{"id":77392,"date":"2015-04-21T12:00:06","date_gmt":"2015-04-21T03:00:06","guid":{"rendered":"http:\/\/rmc-oden.com\/blog\/?p=77392"},"modified":"2016-02-12T10:04:32","modified_gmt":"2016-02-12T01:04:32","slug":"10%e5%88%86%e3%81%a7%e3%82%8f%e3%81%8b%e3%82%8b%e6%a0%aa%e5%bc%8f%e6%8c%87%e6%a8%99","status":"publish","type":"post","link":"https:\/\/rmc-oden.com\/blog\/archives\/77392","title":{"rendered":"10\u5206\u3067\u5206\u304b\u308b\u300c\u682a\u5f0f\u6307\u6a19\u300d"},"content":{"rendered":"<p>&nbsp;<\/p>\n<p>10\u5206\u3067\u308f\u304b\u308b\u682a\u5f0f\u6307\u6a19<\/p>\n<p>\u4eca\u56de\u306f\u3061\u3087\u3063\u3068\u30de\u30a4\u30ca\u30fc\u306a\u8ad6\u70b9\u3067\u3059\u3002<br \/>\n\u682a\u5f0f\u6307\u6a19\u3068\u306f\u3001PBR\u3068\u304b\u3001PBR\u306a\u3069\u306e\u6697\u53f7(\uff1f)\u306e\u3088\u3046\u306a\u30a2\u30ec\u3067\u3059\u3002\u30de\u30a4\u30ca\u30fc\u306a\u8ad6\u70b9\u3067\u306f\u3042\u308a\u307e\u3059\u304c\u3001\u51fa\u984c\u5b9f\u7e3e\u3092\u898b\u308b\u3068\u51fa\u984c\u983b\u5ea6\u306f\u904e\u53bb5\u5e74\u30675\u56de\u3068\u6bce\u5e74\u51fa\u984c\u3055\u308c\u3055\u308c\u3066\u3044\u307e\u3059\u3002<\/p>\n<p>\u51fa\u984c\u5b9f\u7e3e<\/p>\n<p>H22\u3000\u7b2c19\u554f\u3000\u914d\u5f53\u6027\u5411\u3001\u914d\u5f53\u5229\u56de\u308a<br \/>\nH23\u3000\u7b2c20\u554f\u3000PER\u3000PBR<br \/>\nH24\u3000\u7b2c20\u554f\u3000PER<br \/>\nH25\u3000\u7b2c20\u554f\u3000PER<br \/>\nH26\u3000\u7b2c20\u554f\u3000PBR<br \/>\n\u2192\u3000<span style=\"color: #ff0000;\">\u6bce\u5e74\u51fa\u984c\u3055\u308c\u3066\u3044\u307e\u3059\u3002<\/span><\/p>\n<p>\u3053\u306e\u682a\u5f0f\u6307\u6a19\u306f\u3001\u30de\u30a4\u30ca\u30fc\u306a\u306e\u3067\u3001\u52c9\u5f37\u8a08\u753b\u304b\u3089\u5916\u3057\u3066\u30b9\u30c6\u554f\u3068\u3057\u3066\u3044\u308b\u65b9\u3082\u591a\u3044\u3068\u601d\u3044\u307e\u3059\u304c\u3001\u3053\u308c\u304b\u308910\u5206\u3067\u89e3\u8aac\u3059\u308b\u3053\u3068\u3092\u7406\u89e3\u3059\u308c\u3070\u3001\u5341\u5206\u306b\u672c\u8a66\u9a13\u3067\u5f97\u70b9\u53ef\u80fd\u3068\u306a\u308b\u306f\u305a\u3067\u3059\u3002<\/p>\n<p>\u305d\u308c\u3067\u306f\u3001\u59cb\u3081\u307e\u3059\u3002<\/p>\n<p>&nbsp;<\/p>\n<p style=\"text-align: center; border: thin ridge #0000ff; background-color: #ccffff;\"><span style=\"color: #0000ff;\">\u30dd\u30a4\u30f3\u30c8<\/span><\/p>\n<p style=\"text-align: center;\"><span style=\"font-size: x-large; color: #ff0000;\">\u682a\u5f0f\u6307\u6a19\u306f\u30d1\u30ba\u30eb\u554f\u984c<\/span><\/p>\n<p>\u8a66\u9a13\u5bfe\u7b56\u4e0a\u306f\u3001\u682a\u5f0f\u6307\u6a19\u554f\u984c\u306f\u30d1\u30ba\u30eb\u554f\u984c\u3067\u3059\u3002\u6df1\u3044\u682a\u5f0f\u306e\u77e5\u8b58\u306f\u4e0d\u8981\u3067\u3059\u3002<br \/>\n\u899a\u3048\u308b\u3053\u3068\u306f\u3001\u4e0b\u8a18\u306e5\u3064\u306e\u8a18\u53f7\u3060\u3051\u3067\u3059\u3002<\/p>\n<div style=\"padding: 10px; border: solid 2px khaki; border-radius: 10px; background-color: lightgoldenrodyellow; margin-top: 10px; margin-bottom: 10px; box-shadow: 5px 5px 5px #AAA;\"><span style=\"font-size: small;\"><strong><span style=\"font-size: medium; color: #ff0000;\">E<\/span><\/strong>\uff1a\u7d14\u5229\u76ca\uff08<strong><span style=\"color: #ff0000; font-size: medium;\">E<\/span><\/strong>arning\uff09<\/span><br \/>\n<span style=\"font-size: small;\"><span style=\"color: #ff0000;\"><strong><span style=\"font-size: medium;\">S<\/span><\/strong><\/span>\uff1a\u682a\u5f0f\u7dcf\u6570\uff08<strong><span style=\"color: #ff0000; font-size: medium;\">S<\/span><\/strong>hare\uff09<\/span><br \/>\n<span style=\"font-size: small;\"><span style=\"color: #ff0000;\"><strong><span style=\"font-size: medium;\">B<\/span><\/strong><\/span>\uff1a\u7d14\u8cc7\u7523\uff08<span style=\"font-size: medium; color: #ff0000;\"><strong>B<\/strong><\/span>ook value\uff09<\/span><br \/>\n<span style=\"font-size: small;\"><span style=\"color: #ff0000;\"><strong><span style=\"font-size: medium;\">P<\/span><\/strong><\/span>\uff1a\u6642\u4fa1\u7dcf\u984d\uff08<strong><span style=\"color: #ff0000; font-size: medium;\">P<\/span><\/strong>rice\uff09<\/span><br \/>\n<span style=\"font-size: small;\"><strong><span style=\"color: #ff0000; font-size: medium;\">D<\/span><\/strong>\uff1a\u914d\u5f53\u7dcf\u984d(<strong><span style=\"color: #ff0000; font-size: medium;\">D<\/span><\/strong>ividend)<\/span><\/div>\n<p>&nbsp;<\/p>\n<p>\u4e0a\u8a18\u306e\u5f0f\u3092\u5b9f\u969b\u306e\u6307\u6a19\u306b\u5f53\u3066\u306f\u3081\u305f\u56f3\u306f\u3001\u4e0b\u8a18\u306e\u56f3\u3067\u3059\u3002\u3053\u3061\u3089\u3082\u53c2\u8003\u306b\u3057\u3066\u304f\u3060\u3055\u3044\u3002<\/p>\n<p>&nbsp;<\/p>\n<p><a href=\"http:\/\/rmc-oden.com\/blog\/wp-content\/uploads\/kabushiki.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-medium wp-image-77401\" title=\"kabushiki\" src=\"http:\/\/rmc-oden.com\/blog\/wp-content\/uploads\/kabushiki-227x300.jpg\" alt=\"\" width=\"227\" height=\"300\" srcset=\"https:\/\/rmc-oden.com\/blog\/wp-content\/uploads\/kabushiki-227x300.jpg 227w, https:\/\/rmc-oden.com\/blog\/wp-content\/uploads\/kabushiki.jpg 519w\" sizes=\"auto, (max-width: 227px) 100vw, 227px\" \/><\/a><\/p>\n<p>( \u30af\u30ea\u30c3\u30af\u3059\u308b\u3068\u5927\u304d\u304f\u306a\u308a\u307e\u3059\u3002)<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p style=\"text-align: center; border: thin ridge #0000ff; background-color: #ccffff;\"><span style=\"color: #0000ff;\">\u904e\u53bb\u554f<\/span><\/p>\n<p>\u3044\u3064\u3082\u306e\u3088\u3046\u306b\u3001\u904e\u53bb\u554f\u3092\u4f8b\u984c\u3068\u3057\u306a\u304c\u3089\u3001\u30d1\u30ba\u30eb\u3092\u89e3\u304f\u65b9\u6cd5\u3067\u89e3\u8aac\u3057\u3066\u3044\u304d\u307e\u3059\u3002<\/p>\n<div>\n<table style=\"border-color: cadetblue; border-width: 1px; background-color: #ccffff;\" border=\"0.5\" frame=\"border\">\n<tbody>\n<tr>\n<td>\u904e\u53bb\u554f H24 20(\u6539\u984c)<br \/>\n\u6b21\u306e\u6587\u7ae0\u3092\u8aad\u3093\u3067\u3001\u4e0b\u8a18\u306e\u8a2d\u554f\u306b\u7b54\u3048\u3088\u3002\u4f01\u696d\u4fa1\u5024\u306e\u8a55\u4fa1\u624b\u6cd5\u306b\u306f\u3001\u4f1d\u7d71\u7684\u306a\u4f01\u696d\u696d\u7e3e\u8a55\u4fa1\u624b\u6cd5\u3067\u3042\u308b\u30c7\u30e5\u30dd\u30f3\u30fb\u30b7\u30b9\u30c6\u30e0\u3092\u5fdc\u7528\u3057\u305f\u3082\u306e\u304c\u3042\u308b\u3002\u3053\u308c\u306b\u3088\u308c\u3070\u682a\u4fa1\u306f\u3001\uff11\u682a\u5f53\u305f\u308a\u5f53\u671f\u7d14\u5229\u76ca\u3068\u3010\uff21\u3011\u3068\u306e\u7a4d\u306b\u5206\u89e3\u3055\u308c\u3001\u3055\u3089\u306b1\u682a\u5f53\u305f\u308a\u5f53\u671f\u7d14\u5229\u76ca\u306f1\u682a\u5f53\u305f\u308a\u7d14\u8cc7\u7523\u3068ROE\u3068\u306e\u7a4d\u306b\u5206\u89e3\u3055\u308c\u308b\u3002<br \/>\n(\u8a2d\u554f\uff11)<br \/>\n\u6587\u4e2d\u306e\u7a7a\u6b04\uff21\u306b\u5165\u308b\u7528\u8a9e\u306e\u7d44\u307f\u5408\u308f\u305b\u3068\u3057\u3066\u6700\u3082\u9069\u5207\u306a\u3082\u306e\u306f\u3069\u308c\u304b\u3002<br \/>\n\u30a2\u3000BPS<br \/>\n\u30a4\u3000PBR<br \/>\n\u30a6\u3000PER<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<p>&nbsp;<\/p>\n<table style=\"border-color: #FFD700; border-width: 1px; background-color: #ffffff;\" border=\"0.5\" frame=\"border\">\n<tbody>\n<tr>\n<td>\n<div><\/div>\n<div>\u3010\u6b63\u89e3\u3011<br \/>\n\u30a6<br \/>\n\u3010\u89e3\u8aac\u3011<br \/>\n<span style=\"line-height: 19px;\">\u682a\u4fa1\u3092\uff15\u3064\u306e\u682a\u5f0f\u6307\u6a19\u3067\u8868\u73fe\u3059\u308b\u3068\u3001\u6642\u4fa1\u7dcf\u984d(<span style=\"color: #ff0000; font-size: medium;\">P<\/span>)\u00f7\u682a\u5f0f\u7dcf\u6570(<span style=\"color: #ff0000; font-size: medium;\">S<\/span>)\u3068\u306a\u308a\u307e\u3059\u3002<\/span><\/div>\n<div>\u540c\u3058\u304f\u30011\u682a\u5f53\u305f\u308a\u306e\u5f53\u671f\u7d14\u5229\u76ca\u3092\u3053\u308c\u3067\u8868\u3059\u3068\u3001\u5f53\u671f\u7d14\u5229\u76ca(<span style=\"color: #ff0000; font-size: medium;\">E<\/span>)\u00f7\u682a\u5f0f\u7dcf\u6570(<span style=\"color: #ff0000; font-size: medium;\">S<\/span>)\u3068\u306a\u308b\u3002<\/div>\n<div><\/div>\n<div><\/div>\n<div>\u3053\u3053\u307e\u3067\u5206\u304b\u308c\u3070\u3001\u3042\u3068\u306f\u30d1\u30ba\u30eb\u3067\u3059\u3002<\/div>\n<p><a href=\"http:\/\/rmc-oden.com\/blog\/wp-content\/uploads\/PER1.png\"><img loading=\"lazy\" decoding=\"async\" class=\"alignleft size-medium wp-image-77475\" title=\"PER1\" src=\"http:\/\/rmc-oden.com\/blog\/wp-content\/uploads\/PER1-300x270.png\" alt=\"\" width=\"300\" height=\"270\" srcset=\"https:\/\/rmc-oden.com\/blog\/wp-content\/uploads\/PER1-300x270.png 300w, https:\/\/rmc-oden.com\/blog\/wp-content\/uploads\/PER1.png 413w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><br \/>\n\u7c21\u5358\u306a\u30d1\u30ba\u30eb\u3092\u89e3\u304f\u3088\u3046\u306b\u3001\u554f\u984c\u3092\u89e3\u304f\u3053\u3068\u304c\u3067\u304d\u307e\u3059\u3002<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>&nbsp;<\/p>\n<div>\n<table style=\"border-color: cadetblue; border-width: 1px; background-color: #ccffff; height: 274px;\" border=\"0.5\" width=\"377\" frame=\"border\">\n<tbody>\n<tr>\n<td>\u904e\u53bb\u554f H25 20<br \/>\n\u6b21\u306e\u30c7\u30fc\u30bf\u306b\u57fa\u3065\u304d\u3001\u4ee5\u4e0b\u306e\u8a2d\u554f\u306b\u7b54\u3048\u3088\u3002<\/p>\n<div>\n<table style=\"width: 400px; height: 50px;\" border=\"0\" frame=\"box\" rules=\"all\" cellspacing=\"0\" cellpadding=\"0\">\n<colgroup>\n<col width=\"12\" \/>\n<col width=\"103\" \/>\n<col span=\"2\" width=\"12\" \/>\n<col width=\"103\" \/>\n<col span=\"2\" width=\"12\" \/>\n<col width=\"103\" \/>\n<col span=\"2\" width=\"12\" \/>\n<col width=\"103\" \/>\n<col span=\"2\" width=\"12\" \/>\n<col width=\"103\" \/>\n<col width=\"12\" \/><\/colgroup>\n<tbody>\n<tr style=\"height: 40px;\">\n<td style=\"text-align: center;\" width=\"103\">PBR<\/td>\n<td style=\"text-align: center;\" width=\"103\"><a href=\"http:\/\/d.hatena.ne.jp\/keyword\/ROE\">ROE<\/a><\/td>\n<td style=\"text-align: center;\" width=\"103\"><a href=\"http:\/\/d.hatena.ne.jp\/keyword\/%BC%AB%B8%CA%BB%F1%CB%DC%C8%E6%CE%A8\">\u81ea\u5df1\u8cc7\u672c\u6bd4\u7387<\/a><\/td>\n<td style=\"text-align: center;\" width=\"103\">\u914d\u5f53\u6027\u5411<\/td>\n<td style=\"text-align: center;\" width=\"103\"><a href=\"http:\/\/d.hatena.ne.jp\/keyword\/%C7%DB%C5%F6%CD%F8%B2%F3%A4%EA\">\u914d\u5f53\u5229\u56de\u308a<\/a><\/td>\n<\/tr>\n<tr style=\"height: 40px;\">\n<td style=\"text-align: center;\" width=\"103\">1.2<\/td>\n<td style=\"text-align: center;\" width=\"103\">10%<\/td>\n<td style=\"text-align: center;\" width=\"103\">60\uff05<\/td>\n<td style=\"text-align: center;\" width=\"103\">36%<\/td>\n<td style=\"text-align: center;\" width=\"103\">3%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<div><\/div>\n<div>(\u8a2d\u554f1)<br \/>\n\u81ea\u5df1\u8cc7\u672c\u914d\u5f53\u7387(DOE)\u3068\u3057\u3066\u3001\u6700\u3082\u9069\u5207\u306a\u3082\u306e\u306f\u3069\u308c\u304b\u3002\u30a2 3.6\uff05<br \/>\n\u30a4 7.2\uff05<br \/>\n\u30a6 21.6\uff05<br \/>\n\u30a8 43.2\uff05<\/div>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<p>&nbsp;<\/p>\n<table style=\"border-color: #FFD700; border-width: 1px; background-color: white;\" border=\"0.5\" frame=\"border\">\n<tbody>\n<tr>\n<td>\u3010\u6b63\u89e3\u3011<br \/>\n\u30a2<br \/>\n[\u96e3\u6613\u5ea6\uff22]<br \/>\n\u3010\u89e3\u8aac\u3011<br \/>\n\u307e\u305a\u3001\u81ea\u5df1\u8cc7\u672c\u914d\u5f53\u7387(DOE)\u3092\u8003\u3048\u308b\u524d\u306b\u3001\u8a2d\u554f\u306b\u3042\u308b\u305d\u308c\u305e\u308c\u306e\u6307\u6a19\u3092\u3001\u3053\u306e\u8868\u3092\u4f7f\u3063\u3066\u3001\u4e0b\u8a18\u306e\u3088\u3046\u306b\u5206\u89e3\u3057\u307e\u3059\u3002<br \/>\n<a href=\"http:\/\/rmc-oden.com\/blog\/wp-content\/uploads\/H25-20-11.png\"><img loading=\"lazy\" decoding=\"async\" class=\"alignleft size-full wp-image-77483\" title=\"H25-20-1\" src=\"http:\/\/rmc-oden.com\/blog\/wp-content\/uploads\/H25-20-11.png\" alt=\"\" width=\"400\" height=\"104\" srcset=\"https:\/\/rmc-oden.com\/blog\/wp-content\/uploads\/H25-20-11.png 642w, https:\/\/rmc-oden.com\/blog\/wp-content\/uploads\/H25-20-11-300x78.png 300w\" sizes=\"auto, (max-width: 400px) 100vw, 400px\" \/><\/a>\u306a\u3093\u3067\u3053\u3046\u306a\u308b\u306e\u304b\u3001\u9806\u756a\u306b\u8aac\u660e\u3057\u307e\u3059\u3002<br \/>\n<span style=\"color: #ff0000;\">PBR<\/span><\/p>\n<p style=\"padding-left: 30px;\">\u3053\u308c\u306f\u3001\uff15\u3064\u306e\u8a18\u53f7\u306b\u5f93\u3046\u3068\u3001<span style=\"font-size: medium; color: #ff0000;\">P<\/span>\u00f7<span style=\"font-size: medium; color: #ff0000;\">B<\/span>\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n<p><span style=\"color: #ff0000;\">ROE<\/span><\/p>\n<p style=\"padding-left: 30px;\">ROE\u306f\u4eca\u56de\u306e\uff15\u3064\u306e\u8a18\u53f7\u306b\u5f53\u3066\u306f\u307e\u3089\u306a\u3044\u306e\u3067\u3059\u304c\u3001\u6709\u540d\u306a\u6307\u6a19\u306a\u306e\u3067\u3001\u3053\u308c\u3060\u3051\u306f\u3001\u5225\u3067\u899a\u3048\u3066\u304f\u3060\u3055\u3044\u3002ROE\u3068\u306f\u3001\u300cReturn on Equity\u300d\u306e\u7565\u3067\u3001\u7d14\u5229\u76ca(<span style=\"color: #ff0000; font-size: medium;\">E<\/span>)\u00f7\u7d14\u8cc7\u7523(<span style=\"color: #ff0000; font-size: medium;\">B<\/span>)\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n<p><span style=\"line-height: 19px; color: #ff0000;\">\u81ea\u5df1\u8cc7\u672c\u6bd4\u7387<\/span><\/p>\n<p style=\"padding-left: 30px;\">\u3053\u308c\u306f\u5927\u4e08\u592b\u3067\u3059\u306d\u3002\u81ea\u5df1\u8cc7\u672c\u6bd4\u7387\u3092\u4e0a\u8a18\u306e\u8a18\u53f7\u3067\u8868\u3059\u3068\u3001\u7d14\u8cc7\u7523(<span style=\"color: #ff0000; font-size: medium;\">B<\/span>)\u00f7\u7dcf\u8cc7\u7523(Assett)\u306b\u306a\u308a\u307e\u3059\u3002\u7dcf\u8cc7\u7523\u306f\u3001\u4f7f\u308f\u306a\u3044\u306e\u3067\u3053\u308c\u306f\u7121\u8996\u3067\u3059\u3002<\/p>\n<p><span style=\"color: #ff0000;\">\u914d\u5f53\u6027\u5411<\/span><\/p>\n<p style=\"padding-left: 30px;\">\u914d\u5f53\u6027\u5411\u306f\u3001\u7d14\u5229\u76ca\u306b\u5bfe\u3057\u3066\u3001\u3069\u308c\u304f\u3089\u3044\u914d\u5f53\u91d1\u3092\u652f\u6255\u3046\u306e\u304b\u306e\u6bd4\u7387\u3067\u3059\u3002\uff15\u3064\u306e\u8a18\u53f7\u306b\u5f53\u3066\u306f\u3081\u308b\u3068\u3001\u914d\u5f53\u7dcf\u984d(<span style=\"color: #ff0000; font-size: medium;\">D<\/span>)\u00f7\u7d14\u8cc7\u7523(<span style=\"color: #ff0000; font-size: medium;\">E<\/span>)\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n<p><span style=\"color: #ff0000;\">\u914d\u5f53\u5229\u56de\u308a<\/span><\/p>\n<p style=\"padding-left: 30px;\">\u6700\u5f8c\u306b\u914d\u5f53\u5229\u56de\u308a\u3067\u3059\u3002\u3053\u308c\u306f\u3001\u6642\u4fa1\u7dcf\u984d\u306b\u5bfe\u3057\u3066\u914d\u5f53\u91d1\u304c\u3069\u308c\u304f\u3089\u3044\u304b\u306e\u6bd4\u7387\u3067\u3059\u3002\uff15\u3064\u306e\u8a18\u53f7\u306b\u5f53\u3066\u306f\u3081\u308b\u3068\u3001\u914d\u5f53\u7dcf\u984d(<span style=\"color: #ff0000; font-size: medium;\">D<\/span>)\u00f7\u6642\u4fa1\u7dcf\u984d(<span style=\"color: #ff0000; font-size: medium;\">P<\/span>)\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n<p>&nbsp;<\/p>\n<p>\u6b21\u306b\u8a2d\u554f\u8981\u6c42\u3067\u3042\u308b\u3001\u81ea\u5df1\u8cc7\u672c\u914d\u5f53\u7387(DOE)\u3092\u5206\u89e3\u3057\u307e\u3059\u3002<\/p>\n<p><span style=\"color: #ff0000;\">\u81ea\u5df1\u8cc7\u672c\u914d\u5f53\u7387(DOE)<\/span><\/p>\n<p style=\"padding-left: 30px;\"><span style=\"line-height: 19px;\">\u81ea\u5df1\u8cc7\u672c\u306f\u3001B\/S\u306e\u53f3\u4e0b\u306b\u3042\u308b\u7d14\u8cc7\u7523(<span style=\"color: #ff0000; font-size: medium;\">B<\/span>)\u306e\u3053\u3068\u3067\u3059\u3002\u307e\u305f\u3001\u3082\u3046\u4e00\u3064\u306e\u5024\u306f\u914d\u5f53\u7dcf\u984d(<span style=\"color: #ff0000; font-size: medium;\">D<\/span>)\u3068\u306a\u308a\u3001\u81ea\u5df1\u8cc7\u672c\u914d\u5f53\u7387\u306f\u3001\u914d\u5f53\u7dcf\u984d(<span style=\"color: #ff0000; font-size: medium;\">D<\/span>)\u00f7\u7d14\u8cc7\u7523(<span style=\"color: #ff0000; font-size: medium;\">B<\/span>)\u3068\u8868\u73fe\u3059\u308b\u3053\u3068\u304c\u3067\u304d\u307e\u3059\u3002<\/span><\/p>\n<p>&nbsp;<\/p>\n<p>\u3053\u3053\u307e\u3067\u3067\u308c\u3070\u3001\u3042\u3068\u306f\u30d1\u30ba\u30eb\u3067\u3059\u3002<br \/>\n\u4e0e\u3048\u3089\u308c\u305f\u6307\u6a19\u306e\u4e2d\u304b\u3089\u3001\u8a2d\u554f\u8981\u6c42\u3067\u3042\u308b\u3001<span style=\"color: #ff0000; font-size: medium;\">D<\/span>\u3068<span style=\"color: #ff0000; font-size: medium;\">B<\/span>\u3092\u542b\u3093\u3067\u3044\u308b\u6307\u6a19\u3092\u63a2\u3057\u307e\u3059\u3002PBR\u306b<span style=\"color: #ff0000; font-size: medium;\">P<\/span>\u3068<span style=\"color: #ff0000; font-size: medium;\">B<\/span>\u304c\u3001\u914d\u5f53\u5229\u56de\u308a\u306b<span style=\"color: #ff0000; font-size: medium;\">D<\/span>\u3068<span style=\"color: #ff0000; font-size: medium;\">P<\/span>\u304c\u3042\u3063\u305f\u306e\u3067\u3001\u3053\u308c\u3092<\/p>\n<p>\u5f0f\u306b\u3057\u307e\u3057\u305f\u3002<\/p>\n<p><a href=\"http:\/\/rmc-oden.com\/blog\/wp-content\/uploads\/H25-20-2.png\"><img loading=\"lazy\" decoding=\"async\" class=\"alignleft size-full wp-image-77477\" title=\"H25-20-2\" src=\"http:\/\/rmc-oden.com\/blog\/wp-content\/uploads\/H25-20-2.png\" alt=\"\" width=\"400\" height=\"176\" srcset=\"https:\/\/rmc-oden.com\/blog\/wp-content\/uploads\/H25-20-2.png 508w, https:\/\/rmc-oden.com\/blog\/wp-content\/uploads\/H25-20-2-300x132.png 300w\" sizes=\"auto, (max-width: 400px) 100vw, 400px\" \/><\/a><br \/>\n\u3088\u3063\u3066\u7b54\u3048\u306f\u30a2\u3067\u3059\u3002<span style=\"line-height: 19px;\">\u00a0<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>&nbsp;<\/p>\n<div>\n<table style=\"border-color: cadetblue; border-width: 1px; background-color: #ccffff;\" border=\"0.5\" frame=\"border\">\n<tbody>\n<tr>\n<td>(\u8a2d\u554f2)<br \/>\nPER\u3068\u3057\u3066\u3001\u6700\u3082\u9069\u5207\u306a\u3082\u306e\u306f\u3069\u308c\u304b\u3002\u30a2 2\u500d<br \/>\n\u30a4 3.3\u500d<br \/>\n\u30a6 12\u500d<br \/>\n\u30a8 40\u500d<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<p>&nbsp;<\/p>\n<table style=\"border-color: #FFD700; border-width: 1px; background-color: white;\" border=\"0.5\" frame=\"border\">\n<tbody>\n<tr>\n<td>\u3010\u6b63\u89e3\u3011<br \/>\n\u30a6<br \/>\n[\u96e3\u6613\u5ea6\uff22]<br \/>\n\u3010\u89e3\u8aac\u3011<br \/>\nPER\u306f\u3001\u6642\u4fa1\u7dcf\u984d(<span style=\"color: #ff0000; font-size: medium;\">P<\/span>)\u00f7\u5f53\u671f\u7d14\u5229\u76ca(<span style=\"color: #ff0000; font-size: medium;\">E)<\/span>\u306a\u306e\u3067\u3001\u8a2d\u554f\uff11\u3068\u540c\u69d8\u306b\u9006\u7b97\u3059\u308b\u3002<a href=\"http:\/\/rmc-oden.com\/blog\/wp-content\/uploads\/H25-20-3.png\"><img loading=\"lazy\" decoding=\"async\" class=\"alignleft size-full wp-image-77478\" title=\"H25-20-3\" src=\"http:\/\/rmc-oden.com\/blog\/wp-content\/uploads\/H25-20-3.png\" alt=\"\" width=\"400\" height=\"105\" srcset=\"https:\/\/rmc-oden.com\/blog\/wp-content\/uploads\/H25-20-3.png 643w, https:\/\/rmc-oden.com\/blog\/wp-content\/uploads\/H25-20-3-300x78.png 300w\" sizes=\"auto, (max-width: 400px) 100vw, 400px\" \/><\/a>\u4e0a\u8a18\u306e\u6307\u6a19\u306e\u4e2d\u3067\u3001\u6642\u4fa1\u7dcf\u984d(<span style=\"color: #ff0000; font-size: medium;\">P<\/span>)\u3068\u5f53\u671f\u7d14\u5229\u76ca(<span style=\"color: #ff0000; font-size: medium;\">E<\/span>)\u304c\u542b\u307e\u308c\u3066\u3044\u308b\u6307\u6a19\u3092\u635c\u3057\u307e\u3059\u3002<a href=\"http:\/\/rmc-oden.com\/blog\/wp-content\/uploads\/H25-20-5.png\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-77489\" title=\"H25-20-5\" src=\"http:\/\/rmc-oden.com\/blog\/wp-content\/uploads\/H25-20-5.png\" alt=\"\" width=\"400\" height=\"251\" \/><\/a>\u3088\u3063\u3066\u7b54\u3048\u306f\u30a6\u3067\u3059\u3002<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>\u3044\u304b\u304c\u3060\u3063\u305f\u3067\u3057\u3087\u3046\u304b\uff1f<\/p>\n<p>\u3053\u306e\u3088\u3046\u306b\u682a\u5f0f\u6307\u6a19\u306f\u3001\u3053\u308c\u3089<span class=\"oden_tag_em\">\uff15\u3064\u306e\u6307\u6a19<\/span>\u3092\u899a\u3048\u308b\u3060\u3051\u3067\u3001\u307b\u3068\u3093\u3069\u306e\u554f\u984c\u306b\u5bfe\u5fdc\u3059\u308b\u3053\u3068\u304c\u3067\u304d\u307e\u3059\u3002\u8ca1\u52d9\u4f1a\u8a08\u306e\u5834\u5408\u30011\u554f\u3042\u305f\u308a\uff14\u70b9\u306e\u914d\u70b9\u3067\u3042\u308b\u3053\u3068\u304c\u591a\u3044\u3067\u3059\u3002419\u70b9\u3067\u6ce3\u304f\u3053\u3068\u306a\u304f\u3001\u305d\u306e1\u70b9\u3092\u78ba\u5b9f\u306b\u7a4d\u307f\u4e0a\u3052\u3066\u3001\u5408\u683c\u3092\u76ee\u6307\u3057\u307e\u3057\u3087\u3046\u3002<\/p>\n<p>&nbsp;<\/p>\n<p style=\"text-align: center; border: thin ridge #0000ff; background-color: #ccffff;\"><span style=\"color: #0000ff;\">\u307e\u3068\u3081<\/span><\/p>\n<p>&nbsp;<\/p>\n<p>\u682a\u5f0f\u6307\u6a19\u3067\u899a\u3048\u308b\u3079\u304d\u306f\u3001\u4e0b\u8a18\u306e\uff15\u3064\u3060\u3051<\/p>\n<div style=\"padding: 10px; border: solid 2px khaki; border-radius: 10px; background-color: lightgoldenrodyellow; margin-top: 10px; margin-bottom: 10px; box-shadow: 5px 5px 5px #AAA;\"><span style=\"font-size: small;\"><strong><span style=\"font-size: medium; color: #ff0000;\">E<\/span><\/strong>\uff1a\u7d14\u5229\u76ca\uff08<strong><span style=\"color: #ff0000; font-size: medium;\">E<\/span><\/strong>arning\uff09<\/span><br \/>\n<span style=\"font-size: small;\"><span style=\"color: #ff0000;\"><strong><span style=\"font-size: medium;\">S<\/span><\/strong><\/span>\uff1a\u682a\u5f0f\u7dcf\u6570\uff08<strong><span style=\"color: #ff0000; font-size: medium;\">S<\/span><\/strong>hare\uff09<\/span><br \/>\n<span style=\"font-size: small;\"><span style=\"color: #ff0000;\"><strong><span style=\"font-size: medium;\">B<\/span><\/strong><\/span>\uff1a\u7d14\u8cc7\u7523\uff08<span style=\"font-size: medium; color: #ff0000;\"><strong>B<\/strong><\/span>ook value\uff09<\/span><br \/>\n<span style=\"font-size: small;\"><span style=\"color: #ff0000;\"><strong><span style=\"font-size: medium;\">P<\/span><\/strong><\/span>\uff1a\u6642\u4fa1\u7dcf\u984d\uff08<strong><span style=\"color: #ff0000; font-size: medium;\">P<\/span><\/strong>rice\uff09<\/span><br \/>\n<span style=\"font-size: small;\"><strong><span style=\"color: #ff0000; font-size: medium;\">D<\/span><\/strong>\uff1a\u914d\u5f53\u7dcf\u984d(<strong><span style=\"color: #ff0000; font-size: medium;\">D<\/span><\/strong>ividend)<\/span><\/div>\n<p>\u4e0a\u8a18\u306e\u5f0f\u3092\u5b9f\u969b\u306e\u6307\u6a19\u306b\u5f53\u3066\u306f\u3081\u305f\u56f3\u306f\u3001\u4e0b\u8a18\u306e\u56f3\u3067\u3059\u3002\u3053\u3061\u3089\u3082\u53c2\u8003\u306b\u3057\u3066\u304f\u3060\u3055\u3044\u3002<\/p>\n<p><a href=\"http:\/\/rmc-oden.com\/blog\/wp-content\/uploads\/kabushiki.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-medium wp-image-77401\" title=\"kabushiki\" src=\"http:\/\/rmc-oden.com\/blog\/wp-content\/uploads\/kabushiki-227x300.jpg\" alt=\"\" width=\"227\" height=\"300\" srcset=\"https:\/\/rmc-oden.com\/blog\/wp-content\/uploads\/kabushiki-227x300.jpg 227w, https:\/\/rmc-oden.com\/blog\/wp-content\/uploads\/kabushiki.jpg 519w\" sizes=\"auto, (max-width: 227px) 100vw, 227px\" \/><\/a><\/p>\n<p>( \u30af\u30ea\u30c3\u30af\u3059\u308b\u3068\u5927\u304d\u304f\u306a\u308a\u307e\u3059\u3002)<br \/>\n\u4ee5\u4e0a\u3001\u304a\u3068\u3067\u3057\u305f\u3002<\/p>\n<p><a href=\"http:\/\/rmc-oden.com\/blog\/wp-content\/uploads\/oto_Character_1.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-73962\" title=\"oto_Character_1\" src=\"http:\/\/rmc-oden.com\/blog\/wp-content\/uploads\/oto_Character_1.jpg\" alt=\"\" width=\"131\" height=\"235\" \/><\/a><\/p>\n<p style=\"text-align: center;\">&#8212;&#8212;&#8212;&#8212;&#8212;<strong><span style=\"font-size: large; color: #ff0000;\">\u7dca\u6025\u544a\u77e5\uff01<\/span><\/strong>&#8212;&#8212;&#8212;&#8212;&#8212;<\/p>\n<p>\u6771\u4eac\uff06\u540d\u53e4\u5c4b\u306b\u3066\u3001<span class=\"oden_tag_em\">\u30bb\u30df\u30ca\u30fc<\/span>\u3092\u958b\u50ac\u3057\u307e\u3059\uff01<\/p>\n<p><span style=\"font-size: large;\">\uff1c<span style=\"color: #0000ff;\">\u540d\u53e4\u5c4b\u7de8<\/span>\uff1e<\/span><br \/>\n1\u6b21\u8a66\u9a13\u30fb2\u6b21\u8a66\u9a13\u305d\u308c\u305e\u308c\u306b\u5411\u3051\u3066\u3001\u3053\u306e\u6642\u671f\u306e<strong>\u5fc3\u69cb\u3048<\/strong>\u3084\u3001\u8ca1\u52d9\u30fb\u4f1a\u8a08\u306e<strong>\u5b66\u3073\u306e\u30ad\u30e2<\/strong>\u306a\u3069\u3001\u9053\u5834\u30e1\u30f3\u30d0\u30fc\u304c\u3068\u3063\u3066\u304a\u304d\u306e<strong><span style=\"color: #ff0000;\">\u79d8\u8a23<\/span><\/strong>\u3092\u304a\u4f1d\u3048\u3057\u307e\u3059\uff01<br \/>\n\u6771\u4eac\u3068\u540c\u69d8\u306b\u3001<strong>\u500b\u5225\u76f8\u8ac7<\/strong>\u30b3\u30fc\u30ca\u30fc\u3082\u3054\u7528\u610f\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n<div style=\"position: relative;\">\n<div style=\"position: absolute; top: 30px; left: 100px;\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-76860\" title=\"manninn\" src=\"http:\/\/rmc-oden.com\/blog\/wp-content\/uploads\/manninn.gif\" alt=\"\" width=\"164\" height=\"57\" \/><\/div>\n<\/div>\n<p><span style=\"font-size: large;\">\uff1c<span style=\"color: #008000;\">\u6771\u4eac\u7de8<\/span>\uff1e<\/span><br \/>\n<span style=\"color: #999999;\">1\u6b21\u8a66\u9a13\u53d7\u9a13\u8005\u306b\u3068\u3063\u3066\u5929\u738b\u5c71\u3068\u306a\u308b5\u6708\u304b\u30898\u6708\u306b\u304b\u3051\u3066\u3001\u3069\u3046\u5b66\u7fd2\u8a08\u753b\u3092\u7acb\u3066\u3001\u3069\u306e\u3088\u3046\u306a\u5fc3\u69cb\u3048\u3067\u904e\u3054\u3057\u305f\u3089\u826f\u3044\u306e\u304b\uff1f<\/span><br \/>\n<span style=\"color: #999999;\"> \u9053\u5834\u30e1\u30f3\u30d0\u30fc\u304c\u5408\u683c\u3059\u308b\u305f\u3081\u306e\u30dd\u30a4\u30f3\u30c8\u3092\u304a\u4f1d\u3048\u3057\u3001\u4e00\u4eba\u3072\u3068\u308a\u306e\u304a\u60a9\u307f\u306b\u3082\u500b\u5225\u306b\u304a\u7b54\u3048\u3057\u307e\u3059\u3002<\/span><\/p>\n<p style=\"text-align: center;\"><span style=\"color: #ff0000; 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