Cencora, ABD\u2019li bir ila\u00e7 da\u011f\u0131t\u0131m \u015firketi. Markal\u0131 (patentli) ve jenerik (muadil) ila\u00e7lar, enjektabl (enjeksiyonla verilen) \u00fcr\u00fcnler ve re\u00e7etesiz sat\u0131lan \u00fcr\u00fcnlerde y\u00fcksek hacim\u2013d\u00fc\u015f\u00fck k\u00e2r marj\u0131 (\u00fcr\u00fcn ba\u015f\u0131na az kazan\u00e7, \u00e7ok sat\u0131\u015f) modeliyle \u00e7al\u0131\u015f\u0131yor. 2025\u2019te 321 milyar dolar gelir elde etti ve so\u011fuk zincir (\u0131s\u0131 kontroll\u00fc ta\u015f\u0131ma\/depolama) uzman tesisleri dahil 51 bin \u00e7al\u0131\u015fanl\u0131 k\u00fcresel a\u011f\u0131yla on binlerce sa\u011fl\u0131k hizmeti sa\u011flay\u0131c\u0131s\u0131na hizmet verdi.<\/p>\n
Gelir, y\u0131ll\u0131k bazda (ge\u00e7en y\u0131la g\u00f6re) %7,5 artt\u0131; 5 y\u0131ll\u0131k ortalama art\u0131\u015f %11 oldu. Tahminler b\u00fcy\u00fcmenin 2026 ve 2027\u2019de de s\u00fcrmesini bekliyor. K\u00e2r taraf\u0131 daha dalgal\u0131 olsa da pozitif kald\u0131; \u015firket son d\u00f6rt \u00e7eyrekte beklentileri a\u015ft\u0131 ve \u00f6n\u00fcm\u00fczdeki d\u00f6rt \u00e7eyrekte de b\u00fcy\u00fcme \u00f6ng\u00f6r\u00fcl\u00fcyor.<\/p>\n
Cencora\u2019n\u0131n uzun vadeli tedarik anla\u015fmalar\u0131 var. Bunlar aras\u0131nda Walgreens Boots Alliance ile yap\u0131lan, 2025 gelirinin yakla\u015f\u0131k %24\u2019\u00fcn\u00fc olu\u015fturan ve 2029\u2019a kadar s\u00fcren \u00e7ok milyar dolarl\u0131k s\u00f6zle\u015fme de yer al\u0131yor. 2026 1. \u00e7eyrekte \u015firket OneOncology sat\u0131n al\u0131m\u0131n\u0131 tamamlad\u0131.<\/p>\n
Bu i\u015flem sonras\u0131, d\u00fczeltilmi\u015f faaliyet k\u00e2r\u0131 (tek seferlik kalemler \u00e7\u0131kar\u0131lm\u0131\u015f ana faaliyet k\u00e2r\u0131) beklentisi %8\u2013%10 aral\u0131\u011f\u0131ndan %11,5\u2013%13,5 aral\u0131\u011f\u0131na y\u00fckseltildi. 1. \u00e7eyrekte ABD Healthcare Solutions segmentindeki %5\u2019lik gelir art\u0131\u015f\u0131 da g\u00fcncellenen beklentiyi destekledi.<\/p>\n
13\/04\/2026 itibar\u0131yla Sigmanomics paneli, 7 g\u00fcn, 14 g\u00fcn ve 28 g\u00fcn tahminlerinde d\u00fc\u015f\u00fc\u015f e\u011filimini (ay\u0131 piyasas\u0131 y\u00f6n\u00fc) g\u00f6sterdi.<\/p>\n
Cencora\u2019da g\u00fc\u00e7l\u00fc uzun vadeli temel g\u00f6r\u00fcn\u00fcm (i\u015fin gelir\/kontrat gibi ana dinamikleri) ile zay\u0131f k\u0131sa vadeli g\u00f6r\u00fcn\u00fcm aras\u0131nda klasik bir \u00e7at\u0131\u015fma var. 2025\u2019te 321 milyar dolar\u0131n \u00fczerine \u00e7\u0131kan istikrarl\u0131 gelir b\u00fcy\u00fcmesi ve 2026 i\u00e7in yukar\u0131 \u00e7ekilen \u015firket beklentisini g\u00f6r\u00fcyoruz. Buna kar\u015f\u0131n hissede \u00e7ift haneli fiyat d\u00fc\u015f\u00fc\u015f\u00fc ya\u015fand\u0131 ve nisan sonu\u2013may\u0131s ba\u015f\u0131na uzanan k\u0131sa vadeli tahminler d\u00fc\u015f\u00fc\u015f y\u00f6n\u00fcnde.<\/p>\n
Bu tabloyla COR hisselerinde \u201cd\u00fc\u015f\u00fc\u015ften al\u0131m\u201d yapmak ya da al\u0131m opsiyonu (call: belirli fiyattan alma hakk\u0131) almak i\u00e7in erken g\u00f6r\u00fcn\u00fcyor. \u00d6n\u00fcm\u00fczdeki haftalarda bask\u0131n olan negatif hava, olas\u0131 bir y\u00fckseli\u015f denemesinin zay\u0131f kalabilece\u011fini veya ba\u015far\u0131s\u0131z olabilece\u011fini d\u00fc\u015f\u00fcnd\u00fcr\u00fcyor. Bu nedenle yatay seyirden ya da ek d\u00fc\u015f\u00fc\u015ften fayda sa\u011flayan stratejiler daha uygun olabilir.<\/p>\n
Bu temkinli duru\u015f, piyasa verileriyle de destekleniyor: COR opsiyonlar\u0131nda ima edilen oynakl\u0131k (implied volatility: opsiyon fiyatlar\u0131na yans\u0131yan beklenen dalgalanma) y\u00fckseldi; \u015fubatta %23\u2019e kadar inen seviye %29\u2019a \u00e7\u0131kt\u0131. Bu, piyasan\u0131n daha fazla belirsizlik ve olas\u0131 fiyat dalgalanmas\u0131 fiyatlad\u0131\u011f\u0131n\u0131 g\u00f6sterir. \u0130la\u00e7 da\u011f\u0131t\u0131m sekt\u00f6r\u00fcndeki bu tedirginlik, yat\u0131r\u0131mc\u0131lar\u0131n gelecek ay beklenen ila\u00e7 al\u0131m programlar\u0131na (devlet destekli\/geri \u00f6deme ba\u011flant\u0131l\u0131 al\u0131m \u00e7er\u00e7eveleri) dair yeni federal y\u00f6nlendirmeyi beklemesiyle art\u0131yor.<\/p>\n
\u00d6n\u00fcm\u00fczdeki birka\u00e7 hafta i\u00e7in pratik bir yakla\u015f\u0131m, may\u0131s veya haziran vadeli \u201cparan\u0131n d\u0131\u015f\u0131nda\u201d (out-of-the-money: mevcut fiyattan uzakta, \u015fu an k\u00e2rda olmayan) al\u0131m spread\u2019i satmak olabilir. Spread (aral\u0131kl\u0131 strateji), farkl\u0131 kullan\u0131m fiyatlar\u0131na (strike: opsiyonda i\u015flem fiyat\u0131) sahip opsiyonlar\u0131 birlikte kullanarak risk\/geliri s\u0131n\u0131rlayan bir yap\u0131d\u0131r. Bu strateji, hissenin k\u0131sa vadede g\u00fc\u00e7l\u00fc yukar\u0131 k\u0131r\u0131l\u0131m yapmayaca\u011f\u0131 g\u00f6r\u00fc\u015f\u00fcne dayanarak prim (opsiyon sat\u0131\u015f\u0131 geliri) toplamay\u0131 sa\u011flar. Y\u00fckselen oynakl\u0131ktan yararlan\u0131rken, net bir y\u00fckseli\u015f sinyali olu\u015fmas\u0131n\u0131 beklemeye de imk\u00e2n verir.<\/p>\n","protected":false},"excerpt":{"rendered":"
Cencora 2025\u2019te 321 milyar $ gelire ula\u015ft\u0131, Walgreens anla\u015fmas\u0131 ve OneOncology ile k\u00e2r beklentisini y\u00fckseltti. Ancak COR\u2019da k\u0131sa vadeli d\u00fc\u015f\u00fc\u015f sinyali, artan oynakl\u0131k ve \u201cdipten al\u0131m\u201d riskini b\u00fcy\u00fct\u00fcyor.<\/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-44636","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\/44636","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=44636"}],"version-history":[{"count":0,"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/posts\/44636\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/media?parent=44636"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/categories?post=44636"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/tags?post=44636"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}