{"id":15277,"date":"2026-03-17T00:12:24","date_gmt":"2026-03-16T15:12:24","guid":{"rendered":"https:\/\/invest-news-source.com\/?p=15277"},"modified":"2026-03-17T00:16:15","modified_gmt":"2026-03-16T15:16:15","slug":"%e3%82%bb%e3%82%a4%e3%83%af%e3%83%9b%e3%83%bc%e3%83%ab%e3%83%87%e3%82%a3%e3%83%b3%e3%82%b0%e3%82%b9%ef%bc%88523a%ef%bc%89%e4%b8%8a%e5%a0%b4%e5%89%8d-%e5%be%b9%e5%ba%95%e5%88%86%e6%9e%90","status":"publish","type":"post","link":"https:\/\/invest-news-source.com\/?p=15277","title":{"rendered":"\u30bb\u30a4\u30ef\u30db\u30fc\u30eb\u30c7\u30a3\u30f3\u30b0\u30b9\uff08523A\uff09\u4e0a\u5834\u524d \u5fb9\u5e95\u5206\u6790"},"content":{"rendered":"
\n<\/p>\n
\n
IPO ANALYSIS<\/div>\n

\u30bb\u30a4\u30ef\u30db\u30fc\u30eb\u30c7\u30a3\u30f3\u30b0\u30b9\uff08523A<\/span>\uff09
\u4e0a\u5834\u524d \u5fb9\u5e95\u5206\u6790<\/h1>\n

\u88fd\u9020\u696dM&A\u30ed\u30fc\u30eb\u30a2\u30c3\u30d7\u306e\u672c\u547d\u304b\uff1f \u5fd6\u5ea6\u306a\u3057\u3067\u696d\u7e3e\u30fb\u30ea\u30b9\u30af\u3092\u4e38\u88f8\u306b\u3059\u308b<\/p>\n

\n \ud83d\udcc5 2026.03.27 \u4e0a\u5834\u4e88\u5b9a<\/span>
\n \ud83d\udcca \u6771\u8a3c\u30b0\u30ed\u30fc\u30b9<\/span>
\n \ud83c\udfed \u91d1\u5c5e\u88fd\u54c1<\/span>\n <\/div>\n<\/div>\n
\n<\/p>\n
\n \u26a0 \u514d\u8cac\u4e8b\u9805\uff1a<\/strong>\u672c\u8a18\u4e8b\u306f\u60c5\u5831\u63d0\u4f9b\u3092\u76ee\u7684\u3068\u3057\u305f\u3082\u306e\u3067\u3042\u308a\u3001\u7279\u5b9a\u9298\u67c4\u306e\u6295\u8cc7\u52e7\u8a98\u3092\u76ee\u7684\u3068\u3057\u305f\u3082\u306e\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002\u8a18\u8f09\u306e\u6570\u5024\u30fb\u4e88\u60f3\u306f\u7b46\u8005\u72ec\u81ea\u306e\u5206\u6790\u306b\u57fa\u3065\u304f\u3082\u306e\u3067\u3042\u308a\u3001\u5c06\u6765\u306e\u7d50\u679c\u3092\u4fdd\u8a3c\u3059\u308b\u3082\u306e\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002\u6295\u8cc7\u5224\u65ad\u306f\u5fc5\u305a\u3054\u81ea\u8eab\u306e\u8cac\u4efb\u3067\u304a\u9858\u3044\u3057\u307e\u3059\u3002\n<\/div>\n

<\/p>\n

\n
\u2015 \u76ee\u6b21 \u2015<\/div>\n
    \n
  1. \u4f1a\u793e\u6982\u8981\uff1a\u30bb\u30a4\u30efHD\u3068\u306f\u4f55\u8005\u304b\uff1f<\/a><\/li>\n
  2. \u30d3\u30b8\u30cd\u30b9\u30e2\u30c7\u30eb\uff1a\u88fd\u9020\u696dM&A\u30ed\u30fc\u30eb\u30a2\u30c3\u30d7\u306e\u69cb\u9020<\/a><\/li>\n
  3. \u904e\u53bb\u696d\u7e3e\u306e\u63a8\u79fb\uff1a\u6570\u5b57\u306f\u5618\u3092\u3064\u304b\u306a\u3044<\/a><\/li>\n
  4. \u9023\u7d50\u6c7a\u7b97\u3067\u898b\u308b\u300c\u672c\u5f53\u306e\u5b9f\u529b\u300d<\/a><\/li>\n
  5. \u30d0\u30ea\u30e5\u30a8\u30fc\u30b7\u30e7\u30f3\uff1a\u5272\u5b89\u304b\uff1f\u5272\u9ad8\u304b\uff1f<\/a><\/li>\n
  6. \u540c\u696d\u6bd4\u8f03\uff1a\u6280\u8853\u627f\u7d99\u6a5f\u69cb\u3068\u306e\u9055\u3044<\/a><\/li>\n
  7. \u30ea\u30b9\u30af\u8981\u56e0\uff1a\u3053\u3053\u3092\u898b\u843d\u3068\u3059\u306a<\/a><\/li>\n
  8. \u9700\u7d66\u5206\u6790\uff1a\u521d\u5024\u306f\u3069\u3046\u306a\u308b\uff1f<\/a><\/li>\n
  9. \u7dcf\u5408\u5224\u5b9a\u3068\u7d50\u8ad6<\/a><\/li>\n<\/ol>\n<\/div>\n


    \n
    \n<\/p>\n

    \n
    Section 01<\/div>\n

    \u4f1a\u793e\u6982\u8981\uff1a\u30bb\u30a4\u30efHD\u3068\u306f\u4f55\u8005\u304b\uff1f<\/h2>\n

    \u30bb\u30a4\u30ef\u30db\u30fc\u30eb\u30c7\u30a3\u30f3\u30b0\u30b9\uff08523A\uff09\u306f\u3001\u4e2d\u5c0f\u88fd\u9020\u696d\u306e\u4e8b\u696d\u627f\u7d99\u3092\u5c02\u9580\u3068\u3059\u308bM&A\u578b\u6301\u682a\u4f1a\u793e<\/span>\u3067\u3059\u3002\u524d\u8eab\u306f1995\u5e74\u8a2d\u7acb\u306e\u6eb6\u63a5\u696d\u300c\u30bb\u30a4\u30ef\u5de5\u696d\u300d\u30022021\u5e741\u6708\u306b\u6301\u682a\u4f1a\u793e\u4f53\u5236\u306b\u79fb\u884c\u3057\u3066\u304b\u3089\u306f\u3001\u5f8c\u7d99\u8005\u4e0d\u5728\u3067\u5ec3\u696d\u30ea\u30b9\u30af\u3092\u62b1\u3048\u308b\u4e2d\u5c0f\u88fd\u9020\u696d\u3092\u6b21\u3005\u3068\u8cb7\u53ce\u3057\u3001\u73fe\u5728\u3067\u306f\u9023\u7d50\u5b50\u4f1a\u793e15\u793e<\/span>\u3092\u5098\u4e0b\u306b\u6301\u3064\u30b0\u30eb\u30fc\u30d7\u306b\u6210\u9577\u3057\u307e\u3057\u305f\u3002<\/p>\n

    \u30df\u30c3\u30b7\u30e7\u30f3\u306f\u300c\u305f\u305f\u3080\u306b\u306f\u3082\u3063\u305f\u3044\u306a\u3044\u4e2d\u5c0f\u4f01\u696d\u3092\u53d7\u3051\u7d99\u304e\u3001\u9078\u3070\u308c\u7d9a\u3051\u308b\u30e2\u30ce\u3065\u304f\u308a\u30b0\u30eb\u30fc\u30d7\u3092\u3064\u304f\u308b\u300d<\/span>\u3002\u65e5\u672c\u306e\u4e2d\u5c0f\u88fd\u9020\u696d\u306f\u4e16\u754c\u3067\u3082\u985e\u3092\u898b\u306a\u3044\u6280\u8853\u529b\u3092\u6301\u3061\u306a\u304c\u3089\u3001\u7d4c\u55b6\u8005\u306e\u9ad8\u9f62\u5316\u3068\u5f8c\u7d99\u8005\u4e0d\u5728\u304c\u6df1\u523b\u5316\u3057\u3066\u304a\u308a\u3001\u3053\u306e\u793e\u4f1a\u8ab2\u984c\u306b\u4e8b\u696d\u3068\u3057\u3066\u6311\u3093\u3067\u3044\u308b\u70b9\u304c\u7279\u5fb4\u3067\u3059\u3002<\/p>\n

    \n
    \n
    \u8a3c\u5238\u30b3\u30fc\u30c9<\/div>\n
    523A<\/div>\n<\/p><\/div>\n
    \n
    \u4e0a\u5834\u5e02\u5834<\/div>\n
    \u30b0\u30ed\u30fc\u30b9<\/div>\n<\/p><\/div>\n
    \n
    \u60f3\u5b9a\u6642\u4fa1\u7dcf\u984d<\/div>\n
    231\u5104\u5186<\/div>\n<\/p><\/div>\n
    \n
    \u30b0\u30eb\u30fc\u30d7\u5b50\u4f1a\u793e\u6570<\/div>\n
    15\u793e<\/div>\n<\/p><\/div>\n
    \n
    \u5f93\u696d\u54e1\u6570\uff08\u9023\u7d50\uff09<\/div>\n
    345\u540d<\/div>\n<\/p><\/div>\n
    \n
    \u4f1a\u8a08\u57fa\u6e96<\/div>\n
    IFRS<\/div>\n<\/p><\/div>\n<\/p><\/div>\n

    \u4ee3\u8868\u53d6\u7de0\u5f79\u793e\u9577\u306e\u91ce\u898b\u5c71\u52c7\u5927\u6c0f<\/span>\u304c\u767a\u884c\u6e08\u682a\u5f0f\u306e69.89%\u3092\u4fdd\u6709\u3059\u308b\u30aa\u30fc\u30ca\u30fc\u4f01\u696d\u3067\u3059\u3002\u672c\u793e\u306f\u611b\u77e5\u770c\u540d\u53e4\u5c4b\u5e02\u3002\u5e73\u5747\u5e74\u9f6238.9\u6b73\u3068\u82e5\u3044\u7d44\u7e54\u3067\u3001\u5e73\u5747\u5e74\u53ce\u306f\u7d04588\u4e07\u5186\u3002<\/p>\n<\/div>\n


    \n
    \n<\/p>\n

    \n
    Section 02<\/div>\n

    \u30d3\u30b8\u30cd\u30b9\u30e2\u30c7\u30eb\uff1a\u88fd\u9020\u696dM&A\u30ed\u30fc\u30eb\u30a2\u30c3\u30d7\u306e\u69cb\u9020<\/h2>\n

    \u30bb\u30a4\u30efHD\u306e\u30d3\u30b8\u30cd\u30b9\u30e2\u30c7\u30eb\u306f\u3001\u3044\u308f\u3086\u308b\u300c\u30ed\u30fc\u30eb\u30a2\u30c3\u30d7\u6226\u7565\u300d<\/span>\u3067\u3059\u3002\u512a\u308c\u305f\u6280\u8853\u3092\u6301\u3061\u306a\u304c\u3089\u5f8c\u7d99\u8005\u4e0d\u5728\u306b\u60a9\u3080\u4e2d\u5c0f\u88fd\u9020\u696d\u3092\u4f4e\u30b3\u30b9\u30c8\u3067\u53d6\u5f97\u3057\u3001\u5171\u901a\u30d7\u30e9\u30c3\u30c8\u30d5\u30a9\u30fc\u30e0\uff08\u30bb\u30a4\u30ef\u30d7\u30e9\u30c3\u30c8\u30d5\u30a9\u30fc\u30e0\uff09\u3067\u30d0\u30c3\u30af\u30aa\u30d5\u30a3\u30b9\u696d\u52d9\u3092\u96c6\u7d04\u3002\u55b6\u696d\u30fb\u88fd\u9020\u30fb\u958b\u767a\u529b\u306e\u5f37\u5316\u3068\u30b3\u30b9\u30c8\u524a\u6e1b\u3092\u540c\u6642\u306b\u5b9f\u73fe\u3059\u308b\u69cb\u9020\u3067\u3059\u3002<\/p>\n

    M&A\u30bf\u30fc\u30b2\u30c3\u30c8\u306e\u6761\u4ef6<\/h3>\n

    \u540c\u793e\u304c\u8cb7\u53ce\u5bfe\u8c61\u3068\u3059\u308b\u4f01\u696d\u306b\u306f\u660e\u78ba\u306a\u57fa\u6e96\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n

    \n
    \ud83d\udccc \u8cb7\u53ce\u57fa\u6e96\u306e\u30dd\u30a4\u30f3\u30c8<\/div>\n

    \u2460 \u9ad8\u3044\u30de\u30fc\u30b1\u30c3\u30c8\u30b7\u30a7\u30a2\u3092\u6301\u3064 \u2461 \u53c2\u5165\u969c\u58c1\u304c\u9ad8\u3044\uff08\u6cd5\u898f\u5236\u30fb\u5546\u570f\uff09 \u2462 \u72ec\u81ea\u306e\u6280\u8853\u30fb\u8a2d\u5099\u30fb\u7279\u8a31\u3092\u4fdd\u6709 \u2463 \u9ad8\u5ea6\u306a\u4eba\u6750\u304c\u5728\u7c4d \u2464 \u4ee3\u66ff\u53ef\u80fd\u6027\u304c\u4f4e\u3044\u5546\u54c1\u30fb\u30b5\u30fc\u30d3\u30b9\u3092\u5c55\u958b \u2500\u2500 \u8981\u3059\u308b\u306b\u300c\u30cb\u30c3\u30c1\u30c8\u30c3\u30d7\u300d\u306e\u4e2d\u5c0f\u88fd\u9020\u696d\u304c\u72d9\u3044\u76ee\u3067\u3059\u3002<\/p>\n<\/p><\/div>\n

    \u30bb\u30a4\u30ef\u30d7\u30e9\u30c3\u30c8\u30d5\u30a9\u30fc\u30e0\u306e\u4ed5\u7d44\u307f<\/h3>\n

    \u8cb7\u53ce\u3057\u305f\u5b50\u4f1a\u793e\u306f\u300c\u30bb\u30a4\u30ef\u30d7\u30e9\u30c3\u30c8\u30d5\u30a9\u30fc\u30e0\u300d\u306b\u63a5\u7d9a\u3055\u308c\u307e\u3059\u3002\u7d4c\u7406\u30fb\u4eba\u4e8b\u30fbIT\u30fb\u8abf\u9054\u3068\u3044\u3063\u305f\u30d0\u30c3\u30af\u30aa\u30d5\u30a3\u30b9\u3092\u672c\u793e\u5074\u306b\u96c6\u7d04\u3057\u3001\u5b50\u4f1a\u793e\u306f\u672c\u696d\u306e\u30e2\u30ce\u3065\u304f\u308a\u306b\u96c6\u4e2d\u3067\u304d\u308b\u4f53\u5236<\/span>\u3092\u6574\u3048\u307e\u3059\u3002\u3053\u306e\u30d7\u30e9\u30c3\u30c8\u30d5\u30a9\u30fc\u30e0\u578b\u7d4c\u55b6\u304cPMI\uff08\u8cb7\u53ce\u5f8c\u7d71\u5408\uff09\u3092\u52a0\u901f\u3057\u3001\u5229\u76ca\u7387\u306e\u6539\u5584\u306b\u76f4\u7d50\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n

    \u3055\u3089\u306b\u3001\u751f\u307f\u51fa\u3055\u308c\u305f\u5229\u76ca\u306f\u8a2d\u5099\u6295\u8cc7\u3084\u65b0\u898fM&A\u306b\u518d\u6295\u8cc7\u3055\u308c\u308b\u3053\u3068\u3067\u3001\u300c\u8cb7\u53ce \u2192 \u7d71\u5408 \u2192 \u5229\u76ca\u6539\u5584 \u2192 \u518d\u6295\u8cc7 \u2192 \u6b21\u306e\u8cb7\u53ce\u300d\u3068\u3044\u3046\u30d5\u30e9\u30a4\u30db\u30a4\u30fc\u30eb\u304c\u56de\u308b\u69cb\u9020\u3067\u3059\u3002<\/p>\n<\/div>\n


    \n
    \n<\/p>\n

    \n
    Section 03<\/div>\n

    \u904e\u53bb\u696d\u7e3e\u306e\u63a8\u79fb\uff1a\u6570\u5b57\u306f\u5618\u3092\u3064\u304b\u306a\u3044<\/h2>\n

    \u307e\u305a\u306f\u5358\u4f53\u6c7a\u7b97<\/span>\uff08\u30bb\u30a4\u30efHD\u672c\u4f53\u306e\u307f\uff09\u306e\u63a8\u79fb\u304b\u3089\u3002\u6301\u682a\u4f1a\u793e\u306e\u305f\u3081\u3001\u30b0\u30eb\u30fc\u30d7\u7ba1\u7406\u5831\u916c\u7b49\u304c\u58f2\u4e0a\u306e\u4e2d\u5fc3\u3067\u3059\u3002<\/p>\n

    \n\n\n\n\n\n\n\n\n\n\n
    \u9805\u76ee<\/th>\n2021\u5e7412\u6708<\/th>\n2022\u5e745\u6708
    (5\u30f6\u6708\u5909\u5247)<\/small><\/th>\n    		2023\u5e745\u6708<\/th>\n2024\u5e745\u6708<\/th>\n2025\u5e745\u6708<\/th>\n<\/tr>\n<\/thead>\n
    \u58f2\u4e0a\u9ad8\uff08\u767e\u4e07\u5186\uff09<\/td>\n43<\/td>\n66<\/td>\n365<\/td>\n494<\/td>\n817<\/td>\n<\/tr>\n
    \u58f2\u4e0a\u6210\u9577\u7387<\/td>\n\u2015<\/td>\n+53.5%<\/td>\n+453.0%<\/td>\n+35.3%<\/td>\n+65.4%<\/td>\n<\/tr>\n
    \u7d4c\u5e38\u5229\u76ca\uff08\u767e\u4e07\u5186\uff09<\/td>\n4<\/td>\n-68<\/td>\n-12<\/td>\n19<\/td>\n222<\/td>\n<\/tr>\n
    \u5f53\u671f\u7d14\u5229\u76ca\uff08\u767e\u4e07\u5186\uff09<\/td>\n4<\/td>\n-209<\/td>\n-13<\/td>\n18<\/td>\n221<\/td>\n<\/tr>\n
    EPS\uff08\u5186\uff09<\/td>\n0.3<\/td>\n-16.9<\/td>\n-0.9<\/td>\n1.4<\/td>\n15.8<\/td>\n<\/tr>\n
    BPS\uff08\u5186\uff09<\/td>\n13.5<\/td>\n19.0<\/td>\n18.0<\/td>\n19.4<\/td>\n75.2<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n
    \n
    \ud83d\udd0d \u5fd6\u5ea6\u306a\u3057\u306e\u8aad\u307f\u89e3\u304d\u30dd\u30a4\u30f3\u30c8<\/div>\n

    2022\u5e745\u6708\u671f\u306e\u7d14\u640d\u59312\u5104\u5186\u8d85\u306f\u3001\u30b0\u30eb\u30fc\u30d7\u5f62\u6210\u521d\u671f\u306e\u5148\u884c\u6295\u8cc7\u30d5\u30a7\u30fc\u30ba\u3068\u3057\u3066\u7406\u89e3\u3067\u304d\u307e\u3059\u3002\u305f\u3060\u30572023\u5e745\u6708\u671f\u307e\u3067\u7d4c\u5e38\u8d64\u5b57\u304c\u7d9a\u3044\u3066\u3044\u305f\u70b9\u306f\u7559\u610f\u304c\u5fc5\u8981\u30022024\u5e745\u6708\u671f\u306b\u3088\u3046\u3084\u304f\u9ed2\u5b57\u8ee2\u63db\u3057\u30012025\u5e745\u6708\u671f\u3067\u4e00\u6c17\u306b\u7d4c\u5e38\u5229\u76ca2.2\u5104\u5186\u3068\u6025\u62e1\u5927\u3057\u3066\u3044\u307e\u3059\u3002\u3053\u306e\u6025\u6539\u5584\u306e\u6301\u7d9a\u6027\u304c\u7126\u70b9\u3067\u3059\u3002<\/p>\n<\/p><\/div>\n<\/div>\n


    \n
    \n<\/p>\n

    \n
    Section 04<\/div>\n

    \u9023\u7d50\u6c7a\u7b97\u3067\u898b\u308b\u300c\u672c\u5f53\u306e\u5b9f\u529b\u300d<\/h2>\n

    M&A\u578b\u6301\u682a\u4f1a\u793e\u3067\u3042\u308b\u4ee5\u4e0a\u3001\u9023\u7d50\u6c7a\u7b97\u3053\u305d\u304c\u5b9f\u614b<\/span>\u3092\u6620\u3057\u307e\u3059\u3002IFRS\u30d9\u30fc\u30b9\u306e\u9023\u7d50\u696d\u7e3e\u3092\u898b\u307e\u3057\u3087\u3046\u3002<\/p>\n

    \n\n\n\n\n\n\n\n\n\n\n\n
    \u9805\u76ee<\/th>\n2024\u5e745\u6708
    (\u5b9f\u7e3e)<\/small><\/th>\n    		2025\u5e745\u6708
    (\u5b9f\u7e3e)<\/small><\/th>\n    		2026\u5e745\u6708
    (\u4e88\u60f3)<\/small><\/th>\n<\/tr>\n<\/thead>\n
    \u58f2\u4e0a\u9ad8\uff08\u767e\u4e07\u5186\uff09<\/td>\n7,276<\/td>\n7,769<\/td>\n7,770<\/td>\n<\/tr>\n
    \u58f2\u4e0a\u6210\u9577\u7387<\/td>\n\u2015<\/td>\n+6.8%<\/td>\n+0.1%<\/td>\n<\/tr>\n
    \u55b6\u696d\u5229\u76ca\uff08\u767e\u4e07\u5186\uff09<\/td>\n471<\/td>\n700<\/td>\n1,550<\/td>\n<\/tr>\n
    \u55b6\u696d\u5229\u76ca\u7387<\/td>\n6.47%<\/td>\n9.01%<\/td>\n20.0%<\/td>\n<\/tr>\n
    \u5f53\u671f\u7d14\u5229\u76ca\uff08\u767e\u4e07\u5186\uff09<\/td>\n281<\/td>\n327<\/td>\n1,249<\/td>\n<\/tr>\n
    EPS\uff08\u5186\uff09<\/td>\n20.92<\/td>\n23.34<\/td>\n66.43<\/td>\n<\/tr>\n
    \u7d14\u8cc7\u7523\uff08\u767e\u4e07\u5186\uff09<\/td>\n-174<\/td>\n842<\/td>\n\u2015<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n

    \u306a\u304a\u30012026\u5e745\u6708\u671f\u306e\u4e2d\u9593\u6c7a\u7b97\uff08\u7b2c2\u56db\u534a\u671f\u7d2f\u8a08\uff09\u3067\u306f\u3001\u55b6\u696d\u53ce\u76ca38.7\u5104\u5186\u3001\u7a0e\u5f15\u524d\u5229\u76ca8.4\u5104\u5186<\/span>\u3092\u3059\u3067\u306b\u8a08\u4e0a\u3057\u3066\u3044\u307e\u3059\u3002\u901a\u671f\u8a08\u753b\u306e\u55b6\u696d\u5229\u76ca15.5\u5104\u5186\u306b\u5bfe\u3057\u3001\u9032\u6357\u7387\u306f\u826f\u597d\u3067\u3059\u3002<\/p>\n

    \u3053\u3053\u304c\u5f15\u3063\u304b\u304b\u308b\uff1a\u58f2\u4e0a\u6a2a\u3070\u3044\u306a\u306e\u306b\u5229\u76ca\u6025\u5897<\/h3>\n

    \u6b63\u76f4\u306b\u8a00\u3046\u3068\u3001\u6700\u3082\u4e0d\u6c17\u5473\u306a\u306e\u306f\u3053\u3053<\/span>\u3067\u3059\u30022026\u5e745\u6708\u671f\u306e\u58f2\u4e0a\u9ad8\u4e88\u60f3\u306f\u524d\u671f\u6bd4\u307b\u307c\u6a2a\u3070\u3044\uff08+0.1%\uff09\u306a\u306e\u306b\u3001\u55b6\u696d\u5229\u76ca\u306f2.2\u500d\u306e15.5\u5104\u5186\u306b\u6025\u5897\u3059\u308b\u8a08\u753b\u3002\u55b6\u696d\u5229\u76ca\u7387\u30829.0%\u219220.0%\u3068\u8df3\u306d\u4e0a\u304c\u308a\u307e\u3059\u3002<\/p>\n

    \n
    \u26a1 \u5fd6\u5ea6\u306a\u3057\u306e\u8b66\u544a<\/div>\n

    \u58f2\u4e0a\u304c\u307b\u307c\u5909\u308f\u3089\u306a\u3044\u306e\u306b\u5229\u76ca\u304c2\u500d\u306b\u306a\u308b\u7406\u7531\u3068\u3057\u3066\u8003\u3048\u3089\u308c\u308b\u306e\u306f\uff1a\u2460 PMI\u5b8c\u4e86\u306b\u3088\u308b\u7d71\u5408\u52b9\u679c\u306e\u9855\u5728\u5316 \u2461 IFRS\u3067\u306f\u306e\u308c\u3093\u511f\u5374\u304c\u4e0d\u8981\uff08\u5229\u76ca\u304c\u51fa\u3084\u3059\u3044\u69cb\u9020\uff09 \u2462 \u8ca0\u306e\u306e\u308c\u3093\u3084\u4e00\u904e\u6027\u306e\u58f2\u5374\u76ca\u304c\u542b\u307e\u308c\u3066\u3044\u308b\u53ef\u80fd\u6027\u3002\u2461\u2462\u306f\u300c\u898b\u305b\u304b\u3051\u306e\u5229\u76ca\u7387\u6539\u5584\u300d\u306e\u53ef\u80fd\u6027\u304c\u3042\u308a\u3001\u6301\u7d9a\u6027\u306b\u7591\u554f\u7b26\u304c\u3064\u304d\u307e\u3059\u3002\u6295\u8cc7\u5bb6\u30b3\u30df\u30e5\u30cb\u30c6\u30a3\u304b\u3089\u3082\u300c\u5229\u76ca\u6210\u9577\u304c\u3082\u3063\u3071\u3089\u4e00\u904e\u6027\u8981\u56e0\u306b\u3088\u3063\u3066\u4f5c\u3089\u308c\u3066\u3044\u308b\u300d\u3068\u306e\u58f0\u304c\u4e0a\u304c\u3063\u3066\u3044\u307e\u3059\u3002<\/p>\n<\/p><\/div>\n

    \n
    \n \u55b6\u696d\u5229\u76ca\u7387\u306e\u6539\u5584\u5e45\uff08\u524d\u671f\u2192\u4e88\u60f3\uff09<\/span>
    \n 9.0% \u2192 20.0%<\/span>\n <\/div>\n
    \n
    <\/div>\n<\/p><\/div>\n<\/p><\/div>\n
    \n
    \n \u58f2\u4e0a\u9ad8\u6210\u9577\u7387\uff082026\u5e745\u6708\u671f\u4e88\u60f3\uff09<\/span>
    \n +0.1%<\/span>\n <\/div>\n
    \n
    <\/div>\n<\/p><\/div>\n<\/p><\/div>\n
    \n
    \n 2Q\u9032\u6357\u7387\uff08\u7a0e\u5f15\u524d\u5229\u76ca\u30d9\u30fc\u30b9\uff09<\/span>
    \n \u7d0454%<\/span>\n <\/div>\n
    \n
    <\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/div>\n


    \n
    \n<\/p>\n

    \n
    Section 05<\/div>\n

    \u30d0\u30ea\u30e5\u30a8\u30fc\u30b7\u30e7\u30f3\uff1a\u5272\u5b89\u304b\uff1f\u5272\u9ad8\u304b\uff1f<\/h2>\n

    \u4eee\u6761\u4ef6\u306e\u4e0a\u9650\u4fa1\u683c1,250\u5186<\/span>\u3092\u57fa\u6e96\u306b\u7b97\u51fa\u3057\u305f\u4e3b\u8981\u6307\u6a19\u306f\u4ee5\u4e0b\u306e\u3068\u304a\u308a\u3067\u3059\u3002<\/p>\n

    \n
    \n
    PER\uff08\u4e88\u60f3\/\u9023\u7d50\uff09<\/div>\n
    18.8\u500d<\/div>\n
    2026\u5e745\u6708\u671f\u4e88\u60f3\u30d9\u30fc\u30b9<\/div>\n<\/p><\/div>\n
    \n
    PBR\uff08\u4e88\u60f3\/\u9023\u7d50\uff09<\/div>\n
    10.2\u500d<\/div>\n
    2026\u5e745\u6708\u671f\u4e88\u60f3\u30d9\u30fc\u30b9<\/div>\n<\/p><\/div>\n
    \n
    PER\uff08\u5b9f\u7e3e\/\u9023\u7d50\uff09<\/div>\n
    53.6\u500d<\/div>\n
    2025\u5e745\u6708\u671f\u5b9f\u7e3e\u30d9\u30fc\u30b9<\/div>\n<\/p><\/div>\n
    \n
    \u914d\u5f53\u5229\u56de\u308a<\/div>\n
    0%<\/div>\n
    \u914d\u5f53\u5b9f\u7e3e\u30fb\u4e88\u5b9a\u306a\u3057<\/div>\n<\/p><\/div>\n<\/p><\/div>\n

    \u4e88\u60f3PER18.8\u500d<\/span>\u306f\u4e00\u898b\u307e\u3068\u3082\u306b\u898b\u3048\u307e\u3059\u304c\u3001\u3053\u308c\u306f2026\u5e745\u6708\u671f\u306e\u4f1a\u793e\u4e88\u60f3\uff08\u55b6\u696d\u5229\u76ca2.2\u500d\u306e\u6025\u5897\u8a08\u753b\uff09\u304c\u524d\u63d0\u3002\u5b9f\u7e3e\u30d9\u30fc\u30b9\u306ePER53.6\u500d\u304c\u300c\u4eca\u306e\u5b9f\u529b\u300d\u3068\u898b\u308b\u3079\u304d\u3067\u3059\u3002PBR10.2\u500d\u3082\u8cc7\u7523\u4fa1\u5024\u306b\u5bfe\u3057\u3066\u975e\u5e38\u306b\u5272\u9ad8\u3002\u3053\u306e\u9298\u67c4\u306f\u300c\u671f\u5f85\u5024\u300d\u3067\u8cb7\u3046\u304b\u5426\u304b\u304c\u554f\u308f\u308c\u308b\u6848\u4ef6<\/span>\u3067\u3059\u3002<\/p>\n<\/div>\n


    \n
    \n<\/p>\n

    \n
    Section 06<\/div>\n

    \u540c\u696d\u6bd4\u8f03\uff1a\u6280\u8853\u627f\u7d99\u6a5f\u69cb\u3068\u306e\u9055\u3044<\/h2>\n

    \u5e02\u5834\u304c\u6700\u3082\u610f\u8b58\u3059\u308b\u306e\u306f\u6280\u8853\u627f\u7d99\u6a5f\u69cb\uff08319A\uff09<\/span>\u3068\u306e\u6bd4\u8f03\u3067\u3059\u30022025\u5e742\u6708\u4e0a\u5834\u5f8c\u3001\u682a\u4fa1\u304c\u516c\u958b\u4fa1\u683c\u306e\u7d045.3\u500d\u307e\u3067\u6025\u9a30\u3057\u305f\u540c\u793e\u306f\u300c\u4e8b\u696d\u627f\u7d99M&A\u9298\u67c4\u300d\u306e\u30d9\u30f3\u30c1\u30de\u30fc\u30af\u3068\u306a\u3063\u3066\u3044\u307e\u3059\u3002<\/p>\n

    \n\n\n\n\n\n\n\n\n\n\n
    \u6bd4\u8f03\u9805\u76ee<\/th>\n\u30bb\u30a4\u30efHD
    (523A)<\/th>\n    		\u6280\u8853\u627f\u7d99\u6a5f\u69cb
    (319A)<\/th>\n    		\u30bb\u30ec\u30f3\u30c7\u30a3\u30c3\u30d7HD
    (7318)<\/th>\n<\/tr>\n<\/thead>\n
    \u6642\u4fa1\u7dcf\u984d<\/td>\n231\u5104\u5186<\/td>\n953\u5104\u5186<\/td>\n245\u5104\u5186<\/td>\n<\/tr>\n
    \u58f2\u4e0a\u9ad8<\/td>\n77\u5104\u5186<\/td>\n149\u5104\u5186<\/td>\n251\u5104\u5186<\/td>\n<\/tr>\n
    \u55b6\u696d\u5229\u76ca\u7387<\/td>\n9.0%
    (\u4e88\u60f320.0%)<\/small><\/td>\n    		9.6%<\/td>\n2.9%<\/td>\n<\/tr>\n
    PBR<\/td>\n10.2\u500d<\/td>\n10.3\u500d<\/td>\n1.9\u500d<\/td>\n<\/tr>\n
    \u904b\u55b6\u30b9\u30bf\u30a4\u30eb<\/td>\n\u4e2d\u592e\u96c6\u6a29\u578b
    \u30d7\u30e9\u30c3\u30c8\u30d5\u30a9\u30fc\u30e0<\/td>\n    		\u81ea\u5f8b\u5206\u6563\u578b
    \u72ec\u7acb\u5c0a\u91cd<\/td>\n    		\u30b3\u30f3\u30b5\u30eb\uff0b
    \u4e8b\u696d\u518d\u751f<\/td>\n<\/tr>\n
    \u914d\u5f53\u5229\u56de\u308a<\/td>\n0%<\/td>\n0%<\/td>\n0%<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n
    \n
    \ud83d\udca1 \u6bd4\u8f03\u304b\u3089\u308f\u304b\u308b\u3053\u3068<\/div>\n

    \u30bb\u30a4\u30efHD\u306ePER18.8\u500d\uff08\u4e88\u60f3\u30d9\u30fc\u30b9\uff09\u306f\u3001\u6280\u8853\u627f\u7d99\u6a5f\u69cb\u306e\u9ad8\u8a55\u4fa1\u3092\u8e0f\u307e\u3048\u308b\u3068\u76f8\u5bfe\u7684\u306b\u306f\u5272\u5b89\u306b\u898b\u3048\u307e\u3059\u3002\u305f\u3060\u3057\u4e21\u793e\u306b\u306f\u91cd\u8981\u306a\u9055\u3044\u304c\u3042\u308a\u307e\u3059\u3002\u6280\u8853\u627f\u7d99\u6a5f\u69cb\u306f\u5b50\u4f1a\u793e\u306e\u72ec\u7acb\u6027\u3092\u5c0a\u91cd\u3059\u308b\u300c\u81ea\u5f8b\u5206\u6563\u578b\u300d\u306a\u306e\u306b\u5bfe\u3057\u3001\u30bb\u30a4\u30efHD\u306f\u30d0\u30c3\u30af\u30aa\u30d5\u30a3\u30b9\u3092\u96c6\u7d04\u3059\u308b\u300c\u4e2d\u592e\u96c6\u6a29\u578b\u300d\u3002\u7d4c\u55b6\u9663\u306e\u7d4c\u6b74\u306b\u3082\u5dee\u304c\u3042\u308b\u3068\u306e\u6307\u6458\u304c\u3042\u308a\u3001\u5358\u7d14\u306a\u300c\u7b2c\u4e8c\u306e\u6280\u8853\u627f\u7d99\u6a5f\u69cb\u300d\u3068\u306f\u8a00\u3044\u5207\u308c\u307e\u305b\u3093\u3002<\/p>\n<\/p><\/div>\n<\/div>\n


    \n
    \n<\/p>\n

    \n
    Section 07<\/div>\n

    \u30ea\u30b9\u30af\u8981\u56e0\uff1a\u3053\u3053\u3092\u898b\u843d\u3068\u3059\u306a<\/h2>\n
    \n
    \n \u6709\u5229\u5b50\u8ca0\u50b5\u4f9d\u5b58\u5ea6<\/span>
    \n 69.9%<\/span>\n <\/div>\n
    \n
    <\/div>\n<\/p><\/div>\n<\/p><\/div>\n
    \n
    \n \u306e\u308c\u3093 \/ \u7dcf\u8cc7\u7523\u6bd4\u7387<\/span>
    \n 13.0%<\/span>\n <\/div>\n
    \n
    <\/div>\n<\/p><\/div>\n<\/p><\/div>\n
    \n
    \n \u81ea\u5df1\u8cc7\u672c\u6bd4\u7387<\/span>
    \n 18.4%<\/span>\n <\/div>\n
    \n
    <\/div>\n<\/p><\/div>\n<\/p><\/div>\n

    \u2460 \u6709\u5229\u5b50\u8ca0\u50b5\u306e\u91cd\u3055\u3068\u91d1\u5229\u30ea\u30b9\u30af<\/h3>\n

    \u6709\u5229\u5b50\u8ca0\u50b5\u306f\u7d0478\u5104\u5186\u3001\u6709\u5229\u5b50\u8ca0\u50b5\u4f9d\u5b58\u5ea669.9%\u3002M&A\u8cc7\u91d1\u306e\u5927\u534a\u3092\u501f\u5165\u306b\u983c\u3063\u3066\u3044\u307e\u3059\u3002\u65e5\u672c\u9280\u884c\u306e\u5229\u4e0a\u3052\u8def\u7dda\u304c\u7d9a\u304f\u4e2d\u3001\u91d1\u5229\u4e0a\u6607\u306f\u76f4\u63a5\u7684\u306b\u53ce\u76ca\u3092\u5727\u8feb<\/span>\u3057\u307e\u3059\u3002\u3053\u308c\u306f\u30bb\u30a4\u30efHD\u6700\u5927\u306e\u30ea\u30b9\u30af\u3067\u3059\u3002<\/p>\n

    \u2461 IFRS\u306e\u300c\u306e\u308c\u3093\u975e\u511f\u5374\u300d\u30ea\u30b9\u30af<\/h3>\n

    IFRS\u3067\u306f\u306e\u308c\u3093\u3092\u6bce\u671f\u511f\u5374\u3057\u306a\u3044\u4ee3\u308f\u308a\u306b\u3001\u5e741\u56de\u306e\u6e1b\u640d\u30c6\u30b9\u30c8\u3092\u5b9f\u65bd\u3057\u307e\u3059\u3002\u8cb7\u53ce\u5148\u306e\u696d\u7e3e\u304c\u60f3\u5b9a\u3092\u4e0b\u56de\u3063\u305f\u5834\u5408\u3001\u4e00\u62ec\u3067\u5de8\u984d\u306e\u6e1b\u640d\u640d\u5931\u304c\u767a\u751f\u3057\u7a81\u767a\u7684\u306b\u8d64\u5b57\u8ee2\u843d\u3059\u308b\u53ef\u80fd\u6027<\/span>\u304c\u3042\u308a\u307e\u3059\u3002\u306e\u308c\u3093\u7dcf\u8cc7\u7523\u6bd413.0%\u306f\u4eca\u306e\u3068\u3053\u308d\u8a31\u5bb9\u7bc4\u56f2\u3067\u3059\u304c\u3001M&A\u3092\u52a0\u901f\u3059\u308c\u3070\u81a8\u3089\u3093\u3067\u3044\u304f\u30ea\u30b9\u30af\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n

    \u2462 \u58f2\u4e0a\u6a2a\u3070\u3044\u306e\u6210\u9577\u920d\u5316\u61f8\u5ff5<\/h3>\n

    \u3053\u30533\u5e74\u9593\u3067\u58f2\u4e0a\u6210\u9577\u306f\u308f\u305a\u304b\u3002\u9023\u7d50\u30d9\u30fc\u30b9\u3067\u30822025\u5e745\u6708\u671f\u306f\u524d\u671f\u6bd4+6.8%\u306b\u7559\u307e\u308a\u30012026\u5e745\u6708\u671f\u4e88\u60f3\u306f+0.1%\u3002M&A\u304c\u52a0\u901f\u3057\u306a\u3044\u9650\u308a\u30c8\u30c3\u30d7\u30e9\u30a4\u30f3\u306e\u6210\u9577\u306f\u898b\u8fbc\u3081\u307e\u305b\u3093<\/span>\u3002\u5229\u76ca\u7387\u306e\u6539\u5584\u3060\u3051\u3067\u5e02\u5834\u306e\u671f\u5f85\u306b\u5fdc\u3048\u7d9a\u3051\u308b\u306e\u306f\u69cb\u9020\u7684\u306b\u9650\u754c\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n

    \u2463 \u4eba\u6750\u30fb\u6280\u8853\u306e\u6563\u9038\u30ea\u30b9\u30af<\/h3>\n

    \u88fd\u9020\u696dM&A\u306e\u6839\u5e79\u306f\u300c\u4eba\u300d\u3068\u300c\u6280\u8853\u300d\u3067\u3059\u3002\u8cb7\u53ce\u5f8c\u306b\u4e3b\u8981\u306a\u6280\u8853\u8005\u304c\u96e2\u8077\u3057\u305f\u5834\u5408\u3001\u305d\u306e\u5b50\u4f1a\u793e\u306e\u4e8b\u696d\u4fa1\u5024\u306f\u4e00\u6c17\u306b\u6bc0\u640d\u3057\u307e\u3059\u3002\u5e73\u5747\u52e4\u7d9a\u5e74\u65702.5\u5e74\u3068\u3044\u3046\u77ed\u3055\u306f\u3001\u7d44\u7e54\u306e\u6210\u719f\u5ea6\u306e\u9762\u3067\u6c17\u304c\u304b\u308a\u3067\u3059\u3002<\/p>\n

    \u2464 \u914d\u5f53\u306a\u3057<\/h3>\n

    \u914d\u5f53\u5b9f\u7e3e\u30fb\u4e88\u5b9a\u3068\u3082\u306b\u30bc\u30ed\u3002M&A\u306e\u6210\u9577\u6295\u8cc7\u306b\u5168\u632f\u308a\u3059\u308b\u65b9\u91dd\u306f\u7406\u89e3\u3067\u304d\u307e\u3059\u304c\u3001\u30a4\u30f3\u30ab\u30e0\u30b2\u30a4\u30f3\u3092\u671f\u5f85\u3059\u308b\u6295\u8cc7\u5bb6\u306b\u3068\u3063\u3066\u306f\u5b8c\u5168\u306b\u5bfe\u8c61\u5916<\/span>\u3067\u3059\u3002<\/p>\n<\/div>\n


    \n
    \n<\/p>\n

    \n
    Section 08<\/div>\n

    \u9700\u7d66\u5206\u6790\uff1a\u521d\u5024\u306f\u3069\u3046\u306a\u308b\uff1f<\/h2>\n
    \n
    \n
    \u5438\u53ce\u91d1\u984d<\/div>\n
    77.6\u5104\u5186<\/div>\n
    \u30b0\u30ed\u30fc\u30b9\u3067\u306f\u5927\u578b<\/div>\n<\/p><\/div>\n
    \n
    \u30aa\u30d5\u30a1\u30ea\u30f3\u30b0\u30ec\u30b7\u30aa<\/div>\n
    33%<\/div>\n
    \u9ad8\u3081\uff08\u4f9b\u7d66\u904e\u591a\u61f8\u5ff5\uff09<\/div>\n<\/p><\/div>\n
    \n
    \u516c\u52df\u6bd4\u7387<\/div>\n
    68.9%<\/div>\n
    \u8cc7\u91d1\u304c\u4f01\u696d\u306b\u5165\u308b<\/div>\n<\/p><\/div>\n
    \n
    \u793e\u9577\u30ed\u30c3\u30af\u30a2\u30c3\u30d7<\/div>\n
    360\u65e5<\/div>\n
    \u58f2\u308a\u5727\u529b\u306f\u9650\u5b9a\u7684<\/div>\n<\/p><\/div>\n<\/p><\/div>\n

    \u9700\u7d66\u9762\u3067\u306e\u6700\u5927\u306e\u61f8\u5ff5\u306f\u5438\u53ce\u91d1\u984d77.6\u5104\u5186<\/span>\u3002\u30b0\u30ed\u30fc\u30b9\u5e02\u5834\u3067\u306f\u91cd\u91cf\u7d1a\u3067\u3042\u308a\u3001\u521d\u5024\u304c\u4e0a\u304c\u308a\u306b\u304f\u3044\u69cb\u9020\u3067\u3059\u3002\u30aa\u30d5\u30a1\u30ea\u30f3\u30b0\u30ec\u30b7\u30aa33%\u3082\u9ad8\u3081\u3002\u305f\u3060\u3057\u3001\u516c\u52df\u6bd4\u738768.9%\uff08IPO\u8cc7\u91d1\u304c\u4f01\u696d\u306b\u5165\u308b\u6bd4\u7387\uff09\u306f\u5065\u5168\u3067\u3001\u4ee3\u8868\u306e360\u65e5\u30ed\u30c3\u30af\u30a2\u30c3\u30d7\u306b\u3088\u308a\u58f2\u308a\u5727\u529b\u306f\u9650\u5b9a\u3055\u308c\u3066\u3044\u307e\u3059\u3002<\/p>\n

    \n
    \ud83d\udcca \u5e02\u5834\u306e\u898b\u65b9\uff08\u521d\u5024\u4e88\u60f3\u30a2\u30f3\u30b1\u30fc\u30c8\u96c6\u8a08\uff09<\/div>\n

    IPO\u6295\u8cc7\u30b5\u30a4\u30c8\u306e\u30a2\u30f3\u30b1\u30fc\u30c8\uff08\u7d04480\u7968\uff09\u3067\u306f\u300c1.2\u500d\u4ee5\u4e0a\uff5e1.5\u500d\u672a\u6e80\uff081,500\u5186\uff5e1,875\u5186\uff09\u300d\u304c\u6700\u591a\u306e31%\u3002\u6b21\u3044\u3067\u300c1\u500d\u4ee5\u4e0a\uff5e1.2\u500d\u672a\u6e80\u300d\u304c22%\u3001\u300c\u516c\u52df\u5272\u308c\u300d\u304c16%\u3002\u4e00\u65b9\u3067\u300c3\u500d\u4ee5\u4e0a\u300d\u306b\u30829%\u304c\u6295\u7968\u3057\u3066\u304a\u308a\u3001\u6280\u8853\u627f\u7d99\u6a5f\u69cb\u306e\u9023\u60f3\u8cb7\u3044\u306b\u671f\u5f85\u3059\u308b\u58f0\u3082\u5c11\u306a\u304f\u3042\u308a\u307e\u305b\u3093\u3002<\/p>\n<\/p><\/div>\n

    \u76f4\u8fd1\u306eIPO\u5e02\u5834\u74b0\u5883\u306f\u826f\u597d\u3068\u306f\u8a00\u3044\u96e3\u304f\u30012026\u5e74\u306b\u5165\u3063\u3066\u304b\u3089\u4e0a\u5834\u3057\u305f3\u9298\u67c4\u306f\u5168\u3066\u521d\u5024\u304c\u516c\u958b\u4fa1\u683c\u30928%\u4e0b\u56de\u308b\u7d50\u679c\u3068\u306a\u3063\u3066\u3044\u307e\u3059\u3002\u5730\u5408\u3044\u304c\u9006\u98a8\u3067\u3042\u308b\u3053\u3068\u306f\u5ff5\u982d\u306b\u7f6e\u304f\u3079\u304d\u3067\u3057\u3087\u3046\u3002<\/p>\n<\/div>\n


    \n
    \n<\/p>\n

    \n
    Section 09<\/div>\n

    \u7dcf\u5408\u5224\u5b9a\u3068\u7d50\u8ad6<\/h2>\n

    <\/p>\n

    \n
    \n
    \u2705 \u30dd\u30b8\u30c6\u30a3\u30d6\u8981\u56e0<\/div>\n
      \n
    • \u4e2d\u5c0f\u88fd\u9020\u696d\u306e\u4e8b\u696d\u627f\u7d99\u306f\u660e\u78ba\u306a\u793e\u4f1a\u8ab2\u984c\u3067\u3042\u308a\u9700\u8981\u306f\u62e1\u5927\u50be\u5411<\/li>\n
    • \u30bb\u30a4\u30ef\u30d7\u30e9\u30c3\u30c8\u30d5\u30a9\u30fc\u30e0\u306b\u3088\u308bPMI\u624b\u6cd5\u304c\u5229\u76ca\u7387\u6539\u5584\u306b\u5bc4\u4e0e<\/li>\n
    • 2026\u5e745\u6708\u671f\u306e\u4e2d\u9593\u6c7a\u7b97\u306f\u597d\u8abf\uff08\u9032\u6357\u738750%\u8d85\uff09<\/li>\n
    • \u6280\u8853\u627f\u7d99\u6a5f\u69cb\u306e5.3\u500d\u3068\u3044\u3046\u524d\u4f8b\u306b\u3088\u308b\u9023\u60f3\u8cb7\u3044\u671f\u5f85<\/li>\n
    • \u4ee3\u8868\u306e\u30ed\u30c3\u30af\u30a2\u30c3\u30d7360\u65e5\u3067\u58f2\u308a\u5727\u529b\u306f\u9650\u5b9a\u7684<\/li>\n
    • IPO\u8abf\u9054\u8cc7\u91d1\u3092M&A\u5f85\u6a5f\u8cc7\u91d1\u306b\u5145\u5f53\u2192\u6210\u9577\u52a0\u901f\u306e\u53ef\u80fd\u6027<\/li>\n<\/ul><\/div>\n
      \n
      \u274c \u30cd\u30ac\u30c6\u30a3\u30d6\u8981\u56e0<\/div>\n
        \n
      • \u58f2\u4e0a\u307b\u307c\u6a2a\u3070\u3044\u306a\u306e\u306b\u5229\u76ca2.2\u500d\u3068\u3044\u3046\u4e0d\u81ea\u7136\u306a\u8a08\u753b<\/li>\n
      • \u6709\u5229\u5b50\u8ca0\u50b5\u4f9d\u5b58\u5ea669.9%\u2192\u91d1\u5229\u4e0a\u6607\u3067\u53ce\u76ca\u5727\u8feb<\/li>\n
      • IFRS\u306e\u308c\u3093\u975e\u511f\u5374\u3067\u898b\u304b\u3051\u306e\u5229\u76ca\u304c\u81a8\u3089\u3093\u3067\u3044\u308b\u7591\u5ff5<\/li>\n
      • \u5438\u53ce\u91d1\u984d77.6\u5104\u5186\u30fbOR33%\u306e\u91cd\u3044\u9700\u7d66<\/li>\n
      • \u914d\u5f53\u30bc\u30ed\u3001\u5b9f\u7e3ePER53\u500d\u3068\u30d0\u30ea\u30e5\u30a8\u30fc\u30b7\u30e7\u30f3\u306f\u5272\u9ad8<\/li>\n
      • \u76f4\u8fd1IPO3\u9298\u67c4\u9023\u7d9a\u306e\u516c\u52df\u5272\u308c\u3068\u3044\u3046\u5730\u5408\u3044<\/li>\n
      • \u7d4c\u55b6\u9663\u306e\u7d4c\u6b74\u304c\u6280\u8853\u627f\u7d99\u6a5f\u69cb\u3068\u6bd4\u8f03\u3057\u3066\u898b\u52a3\u308a\u3068\u306e\u6307\u6458<\/li>\n<\/ul><\/div>\n<\/p><\/div>\n

        <\/p>\n

        \n
        \u2015 \u7b46\u8005\u306e\u7dcf\u5408\u8a55\u4fa1 \u2015<\/div>\n
        \n
        B<\/div>\n
        \n
        \u4e2d\u7acb \u2500 \u6761\u4ef6\u6b21\u7b2c<\/div>\n
        \u521d\u5024\u4e88\u60f3\u30ec\u30f3\u30b8 1,500\u5186\u301c1,880\u5186<\/div>\n<\/p><\/div>\n<\/p><\/div>\n
        \n \u6210\u9577\u6027 \u2605\u2605\u2605\u2606\u2606<\/span>
        \n \u53ce\u76ca\u6027 \u2605\u2605\u2605\u2606\u2606<\/span>
        \n \u5b89\u5168\u6027 \u2605\u2605\u2606\u2606\u2606<\/span>
        \n \u9700\u7d66 \u2605\u2605\u2606\u2606\u2606<\/span>
        \n \u8a71\u984c\u6027 \u2605\u2605\u2605\u2605\u2606<\/span>\n <\/div>\n<\/p><\/div>\n

        <\/p>\n

        \n

        \ud83d\udcdd \u7d50\u8ad6\uff1a\u5fd6\u5ea6\u306a\u3057\u306e\u6240\u898b<\/h3>\n

        \u30bb\u30a4\u30ef\u30db\u30fc\u30eb\u30c7\u30a3\u30f3\u30b0\u30b9\u306f\u3001\u65e5\u672c\u306e\u4e2d\u5c0f\u88fd\u9020\u696d\u306e\u4e8b\u696d\u627f\u7d99\u3068\u3044\u3046\u672c\u7269\u306e\u30cb\u30fc\u30ba\u3092\u6349\u3048\u305f\u30d3\u30b8\u30cd\u30b9\u30e2\u30c7\u30eb<\/span>\u3092\u6301\u3063\u3066\u3044\u307e\u3059\u3002\u305f\u3060\u3057\u305d\u308c\u306f\u300c\u30c6\u30fc\u30de\u300d\u3068\u3057\u3066\u306e\u9b45\u529b\u3067\u3042\u308a\u3001\u300c\u9298\u67c4\u300d\u3068\u3057\u3066\u306e\u6295\u8cc7\u5999\u5473\u3068\u306f\u5225\u554f\u984c\u3067\u3059\u3002<\/p>\n

        \u73fe\u6642\u70b9\u3067\u306e\u6700\u5927\u306e\u7591\u554f\u306f\u3001\u58f2\u4e0a\u6a2a\u3070\u3044\u306e\u4e2d\u3067\u5229\u76ca\u304c\u500d\u5897\u3059\u308b\u8a08\u753b\u306e\u4fe1\u983c\u6027<\/span>\u3002IFRS\u63a1\u7528\u306b\u3088\u308b\u306e\u308c\u3093\u975e\u511f\u5374\u306e\u6069\u6075\u3092\u5dee\u3057\u5f15\u3044\u305f\u3068\u304d\u3001\u30aa\u30fc\u30ac\u30cb\u30c3\u30af\u306a\u5b9f\u529b\u304c\u3069\u3053\u307e\u3067\u3042\u308b\u306e\u304b\u306f\u6b63\u76f4\u4e0d\u900f\u660e\u3067\u3059\u3002\u6709\u5229\u5b50\u8ca0\u50b5\u4f9d\u5b58\u5ea670%\u3068\u3044\u3046\u8ca1\u52d9\u4f53\u8cea\u306f\u3001\u65e5\u9280\u306e\u5229\u4e0a\u3052\u5c40\u9762\u306b\u304a\u3044\u3066\u306f\u7121\u8996\u3067\u304d\u306a\u3044\u30ea\u30b9\u30af\u3067\u3059\u3002<\/p>\n

        \u4e00\u65b9\u3067\u3001\u300c\u7b2c\u4e8c\u306e\u6280\u8853\u627f\u7d99\u6a5f\u69cb\u300d\u3068\u3057\u3066\u5e02\u5834\u306e\u6ce8\u76ee\u5ea6\u306f\u9ad8\u304f\u3001IPO\u5f53\u65e5\u306e\u9700\u7d66\u6b21\u7b2c\u3067\u306f\u521d\u50241.5\u500d\u524d\u5f8c\u306f\u5341\u5206\u5c04\u7a0b\u570f\u5185\u3067\u3059\u3002\u305f\u3060\u3057\u3001\u4e2d\u9577\u671f\u3067\u6301\u3064\u306a\u3089\u6b21\u306e\u672c\u6c7a\u7b97\uff082026\u5e745\u6708\u671f\u901a\u671f\uff09\u3067\u5229\u76ca\u8a08\u753b\u306e\u9054\u6210\u5ea6\u3092\u898b\u3066\u304b\u3089\u5224\u65ad\u3057\u3066\u3082\u9045\u304f\u306a\u3044<\/span>\u306e\u3067\u306f\u306a\u3044\u3067\u3057\u3087\u3046\u304b\u3002<\/p>\n

        \u30bb\u30ab\u30f3\u30c0\u30ea\u30fc\u3067\u5165\u308b\u306a\u3089\u516c\u958b\u4fa1\u683c\u8fd1\u8fba\u307e\u3067\u8abf\u6574\u3057\u305f\u30bf\u30a4\u30df\u30f3\u30b0\u3001IPO\u53c2\u52a0\u306a\u3089\u521d\u5024\u58f2\u308a\u524d\u63d0<\/span>\u3068\u3044\u3046\u306e\u304c\u3001\u30ea\u30b9\u30af\u30ea\u30ef\u30fc\u30c9\u3092\u8003\u616e\u3057\u305f\u73fe\u5b9f\u7684\u306a\u6226\u7565\u3060\u3068\u8003\u3048\u307e\u3059\u3002<\/p>\n<\/p><\/div>\n<\/div>\n

        <\/p>\n

        \n
        \n \u203b\u672c\u8a18\u4e8b\u306f2026\u5e743\u670816\u65e5\u6642\u70b9\u306e\u516c\u958b\u60c5\u5831\u306b\u57fa\u3065\u3044\u3066\u4f5c\u6210\u3057\u3066\u3044\u307e\u3059\u3002
        \n \u203b\u6295\u8cc7\u306b\u3042\u305f\u3063\u3066\u306f\u5fc5\u305a\u76ee\u8ad6\u898b\u66f8\u3092\u78ba\u8a8d\u306e\u4e0a\u3001\u3054\u81ea\u8eab\u306e\u5224\u65ad\u3068\u8cac\u4efb\u3067\u884c\u3063\u3066\u304f\u3060\u3055\u3044\u3002
        \n \u203b\u8a18\u8f09\u5185\u5bb9\u306f\u7b46\u8005\u500b\u4eba\u306e\u898b\u89e3\u3067\u3042\u308a\u3001\u7279\u5b9a\u306e\u91d1\u878d\u5546\u54c1\u306e\u58f2\u8cb7\u3092\u63a8\u5968\u3059\u308b\u3082\u306e\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002<\/p>\n
        \n #IPO\u5206\u6790<\/span>
        \n #\u30bb\u30a4\u30efHD<\/span>
        \n #523A<\/span>
        \n #\u4e8b\u696d\u627f\u7d99<\/span>
        \n #M&A<\/span>
        \n #\u30b0\u30ed\u30fc\u30b9\u5e02\u5834<\/span>\n <\/div>\n<\/p><\/div>\n<\/div>\n<\/div>\n