{"id":7378,"date":"2025-07-14T18:00:00","date_gmt":"2025-07-14T09:00:00","guid":{"rendered":"https:\/\/ir-agents.com\/media\/?p=7378"},"modified":"2025-07-22T16:03:08","modified_gmt":"2025-07-22T07:03:08","slug":"4419-20250630","status":"publish","type":"post","link":"https:\/\/ir-agents.com\/media\/2025\/07\/14\/4419-20250630\/","title":{"rendered":"4419 Finatext\u30db\u30fc\u30eb\u30c7\u30a3\u30f3\u30b0\u30b9 4Q\u5f8c\u53d6\u6750 20250630"},"content":{"rendered":"\n
\n

Disclaimer
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\u307e\u305f\u3001\u53d6\u6750\u30ce\u30fc\u30c8\u306b\u8a18\u8f09\u3055\u308c\u305f\u5185\u5bb9\u7b49\u306f\u53d6\u6750\u30fb\u4f5c\u6210\u6642\u70b9\u306e\u3082\u306e\u3067\u3042\u308a\u3001\u6b63\u78ba\u6027\u30fb\u5b8c\u5168\u6027\u3092\u4fdd\u8a3c\u3059\u308b\u3082\u306e\u3067\u306f\u306a\u304f\u3001\u4eca\u5f8c\u4e88\u544a\u306a\u304f\u4fee\u6b63\u3001\u5909\u66f4\u3055\u308c\u308b\u3053\u3068\u304c\u3042\u308a\u307e\u3059\u3002
\u5927\u304d\u3044\u5909\u66f4\u304c\u3042\u3063\u305f\u5834\u5408\u306f\u518d\u6295\u7a3f\u3068\u3044\u3046\u5f62\u3067\u65b0\u3057\u304f\u4e0a\u3052\u76f4\u3059\u3088\u3046\u52aa\u3081\u307e\u3059<\/em>\u3002<\/p>\n\n\n\n

\u203b\u3053\u3061\u3089\u306e\u53d6\u6750\u30ce\u30fc\u30c8\u306f\u3000\u4f01\u696d\u69d8\u691c\u95b2\u6e08\u307f<\/span><\/strong><\/em>\u3000\u3068\u306a\u3063\u3066\u304a\u308a\u307e\u3059\u3002<\/p>\n\n\n\n

\n

\u682a\u63a2<\/span><\/span><\/a>\u3000\u30d0\u30d5\u30a7\u30c3\u30c8\u30fb\u30b3\u30fc\u30c9<\/span><\/span><\/a><\/p>\n\n\n\n

\u30b9\u30d4\u30fc\u30ab\u30fc: IR
P\/E 49.4x P\/B 6.69x (\u53d6\u6750\u8a18\u4e8b\u516c\u958b\u65e5\u73fe\u5728)<\/strong><\/p>\n\n\n\n

Q.<\/strong>\u4eca\u5f8c\u3001\u4e2d\u671f\u4e8b\u696d\u8a08\u753b\u306e\u76ee\u6a19\u3092\u9054\u6210\u3059\u308b\u305f\u3081\u306b\u5fc5\u8981\u306a\u3053\u3068\u306f\u4f55\u304b\uff1f<\/strong><\/p>\n\n\n\n

A.\u8a3c\u5238\u30b7\u30b9\u30c6\u30e0\u5916\u8ca9\u5e02\u5834\u306b\u304a\u3044\u3066\u3001\u30b7\u30a7\u30a2\u3092\u62e1\u5927\u3057\u3066\u3044\u304f\u3053\u3068\u304c\u91cd\u8981\u3067\u3042\u308b\u3068\u8003\u3048\u3066\u3044\u308b\u3002<\/p>\n\n\n\n

Q.<\/strong>\u8a3c\u5238\u30b7\u30b9\u30c6\u30e0\u5916\u8ca9\u5e02\u5834\u306e\u30b7\u30a7\u30a2\u62e1\u5927\u306e\u305f\u3081\u306b\u5fc5\u8981\u306a\u3053\u3068\u306f\u4f55\u304b\uff1f<\/strong><\/p>\n\n\n\n

A.\u7b2c\u4e00\u306b\u3001\u65e2\u5b58\u91d1\u878d\u6a5f\u95a2\u306e\u30b7\u30b9\u30c6\u30e0\u306e\u30ea\u30d7\u30ec\u30a4\u30b9\u6848\u4ef6\u306e\u53d7\u6ce8\u3092\u4eca\u5f8c\u3082\u7740\u5b9f\u306b\u4f38\u3070\u3059\u3053\u3068\u3067\u3042\u308a\u3001\u305d\u306e\u305f\u3081\u306b\u306f\u512a\u79c0\u306aPM\u304c\u5fc5\u8981\u306b\u306a\u308b\u3068\u8003\u3048\u3066\u3044\u308b\u3002
\u7b2c\u4e8c\u306b\u3001\u91d1\u878d\u7cfb\u306e\u5404\u696d\u754c\u306e\u696d\u52d9\u6a19\u6e96\u5316\u3092\u9032\u3081\u3001\u30d0\u30c3\u30af\u30aa\u30d5\u30a3\u30b9\u30b7\u30b9\u30c6\u30e0\u306e\u30b3\u30b9\u30c8\u3092\u524a\u6e1b\u3057\u3001\u9867\u5ba2\u304c\u30d5\u30ed\u30f3\u30c8\u30b5\u30fc\u30d3\u30b9\u306b\u5341\u5206\u306a\u4e88\u7b97\u3092\u914d\u5206\u3067\u304d\u308b\u3088\u3046\u306a\u512a\u308c\u305f\u67d4\u8edf\u6027\u306e\u3042\u308b\u30b7\u30b9\u30c6\u30e0\u3092\u63d0\u4f9b\u3059\u308b\u3053\u3068\u3067\u3042\u308b\u3002\u306a\u304a\u3001\u696d\u52d9\u6a19\u6e96\u5316\u306e\u305f\u3081\u306b\u3001\u30c7\u30fc\u30bf\u3068\u751f\u6210AI\u306e\u6d3b\u7528\u3092\u63a8\u9032\u3059\u308b\u30b5\u30fc\u30d3\u30b9\u3082\u73fe\u5728\u306f\u7a4d\u6975\u7684\u306b\u63d0\u6848\u3057\u3066\u3044\u308b\u3002<\/p>\n\n\n\n

Q.<\/strong>\u5fa1\u793e\u306f\u30cd\u30c3\u30c8\u30ef\u30fc\u30af\u5916\u90e8\u6027\u3092\u305d\u308c\u307b\u3069\u91cd\u8996\u3057\u3066\u3044\u306a\u3044\u3068\u3044\u3046\u8a8d\u8b58\u3067\u826f\u3044\u304b\uff1f<\/strong><\/p>\n\n\n\n

A.\u305d\u306e\u8a8d\u8b58\u3067\u554f\u984c\u306a\u304f\u3001\u5f53\u793e\u306f\u30a8\u30f3\u30bf\u30fc\u30d7\u30e9\u30a4\u30ba\u5411\u3051\u306e\u30d3\u30b8\u30cd\u30b9\u3092\u884c\u3063\u3066\u3044\u308b\u4e0a\u3001\u7af6\u5408\u4ed6\u793e\u306e\u6570\u306f\u9650\u5b9a\u7684\u3067\u3042\u308b\u305f\u3081\u3001\u30cd\u30c3\u30c8\u30ef\u30fc\u30af\u5916\u90e8\u6027\u3088\u308a\u3082\u30b5\u30fc\u30d3\u30b9\u306e\u8cea\u304c\u91cd\u8981\u3067\u3042\u308b\u3068\u8003\u3048\u3066\u3044\u308b\u3002<\/p>\n\n\n\n

Q.<\/strong>\u5fa1\u793e\u306e\u30b5\u30fc\u30d3\u30b9\u306e\u5f37\u307f\u306f\u4f55\u304b\uff1f<\/strong><\/p>\n\n\n\n

A.\u4fa1\u683c\u7af6\u4e89\u529b\u3001\u7d99\u7d9a\u7684\u306a\u6a5f\u80fd\u6539\u5584\u3001\u8c4a\u5bcc\u306a\u5b9f\u7e3e\u306e\u4e09\u70b9\u3067\u3042\u308b\u3002\u306a\u304a\u3001\u4fa1\u683c\u7af6\u4e89\u529b\u306b\u3064\u3044\u3066\u306f\u3001\u30b5\u30fc\u30d3\u30b9\u81ea\u4f53\u304c\u5b89\u4fa1\u3067\u3042\u308b\u3060\u3051\u3067\u306a\u304f\u3001\u9867\u5ba2\u306e\u91cd\u8981\u306a\u696d\u52d9\u3092\u62c5\u3046\u30b5\u30fc\u30d3\u30b9\u3092\u63d0\u4f9b\u3057\u3066\u3044\u308b\u305f\u3081\u3001\u4ed6\u793e\u3078\u306e\u30b9\u30a4\u30c3\u30c1\u30f3\u30b0\u30b3\u30b9\u30c8\u304c\u5927\u304d\u3044\u3068\u3044\u3046\u70b9\u3082\u5f37\u307f\u3067\u3042\u308b\u3068\u8003\u3048\u3066\u3044\u308b\u3002<\/p>\n\n\n\n

Q.<\/strong>\u5fa1\u793e\u304c\u5b89\u4fa1\u3067\u67d4\u8edf\u306a\u30b5\u30fc\u30d3\u30b9\u3092\u63d0\u4f9b\u3067\u304d\u308b\u7406\u7531\u306f\u4f55\u304b\uff1f<\/strong><\/p>\n\n\n\n

A.\u7b2c\u4e00\u306b\u3001\u6bd4\u8f03\u7684\u65b0\u3057\u3044\u958b\u767a\u8a00\u8a9e\u3092\u5229\u7528\u3059\u308b\u3053\u3068\u3067\u958b\u767a\u901f\u5ea6\u3092\u9ad8\u3081\u3066\u3044\u308b\u304b\u3089\u3067\u3042\u308b\u3002\u7b2c\u4e8c\u306b\u3001\u5168\u3066\u306e\u30b7\u30b9\u30c6\u30e0\u3092\u30af\u30e9\u30a6\u30c9\u4e0a\u3067\u7a3c\u50cd\u3055\u305b\u308b\u3053\u3068\u3067\u3001\u9867\u5ba2\u306f\u9ad8\u3044\u30bb\u30ad\u30e5\u30ea\u30c6\u30a3\u3092\u4fdd\u3061\u306a\u304c\u3089\u6bd4\u8f03\u7684\u5b89\u3044\u30e9\u30f3\u30cb\u30f3\u30b0\u30b3\u30b9\u30c8\u3067\u5916\u90e8\u696d\u8005\u3068\u306e\u30c7\u30fc\u30bf\u9023\u643a\u304c\u3067\u304d\u308b\u304b\u3089\u3067\u3042\u308b\u3002\u7b2c\u4e09\u306b\u3001\u30d5\u30ed\u30f3\u30c8\u30a8\u30f3\u30c9\u3068\u30d0\u30c3\u30af\u30a8\u30f3\u30c9\u306e\u72ec\u7acb\u6027\u3092\u9ad8\u3081\u308b\u3053\u3068\u3067\u3001\u9867\u5ba2\u306b\u5fdc\u3058\u3066\u30d5\u30ed\u30f3\u30c8\u30a8\u30f3\u30c9\u3092\u67d4\u8edf\u306b\u8abf\u6574\u3067\u304d\u308b\u304b\u3089\u3067\u3042\u308b\u3002<\/p>\n\n\n\n

Q.<\/strong>\u30b7\u30b9\u30c6\u30e0\u30ec\u30a4\u30e4\u30fc\u5225\u306e\u5e02\u5834\u898f\u6a21\u3092\u6b63\u78ba\u306b\u628a\u63e1\u3059\u308b\u3053\u3068\u306f\u96e3\u3057\u3044\u3068\u3044\u3046\u8a8d\u8b58\u3067\u826f\u3044\u304b\uff1f<\/strong><\/p>\n\n\n\n

A.\u305d\u306e\u8a8d\u8b58\u3067\u554f\u984c\u306a\u3044\u3002\u306a\u304a\u3001\u4fdd\u967a\u696d\u754c\u306b\u304a\u3044\u3066\u306f\u3001\u5f53\u793e\u304c\u95a2\u4e0e\u3057\u3066\u3044\u308b\u4fdd\u967a\u5546\u54c1\u306f\u30cb\u30c3\u30c1\u306a\u3082\u306e\u304c\u591a\u3044\u305f\u3081\u3001\u4eca\u5f8c\u81ea\u52d5\u8eca\u4fdd\u967a\u7b49\u306e\u4e3b\u8981\u306a\u4fdd\u967a\u5546\u54c1\u306b\u95a2\u9023\u3059\u308b\u30b7\u30b9\u30c6\u30e0\u306e\u958b\u767a\u304c\u53ef\u80fd\u306b\u306a\u308c\u3070\u3001\u4e8b\u696d\u898f\u6a21\u306f\u73fe\u5728\u306e\u6570\u5341\u500d\u306b\u306a\u308b\u3068\u8003\u3048\u3066\u3044\u308b\u3002<\/p>\n\n\n\n

Q.<\/strong>\u30d0\u30ea\u30e5\u30a8\u30fc\u30b7\u30e7\u30f3\u306b\u969b\u3057\u3066\u3001\u6210\u9577\u7387\u304c\u9ad8\u3044\u9ed2\u5b57\u5316\u3057\u305fSaaS\u4f01\u696d\u306ePER\u3068PSR\u306e\u6c34\u6e96\u3092\u53c2\u8003\u306b\u3057\u3066\u3044\u308b\u3068\u3044\u3046\u8a8d\u8b58\u3067\u826f\u3044\u304b\uff1f<\/strong><\/p>\n\n\n\n

A.\u305d\u306e\u8a8d\u8b58\u3067\u554f\u984c\u306a\u3044\u3002\u306a\u304a\u3001\u9577\u671f\u7684\u306b\u306fEBITDA\u30de\u30fc\u30b8\u30f3\u306f30~40%\u306b\u306a\u308b\u3068\u8003\u3048\u3066\u3044\u308b\u3002\u307e\u305f\u3001\u4e8b\u696d\u6226\u7565\u4e0a\u53c2\u8003\u306b\u3057\u3066\u3044\u308b\u4f01\u696d\u306f\u3001GMO\u30da\u30a4\u30e1\u30f3\u30c8\u30b2\u30fc\u30c8\u30a6\u30a7\u30a4\u3084\u30aa\u30fc\u30d3\u30c3\u30af\u3067\u3042\u308b\u3002<\/p>\n\n\n\n

Q.<\/strong>\u7d44\u7e54\u4f5c\u308a\u306b\u304a\u3044\u3066\u3001\u53c2\u8003\u306b\u3057\u3066\u3044\u308b\u4f01\u696d\u306f\u4f55\u304b\uff1f<\/strong><\/p>\n\n\n\n

A.1990\u5e74\u4ee3\u4ee5\u524d\u306b\u304a\u3051\u308bApple\u3092\u53c2\u8003\u306b\u3057\u3066\u304a\u308a\u3001\u793e\u54e1\u306e\u81ea\u4e3b\u6027\u3092\u9ad8\u3081\u308b\u7d44\u7e54\u306e\u69cb\u7bc9\u3092\u76ee\u6307\u3057\u3066\u3044\u308b\u3002<\/p>\n\n\n\n

Q.<\/strong>\u4eba\u6750\u6226\u7565\u306b\u304a\u3044\u3066\u91cd\u8996\u3057\u3066\u3044\u308b\u3053\u3068\u306f\u4f55\u304b\uff1f<\/strong><\/p>\n\n\n\n

A.\u7121\u7406\u306b\u4eba\u3092\u5897\u3084\u3059\u3053\u3068\u3092\u305b\u305a\u3001\u5f53\u793e\u306e\u30ab\u30eb\u30c1\u30e3\u30fc\u306b\u9069\u5408\u3057\u305f\u4eba\u6750\u306e\u307f\u63a1\u7528\u3059\u308b\u3053\u3068\u3092\u91cd\u8996\u3057\u3066\u3044\u308b\u3002<\/p>\n\n\n\n

\n

\u4e0b\u306e\u6295\u7a3f\u30bf\u30b0\u304b\u3089\u904e\u53bb\u306e\u30ce\u30fc\u30c8\u304c\u53c2\u7167\u3067\u304d\u307e\u3059\u3002<\/strong><\/p>\n\n\n

4419<\/a>, <\/span>\u30b7\u30b9\u30c6\u30e0\u30a4\u30f3\u30c6\u30b0\u30ec\u30fc\u30bf\u30fc<\/a>, <\/span>\u60c5\u5831\u30fb\u901a\u4fe1\u696d<\/a><\/div>\n\n\n

\u3000<\/p>\n\n\n\n

\u8ffd\u52a0\u306e\u8cea\u554f\u3084\u3001\u300c\u3053\u308c\u9055\u308f\u306a\u3044\uff1f\u300d\u3068\u3044\u3046\u6307\u6458\u306a\u3069\u3042\u308c\u3070\u30b3\u30e1\u30f3\u30c8\u6b04\u3088\u308a\u304a\u9858\u3044\u3057\u307e\u3059\u3002
\u4f01\u696d\u69d8\u5b9b\u306e\u30b3\u30e1\u30f3\u30c8\u3084\u8cea\u554f\u3001\u8981\u671b\u306a\u3069\u3082\u53d7\u3051\u4ed8\u3051\u3066\u304a\u308a\u307e\u3059\u3002
\u3053\u306e\u8fba\u308a\u306f\u516c\u958b\u3055\u308c\u307e\u305b\u3093\u306e\u3067\u3054\u5b89\u5fc3\u304f\u3060\u3055\u3044\u3002<\/span><\/span><\/strong><\/p>\n<\/div><\/div>\n<\/div><\/div>\n<\/div><\/div>\n","protected":false},"excerpt":{"rendered":"

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