{"id":1169,"date":"2022-02-25T06:11:43","date_gmt":"2022-02-24T21:11:43","guid":{"rendered":"https:\/\/1up-life.blog\/?p=1169"},"modified":"2022-02-25T06:11:43","modified_gmt":"2022-02-24T21:11:43","slug":"%e3%80%90%e7%bf%bb%e8%a8%b3%e3%80%91%e3%83%a1%e3%83%ab%e3%82%ab%e3%83%89%e3%83%aa%e3%83%96%e3%83%ac-meli-2021%e5%b9%b4%e7%ac%ac4%e5%9b%9b%e5%8d%8a%e6%9c%9f%e6%b1%ba%e7%ae%97%e8%aa%ac%e6%98%8e","status":"publish","type":"post","link":"https:\/\/1up-life.blog\/?p=1169","title":{"rendered":"\u3010\u7ffb\u8a33\u3011\u30e1\u30eb\u30ab\u30c9\u30ea\u30d6\u30ec (MELI) 2021\u5e74\u7b2c4\u56db\u534a\u671f\u6c7a\u7b97\u8aac\u660e\u4f1a\uff08\u30ab\u30f3\u30d5\u30a1\u30ec\u30f3\u30b9\u30b3\u30fc\u30eb\uff09"},"content":{"rendered":"<p>\u30e9\u30c6\u30f3\u30a2\u30e1\u30ea\u30ab\u3067\u306eE\u30b3\u30de\u30fc\u30b9\u5927\u624b\u306e\u30e1\u30eb\u30ab\u30c9\u30ea\u30d6\u30ec (MELI) 2021\u5e74\u7b2c4\u56db\u534a\u671f\u6c7a\u7b97\u8aac\u660e\u4f1a\u306e\u65e5\u672c\u8a9e\u8a33\u3067\u3059\u3002<\/p>\n<p>\u682a\u4fa1\u306f\u4e0b\u964d\u30c8\u30ec\u30f3\u30c9\u3067\u3059\u304c\u58f2\u308a\u4e0a\u3052\u306f\u975e\u5e38\u306e\u4f38\u3073\u3066\u3044\u307e\u3059\u3002\u3053\u306e\u6210\u9577\u304c\u7dad\u6301\u3067\u304d\u308b\u304b\u304c\u6c17\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n<p>\u30d5\u30a3\u30f3\u30c6\u30c3\u30af\u4e8b\u696d\u306b\u3082\u529b\u3092\u5165\u308c\u3066\u304a\u308a\u4eca\u5f8c\u306e\u6210\u9577\u306e\u9375\u306b\u306a\u308b\u306e\u3067\u306f\u3068\u601d\u3063\u3066\u307e\u3059\u3002<\/p>\n<div id=\"attachment_1171\" style=\"width: 1488px\" class=\"wp-caption alignnone\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1171\" class=\"wp-image-1171 size-full\" src=\"https:\/\/1up-life.blog\/wp-content\/uploads\/2022\/02\/MELI_2022-02-25_06-06-33.png\" alt=\"\u30e1\u30eb\u30ab\u30c9\u30ea\u30d6\u30ec (MELI)\u682a\u4fa1\" width=\"1478\" height=\"820\" srcset=\"https:\/\/1up-life.blog\/wp-content\/uploads\/2022\/02\/MELI_2022-02-25_06-06-33.png 1478w, https:\/\/1up-life.blog\/wp-content\/uploads\/2022\/02\/MELI_2022-02-25_06-06-33-300x166.png 300w, https:\/\/1up-life.blog\/wp-content\/uploads\/2022\/02\/MELI_2022-02-25_06-06-33-1024x568.png 1024w, https:\/\/1up-life.blog\/wp-content\/uploads\/2022\/02\/MELI_2022-02-25_06-06-33-768x426.png 768w, https:\/\/1up-life.blog\/wp-content\/uploads\/2022\/02\/MELI_2022-02-25_06-06-33-940x522.png 940w\" sizes=\"auto, (max-width: 1478px) 100vw, 1478px\" \/><p id=\"caption-attachment-1171\" class=\"wp-caption-text\">\u30e1\u30eb\u30ab\u30c9\u30ea\u30d6\u30ec (MELI)\u682a\u4fa1<\/p><\/div>\n<p class=\"hh hh3 main-bdr\"><span class=\"big\"><strong>\u30e1\u30eb\u30ab\u30c9\u30ea\u30d6\u30ec (MELI) 2021\u5e74\u7b2c4\u56db\u534a\u671f\u6c7a\u7b97\u8aac\u660e\u4f1a<\/strong><\/span><\/p>\n<p>2022\u5e742\u670822\u65e5 \u5348\u5f8c4\u664230\u5206<\/p>\n<p>Call participants:<br \/>\nLissa Schreurs &#8212; Investor Relations<br \/>\nPedro Arnt &#8212; Chief Financial Officer<br \/>\nAndrew Ruben &#8212; Morgan Stanley &#8212; Analyst<br \/>\nIrma Sgarz &#8212; Goldman Sachs &#8212; Analyst<br \/>\nThiago Macruz &#8212; Itau BBA &#8212; Analyst<br \/>\nOsvaldo Gimenez &#8212; Chief Executive Officer of Mercado Pago<br \/>\nBob Ford &#8212; Bank of America Merrill Lynch &#8212; Analyst<br \/>\nMarcelo Santos &#8212; J.P. Morgan &#8212; Analyst<br \/>\nKaio Prato &#8212; UBS &#8212; Analyst<br \/>\nMarvin Fong &#8212; BTIG &#8212; Analyst<br \/>\nTrevor Young &#8212; Barclays &#8212; Analyst<br \/>\nDeepak Mathivanan &#8212; Wolfe Research &#8212; Analyst<br \/>\nRichard Cathcart &#8212; Bradesco BBI &#8212; Analyst<br \/>\nStephen Ju &#8212; Credit Suisse &#8212; Analyst<br \/>\nEd Yruma &#8212; KeyBanc Capital Markets &#8212; Analyst<br \/>\nMore MELI analysis<\/p>\n<p>\u30aa\u30da\u30ec\u30fc\u30bf\u30fc<\/p>\n<p>\u7686\u69d8\u3001\u304a\u5f85\u305f\u305b\u3044\u305f\u3057\u307e\u3057\u305f\u3002MercadoLibre Q4 &#8217;21 earnings conference call \u3078\u3088\u3046\u3053\u305d\u3002<\/p>\n<p>Lissa Schreurs &#8212; \u30a4\u30f3\u30d9\u30b9\u30bf\u30fc\u30ea\u30ec\u30fc\u30b7\u30e7\u30f3\u30ba<\/p>\n<p>\u7686\u3055\u3093\u3001\u3053\u3093\u306b\u3061\u306f\uff012021\u5e7412\u6708\u671f\u7b2c1\u56db\u534a\u671f\u306eMercadoLibre\u306e\u6c7a\u7b97\u8aac\u660e\u96fb\u8a71\u4f1a\u8b70\u306b\u3088\u3046\u3053\u305d\u3002\u79c1\u306f\u3001MercadoLibre \u306e IR \u62c5\u5f53\u306e Lissa Schreurs \u3067\u3059\u3002\u672c\u65e5\u306e\u6e96\u5099\u767a\u8a00\u306f\u3001\u5f53\u793e\u306e\u6700\u9ad8\u8ca1\u52d9\u8cac\u4efb\u8005\u3067\u3042\u308b\u30da\u30c9\u30ed\u30fb\u30a2\u30fc\u30f3\u30c8\u304c\u30ea\u30fc\u30c9\u3057\u307e\u3059\u3002\u672c\u65e5\u306e\u8cea\u7591\u5fdc\u7b54\u3067\u306f\u3001\u30e1\u30eb\u30ab\u30c9\u30fb\u30d1\u30b4\u306e\u6700\u9ad8\u7d4c\u55b6\u8cac\u4efb\u8005\u3067\u3042\u308b\u30aa\u30ba\u30ef\u30eb\u30c9\u30fb\u30d2\u30e1\u30cd\u30b9\u304c\u52a0\u308f\u308a\u3001\u30e9\u30a4\u30f3\u4e0a\u3067\u8a71\u3092\u3057\u307e\u3059\u3002<\/p>\n<p>\u7d4c\u55b6\u9663\u306f\u3001\u4f1a\u793e\u306e\u7d99\u7d9a\u7684\u306a\u6210\u9577\u898b\u901a\u3057\u3001\u696d\u754c\u306e\u52d5\u5411\u3001\u88fd\u54c1\u3084\u6280\u8853\u306b\u95a2\u3059\u308b\u53d6\u308a\u7d44\u307f\u306a\u3069\u3001\u5c06\u6765\u306e\u898b\u901a\u3057\u306b\u95a2\u3059\u308b\u767a\u8a00\u3092\u884c\u3046\u3053\u3068\u304c\u3042\u308a\u307e\u3059\u3002\u3053\u308c\u3089\u306e\u8a18\u8ff0\u306f\u3001\u73fe\u5728\u5165\u624b\u53ef\u80fd\u306a\u60c5\u5831\u304a\u3088\u3073\u5c06\u6765\u306e\u51fa\u6765\u4e8b\u306b\u95a2\u3059\u308b\u5f53\u793e\u306e\u73fe\u5728\u306e\u4eee\u5b9a\u3001\u671f\u5f85\u304a\u3088\u3073\u4e88\u6e2c\u306b\u3082\u3068\u3065\u304f\u3082\u306e\u3067\u3059\u3002\u5f53\u793e\u306f\u3001\u73fe\u5728\u5165\u624b\u53ef\u80fd\u306a\u60c5\u5831\u304b\u3089\u5f97\u3089\u308c\u305f\u5f53\u793e\u306e\u4eee\u5b9a\u3001\u671f\u5f85\u304a\u3088\u3073\u4e88\u6e2c\u306f\u5408\u7406\u7684\u3067\u3042\u308b\u3068\u4fe1\u3058\u3066\u3044\u307e\u3059\u304c\u3001\u3053\u308c\u3089\u306e\u5c06\u6765\u4e88\u60f3\u306b\u95a2\u3059\u308b\u8a18\u8ff0\u306b\u904e\u5ea6\u306b\u4f9d\u5b58\u3057\u306a\u3044\u3088\u3046\u304a\u9858\u3044\u3057\u307e\u3059\u3002\u5f53\u793e\u306e\u5b9f\u969b\u306e\u7d50\u679c\u306f\u30012021\u5e7412\u670831\u65e5\u7d42\u4e86\u5e74\u5ea6\u306e\u6b21\u671f\u30d5\u30a9\u30fc\u30e010-K\u306e\u5c06\u6765\u4e88\u60f3\u306b\u95a2\u3059\u308b\u8a18\u8ff0\u304a\u3088\u3073\u30ea\u30b9\u30af\u8981\u56e0\u306e\u30bb\u30af\u30b7\u30e7\u30f3\u3001\u306a\u3089\u3073\u306b\u5f53\u793e\u306e\u6295\u8cc7\u5bb6\u5411\u3051\u30a6\u30a7\u30d6\u30b5\u30a4\u30c8\u306b\u63b2\u8f09\u3055\u308c\u3066\u3044\u308bMercadoLibre, Inc.\u306e\u4ed6\u306e\u8a72\u5f53\u3059\u308b\u8a3c\u5238\u53d6\u5f15\u59d4\u54e1\u4f1a\u3078\u306e\u63d0\u51fa\u66f8\u985e\u306e\u3044\u305a\u308c\u304b\u306b\u8a18\u8f09\u3055\u308c\u3066\u3044\u308b\u3082\u306e\u3092\u542b\u3080\u69d8\u3005\u306a\u7406\u7531\u306b\u3088\u308a\u3001\u3053\u306e\u96fb\u8a71\u4f1a\u8b70\u306b\u542b\u307e\u308c\u308b\u3082\u306e\u3068\u5927\u304d\u304f\u7570\u306a\u308b\u53ef\u80fd\u6027\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n<p>\u305d\u308c\u3067\u306f\u3001\u30da\u30c9\u30ed\u306b\u96fb\u8a71\u3092\u3064\u306a\u304e\u307e\u3059\u3002<\/p>\n<p>\u30da\u30c9\u30ed\u30fb\u30a2\u30fc\u30f3\u30c8 &#8212; 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class=\"hh hh6 main-c main-bdr\"><span class=\"big\"><strong>\u8cea\u7591\u5fdc\u7b54<\/strong><\/span><\/p>\n<p>\u30aa\u30da\u30ec\u30fc\u30bf\u30fc<\/p>\n[\u6700\u521d\u306e\u8cea\u554f\u306f\u30e2\u30eb\u30ac\u30f3\u30b9\u30bf\u30f3\u30ec\u30fc\u8a3c\u5238\u306e\u30a2\u30f3\u30c9\u30ea\u30e5\u30fc\u30fb\u30eb\u30fc\u30d9\u30f3\u3055\u3093\u304b\u3089\u3067\u3059\u3002<\/p>\n<p>\u30a2\u30f3\u30c9\u30ea\u30e5\u30fc\u30fb\u30eb\u30fc\u30d9\u30f3 &#8212; \u30e2\u30eb\u30ac\u30f3\u30b9\u30bf\u30f3\u30ec\u30fc &#8212; 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&#8212; 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Ruben &#8212; \u30e2\u30eb\u30ac\u30f3\u30b9\u30bf\u30f3\u30ec\u30fc &#8212; \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n<p>\u3059\u3079\u3066\u30af\u30ea\u30a2\u3067\u3059\u3002\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3057\u305f\u3002<\/p>\n<p>\u30aa\u30da\u30ec\u30fc\u30bf\u30fc<\/p>\n<p>\u6b21\u306e\u8cea\u554f\u306f\u3001\u30b4\u30fc\u30eb\u30c9\u30de\u30f3\u30fb\u30b5\u30c3\u30af\u30b9\u306e\u30a4\u30eb\u30de\u30fb\u30b9\u30ac\u30fc\u30ba\u3055\u3093\u304b\u3089\u3067\u3059\u3002<\/p>\n<p>Irma Sgarz &#8212; Goldman Sachs &#8212; Analyst<\/p>\n<p>\u306f\u3044\u3001\u3053\u3093\u306b\u3061\u306f\u3001\u79c1\u306e\u8cea\u554f\u3092\u805e\u3044\u3066\u304f\u3060\u3055\u3063\u3066\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u3002\u4eca\u671f\u306f\u5e83\u544a\u53ce\u5165\u306b\u3064\u3044\u3066\u76f4\u63a5\u306e\u8a00\u53ca\u306f\u3042\u308a\u307e\u305b\u3093\u3067\u3057\u305f\u3002\u30de\u30cd\u30bf\u30a4\u30ba\u306b\u3064\u3044\u3066\u306e\u30b3\u30e1\u30f3\u30c8\u306f\u3042\u3063\u305f\u304b\u3082\u3057\u308c\u307e\u305b\u3093\u306d\u3002<\/p>\n<p>\u3057\u304b\u3057\u3001\u4eca\u671f\u306f\u30aa\u30fc\u30ac\u30cb\u30c3\u30af\u30fb\u30c8\u30e9\u30d5\u30a3\u30c3\u30af\u304c\u975e\u5e38\u306b\u597d\u8abf\u3067\u3001\u30e6\u30fc\u30b6\u30fc\u30fb\u30a8\u30f3\u30b2\u30fc\u30b8\u30e1\u30f3\u30c8\u306e\u7d71\u8a08\u3082\u51fa\u3066\u3044\u308b\u3053\u3068\u304b\u3089\u30012022\u5e74\u306f\u30aa\u30fc\u30ac\u30cb\u30c3\u30af\u30fb\u30c8\u30e9\u30d5\u30a3\u30c3\u30af\u304c\u3088\u308a\u91cd\u8981\u306b\u306a\u308b\u5e74\u306b\u306a\u308a\u305d\u3046\u306a\u6c17\u304c\u3057\u307e\u3059\u3002\u5e83\u544a\u306e\u65b0\u3057\u3044\u5c55\u958b\u3084\u3001\u8ffd\u52a0\u7684\u306a\u6295\u8cc7\u306b\u3064\u3044\u3066\u3001\u5c11\u3057\u304a\u805e\u304b\u305b\u304f\u3060\u3055\u3044\u3002<\/p>\n<p>\u30da\u30c9\u30ed\u30fb\u30a2\u30f3\u30c8 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Sgarz &#8212; \u30b4\u30fc\u30eb\u30c9\u30de\u30f3\u30fb\u30b5\u30c3\u30af\u30b9 &#8212; \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n<p>\u7d20\u6674\u3089\u3057\u3044\u3002\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u3002<\/p>\n<p>\u904b\u55b6\u62c5\u5f53\u8005<\/p>\n<p>\u6b21\u306e\u8cea\u554f\u306f\u3001Itau\u306eThiago Macruz\u3067\u3059\u3002<\/p>\n<p>Thiago Macruz &#8212; Itau BBA &#8212; 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&#8212; \u6700\u9ad8\u8ca1\u52d9\u8cac\u4efb\u8005<\/p>\n<p>\u307e\u305a\u3001\u7269\u6d41\u306e\u30de\u30cd\u30bf\u30a4\u30ba\u3067\u3059\u304c\u3001\u3053\u308c\u306b\u3088\u308b\u30de\u30a4\u30ca\u30b9\u306e\u5f71\u97ff\u306f\u51fa\u3066\u3044\u307e\u305b\u3093\u3002\u5f53\u793e\u306e\u7269\u6d41\u30cd\u30c3\u30c8\u30ef\u30fc\u30af\u306f\u3001\u4e00\u8cab\u3057\u3066\u914d\u9001\u6642\u9593\u3084\u30b3\u30f3\u30d0\u30fc\u30b8\u30e7\u30f3\u3092\u5411\u4e0a\u3055\u305b\u3066\u304a\u308a\u3001\u3057\u305f\u304c\u3063\u3066\u3001\u8ca9\u58f2\u5e97\u306b\u3068\u3063\u3066\u306f\u30de\u30cd\u30bf\u30a4\u30ba\u3092\u958b\u59cb\u3059\u308b\u6b63\u5f53\u306a\u7406\u7531\u3068\u306a\u308b\u3068\u8003\u3048\u3066\u3044\u307e\u3059\u3002\u3068\u306f\u3044\u3048\u3001\u307e\u3060\u6642\u671f\u5c1a\u65e9\u3060\u3068\u601d\u3044\u307e\u3059\u306e\u3067\u3001\u5e74\u9593\u3092\u901a\u3058\u3066\u3069\u306e\u3088\u3046\u306b\u30de\u30cd\u30bf\u30a4\u30ba\u304c\u9032\u3093\u3067\u3044\u304f\u306e\u304b\u3001\u5f15\u304d\u7d9a\u304d\u8ffd\u8de1\u3057\u3066\u3044\u304d\u305f\u3044\u3068\u601d\u3044\u307e\u3059\u3002\u4eca\u306e\u3068\u3053\u308d\u3001\u9806\u8abf\u3067\u3059\u3002<\/p>\n<p>\u30e1\u30ad\u30b7\u30b3\u306e\u4e8b\u696d\u306b\u3064\u3044\u3066\u898b\u3066\u307f\u308b\u3068\u3001\u7b2c1\u56db\u534a\u671f\u3001\u3064\u307e\u308a\u7b2c4\u56db\u534a\u671f\u306b\u3001\u30e1\u30ad\u30b7\u30b3\u3067\u306f\u3053\u306e\u8907\u6570\u5e74\u306b\u308f\u305f\u308b\u6295\u8cc7\u30b5\u30a4\u30af\u30eb\u306e\u4e2d\u3067\u6700\u9ad8\u306e\u76f4\u63a5\u8ca2\u732e\u30de\u30fc\u30b8\u30f3\u3092\u9054\u6210\u3057\u307e\u3057\u305f\u3002\u3053\u308c\u306f\u3001\u640d\u76ca\u304c\u6539\u5584\u3057\u3001\u53ce\u76ca\u6027\u5411\u4e0a\u306b\u5411\u3051\u305f\u52aa\u529b\u304c\u7d9a\u3044\u3066\u3044\u308b\u3053\u3068\u306b\u3088\u308b\u3082\u306e\u3067\u3059\u3002\u3057\u304b\u3057\u305d\u306e\u3072\u3068\u3064\u306f\u3001\u30ed\u30b8\u30b9\u30c6\u30a3\u30af\u30b9\u4e8b\u696d\u5168\u4f53\u306e\u7d4c\u6e08\u6027\u304c\u5411\u4e0a\u3057\u305f\u3053\u3068\u3067\u3042\u308a\u3001\u5145\u96fb\u3082\u305d\u306e\u4e00\u74b0\u3067\u3059\u3002\u3068\u3044\u3046\u3053\u3068\u3067\u3001\u4eca\u306e\u3068\u3053\u308d\u9806\u8abf\u3067\u3059\u3002<\/p>\n<p>Osvaldo Gimenez &#8212; Mercado Pago\u306e\u6700\u9ad8\u7d4c\u55b6\u8cac\u4efb\u8005\u3067\u3059\u3002<\/p>\n<p>\u30c6\u30a3\u30a2\u30b4 \u4e0e\u4fe1\u306b\u95a2\u3057\u3066\u306f\u3001\u4e0d\u826f\u50b5\u6a29\u304c\u5f15\u304d\u7d9a\u304d\u6539\u5584\u3055\u308c\u3066\u3044\u307e\u3059\u3002\u5f53\u793e\u306e\u9867\u5ba2\u3001\u30e6\u30fc\u30b6\u30fc\u306f\u4e2d\u4f4e\u6240\u5f97\u8005\u5c64\u304c\u591a\u3044\u306e\u3067\u3059\u3002\u305d\u306e\u305f\u3081\u3001\u30ea\u30b9\u30af\u30e2\u30c7\u30eb\u3092\u6539\u5584\u3057\u3001\u30ea\u30b9\u30af\u3092\u3069\u306e\u7a0b\u5ea6\u53d6\u308b\u304b\u3092\u76e3\u8996\u3057\u3066\u304d\u305f\u3053\u3068\u306b\u6e80\u8db3\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n<p>\u30da\u30c9\u30ed\u30fb\u30a2\u30fc\u30f3\u30c8 &#8212; \u6700\u9ad8\u8ca1\u52d9\u8cac\u4efb\u8005<\/p>\n<p>\u30b3\u30f3\u30bb\u30d7\u30c8\u306e\u88dc\u8db3\u3092\u3055\u305b\u3066\u304f\u3060\u3055\u3044\u3002\u7d50\u5c40\u306e\u3068\u3053\u308d\u3001\u30af\u30ec\u30b8\u30c3\u30c8\u4e8b\u696d\u306b\u5927\u304d\u306a\u53ef\u80fd\u6027\u304c\u3042\u308b\u3068\u8003\u3048\u308b\u7406\u7531\u306f\u3001\u30b5\u30fc\u30d3\u30b9\u63d0\u4f9b\u306e\u305f\u3081\u306e\u30b3\u30b9\u30c8\u3084\u5b9f\u969b\u306e\u5f15\u53d7\u80fd\u529b\u306e\u305f\u3081\u306b\u3001\u3053\u308c\u307e\u3067\u5f15\u53d7\u304c\u975e\u5e38\u306b\u56f0\u96e3\u3060\u3063\u305f\u4eba\u53e3\u5c64\u306b\u5bfe\u3059\u308b\u5f53\u793e\u306e\u4fe1\u7528\u5f15\u53d7\u80fd\u529b\u306b\u76f4\u63a5\u95a2\u4fc2\u3057\u3066\u3044\u307e\u3059\u3002\u3053\u306e\u70b9\u306b\u3064\u3044\u3066\u3082\u3001\u5f15\u304d\u7d9a\u304d\u6ce8\u8996\u3057\u3066\u3044\u304f\u5fc5\u8981\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n<p>\u307e\u3060\u521d\u671f\u6bb5\u968e\u3067\u3059\u3002\u3057\u304b\u3057\u3001\u3053\u308c\u307e\u3067\u898b\u3066\u304d\u305f\u9650\u308a\u3067\u306f\u3001\u6b74\u53f2\u7684\u306b\u4fe1\u7528\u306b\u98e2\u3048\u3066\u3044\u305f\u30e9\u30c6\u30f3\u30a2\u30e1\u30ea\u30ab\u306e\u4eba\u3005\u306e\u975e\u5e38\u306b\u5927\u304d\u306a\u90e8\u5206\u306b\u5bfe\u5fdc\u3067\u304d\u308b\u3088\u3046\u3001\u81ea\u793e\u3067\u69cb\u7bc9\u3057\u305f\u80fd\u529b\u306b\u975e\u5e38\u306b\u52c7\u6c17\u3065\u3051\u3089\u308c\u3066\u3044\u307e\u3059\u3002<\/p>\n<p>Thiago Macruz &#8212; Itau BBA &#8212; \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n<p>\u7d20\u6674\u3089\u3057\u3044\u3001\u307f\u3093\u306a\u3002\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u3002<\/p>\n<p>\u30aa\u30da\u30ec\u30fc\u30bf\u30fc<\/p>\n<p>\u6b21\u306e\u8cea\u554f\u306f\u30d0\u30f3\u30af\u30fb\u30aa\u30d6\u30fb\u30a2\u30e1\u30ea\u30ab\u306e\u30dc\u30d6\u30fb\u30d5\u30a9\u30fc\u30c9\u304b\u3089\u3067\u3059\u3002<\/p>\n<p>Bob Ford &#8212; \u30d0\u30f3\u30af\u30aa\u30d6\u30a2\u30e1\u30ea\u30ab\u30fb\u30e1\u30ea\u30eb\u30ea\u30f3\u30c1 &#8212; \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n<p>\u30da\u30c9\u30ed\u3001\u30aa\u30ba\u30ef\u30eb\u30c9\u3001\u30ea\u30b5\u3001\u79c1\u306e\u8cea\u554f\u306b\u7b54\u3048\u3066\u304f\u308c\u3066\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u3002\u30d7\u30ec\u30bc\u30f3\u30c6\u30fc\u30b7\u30e7\u30f3\u306e\u4e2d\u3067\u3001\u30af\u30ec\u30b8\u30c3\u30c8\u30ab\u30fc\u30c9\u4e8b\u696d\u306e\u898f\u6a21\u304c\u5927\u304d\u304f\u306a\u3063\u305f\u3068\u3044\u3046\u8a71\u304c\u3042\u308a\u307e\u3057\u305f\u3002\u30d6\u30e9\u30b8\u30eb\u306e\u30af\u30ec\u30b8\u30c3\u30c8\u30ab\u30fc\u30c9\u306e\u6b8b\u9ad8\u3001\u5e73\u5747\u9650\u5ea6\u984d\u3001\u9650\u5ea6\u984d\u9069\u7528\u7387\u3001\u8cb8\u5012\u308c\u306e\u50be\u5411\u306a\u3069\u3001\u5177\u4f53\u7684\u306a\u6570\u5b57\u3092\u6559\u3048\u3066\u304f\u3060\u3055\u3044\u3002\u307e\u305f\u3001\u3053\u308c\u3089\u306e\u30ab\u30fc\u30c9\u6b8b\u9ad8\u306f\u3001\u5148\u307b\u3069\u30da\u30c9\u30ed\u3055\u3093\u304c\u304a\u3063\u3057\u3083\u3063\u305f\u30ed\u30fc\u30f3\u6b8b\u9ad8\u306e\u6570\u5b57\u306b\u53cd\u6620\u3055\u308c\u3066\u3044\u308b\u306e\u3067\u3057\u3087\u3046\u304b\uff1f<\/p>\n<p>Pedro Arnt &#8212; \u6700\u9ad8\u8ca1\u52d9\u8cac\u4efb\u8005<\/p>\n<p>\u524d\u5f8c\u3057\u307e\u3059\u304c\u3001\u30dc\u30d6\u3055\u3093\u3002\u306f\u3044\u3001\u958b\u793a\u3057\u305f\u5e33\u7c3f\u306e\u4e00\u90e8\u3067\u3059\u3002\u30d0\u30e9\u30f3\u30b9\u30b7\u30fc\u30c8\u4e0a\u306e\u30af\u30ec\u30b8\u30c3\u30c8\u306e\u304a\u3088\u305d17%\u306f\u3001\u975e\u5e38\u306b\u65b0\u3057\u3044\u30af\u30ec\u30b8\u30c3\u30c8\u30ab\u30fc\u30c9\u30fb\u30d3\u30b8\u30cd\u30b9\u306b\u3088\u308b\u3082\u306e\u3067\u3059\u3002\u975e\u5e38\u306b\u521d\u671f\u306e\u3082\u306e\u3067\u3059\u306d\u3001Bob\u3002<\/p>\n<p>\u79c1\u305f\u3061\u306f\u305d\u308c\u3092\u3046\u307e\u304f\u62e1\u5f35\u3057\u3066\u3044\u308b\u306e\u3067\u3059\u3002\u3054\u5b58\u77e5\u306e\u3088\u3046\u306b\u3001MELI\u306f\u5168\u4f53\u3068\u3057\u3066\u3001\u9a5a\u7570\u7684\u306a\u6d41\u901a\u30d7\u30e9\u30c3\u30c8\u30d5\u30a9\u30fc\u30e0\u3067\u3059\u3002\u3057\u304b\u3057\u3001\u3082\u3046\u3057\u3070\u3089\u304f\u5f85\u3063\u3066\u307f\u307e\u3057\u3087\u3046\u3002\u3053\u308c\u306f\u975e\u5e38\u306b\u65b0\u3057\u3044\u88fd\u54c1\u3067\u3059\u3002<\/p>\n<p>1\u30ab\u56fd\u3067\u306e\u5c55\u958b\u3067\u3059\u304c\u3001\u305d\u3046\u3059\u308c\u3070\u3001\u3088\u308a\u591a\u304f\u306e\u60c5\u5831\u958b\u793a\u3068\u53ef\u8996\u5316\u304c\u53ef\u80fd\u306b\u306a\u308a\u307e\u3059\u3002\u3053\u308c\u307e\u3067\u306e\u3068\u3053\u308d\u3001\u79c1\u305f\u3061\u304c\u76ee\u306b\u3057\u305f\u3082\u306e\u306f\u3059\u3079\u3066\u3001\u52b9\u7387\u7684\u306b\u30af\u30ec\u30b8\u30c3\u30c8\u3092\u5f15\u304d\u53d7\u3051\u3001\u30af\u30ec\u30b8\u30c3\u30c8\u3092\u63d0\u4f9b\u3059\u308b\u80fd\u529b\u306b\u5bfe\u3059\u308b\u79c1\u305f\u3061\u306e\u71b1\u610f\u306e\u4e00\u90e8\u3067\u3059\u3002\u3057\u304b\u3057\u3001\u3053\u308c\u306f\u30af\u30ec\u30b8\u30c3\u30c8\u30fb\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306e\u4e2d\u3067\u6700\u3082\u65b0\u3057\u3044\u5546\u54c1\u306e1\u3064\u3067\u3059\u3002<\/p>\n<p>\u3053\u306e\u3088\u3046\u306b\u3001\u975e\u5e38\u306b\u5927\u304d\u306a\u53ef\u80fd\u6027\u3092\u79d8\u3081\u305f\u5546\u54c1\u3067\u3059\u304c\u3001\u614e\u91cd\u306b\u3001\u305d\u3057\u3066\u771f\u9762\u76ee\u306b\u4f5c\u308a\u4e0a\u3052\u3001\u305d\u306e\u6210\u679c\u3092\u7686\u69d8\u306b\u3054\u5831\u544a\u3057\u3066\u3044\u304d\u305f\u3044\u3068\u8003\u3048\u3066\u3044\u307e\u3059\u3002<\/p>\n<p>Osvaldo Gimenez &#8212; Mercado Pago\u306e\u6700\u9ad8\u7d4c\u55b6\u8cac\u4efb\u8005\u3067\u3059\u3002<\/p>\n<p>\u3082\u30461\u3064\u4ed8\u3051\u52a0\u3048\u308b\u3068\u3059\u308c\u3070\u3001\u30af\u30ec\u30b8\u30c3\u30c8\u30ab\u30fc\u30c9\u3092\u304a\u6301\u3061\u306e\u65b9\u306f\u3001\u79c1\u305f\u3061\u306e\u30d7\u30e9\u30c3\u30c8\u30d5\u30a9\u30fc\u30e0\u3078\u306e\u95a2\u4e0e\u304c\u5897\u3048\u3001\u30cd\u30c3\u30c8\u30d7\u30ed\u30e2\u30fc\u30bf\u30fc\u30b9\u30b3\u30a2\u3082\u4e0a\u6607\u3057\u3066\u3044\u308b\u3053\u3068\u306b\u975e\u5e38\u306b\u6e80\u8db3\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n<p>Bob Ford &#8212; Bank of America Merrill Lynch &#8212; \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n<p>Osvaldo\u3055\u3093\u306f\u3001\u6bd4\u8f03\u7684\u4f4e\u3044\u9650\u5ea6\u984d\u3067\u30b9\u30bf\u30fc\u30c8\u3057\u3001\u4eca\u5f8c\u306e\u5c55\u958b\u306b\u975e\u5e38\u306b\u614e\u91cd\u306b\u306a\u3063\u3066\u3044\u308b\u3068\u3044\u3046\u3053\u3068\u3067\u3088\u308d\u3057\u3044\u3067\u3057\u3087\u3046\u304b\u3002Pago\u306e\u30e6\u30fc\u30b6\u30fc\u6570\uff08\u30e6\u30cb\u30fc\u30af\u30e6\u30fc\u30b6\u30fc\u6570\u3001\u5229\u7528\u983b\u5ea6\u306a\u3069\uff09\u306b\u306f\u3001\u3053\u306e\u3088\u3046\u306a\u50be\u5411\u306f\u898b\u3089\u308c\u306a\u3044\u306e\u3067\u3057\u3087\u3046\u304b\u3002<\/p>\n<p>Osvaldo Gimenez &#8212; Mercado Pago\u306e\u6700\u9ad8\u7d4c\u55b6\u8cac\u4efb\u8005\u3067\u3059\u3002<\/p>\n<p>\u305d\u306e\u901a\u308a\u3067\u3059\u3002\u307e\u305a\u306f\u4f4e\u3044\u9650\u5ea6\u984d\u304b\u3089\u30b9\u30bf\u30fc\u30c8\u3057\u3001\u305d\u306e\u5f8c\u3001\u9650\u5ea6\u984d\u3092\u4e0a\u3052\u3066\u3044\u304f\u4e88\u5b9a\u3067\u3059\u3002<\/p>\n<p>Bob Ford &#8212; \u30d0\u30f3\u30af\u30aa\u30d6\u30a2\u30e1\u30ea\u30ab\u30fb\u30e1\u30ea\u30eb\u30ea\u30f3\u30c1 &#8212; \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n<p>\u308f\u304b\u308a\u307e\u3057\u305f\u3002\u305d\u308c\u304b\u30892\u3064\u76ee\u306e\u8cea\u554f\u306f\u3001\u3053\u308c\u3092\u6700\u5f8c\u306b\u3057\u307e\u3059\u304c\u3001\u30e1\u30ad\u30b7\u30b3\u30b7\u30c6\u30a3\u306e\u5927\u91cf\u8f38\u9001\u6a5f\u95a2\u306b\u95a2\u3059\u308b\u53d6\u5f15\u306b\u3064\u3044\u3066\u3001\u30b3\u30e1\u30f3\u30c8\u3092\u304a\u9858\u3044\u3067\u304d\u307e\u3059\u304b\uff1f\u3053\u306e\u6848\u4ef6\u304c\u72ec\u5360\u53d6\u5f15\u3067\u3042\u308b\u3053\u3068\u3092\u78ba\u8a8d\u3057\u305f\u304b\u3063\u305f\u306e\u3068\u3001\u5831\u544a\u3055\u308c\u305f\u53d6\u5f15\u624b\u6570\u6599\u304c\u3001\u79c1\u304c\u4e88\u60f3\u3057\u3066\u3044\u305f\u3082\u306e\u3088\u308a\u5c11\u3057\u9ad8\u3044\u3088\u3046\u306b\u601d\u3048\u305f\u304b\u3089\u3067\u3059\u3002\u305d\u308c\u304b\u3089\u3001\u3042\u306a\u305f\u304c\u884c\u3063\u3066\u3044\u308b\u30b5\u30fc\u30d3\u30b9\u306e\u7d04\u675f\u306b\u3064\u3044\u3066\u3001\u3082\u3046\u5c11\u3057\u8a73\u3057\u304f\u6559\u3048\u3066\u3044\u305f\u3060\u3051\u307e\u305b\u3093\u304b? \u305d\u306e\u3088\u3046\u306a\u30d3\u30b8\u30cd\u30b9\u3092\u7372\u5f97\u3059\u308b\u305f\u3081\u306b\u5fc5\u8981\u306a\u3053\u3068\u306a\u306e\u3067\u3057\u3087\u3046\u304b\uff1f<\/p>\n<p>Osvaldo Gimenez &#8212; Mercado Pago\u306e\u6700\u9ad8\u7d4c\u55b6\u8cac\u4efb\u8005\u3067\u3059\u3002<\/p>\n<p>\u306f\u3044\u3002\u79c1\u305f\u3061\u306fMovi\u3068\u306e\u53d6\u5f15\u306b\u975e\u5e38\u306b\u8208\u596e\u3057\u3066\u3044\u307e\u3059\u3002\u30e1\u30ad\u30b7\u30b3\u30b7\u30c6\u30a3\u306b\u306f1\u65e5\u306b\u7d041,000\u4e07\u4eba\u306e\u4e57\u5ba2\u304c\u3044\u307e\u3059\u304c\u3001\u5f7c\u3089\u306f\u79c1\u305f\u3061\u306e\u30a2\u30d7\u30ea\u3092\u4f7f\u3063\u3066\u3001\u3042\u308b\u3044\u306f\u79c1\u305f\u3061\u306ePOS\u3092\u4f7f\u3063\u3066\u30ab\u30fc\u30c9\u3092\u88dc\u5145\u3059\u308b\u3053\u3068\u304c\u3067\u304d\u308b\u3088\u3046\u306b\u306a\u308a\u307e\u3059\u3002\u79c1\u305f\u3061\u306f\u3001\u3053\u308c\u306f\u975e\u5e38\u306b\u5927\u304d\u306a\u53d6\u5f15\u3060\u3068\u8003\u3048\u3066\u3044\u307e\u3059\u3002<\/p>\n<p>\u307e\u305f\u3001\u7d4c\u6e08\u7684\u306b\u3082\u5408\u7406\u7684\u3067\u3001\u53ce\u76ca\u6027\u3082\u9ad8\u304f\u3001\u30e1\u30ad\u30b7\u30b3\u30b7\u30c6\u30a3\u3067\u306e\u30a2\u30af\u30c6\u30a3\u30d6\u30e6\u30fc\u30b6\u30fc\u6570\u3092\u5927\u5e45\u306b\u5897\u3084\u3059\u3053\u3068\u304c\u3067\u304d\u308b\u3068\u8003\u3048\u3066\u3044\u307e\u3059\u3002<\/p>\n<p>Bob Ford &#8212; Bank of America Merrill Lynch &#8212; \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n<p>Osvaldo\u306f\u3001\u72ec\u5360\u5951\u7d04\u306a\u3093\u3067\u3059\u3088\u306d\uff1f2\u5e74\u9593\u3067\u3059\u304b\uff1f\u305d\u3046\u3067\u3059\u3088\u306d\uff1f<\/p>\n<p>Osvaldo Gimenez &#8212; Mercado Pago\u306e\u6700\u9ad8\u7d4c\u55b6\u8cac\u4efb\u8005\u3067\u3059\u3002<\/p>\n<p>\u72ec\u5360\u3067\u3059\u3002\u305d\u306e\u901a\u308a\u3067\u3059\u3001\u306f\u3044\u3002\u305d\u3046\u3067\u3059\u3002<\/p>\n<p>Bob Ford &#8212; \u30d0\u30f3\u30af\u30aa\u30d6\u30a2\u30e1\u30ea\u30ab\u30fb\u30e1\u30ea\u30eb\u30ea\u30f3\u30c1 &#8212; \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n<p>\u7d20\u6674\u3089\u3057\u3044\u3002\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u3002<\/p>\n<p>\u30aa\u30da\u30ec\u30fc\u30bf\u30fc<\/p>\n<p>\u6b21\u306e\u8cea\u554f\u306fJP\u30e2\u30eb\u30ac\u30f3\u306e\u30de\u30eb\u30bb\u30ed\u30fb\u30b5\u30f3\u30c8\u30b9\u3055\u3093\u304b\u3089\u3067\u3059\u3002<\/p>\n<p>Marcelo Santos &#8212; J.P. Morgan &#8212; \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n<p>\u3053\u3093\u306b\u3061\u306f\u3001\u79c1\u306e\u8cea\u554f\u3092\u805e\u3044\u3066\u304f\u3060\u3055\u3063\u3066\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u3002\u6700\u521d\u306e\u8cea\u554f\u306f\u30012022\u5e74\u304b\u3089\u59cb\u307e\u308b\u3068\u3044\u3046\u30d5\u30a3\u30f3\u30c6\u30c3\u30af\u306e\u65b0\u3057\u3044\u4fa1\u683c\u4f53\u7cfb\u306b\u3064\u3044\u3066\u3067\u3059\u3002\u3053\u308c\u306f\u91d1\u5229\u306e\u4e0a\u6607\u3092\u3069\u306e\u7a0b\u5ea6\u76f8\u6bba\u3067\u304d\u308b\u3068\u304a\u8003\u3048\u3067\u3057\u3087\u3046\u304b\u3002\u307e\u305f\u3001\u3053\u308c\u304c\u5fa1\u793e\u306e\u69d8\u3005\u306a\u5546\u54c1\u306b\u3069\u306e\u3088\u3046\u306a\u5f71\u97ff\u3092\u4e0e\u3048\u308b\u306e\u304b\u3001\u3082\u3046\u5c11\u3057\u8a73\u3057\u304f\u6559\u3048\u3066\u304f\u3060\u3055\u3044\u3002\u3053\u308c\u304c1\u3064\u76ee\u306e\u8cea\u554f\u3067\u3059\u3002<\/p>\n<p>2\u3064\u76ee\u306e\u8cea\u554f\u3067\u3059\u304c\u3001PIX\u304cQR\u30b3\u30fc\u30c9\u6c7a\u6e08\u306b\u3069\u306e\u3088\u3046\u306b\u5f79\u7acb\u3063\u3066\u3044\u308b\u306e\u304b\u3001\u3082\u3046\u5c11\u3057\u8a73\u3057\u304f\u6559\u3048\u3066\u304f\u3060\u3055\u3044\u3002\u3088\u304f\u7406\u89e3\u3067\u304d\u307e\u305b\u3093\u3067\u3057\u305f\u3002\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3057\u305f\u3002<\/p>\n<p>Osvaldo Gimenez &#8212; Mercado Pago\u306e\u6700\u9ad8\u7d4c\u55b6\u8cac\u4efb\u8005\u3002<\/p>\n<p>\u30de\u30eb\u30bb\u30ed\u3055\u3093\u3001\u3053\u3093\u306b\u3061\u306f\u3002PIX\u306b\u3064\u3044\u3066\u306f\u3001\u30aa\u30f3\u30e9\u30a4\u30f3\u3068\u30aa\u30d5\u30e9\u30a4\u30f3\u3067\u7570\u306a\u308b\u52b9\u679c\u304c\u3042\u308a\u3001\u30aa\u30d5\u30e9\u30a4\u30f3\u3067\u306f\u30ed\u30f3\u30b0\u30c6\u30fc\u30eb\u3084\u5927\u898f\u6a21\u306a\u30de\u30fc\u30c1\u30e3\u30f3\u30c8\u3067\u7570\u306a\u308b\u52b9\u679c\u304c\u3042\u308b\u3068\u601d\u308f\u308c\u307e\u3059\u3002\u307e\u305a\u3001\u30aa\u30f3\u30e9\u30a4\u30f3\u304b\u3089\u59cb\u3081\u307e\u3057\u3087\u3046\u3002\u30d6\u30e9\u30b8\u30eb\u306e\u30aa\u30f3\u30e9\u30a4\u30f3\u3067\u306f\u3001\u30c7\u30d3\u30c3\u30c8\u30ab\u30fc\u30c9\u306f\u307b\u3068\u3093\u3069\u4f7f\u308f\u308c\u3066\u3044\u307e\u305b\u3093\u3067\u3057\u305f\u306e\u3067\u3001PIX\u306e\u30aa\u30f3\u30e9\u30a4\u30f3\u306b\u306f\u975e\u5e38\u306b\u671f\u5f85\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n<p>MercadoLibre\u3060\u3051\u3067\u306a\u304f\u3001\u30de\u30fc\u30c1\u30e3\u30f3\u30c8\u30b5\u30fc\u30d3\u30b9\u3067\u3082\u3001\u3059\u3067\u306b\u30de\u30fc\u30c1\u30e3\u30f3\u30c8\u30b5\u30fc\u30d3\u30b9\u3067\u306ePPV\u306e2\u6841\u3092\u5360\u3081\u3066\u3044\u308b\u306e\u3067\u3059\u3002\u3067\u3059\u304b\u3089\u3001PIX\u306b\u306f\u975e\u5e38\u306b\u671f\u5f85\u3057\u3066\u3044\u307e\u3059\u3002\u30aa\u30d5\u30e9\u30a4\u30f3\u306b\u95a2\u3057\u3066\u306f\u3001\u30ed\u30f3\u30b0\u30c6\u30fc\u30eb\u3067\u306f\u3001MPOS\u30c7\u30d0\u30a4\u30b9\u3092\u6301\u3063\u3066\u3044\u308b\u52a0\u76df\u5e97\u304cPIX\u3092\u4f7f\u3063\u3066\u3044\u308b\u30b1\u30fc\u30b9\u3082\u3042\u308c\u3070\u3001POS\u30c7\u30d0\u30a4\u30b9\u3092\u4f7f\u308f\u305aPIX\u3060\u3051\u306b\u983c\u3063\u3066\u3044\u308b\u52a0\u76df\u5e97\u3082\u3042\u308b\u3068\u601d\u3044\u307e\u3059\u3002QR\u30b3\u30fc\u30c9\u3092\u30b9\u30ad\u30e3\u30f3\u3059\u308b\u306e\u3067\u306f\u306a\u304f\u3001\u643a\u5e2f\u96fb\u8a71\u304b\u30e1\u30fc\u30eb\u306e\u60c5\u5831\u3092\u5165\u529b\u3057\u3066PIX\u8ee2\u9001\u3092\u884c\u3046\u30b1\u30fc\u30b9\u304c\u307b\u3068\u3093\u3069\u306a\u306e\u3067\u3001\u4f7f\u3044\u52dd\u624b\u306f\u3042\u307e\u308a\u3088\u304f\u3042\u308a\u307e\u305b\u3093\u304c\u3001\u3042\u308b\u7a0b\u5ea6\u6d78\u900f\u3057\u3066\u304d\u305f\u3068\u898b\u3066\u3044\u307e\u3059\u3002<\/p>\n<p>\u3055\u3089\u306b\u3001PIX\u304c\u53ef\u80fd\u306b\u3057\u305f\u306e\u306f\u3001\u5927\u898f\u6a21\u306a\u30de\u30fc\u30c1\u30e3\u30f3\u30c8\u3078\u306e\u30a2\u30d7\u30ed\u30fc\u30c1\u3067\u3059\u3002\u4f8b\u3048\u3070\u3001CNA\u3092\u3081\u3050\u3063\u3066\u30d0\u30fc\u30ac\u30fc\u30ad\u30f3\u30b0\u3068\u5354\u529b\u3057\u3066\u3044\u307e\u3059\u304c\u3001\u5f7c\u3089\u306fMercado Pago\u3092\u4f7f\u3063\u3066PIX\u3092\u96c6\u3081\u3066\u3044\u307e\u3059\u3002\u30aa\u30d5\u30e9\u30a4\u30f3\u3067\u306f\u307b\u3068\u3093\u3069\u304c\u30ab\u30fc\u30c9\u304b\u3089\u73fe\u91d1\u306a\u306e\u3067\u3001\u3053\u308c\u306f\u5f7c\u3089\u306e\u53ce\u76ca\u306e\u3054\u304f\u4e00\u90e8\u3067\u3059\u3002\u3057\u304b\u3057\u3001Mercado Pago\u304c\u6210\u9577\u3057\u3001\u52a0\u76df\u5e97\u3078\u306e\u30ea\u30fc\u30c1\u304c\u53ef\u80fd\u306b\u306a\u3063\u305f\u3053\u3068\u306b\u3001\u79c1\u305f\u3061\u306f\u3068\u3066\u3082\u8208\u596e\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n<p>Pedro Arnt &#8212; \u6700\u9ad8\u8ca1\u52d9\u8cac\u4efb\u8005<\/p>\n<p>\u7d20\u6674\u3089\u3057\u3044\u3002\u4fa1\u683c\u8a2d\u5b9a\u306b\u3064\u3044\u3066\u3067\u3059\u304c\u3001\u30de\u30eb\u30bb\u30ed\u30012\u3064\u307b\u3069\u8003\u3048\u3066\u3044\u308b\u3053\u3068\u304c\u3042\u308a\u307e\u3059\u3002\u307e\u305a1\u3064\u76ee\u306f\u3001\u30d7\u30ec\u30bc\u30f3\u30c6\u30fc\u30b7\u30e7\u30f3\u3092\u3054\u89a7\u306b\u306a\u308a\u3001\u30d5\u30a3\u30f3\u30c6\u30c3\u30af\u306e\u5229\u7528\u7387\u3092\u898b\u3066\u3044\u305f\u3060\u3051\u308c\u3070\u3001\u91d1\u5229\u306b\u3088\u308b\u5727\u7e2e\u306b\u3082\u304b\u304b\u308f\u3089\u305a\u3001\u30af\u30ec\u30b8\u30c3\u30c8\u4e8b\u696d\u306e\u6210\u9577\u300112\u6708\u306b\u4e00\u90e8\u306e\u4fa1\u683c\u3092\u8abf\u6574\u3057\u305f\u3068\u3044\u3046\u4e8b\u5b9f\u304c\u304a\u308f\u304b\u308a\u3044\u305f\u3060\u3051\u308b\u3068\u601d\u3044\u307e\u3059\u3002\u3064\u307e\u308a\u3001\u6d88\u8cbb\u8005\u306b\u3088\u308b\u6709\u5229\u5b50\u8ca0\u50b5\u306e\u8cfc\u5165\u306f\u3001\u3059\u3067\u306b\u4fa1\u683c\u8abf\u6574\u3092\u958b\u59cb\u3057\u3066\u3044\u305f\u305f\u3081\u3001\u53d6\u5f97\u4fa1\u984d\u306e\u5727\u7e2e\u306e\u591a\u304f\u3092\u76f8\u6bba\u3059\u308b\u3053\u3068\u304c\u3067\u304d\u307e\u3057\u305f\u3002<\/p>\n<p>\u3067\u3059\u304b\u3089\u3001\u79c1\u305f\u3061\u306f\u4ed6\u306e\u4f01\u696d\u3088\u308a\u3082\u6253\u6483\u3092\u53d7\u3051\u306a\u304b\u3063\u305f\u3068\u601d\u3044\u307e\u3059\u30022\u3064\u76ee\u306f\u30012020\u5e74\u306b\u5411\u3051\u3066\u3001\u30aa\u30d5\u30de\u30fc\u30b1\u30c3\u30c8\u30d7\u30ec\u30a4\u30b9\u3067\u306e\u5272\u8ce6\u8cfc\u5165\u306e\u4fa1\u683c\u8abf\u6574\u3092\u958b\u59cb\u3057\u305f\u3053\u3068\u3067\u3059\u3002\u305d\u306e\u305f\u3081\u3001\u91d1\u5229\u306e\u5897\u52a0\u5206\u306e\u591a\u304f\u3092\u52a0\u76df\u5e97\u306b\u9084\u5143\u3057\u3066\u3044\u307e\u3059\u3002\u52a0\u76df\u5e97\u306f\u3001\u7121\u6599\u306e\u5272\u8ce6\u5546\u54c1\u3067\u3042\u308b\u305f\u3081\u3001\u6700\u7d42\u7684\u306b\u6d88\u8cbb\u8005\u306b\u9084\u5143\u3059\u308b\u91d1\u984d\u3092\u6c7a\u5b9a\u3059\u308b\u3053\u3068\u304c\u3067\u304d\u307e\u3059\u3002\u305d\u306e\u305f\u3081\u3001\u7b2c4\u56db\u534a\u671f\u306f\u3042\u307e\u308a\u6025\u304c\u305a\u3001\u3058\u3063\u304f\u308a\u3068\u6642\u9593\u3092\u304b\u3051\u3066\u3001\u5727\u7e2e\u3092\u76f8\u6bba\u3067\u304d\u308b\u3088\u3046\u306a\u8208\u5473\u6df1\u3044\u53ce\u76ca\u6e90\u304c\u3042\u308b\u3053\u3068\u3092\u7406\u89e3\u3057\u305f\u4e0a\u3067\u3001\u3053\u308c\u3092\u884c\u3044\u307e\u3057\u305f\u3002<\/p>\n<p>\u4eca\u5f8c\u3001\u3053\u306e\u3088\u3046\u306a\u3053\u3068\u304c\u8d77\u3053\u3063\u3066\u304f\u308b\u3068\u601d\u3044\u307e\u3059\u3002\u4e3b\u306b\u30d6\u30e9\u30b8\u30eb\u3067\u91d1\u5229\u304c\u4e0a\u6607\u3057\u3066\u3044\u307e\u3059\u304c\u3001\u3053\u308c\u306f\u304a\u305d\u3089\u304f\u3057\u3070\u3089\u304f\u7d9a\u304f\u3068\u601d\u308f\u308c\u3001\u79c1\u305f\u3061\u306f\u4fa1\u683c\u8a2d\u5b9a\u3092\u8ce2\u304f\u8abf\u6574\u3057\u307e\u3057\u305f\u3002\u5e02\u5834\u306b\u3064\u3044\u3066\u306f\u3001\u524d\u56de\u306e\u6c7a\u7b97\u8aac\u660e\u4f1a\u3067\u8ff0\u3079\u305f\u3088\u3046\u306b\u3001\u30b7\u30e7\u30c3\u30d4\u30f3\u30b0\u30b7\u30fc\u30ba\u30f3\u306f\u5805\u8abf\u306b\u63a8\u79fb\u3057\u3001\u5897\u52a0\u3057\u305f\u30b3\u30b9\u30c8\u306e\u591a\u304f\u3092\u5438\u53ce\u3059\u308b\u4e88\u5b9a\u3067\u3059\u3002\u3053\u308c\u306f\u3001\u524d\u56db\u534a\u671f\u6bd4\u306e\u58f2\u4e0a\u9ad8\u306e\u63a8\u79fb\u3092\u3054\u89a7\u3044\u305f\u3060\u304f\u3068\u304a\u308f\u304b\u308a\u3044\u305f\u3060\u3051\u308b\u3068\u601d\u3044\u307e\u3059\u300212\u6708\u304c\u7d42\u308f\u308a\u30012022\u5e74\u306b\u5411\u3051\u3066\u3001\u30de\u30fc\u30b1\u30c3\u30c8\u30d7\u30ec\u30a4\u30b9\u3067\u306e\u4fa1\u683c\u8abf\u6574\u3092\u958b\u59cb\u3057\u307e\u3057\u305f\u3002<\/p>\n<p>\u3053\u308c\u306f\u3001\u5358\u7d14\u306b\u4fa1\u683c\u3092\u4e0a\u3052\u308b\u3068\u3044\u3046\u3053\u3068\u3067\u306f\u306a\u304f\u3001\u3088\u308a\u5916\u79d1\u7684\u306a\u65b9\u6cd5\u3067\u884c\u3063\u3066\u3044\u307e\u3059\u3002\u305d\u306e\u591a\u304f\u306f\u3001\u3088\u308a\u30a4\u30f3\u30c6\u30ea\u30b8\u30a7\u30f3\u30c8\u306a\u5206\u5272\u6255\u3044\u30a8\u30f3\u30b8\u30f3\u3067\u3001\u88fd\u54c1\u30d7\u30ed\u30d5\u30a1\u30a4\u30eb\u3084\u305d\u306e\u88fd\u54c1\u306e\u4e0e\u4fe1\u8981\u4ef6\u3001\u8ee2\u63db\u7387\u306b\u5fdc\u3058\u3066\u7570\u306a\u308b\u9577\u3055\u306e\u5206\u5272\u6255\u3044\u3092\u53ef\u80fd\u306b\u3059\u308b\u3082\u306e\u3067\u3059\u304c\u3001\u3053\u308c\u306b\u3088\u308a\u3001\u9700\u8981\u5f3e\u529b\u6027\u306b\u305d\u308c\u307b\u3069\u5f71\u97ff\u3092\u4e0e\u3048\u306a\u3044\u88fd\u54c1\u306b\u3064\u3044\u3066\u306f\u3001\u3042\u307e\u308a\u9577\u304f\u306a\u3044\u4e0e\u4fe1\u3092\u884c\u3046\u3053\u3068\u3067\u91d1\u5229\u30b9\u30d7\u30ec\u30c3\u30c9\u5727\u7e2e\u3092\u3042\u308b\u7a0b\u5ea6\u76f8\u6bba\u3059\u308b\u3053\u3068\u304c\u3067\u304d\u307e\u3059\u3002\u305d\u306e\u305f\u3081\u3001\u5e74\u9593\u3092\u901a\u3058\u3066\u30b3\u30de\u30fc\u30b9\u4e8b\u696d\u306e\u91d1\u5229\u4e0a\u6607\u306b\u4f34\u3046\u30b9\u30d7\u30ec\u30c3\u30c9\u5727\u7e2e\u3092\u76f8\u6bba\u3059\u308b\u3053\u3068\u304c\u3067\u304d\u308b\u306f\u305a\u3067\u3059\u3002<\/p>\n<p>Marcelo Santos &#8212; J.P.\u30e2\u30eb\u30ac\u30f3 &#8212; \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n<p>\u5b8c\u74a7\u3067\u3059\u3002\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3057\u305f\u3002<\/p>\n<p>\u30aa\u30da\u30ec\u30fc\u30bf\u30fc<\/p>\n<p>\u6b21\u306e\u8cea\u554f\u306f\u3001UBS\u9280\u884c\u306e\u30d7\u30e9\u30fc\u30c8\u6d77\u751f\u3055\u3093\u304b\u3089\u3067\u3059\u3002<\/p>\n<p>Kaio Prato &#8212; UBS &#8212; \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n<p>\u7686\u3055\u3093\u3001\u3053\u3093\u306b\u3061\u306f\u3002\u79c1\u306e\u8cea\u554f\u3092\u53d7\u3051\u3066\u304f\u3060\u3055\u3063\u3066\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u3002\u30e1\u30eb\u30ab\u30fc\u30c9\u306e\u30af\u30ec\u30b8\u30c3\u30c8\u30bd\u30ea\u30e5\u30fc\u30b7\u30e7\u30f3\u306b\u95a2\u3059\u308b\u8cea\u554f\u3067\u3059\u3002\u30af\u30ec\u30b8\u30c3\u30c8\u30fb\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u3068\u53ce\u76ca\u304c\u9806\u8abf\u306b\u5897\u52a0\u3057\u3066\u3044\u308b\u3088\u3046\u3067\u3059\u306d\u3002<\/p>\n<p>\u653f\u7b56\u91d1\u5229\u304c\u4e0a\u6607\u3059\u308b\u4e2d\u3001\u3053\u306e\u96fb\u8a71\u4f1a\u8b70\u3067\u3082\u304a\u8a71\u304c\u3042\u3063\u305f\u3088\u3046\u306b\u3001\u30d6\u30e9\u30b8\u30eb\u306eMPS\u4e8b\u696d\u306b\u304a\u3051\u308b\u671f\u9650\u524d\u8fd4\u6e08\u7387\u306e\u4e0a\u6607\u306a\u3069\u3001\u4f1a\u793e\u304b\u3089\u306e\u767a\u8868\u304c\u3044\u304f\u3064\u304b\u3042\u308a\u307e\u3057\u305f\u3002\u305d\u3053\u3067\u8cea\u554f\u3067\u3059\u304c\u3001\u73fe\u5728\u3001\u6d88\u8cbb\u8005\u306b\u8ab2\u3057\u3066\u3044\u308b\u91d1\u5229\u306e\u6c34\u6e96\u306b\u3064\u3044\u3066\u304a\u805e\u304b\u305b\u304f\u3060\u3055\u3044\u3002\u3053\u306e\u3088\u3046\u306a\u91d1\u5229\u4e0a\u6607\u306e\u74b0\u5883\u4e0b\u3067\u3001\u65b0\u898f\u7d44\u6210\u306e\u91d1\u5229\u3092\u5f15\u304d\u4e0a\u3052\u3066\u3044\u308b\u306e\u304b\u3069\u3046\u304b\u3092\u7406\u89e3\u3057\u305f\u3044\u306e\u3067\u3059\u304c\u3002\u305d\u308c\u3068\u3082\u3001\u4e0d\u826f\u50b5\u6a29\u304c\u6539\u5584\u3055\u308c\u3064\u3064\u3042\u308b\u306e\u3067\u3001\u4eca\u5f8c\u3001\u6d88\u8cbb\u8005\u5411\u3051\u3068\u8a08\u6e2c\u5411\u3051\u306e\u4e21\u65b9\u3067\u91d1\u5229\u306e\u6b63\u5e38\u5316\u304c\u898b\u3089\u308c\u308b\u3088\u3046\u306b\u306a\u308b\u306e\u3067\u3057\u3087\u3046\u304b\uff1f<\/p>\n<p>Pedro Arnt &#8212; 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Prato &#8212; UBS &#8212; \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n<p>\u308f\u304b\u308a\u307e\u3057\u305f\u3002\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u3002<\/p>\n<p>\u30aa\u30da\u30ec\u30fc\u30bf\u30fc<\/p>\n<p>\u6b21\u306e\u8cea\u554f\u306fBTIG\u306e\u30de\u30fc\u30d3\u30f3\u30fb\u30d5\u30a9\u30f3\u30b0\u304b\u3089\u3067\u3059\u3002<\/p>\n<p>Marvin Fong &#8212; BTIG &#8212; \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n<p>\u7d20\u6674\u3089\u3057\u3044\u3002\u79c1\u306e\u8cea\u554f\u3092\u805e\u3044\u3066\u304f\u3060\u3055\u3063\u3066\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u3002\u305d\u3057\u3066\u3001\u56db\u534a\u671f\u6c7a\u7b97\u304a\u3081\u3067\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u30022\u3064\u8cea\u554f\u3092\u3055\u305b\u3066\u304f\u3060\u3055\u3044\u3002\u307e\u305a\u6700\u521d\u306b\u3001\u30cf\u30a4\u30ec\u30d9\u30eb\u306a\u8cea\u554f\u3092\u3055\u305b\u3066\u304f\u3060\u3055\u3044\u3002<\/p>\n<p>\u30de\u30fc\u30b1\u30c3\u30c8\u30d7\u30ec\u30a4\u30b9\u306e\u7af6\u5408\u4ed6\u793e\u304c\u3001\u30d6\u30e9\u30b8\u30eb\u306e\u30bb\u30e9\u30fc\u3092\u3069\u3093\u3069\u3093\u8cb7\u53ce\u3057\u3066\u3044\u308b\u306e\u3092\u898b\u304b\u3051\u307e\u3059\u3002\u305d\u3053\u3067\u3001\u5fa1\u793e\u306e\u6226\u7565\u306b\u3064\u3044\u3066\u30b3\u30e1\u30f3\u30c8\u3044\u305f\u3060\u3051\u307e\u3059\u304b\uff1fMercadoLibre\u306e\u30de\u30fc\u30b1\u30c3\u30c8\u30d7\u30ec\u30a4\u30b9\u306e\u4f55\u304c\u3001\u73fe\u5730\u30bb\u30e9\u30fc\u306e\u5728\u5eab\u3092\u5fa1\u793e\u306e\u30d5\u30eb\u30d5\u30a3\u30eb\u30e1\u30f3\u30c8\u30bb\u30f3\u30bf\u30fc\u306b\u96c6\u3081\u7d9a\u3051\u308b\u3053\u3068\u306b\u3064\u306a\u304c\u3063\u3066\u3044\u308b\u306e\u3067\u3057\u3087\u3046\u304b\u3002\u305d\u308c\u306f&#8230;&#8230;\u5fa1\u793e\u306e\u30b9\u30d4\u30fc\u30c9\u914d\u9001\u3084\u30d5\u30eb\u30d5\u30a3\u30eb\u30e1\u30f3\u30c8\u6a5f\u80fd\u306e\u554f\u984c\u306a\u306e\u3067\u3057\u3087\u3046\u304b\uff1f\u305d\u308c\u3068\u3082\u3001\u4fa1\u683c\u8a2d\u5b9a\u306b\u554f\u984c\u304c\u3042\u308b\u306e\u3067\u3057\u3087\u3046\u304b\uff1f\u3054\u610f\u898b\u3092\u304a\u805e\u304b\u305b\u304f\u3060\u3055\u3044\u3002\u6b21\u306b\u3001\u878d\u8cc7\u306b\u3064\u3044\u3066\u304a\u805e\u304d\u3057\u307e\u3059\u3002\u81ea\u793e\u958b\u767a\u306e\u30d7\u30e9\u30c3\u30c8\u30d5\u30a9\u30fc\u30e0\u3092\u3069\u306e\u3088\u3046\u306b\u6d3b\u7528\u3057\u3066\u3044\u308b\u306e\u3067\u3057\u3087\u3046\u304b\u3002<\/p>\n<p>\u30aa\u30fc\u30d7\u30f3\u30fb\u30d0\u30f3\u30ad\u30f3\u30b0\u306e\u958b\u59cb\u304c\u305d\u308c\u306b\u3069\u306e\u3088\u3046\u306a\u5f71\u97ff\u3092\u53ca\u307c\u3057\u3066\u3044\u308b\u306e\u304b\u3001\u30b3\u30e1\u30f3\u30c8\u3092\u3044\u305f\u3060\u3051\u306a\u3044\u3067\u3057\u3087\u3046\u304b? \u30aa\u30fc\u30d7\u30f3\u30fb\u30d0\u30f3\u30ad\u30f3\u30b0\u306f\u4fe1\u7528\u6b8b\u9ad8\u306e\u62e1\u5927\u306b\u306f\u5f79\u7acb\u305f\u305a\u3001\u4e3b\u306b\u81ea\u793e\u30c7\u30fc\u30bf\u3092\u6d3b\u7528\u3057\u3066\u6d88\u8cbb\u8005\u3068\u52a0\u76df\u5e97\u306e\u4e21\u65b9\u306b\u5bfe\u3057\u3066\u4e0e\u4fe1\u5224\u65ad\u3092\u884c\u3046\u3053\u3068\u306b\u306a\u308b\u3068\u304a\u8003\u3048\u3067\u3057\u3087\u3046\u304b? \u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3057\u305f\u3002<\/p>\n<p>\u30da\u30c9\u30ed\u30fb\u30a2\u30fc\u30f3\u30c8\uff08Pedro Arnt\uff09 &#8212; \u6700\u9ad8\u8ca1\u52d9\u8cac\u4efb\u8005<\/p>\n<p>\u7d20\u6674\u3089\u3057\u3044\u3002\u307e\u305a\u7b2c\u4e00\u306b\u3001\u79c1\u305f\u3061\u306f\u81ea\u5206\u305f\u3061\u306e\u3053\u3068\u3001\u305d\u3057\u3066\u79c1\u305f\u3061\u304c\u52a0\u76df\u5e97\u3084\u6d88\u8cbb\u8005\u306b\u4f55\u3092\u63d0\u4f9b\u3067\u304d\u308b\u304b\u306b\u7126\u70b9\u3092\u5f53\u3066\u7d9a\u3051\u3066\u3044\u308b\u3068\u8003\u3048\u3066\u3044\u307e\u3059\u3002\u52a0\u76df\u5e97\u69d8\u306f\u3001\u8907\u6570\u306e\u30de\u30fc\u30b1\u30c3\u30c8\u30d7\u30ec\u30a4\u30b9\u3092\u8a66\u884c\u932f\u8aa4\u3055\u308c\u308b\u3068\u601d\u3044\u307e\u3059\u3002\u3057\u304b\u3057\u3001\u6700\u7d42\u7684\u306b\u6c7a\u5b9a\u7684\u306b\u91cd\u8981\u306a\u306e\u306f\u3001\u6d88\u8cbb\u8005\u304c\u3069\u3053\u3067\u8cfc\u5165\u3057\u3001\u306a\u305c\u3042\u308b\u30d7\u30e9\u30c3\u30c8\u30d5\u30a9\u30fc\u30e0\u3092\u9078\u3076\u306e\u304b\u3068\u3044\u3046\u3053\u3068\u3067\u3059\u3002<\/p>\n<p>\u6d88\u8cbb\u8005\u306b\u5bfe\u3059\u308b MercadoLibre \u306e\u4fa1\u5024\u63d0\u6848\u3092\u898b\u308b\u3068\u3001\u3059\u3067\u306b\u5f37\u56fa\u306a\u30d9\u30fc\u30b9\u304b\u3089\u5927\u5e45\u306b\u5411\u4e0a\u3057\u3066\u3044\u308b\u3068\u78ba\u4fe1\u3057\u3066\u3044\u307e\u3059\u3002\u3064\u307e\u308a\u3001\u5bb6\u5ead\u306e\u7dcf\u5408\u7684\u306a\u30cb\u30fc\u30ba\u306b\u3088\u308a\u591a\u304f\u5bfe\u5fdc\u3067\u304d\u308b\u3088\u3046\u306a\u3001\u5897\u3048\u7d9a\u3051\u308b\u5546\u54c1\u30ab\u30c6\u30b4\u30ea\u30fc\u306b\u308f\u305f\u308b\u5e45\u5e83\u3044\u54c1\u63c3\u3048\u3001\u30b3\u30b9\u30c8\u3092\u4e0b\u3052\u7d9a\u3051\u3001\u914d\u9001\u30b9\u30d4\u30fc\u30c9\u306824\u6642\u9593\u4ee5\u5185\u306b\u5c4a\u304f\u5728\u5eab\u306e\u91cf\u3092\u5897\u52a0\u3055\u305b\u308b\u3001\u304a\u305d\u3089\u304f\u5730\u57df\u3054\u3068\u306b\u898b\u308c\u3070\u30af\u30e9\u30b9\u6700\u9ad8\u306e\u7269\u6d41\u30cd\u30c3\u30c8\u30ef\u30fc\u30af\u3001\u6700\u3082\u5e45\u5e83\u304f\u6700\u3082\u5229\u7528\u53ef\u80fd\u306a\u7121\u6599\u914d\u9001\u30d7\u30ed\u30b0\u30e9\u30e0\uff08\u7d0480\uff05\u4ee5\u4e0a\u306e\u91cf\u304c\u6d88\u8cbb\u8005\u3078\u306e\u9001\u6599\u7121\u6599\u3068\u306a\u3063\u3066\u3044\u308b\uff09\u306a\u3069\u304c\u7d44\u307f\u5408\u308f\u3055\u308c\u3066\u3044\u308b\u306e\u3067\u3059\u3002\u3053\u308c\u306f\u3001\u30e9\u30c6\u30f3\u30a2\u30e1\u30ea\u30ab\u306e\u6d88\u8cbb\u8005\u304c\u3001MELI\u306e\u30b5\u30fc\u30d3\u30b9\u3084\u30ed\u30a4\u30e4\u30eb\u30c6\u30a3\u30d7\u30ed\u30b0\u30e9\u30e0\u3092\u898b\u3066\u3001\u305d\u306e\u30ec\u30d9\u30eb\u306b\u5230\u9054\u3059\u308b\u305f\u3081\u306b\u304a\u91d1\u3092\u6255\u3046\u3053\u3068\u3092\u671b\u3080\u3088\u3046\u306b\u306a\u3063\u3066\u304d\u3066\u3044\u308b\u3053\u3068\u3092\u793a\u3057\u3066\u3044\u307e\u3059\u3002\u305d\u3057\u3066\u3001\u3059\u3079\u3066\u306e\u30d5\u30a3\u30f3\u30c6\u30c3\u30af\u88fd\u54c1\u3068\u306e\u91cd\u306d\u5408\u308f\u305b\u3067\u3059\u3002MELI\u306e\u30af\u30ec\u30b8\u30c3\u30c8\u30ab\u30fc\u30c9\u306f\u3001\u30de\u30fc\u30b1\u30c3\u30c8\u30d7\u30ec\u30a4\u30b9\u3067\u3088\u308a\u9577\u671f\u306e\u5206\u5272\u6255\u3044\u304c\u3067\u304d\u308b\u3088\u3046\u306b\u306a\u308a\u3001\u500b\u4eba\u30ed\u30fc\u30f3\u3084\u4eca\u8cb7\u3063\u3066\u5f8c\u3067\u6255\u3046\u30bf\u30a4\u30d7\u306e\u5546\u54c1\u306a\u3069\u3001\u3055\u307e\u3056\u307e\u306a\u5f62\u5f0f\u3067\u4fe1\u7528\u4f9b\u4e0e\u304c\u3067\u304d\u308b\u3088\u3046\u306b\u306a\u308a\u307e\u3057\u305f\u3002<\/p>\n<p>\u3067\u3059\u304b\u3089\u4eca\u5f8c\u306f\u3001\u6d88\u8cbb\u8005\u306b\u3068\u3063\u3066\u306e\u7af6\u4e89\u4e0a\u306e\u5dee\u5225\u5316\u3092\u56f3\u308b\u305f\u3081\u306b\u3001\u3053\u306e\u3088\u3046\u306a\u5206\u91ce\u306b\u5f15\u304d\u7d9a\u304d\u6ce8\u529b\u3057\u3066\u3044\u304f\u3053\u3068\u306b\u306a\u308b\u3068\u601d\u3044\u307e\u3059\u3002\u305d\u3046\u3059\u308c\u3070\u3001\u4e8b\u696d\u3092\u7d99\u7d9a\u7684\u306b\u6210\u9577\u3055\u305b\u3001\u30ea\u30fc\u30c0\u30fc\u3068\u3057\u3066\u306e\u5730\u4f4d\u3092\u7dad\u6301\u3057\u3001\u30e6\u30fc\u30b6\u30fc\u306b\u5bfe\u3057\u3066\u975e\u5e38\u306b\u5805\u5b9f\u306a\u4fa1\u5024\u63d0\u6848\u3092\u3057\u7d9a\u3051\u308b\u3053\u3068\u304c\u3067\u304d\u308b\u3068\u8003\u3048\u3066\u3044\u307e\u3059\u3002\u307e\u305f\u3001\u30de\u30fc\u30c1\u30e3\u30f3\u30c8\uff08\u8ca9\u58f2\u8005\uff09\u306f\u4f55\u3088\u308a\u3082\u30dc\u30ea\u30e5\u30fc\u30e0\u3092\u91cd\u8996\u3057\u307e\u3059\u3002\u4fa1\u683c\u8a2d\u5b9a\u306b\u3064\u3044\u3066\u3082\u3001\u79c1\u305f\u3061\u306e\u4ed8\u52a0\u4fa1\u5024\u3092\u53cd\u6620\u3057\u305f\u5805\u5b9f\u306a\u4fa1\u683c\u8a2d\u5b9a\u306b\u306a\u3063\u3066\u3044\u308b\u3068\u601d\u3044\u307e\u3059\u3002<\/p>\n<p>\u79c1\u305f\u3061\u306f\u6c7a\u3057\u3066\u4fa1\u683c\u306b\u8ffd\u968f\u3059\u308b\u306e\u3067\u306f\u306a\u304f\u3001\u5e38\u306b\u4fa1\u683c\u30ea\u30fc\u30c0\u30fc\u3067\u3042\u308a\u7d9a\u3051\u3066\u3044\u307e\u3059\u3002\u3057\u304b\u3057\u3001\u30b5\u30fc\u30d3\u30b9\u306e\u54c1\u8cea\u3068\u63d0\u4f9b\u3059\u308b\u30dc\u30ea\u30e5\u30fc\u30e0\u304c\u3042\u308b\u304b\u3089\u3053\u305d\u3001\u4ed6\u306e\u52a0\u76df\u5e97\u3078\u306e\u5927\u5e45\u306a\u79fb\u884c\u3092\u4f34\u308f\u305a\u306b\u3001\u3053\u306e\u3088\u3046\u306a\u4fa1\u683c\u3092\u8a2d\u5b9a\u3059\u308b\u3053\u3068\u304c\u3067\u304d\u308b\u306e\u3060\u3068\u601d\u3044\u307e\u3059\u3002\u3064\u307e\u308a\u3001\u6700\u7d42\u7684\u306b\u306f&#8230;&#8230;\u3059\u307f\u307e\u305b\u3093\u3001\u4ed6\u306e\u30d7\u30e9\u30c3\u30c8\u30d5\u30a9\u30fc\u30e0\u3078\u3068\u3044\u3046\u3053\u3068\u3067\u3059\u306d\u3002\u30de\u30fc\u30c1\u30e3\u30f3\u30c8\u306f\u30de\u30eb\u30c1\u30d7\u30e9\u30c3\u30c8\u30d5\u30a9\u30fc\u30e0\u306b\u306a\u308a\u3001\u79c1\u305f\u3061\u306f\u89e3\u7d04\u3092\u7d4c\u9a13\u305b\u305a\u3001\u30d0\u30a4\u30e4\u30fc\u306b\u4e00\u8cab\u3057\u3066\u3088\u308a\u826f\u3044\u30a8\u30af\u30b9\u30da\u30ea\u30a8\u30f3\u30b9\u3092\u63d0\u4f9b\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n<p>\u3053\u308c\u3053\u305d\u304c\u3001\u7af6\u4e89\u306e\u30c0\u30a4\u30ca\u30df\u30ba\u30e0\u306b\u6700\u3082\u91cd\u8981\u306a\u8981\u7d20\u3060\u3068\u8003\u3048\u3066\u3044\u307e\u3059\u3002<\/p>\n<p>Osvaldo Gimenez &#8212; Mercado Pago\u306e\u6700\u9ad8\u7d4c\u55b6\u8cac\u4efb\u8005\uff08CEO<\/p>\n<p>\u30de\u30fc\u30f4\u30a3\u30f3 \u30af\u30ec\u30b8\u30c3\u30c8\u306b\u95a2\u3057\u3066\u306f\u3001\u79c1\u3082\u540c\u610f\u898b\u3067\u3059\u3002\u9593\u9055\u3044\u306a\u304f\u3001\u30aa\u30fc\u30d7\u30f3\u30fb\u30d0\u30f3\u30ad\u30f3\u30b0\u306f\u5927\u304d\u306a\u30a2\u30c3\u30d7\u30b5\u30a4\u30c9\u3067\u3059\u3002\u307e\u305a\u7b2c\u4e00\u306b\u3001\u3053\u306e\u5730\u57df\u5168\u4f53\u306b\u30af\u30ec\u30b8\u30c3\u30c8\u3092\u62e1\u5927\u3059\u308b\u5927\u304d\u306a\u6a5f\u4f1a\u304c\u3042\u308b\u3068\u4fe1\u3058\u3066\u3044\u307e\u3059\u3057\u3001\u79c1\u305f\u3061\u306f\u3059\u3067\u306b\u305d\u308c\u3092\u5b9f\u884c\u3057\u3066\u3044\u307e\u3059\u3002\u305d\u3057\u3066\u3001\u30aa\u30fc\u30d7\u30f3\u30d0\u30f3\u30af\u306b\u3088\u3063\u3066\u3001\u30e6\u30fc\u30b6\u30fc\u304b\u3089\u3088\u308a\u591a\u304f\u306e\u60c5\u5831\u3092\u5f97\u308b\u3053\u3068\u304c\u3067\u304d\u3001\u307e\u305f\u3001\u6c7a\u6e08\u53d6\u5f15\u3092\u958b\u59cb\u3059\u308b\u3053\u3068\u304c\u3067\u304d\u308b\u3088\u3046\u306b\u306a\u308b\u306e\u3067\u3059\u3002<\/p>\n<p>\u5b9f\u969b\u3001Mercado Pago\u306f\u3001\u652f\u6255\u3044\u958b\u59cb\u53d6\u5f15\u306e\u30e9\u30a4\u30bb\u30f3\u30b9\u3092\u767a\u884c\u3055\u308c\u305f\u6700\u521d\u306e\u6a5f\u95a2\u306e\u3072\u3068\u3064\u3067\u3001\u3059\u3067\u306b\u6570\u4eba\u306e\u30e6\u30fc\u30b6\u30fc\u3068\u305d\u306e\u88fd\u54c1\u3092\u30c6\u30b9\u30c8\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n<p>Marvin Fong &#8212; BTIG &#8212; \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n<p>\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3057\u305f\u3002\u304a\u4e8c\u4eba\u3068\u3082\u3001\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3057\u305f\u3002<\/p>\n<p>\u30aa\u30da\u30ec\u30fc\u30bf\u30fc<\/p>\n<p>\u6b21\u306e\u8cea\u554f\u306f\u3001\u30d0\u30fc\u30af\u30ec\u30a4\u30ba\u306e\u30c8\u30ec\u30d0\u30fc\u30fb\u30e4\u30f3\u30b0\u304b\u3089\u3067\u3059\u3002<\/p>\n<p>\u30c8\u30ec\u30d0\u30fc\u30fb\u30e4\u30f3\u30b0 &#8212; \u30d0\u30fc\u30af\u30ec\u30a4\u30ba &#8212; \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n<p>\u7d20\u6674\u3089\u3057\u3044\u3002\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u30022\u70b9\u3001\u3088\u308d\u3057\u3044\u3067\u3059\u304b\uff1f\u307e\u305a\u3001\u30e6\u30cb\u30fc\u30af\u30fb\u30a6\u30a9\u30ec\u30c3\u30c8\u30fb\u30da\u30a4\u30d1\u30fc\u304c\u5927\u5e45\u306b\u5897\u52a0\u3057\u3001\u4e45\u3005\u306b\u5f37\u529b\u306a\u7d14\u5897\u3092\u8a18\u9332\u3057\u307e\u3057\u305f\u3002<\/p>\n<p>\u3053\u306e\u52a0\u901f\u306e\u539f\u52d5\u529b\u306f\u4f55\u3060\u3063\u305f\u306e\u3067\u3057\u3087\u3046\u304b\u3002\u6697\u53f7\u306e\u666e\u53ca\u304c\u539f\u56e0\u306a\u306e\u304b\u3001\u305d\u308c\u3068\u3082\u4ed6\u306e\u8981\u56e0\u306a\u306e\u3067\u3057\u3087\u3046\u304b\u30022\u3064\u76ee\u306e\u8cea\u554f\u3067\u3059\u304c\u3001\u6d88\u8cbb\u8005\u91d1\u878d\u306e\u5206\u91ce\u3067\u306f\u3001\u30de\u30fc\u30b1\u30c3\u30c8\u30d7\u30ec\u30a4\u30b9\u30a2\u30d7\u30ea\u3068Mercado Pago\u30a2\u30d7\u30ea\u3067\u7d44\u6210\u3055\u308c\u305f\u30ed\u30fc\u30f3\u306e\u5e73\u5747\u878d\u8cc7\u984d\u3068\u5ef6\u6ede\u7387\u306b\u3064\u3044\u3066\u30b3\u30e1\u30f3\u30c8\u3092\u304a\u9858\u3044\u3057\u307e\u3059\u3002\u307e\u305f\u3001Pago\u30a2\u30d7\u30ea\u3078\u306e\u79fb\u884c\u304c\u9032\u3080\u306b\u3064\u308c\u3001\u9855\u8457\u306a\u9055\u3044\u304c\u51fa\u3066\u304f\u308b\u306e\u3067\u3057\u3087\u3046\u304b\uff1f\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u3002<\/p>\n<p>Osvaldo Gimenez &#8212; Mercado Pago\u306e\u6700\u9ad8\u7d4c\u55b6\u8cac\u4efb\u8005\u3067\u3059\u3002<\/p>\n<p>\u3053\u3093\u306b\u3061\u306f\u3001\u30c8\u30ec\u30d0\u30fc\u3002\u307e\u305a\u3001\u30e6\u30cb\u30fc\u30af\u30a6\u30a9\u30ec\u30c3\u30c8\u306e\u652f\u6255\u5148\u306b\u3064\u3044\u3066\u3067\u3059\u30023\u30ab\u56fd\u3068\u3082\u3001\u5f37\u3044\u30c8\u30ec\u30f3\u30c9\u304c\u898b\u3089\u308c\u308b\u3068\u601d\u3044\u307e\u3059\u3002\u7279\u306b\u30a2\u30eb\u30bc\u30f3\u30c1\u30f3\u3067\u306f\u3001\u6628\u5e74\u672b\u306b\u304b\u3051\u3066\u518d\u52a0\u901f\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n<p>\u307e\u305f\u3001\u30d6\u30e9\u30b8\u30eb\u3068\u30e1\u30ad\u30b7\u30b3\u3067\u3082\u597d\u8abf\u306a\u6570\u5b57\u304c\u898b\u3089\u308c\u307e\u3057\u305f\u3002\u6697\u53f7\u5316\u6280\u8853\u3082\u9593\u9055\u3044\u306a\u304f\u30d7\u30e9\u30b9\u306b\u50cd\u3044\u3066\u3044\u307e\u3059\u304c\u3001\u307e\u3060\u521d\u671f\u6bb5\u968e\u3067\u3059\u3002\u6697\u53f7\u306f12\u6708\u4e2d\u65ec\u306b\u30ed\u30fc\u30f3\u30c1\u3057\u305f\u3070\u304b\u308a\u3067\u3059\u3002\u305d\u306e\u305f\u3081\u3001\u7b2c4\u56db\u534a\u671f\u306f\u6697\u53f7\u6280\u8853\u306b\u307b\u3068\u3093\u3069\u529b\u3092\u5165\u308c\u3066\u3044\u307e\u305b\u3093\u3002<\/p>\n<p>2\u3064\u76ee\u306e\u8cea\u554f\u3067\u3059\u304c\u3001\u79c1\u305f\u3061\u304c\u898b\u3066\u3044\u308b\u306e\u306f\u30b7\u30d5\u30c8\u3067\u3059 &#8212; \u5b9f\u969b\u306b\u306f\u30b7\u30d5\u30c8\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002\u3057\u304b\u3057\u3001Mercado Pago\u30a2\u30d7\u30ea\u3067\u306e\u878d\u8cc7\u3092\u5c55\u958b\u3057\u3001\u30b7\u30a7\u30a2\u3092\u4f38\u3070\u3057\u3066\u3044\u308b\u56fd\u3082\u3042\u308a\u3001\u3059\u3067\u306b\u500b\u4eba\u5411\u3051\u878d\u8cc7\u306e50%\u4ee5\u4e0a\u3092\u5360\u3081\u3066\u3044\u307e\u3059\u3002\u3057\u304b\u3057\u3001\u5229\u7528\u8005\u304cATM\u3084\u9280\u884c\u53e3\u5ea7\u304b\u3089\u5f15\u304d\u51fa\u3059\u3053\u3068\u304c\u3067\u304d\u308b\u304a\u91d1\u3067\u3042\u308a\u3001\u5fc5\u305a\u3057\u3082\u79c1\u305f\u3061\u304c\u4f55\u304b\u3092\u8cfc\u5165\u3059\u308b\u3068\u306f\u9650\u3089\u306a\u3044\u305f\u3081\u3001\u5c11\u3057\u30ea\u30b9\u30af\u304c\u9ad8\u3044\u3068\u307f\u306a\u3055\u308c\u308b\u306e\u3067\u306f\u306a\u3044\u304b\u3068\u3044\u3046\u61f8\u5ff5\u306f\u6301\u3063\u3066\u3044\u307e\u3059\u3002\u3057\u304b\u3057\u3001\u3053\u308c\u307e\u3067\u306e\u3068\u3053\u308d\u3001\u3042\u307e\u308a\u5909\u308f\u3063\u305f\u6570\u5b57\u306f\u51fa\u3066\u3044\u307e\u305b\u3093\u3002<\/p>\n<p>\u30da\u30c9\u30ed\u30fb\u30a2\u30f3\u30c8 &#8212; \u30c1\u30fc\u30d5\u30fb\u30d5\u30a1\u30a4\u30ca\u30f3\u30b7\u30e3\u30eb\u30fb\u30aa\u30d5\u30a3\u30b5\u30fc<\/p>\n<p>2\u3064\u76ee\u306e\u8cea\u554f\u3067\u3059\u304c\u3001\u30aa\u30f3\u30de\u30fc\u30b1\u30c3\u30c8\u30d7\u30ec\u30a4\u30b9\u578b\u3068\u30aa\u30d5\u30de\u30fc\u30b1\u30c3\u30c8\u30d7\u30ec\u30a4\u30b9\u578b\u306e\u30af\u30ec\u30b8\u30c3\u30c8\u306e\u5dee\u5225\u5316\u30d7\u30ed\u30d5\u30a1\u30a4\u30eb\u306b\u95a2\u3059\u308b\u30c7\u30fc\u30bf\u306f\u3001\u5b9f\u969b\u306b\u306f\u958b\u793a\u3057\u3066\u3044\u307e\u305b\u3093\u3002\u6e96\u5099\u66f8\u9762\u3067\u306e\u30b3\u30e1\u30f3\u30c8\u306f\u3001\u5f53\u793e\u306e\u30af\u30ec\u30b8\u30c3\u30c8\u30d3\u30b8\u30cd\u30b9\u304c\u3082\u306f\u3084\u4e3b\u306b\u30aa\u30f3\u30de\u30fc\u30b1\u30c3\u30c8\u30d7\u30ec\u30a4\u30b9\u306e\u30af\u30ec\u30b8\u30c3\u30c8\u30d3\u30b8\u30cd\u30b9\u3067\u306f\u306a\u304f\u3001MELI\u30de\u30fc\u30b1\u30c3\u30c8\u30d7\u30ec\u30a4\u30b9\u304b\u3089\u96e2\u308c\u305fTAM\u5168\u4f53\u3092\u76ee\u6307\u3059\u3053\u3068\u304c\u3067\u304d\u308b\u30af\u30ec\u30b8\u30c3\u30c8\u30d3\u30b8\u30cd\u30b9\u3067\u3042\u308b\u3053\u3068\u3092\u958b\u793a\u3059\u308b\u3053\u3068\u304c\u76ee\u7684\u3067\u3042\u3063\u305f\u3068\u8003\u3048\u3066\u3044\u307e\u3059\u3002\u5f53\u793e\u306e\u30af\u30ec\u30b8\u30c3\u30c8\u30fb\u30d6\u30c3\u30af\u306e\u898f\u6a21\u3084\u6f5c\u5728\u7684\u306a\u30af\u30ec\u30b8\u30c3\u30c8\u30fb\u30d6\u30c3\u30af\u306e\u898f\u6a21\u3092\u898b\u308c\u3070\u3001\u5f53\u793e\u304c\u4e8b\u696d\u3092\u5c55\u958b\u3057\u3066\u3044\u308b\u3053\u308c\u3089\u306e\u6d88\u8cbb\u8005\u30bb\u30b0\u30e1\u30f3\u30c8\u306b\u304a\u3051\u308b\u30af\u30ec\u30b8\u30c3\u30c8\u306b\u5bfe\u3059\u308b\u9700\u8981\u5168\u4f53\u304b\u3089\u898b\u308c\u3070\u3001\u307e\u3060\u5927\u6d77\u306e\u4e00\u6ef4\u306b\u904e\u304e\u306a\u3044\u3053\u3068\u304c\u308f\u304b\u308b\u3068\u601d\u3044\u307e\u3059\u3002\u3064\u307e\u308a\u3001\u30a2\u30c9\u30ec\u30b9\u53ef\u80fd\u306a\u5e02\u5834\u306e\u898f\u6a21\u306f\u975e\u5e38\u306b\u5927\u304d\u3044\u306e\u3067\u3059\u3002<\/p>\n<p>\u305d\u3057\u3066\u3001\u3042\u3048\u3066\u8a00\u3046\u306a\u3089\u3001\u591a\u304f\u306e\u512a\u826f\u30d7\u30ec\u30a4\u30e4\u30fc\u306e\u6210\u9577\u306b\u5f71\u97ff\u3092\u4e0e\u3048\u308b\u3053\u3068\u306a\u304f\u3001\u591a\u304f\u306e\u30d7\u30ec\u30a4\u30e4\u30fc\u3092\u53ce\u5bb9\u3059\u308b\u3053\u3068\u304c\u3067\u304d\u308b\u306e\u3067\u3059\u3002\u3067\u3059\u304b\u3089\u3001\u30aa\u30fc\u30d7\u30f3\u306aMercado Pago\u30a2\u30d7\u30ea\u306b\u79fb\u884c\u3057\u3001\u30de\u30fc\u30b1\u30c3\u30c8\u30d7\u30ec\u30a4\u30b9\u306e\u6d88\u8cbb\u8005\u304b\u3089\u96e2\u308c\u308b\u3068\u3001\u30bc\u30ed\u30b5\u30e0\u30b2\u30fc\u30e0\u304b\u3089\u306f\u7a0b\u9060\u304f\u306a\u308a\u307e\u3059\u3002\u307e\u305f\u3001\u30de\u30fc\u30b1\u30c3\u30c8\u30d7\u30ec\u30a4\u30b9\u3067\u306f\u3001\u30af\u30ec\u30b8\u30c3\u30c8\u30ab\u30fc\u30c9\u306a\u3069\u4ed6\u306e\u30af\u30ec\u30b8\u30c3\u30c8\u30b5\u30fc\u30d3\u30b9\u3088\u308a\u3082\u5927\u304d\u306a\u512a\u4f4d\u6027\u3092\u6301\u3063\u3066\u3044\u307e\u3059\u3002\u3064\u307e\u308a\u3001\u30de\u30fc\u30b1\u30c3\u30c8\u30d7\u30ec\u30a4\u30b9\u4ee5\u5916\u3067\u306e\u30af\u30ec\u30b8\u30c3\u30c8\u7d44\u6210\u304c\u3069\u306e\u7a0b\u5ea6\u3042\u308b\u306e\u304b\u3001\u305d\u3057\u3066\u305d\u308c\u304c\u9577\u671f\u7684\u306a\u6210\u9577\u306b\u3069\u306e\u3088\u3046\u306b\u3064\u306a\u304c\u308b\u306e\u304b\u3092\u660e\u3089\u304b\u306b\u3057\u3088\u3046\u3068\u3057\u305f\u306e\u3060\u3068\u601d\u3044\u307e\u3059\u3002<\/p>\n<p>\u6d88\u8cbb\u8005\u30d7\u30ed\u30d5\u30a1\u30a4\u30eb\u3084\u5e33\u7c3f\u304c\u3069\u306e\u3088\u3046\u306b\u5ef6\u671f\u3055\u308c\u308b\u304b\u306b\u3064\u3044\u3066\u306f\u3001\u8a73\u7d30\u306a\u60c5\u5831\u306f\u63d0\u4f9b\u3057\u3066\u3044\u307e\u305b\u3093\u3002<\/p>\n<p>Trevor Young &#8212; \u30d0\u30fc\u30af\u30ec\u30a4\u30ba &#8212; \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n<p>\u7d20\u6674\u3089\u3057\u3044\u3002\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3057\u305f\u3002<\/p>\n<p>\u30aa\u30da\u30ec\u30fc\u30bf\u30fc<\/p>\n<p>\u6b21\u306e\u8cea\u554f\u306f\u3001\u30a6\u30a9\u30eb\u30d5\u30fb\u30ea\u30b5\u30fc\u30c1\u306e\u30c7\u30a3\u30fc\u30d1\u30c3\u30af\u30fb\u30de\u30c6\u30a3\u30d0\u30ca\u30f3\u3055\u3093\u304b\u3089\u3067\u3059\u3002<\/p>\n<p>Deepak Mathivanan &#8212; Wolfe Research &#8212; \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n<p>\u7d20\u6674\u3089\u3057\u3044\u3002\u8cea\u554f\u3092\u304a\u53d7\u3051\u3057\u3066\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u30022\u3064\u307b\u3069\u8cea\u554f\u3092\u3055\u305b\u3066\u304f\u3060\u3055\u3044\u3002\u307e\u305a\u3001\u30da\u30c9\u30ed\u3055\u3093\u3067\u3059\u304c\u3001\u3059\u3067\u306b\u51fa\u8377\u91cf\u306e\u5927\u90e8\u5206\u306f1\u65e5\u30012\u65e5\u51fa\u8377\u306b\u306a\u3063\u3066\u3044\u307e\u3059\u3002<\/p>\n<p>\u4eca\u5f8c12\u30f6\u6708\u304b\u308924\u30f6\u6708\u306e\u9593\u306b\u3001\u3053\u306e\u30b5\u30fc\u30d3\u30b9\u30ec\u30d9\u30eb\u3092\u3069\u306e\u7a0b\u5ea6\u307e\u3067\u5f15\u304d\u4e0a\u3052\u305f\u3044\u3067\u3059\u304b\uff1f\u3068\u3044\u3046\u306e\u3082\u3001\u914d\u9001\u3084\u8f38\u9001\u306e\u30b3\u30b9\u30c8\u306f\u4f9d\u7136\u3068\u3057\u3066\u7c97\u5229\u76ca\u7387\u3092\u4f4e\u4e0b\u3055\u305b\u3066\u3044\u308b\u304b\u3089\u3067\u3059\u3002\u3053\u308c\u3089\u306e\u8cbb\u7528\u306e\u5897\u52a0\u306b\u3064\u3044\u3066\u3069\u306e\u3088\u3046\u306b\u8003\u3048\u308c\u3070\u3088\u3044\u3067\u3057\u3087\u3046\u304b\uff1f\u305d\u308c\u304b\u3089\u3001\u30af\u30ec\u30b8\u30c3\u30c8\u4e8b\u696d\u306b\u3064\u3044\u3066\u3082\u8cea\u554f\u3057\u307e\u3059\u3002\u30af\u30ec\u30b8\u30c3\u30c8\u30fb\u30d3\u30b8\u30cd\u30b9\u3092\u3055\u307e\u3056\u307e\u306a\u88fd\u54c1\u306b\u7d71\u5408\u3057\u3066\u3044\u308b\u306e\u306f\u660e\u3089\u304b\u3067\u3059\u3002\u3057\u304b\u3057\u3001\u4eca\u5f8c\u6570\u56db\u534a\u671f\u306b\u304a\u3051\u308b\u3053\u306e\u4e8b\u696d\u306e\u6301\u7d9a\u53ef\u80fd\u6027\u306b\u3064\u3044\u3066\u3001\u3069\u306e\u3088\u3046\u306b\u8003\u3048\u308b\u3079\u304d\u3067\u3057\u3087\u3046\u304b\uff1f\u30ad\u30e3\u30c3\u30b7\u30f3\u30b0\u306e\u4e0e\u4fe1\u53b3\u683c\u5316\u306a\u3069\u3001\u5fa1\u793e\u306e\u30d7\u30e9\u30c3\u30c8\u30d5\u30a9\u30fc\u30e0\u4ee5\u5916\u306e\u5916\u90e8\u8981\u56e0\u304c\u5bc4\u4e0e\u3057\u3066\u3044\u308b\u3068\u304a\u8003\u3048\u3067\u3057\u3087\u3046\u304b\uff1f\u305d\u308c\u3068\u3082\u3001\u5148\u307b\u3069\u304a\u3063\u3057\u3083\u3063\u305f\u3088\u3046\u306b\u3001\u307e\u3060\u521d\u671f\u6bb5\u968e\u306e\u3088\u3046\u306a\u3082\u306e\u306a\u306e\u3067\u3057\u3087\u3046\u304b\uff1f<\/p>\n<p>Osvaldo Gimenez &#8212; Mercado Pago\u306e\u6700\u9ad8\u7d4c\u55b6\u8cac\u4efb\u8005\u3067\u3059\u3002<\/p>\n<p>\u30c7\u30a3\u30fc\u30d1\u30c3\u30af\u3055\u3093\u3001\u3053\u3093\u306b\u3061\u306f\u3002\u3067\u306f\u30012\u3064\u76ee\u306e\u8cea\u554f\u3067\u3042\u308b\u300c\u4fe1\u7528\u300d\u306b\u95a2\u3057\u3066\u304b\u3089\u304a\u8a71\u3057\u3057\u307e\u3059\u3002\u5f15\u304d\u7de0\u3081\u74b0\u5883\u306b\u3082\u304b\u304b\u308f\u3089\u305a\u3001\u4e0d\u826f\u50b5\u6a29\u306f\u6539\u5584\u3057\u3066\u3044\u308b\u3068\u601d\u3044\u307e\u3059\u3057\u3001\u4eca\u5f8c\u3082\u30d3\u30b8\u30cd\u30b9\u3092\u6210\u9577\u3055\u305b\u308b\u3053\u3068\u304c\u3067\u304d\u308b\u3068\u78ba\u4fe1\u3057\u3066\u3044\u307e\u3059\u3002\u79c1\u305f\u3061\u304c\u884c\u3063\u3066\u304d\u305f\u306e\u306f\u3001\u6628\u5e74\u521d\u3081\u306b\u8a3c\u5238\u5316\u3084\u7b2c\u4e09\u8005\u304b\u3089\u306e\u51fa\u8cc7\u3092\u53d7\u3051\u305f\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306e\u90e8\u5206\u3092\u5897\u3084\u3059\u3053\u3068\u3067\u3001\u305d\u308c\u306f\u304a\u3088\u305d25\uff05\u3067\u3057\u305f\u3002<\/p>\n<p>\u6628\u5e74\u672b\u306b\u306f45%\u306b\u306a\u308a\u307e\u3057\u305f\u3002\u3067\u3059\u304b\u3089\u3001\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306b\u5360\u3081\u308b\u5f53\u793e\u306e\u5272\u5408\u306f\u6e1b\u5c11\u3057\u3066\u3044\u307e\u3059\u304c\u3001\u3059\u3079\u3066\u306e\u30af\u30ec\u30b8\u30c3\u30c8\u5546\u54c1\u3092\u5f15\u304d\u7d9a\u304d\u6210\u9577\u3055\u305b\u308b\u3053\u3068\u304c\u3067\u304d\u308b\u3068\u78ba\u4fe1\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n<p>Pedro Arnt &#8212; \u6700\u9ad8\u8ca1\u52d9\u8cac\u4efb\u8005<\/p>\n<p>\u3067\u306f\u3001\u30c7\u30a3\u30fc\u30d1\u30c3\u30af\u30012\u3064\u307b\u3069\u3002\u5e74\u7387\u63db\u7b97\u306e\u58f2\u4e0a\u7dcf\u5229\u76ca\u306e\u63a8\u79fb\u3092\u898b\u308b\u3068\u3001\u307e\u305a\u3001\u5727\u7e2e\u304c\u898b\u3089\u308c\u307e\u3059\u3002\u3057\u304b\u3057\u3001\u51fa\u8377\u306e\u90e8\u5206\u3092\u5b9f\u969b\u306b\u898b\u3066\u307f\u308b\u3068\u3001\u5f53\u65e5\u304a\u3088\u3073\u7fcc\u65e5\u306b\u914d\u9054\u3055\u308c\u308b\u51fa\u8377\u306e\u5272\u5408\u304c\u5927\u5e45\u306b\u6539\u5584\u3055\u308c\u3066\u3044\u308b\u306b\u3082\u304b\u304b\u308f\u3089\u305a\u3001\u30de\u30fc\u30b8\u30f3\u69cb\u9020\u306b\u306f\u8208\u5473\u6df1\u3044\u6539\u5584\u304c\u898b\u3089\u308c\u307e\u3057\u305f\u3002\u5f53\u65e5\u914d\u9054\u304c30\uff05\u8fd1\u304f\u3001\u7fcc\u65e5\u914d\u9054\u304c31\uff05\u3068\u306a\u3063\u3066\u304a\u308a\u3001\u3053\u308c\u306f\u30cd\u30c3\u30c8\u30ef\u30fc\u30af\u306b\u3088\u308b\u975e\u5e38\u306b\u5805\u5b9f\u306a\u5b9f\u884c\u3067\u3042\u308a\u3001\u3053\u308c\u306f\u5730\u57df\u5168\u4f53\u306b\u304a\u3051\u308b\u3082\u306e\u3067\u3059\u3002<\/p>\n<p>\u500b\u3005\u306e\u5e02\u5834\u306f\u3053\u308c\u3088\u308a\u3082\u3055\u3089\u306b\u597d\u8abf\u3067\u3059\u3002\u307e\u305f\u3001\u51fa\u8377\u30b3\u30b9\u30c8\u306f\u3001\u6628\u5e74\u306e\u7b2c4\u56db\u534a\u671f\u3068\u6bd4\u8f03\u3059\u308b\u3068\u3001\u5b9f\u969b\u306b\u306f\u30d7\u30e9\u30b9\u306e\u898f\u6a21\u3068\u306a\u3063\u3066\u3044\u307e\u3059\u3002\u58f2\u4e0a\u7dcf\u5229\u76ca\u7387\u306b\u5bfe\u3059\u308b\u5727\u529b\u306f\u30011P\u30d3\u30b8\u30cd\u30b9\u306e\u62e1\u5927\u3084\u69cb\u7bc9\u3001\u305d\u306e\u4ed6\u306e\u9805\u76ee\u304b\u3089\u751f\u3058\u3066\u3044\u307e\u3059\u3002\u3053\u306e\u305f\u3081\u3001\u51fa\u8377\u306b\u306f\u975e\u5e38\u306b\u6e80\u8db3\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n<p>\u4eca\u5f8c\u3082\u540c\u3058\u30d1\u30bf\u30fc\u30f3\u3092\u7d9a\u3051\u3066\u3044\u304d\u305f\u3044\u3068\u8003\u3048\u3066\u3044\u307e\u3059\u3002\u3069\u3046\u3059\u308c\u3070\u3001\u3088\u308a\u8fc5\u901f\u306a\u51fa\u8377\u3092\u5b9f\u73fe\u3067\u304d\u308b\u3067\u3057\u3087\u3046\u304b\uff1f\u6700\u8fd1\u3001\u30d6\u30e9\u30b8\u30eb\u3068\u30e1\u30ad\u30b7\u30b3\u3067\u958b\u59cb\u3057\u305f\u30af\u30e9\u30a6\u30c9\u30bd\u30fc\u30b7\u30f3\u30b0\u306b\u3088\u308b\u914d\u9001\u30bd\u30ea\u30e5\u30fc\u30b7\u30e7\u30f3\u304c\u3001\u5b9f\u306b\u8208\u5473\u6df1\u3044\u7d50\u679c\u3092\u51fa\u3057\u3066\u3044\u307e\u3059\u3002\u6628\u5e74\u7b2c4\u56db\u534a\u671f\u304b\u3089\u4eca\u5e74\u7b2c4\u56db\u534a\u671f\u306b\u304b\u3051\u3066\u3001\u914d\u9001\u6642\u9593\u306e\u6539\u5584\u306b\u3082\u304b\u304b\u308f\u3089\u305a\u3001\u58f2\u4e0a\u7dcf\u5229\u76ca\u7387\u304c\u4f4e\u4e0b\u3057\u3066\u3044\u308b\u306e\u306f\u3001\u914d\u9001\u306e\u9032\u5316\u304c\u539f\u56e0\u3067\u306f\u306a\u3044\u3068\u8003\u3048\u3066\u3044\u307e\u3059\u3002<\/p>\n<p>\u904b\u55b6\u62c5\u5f53\u8005<\/p>\n<p>\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3057\u305f\u3002\u6b21\u306e\u8cea\u554f\u306f\u3001\u30d6\u30e9\u30c7\u30b9\u30b3\u306e\u30ea\u30c1\u30e3\u30fc\u30c9\u30fb\u30ad\u30e3\u30b9\u30ab\u30fc\u30c8\u3055\u3093\u304b\u3089\u3067\u3059\u3002<\/p>\n<p>Richard Cathcart &#8212; Bradesco BBI &#8212; \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n<p>\u3053\u3093\u306b\u3061\u306f\u3001\u7686\u3055\u3093\u3002\u3053\u3093\u3070\u3093\u306f\u3002\u79c1\u306e\u8cea\u554f\u3092\u805e\u3044\u3066\u304f\u3060\u3055\u3063\u3066\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u3002\u30d6\u30e9\u30b8\u30eb\u306e\u76f4\u63a5\u8cbb\u306b\u3064\u3044\u3066\u304a\u805e\u304d\u3057\u305f\u3044\u306e\u3067\u3059\u304c\u3002<\/p>\n<p>\u524d\u56db\u534a\u671f\u6bd4\u3067\u898b\u308b\u3068\u3001\u30d6\u30e9\u30b8\u30eb\u306e\u76f4\u63a5\u7d4c\u8cbb\u306f\u304b\u306a\u308a\u5927\u304d\u304f\u5897\u52a0\u3057\u3066\u3044\u307e\u3059\u3002\u305d\u306e\u8981\u56e0\u306f\u4f55\u3060\u3063\u305f\u306e\u3067\u3057\u3087\u3046\u304b\u3002\u307e\u305f\u3001\u305d\u308c\u304c\u539f\u4fa1\u90e8\u9580\u306a\u306e\u304b\u8ca9\u58f2\u7ba1\u7406\u90e8\u9580\u306a\u306e\u304b\u3001\u3042\u308b\u3044\u306f\u305d\u306e2\u3064\u306e\u7d44\u307f\u5408\u308f\u305b\u306a\u306e\u304b\u3001\u3082\u3046\u5c11\u3057\u8a73\u3057\u304f\u6559\u3048\u3066\u304f\u3060\u3055\u3044\u3002\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3057\u305f\u3002<\/p>\n<p>\u30da\u30c9\u30ed\u30fb\u30a2\u30fc\u30f3\u30c8 &#8212; \u6700\u9ad8\u8ca1\u52d9\u8cac\u4efb\u8005<\/p>\n<p>\u305d\u3046\u3067\u3059\u306d\u3002\u30d6\u30e9\u30b8\u30eb\u306f\u3001\u524d\u306e\u8cea\u554f\u3067\u3082\u3044\u304f\u3064\u304b\u89e6\u308c\u307e\u3057\u305f\u304c\u3001\u3088\u308a\u8a73\u3057\u304f\u8aac\u660e\u3057\u307e\u3059\u3002\u30d6\u30e9\u30b8\u30eb\u306e\u640d\u76ca\u306e\u63a8\u79fb\u3092\u898b\u308b\u3068\u3001\u307e\u305a\u3001\u30b3\u30b9\u30c8\u3060\u3051\u3092\u898b\u308b\u3068\u3001\u30af\u30ec\u30b8\u30c3\u30c8\u30d6\u30c3\u30af\u304b\u3089\u306e\u8cb8\u5012\u5f15\u5f53\u91d1\u304c\u5897\u52a0\u3057\u3066\u3044\u307e\u3059\u3002\u3057\u304b\u3057\u3001\u3053\u308c\u306f\u30af\u30ec\u30b8\u30c3\u30c8\u53ce\u76ca\u306b\u3088\u3063\u3066\u76f8\u6bba\u3055\u308c\u3066\u3044\u307e\u3059\u3002<\/p>\n<p>\u3067\u3059\u304b\u3089\u3001EBIT\u3084\u7d14\u5229\u76ca\u306e\u30ec\u30d9\u30eb\u3067\u898b\u305f\u5834\u5408\u3001\u30af\u30ec\u30b8\u30c3\u30c8\u30fb\u30d6\u30c3\u30af\u306f\u30d7\u30e9\u30b9\u306b\u50cd\u304d\u307e\u3059\u304c\u3001\u30af\u30ec\u30b8\u30c3\u30c8\u30fb\u30d6\u30c3\u30af\u306e\u5897\u52a0\u306b\u3088\u308a\u3001\u30bb\u30fc\u30eb\u30b9\uff06\u30de\u30fc\u30b1\u30c6\u30a3\u30f3\u30b0\u304c\u524d\u5e74\u6bd4\u3067\u5927\u5e45\u306b\u5897\u52a0\u3059\u308b\u3053\u3068\u306b\u306a\u308a\u307e\u3059\u3002\u6b21\u306b\u3001\u30d5\u30a1\u30fc\u30b9\u30c8\u30d1\u30fc\u30c6\u30a3\u30fc\u30d3\u30b8\u30cd\u30b9\u3067\u3059\u3002\u3053\u308c\u306f\u524d\u5e74\u6bd4\u3067\u5927\u304d\u304f\u4f38\u3073\u3066\u3044\u307e\u3059\u3002\u3057\u304b\u3057\u3001\u7b2c4\u56db\u534a\u671f\u306b\u5165\u308b\u3068\u3001\u901a\u5e38\u3001\u30db\u30ea\u30c7\u30fc\u30b7\u30fc\u30ba\u30f3\u306b\u306f1P\u30d3\u30b8\u30cd\u30b9\u3092\u3088\u308a\u7a4d\u6975\u7684\u306b\u5c55\u958b\u3057\u307e\u3059\u304c\u3001\u3053\u306e\u30d3\u30b8\u30cd\u30b9\u306f\u307e\u3060\u898f\u6a21\u304c\u5c0f\u3055\u3044\u305f\u3081\u3001\u30de\u30fc\u30b8\u30f3\u304c\u5927\u5e45\u306b\u7e2e\u5c0f\u3057\u307e\u3059\u3002<\/p>\n<p>\u305d\u3057\u3066\u30013\u3064\u76ee\u306e\u5206\u91ce\u306f\u3001\u5f15\u304d\u7d9a\u304d\u7a4d\u6975\u7684\u306a\u6295\u8cc7\u3092\u884c\u3063\u3066\u3044\u307e\u3059\u304c\u3001\u7b2c4\u56db\u534a\u671f\u306e\u8ca9\u4fc3\u30b7\u30fc\u30ba\u30f3\u306b\u3082\u82e5\u5e72\u306e\u5727\u7e2e\u304c\u751f\u3058\u307e\u3059\u3002\u7b2c3\u56db\u534a\u671f\u3068\u6bd4\u8f03\u3059\u308b\u3068\u3001\u7b2c4\u56db\u534a\u671f\u306f\u660e\u3089\u304b\u306b\u30de\u30fc\u30b1\u30c6\u30a3\u30f3\u30b0\u8cbb\u7528\u304c\u5897\u52a0\u3057\u3066\u3044\u307e\u3059\u3002\u3053\u306e\u305f\u3081\u3001\u7b2c4\u56db\u534a\u671f\u306f\u3001\u5b63\u7bc0\u7684\u306b\u524d3\u56db\u534a\u671f\u3088\u308a\u5f31\u304f\u306a\u308a\u307e\u3059\u3002\u3053\u306e3\u3064\u306e\u9805\u76ee\u304c\u3001\u30d6\u30e9\u30b8\u30eb\u56fd\u5185\u3060\u3051\u3067\u306a\u304f\u3001\u5168\u4f53\u3068\u3057\u3066\u3082\u524d\u56db\u534a\u671f\u306e\u30de\u30fc\u30b8\u30f3\u5727\u7e2e\u306e\u4e3b\u306a\u8981\u56e0\u3067\u3059\u3002<\/p>\n<p>Richard Cathcart &#8212; Bradesco BBI &#8212; \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n<p>\u5b8c\u74a7\u3067\u3059\u3002\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3057\u305f\u3002<\/p>\n<p>\u30aa\u30da\u30ec\u30fc\u30bf\u30fc<\/p>\n<p>\u6b21\u306e\u8cea\u554f\u306f\u30af\u30ec\u30c7\u30a3\u30fb\u30b9\u30a4\u30b9\u306e\u30b9\u30c6\u30a3\u30fc\u30d6\u30f3\u30fb\u30b8\u30e5\u30fc\u304b\u3089\u3067\u3059\u3002<\/p>\n<p>Stephen Ju &#8212; Credit Suisse &#8212; \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n<p>\u308f\u304b\u308a\u307e\u3057\u305f\u3002\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u3002\u30da\u30c9\u30ed \u6e96\u5099\u66f8\u9762\u3067\u306f \u8cfc\u5165\u80051\u4eba\u5f53\u305f\u308a\u306e\u5358\u4fa1\u304c \u524d\u5e74\u540c\u671f\u6bd4\u3067\u6539\u5584\u3057\u7d9a\u3051\u3066\u3044\u308b\u3068 \u304a\u3063\u3057\u3083\u3063\u3066\u3044\u307e\u3057\u305f\u306d \u307e\u305f\u3001\u3053\u308c\u306f\u5c11\u3057\u7d30\u304b\u3044\u8a71\u306b\u306a\u308b\u304b\u3082\u3057\u308c\u307e\u305b\u3093\u304c\u3001\u65b0\u898f\u306b\u30aa\u30f3\u30dc\u30fc\u30c9\u3057\u305f\u30e6\u30fc\u30b6\u30fc\u3068\u65e2\u5b58\u306e\u30e6\u30fc\u30b6\u30fc\u3068\u306e\u884c\u52d5\u6bd4\u8f03\u306b\u3064\u3044\u3066\u304a\u8a71\u3044\u305f\u3060\u3051\u307e\u3059\u304b\uff1f\u307e\u305f\u3001\u3053\u306e\u30c8\u30e9\u30f3\u30b6\u30af\u30b7\u30e7\u30f3\u30fb\u30d9\u30ed\u30b7\u30c6\u30a3\u306e\u5897\u52a0\u306f\u3069\u3053\u304b\u3089\u3082\u305f\u3089\u3055\u308c\u3066\u3044\u308b\u306e\u3067\u3057\u3087\u3046\u304b\u3002\u6b21\u306b\u3001Envios\u304c\u51fa\u8377\u30e6\u30cb\u30c3\u30c8\u306e\u5927\u90e8\u5206\u3092\u6271\u3063\u3066\u3044\u308b\u4eca\u3001\u79c1\u306e\u4e2d\u306e\u697d\u89b3\u4e3b\u7fa9\u8005\u306f\u3001\u51fa\u8377\u30b3\u30b9\u30c8\u3092\u3055\u3089\u306b\u524a\u6e1b\u3059\u308b\u305f\u3081\u306b\u3001\u6642\u9593\u3092\u304b\u3051\u3066\u914d\u9001\u3092\u7d44\u307f\u5408\u308f\u305b\u308b\u3053\u3068\u304c\u3067\u304d\u306a\u3044\u304b\u8003\u3048\u59cb\u3081\u3066\u3044\u308b\u306e\u3067\u3059\u304c\u3001\u3044\u304b\u304c\u3067\u3057\u3087\u3046\u304b\uff1f<\/p>\n<p>\u3053\u308c\u306f\u3001\u4ed6\u306e\u30b0\u30ed\u30fc\u30d0\u30eb\u4f01\u696d\u3067\u3082\u898b\u3089\u308c\u305f\u3053\u3068\u3067\u3059\u306d\u3002\u4ee5\u524d\u306f\u30011\u3064\u306e\u7bb1\u306b1\u3064\u306e\u6ce8\u6587\u3092\u51fa\u8377\u3057\u3066\u3044\u307e\u3057\u305f\u3002\u3057\u304b\u3057\u3001\u6642\u9593\u304c\u7d4c\u3064\u306b\u3064\u308c\u3066\u3001\u540c\u3058\u7bb1\u306e\u4e2d\u306b\u8907\u6570\u306e\u6ce8\u6587\u304c\u5165\u308b\u3088\u3046\u306b\u306a\u308a\u307e\u3059\u3002\u3067\u306f\u3001\u305d\u306e\u3088\u3046\u306a\u52d5\u304d\u3092\u5b9f\u73fe\u3059\u308b\u306b\u306f\u3001\u3069\u308c\u304f\u3089\u3044\u306e\u8ddd\u96e2\u304c\u3042\u308b\u3068\u304a\u8003\u3048\u3067\u3059\u304b\uff1f\u305d\u306e\u305f\u3081\u306b\u306f\u3001\u3088\u308a\u9ad8\u3044\u6ce8\u6587\u5bc6\u5ea6\u304c\u5fc5\u8981\u306a\u306e\u3067\u3057\u3087\u3046\u304b\uff1f\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u3002<\/p>\n<p>Pedro Arnt &#8212; \u6700\u9ad8\u8ca1\u52d9\u8cac\u4efb\u8005<\/p>\n<p>\u30b9\u30c6\u30a3\u30fc\u30d6\u3055\u3093\u3001\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u3002\u7d20\u6674\u3089\u3057\u3044\u8cea\u554f\u3067\u3059\u3002\u79c1\u305f\u3061\u306f\u30b3\u30db\u30fc\u30c8\u5206\u6790\u3092\u5171\u6709\u3057\u3066\u3044\u308b\u308f\u3051\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002\u3057\u304b\u3057\u300121\u5e74\u7b2c4\u56db\u534a\u671f\u306b\u306f\u3001\u8cfc\u5165\u983b\u5ea6\u304c\u521d\u3081\u30661\u4eba\u5f53\u305f\u308a7\u56de\u3092\u8d85\u3048\u307e\u3057\u305f\u3002<\/p>\n<p>\u3053\u308c\u306f\u30011\u5e74\u524d\u306e\u7b2c4\u56db\u534a\u671f\u3067\u306f1\u4eba\u5f53\u305f\u308a\u306e\u8cfc\u5165\u6570\u304c\u307b\u307c1\u500b\u5c11\u306a\u304b\u3063\u305f\u3053\u3068\u304b\u3089\u3001\u5897\u52a0\u3057\u305f\u3053\u3068\u306b\u306a\u308a\u307e\u3059\u3002\u3064\u307e\u308a\u3001\u30d1\u30f3\u30c7\u30df\u30c3\u30af\u306e\u5f71\u97ff\u3092\u53d7\u3051\u305f2\u5e74\u9593\u306e\u4e2d\u3067\u3082\u3001\u4eca\u56de\u306f\u518d\u958b\u304c\u304b\u306a\u308a\u6d78\u900f\u3057\u3066\u3044\u308b\u306e\u3067\u3001\u305d\u308c\u307b\u3069\u3067\u3082\u306a\u3044\u3068\u8a00\u3048\u308b\u3068\u601d\u3044\u307e\u3059\u3002\u307e\u305f\u3001\u30d0\u30a4\u30e4\u30fc1\u4eba\u5f53\u305f\u308a\u306e\u6210\u529f\u7387\u306f\u3001\u6628\u5e74\u306e\u7b2c4\u56db\u534a\u671f\u3068\u6bd4\u8f03\u3057\u3066\u975e\u5e38\u306b\u826f\u304f\u306a\u3063\u3066\u3044\u307e\u3059\u3002\u3053\u306e\u3053\u3068\u304b\u3089\u3001\u30b3\u30db\u30fc\u30c8\u884c\u52d5\u306b\u306f\u958b\u793a\u306b\u5024\u3059\u308b\u3088\u3046\u306a\u91cd\u5927\u306a\u5909\u5316\u304c\u306a\u3044\u3053\u3068\u304c\u308f\u304b\u308a\u307e\u3059\u3002<\/p>\n<p>\u30a8\u30f3\u30d3\u30aa\u30b9\u306e2\u70b9\u76ee\u3067\u3059\u304c\u3001\u5148\u8d70\u308b\u3064\u3082\u308a\u306f\u3042\u308a\u307e\u305b\u3093\u304c\u3001\u3042\u306a\u305f\u306e\u8aad\u307f\u306f\u7684\u78ba\u3060\u3068\u601d\u3044\u307e\u3059\u3002\u79c1\u305f\u3061\u306f\u4eca\u3001\u3088\u308a\u5927\u304d\u306a\u30d0\u30b9\u30b1\u30c3\u30c8\u3092\u4fc3\u9032\u3059\u308b\u305f\u3081\u306e\u30a4\u30f3\u30bf\u30fc\u30d5\u30a7\u30fc\u30b9\u3068\u88fd\u54c1\u306b\u975e\u5e38\u306b\u91cd\u70b9\u3092\u7f6e\u3044\u3066\u3044\u307e\u3059\u3002\u3053\u308c\u306f\u3001\u30a4\u30f3\u30bf\u30fc\u30d5\u30a7\u30a4\u30b9\u306e\u8abf\u6574\u3068\u3001\u304a\u305d\u3089\u304f\u30e6\u30fc\u30b6\u30fc\u304c\u3088\u308a\u591a\u304f\u306e\u30a2\u30a4\u30c6\u30e0\u3092\u30d0\u30b9\u30b1\u30c3\u30c8\u306b\u5165\u308c\u308b\u305f\u3081\u306e\u7279\u5b9a\u306e\u30de\u30cd\u30bf\u30a4\u30ba\u30fb\u30a4\u30f3\u30bb\u30f3\u30c6\u30a3\u30d6\u3092\u4f34\u3046\u3082\u306e\u3067\u3059\u3002\u307e\u305f\u3001\u5728\u5eab\u3092\u5206\u5272\u3057\u3066\u3044\u308b\u5009\u5eab\u306e\u6570\u304c\u5897\u3048\u3066\u3044\u308b\u305f\u3081\u3001\u5728\u5eab\u306e\u30eb\u30fc\u30c6\u30a3\u30f3\u30b0\u3092\u3046\u307e\u304f\u884c\u3046\u3053\u3068\u3082\u5fc5\u8981\u3067\u3059\u3002<\/p>\n<p>\u3057\u304b\u3057\u3001\u3053\u308c\u306f\u4eca\u5e74\u4e2d\u306b\u91cd\u8981\u306a\u7126\u70b9\u3068\u306a\u308b\u3067\u3057\u3087\u3046\u3002\u305d\u3057\u3066\u9858\u308f\u304f\u3070\u30011\u30aa\u30fc\u30c0\u30fc\u3042\u305f\u308a\u306e\u5546\u54c1\u6570\u3092\u5897\u3084\u3059\u3068\u3044\u3046\u70b9\u3067\u3001\u7d50\u679c\u3092\u51fa\u3057\u305f\u3044\u3068\u601d\u3063\u3066\u3044\u307e\u3059\u3002<\/p>\n<p>Stephen Ju &#8212; Credit Suisse &#8212; \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n<p>\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3057\u305f\u3002<\/p>\n<p>\u30aa\u30da\u30ec\u30fc\u30bf\u30fc<\/p>\n<p>\u6b21\u306e\u8cea\u554f\u306fKeyBanc\u306eEd Yruma\u3067\u3059\u3002<\/p>\n<p>Ed Yruma &#8212; KeyBanc Capital Markets &#8212; \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n<p>\u3084\u3042\u3001\u307f\u3093\u306a\u3002\u304a\u6642\u9593\u3092\u3044\u305f\u3060\u304d\u307e\u3057\u3066\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u3002\u79c1\u304b\u3089\u306f\u7c21\u5358\u306a\u3082\u306e\u30922\u3064\u3060\u3051\u3002\u307e\u305a\u3001\u4e0d\u826f\u50b5\u6a29\u306b\u3064\u3044\u3066\u3067\u3059\u3002<\/p>\n<p>\u660e\u3089\u304b\u306b\u3001\u524d\u56db\u534a\u671f\u6bd4\u3067\u306f\u826f\u3044\u6539\u5584\u304c\u898b\u3089\u308c\u307e\u3057\u305f\u3002\u3057\u304b\u3057\u3001\u8cb8\u5012\u8cbb\u7528\u306f\u307e\u3060\u5897\u52a0\u3057\u3066\u3044\u307e\u3059\u3002\u4e0d\u826f\u50b5\u6a29\u304c\u6e1b\u308b\u3068\u8cb8\u5012\u8cbb\u7528\u3082\u6e1b\u308b\u3068\u3044\u3046\u3053\u3068\u3067\u3057\u3087\u3046\u304b\uff1f\u4e0d\u826f\u50b5\u6a29\u3092\u6e1b\u5c11\u3055\u305b\u308b\u305f\u3081\u306b\u3001\u4f55\u3089\u304b\u306e\u8cbb\u7528\u8a08\u4e0a\u304c\u3042\u3063\u305f\u306e\u3067\u3057\u3087\u3046\u304b\uff1f\u7d9a\u3044\u3066\u3001\u30da\u30c9\u30ed\u3055\u3093\u304b\u3089\u306e\u30b3\u30e1\u30f3\u30c8\u3067\u3059\u304c\u3001\u53ce\u76ca\u306b\u3064\u3044\u3066\u3001\u63a7\u3048\u3081\u306a\u53ce\u76ca\u6210\u9577\u3068\u3044\u3046\u304a\u8a71\u304c\u3042\u308a\u307e\u3057\u305f\u3002\u3053\u308c\u306f\u30de\u30fc\u30b8\u30f3\u306e\u3053\u3068\u3067\u3059\u304b\u3001\u305d\u308c\u3068\u3082\u5229\u76ca\u306e\u30c9\u30eb\u306e\u3053\u3068\u3067\u3059\u304b\uff1f\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3057\u305f\u3002<\/p>\n<p>\u3053\u3093\u306b\u3061\u306f\u3002<\/p>\n<p>Pedro Arnt &#8212; \u6700\u9ad8\u8ca1\u52d9\u8cac\u4efb\u8005<\/p>\n<p>\u305d\u3046\u3067\u3059\u306d\u3002\u3044\u3044\u3048\u3001\u79c1\u305f\u3061\u306f\u3053\u3053\u306b\u3044\u307e\u3059\u3002\u3059\u307f\u307e\u305b\u3093\u3001\u3061\u3087\u3046\u3069\u3042\u306a\u305f\u306e\u6700\u521d\u306e\u8cea\u554f\u3067\u30b3\u30fc\u30ab\u30b5\u30b9\u3057\u3066\u3044\u307e\u3057\u305f\u3002\u3067\u3059\u304b\u3089\u3001\u307e\u305a2\u3064\u76ee\u306e\u8cea\u554f\u306b\u53d6\u308a\u7d44\u307f\u307e\u3059\u3002<\/p>\n<p>\u307e\u305a\u7b2c\u4e00\u306b\u3001\u79c1\u305f\u3061\u306f\u3001\u30c9\u30eb\u5efa\u3066\u3067EBIT\u30d1\u30ef\u30fc\u3092\u5897\u52a0\u3055\u305b\u3001\u4e00\u682a\u5f53\u305f\u308a\u5229\u76ca\u3092\u5897\u52a0\u3055\u305b\u308b\u8ca1\u52d9\u30e2\u30c7\u30eb\u3092\u7ba1\u7406\u3057\u305f\u3044\u3068\u8003\u3048\u3066\u3044\u307e\u3059\u3002\u305d\u306e\u305f\u3081\u306b\u306f\u3001\u8ca1\u52d9\u30e2\u30c7\u30eb\u306b\u304a\u3044\u3066\u5341\u5206\u306a\u30aa\u30da\u30ec\u30fc\u30b7\u30e7\u30f3\u306e\u30ec\u30d0\u30ec\u30c3\u30b8\u3092\u304b\u3051\u308b\u3053\u3068\u304c\u3067\u304d\u308c\u3070\u7406\u60f3\u7684\u3060\u3068\u601d\u3044\u307e\u3059\u3002\u73fe\u5728\u3001\u79c1\u305f\u3061\u306f\u8907\u6570\u306e\u88fd\u54c1\u30e9\u30a4\u30f3\u3092\u5c55\u958b\u3057\u3066\u304a\u308a\u3001\u591a\u304f\u306e\u5730\u57df\u3067\u3055\u307e\u3056\u307e\u306a\u7af6\u5408\u4ed6\u793e\u304c\u5b58\u5728\u3057\u307e\u3059\u3002<\/p>\n<p>\u5177\u4f53\u7684\u306a\u30ac\u30a4\u30c0\u30f3\u30b9\u304c\u306a\u3044\u305f\u3081\u3001\u614e\u91cd\u3092\u671f\u3057\u305f\u3044\u3068\u601d\u3044\u307e\u3059\u3002\u3053\u3053\u3067\u8ff0\u3079\u3066\u3044\u308b\u306e\u306f\u3001\u5f53\u793e\u306e\u4e8b\u696d\u898f\u6a21\u3092\u9451\u307f\u308c\u3070\u3001\u53ce\u76ca\u529b\u3092\u9ad8\u3081\u308b\u305f\u3081\u306b\u5f37\u3044\u30b3\u30df\u30c3\u30c8\u30e1\u30f3\u30c8\u304c\u3042\u308b\u3068\u3044\u3046\u3053\u3068\u3067\u3059\u3002\u79c1\u305f\u3061\u306f\u3001\u7d99\u7d9a\u7684\u306a\u696d\u52d9\u52b9\u7387\u5316\u306b\u6ce8\u529b\u3059\u308b\u3053\u3068\u3067\u3001\u53ce\u76ca\u529b\u3092\u9ad8\u3081\u308b\u3053\u3068\u304c\u3067\u304d\u308b\u3068\u8003\u3048\u3066\u3044\u307e\u3059\u3002\u307e\u305f\u3001\u305d\u308c\u304c\u8907\u6570\u5e74\u306b\u308f\u305f\u308b\u4e00\u8cab\u3057\u305f\u30de\u30fc\u30b8\u30f3\u306e\u5897\u52a0\u3092\u610f\u5473\u3059\u308b\u306a\u3089\u3070\u3001\u7d20\u6674\u3089\u3057\u3044\u3053\u3068\u3067\u3059\u3002<\/p>\n<p>\u3057\u304b\u3057\u3001\u6700\u512a\u5148\u4e8b\u9805\u306f\u3001\u30de\u30fc\u30b8\u30f3\u306e\u5897\u52a0\u3067\u3042\u308c\u3001\u30de\u30fc\u30b8\u30f3\u304c\u6a2a\u3070\u3044\u3042\u308b\u3044\u306f\u4f4e\u4e0b\u3059\u308b\u53ef\u80fd\u6027\u3067\u3042\u308c\u3001\u53ce\u76ca\u529b\u3092\u9ad8\u3081\u308b\u3053\u3068\u3092\u78ba\u4fdd\u3059\u308b\u3053\u3068\u3067\u3059\u3002\u3057\u304b\u3057\u3001\u30c8\u30c3\u30d7\u30e9\u30a4\u30f3\u306e\u898f\u6a21\u3092\u8003\u3048\u308b\u3068\u3001\u305d\u308c\u306fEBIT\u3068\u7d14\u5229\u76ca\u306e\u5897\u52a0\u3092\u610f\u5473\u3057\u3001\u79c1\u305f\u3061\u304c\u76ee\u6307\u3057\u3066\u3044\u308b\u5305\u62ec\u7684\u306a\u76ee\u6a19\u3092\u9054\u6210\u3059\u308b\u3082\u306e\u3060\u3068\u8003\u3048\u3066\u3044\u307e\u3059\u3002<\/p>\n<p>Osvaldo Gimenez &#8212; Mercado Pago\u306e\u6700\u9ad8\u7d4c\u55b6\u8cac\u4efb\u8005\u3067\u3059\u3002<\/p>\n<p>\u4e0d\u826f\u50b5\u6a29\u3068\u8cb8\u5012\u5f15\u5f53\u91d1\u306b\u3064\u3044\u3066\u3067\u3059\u304c\u3001\u307e\u305a\u4e0d\u826f\u50b5\u6a29\u306b\u3064\u3044\u3066\u3067\u3059\u300224\uff05\u3068\u307e\u3060\u9ad8\u3044\u6570\u5b57\u306b\u306a\u3063\u3066\u3044\u307e\u3059\u3002\u3057\u304b\u3057\u3001\u5f53\u793e\u306e\u30ed\u30fc\u30f3\u306e\u671f\u9593\u306f\u304b\u306a\u308a\u77ed\u304f\u3001\u901a\u5e38\u3001\u6d88\u8cbb\u8005\u30ed\u30fc\u30f3\u306e\u671f\u9593\u306f3\u30ab\u6708\u3067\u3042\u308b\u3053\u3068\u3092\u5ff5\u982d\u306b\u7f6e\u304f\u5fc5\u8981\u304c\u3042\u308a\u307e\u3059\u3002\u3064\u307e\u308a\u3001\u5206\u6bcd\u3068\u306a\u308b\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u304c\u304b\u306a\u308a\u77ed\u3044\u306e\u3067\u3059\u3002<\/p>\n<p>\u3057\u304b\u3057\u3001\u4e0d\u826f\u50b5\u6a29\u306f1\u5e74\u9593\u6b8b\u308a\u307e\u3059\u3002\u8cb8\u5012\u5f15\u5f53\u91d1\u306b\u3064\u3044\u3066\u306f\u3001\u307b\u3068\u3093\u3069\u304c\u30af\u30ec\u30b8\u30c3\u30c8\u30ab\u30fc\u30c9\u4e8b\u696d\u306b\u95a2\u9023\u3057\u305f\u3082\u306e\u3067\u3001\u975e\u5e38\u306b\u6025\u901f\u306b\u6210\u9577\u3057\u3066\u3044\u307e\u3059\u3002\u3053\u306e\u30d3\u30b8\u30cd\u30b9\u306f\u534a\u5e74\u524d\u306b\u59cb\u3081\u305f\u3070\u304b\u308a\u3067\u3001\u307e\u3060\u5341\u5206\u306a\u5b9f\u7e3e\u304c\u306a\u3044\u305f\u3081\u3001\u6f5c\u5728\u7684\u306a\u4e0d\u826f\u50b5\u6a29\u306e\u5f15\u5f53\u306b\u306f\u614e\u91cd\u306b\u306a\u3063\u3066\u3044\u307e\u3059\u3002<\/p>\n<p>Ed Yruma &#8212; KeyBanc Capital Markets &#8212; \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n<p>\u4e86\u89e3\u3067\u3059\u3002\u3067\u306f\u3001\u5ff5\u306e\u305f\u3081\u306b\u304a\u805e\u304d\u3057\u307e\u3059\u304c\u3001\u4e0d\u826f\u50b5\u6a29\u306e\u5206\u985e\u65b9\u6cd5\u306b\u5909\u66f4\u306f\u306a\u304b\u3063\u305f\u306e\u3067\u3057\u3087\u3046\u304b\uff1f\u3068\u3044\u3046\u306e\u3082\u30012\u56db\u534a\u671f\u307b\u3069\u524d\u306b\u5909\u66f4\u3057\u305f\u3068\u601d\u3046\u306e\u3067\u3059\u304c\u3002\u3067\u306f\u3001\u305d\u306e\u6271\u3044\u306f\u4ee5\u524d\u3068\u540c\u3058\u306a\u306e\u3067\u3059\u304b\uff1f<\/p>\n<p>\u30da\u30c9\u30ed\u30fb\u30a2\u30f3\u30c8 &#8212; \u6700\u9ad8\u8ca1\u52d9\u8cac\u4efb\u8005<\/p>\n<p>\u305d\u3046\u3067\u3059\u306d\u3002\u3060\u304b\u3089\u3001\u4e00\u5ea6\u5909\u3048\u305f\u3060\u3051\u3067\u3001\u3082\u3046\u5909\u3048\u3066\u3044\u306a\u3044\u3093\u3067\u3059\u3002<\/p>\n<p>Ed Yruma &#8212; KeyBanc Capital Markets &#8212; \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n<p>\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3057\u305f\u3002<\/p>\n<p>\u30aa\u30da\u30ec\u30fc\u30bf\u30fc<\/p>\n<p>\u4ee5\u4e0a\u3067\u672c\u65e5\u306e\u901a\u8a71\u306e\u8cea\u7591\u5fdc\u7b54\u306f\u7d42\u4e86\u3067\u3059\u3002\u305d\u308c\u3067\u306f\u3001\u6700\u5f8c\u306b\u53f8\u4f1a\u8005\u304b\u3089\u3054\u6328\u62f6\u3092\u304a\u9858\u3044\u3057\u307e\u3059\u3002<\/p>\n<p>Pedro Arnt &#8212; \u6700\u9ad8\u8ca1\u52d9\u8cac\u4efb\u8005<\/p>\n<p>\u7d20\u6674\u3089\u3057\u3044\u3002\u7686\u3055\u3093\u3001\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u3002\u305f\u304f\u3055\u3093\u306e\u7d20\u6674\u3089\u3057\u3044\u8cea\u554f\u304c\u3042\u308a\u307e\u3057\u305f\u3002\u5168\u54e1\u306e\u8cea\u554f\u306b\u7b54\u3048\u308b\u3053\u3068\u304c\u3067\u304d\u305a\u7533\u3057\u8a33\u3042\u308a\u307e\u305b\u3093\u3067\u3057\u305f\u304c\u3001\u307e\u305f\u5fc5\u305a\u304a\u7b54\u3048\u3057\u307e\u3059\u3002<\/p>\n<p>\u307e\u305f\u3001\u6570\u30ab\u6708\u5f8c\u306b\u518d\u3073\u304a\u8a71\u3067\u304d\u308b\u3053\u3068\u3092\u697d\u3057\u307f\u306b\u3057\u3066\u3044\u307e\u3059\u3002\u305d\u308c\u3067\u306f\u30013\u30f5\u6708\u5f8c\u306b\u307e\u305f\u304a\u8a71\u3057\u3057\u307e\u3057\u3087\u3046\u3002\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3057\u305f\u3002<\/p>\n<p>&nbsp;<\/p>\n<p>\u4ee5\u4e0a\u3067\u3059\u3002\u4ed6\u306e\u7ffb\u8a33\u5e0c\u671b\u304c\u3042\u308c\u3070\u3054\u9023\u7d61\u3044\u305f\u3060\u3051\u308c\u3070\u691c\u8a0e\u3044\u305f\u3057\u307e\u3059\u3002<\/p>\n<p>\uff0a\u8aa4\u8a33\u306a\u3069\u304c\u3042\u308b\u304b\u3082\u3057\u308c\u307e\u305b\u3093\u3067\u306e\u53c2\u8003\u7a0b\u5ea6\u306b\u3057\u3066\u3044\u305f\u3060\u304d\u6295\u8cc7\u306f\u81ea\u5df1\u5224\u65ad\u3067\u304a\u9858\u3044\u3057\u307e\u3059\u3002<\/p>\n<p>\u30d6\u30ed\u30b0\u904b\u55b6\u306e\u52b1\u307f\u306b\u306a\u308a\u307e\u3059\u306e\u3067\u3001\u304a\u624b\u6570\u3067\u3059\u304c\u3001\u5fdc\u63f4\u306e\uff11\u65e5\uff11\u30af\u30ea\u30c3\u30af\u3092\u3088\u308d\u3057\u304f\u304a\u9858\u3044\u81f4\u3057\u307e\u3059\u3002<\/p>\n<p>\u2193\u2193\uff1c\u5fdc\u63f4\u30af\u30ea\u30c3\u30af\u304a\u9858\u3044\u3057\u307e\u3059\uff1e<\/p>\n<p><a href=\"https:\/\/stock.blogmura.com\/stockinfo\/ranking\/in?p_cid=11118987\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/b.blogmura.com\/stock\/stockinfo\/88_31.gif\" alt=\"\u306b\u307b\u3093\u30d6\u30ed\u30b0\u6751 \u682a\u30d6\u30ed\u30b0 \u682a\u5f0f\u6295\u8cc7\u60c5\u5831\u3078\" width=\"88\" height=\"31\" border=\"0\"><\/a><br \/>\n<a href=\"https:\/\/stock.blogmura.com\/stockinfo\/ranking\/in?p_cid=11118987\" target=\"_blank\" rel=\"noopener\">\u306b\u307b\u3093\u30d6\u30ed\u30b0\u6751<\/a><\/p>\n<p><a href=\"https:\/\/stock.blogmura.com\/americastock\/ranking\/in?p_cid=11118987\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/b.blogmura.com\/stock\/americastock\/88_31.gif\" alt=\"\u306b\u307b\u3093\u30d6\u30ed\u30b0\u6751 \u682a\u30d6\u30ed\u30b0 \u7c73\u56fd\u682a\u3078\" width=\"88\" height=\"31\" border=\"0\"><\/a><br \/>\n<a href=\"https:\/\/stock.blogmura.com\/americastock\/ranking\/in?p_cid=11118987\" target=\"_blank\" rel=\"noopener\">\u306b\u307b\u3093\u30d6\u30ed\u30b0\u6751<\/a><\/p>\n<p><a href=\"https:\/\/stock.blogmura.com\/ranking\/in?p_cid=11118987\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/b.blogmura.com\/stock\/88_31.gif\" alt=\"\u306b\u307b\u3093\u30d6\u30ed\u30b0\u6751 \u682a\u30d6\u30ed\u30b0\u3078\" width=\"88\" height=\"31\" border=\"0\"><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u30e9\u30c6\u30f3\u30a2\u30e1\u30ea\u30ab\u3067\u306eE\u30b3\u30de\u30fc\u30b9\u5927\u624b\u306e\u30e1\u30eb\u30ab\u30c9\u30ea\u30d6\u30ec (MELI) 2021\u5e74\u7b2c4\u56db\u534a\u671f\u6c7a\u7b97\u8aac\u660e\u4f1a\u306e\u65e5\u672c\u8a9e\u8a33\u3067\u3059\u3002 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