar\u0131n yat\u0131r\u0131m stratejisini etkileyebilecek ayarlamalar\u0131 takip etmelerine yard\u0131mc\u0131 olur. Bu platform arac\u0131l\u0131\u011f\u0131yla, yat\u0131r\u0131mc\u0131lar ayr\u0131ca yasal de\u011fi\u015fikliklerin Vietnam borsas\u0131 \u00fczerindeki etkisi hakk\u0131nda derinlemesine analizlere eri\u015fim sa\u011flar.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<h2 class='po-article-page__title'>Sonu\u00e7: Vietnaml\u0131 yat\u0131r\u0131mc\u0131lar i\u00e7in hazine hisseleri ve ak\u0131ll\u0131 yat\u0131r\u0131m stratejisi<\/h2>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Hazine hisseleri nedir? Vietnaml\u0131 yat\u0131r\u0131mc\u0131lar\u0131n, hala bir\u00e7ok dalgalanma ya\u015fayan bir pazarda etkili yat\u0131r\u0131m stratejileri olu\u015fturmak i\u00e7in ustala\u015fmas\u0131 gereken \u00f6nemli bir finansal ara\u00e7t\u0131r. Derinlemesine analiz yoluyla, hazine hisse geri sat\u0131n alma faaliyetlerinin i\u015fletme de\u011feri ve yat\u0131r\u0131m f\u0131rsatlar\u0131 \u00fczerindeki \u00e7ok boyutlu etkisini a\u00e7\u0131k\u00e7a g\u00f6rd\u00fck.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Vietnaml\u0131 yat\u0131r\u0131mc\u0131lar\u0131n hazine hisseleri hakk\u0131nda hat\u0131rlamas\u0131 gereken ana noktalar \u015funlard\u0131r:<\/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'>Hazine hisseleri, \u015firket taraf\u0131ndan ihra\u00e7 edilen ve daha sonra geri sat\u0131n al\u0131nan, oy hakk\u0131 ve temett\u00fc hakk\u0131 olmayan hisselerdir<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Hisse geri sat\u0131n almalar\u0131, EPS, ROE ve P\/E gibi finansal g\u00f6stergeleri \u00f6nemli \u00f6l\u00e7\u00fcde iyile\u015ftirebilir, mevcut hissedarlara de\u011fer yarat\u0131r<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Vietnam&#8217;da, hazine hisse geri sat\u0131n alma faaliyetleri, \u00f6zellikle piyasa d\u00fczeltme d\u00f6nemlerinde daha yayg\u0131n hale gelmi\u015ftir<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Geni\u015f \u00e7apl\u0131 geri sat\u0131n alma programlar\u0131 (&gt;%5 dola\u015f\u0131mdaki hisseler) genellikle hisse fiyatlar\u0131na \u00f6nemli olumlu etki getirir<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Yat\u0131r\u0131mc\u0131lar, hazine hisse geri sat\u0131n almalar\u0131n\u0131n motivasyonlar\u0131n\u0131, \u00f6l\u00e7e\u011fini ve fon kaynaklar\u0131n\u0131 dikkatlice analiz etmelidir<\/li>\n<\/ul>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Vietnam borsas\u0131n\u0131n giderek daha olgun hale geldi\u011fi ve bir\u00e7ok kurumsal ve yabanc\u0131 yat\u0131r\u0131mc\u0131n\u0131n kat\u0131l\u0131m\u0131yla, hazine hisseleri hakk\u0131nda bilgi edinmek ve bu bilgiyi kullanmak \u00f6nemli bir rekabet avantaj\u0131 yaratacakt\u0131r. Pocket Option, hazine hisse geri sat\u0131n alma faaliyetleri hakk\u0131nda kapsaml\u0131 derinlemesine analiz ara\u00e7lar\u0131 ve ger\u00e7ek zamanl\u0131 g\u00fcncellemeler sunarak, Vietnaml\u0131 yat\u0131r\u0131mc\u0131lar\u0131n ak\u0131ll\u0131 ve zaman\u0131nda yat\u0131r\u0131m kararlar\u0131 almas\u0131na yard\u0131mc\u0131 olur.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Unutmay\u0131n ki hi\u00e7bir yat\u0131r\u0131m stratejisi herkes i\u00e7in m\u00fckemmel de\u011fildir. Her yat\u0131r\u0131mc\u0131, finansal hedeflerine, risk i\u015ftah\u0131na ve yat\u0131r\u0131m ufkuna g\u00f6re kendi stratejisini olu\u015fturmal\u0131d\u0131r. Ancak, Vietnam borsas\u0131nda ak\u0131ll\u0131 yat\u0131r\u0131mc\u0131lar\u0131n bilgi ara\u00e7 setinde, hazine hisseleri ve bunlar\u0131n etkisi hakk\u0131nda derin bir anlay\u0131\u015f, \u00f6zellikle piyasa dalgalanmalar\u0131n\u0131n oldu\u011fu mevcut d\u00f6nemde vazge\u00e7ilmez bir unsurdur.<\/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"},"faq":[{"question":"Hazine hisseleri temett\u00fc al\u0131r m\u0131?","answer":"Hay\u0131r, hazine hisseleri kesinlikle hi\u00e7bir \u015fekilde temett\u00fc almaz. Bir \u015firket, hisse senetlerini hazine sto\u011fu olarak geri sat\u0131n ald\u0131\u011f\u0131nda, bu hisseler art\u0131k tedav\u00fcldeki hisseler olarak kabul edilmez ve bu nedenle herhangi bir temett\u00fc almaz. Bu, \u015firketin temett\u00fc maliyetlerinden tasarruf etmesine yard\u0131mc\u0131 olur ve kalan hissedarlar i\u00e7in \u00f6deme oran\u0131n\u0131 art\u0131rabilir."},{"question":"Hazine hisseleri hangi t\u00fcr hisselerdir?","answer":"Hazine hisseleri, ihra\u00e7 eden \u015firket taraf\u0131ndan piyasadan geri sat\u0131n al\u0131nm\u0131\u015f \u00f6zel bir hisse t\u00fcr\u00fcd\u00fcr. Normal hisselerden farkl\u0131 \u00f6zelliklere sahiptirler: oy hakk\u0131 yoktur, temett\u00fc hakk\u0131 yoktur, finansal oranlar hesaplan\u0131rken tedav\u00fcldeki hisseler aras\u0131nda say\u0131lmazlar ve gelecekte ESOP veya sermaye art\u0131r\u0131m\u0131 gibi \u00e7e\u015fitli ama\u00e7lar i\u00e7in yeniden ihra\u00e7 edilebilirler."},{"question":"Vietnam'da halka a\u00e7\u0131k \u015firketlerin hazine hisseleri hakk\u0131nda bilgileri nas\u0131l takip edebilirim?","answer":"Yat\u0131r\u0131mc\u0131lar, hazine hisseleri hakk\u0131ndaki bilgileri birden fazla kanal arac\u0131l\u0131\u011f\u0131yla takip edebilirler: HOSE, HNX ve SSC'nin resmi web siteleri; listelenmi\u015f \u015firketlerin bilgi a\u00e7\u0131klama sistemleri; Pocket Option, FiinPro veya VietstockFinance gibi profesyonel finansal bilgi platformlar\u0131; ve menkul k\u0131ymet \u015firketlerinden gelen analitik raporlar. Pocket Option, b\u00fcy\u00fck \u015firketler hazine hisse geri al\u0131m planlar\u0131n\u0131 a\u00e7\u0131klad\u0131\u011f\u0131nda otomatik bildirimler alman\u0131za yard\u0131mc\u0131 olan bir \"Hazine Hisse Uyar\u0131s\u0131\" arac\u0131 sunar."},{"question":"Bir \u015firketin kendi hazine hisselerini geri almas\u0131 her zaman olumlu bir sinyal midir?","answer":"Mutlaka de\u011fil. Hisse geri al\u0131mlar\u0131 genellikle y\u00f6netimin \u015firketin de\u011ferine olan g\u00fcvenini g\u00f6steren olumlu bir sinyal olarak g\u00f6r\u00fclse de, baz\u0131 durumlarda sorunlar\u0131 gizleyebilirler. \u00d6rne\u011fin, bir \u015firket uzun vadeli bir geli\u015fim plan\u0131 olmadan sadece EPS gibi k\u0131sa vadeli finansal g\u00f6stergeleri \"g\u00fczelle\u015ftirmek\" i\u00e7in hisse geri al\u0131m\u0131 yapabilir veya bor\u00e7lanarak hisse geri al\u0131m\u0131 yaparak finansal riski art\u0131rabilir. Yat\u0131r\u0131mc\u0131lar, her geri al\u0131m program\u0131n\u0131n arkas\u0131ndaki ger\u00e7ek motivasyonlar\u0131 dikkatlice analiz etmelidir."},{"question":"Bir \u015firket, hazine hisselerini piyasaya yeniden satt\u0131\u011f\u0131nda ne olur?","answer":"Bir \u015firket, kendi hissesini yeniden satt\u0131\u011f\u0131nda (yeniden ihra\u00e7 etti\u011finde), dola\u015f\u0131mdaki hisse say\u0131s\u0131 artacak ve bu durum mevcut hissedarlar\u0131n hisse ba\u015f\u0131na kazan\u00e7 (EPS) ve oy haklar\u0131 \u00fczerinde seyrelme etkisine yol a\u00e7abilir. Ancak, sat\u0131\u015f orijinal sat\u0131n alma fiyat\u0131ndan daha y\u00fcksek bir fiyattan ger\u00e7ekle\u015ftirilirse, \u015firket bu i\u015flemden k\u00e2r kaydedecektir. Vietnam'da, kendi hissesinin yeniden ihra\u00e7 edilmesi, s\u0131k\u0131 bilgi a\u00e7\u0131klama d\u00fczenlemelerine uymak zorundad\u0131r ve genellikle \u015firketin geni\u015fleme planlar\u0131 i\u00e7in sermaye art\u0131rmas\u0131 gerekti\u011finde veya hisse fiyat\u0131 sat\u0131n alma zaman\u0131na g\u00f6re \u00f6nemli \u00f6l\u00e7\u00fcde artt\u0131\u011f\u0131nda ger\u00e7ekle\u015ftirilir."}],"faq_source":{"label":"FAQ","type":"repeater","formatted_value":[{"question":"Hazine hisseleri temett\u00fc al\u0131r m\u0131?","answer":"Hay\u0131r, hazine hisseleri kesinlikle hi\u00e7bir \u015fekilde temett\u00fc almaz. Bir \u015firket, hisse senetlerini hazine sto\u011fu olarak geri sat\u0131n ald\u0131\u011f\u0131nda, bu hisseler art\u0131k tedav\u00fcldeki hisseler olarak kabul edilmez ve bu nedenle herhangi bir temett\u00fc almaz. Bu, \u015firketin temett\u00fc maliyetlerinden tasarruf etmesine yard\u0131mc\u0131 olur ve kalan hissedarlar i\u00e7in \u00f6deme oran\u0131n\u0131 art\u0131rabilir."},{"question":"Hazine hisseleri hangi t\u00fcr hisselerdir?","answer":"Hazine hisseleri, ihra\u00e7 eden \u015firket taraf\u0131ndan piyasadan geri sat\u0131n al\u0131nm\u0131\u015f \u00f6zel bir hisse t\u00fcr\u00fcd\u00fcr. Normal hisselerden farkl\u0131 \u00f6zelliklere sahiptirler: oy hakk\u0131 yoktur, temett\u00fc hakk\u0131 yoktur, finansal oranlar hesaplan\u0131rken tedav\u00fcldeki hisseler aras\u0131nda say\u0131lmazlar ve gelecekte ESOP veya sermaye art\u0131r\u0131m\u0131 gibi \u00e7e\u015fitli ama\u00e7lar i\u00e7in yeniden ihra\u00e7 edilebilirler."},{"question":"Vietnam'da halka a\u00e7\u0131k \u015firketlerin hazine hisseleri hakk\u0131nda bilgileri nas\u0131l takip edebilirim?","answer":"Yat\u0131r\u0131mc\u0131lar, hazine hisseleri hakk\u0131ndaki bilgileri birden fazla kanal arac\u0131l\u0131\u011f\u0131yla takip edebilirler: HOSE, HNX ve SSC'nin resmi web siteleri; listelenmi\u015f \u015firketlerin bilgi a\u00e7\u0131klama sistemleri; Pocket Option, FiinPro veya VietstockFinance gibi profesyonel finansal bilgi platformlar\u0131; ve menkul k\u0131ymet \u015firketlerinden gelen analitik raporlar. Pocket Option, b\u00fcy\u00fck \u015firketler hazine hisse geri al\u0131m planlar\u0131n\u0131 a\u00e7\u0131klad\u0131\u011f\u0131nda otomatik bildirimler alman\u0131za yard\u0131mc\u0131 olan bir \"Hazine Hisse Uyar\u0131s\u0131\" arac\u0131 sunar."},{"question":"Bir \u015firketin kendi hazine hisselerini geri almas\u0131 her zaman olumlu bir sinyal midir?","answer":"Mutlaka de\u011fil. Hisse geri al\u0131mlar\u0131 genellikle y\u00f6netimin \u015firketin de\u011ferine olan g\u00fcvenini g\u00f6steren olumlu bir sinyal olarak g\u00f6r\u00fclse de, baz\u0131 durumlarda sorunlar\u0131 gizleyebilirler. \u00d6rne\u011fin, bir \u015firket uzun vadeli bir geli\u015fim plan\u0131 olmadan sadece EPS gibi k\u0131sa vadeli finansal g\u00f6stergeleri \"g\u00fczelle\u015ftirmek\" i\u00e7in hisse geri al\u0131m\u0131 yapabilir veya bor\u00e7lanarak hisse geri al\u0131m\u0131 yaparak finansal riski art\u0131rabilir. Yat\u0131r\u0131mc\u0131lar, her geri al\u0131m program\u0131n\u0131n arkas\u0131ndaki ger\u00e7ek motivasyonlar\u0131 dikkatlice analiz etmelidir."},{"question":"Bir \u015firket, hazine hisselerini piyasaya yeniden satt\u0131\u011f\u0131nda ne olur?","answer":"Bir \u015firket, kendi hissesini yeniden satt\u0131\u011f\u0131nda (yeniden ihra\u00e7 etti\u011finde), dola\u015f\u0131mdaki hisse say\u0131s\u0131 artacak ve bu durum mevcut hissedarlar\u0131n hisse ba\u015f\u0131na kazan\u00e7 (EPS) ve oy haklar\u0131 \u00fczerinde seyrelme etkisine yol a\u00e7abilir. Ancak, sat\u0131\u015f orijinal sat\u0131n alma fiyat\u0131ndan daha y\u00fcksek bir fiyattan ger\u00e7ekle\u015ftirilirse, \u015firket bu i\u015flemden k\u00e2r kaydedecektir. Vietnam'da, kendi hissesinin yeniden ihra\u00e7 edilmesi, s\u0131k\u0131 bilgi a\u00e7\u0131klama d\u00fczenlemelerine uymak zorundad\u0131r ve genellikle \u015firketin geni\u015fleme planlar\u0131 i\u00e7in sermaye art\u0131rmas\u0131 gerekti\u011finde veya hisse fiyat\u0131 sat\u0131n alma zaman\u0131na g\u00f6re \u00f6nemli \u00f6l\u00e7\u00fcde artt\u0131\u011f\u0131nda ger\u00e7ekle\u015ftirilir."}]}},"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>Hazine hisseleri nedir: Vietnaml\u0131 yat\u0131r\u0131mc\u0131lar i\u00e7in ak\u0131ll\u0131 yat\u0131r\u0131m stratejisi<\/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-is-fund-stock\/\" \/>\n<meta property=\"og:locale\" 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