{"id":382873,"date":"2026-04-17T06:12:33","date_gmt":"2026-04-17T06:12:33","guid":{"rendered":"https:\/\/www.wacoca.com\/life\/382873\/"},"modified":"2026-04-17T06:12:33","modified_gmt":"2026-04-17T06:12:33","slug":"%e3%82%a2%e3%82%a4%e3%83%ab-research-memo%ef%bc%889%ef%bc%89%ef%bc%9a2026%e5%b9%b47%e6%9c%88%e6%9c%9f%ef%bd%9e2028%e5%b9%b47%e6%9c%88%e6%9c%9f%e3%81%af%e6%88%90%e9%95%b7%e6%8a%95%e8%b3%87%e5%8a%a0","status":"publish","type":"post","link":"https:\/\/www.wacoca.com\/life\/382873\/","title":{"rendered":"\u30a2\u30a4\u30eb Research Memo\uff089\uff09\uff1a2026\u5e747\u6708\u671f\uff5e2028\u5e747\u6708\u671f\u306f\u6210\u9577\u6295\u8cc7\u52a0\u901f\u671f\u3068\u4f4d\u7f6e\u4ed8\u3051(\u30d5\u30a3\u30b9\u30b3) &#8211; Yahoo!\u30d5\u30a1\u30a4\u30ca\u30f3\u30b9"},"content":{"rendered":"<div>\n<p>\u3000\u25a0\u30a2\u30a4\u30eb&lt;<a href=\"https:\/\/finance.yahoo.co.jp\/quote\/3854\" data-cl-params=\"_cl_link:code;_cl_position:1\" rel=\"nofollow noopener\" target=\"_blank\">3854<\/a>&gt;\u306e\u6210\u9577\u6226\u7565<\/p>\n<p>1. \u4e2d\u671f\u7d4c\u55b6\u8a08\u753b\uff08\u30ed\u30fc\u30ea\u30f3\u30b0\u30d7\u30e9\u30f3\uff09<br \/>\u540c\u793e\u306f\u4e2d\u671f\u7d4c\u55b6\u8a08\u753b\u306b\u3064\u3044\u3066\u3001\u4e8b\u696d\u74b0\u5883\u306e\u5909\u5316\u306b\u5fdc\u3058\u3066\u968f\u6642\u8a08\u753b\u3092\u898b\u76f4\u3059\u30ed\u30fc\u30ea\u30f3\u30b0\u30d7\u30e9\u30f3\u3092\u63a1\u7528\u3057\u3066\u3044\u308b\u30022025\u5e749\u6708\u306b\u7b56\u5b9a\u3057\u305f3\u30f6\u5e74\u8a08\u753b\uff082026\u5e747\u6708\u671f\uff5e2028\u5e747\u6708\u671f\uff09\u3067\u306f\u30012028\u5e747\u6708\u671f\u306e\u8a08\u753b\u3092\u58f2\u4e0a\u9ad824,300\u767e\u4e07\u5186\u3001\u58f2\u4e0a\u7dcf\u5229\u76ca13,850\u767e\u4e07\u5186\u3001\u58f2\u4e0a\u7dcf\u5229\u76ca\u738757.0%\u3001\u55b6\u696d\u5229\u76ca6,312\u767e\u4e07\u5186\u3001\u55b6\u696d\u5229\u76ca\u738726.0%\u3001\u89aa\u4f1a\u793e\u682a\u4e3b\u306b\u5e30\u5c5e\u3059\u308b\u5f53\u671f\u7d14\u5229\u76ca4,334\u767e\u4e07\u5186\u3068\u3057\u3066\u3044\u308b\u3002\u306a\u304a\u672c\u8a08\u753b\u306e\u521d\u5e74\u5ea6\u3067\u3042\u308b2026\u5e747\u6708\u671f\u306e\u5229\u76ca\u4e88\u60f3\u3092\u4e0a\u65b9\u4fee\u6b63\u3057\u30012027\u5e747\u6708\u671f\u4ee5\u964d\u306e\u8a08\u753b\u306b\u3064\u3044\u3066\u3082\u3001\u5408\u7406\u7684\u306a\u7b97\u51fa\u304c\u3067\u304d\u6b21\u7b2c\u3001\u66f4\u65b0\u4e88\u5b9a\u3068\u3057\u3066\u3044\u308b\u3002<\/p>\n<p>\u540c\u793e\u306f\u3053\u308c\u307e\u3067\u3001\u72ec\u81ea\u306eCROSS-OVER\u6226\u7565\u306b\u3088\u3063\u3066\u7af6\u4e89\u512a\u4f4d\u6027\u3092\u78ba\u7acb\u3059\u308b\u3068\u3068\u3082\u306b\u3001\u9577\u671f\u7684\u8996\u7dda\u3067\u306e\u53ce\u7a6b\u9013\u5897\u578b\u4e8b\u696d\u30e2\u30c7\u30eb\u306b\u3088\u3063\u3066\u4fe1\u983c\u3068\u30ce\u30a6\u30cf\u30a6\u3092\u7a4d\u307f\u4e0a\u3052\u3001\u30b0\u30eb\u30fc\u30d7\u306e\u6210\u9577\u3092\u63a8\u9032\u3057\u3066\u304d\u305f\u3002\u305d\u3057\u3066\u6628\u4eca\u306eAI\u6280\u8853\u306e\u6025\u901f\u306a\u5909\u5316\u306a\u3069\u540c\u793e\u3092\u53d6\u308a\u5dfb\u304f\u4e8b\u696d\u74b0\u5883\u304c\u5909\u9769\u671f\u3092\u8fce\u3048\u3066\u3044\u308b\u3068\u8a8d\u8b58\u3057\u3001\u3053\u306e\u5909\u5316\u3092\u6b21\u306e\u6210\u9577\u3078\u306e\u597d\u6a5f\u3068\u6349\u3048\u3001\u3053\u308c\u307e\u3067\u306e\u5f37\u307f\u3092\u3055\u3089\u306b\u6607\u83ef\u3055\u305b\u3066\u5c06\u6765\u306b\u308f\u305f\u308b\u4f01\u696d\u4fa1\u5024\u306e\u6700\u5927\u5316\u3092\u5b9f\u73fe\u3059\u308b\u3079\u304f\u3001\u65b0\u305f\u306a\u5c06\u6765\u30d3\u30b8\u30e7\u30f3\uff08\u76ee\u6307\u3059\u59ff\uff09\u3092\u300c\u201c\u7523\u696d\u30d7\u30e9\u30c3\u30c8\u30d5\u30a9\u30fc\u30de\u30fc\u201d\u3068\u3057\u3066\u30b5\u30d7\u30e9\u30a4\u30c1\u30a7\u30fc\u30f3\u306e\u518d\u69cb\u7bc9\u3092\u9032\u3081\u3001\u30e6\u30fc\u30b6\u30fc\u306e\u4f01\u696d\u529b\u3092\u30a2\u30c3\u30d7\u3055\u305b\u308b\u300d\u3068\u3057\u305f\u3002\u9867\u5ba2\u306e\u30b5\u30d7\u30e9\u30a4\u30c1\u30a7\u30fc\u30f3\u5168\u4f53\u306e\u518d\u69cb\u7bc9\u3092\u4e3b\u5c0e\u3057\u3001\u5378\u58f2\u30fb\u88fd\u9020\u30fb\u7269\u6d41\u30fb\u5c0f\u58f2\u304b\u3089\u91d1\u878d\u30fb\u4eba\u6750\u306b\u81f3\u308b\u307e\u3067\u3001\u591a\u69d8\u306a\u696d\u7a2e\u3092\u30b7\u30b9\u30c6\u30e0\u9023\u643a\u306b\u3068\u3068\u307e\u3089\u305a\u6709\u6a5f\u7684\u306b\u7d50\u5408\u3055\u305b\u308b\u3053\u3068\u3092\u76ee\u6307\u3059\u3002\u305d\u306e\u5171\u5275\u30cd\u30c3\u30c8\u30ef\u30fc\u30af\uff08\u751f\u614b\u7cfb\uff09\u306e\u4e2d\u67a2\u3092\u540c\u793e\u30b0\u30eb\u30fc\u30d7\u304c\u62c5\u3044\u3001\u9867\u5ba2\u4f01\u696d\u53ca\u3073\u30d1\u30fc\u30c8\u30ca\u30fc\u4f01\u696d\u306e\u4f01\u696d\u529b\u5411\u4e0a\u306b\u8ca2\u732e\u3059\u308b\u3068\u3044\u3046\u8003\u3048\u65b9\u3067\u3042\u308b\u3002<\/p>\n<p>\u300c\u7523\u696d\u30d7\u30e9\u30c3\u30c8\u30d5\u30a9\u30fc\u30de\u30fc\u300d\u306e\u5b9f\u73fe\u306b\u5411\u3051\u3066\u3001\u3053\u308c\u307e\u3067\u306eCROSS-OVER\u6226\u7565\u3092\u306f\u3058\u3081\u3068\u3057\u305f\u300c\u7dda\u300d\u306e\u30d3\u30b8\u30cd\u30b9\u304b\u3089\u300c\u9762\u300d\u306e\u30d3\u30b8\u30cd\u30b9\u3078\u3068\u9032\u5316\u3055\u305b\u308b\u3079\u304f\u3001\u91cd\u70b9\u65bd\u7b56\u3068\u3057\u3066\u30c7\u30fc\u30bf\u306e\u300c\u84c4\u7a4d\u300d\u304b\u3089\u300c\u6d3b\u7528\u300d\u306b\u3088\u308b\u65b0\u305f\u306a\u30d3\u30b8\u30cd\u30b9\u30e2\u30c7\u30eb\u306e\u78ba\u7acb\u30013\u3064\u306e\u30c6\u30fc\u30de\uff08\u4eba\u6750\u3001R&amp;D\u3001\u793e\u5185\u306e\u4ed5\u7d44\u307f\uff09\u3092\u8ef8\u306b\u3057\u305f\u69cb\u9020\u6539\u9769\u3092\u63a8\u9032\u3059\u308b\u3002\u5177\u4f53\u7684\u6226\u7565\u3068\u3057\u3066\u4eba\u6750\u9762\u3067\u306fAI\u4eba\u6750\u306e\u80b2\u6210\u3001\u57fa\u5e79\u30c7\u30fc\u30bf\u3092\u7528\u3044\u305f\u30c7\u30fc\u30bf\u5206\u6790\u3084\u30b3\u30f3\u30b5\u30eb\u30c6\u30a3\u30f3\u30b0\u529b\u3092\u517c\u306d\u5099\u3048\u305f\u4eba\u6750\u306e\u80b2\u6210\u3001\u7d99\u7d9a\u7684\u306a\u63a1\u7528\u6d3b\u52d5\u30011\u4eba\u5f53\u305f\u308a\u751f\u7523\u9ad8\u306e\u5411\u4e0a\u306a\u3069\u3001R&amp;D\u3067\u306f\u4e3b\u529b\u88fd\u54c1\u306e\u30a2\u30c3\u30d7\u30c7\u30fc\u30c8\u53ca\u3073\u4ed6\u30b7\u30b9\u30c6\u30e0\u3068\u306e\u9023\u643a\u52a0\u901f\u3001AI\u3092\u53d6\u308a\u5165\u308c\u305f\u52b9\u7387\u7684\u306a\u958b\u767a\u624b\u6cd5\u306e\u78ba\u7acb\u3001AI\u3092\u6d3b\u7528\u3057\u305f\u88fd\u54c1\u30fb\u30b5\u30fc\u30d3\u30b9\u306b\u3088\u308b\u300c\u57fa\u5e79\u00d7AI\u300d\u306e\u5b9f\u73fe\u306a\u3069\u3001\u793e\u5185\u306e\u4ed5\u7d44\u307f\u3067\u306f\u8fc5\u901f\u306a\u7d4c\u55b6\u5224\u65ad\u3092\u53ef\u80fd\u306b\u3059\u308b\u793e\u5185\u30b7\u30b9\u30c6\u30e0\u306e\u5237\u65b0\u30fb\u7d71\u5408\u3001AI\u30c4\u30fc\u30eb\u306e\u7a4d\u6975\u7684\u306a\u793e\u5185\u5c0e\u5165\u3068\u6d3b\u7528\u3001\u793e\u5185\u30ce\u30a6\u30cf\u30a6\u3092\u5171\u6709\u30fb\u6d3b\u7528\u3067\u304d\u308b\u793e\u5185\u30b7\u30b9\u30c6\u30e0\u30fb\u30c7\u30fc\u30bf\u30d9\u30fc\u30b9\u306e\u518d\u69cb\u7bc9\u306a\u3069\u3092\u63a8\u9032\u3059\u308b\u3002\u5e74\u9593\u4eba\u6750\u63a1\u7528\u6570\u306f\u65b0\u535265\u540d\u524d\u5f8c\u3001\u30ad\u30e3\u30ea\u30a2\u63a1\u752825\u540d\u524d\u5f8c\u3092\u60f3\u5b9a\u3057\u3066\u3044\u308b\u3002<\/p>\n<p>\u3053\u306e\u3088\u3046\u306a\u8003\u3048\u65b9\u306e\u4e0b\u3001\u672c\u8a08\u753b\u671f\u9593\u3067\u3042\u308b2026\u5e747\u6708\u671f\uff5e2028\u5e747\u6708\u671f\u3092\u6210\u9577\u6295\u8cc7\u52a0\u901f\u671f\u3068\u4f4d\u7f6e\u4ed8\u3051\u3001\u5c06\u6765\u306e\u975e\u9023\u7d9a\u306a\u6210\u9577\u3092\u5b9f\u73fe\u3059\u308b\u305f\u3081\u306e\u4e8b\u696d\u57fa\u76e4\u30fb\u7d4c\u55b6\u57fa\u76e4\u3092\u69cb\u7bc9\u3059\u308b\u671f\u9593\u3068\u3057\u305f\u3002\u3053\u306e\u305f\u3081\u3001\u672c\u8a08\u753b\u671f\u9593\u4e2d\u306f\u5f93\u6765\u306b\u6bd4\u3079\u3066CAGR\u304c\u4e00\u6642\u7684\u306b\u920d\u5316\u3059\u308b\u3053\u3068\u3092\u60f3\u5b9a\u3057\u3066\u3044\u308b\u304c\u3001\u65b0\u305f\u306a\u30d3\u30b8\u30cd\u30b9\u30e2\u30c7\u30eb\u306e\u78ba\u7acb\u3084\u793e\u5185\u306e\u69cb\u9020\u6539\u9769\u3092\u63a8\u9032\u3059\u308b\u3053\u3068\u306b\u3088\u308a\u3001\u4e2d\u9577\u671f\u7684\u306b\u65b0\u305f\u306a\u6210\u9577\u66f2\u7dda\u3092\u63cf\u3044\u3066\u6210\u9577\u3092\u52a0\u901f\u3055\u305b\u3001\u30b9\u30c8\u30c3\u30af\u58f2\u4e0a\u7dcf\u5229\u76ca\u306e\u8ca9\u7ba1\u8cbb\u30ab\u30d0\u30fc\u7387\u3092100%\u3068\u3059\u308b\u3053\u3068\u306b\u3088\u3063\u3066\u55b6\u696d\u5229\u76ca\u738730%\u306e\u9054\u6210\u3092\u76ee\u6307\u3059\u3002<\/p>\n<p>\u306a\u304a\u540c\u793e\u306f\u3001\u73fe\u72b6\u306e\u682a\u4e3b\u8cc7\u672c\u30b3\u30b9\u30c8\u30929.2%\u7a0b\u5ea6\uff082021\u5e747\u6708\u671f\uff5e2025\u5e747\u6708\u671f\u306e\u5e73\u5747\uff09\u3068\u8a8d\u8b58\u3057\u3066\u3044\u308b\u3002ROE\uff08\u81ea\u5df1\u8cc7\u672c\u5229\u76ca\u7387\uff09\u306f\u304a\u304a\u3080\u306d30%\u524d\u5f8c\uff082025\u5e747\u6708\u671f33.3%\uff09\u3068\u682a\u4e3b\u8cc7\u672c\u30b3\u30b9\u30c8\u3092\u5927\u5e45\u306b\u4e0a\u56de\u308b\u6c34\u6e96\u3067\u63a8\u79fb\u3057\u3001\u60c5\u5831\u30fb\u901a\u4fe1\u696d\u5e73\u5747\u3092\u4e0a\u56de\u308b\u30d1\u30d5\u30a9\u30fc\u30de\u30f3\u30b9\u3092\u51fa\u3057\u3066\u3044\u308b\u3002PBR\uff08\u682a\u4fa1\u7d14\u8cc7\u7523\u500d\u7387\uff09\u306f\u304a\u304a\u3080\u306d7\u500d\u524d\u5f8c\u3068\u60c5\u5831\u30fb\u901a\u4fe1\u696d\u5e73\u5747\u3092\u4e0a\u56de\u308b\u6c34\u6e96\u3067\u63a8\u79fb\u3057\u3066\u304a\u308a\u3001\u5e02\u5834\u304b\u3089\u3082\u4e00\u5b9a\u306e\u8a55\u4fa1\u3092\u5f97\u3089\u308c\u3066\u3044\u308b\u3002\u307e\u305f\u540c\u793e\u306f\u3001\u6d77\u5916\u6295\u8cc7\u5bb6\u6bd4\u7387\u306e\u4e0a\u6607\u3084\u6d77\u5916\u6295\u8cc7\u5bb6\u3068\u306e\u53d6\u6750\u5897\u52a0\u3092\u53d7\u3051\u3066\u82f1\u6587\u958b\u793a\u8cc7\u6599\u306e\u5145\u5b9f\u3092\u56f3\u3063\u3066\u3044\u308b\u3002\u3053\u3046\u3057\u305f\u53d6\u308a\u7d44\u307f\u3082\u8a55\u4fa1\u3055\u308c\u30012025\u5e746\u6708\u306b\u306fFTSE Russel\u306eESG\u30a4\u30f3\u30c7\u30c3\u30af\u30b9\u300cFTSE Blossom Japan Sector Relative Index\u300d\u69cb\u6210\u9298\u67c4\u306b\u9078\u5b9a\u3055\u308c\u305f\u3002<\/p>\n<p>\uff08\u57f7\u7b46\uff1a\u30d5\u30a3\u30b9\u30b3\u5ba2\u54e1\u30a2\u30ca\u30ea\u30b9\u30c8\u3000\u6c34\u7530 \u96c5\u5c55\uff09<\/p>\n<p>\u300aHN\u300b<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>\u3000\u25a0\u30a2\u30a4\u30eb&lt;3854&gt;\u306e\u6210\u9577\u6226\u7565 1. \u4e2d\u671f\u7d4c\u55b6\u8a08\u753b\uff08\u30ed\u30fc\u30ea\u30f3\u30b0\u30d7\u30e9\u30f3\uff09\u540c\u793e\u306f\u4e2d\u671f\u7d4c\u55b6\u8a08\u753b\u306b\u3064\u3044\u3066\u3001\u4e8b\u696d\u74b0\u5883\u306e\u5909\u5316\u306b\u5fdc\u3058\u3066\u968f\u6642\u8a08\u753b\u3092\u898b\u76f4\u3059\u30ed\u30fc\u30ea\u30f3\u30b0\u30d7\u30e9\u30f3\u3092\u63a1\u7528\u3057\u3066\u3044\u308b\u30022025\u5e749\u6708\u306b\u7b56\u5b9a\u3057\u305f3\u30f6\u5e74\u8a08\u753b\uff082<\/p>\n","protected":false},"author":2,"featured_media":342329,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_share_on_mastodon":"0"},"categories":[156929],"tags":[88176,117596,156816,1606,3943,88156,15363,15364,17554,45801],"class_list":{"0":"post-382873","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-investment","8":"tag-investment","9":"tag-toshi","10":"tag-156816","11":"tag-1606","12":"tag-3943","13":"tag-88156","14":"tag-15363","15":"tag-15364","16":"tag-17554","17":"tag-45801"},"share_on_mastodon":{"url":"https:\/\/wakoka.com\/@life\/116418573465547565","error":""},"_links":{"self":[{"href":"https:\/\/www.wacoca.com\/life\/wp-json\/wp\/v2\/posts\/382873","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.wacoca.com\/life\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.wacoca.com\/life\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.wacoca.com\/life\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.wacoca.com\/life\/wp-json\/wp\/v2\/comments?post=382873"}],"version-history":[{"count":0,"href":"https:\/\/www.wacoca.com\/life\/wp-json\/wp\/v2\/posts\/382873\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.wacoca.com\/life\/wp-json\/wp\/v2\/media\/342329"}],"wp:attachment":[{"href":"https:\/\/www.wacoca.com\/life\/wp-json\/wp\/v2\/media?parent=382873"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.wacoca.com\/life\/wp-json\/wp\/v2\/categories?post=382873"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.wacoca.com\/life\/wp-json\/wp\/v2\/tags?post=382873"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}