{"id":43492,"date":"2026-03-27T11:05:04","date_gmt":"2026-03-27T11:05:04","guid":{"rendered":"https:\/\/www.vtmarkets.com\/tr\/uncategorized\/satis-dalgalarinda-sirketler-birlikte-duser-kaliteli-hisseler-ise-yalnizca-fiyat-zayifligiyla-degil-temel-gostergeleriyle-ayrisir\/"},"modified":"2026-03-27T11:05:04","modified_gmt":"2026-03-27T11:05:04","slug":"satis-dalgalarinda-sirketler-birlikte-duser-kaliteli-hisseler-ise-yalnizca-fiyat-zayifligiyla-degil-temel-gostergeleriyle-ayrisir","status":"publish","type":"post","link":"https:\/\/www.vtmarkets.com\/tr-mena\/live-updates\/satis-dalgalarinda-sirketler-birlikte-duser-kaliteli-hisseler-ise-yalnizca-fiyat-zayifligiyla-degil-temel-gostergeleriyle-ayrisir\/","title":{"rendered":"Sat\u0131\u015f dalgalar\u0131nda \u015firketler birlikte d\u00fc\u015fer; kaliteli hisseler ise yaln\u0131zca fiyat zay\u0131fl\u0131\u011f\u0131yla de\u011fil, temel g\u00f6stergeleriyle ayr\u0131\u015f\u0131r"},"content":{"rendered":"Bir piyasada sert sat\u0131\u015f dalgas\u0131 ya\u015fand\u0131\u011f\u0131nda fiyatlar genelde genel olarak d\u00fc\u015fer. Bu y\u00fczden tarama yapmak, sadece fiyat\u0131 zay\u0131flayan hisseler ile i\u015fi (faaliyeti) zay\u0131flayan \u015firketleri ay\u0131rmaya yard\u0131mc\u0131 olur. Ama\u00e7, h\u00e2l\u00e2 b\u00fcy\u00fcyebilen, k\u00e2r marj\u0131n\u0131 (sat\u0131\u015flardan kalan k\u00e2r oran\u0131) koruyabilen, nakit \u00fcretebilen ve faaliyetlerini zorlanmadan finanse edebilen \u015firketleri bulmakt\u0131r.\n\nTarama, b\u00fcy\u00fck ve i\u015flem hacmi y\u00fcksek hisseleri kulland\u0131: ABD borsalar\u0131nda i\u015flem g\u00f6ren, piyasa de\u011feri 25 milyar dolar\u0131n \u00fczerindeki \u015firketler ile Bat\u0131 Avrupa, Asya ve Kanada\u2019da piyasa de\u011feri 10 milyar dolar\u0131n \u00fczerindeki \u015firketler. Ard\u0131ndan 52 haftal\u0131k zirveye g\u00f6re de\u011fi\u015fimi 20\u2019nin alt\u0131nda ve 5 y\u0131ll\u0131k gelir CAGR\u2019\u0131 (bile\u015fik y\u0131ll\u0131k b\u00fcy\u00fcme oran\u0131; gelirin her y\u0131l ortalama ne kadar artt\u0131\u011f\u0131n\u0131 g\u00f6steren oran) %10\u2019un \u00fczerinde olanlar\u0131 se\u00e7ti.\n\nKriterler aras\u0131nda faaliyet k\u00e2r marj\u0131n\u0131n %20\u2019nin \u00fczerinde olmas\u0131, yat\u0131r\u0131lan sermaye k\u00e2rl\u0131l\u0131\u011f\u0131n\u0131n (ROIC; \u015firketin i\u015fine koydu\u011fu sermayeden ne kadar verim ald\u0131\u011f\u0131) %10\u2019un \u00fczerinde olmas\u0131 ve \u00f6zsermaye k\u00e2rl\u0131l\u0131\u011f\u0131n\u0131n (ROE; ortaklar\u0131n sermayesinden \u00fcretilen k\u00e2r oran\u0131) %15\u2019in \u00fczerinde olmas\u0131 yer ald\u0131. Ayr\u0131ca serbest nakit ak\u0131\u015f\u0131 veriminin (FCF yield; \u015firketin yaratt\u0131\u011f\u0131 nakdin piyasa de\u011ferine oran\u0131) ABD\u2019de %2\u2019nin, ABD d\u0131\u015f\u0131nda %4\u2019\u00fcn \u00fczerinde olmas\u0131 ve net bor\u00e7\/FAV\u00d6K\u2019\u00fcn (EBITDA; faiz, vergi ve amortisman \u00f6ncesi k\u00e2r\u2014\u015firketin ana faaliyet k\u00e2rl\u0131l\u0131\u011f\u0131n\u0131 daha \u201c\u00e7\u0131plak\u201d g\u00f6steren \u00f6l\u00e7\u00fc) 2\u2019nin alt\u0131nda kalmas\u0131 \u015fart\u0131 kondu.\n\nDe\u011ferleme kontrolleri, gelecek 12 ayl\u0131k F\/K\u2019n\u0131n (forward P\/E; beklenen k\u00e2ra g\u00f6re fiyat\/kazan\u00e7) 25\u2019in alt\u0131nda ve gelecek 12 ayl\u0131k PEG\u2019in (P\/E\u2019nin b\u00fcy\u00fcmeye g\u00f6re ayarlanm\u0131\u015f h\u00e2li; b\u00fcy\u00fcme pahal\u0131 m\u0131 ucuz mu g\u00f6sterir) 1,5\u2019in alt\u0131nda olmas\u0131yd\u0131. ABD taramas\u0131 8 isme indi: Nvidia, Microsoft, Meta Platforms, Micron Technology, AppLovin, Newmont, Adobe ve Autodesk.\n\nABD d\u0131\u015f\u0131 tarama 10 isme indi: Novo Nordisk, Zijin Mining Group, Barrick Mining, Pop Mart International, Experian, Kinross Gold, Pan American Silver, Evolution Mining, Genmab ve Endeavour Mining. \u00c7\u0131kt\u0131, karar arac\u0131 de\u011fil; daha ileri ara\u015ft\u0131rma i\u00e7in k\u0131sa listedir.\n\nPiyasan\u0131n ocak zirvelerinden bu yana %15\u2019lik geri \u00e7ekilmesi CBOE Volatilite Endeksi\u2019ni (VIX; piyasadaki beklenen oynakl\u0131\u011f\u0131 \u00f6l\u00e7er, \u201ckorku endeksi\u201d olarak bilinir) 28\u2019in \u00fczerine ta\u015f\u0131d\u0131 ve \u00f6n\u00fcm\u00fczdeki haftalar i\u00e7in tedirgin bir zemin yaratt\u0131. B\u00f6yle d\u00f6nemlerde d\u00fc\u015fen t\u00fcm hisseleri ayn\u0131 g\u00f6rmek do\u011fru de\u011fil. Bu sat\u0131\u015f dalgas\u0131, fiyat\u0131 ge\u00e7ici olarak zay\u0131flayan g\u00fc\u00e7l\u00fc \u015firketleri, temelde daha zay\u0131f \u015firketlerden ay\u0131rabilirsek f\u0131rsat yarat\u0131r.\n\nNvidia ve Microsoft gibi \u015firketlerde piyasayla birlikte ima edilen oynakl\u0131k (implied volatility; opsiyon fiyat\u0131na yans\u0131yan beklenen dalgalanma) y\u00fckseliyor. Bu da opsiyon primi (opsiyonu satarken al\u0131nan bedel) satmay\u0131 daha cazip k\u0131l\u0131yor. 2025\u2019teki yatay d\u00f6nemde bu \u015firketlerin %20\u2019nin \u00fczerindeki g\u00fc\u00e7l\u00fc faaliyet marjlar\u0131n\u0131 korudu\u011funu g\u00f6rd\u00fck; bu da bug\u00fcn g\u00fcven veriyor. Bu hisselerde nakit teminatl\u0131 put sat\u0131\u015f\u0131 (cash-secured put; hisseyi belirlenen fiyattan alma taahh\u00fcd\u00fc verip kar\u015f\u0131l\u0131\u011f\u0131nda prim toplamak, gerekirse nakit ay\u0131rmak) prim geliri elde etmenin ya da piyasa daha da d\u00fc\u015ferse kaliteli varl\u0131\u011f\u0131 daha d\u00fc\u015f\u00fck fiyattan alman\u0131n bir yolu olabilir.\n\nBurada \u00f6nemli olan, piyasan\u0131n \u201cdip\u201d noktas\u0131n\u0131 tutturmaya \u00e7al\u0131\u015fmak yerine g\u00f6reli g\u00fcce (benzerlerine g\u00f6re daha az d\u00fc\u015fen\/daha dayan\u0131kl\u0131 performans) odaklanmak. 2022\u2019deki son b\u00fcy\u00fck d\u00fc\u015f\u00fc\u015fte, sermaye k\u00e2rl\u0131l\u0131\u011f\u0131 y\u00fcksek ve borcu d\u00fc\u015f\u00fck \u015firketlerin, Nasdaq 100 endeksine g\u00f6re belirgin \u015fekilde daha az d\u00fc\u015ft\u00fc\u011f\u00fcn\u00fc g\u00f6steren veriler var. Bu, opsiyonlarla bu kaliteli isimlerin daha zay\u0131f rakipleri ya da endeksin kendisine g\u00f6re daha iyi performans g\u00f6sterece\u011fine pozisyon almay\u0131 destekler.\n\nABD d\u0131\u015f\u0131 liste, Novo Nordisk ve Barrick Gold gibi farkl\u0131 bir \u201ckalite\u201d t\u00fcr\u00fcne i\u015faret ediyor. \u015eubat 2026 enflasyon verisinin beklenenden s\u0131cak gelerek %3,8 a\u00e7\u0131klanmas\u0131yla, fiyatlama g\u00fcc\u00fc olan (maliyet art\u0131\u015f\u0131n\u0131 fiyat\u0131na yans\u0131tabilen) \u015firketlere ya da reel varl\u0131klara (\u00f6zellikle emtia gibi \u201csomut\u201d varl\u0131klara) ba\u011fl\u0131 i\u015f modellerine sahip olman\u0131n gerek\u00e7esi yeniden g\u00fc\u00e7lendi. Alt\u0131n madencilerinde al\u0131m opsiyonlar\u0131 (call; belirli fiyattan alma hakk\u0131) bu enflasyon kayg\u0131lar\u0131 sat\u0131\u015flar\u0131 s\u00fcr\u00fcklemeye devam ederse etkili bir korunma arac\u0131 olabilir.\n\nBilan\u00e7o filtresine \u00f6zellikle dikkat etmek gerekir: net bor\u00e7\/FAV\u00d6K\u2019\u00fcn 2\u2019nin alt\u0131nda kalmas\u0131. Merkez bankalar\u0131n\u0131n son d\u00f6nemde krediyi s\u0131k\u0131la\u015ft\u0131rmas\u0131, borcu y\u00fcksek \u015firketlerde finansman stresini (borcu \u00e7evirmekte zorlanma riski) b\u00fcy\u00fct\u00fcyor. Bu da bu \u015firketleri uzun pozisyon (fiyat y\u00fckseli\u015fine oynayan yat\u0131r\u0131m) i\u00e7in zay\u0131f aday yapar; buna kar\u015f\u0131l\u0131k d\u00fc\u015f\u00fc\u015fe y\u00f6nelik opsiyon stratejileri i\u00e7in daha uygun hedefler h\u00e2line getirebilir.\n\nKaliteli isimlerde bile de\u011ferleme disiplini kritiktir; bu y\u00fczden gelecek 12 ayl\u0131k F\/K filtresi \u00f6nemlidir. De\u011ferlemesi zirvelerinden belirgin bi\u00e7imde gerilemi\u015f y\u00fcksek kaliteli bir \u015firkette put satmak, daha d\u00fc\u015f\u00fck riskli bir yakla\u015f\u0131m olabilir. Ama\u00e7 en \u00e7ok h\u0131rpalanm\u0131\u015f hisseleri bulmak de\u011fil; en g\u00fc\u00e7l\u00fc i\u015flerin art\u0131k daha makul fiyatlardan i\u015flem g\u00f6rd\u00fc\u011f\u00fc noktalar\u0131 yakalamakt\u0131r.\n<p>\n\n<p><strong>Hemen i\u015flem yapmaya ba\u015flay\u0131n &#8211; Ger\u00e7ek VT Markets hesab\u0131n\u0131z\u0131 olu\u015fturmak i\u00e7in <a href=\"https:\/\/www.vtmarkets.com\/tr\/trade-now\/\">buraya<\/a> t\u0131klay\u0131n <\/strong> <\/p>\n<!-- \/wp:post-content -->","protected":false},"excerpt":{"rendered":"<p>Sert sat\u0131\u015fta f\u0131rsat m\u0131 tuzak m\u0131? Tarama; b\u00fcy\u00fcme, %20+ marj, y\u00fcksek ROIC\/ROE, g\u00fc\u00e7l\u00fc nakit ak\u0131\u015f\u0131 ve d\u00fc\u015f\u00fck bor\u00e7la \u201ckalite\u201d hisseleri ay\u0131r\u0131yor; put sat\u0131\u015f\u0131\/hedge i\u00e7in k\u0131sa liste \u00e7\u0131kar\u0131yor.<\/p>\n","protected":false},"author":87,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[71],"tags":[],"class_list":["post-43492","post","type-post","status-publish","format-standard","hentry","category-live-updates"],"acf":{"acf_article_selection_author":null},"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/posts\/43492","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/users\/87"}],"replies":[{"embeddable":true,"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/comments?post=43492"}],"version-history":[{"count":0,"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/posts\/43492\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/media?parent=43492"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/categories?post=43492"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/tags?post=43492"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}