{"id":1201,"date":"2022-03-06T17:58:53","date_gmt":"2022-03-06T08:58:53","guid":{"rendered":"https:\/\/1up-life.blog\/?p=1201"},"modified":"2022-03-06T17:58:53","modified_gmt":"2022-03-06T08:58:53","slug":"%e3%80%90%e7%bf%bb%e8%a8%b3%e3%80%91%e3%82%b3%e3%82%b9%e3%83%88%e3%82%b3%e3%83%9b%e3%83%bc%e3%83%ab%e3%82%bb%e3%83%bc%e3%83%ab-nsdqcost-2022%e5%b9%b4%e7%ac%ac2%e5%9b%9b%e5%8d%8a%e6%9c%9f%e6%b1%ba","status":"publish","type":"post","link":"https:\/\/1up-life.blog\/?p=1201","title":{"rendered":"\u3010\u7ffb\u8a33\u3011\u30b3\u30b9\u30c8\u30b3\u30db\u30fc\u30eb\u30bb\u30fc\u30eb (NSDQ:COST )2022\u5e74\u7b2c2\u56db\u534a\u671f\u6c7a\u7b97\u8aac\u660e\u4f1a"},"content":{"rendered":"

\u30b3\u30b9\u30c8\u30b3\u30db\u30fc\u30eb\u30bb\u30fc\u30eb (NSDQ:COST )2022\u5e74\u7b2c2\u56db\u534a\u671f\u6c7a\u7b97\u8aac\u660e\u4f1a\u306e\u65e5\u672c\u8a9e\u8a33\u3067\u3059\u3002<\/p>\n

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\u30a4\u30f3\u30d5\u30ec\u6642\u3067\u3082\u5bfe\u5fdc\u3067\u304d\u305d\u3046\u306a\u306e\u3067\u5b89\u3081\u3067\u8cb7\u3063\u3066\u3044\u304d\u305f\u3044\u9298\u67c4\u3067\u3059\u3002<\/p>\n

\"\u30b3\u30b9\u30c8\u30b3\u30db\u30fc\u30eb\u30bb\u30fc\u30eb

\u30b3\u30b9\u30c8\u30b3\u30db\u30fc\u30eb\u30bb\u30fc\u30eb (NSDQ:COST )\u682a\u4fa1<\/p><\/div>\n

\u30b3\u30b9\u30c8\u30b3\u30db\u30fc\u30eb\u30bb\u30fc\u30eb (NSDQ:COST )2022\u5e74\u7b2c2\u56db\u534a\u671f\u6c7a\u7b97\u8aac\u660e\u4f1a<\/strong><\/span><\/p>\n

2022\u5e7403\u670803\u65e5 17\u664200\u5206<\/p>\n

Call participants:
\nRichard Galanti — Director, Executive Vice President, and Chief Financial Officer
\nMichael Lasser — UBS
\nSimeon Gutman — Morgan Stanley — Analyst
\nChuck Grom — Gordon Haskett — Analyst
\nBrandon Cheatham — Citi — Analyst
\nScot Ciccarelli — Truist Securities — Analyst
\nKaren Short — Barclays — Analyst
\nChris Horvers — J.P. Morgan — Analyst
\nMike Baker — D.A. Davidson — Analyst
\nRupesh Parikh — Oppenheimer and Company — Analyst
\nKelly Bania — BMO Capital Markets — Analyst
\nJohn Heinbockel — Guggenheim Securities — Analyst
\nLaura Champine — Loop Capital Markets — Analyst
\nPeter Benedict — Baird — Analyst
\nMore COST analysis<\/p>\n

\u30aa\u30da\u30ec\u30fc\u30bf\u30fc<\/p>\n

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\u30ea\u30c1\u30e3\u30fc\u30c9\u30fb\u30ae\u30e3\u30e9\u30f3\u30c6\u30a3 — \u53d6\u7de0\u5f79\u517c\u57f7\u884c\u526f\u793e\u9577\u517c\u6700\u9ad8\u8ca1\u52d9\u8cac\u4efb\u8005<\/p>\n

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\u524d\u5e74\u540c\u671f\u6bd4\u3067\u6e1b\u5c11\u3057\u3066\u3044\u308b\u3053\u3068\u3092\u610f\u5473\u3057\u307e\u3059\u3002\u30bb\u30f3\u30c8\u30e9\u30eb\u306f\u3001\u30d7\u30e9\u30b913\u3068\u30d7\u30e9\u30b910\u3002\u682a\u5f0f\u5831\u916c\u3001\u30d7\u30e9\u30b93\u3001\u30d7\u30e9\u30b92\u3002\u305d\u306e\u4ed6\u3001\u30d7\u30e9\u30b942\u3068\u30d7\u30e9\u30b942\u3002<\/p>\n

\u5408\u8a08\u3067\u30d7\u30e9\u30b994\u3068\u30d7\u30e9\u30b963\u3001\u3064\u307e\u308a94\u30d9\u30fc\u30b7\u30b9\u30fb\u30dd\u30a4\u30f3\u30c8\u306e\u6539\u5584\u306863\u30d9\u30fc\u30b7\u30b9\u30fb\u30dd\u30a4\u30f3\u30c8\u306e\u30ac\u30b9\u4ee3\u629c\u304d\u3067\u306e\u6539\u5584\u3067\u3059\u3002\u6b21\u306b\u3001\u6700\u521d\u306e\u9805\u76ee\u3067\u3042\u308b\u55b6\u696d\u90e8\u9580\u3067\u3059\u304c\u3001\u3053\u308c\u308236bps\u306e\u6539\u5584\u3068\u306a\u308a\u307e\u3057\u305f\u3002\u3057\u304b\u3057\u3001\u30ac\u30b9\u30fb\u30a4\u30f3\u30d5\u30ec\u306e\u5f71\u97ff\u3092\u9664\u304f\u3068\u30019bps\u306e\u6539\u5584\u3068\u306a\u308a\u307e\u3057\u305f\u3002\u3053\u306e\u6539\u5584\u306f\u30012021\u5e743\u6708\u306b\u59cb\u307e\u3063\u305f1\u6642\u9593\u3042\u305f\u308a\u306e\u6052\u4e45\u7684\u306a\u8cc3\u4e0a\u3052\u304c\u7d42\u4e86\u3057\u3001\u30b5\u30fc\u30d3\u30b9\u30a2\u30b7\u30b9\u30bf\u30f3\u30c8\u3068\u30b5\u30fc\u30d3\u30b9\u30af\u30e9\u30fc\u30af\u306e2\u3064\u306e\u57fa\u672c\u6642\u7d66\u304c\u3055\u3089\u306b0.50\u30c9\u30eb\u5f15\u304d\u4e0a\u3052\u3089\u308c\u305f\u306b\u3082\u304b\u304b\u308f\u3089\u305a\u767a\u751f\u3057\u305f\u3082\u306e\u3067\u3042\u308b\u3053\u3068\u306b\u7559\u610f\u3057\u3066\u304f\u3060\u3055\u3044\u3002\u305d\u308c\u304c2021\u5e74\u306e10\u6708\u306b\u767a\u751f\u3057\u307e\u3057\u305f\u3002<\/p>\n

\u4e2d\u592e\u3067\u306f\u300113\u30d9\u30fc\u30b7\u30b9\u30dd\u30a4\u30f3\u30c8\u300110\u30a8\u30af\u30b9\u30ac\u30b9\u30a4\u30f3\u30d5\u30ec\u3067\u3088\u308a\u826f\u3044\u3002\u3053\u308c\u306f\u975e\u5e38\u306b\u308f\u304b\u308a\u3084\u3059\u304f\u3001\u597d\u8abf\u306a\u58f2\u4e0a\u9ad8\u306b\u4f34\u3046\u55b6\u696d\u30ec\u30d0\u30ec\u30c3\u30b8\u3067\u3059\u3002\u682a\u5f0f\u5831\u916c\u306f\u3001\u30d7\u30e9\u30b92\u3001\u30d7\u30e9\u30b92\u3001\u3053\u308c\u3082\u597d\u8abf\u306a\u58f2\u4e0a\u3092\u53cd\u6620\u3057\u3066\u3044\u307e\u3059\u3002\u305d\u306e\u4ed6\u3001\u3053\u306e\u30d7\u30e9\u30b942\u30d9\u30fc\u30b7\u30b9\u30dd\u30a4\u30f3\u30c8\u306f\u3001\u524d\u5e74\u540c\u671f\u306b1\u51048600\u4e07\u30c9\u30eb\u306eCOVID\u8cc3\u91d1\u30922\u30c9\u30eb\u3067\u8ca9\u58f2\u7ba1\u7406\u8cbb\u306b\u8a08\u4e0a\u3057\u3066\u3044\u305f\u3082\u306e\u3067\u3059\u3002<\/p>\n

\u524d\u5e74\u540c\u671f\u6bd4\u3067\u306f\u3001\u3053\u306e\u3088\u3046\u306b\u6539\u5584\u3057\u307e\u3057\u305f\u3002\u30d7\u30ec\u30aa\u30fc\u30d7\u30f3\u306e\u8cbb\u7528\u306b\u3064\u3044\u3066\u3067\u3059\u3002\u904e\u53bb\u306e\u96fb\u8a71\u4f1a\u8b70\u3067\u306f\u3001\u4e0a\u5834\u4ee5\u6765\u3001\u30d7\u30ec\u30aa\u30fc\u30d7\u30f3\u8cbb\u7528\u306b\u3064\u3044\u3066\u306f\u6b21\u306b\u8aac\u660e\u3057\u307e\u3057\u305f\u3002\u4eca\u671f\u304b\u3089\u3001\u30d7\u30ec\u30aa\u30fc\u30d7\u30f3\u306f\u8ca9\u7ba1\u8cbb\u306b\u542b\u307e\u308c\u308b\u3088\u3046\u306b\u306a\u308a\u307e\u3057\u305f\u3002<\/p>\n

\u30d7\u30ec\u30aa\u30fc\u30d7\u30f3\u306b\u95a2\u9023\u3059\u308b\u8ca9\u7ba1\u8cbb\u306e\u524d\u5e74\u6bd4\u306f\u3001\u7b2c2\u56db\u534a\u671f\u306f\u524d\u5e74\u4e26\u307f\u3067\u3001\u30d9\u30fc\u30b7\u30b9\u30dd\u30a4\u30f3\u30c8\u306e\u5dee\u306f\u3042\u308a\u307e\u305b\u3093\u3067\u3057\u305f\u3002\u5168\u4f53\u3067\u306f\u3001\u7b2c2\u56db\u534a\u671f\u306e\u55b6\u696d\u5229\u76ca\u306f\u5831\u544a\u30d9\u30fc\u30b9\u306735\uff05\u5897\u52a0\u3057\u3001\u524d\u5e74\u540c\u671f\u306e13\u51044,000\u4e07\u30c9\u30eb\u306b\u5bfe\u3057\u3001\u4eca\u5e74\u306f18\u51041,200\u4e07\u30c9\u30eb\u3068\u306a\u308a\u307e\u3057\u305f\u3002\u55b6\u696d\u5229\u76ca\u306e\u4e0b\u306b\u8a18\u8f09\u3055\u308c\u3066\u3044\u308b\u652f\u6255\u5229\u606f\u306f\u3001\u524d\u5e74\u540c\u671f\u306e4,000\u4e07\u30c9\u30eb\u306b\u5bfe\u3057\u3001\u5f53\u56db\u534a\u671f\u306f3,600\u4e07\u30c9\u30eb\u3068\u306a\u308a \u307e\u3057\u305f\u3002\u5f53\u56db\u534a\u671f\u306e\u53d7\u53d6\u5229\u606f\u53ca\u3073\u305d\u306e\u4ed6\u306f\u3001\u524d\u5e74\u540c\u671f\u6bd4600\u4e07\u30c9\u30eb\u5897\u52a0\u3057\u3001\u4e3b\u306b\u70ba\u66ff\u306e\u6709\u5229\u306a\u5f71\u97ff\u306b\u3088\u308a\u3001\u524d\u5e74\u540c\u671f\u306e1,900\u4e07 \u30c9\u30eb\u306b\u5bfe\u3057\u3001\u5f53\u56db\u534a\u671f\u306f2,500\u4e07\u30c9\u30eb\u3068\u306a\u308a\u307e\u3057\u305f\u3002<\/p>\n

\u5168\u4f53\u3068\u3057\u3066\u3001\u5f53\u56db\u534a\u671f\u306e\u7a0e\u5f15\u524d\u5229\u76ca\u306f\u3001\u524d\u5e74\u540c\u671f\u306e13\u51041,900\u4e07\u30c9\u30eb\u306b\u5bfe\u3057\u300118\u5104100\u4e07\u30c9\u30eb\u3068\u306a\u308a\u300137\uff05\u5897\u52a0\u3057\u307e\u3057\u305f\u3002\u6cd5\u4eba\u7a0e\u306b\u3064\u3044\u3066\u306f\u3001\u5f53\u56db\u534a\u671f\u306e\u7a0e\u7387\u306f\u524d\u5e74\u540c\u671f\u306b\u6bd4\u3079\u82e5\u5e72\u9ad8\u304f\u306a\u308a\u307e\u3057\u305f\u3002\u7a0e\u7387\u306f26.7\uff05\u3067\u3001\u524d\u5e74\u540c\u671f\u306f26.4\uff05\u3067\u3057\u305f\u3002\u901a\u671f\u306e\u5b9f\u52b9\u7a0e\u7387\u306f26\uff05\u304b\u308927\uff05\u306e\u7bc4\u56f2\u306b\u5165\u308b\u3068\u4e88\u60f3\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n

\u305d\u306e\u4ed6\u3001\u7279\u8a18\u3059\u3079\u304d\u4e8b\u9805\u304c\u3044\u304f\u3064\u304b\u3042\u308a\u307e\u3059\u3002\u5009\u5eab\u306e\u62e1\u5f35\u306b\u3064\u3044\u3066\u306f\u3001\u73fe\u5728\u3001\u5e74\u959332\u30e6\u30cb\u30c3\u30c8\u306e\u65b0\u898f\u958b\u8a2d\u3068\u30014\u30e6\u30cb\u30c3\u30c8\u306e\u79fb\u8ee2\uff08\u65e2\u5b58\u306e\u30e6\u30cb\u30c3\u30c8\u3092\u3088\u308a\u5927\u898f\u6a21\u3067\u7acb\u5730\u306e\u826f\u3044\u65bd\u8a2d\u306b\u5165\u308c\u66ff\u3048\u308b\uff09\u3092\u542b\u308032\u30e6\u30cb\u30c3\u30c8\u3001\u3064\u307e\u308a\u6b63\u547328\u30e6\u30cb\u30c3\u30c8\u306e\u958b\u8a2d\u3092\u8a08\u753b\u3057\u3066\u3044\u307e\u3059\u3002\u56db\u534a\u671f\u524d\u3001\u79c1\u305f\u3061\u306f\u6b63\u547327\u30e6\u30cb\u30c3\u30c8\u3068\u8a00\u3063\u305f\u3068\u601d\u3044\u307e\u3059\u306e\u3067\u3001\u305d\u308c\u3088\u308a1\u30e6\u30cb\u30c3\u30c8\u591a\u3044\u3053\u3068\u306b\u306a\u308a\u307e\u3059\u3002\u3057\u304b\u3057\u3001\u3053\u306e\u3046\u3061\u306e\u3044\u304f\u3064\u304b\u306f\u7b2c4\u56db\u534a\u671f\u306b\u30aa\u30fc\u30d7\u30f3\u3059\u308b\u4e88\u5b9a\u3067\u300115\u68df\u3001\u3064\u307e\u308a14\u68df\u304c\u65b0\u898f\u306b\u30aa\u30fc\u30d7\u30f3\u3057\u307e\u3059\u3002<\/p>\n

\u3067\u3059\u304b\u3089\u3001\u305d\u306e\u3046\u3061\u306e1\u3064\u304c\u7fcc\u671f\u306b\u305a\u308c\u8fbc\u3080\u53ef\u80fd\u6027\u306f\u5e38\u306b\u3042\u308a\u307e\u3059\u3002\u7b2c2\u56db\u534a\u671f\u306b\u30aa\u30fc\u30d7\u30f3\u3057\u305f5\u5e97\u8217\u306f\u3001\u30e1\u30ad\u30b7\u30b3\u306740\u5e97\u8217\u76ee\u3001\u30d5\u30e9\u30f3\u30b9\u30672\u5e97\u8217\u76ee\u3001\u4e2d\u56fd\u30672\u5e97\u8217\u76ee\u3001\u30b9\u30da\u30a4\u30f3\u30674\u5e97\u8217\u76ee\u3001\u305d\u3057\u3066\u30d5\u30ed\u30ea\u30c0\u306b1\u5e97\u8217\u8ffd\u52a0\u3057\u3001\u73fe\u572829\u5e97\u8217\u3092\u5c55\u958b\u3057\u3066\u3044\u307e\u3059\u3002\u8a2d\u5099\u6295\u8cc7\u306b\u95a2\u3057\u3066\u306f\u3001\u7b2c2\u56db\u534a\u671f\u306e\u8a2d\u5099\u6295\u8cc7\u984d\u306f\u7d047\u51042,300\u4e07\u30c9\u30eb\u3067\u3001\u901a\u671f\u306e\u8a2d\u5099\u6295\u8cc7\u984d\u306f\u7d0440\u5104\u30c9\u30eb\u3068\u898b\u7a4d\u3082\u3063\u3066\u3044\u307e\u3059\u3002\u6b21\u306b\u3001E\u30b3\u30de\u30fc\u30b9\u306b\u3064\u3044\u3066\u3067\u3059\u3002<\/p>\n

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1\u6708\u306e\u8ca9\u58f2\u5b9f\u7e3e\u304b\u3089\u3001\u65e7\u6b63\u6708\/\u6625\u7bc0\u304c2\u67081\u65e5\u3067\u3042\u3063\u305f\u3053\u3068\u3092\u601d\u3044\u51fa\u3057\u3066\u304f\u3060\u3055\u3044\u3002\u3053\u308c\u306f\u3001\u6628\u5e74\u3088\u308a11\u65e5\u65e9\u3044\u3002\u3053\u306e\u305a\u308c\u306b\u3088\u308a\u30012\u6708\u306e\u305d\u306e\u4ed6\u30a4\u30f3\u30bf\u30fc\u30ca\u30b7\u30e7\u30ca\u30eb\u306f\u7d044\uff05\u30dd\u30a4\u30f3\u30c8\u3001\u30c8\u30fc\u30bf\u30eb\u30ab\u30f3\u30d1\u30cb\u30fc\u306f\u7d040.5\uff05\u30dd\u30a4\u30f3\u30c8\u306e\u30de\u30a4\u30ca\u30b9\u3068\u306a\u3063\u305f\u3002\u5831\u544a\u901a\u8ca8\u3067\u3042\u308b\u7c73\u56fd\u306b\u304a\u3051\u308b\u3053\u306e4\u9031\u9593\u306e\u65e2\u5b58\u5e97\u58f2\u4e0a\u9ad8\u306f\u3001\u524d\u5e74\u540c\u671f\u6bd40.<\/p>\n

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\u307e\u305f\u3001\u3061\u3087\u3046\u3069\u4eca\u9031\u3001\u793e\u5185\u3067\u3001\u30ed\u30f3\u306e\u524d\u4efb\u3067\u3042\u308b\u30de\u30fc\u30c1\u30e3\u30f3\u30c0\u30a4\u30b8\u30f3\u30b0\u306e\u8cac\u4efb\u8005\u306b\u3001\u30af\u30ed\u30fc\u30c7\u30a3\u30fc\u30cc\u30fb\u30a2\u30c0\u30e2\u304c\u5c31\u4efb\u3057\u305f\u3053\u3068\u3092\u5831\u544a\u3057\u307e\u3057\u305f\u3002Claudine\u306f30\u5e74\u6765\u306e\u793e\u54e1\u3067\u3059\u300230\u5e74\u524d\u306e1992\u5e74\u306b\u30ab\u30fc\u30af\u30e9\u30f3\u30c9\u306e\u5009\u5eab\u3067\u6642\u9593\u7d66\u306e\u4ed5\u4e8b\u3092\u59cb\u3081\u3001\u305d\u306e1\u5e74\u5f8c\u306b\u30d0\u30a4\u30a4\u30f3\u30b0\u306b\u7570\u52d5\u3057\u3066\u4ee5\u6765\u3001\u305a\u3063\u3068\u30d0\u30a4\u30a4\u30f3\u30b0\u3092\u62c5\u5f53\u3057\u3001\u76f4\u8fd1\u3067\u306f\u975e\u98df\u54c1\u8ca9\u58f2 — \u975e\u98df\u54c1\u30de\u30fc\u30c1\u30e3\u30f3\u30c0\u30a4\u30b8\u30f3\u30b0\u306e\u4e0a\u7d1a\u526f\u793e\u9577\u3092\u52d9\u3081\u3066\u3044\u307e\u3059\u3002\u305d\u3057\u3066\u4eca\u56de\u3082\u3001\u30de\u30fc\u30c1\u30e3\u30f3\u30c0\u30a4\u30b8\u30f3\u30b0\u5168\u822c\u3092\u62c5\u5f53\u3059\u308b\u3053\u3068\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n

\u6700\u5f8c\u306b\u3001\u4eca\u5f8c\u306e\u767a\u8868\u3067\u3059\u304c\u30014\u67083\u65e5\u307e\u3067\u306e5\u9031\u9593\u306e3\u6708\u8ca9\u58f2\u5b9f\u7e3e\u30924\u67083\u65e5\u306e\u65e5\u66dc\u65e5\u306b\u30014\u67086\u65e5\u306e\u6c34\u66dc\u65e5\u306e\u30de\u30fc\u30b1\u30c3\u30c8\u7d42\u4e86\u5f8c\u306b\u767a\u8868\u3059\u308b\u4e88\u5b9a\u3067\u3059\u3002\u4ee5\u4e0a\u3092\u3082\u3061\u307e\u3057\u3066\u3001\u8cea\u7591\u5fdc\u7b54\u3068\u3057\u3001\u30b8\u30a7\u30ed\u30fc\u30e0\u306b\u623b\u3057\u307e\u3059\u3002\u3069\u3046\u3082\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3057\u305f\u3002<\/p>\n

\u8cea\u7591\u5fdc\u7b54<\/strong><\/span><\/p>\n

\u904b\u55b6\u8005<\/p>\n

\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u3002[\u6700\u521d\u306e\u8cea\u554f\u306fUBS\u306e\u30de\u30a4\u30b1\u30eb\u30fb\u30e9\u30c3\u30b5\u30fc\u304b\u3089\u3067\u3059\u3002\u3069\u3046\u305e\u3088\u308d\u3057\u304f\u304a\u9858\u3044\u3044\u305f\u3057\u307e\u3059\u3002<\/p>\n

\u30de\u30a4\u30b1\u30eb\u30fb\u30e9\u30c3\u30b5\u30fc — UBS<\/p>\n

\u3053\u3093\u306b\u3061\u306f\u3001\u30ea\u30c1\u30e3\u30fc\u30c9\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\u307e\u305a1\u3064\u76ee\u306f\u3001\u624b\u6570\u6599\u306e\u5024\u4e0a\u3052\u306e\u53ef\u80fd\u6027\u306b\u3064\u3044\u3066\u3067\u3059\u3002\u3082\u3057\u4eca\u5e74\u5024\u4e0a\u3052\u304c\u306a\u3051\u308c\u3070\u3001\u5e02\u5834\u306f\u30b3\u30b9\u30c8\u30b3\u304c — \u7279\u306b\u30a2\u30de\u30be\u30f3\u3084\u30cd\u30c3\u30c8\u30d5\u30ea\u30c3\u30af\u30b9\u306e\u3088\u3046\u306a\u4f01\u696d\u304c\u4eca\u5e74\u624b\u6570\u6599\u3092\u5f15\u304d\u4e0a\u3052\u308b\u3053\u3068\u3092\u8003\u616e\u3057\u305f\u4fa1\u683c\u6c7a\u5b9a\u529b\u306a\u306e\u304b\u3001\u305d\u308c\u3068\u3082\u30b3\u30b9\u30c8\u30b3\u3068\u306e\u9593\u9694\u304c\u9577\u671f\u5316\u3059\u308b\u5146\u3057\u3068\u89e3\u91c8\u3059\u3079\u304d\u3067\u3057\u3087\u3046\u304b\u3002<\/p>\n

\u30ea\u30c1\u30e3\u30fc\u30c9\u30fb\u30ae\u30e3\u30e9\u30f3\u30c6\u30a3 — \u53d6\u7de0\u5f79\u517c\u57f7\u884c\u526f\u793e\u9577\u517c\u6700\u9ad8\u8ca1\u52d9\u8cac\u4efb\u8005<\/p>\n

\u307e\u3042\u3001\u78ba\u304b\u306b\u3001\u7406\u7531\u3084\u6642\u671f\u306b\u95a2\u3059\u308b\u3053\u3068\u306f\u89e3\u91c8\u3057\u306a\u3044\u307b\u3046\u304c\u3044\u3044\u3068\u601d\u3044\u307e\u3059\u3002\u6b74\u53f2\u7684\u306b\u898b\u308c\u3070\u3001\u79c1\u305f\u3061\u306f\u5e38\u306b\u3001\u81ea\u5206\u305f\u3061\u306e\u3053\u3068\u3092\u93e1\u306e\u3088\u3046\u306b\u898b\u3066\u3001\u4f1a\u54e1\u306e\u4fa1\u5024\u3092\u9ad8\u3081\u7d9a\u3051\u3066\u304d\u305f\u3068\u601d\u3048\u308b\u304b\u3069\u3046\u304b\u3068\u3044\u3046\u3053\u3068\u306b\u7740\u76ee\u3057\u3066\u3044\u307e\u3059\u3002\u3082\u3061\u308d\u3093\u3001\u66f4\u65b0\u7387\u3082\u898b\u3066\u3044\u307e\u3059\u3002\u4ed6\u306e\u4f01\u696d\u304c\u4f55\u3092\u3057\u3066\u3044\u308b\u304b\u306f\u3042\u307e\u308a\u898b\u3066\u3044\u307e\u305b\u3093\u304c\u3001\u4ed6\u306e\u4f01\u696d\u304c\u4f55\u3092\u3057\u3066\u3044\u308b\u304b\u306f\u78ba\u304b\u306b\u898b\u3066\u3044\u307e\u3059\u3002\u3057\u304b\u3057\u3001\u904e\u53bb15\u5e74\u9593\u306e\u904e\u53bb3\u56de\u306e\u66f4\u65b0\u7387\u3092\u8abf\u3079\u3066\u307f\u307e\u3057\u305f\u3002<\/p>\n

\u5e73\u5747\u3059\u308b\u3068\u30015\u5e74\u3054\u3068\u306b\u3001\u3064\u307e\u308a5\u5e74\u534a\u306b1\u56de\u3001\u7d045\u5e747\u30ab\u6708\u3054\u3068\u306b\u884c\u308f\u308c\u3066\u3044\u307e\u3059\u3002\u305d\u3057\u3066\u300117\u5e746\u6708\u306e\u8a18\u5ff5\u65e5\u304b\u30895\u5e74\u5f8c\u3068\u3044\u3048\u3070\u3001\u4eca\u5e74\u306e6\u6708\u3067\u3059\u3002\u3067\u3059\u304b\u3089\u3001\u79c1\u305f\u3061\u304c\u4f55\u304b\u3092\u3059\u308b\u304b\u3057\u306a\u3044\u304b\u307e\u3067\u306f\u3001\u3053\u306e\u554f\u984c\u306f\u554f\u308f\u308c\u7d9a\u3051\u308b\u3060\u308d\u3046\u3068\u601d\u3044\u307e\u3059\u3002\u3057\u304b\u3057\u3001\u4e00\u65e5\u306e\u7d42\u308f\u308a\u306b\u3001\u79c1\u305f\u3061\u306f\u78ba\u304b\u306b\u3001\u30e1\u30f3\u30d0\u30fc\u306e\u5fe0\u8aa0\u5fc3\u3084\u3001\u6700\u3082\u5fe0\u8aa0\u5fc3\u306e\u9ad8\u3044\u30a8\u30b0\u30bc\u30af\u30c6\u30a3\u30d6\u30fb\u30e1\u30f3\u30d0\u30fc\u3078\u306e\u79fb\u884c\u3092\u6210\u529f\u3055\u305b\u305f\u3053\u3068\u306b\u3064\u3044\u3066\u3001\u975e\u5e38\u306b\u826f\u3044\u611f\u89e6\u3092\u5f97\u3066\u3044\u307e\u3059\u3002<\/p>\n

\u3044\u305a\u308c\u306f\u5b9f\u73fe\u3059\u308b\u3067\u3057\u3087\u3046\u304c\u3001\u3054\u671f\u5f85\u304f\u3060\u3055\u3044\u3002<\/p>\n

\u30de\u30a4\u30b1\u30eb\u30fb\u30e9\u30c3\u30b5\u30fc — UBS<\/p>\n

\u7d9a\u3044\u3066\u3001\u30b3\u30a2\u30fb\u30aa\u30f3\u30fb\u30b3\u30a2\u306e\u58f2\u4e0a\u7dcf\u5229\u76ca\u7387\u306b\u3064\u3044\u3066\u8cea\u554f\u3057\u307e\u3059\u3002\u3053\u3053\u6570\u56db\u534a\u671f\u3001\u30b3\u30b9\u30c8\u30b3\u306e\u30b3\u30a2\u30fb\u30aa\u30f3\u30fb\u30b3\u30a2\u306e\u58f2\u4e0a\u7dcf\u5229\u76ca\u7387\u306f\u3001\u3053\u3053\u6570\u5e74\u306e\u3088\u3046\u306a\u6700\u3082\u53b3\u3057\u3044\u6642\u671f\u306b\u30013\u5206\u306e1\u7a0b\u5ea6\u307e\u3067\u56de\u5fa9\u3057\u3066\u3044\u307e\u3059\u306d\u3002\u3064\u307e\u308a\u30013\u5206\u306e1\u3042\u308b\u3044\u306f3\u5206\u306e2\u3092\u9084\u5143\u3059\u308b\u3068\u3044\u3046\u306e\u306f\u3001\u4eca\u5f8c\u4f55\u304c\u6301\u7d9a\u53ef\u80fd\u3067\u3042\u308b\u304b\u3092\u8003\u3048\u308b\u4e0a\u3067\u6b63\u3057\u3044\u65b9\u6cd5\u306a\u306e\u3067\u3057\u3087\u3046\u304b\uff1f\u3042\u308b\u3044\u306f\u3001\u4eca\u5f8c\u306e\u6210\u9577\u3092\u671f\u5f85\u3059\u308b\u306e\u3067\u3057\u3087\u3046\u304b\u3002<\/p>\n

Richard Galanti — \u53d6\u7de0\u5f79\u3001\u53d6\u7de0\u5f79\u526f\u793e\u9577\u3001\u6700\u9ad8\u8ca1\u52d9\u8cac\u4efb\u8005<\/p>\n

\u305d\u3046\u3067\u3059\u306d\u3002\u305d\u3046\u3067\u3059\u3002\u79c1\u306f\u3001\u8a08\u753b\u3092\u7acb\u3066\u3066\u305d\u3053\u306b\u5230\u9054\u3059\u308b\u306e\u304c\u305d\u308c\u307b\u3069\u7c21\u5358\u306a\u3053\u3068\u3060\u3068\u601d\u3044\u305f\u3044\u306e\u3067\u3059\u3002\u6642\u306b\u306f\u3001\u305d\u3053\u306b\u5230\u9054\u3057\u3066\u3082\u300110\u306e\u7570\u306a\u308b\u5909\u6570\u304c\u3001\u8a08\u753b\u3068\u306f\u7570\u306a\u308b\u65b9\u5411\u306b\u9032\u3093\u3067\u3057\u307e\u3046\u3053\u3068\u3082\u3042\u308a\u307e\u3059\u3002<\/p>\n

\u52d5\u304f\u90e8\u5206\u304c\u305f\u304f\u3055\u3093\u3042\u308b\u306e\u3067\u3059\u3002\u3057\u304b\u3057\u3001\u5b9f\u969b\u306e\u3068\u3053\u308d\u3001\u79c1\u305f\u3061\u306f\u7af6\u4e89\u529b\u306e\u3042\u308b\u30dd\u30b8\u30b7\u30e7\u30f3\u306b\u81ea\u4fe1\u3092\u6301\u3063\u3066\u3044\u307e\u3059\u3057\u3001\u3053\u308c\u304b\u3089\u5148\u3001\u3042\u308b\u7a0b\u5ea6\u306e\u30de\u30fc\u30b8\u30f3\u3092\u78ba\u4fdd\u3059\u308b\u81ea\u4fe1\u3082\u3042\u308a\u307e\u3059\u3002\u5b9f\u969b\u306e\u3068\u3053\u308d\u3001\u5f53\u793e\u306e\u30de\u30fc\u30b8\u30f3\u306f…\u30b3\u30a2\u30fb\u30a2\u30f3\u30c9\u30fb\u30b3\u30a2\u3067\u3082\u30012\u5e74\u524d\u3088\u308a\u9ad8\u3044\u7c97\u5229\u76ca\u7387\u3092\u7dad\u6301\u3057\u3066\u3044\u307e\u3059\u30022\u5e74\u524d\u306f\u3001\u7279\u306b\u751f\u9bae\u98df\u54c1\u3067\u5927\u304d\u306a\u30de\u30fc\u30b8\u30f3\u304c\u3042\u308a\u307e\u3057\u305f\u3002<\/p>\n

\u751f\u9bae\u98df\u54c1\u306720%\u304b\u308930%\u306e\u4f38\u3073\u3092\u5b9f\u73fe\u3057\u305f\u3053\u3068\u3067\u3001\u8150\u6557\u304c\u307b\u3068\u3093\u3069\u306a\u304f\u306a\u308a\u30012\u5e74\u524d\u306f\u3069\u3046\u3060\u3063\u305f\u3067\u3057\u3087\u3046\u3002\u52b4\u50cd…\u751f\u9bae\u306e\u52b4\u50cd\u751f\u7523\u6027\u3092\u5287\u7684\u306b\u5411\u4e0a\u3055\u305b\u307e\u3057\u305f\u306d\u3002\u305d\u3057\u3066\u3001\u307b\u307c\u3059\u3079\u3066\u306e\u8150\u6557\u3092\u306a\u304f\u3059\u3053\u3068\u304c\u3067\u304d\u305f\u306e\u3067\u3059\u3002\u305d\u306e\u4e2d\u306b\u306f\u6301\u7d9a\u4e0d\u53ef\u80fd\u306a\u3082\u306e\u3082\u3042\u308a\u307e\u3059\u3002<\/p>\n

\u3057\u304b\u3057\u30012\u5e74\u5206\u7a4d\u307f\u4e0a\u3052\u305f\u3068\u3057\u3066\u3082\u3001\u30b3\u30a2\u30fb\u30aa\u30f3\u30fb\u30b3\u30a2\u3067\u524d\u5e74\u3092\u4e0a\u56de\u308b\u6570\u5b57\u3092\u9054\u6210\u3057\u3066\u3044\u307e\u3059\u3002\u3082\u3046\u3072\u3068\u3064\u306f\u3001\u79c1\u305f\u3061\u304c\u8a00\u3063\u3066\u304d\u305f\u3088\u3046\u306b\u3001\u305f\u3060\u5ea7\u3063\u3066\u80f8\u3092\u5f35\u3063\u3066\u3044\u308b\u308f\u3051\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u304c\u3001\u3053\u3046\u3057\u305f\u30a4\u30f3\u30d5\u30ec\u5727\u529b\u306b\u3082\u304b\u304b\u308f\u3089\u305a\u3001\u79c1\u305f\u3061\u306f\u53ef\u80fd\u306a\u9650\u308a\u30a4\u30f3\u30d5\u30ec\u3092\u6291\u5236\u3057\u3088\u3046\u3068\u3057\u3066\u304d\u307e\u3057\u305f\u3002\u3082\u3061\u308d\u3093\u3001\u5168\u90e8\u304c\u5168\u90e8\u305d\u3046\u306a\u308b\u308f\u3051\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u304c\u3001\u79c1\u305f\u3061\u306e\u8003\u3048\u3068\u3057\u3066\u306f\u3001\u3044\u304f\u3064\u304b\u306e\u70b9\u3067\u3001\u4ed6\u306e\u4f01\u696d\u3088\u308a\u5c11\u3057\u9045\u308c\u3066\u3044\u308b\u3068\u601d\u3044\u307e\u3059\u3002\u79c1\u305f\u3061\u306f\u30b5\u30d7\u30e9\u30a4\u30e4\u30fc\u3068\u5354\u529b\u3057\u3066\u3001\u305d\u306e\u3046\u3061\u306e\u3044\u304f\u3064\u304b\u3092\u79c1\u305f\u3061\u304c\u8ca0\u62c5\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n

\u3053\u306e\u30de\u30fc\u30b8\u30f3\u3001\u7279\u306b\u8ca9\u58f2\u529b\u3068\u55b6\u696d\u30ec\u30d0\u30ec\u30c3\u30b8\u306e\u304a\u304b\u3052\u3067\u3001\u79c1\u305f\u3061\u306f\u3053\u308c\u307e\u3067\u4ee5\u4e0a\u306b\u7af6\u4e89\u529b\u3092\u9ad8\u3081\u3001\u4e8b\u696d\u3092\u63a8\u9032\u3059\u308b\u3053\u3068\u304c\u3067\u304d\u308b\u3068\u8003\u3048\u3066\u3044\u307e\u3059\u3002\u3067\u3059\u304b\u3089\u3001\u9577\u5e74\u306b\u308f\u305f\u3063\u3066\u7686\u3055\u3093\u3082\u3054\u5b58\u3058\u306e\u3088\u3046\u306b\u3001\u300c\u6700\u3082\u624b\u3054\u308f\u3044\u7af6\u4e89\u76f8\u624b\u306f\u8ab0\u304b\u300d\u3068\u554f\u308f\u308c\u308c\u3070\u3001\u305d\u308c\u306f\u79c1\u305f\u3061\u81ea\u8eab\u3067\u3059\u3002\u3053\u308c\u306f\u3001\u4e16\u306e\u4e2d\u306e\u52d5\u304d\u3092\u53cd\u6620\u3057\u305f\u3082\u306e\u3060\u3068\u306f\u601d\u3063\u3066\u3044\u307e\u305b\u3093\u3002\u79c1\u305f\u3061\u306f\u5e38\u306b\u7af6\u4e89\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n

\u79c1\u305f\u3061\u306f\u5e38\u306b\u7af6\u5408\u4ed6\u793e\u3092\u30c1\u30a7\u30c3\u30af\u3057\u3066\u304a\u308a\u3001\u305d\u306e\u7af6\u4e89\u529b\u306f……\u79c1\u305f\u3061\u306e\u7af6\u4e89\u529b\u306f\u3053\u308c\u307e\u3067\u3068\u540c\u69d8\u306b\u5f37\u3044\u3068\u611f\u3058\u3066\u3044\u307e\u3059\u3002<\/p>\n

\u30de\u30a4\u30b1\u30eb\u30fb\u30e9\u30c3\u30b5\u30fc — UBS<\/p>\n

\u3068\u3066\u3082\u53c2\u8003\u306b\u306a\u308a\u307e\u3057\u305f\u3002\u9811\u5f35\u3063\u3066\u304f\u3060\u3055\u3044\u3002<\/p>\n

\u904b\u55b6\u8005<\/p>\n

\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3057\u305f\u3002\u6b21\u306e\u8cea\u554f\u306f\u30e2\u30eb\u30ac\u30f3\u30b9\u30bf\u30f3\u30ec\u30fc\u304b\u3089\u30b7\u30e1\u30aa\u30f3\u30fb\u30b0\u30c3\u30c8\u30de\u30f3\u3067\u3059\u3002\u3069\u3046\u305e\u3088\u308d\u3057\u304f\u304a\u9858\u3044\u3057\u307e\u3059\u3002<\/p>\n

\u30b7\u30e1\u30aa\u30f3\u30fb\u30b0\u30c3\u30c8\u30de\u30f3 — \u30e2\u30eb\u30ac\u30f3\u30b9\u30bf\u30f3\u30ec\u30fc — \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n

\u7686\u3055\u3093\u3001\u3053\u3093\u306b\u3061\u306f\u3002\u30ea\u30c1\u30e3\u30fc\u30c9\u3001\u5148\u307b\u3069\u5225\u306e\u8cea\u554f\u3067\u51fa\u305f\u30b3\u30a2\u30fb\u30aa\u30f3\u30fb\u30b3\u30a2\u306e\u8cea\u554f\u306e\u7d9a\u304d\u3092\u3057\u305f\u3044\u3068\u601d\u3044\u307e\u3059\u30021\u5e74\u524d\u3001\u30b5\u30d7\u30e9\u30a4\u30c1\u30a7\u30fc\u30f3\u30fb\u30b3\u30b9\u30c8\u3084\u30a4\u30f3\u30d7\u30c3\u30c8\u30fb\u30b3\u30b9\u30c8\u304c\u4e0a\u6607\u3057\u3001\u8cb4\u793e\u304c\u305d\u308c\u306b\u5148\u884c\u3057\u3066\u3044\u306a\u3044\u3088\u3046\u306b\u611f\u3058\u3089\u308c\u305f\u3068\u601d\u3044\u307e\u3059\u304c\u3001\u3044\u304b\u304c\u3067\u3057\u3087\u3046\u304b\u3002\u3053\u306e2\u56db\u534a\u671f\u3067\u3001\u3088\u308a\u5148\u624b\u3092\u6253\u3066\u308b\u3088\u3046\u306b\u306a\u3063\u305f\u3088\u3046\u3067\u3059\u306d\u3002<\/p>\n

\u6c17\u5206\u3082\u6674\u308c\u3084\u304b\u3067\u3059\u306d\u3002\u30b3\u30a2\u30fb\u30aa\u30f3\u30fb\u30b3\u30a2\u306e2\u5e74\u9593\u306e\u30c8\u30ec\u30f3\u30c9\u3092\u6307\u6458\u3055\u308c\u307e\u3057\u305f\u304c\u3002\u6700\u60aa\u671f\u3092\u8131\u3057\u3001\u4fa1\u683c\u8a2d\u5b9a\u3084\u30b5\u30d7\u30e9\u30a4\u30c1\u30a7\u30fc\u30f3\u306e\u898b\u901a\u3057\u3092\u7acb\u3066\u3089\u308c\u308b\u3088\u3046\u306b\u306a\u3063\u305f\u3068\u3044\u3046\u3053\u3068\u3067\u3057\u3087\u3046\u304b\u3002\u307e\u305f\u3001\u751f\u9bae\u54c1\u306b\u95a2\u9023\u3059\u308b\u3053\u3068\u3067\u3059\u304c\u3001\u3042\u308b\u7a0b\u5ea6\u306e\u52b9\u7387\u6027\u3092\u7dad\u6301\u3059\u308b\u3088\u3046\u3067\u3059\u306d\u3002\u3068\u3044\u3046\u3053\u3068\u306f\u3001\u3053\u306e\u3046\u3061\u306e\u3044\u304f\u3064\u304b\u306f\u4eca\u5f8c\u3082\u7dad\u6301\u3055\u308c\u308b\u306e\u3067\u3057\u3087\u3046\u3002<\/p>\n

\u305d\u308c\u304c\u30d5\u30a7\u30a2\u304b\u3069\u3046\u304b\u306f\u308f\u304b\u308a\u307e\u305b\u3093\u304c\u3002<\/p>\n

Richard Galanti — \u53d6\u7de0\u5f79\u517c\u57f7\u884c\u526f\u793e\u9577\u517c\u6700\u9ad8\u8ca1\u52d9\u8cac\u4efb\u8005<\/p>\n

\u305d\u3046\u3067\u3059\u306d\u3002\u78ba\u304b\u306b\u3001\u751f\u9bae\u98df\u54c1\u306b\u3064\u3044\u3066\u306f\u3001\u58f2\u4e0a\u9ad8\u304c\u5897\u52a0\u3057\u3066\u3044\u308b\u305f\u3081\u3001\u52b4\u50cd\u751f\u7523\u6027\u3092\u9ad8\u3081\u308b\u3053\u3068\u304c\u3067\u304d\u3001\u3067\u304d\u308c\u3070D&D\u3084\u8150\u6557\u3092\u5c11\u3057\u6e1b\u3089\u3059\u3053\u3068\u304c\u3067\u304d\u307e\u3059\u3002\u304a\u3063\u3057\u3083\u308b\u3053\u3068\u306b\u53cd\u5bfe\u3059\u308b\u308f\u3051\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u304c\u3001\u660e\u65e5\u4f55\u304c\u8d77\u3053\u308b\u304b\u308f\u304b\u3089\u306a\u3044\u306e\u3067\u3059\u3002\u79c1\u306f35\u5e74\u9593\u3001\u72b6\u6cc1\u304c\u826f\u304f\u306a\u308c\u3070\u3001\u305d\u308c\u3092\u3082\u3046\u5c11\u3057\u9084\u5143\u3059\u308b\u65b9\u6cd5\u3092\u8003\u3048\u3066\u304d\u307e\u3057\u305f\u3002<\/p>\n

\u305d\u3057\u3066\u78ba\u304b\u306b\u4eca\u3001\u3042\u3089\u3086\u308b\u30a4\u30f3\u30d5\u30ec\u306e\u4e2d\u3067\u3001\u4f55\u3088\u308a\u3082\u307e\u305a\u5546\u54c1\u3092\u68da\u306b\u4e26\u3079\u3001\u3055\u307e\u3056\u307e\u306a\u30b3\u30b9\u30c8\u8981\u7d20\u3092\u3067\u304d\u308b\u9650\u308a\u8efd\u6e1b\u3059\u308b\u3053\u3068\u304c\u91cd\u8981\u3067\u3059\u3002\u305d\u3057\u3066\u307e\u305f……\u9858\u308f\u304f\u3070\u3001\u4ed6\u3068\u540c\u3058\u3088\u3046\u306b\u3001\u3044\u3084\u3001\u4ed6\u3088\u308a\u5c11\u3057\u306f\u7af6\u4e89\u529b\u3092\u6301\u3061\u305f\u3044\u3082\u306e\u3067\u3059\u3002<\/p>\n

Simeon Gutman — Morgan Stanley — \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n

\u305d\u3057\u3066\u3001\u304a\u305d\u3089\u304f\u30d5\u30a9\u30ed\u30fc\u30a2\u30c3\u30d7\u3002\u4fa1\u683c\u5dee\u306b\u3064\u3044\u3066\u3069\u3046\u304a\u8003\u3048\u3067\u3059\u304b\uff1f\u79c1\u305f\u3061\u304c\u30ab\u30d0\u30fc\u3059\u308b\u91cf\u8ca9\u5e97\u3084\u30b9\u30fc\u30d1\u30fc\u30de\u30fc\u30b1\u30c3\u30c8\u3067\u306f\u3001\u3069\u306e\u4f01\u696d\u3082\u4fa1\u683c\u5dee\u306b\u6e80\u8db3\u3057\u3066\u3044\u308b\u3088\u3046\u306b\u611f\u3058\u3089\u308c\u307e\u3059\u3002\u3057\u304b\u3057\u3001\u305d\u308c\u304c\u6b63\u3057\u3044\u306e\u304b\u9593\u9055\u3063\u3066\u3044\u308b\u306e\u304b\u306f\u308f\u304b\u308a\u307e\u305b\u3093\u3057\u3001\u5b9f\u969b\u306b\u7c97\u5229\u7387\u304c\u4e0a\u304c\u308a\u59cb\u3081\u3066\u3044\u308b\u3068\u3053\u308d\u3082\u3042\u308a\u307e\u3059\u3002<\/p>\n

\u3064\u307e\u308a\u3001\u7af6\u5408\u4ed6\u793e\u306f\u4fa1\u683c\u3092\u91cd\u8996\u3057\u3066\u3044\u308b\u306e\u3067\u3059\u3002\u3068\u3044\u3046\u3053\u3068\u306f\u3001\u5b9f\u969b\u306b\u306f\u683c\u5dee\u304c\u5e83\u304c\u3063\u3066\u3001\u3042\u306a\u305f\u306e\u4fa1\u5024\u304c\u9ad8\u307e\u3063\u3066\u3044\u308b\u306f\u305a\u3067\u3059\u3002\u4e0d\u601d\u8b70\u306a\u3053\u3068\u306b\u3001\u3042\u306a\u305f\u65b9\u306f\u5e97\u8217\u3092\u4f55\u5ea6\u3082\u8d70\u308a\u56de\u3063\u3066\u3044\u307e\u3059\u306d\u3002\u305d\u308c\u306b\u3064\u3044\u3066\u3069\u3046\u304a\u8003\u3048\u3067\u3059\u304b\uff1f<\/p>\n

Richard Galanti — \u53d6\u7de0\u5f79\u517c\u57f7\u884c\u526f\u793e\u9577\u517c\u6700\u9ad8\u8ca1\u52d9\u8cac\u4efb\u8005<\/p>\n

\u307e\u3042\u3001\u7387\u76f4\u306b\u8a00\u3063\u3066\u3001\u3088\u308a\u5feb\u9069\u306b\u611f\u3058\u3066\u3082\u3089\u3048\u308b\u3068\u5b09\u3057\u3044\u3067\u3059\u306d\u3002\u79c1\u305f\u3061\u306e\u6700\u3082\u76f4\u63a5\u7684\u306a\u7af6\u5408\u306f\u300cSam’s\u300d\u3067\u3059\u3002\u79c1\u305f\u3061\u306f — \u5f7c\u3089\u3082\u305d\u3046\u3060\u3068\u601d\u3044\u307e\u3059\u304c — \u307b\u307c\u3059\u3079\u3066\u306e\u5e97\u8217\u3067\u6bce\u9031\u30b3\u30f3\u30d7\u30b7\u30e7\u30c3\u30d7\u3092\u958b\u50ac\u3057\u3066\u3044\u307e\u3059\u3002\u79c1\u305f\u3061\u306f\u3053\u306e\u30ae\u30e3\u30c3\u30d7\u3092\u5feb\u304f\u53d7\u3051\u6b62\u3081\u3066\u3044\u307e\u3059\u3002<\/p>\n

\u5168\u4f53\u3068\u3057\u3066\u683c\u5dee\u304c\u5e83\u304c\u3063\u305f\u3068\u304b\u7e2e\u3093\u3060\u3068\u304b\u3044\u3046\u3053\u3068\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002\u5f7c\u3089\u306f\u30bf\u30d5\u306a\u7af6\u4e89\u76f8\u624b\u3067\u3059\u3057\u3001\u79c1\u305f\u3061\u3082\u305d\u3046\u3067\u3059\u3002\u4ed6\u306e\u4f1d\u7d71\u7684\u306a\u4e8b\u696d\u3068\u306e\u95a2\u9023\u3067\u306f\u3001\u30ac\u30b9\u4e8b\u696d\u304c\u597d\u8abf\u306a\u306e\u306f\u3054\u5b58\u3058\u306e\u3068\u304a\u308a\u3067\u3059\u3002\u30b9\u30fc\u30d1\u30fc\u3084\u305d\u306e\u4ed6\u306e\u5c0f\u58f2\u5e97\u306b\u3088\u308b\u30ac\u30b9\u306e\u7c97\u5229\u76ca\u7387\u306b\u3064\u3044\u3066\u3001\u79c1\u304c\u5916\u90e8\u3067\u8aad\u3093\u3060\u3068\u3053\u308d\u3067\u306f\u3001\u5168\u4f53\u7684\u306b\u4e0a\u6607\u3057\u3066\u3044\u308b\u3088\u3046\u306a\u6c17\u304c\u3057\u307e\u3059\u3002<\/p>\n

\u305d\u306e\u7d50\u679c\u3001\u79c1\u305f\u3061\u306b\u3082\u5c11\u3057\u4f59\u88d5\u304c\u751f\u307e\u308c\u307e\u3057\u305f\u3002\u3057\u304b\u3057\u3001\u79c1\u305f\u3061\u306f\u3053\u308c\u307e\u3067\u4ee5\u4e0a\u306b\u7af6\u4e89\u529b\u3092\u9ad8\u3081\u305f\u3044\u3068\u601d\u3063\u3066\u3044\u307e\u3059\u3002<\/p>\n

Simeon Gutman — Morgan Stanley — \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n

\u7d20\u6674\u3089\u3057\u3044\u3002\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u3002<\/p>\n

\u30aa\u30da\u30ec\u30fc\u30bf\u30fc<\/p>\n

\u6b21\u306e\u8cea\u554f\u306f\u3001\u30b4\u30fc\u30c9\u30f3\u30fb\u30cf\u30b9\u30b1\u30c3\u30c8\u306e\u30c1\u30e3\u30c3\u30af\u30fb\u30b0\u30ed\u30e0\u3067\u3059\u3002\u304a\u5f85\u305f\u305b\u3057\u307e\u3057\u305f<\/p>\n

\u30c1\u30e3\u30c3\u30af\u30fb\u30b0\u30ed\u30e0 — \u30b4\u30fc\u30c9\u30f3\u30fb\u30cf\u30b9\u30b1\u30c3\u30c8 — \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n

\u3069\u3046\u3082\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u3001\u30ea\u30c1\u30e3\u30fc\u30c9\u3002\u3053\u3053\u6570\u30ab\u6708\u3001\u3042\u306a\u305f\u65b9\u306f\u5c0f\u58f2\u4fa1\u683c\u3092\u4e0a\u3052\u308b\u3053\u3068\u306b\u6210\u529f\u3057\u3066\u3044\u307e\u3059\u306d\u3002\u305d\u306e\u50be\u5411\u306f\u7d9a\u3044\u3066\u3044\u308b\u306e\u3067\u3057\u3087\u3046\u304b\u3002\u305d\u308c\u3068\u3082\u3001\u30af\u30e9\u30d6\u306e\u3069\u3053\u304b\u306e\u90e8\u5206\u3067\u3001\u9650\u754c\u3084\u9700\u8981\u7834\u58ca\u304c\u898b\u3048\u59cb\u3081\u3066\u3044\u308b\u306e\u3067\u3057\u3087\u3046\u304b\u3002<\/p>\n

Richard Galanti — \u53d6\u7de0\u5f79\u3001\u57f7\u884c\u526f\u793e\u9577\u3001\u6700\u9ad8\u8ca1\u52d9\u8cac\u4efb\u8005<\/p>\n

\u3044\u3044\u3048…\u3044\u3044\u3048\u3002\u305d\u3057\u3066\u3001\u79c1\u305f\u3061\u306f\u305d\u3046\u3057\u3066\u3044\u307e\u305b\u3093\u3002\u78ba\u304b\u306b\u3001\u30a4\u30f3\u30d5\u30ec\u304c\u9032\u3080\u3068\u9700\u8981\u5727\u529b\u304c\u751f\u3058\u307e\u3059\u306d\u3002\u30a4\u30f3\u30d5\u30ec\u304c\u9032\u3080\u3068\u3001\u7387\u76f4\u306b\u8a00\u3063\u3066\u3001\u3082\u3063\u3068\u8cb7\u3044\u7269\u3092\u3057\u305f\u3044\u3001\u3082\u3063\u3068\u7bc0\u7d04\u3057\u305f\u3044\u3068\u601d\u3046\u3088\u3046\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n

\u3057\u304b\u3057\u3001\u305d\u308c\u306f\u307e\u3060\u898b\u3089\u308c\u307e\u305b\u3093\u3002<\/p>\n

Chuck Grom — Gordon Haskett — \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n

OK, OK. \u7d20\u6674\u3089\u3057\u3044\u3002\u305d\u308c\u304b\u3089\u3082\u3046\u3072\u3068\u3064\u3001\u8fd1\u3044\u5c06\u6765\u306e\u8cea\u554f\u3067\u3059\u3002\u6b74\u53f2\u7684\u306b\u898b\u308b\u3068\u3001\u30ac\u30bd\u30ea\u30f3\u4fa1\u683c\u306f\u73fe\u5728\u3082\u3001\u307e\u305f\u4eca\u5f8c\u4e0a\u6607\u3059\u308b\u53ef\u80fd\u6027\u3082\u3042\u308b\u306e\u3067\u306f\u306a\u3044\u304b\u3068\u601d\u3044\u307e\u3059\u3002<\/p>\n

\u6b74\u53f2\u7684\u306b\u307f\u3066\u3001\u8ee2\u63db\u671f\u3068\u3044\u3046\u306e\u306f\u672c\u5f53\u306b\u3042\u3063\u305f\u306e\u3067\u3057\u3087\u3046\u304b\uff1f\u307e\u305f\u3001\u30c8\u30e9\u30d5\u30a3\u30c3\u30af\u306b\u3069\u306e\u3088\u3046\u306a\u5f71\u97ff\u3092\u4e0e\u3048\u308b\u306e\u3067\u3057\u3087\u3046\u304b\u3002\u5fa1\u793e\u306e\u30d3\u30b8\u30cd\u30b9\u306e\u30de\u30fc\u30b8\u30f3\u69cb\u9020\u306b\u3069\u306e\u3088\u3046\u306a\u5f71\u97ff\u3092\u4e0e\u3048\u308b\u304b\u306f\u7406\u89e3\u3057\u3066\u3044\u307e\u3059\u304c\u3001\u6b74\u53f2\u7684\u306b\u307f\u3066\u3001\u8ee2\u63db\u70b9\u306f\u3042\u308b\u306e\u3067\u3057\u3087\u3046\u304b\uff1f<\/p>\n

\u30ea\u30c1\u30e3\u30fc\u30c9\u30fb\u30ae\u30e3\u30e9\u30f3\u30c6\u30a3 — \u53d6\u7de0\u5f79\u517c\u57f7\u884c\u526f\u793e\u9577\u517c\u6700\u9ad8\u8ca1\u52d9\u8cac\u4efb\u8005\uff08CFO<\/p>\n

\u305d\u308c\u306f\u898b\u305f\u3053\u3068\u304c\u3042\u308a\u307e\u305b\u3093\u3002\u79c1\u306e\u8a18\u61b6\u3067\u306f\u3001\u6570\u5e74\u524d\u306b1\u30ac\u30ed\u30f34\u30c9\u30eb\u304b\u30895\u30c9\u30eb\u306e\u4fa1\u683c\u306b\u306a\u3063\u305f\u3068\u304d\u3060\u3051\u3067\u3059\u3002\u305d\u306e\u6642\u3082\u4eca\u3082\u3001\u79c1\u305f\u3061\u306e\u30ac\u30bd\u30ea\u30f3\u306e\u6d88\u8cbb\u91cf\u306f\u6bd4\u8f03\u7684\u3088\u304f\u306a\u3063\u3066\u3044\u307e\u3059\u3002\u3067\u3059\u304b\u3089\u3001\u3042\u308b\u6642\u70b9\u30675\u30c9\u30eb\u30016\u30c9\u30eb\u30017\u30c9\u30eb\u306b\u306a\u3063\u305f\u3089\u3001\u3069\u3046\u306a\u308b\u3067\u3057\u3087\u3046\u304b\uff1f\u4eba\u3005\u306f\u5c11\u3057\u306f\u904b\u8ee2\u3057\u306a\u304f\u306a\u308b\u306e\u3067\u3057\u3087\u3046\u304b\uff1f\u305d\u308c\u306f\u4f55\u3068\u3082\u8a00\u3048\u307e\u305b\u3093\u3002<\/p>\n

\u5728\u5b85\u52e4\u52d9\u306e\u30cf\u30a4\u30d6\u30ea\u30c3\u30c9\u30e2\u30c7\u30eb\u304c\u3001\u5c11\u3057\u306f\u7bc0\u7d04\u306b\u5f79\u7acb\u3063\u3066\u3044\u308b\u3068\u601d\u3044\u305f\u3044\u3067\u3059\u306d\u3002<\/p>\n

Chuck Grom — Gordon Haskett — \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n

OK\u3001\u7d20\u6674\u3089\u3057\u3044\u3002\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u3002<\/p>\n

\u30aa\u30da\u30ec\u30fc\u30bf\u30fc<\/p>\n

\u6b21\u306e\u8cea\u554f\u306f\u30b7\u30c6\u30a3\u306e\u30dd\u30fc\u30eb\u30fb\u30ec\u30b8\u30e5\u30a8\u30c4\u3055\u3093\u304b\u3089\u3067\u3059\u3002\u304a\u5f85\u305f\u305b\u3057\u307e\u3057\u305f\u3002<\/p>\n

Brandon Cheatham — Citi — \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n

\u7686\u3055\u3093\u3001\u3053\u3093\u306b\u3061\u306f\u3002\u30dd\u30fc\u30eb\u306b\u4ee3\u308f\u3063\u3066\u30d6\u30e9\u30f3\u30c9\u30f3\u30fb\u30c1\u30fc\u30b5\u30e0\u3067\u3059\u3002\u6d88\u8cbb\u8005\u306e\u884c\u52d5\u3067\u3001\u4e0b\u53d6\u308a\u3084\u30d7\u30e9\u30a4\u30d9\u30fc\u30c8\u30d6\u30e9\u30f3\u30c9\u3078\u306e\u79fb\u884c\u306a\u3069\u3001\u4f55\u304b\u5909\u5316\u304c\u3042\u308b\u306e\u3067\u3057\u3087\u3046\u304b\uff1f<\/p>\n

Richard Galanti — \u53d6\u7de0\u5f79\u3001\u53d6\u7de0\u5f79\u526f\u793e\u9577\u3001\u6700\u9ad8\u8ca1\u52d9\u8cac\u4efb\u8005<\/p>\n

\u9762\u767d\u3044\u3067\u3059\u306d\u3002\u4e00\u65b9\u3001\u552f\u4e00\u8003\u3048\u3089\u308c\u308b\u306e\u306f\u3001\u751f\u9bae\u98df\u54c1\u306b\u304a\u3044\u3066\u3001\u4fa1\u683c\u304c\u5927\u304d\u304f\u5909\u52d5\u3057\u305f\u5834\u5408\u3001\u3042\u308b\u3044\u306f\u725b\u8089\u306e\u4fa1\u683c\u304c\u9d8f\u8089\u306b\u6bd4\u3079\u3066\u5927\u304d\u304f\u4e0a\u6607\u3057\u305f\u5834\u5408\u306a\u3069\u306b\u306f\u3001\u30bf\u30f3\u30d1\u30af\u8cea\u30d5\u30a1\u30df\u30ea\u30fc\u5185\u3067\u306e\u30c8\u30ec\u30fc\u30c9\u30c0\u30a6\u30f3\u304c\u898b\u3089\u308c\u308b\u3068\u3044\u3046\u3053\u3068\u3067\u3059\u3002\u305d\u308c\u4ee5\u5916\u3067\u306f\u3001\u307b\u3068\u3093\u3069\u6b63\u53cd\u5bfe\u3068\u3044\u3046\u610f\u5473\u3067\u3001\u3044\u304f\u3064\u304b\u306e\u5909\u5247\u7684\u306a\u52d5\u304d\u304c\u3042\u308a\u307e\u3059\u3002\u5b9d\u98fe\u54c1\u3084\u9ad8\u984d\u306a\u5bb6\u5177\u306a\u3069\u306f\u597d\u8abf\u3067\u3001\u30a8\u30b0\u30bc\u30af\u30c6\u30a3\u30d6\u30fb\u30e1\u30f3\u30d0\u30fc\u30b7\u30c3\u30d7\u3078\u306e\u79fb\u884c\u3082\u5897\u3048\u3066\u3044\u307e\u3059\u3002<\/p>\n

Brandon Cheatham — Citi — \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n

\u4e86\u89e3\u3057\u307e\u3057\u305f\u3002\u305d\u308c\u3068\u3001\u7269\u4fa1\u306e\u4e0a\u6607\u306b\u3064\u3044\u3066\u88dc\u8db3\u3057\u3066\u304a\u304d\u307e\u3059\u3002\u6708\u6b21\u5831\u544a\u3067\u6307\u6458\u3055\u308c\u3066\u3044\u308b\u3088\u3046\u306b\u3001\u3053\u3053\u6570\u30ab\u6708\u3067\u7269\u4fa1\u4e0a\u6607\u306f\u7de9\u3084\u304b\u306b\u306a\u3063\u305f\u306e\u3067\u3057\u3087\u3046\u304b\u3002\u305d\u308c\u3068\u3082\u3001\u307e\u3060\u52a0\u901f\u3057\u3066\u3044\u308b\u306e\u3067\u3057\u3087\u3046\u304b\uff1f<\/p>\n

Richard Galanti — \u53d6\u7de0\u5f79\u517c\u57f7\u884c\u526f\u793e\u9577\u517c\u6700\u9ad8\u8ca1\u52d9\u8cac\u4efb\u8005<\/p>\n

\u7de9\u3084\u304b\u306b\u306a\u3063\u3066\u306f\u3044\u307e\u305b\u3093\u3002\u4e0a\u6607\u3092\u7d9a\u3051\u3066\u3044\u307e\u3059\u3002<\/p>\n

Brandon Cheatham — Citi — \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n

\u4e86\u89e3\u3057\u307e\u3057\u305f\u3002<\/p>\n

Richard Galanti — \u53d6\u7de0\u5f79\u3001\u57f7\u884c\u526f\u793e\u9577\u3001\u6700\u9ad8\u8ca1\u52d9\u8cac\u4efb\u8005<\/p>\n

\u4eca\u306f\u3001\u304a\u305d\u3089\u304f\u5c11\u3057\u50be\u659c\u3092\u6291\u3048\u3066\u4e0a\u6607\u3057\u3066\u3044\u307e\u3059\u3002\u50be\u659c\u304c\u5927\u304d\u304b\u3063\u305f\u306e\u306f4\uff5e2\u30f6\u6708\u524d\u3060\u3063\u305f\u3068\u601d\u3044\u307e\u3059\u304c\u3001\u305d\u3053\u304b\u3089\u4e0a\u304c\u3063\u3066\u304d\u3066\u3044\u307e\u3059\u3002\u78ba\u304b\u3001\u30d0\u30a4\u30e4\u30fc\u3068\u8a71\u3057\u3066\u3044\u308b\u3068\u3001\u4eca\u5e74\u306e\u6700\u5f8c\u306e\u6570\u30ab\u6708\u306f\u5c11\u3057\u4f4e\u8abf\u3060\u3063\u305f\u3088\u3046\u306a\u6c17\u304c\u3057\u307e\u3059\u3002\u3057\u304b\u3057\u3001\u591a\u304f\u306e\u30b5\u30d7\u30e9\u30a4\u30e4\u30fc\u306f\u3059\u3067\u306b\u305d\u306e2\u30ab\u6708\u524d\u306b\u8a71\u3092\u623b\u3057\u3066\u304a\u308a\u30011\u6708\u306b\u306a\u3063\u305f\u3089\u307e\u305f\u8a71\u3092\u3057\u306b\u6765\u308b\u3064\u3082\u308a\u3067\u3059\u3002<\/p>\n

Brandon Cheatham — Citi — \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n

\u4e86\u89e3\u3067\u3059\u3002\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3057\u305f\u3002\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3057\u305f\u3002<\/p>\n

\u904b\u55b6\u62c5\u5f53\u8005<\/p>\n

\u6b21\u306e\u8cea\u554f\u306f\u3001Truist Securities\u306eScot Ciccarelli\u3055\u3093\u304b\u3089\u3067\u3059\u3002\u304a\u5f85\u305f\u305b\u3057\u307e\u3057\u305f\u3002<\/p>\n

\u30b9\u30b3\u30c3\u30c8\u30fb\u30b7\u30c3\u30ab\u30ec\u30ea — \u30c8\u30eb\u30fc\u30a4\u30b9\u30c8\u8a3c\u5238 — \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n

\u3053\u3093\u306b\u3061\u306f\u3001\u7686\u3055\u3093\u3002\u30b9\u30b3\u30c3\u30c8\u30fb\u30b7\u30ab\u30ec\u30ea\u3067\u3059\u3002\u3055\u3066\u3001\u30ea\u30c1\u30e3\u30fc\u30c9\u3001\u3042\u306a\u305f\u65b9\u306f\u3001\u30d1\u30f3\u30c7\u30df\u30c3\u30af\u524d\u306e\u73fe\u91d1\u6b8b\u9ad8\u306e\u307b\u307c2\u500d\u3067\u7d4c\u55b6\u3057\u3066\u3044\u307e\u3059\u306d\u3002\u3082\u3061\u308d\u3093\u3001\u5e02\u5834\u306b\u306f\u307e\u3060\u591a\u304f\u306e\u4e0d\u78ba\u5b9f\u6027\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n

\u3053\u306e\u3088\u3046\u306a\u72b6\u6cc1\u30928\u56db\u534a\u671f\u4ee5\u4e0a\u7d9a\u3051\u3066\u304d\u305f\u308f\u3051\u3067\u3059\u304c\u3001\u3053\u306e\u307e\u307e\u73fe\u91d1\u6b8b\u9ad8\u3092\u5897\u3084\u3057\u3066\u3044\u304f\u306e\u304b\u3001\u305d\u308c\u3068\u3082\u5b9a\u671f\u7684\u306b\u884c\u3063\u3066\u304d\u305f\u3088\u3046\u306b\u682a\u4e3b\u3078\u306e\u8cc7\u672c\u9084\u5143\u3092\u691c\u8a0e\u3057\u59cb\u3081\u308b\u3079\u304d\u306a\u306e\u3067\u3057\u3087\u3046\u304b\u3002<\/p>\n

\u30ea\u30c1\u30e3\u30fc\u30c9\u30fb\u30ae\u30e3\u30e9\u30f3\u30c6\u30a3 — \u53d6\u7de0\u5f79\u517c\u57f7\u884c\u526f\u793e\u9577\u517c\u6700\u9ad8\u8ca1\u52d9\u8cac\u4efb\u8005<\/p>\n

\u307e\u3042\u3001\u3042\u308b\u6642\u70b9\u3067\u3001\u3069\u3046\u3059\u308c\u3070\u3044\u3044\u306e\u304b\u8003\u3048\u308b\u3053\u3068\u306b\u306a\u308b\u3002\u7b2c2\u56db\u534a\u671f\u672b\u306e\u30d0\u30e9\u30f3\u30b9\u30b7\u30fc\u30c8\u306f\u3001\u5b63\u7bc0\u7684\u306a\u89b3\u70b9\u304b\u3089\u306f\u304a\u305d\u3089\u304f\u6700\u9ad8\u5024\u3067\u3059\u3002\u306a\u305c\u306a\u3089\u3001\u591a\u304f\u306e\u58f2\u4e0a\u3092\u4f5c\u308a\u3001\u30af\u30ea\u30b9\u30de\u30b9\u306e\u8acb\u6c42\u66f8\u304c\u307e\u3060\u6b8b\u3063\u3066\u3044\u308b\u304b\u3089\u3067\u3059\u3002\u307e\u305f\u3001\u7387\u76f4\u306b\u8a00\u3063\u3066\u3001\u55b6\u696d\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306f2\u5e74\u524d\u306b\u60f3\u5b9a\u3057\u3066\u3044\u305f\u3082\u306e\u3092\u78ba\u5b9f\u306b\u4e0a\u56de\u3063\u3066\u3044\u307e\u3059\u3002\u305d\u3046\u3001\u3082\u3046\u5c11\u3057\u3042\u308b\u306e\u3067\u3059\u3002<\/p>\n

\u3044\u305a\u308c\u306f\u3001\u6bce\u5e74\u884c\u3063\u3066\u3044\u308b\u5b9a\u671f\u7684\u306a\u5897\u914d\u306b\u52a0\u3048\u3001\u7279\u5225\u914d\u5f53\u3084\u81ea\u793e\u682a\u8cb7\u3044\u3082\u8996\u91ce\u306b\u5165\u308c\u3066\u3044\u307e\u3059\u3002\u3057\u304b\u3057\u3001\u4f55\u3088\u308a\u3082\u307e\u305a\u5fc5\u8981\u306a\u306e\u306f\u8a2d\u5099\u6295\u8cc7\u3067\u3059\u3002\u4eca\u5e74\u306e\u8a2d\u5099\u6295\u8cc7\u984d\u306f400\u4e07\u30c9\u30eb\u5f37\u3067\u3001\u3053\u3053\u6570\u5e74\u306e300\u4e07\u30c9\u30eb\u3084350\u4e07\u30c9\u30eb\u3092\u4e0a\u56de\u308a\u3001\u305d\u306e\u524d\u306e2\uff5e4\u5e74\u9593\u306f\u305d\u308c\u4ee5\u4e0b\u306e\u6570\u5b57\u3060\u3063\u305f\u3053\u3068\u3092\u8003\u3048\u308b\u3068\u3001\u5897\u52a0\u50be\u5411\u306b\u3042\u308b\u3068\u8a00\u3048\u307e\u3059\u3002\u3067\u3059\u304b\u3089\u3001\u4f55\u3088\u308a\u3082\u307e\u305a\u3001\u305d\u3053\u306b\u304a\u91d1\u3092\u304b\u3051\u305f\u3044\u306e\u3067\u3059\u3002<\/p>\n

\u3057\u304b\u3057\u3001\u79c1\u305f\u3061\u306f4\u3064\u306e\u7279\u5225\u4f01\u753b\u3092\u884c\u3044\u307e\u3057\u305f\u3002\u5f79\u54e1\u306e\u4e00\u4eba\u304c\u8a00\u3063\u305f\u3088\u3046\u306b\u3001\u79c1\u305f\u3061\u306f\u5c11\u3057\u98a8\u5909\u308f\u308a\u306a\u306e\u3067\u3059\u304c\u3001\u305d\u308c\u304c\u529f\u3092\u594f\u3057\u3066\u3044\u308b\u3088\u3046\u3067\u3059\u3002\u3057\u304b\u3057\u3001\u73fe\u6642\u70b9\u3067\u306f\u307e\u3060\u4f55\u3082\u6c7a\u5b9a\u3057\u3066\u3044\u307e\u305b\u3093\u3002<\/p>\n

Scot Ciccarelli — Truist Securities — \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n

\u4e86\u89e3\u3067\u3059\u3002\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u3002<\/p>\n

\u30aa\u30da\u30ec\u30fc\u30bf\u30fc<\/p>\n

\u6b21\u306e\u8cea\u554f\u306f\u3001\u30d0\u30fc\u30af\u30ec\u30a4\u30ba\u306e\u30ab\u30ec\u30f3\u30fb\u30b7\u30e7\u30fc\u30c8\u3055\u3093\u304b\u3089\u3067\u3059\u3002\u304a\u5f85\u305f\u305b\u3057\u307e\u3057\u305f\u3002<\/p>\n

\u30ab\u30ec\u30f3\u30fb\u30b7\u30e7\u30fc\u30c8 — \u30d0\u30fc\u30af\u30ec\u30a4\u30ba — \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n

\u3053\u3093\u306b\u3061\u306f\u3001\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u3002\u4f1a\u8cbb\u306b\u3064\u3044\u3066\u3001\u5c11\u3057\u9055\u3063\u305f\u89d2\u5ea6\u304b\u3089\u304a\u805e\u304d\u3057\u305f\u3044\u306e\u3067\u3059\u304c\u3002\u904e\u53bb\u306b\u4f1a\u8cbb\u306e\u5024\u4e0a\u3052\u306b\u3064\u3044\u3066\u304a\u8a71\u3055\u308c\u307e\u3057\u305f\u304c\u3001\u305d\u306e\u80cc\u666f\u306b\u306f\u3001\u4fa1\u683c\u3078\u306e\u518d\u6295\u8cc7\u306e\u305f\u3081\u306e\u8cc7\u91d1\u6d41\u5165\u304c\u3042\u308b\u3053\u3068\u306f\u660e\u3089\u304b\u3067\u3059\u3002\u305d\u3053\u3067\u8cea\u554f\u306a\u306e\u3067\u3059\u304c\u3001\u6d88\u8cbb\u8005\u304c\u5e74\u3092\u8ffd\u3046\u3054\u3068\u306b\u4f38\u3073\u60a9\u3093\u3067\u3044\u308b\u3068\u3044\u3046\u524d\u63d0\u3067\u3001\u305d\u306e\u3053\u3068\u3092\u3069\u306e\u3088\u3046\u306b\u304a\u8003\u3048\u3067\u3057\u3087\u3046\u304b\uff1f\u307e\u305f\u3001\u30a2\u30de\u30be\u30f3\u306e\u4f1a\u54e1\u6570\u304c\u5897\u52a0\u3057\u305f\u3068\u3044\u3046\u4e8b\u5b9f\u3068\u3082\u95a2\u9023\u4ed8\u3051\u3089\u308c\u307e\u3059\u3002<\/p>\n

Richard Galanti — \u53d6\u7de0\u5f79\u517c\u57f7\u884c\u526f\u793e\u9577\u517c\u6700\u9ad8\u8ca1\u52d9\u8cac\u4efb\u8005\uff08CFO<\/p>\n

\u3057\u304b\u3057\u3001\u6b63\u76f4\u306a\u3068\u3053\u308d\u30011\u65e5\u306e\u7d42\u308f\u308a\u306b\u306f\u3001\u307e\u305a\u4f55\u3088\u308a\u3082\u3001\u79c1\u305f\u3061\u306b\u4f55\u306e\u5fc3\u914d\u3082\u3055\u305b\u306a\u3044\u8981\u56e0\u306f\u3001\u79c1\u305f\u3061\u306e\u58f2\u4e0a\u304c\u597d\u8abf\u3067\u3042\u308b\u3053\u3068\u3060\u3068\u601d\u3044\u307e\u3059\u3002\u66f4\u65b0\u7387\u3082\u30ed\u30a4\u30e4\u30ea\u30c6\u30a3\u3082\u904e\u53bb\u6700\u9ad8\u3067\u3059\u3002\u3064\u307e\u308a\u3001\u3059\u3079\u3066\u30dd\u30b8\u30c6\u30a3\u30d6\u306a\u306e\u3067\u3059\u3002\u305d\u3057\u3066\u3001\u305d\u3046\u3001\u3084\u308b\u3068\u304d\u306f\u3084\u308b\u3001\u3055\u3089\u306b\u7af6\u4e89\u529b\u3092\u9ad8\u3081\u308b\u305f\u3081\u306b\u4f7f\u3046\u306e\u3067\u3059\u3002<\/p>\n

\u4e00\u65b9\u3067\u306f\u3001\u30a4\u30f3\u30d5\u30ec\u306e\u305f\u3081\u306b\u3001\u305d\u308c\u3092\u8efd\u6e1b\u3059\u308b\u3053\u3068\u304c\u3067\u304d\u308b\u306e\u3067\u306f\u3068\u3044\u3046\u610f\u898b\u3082\u3042\u308b\u304b\u3082\u3057\u308c\u307e\u305b\u3093\u3002\u3068\u3053\u308d\u3067\u3001\u79c1\u305f\u3061\u306f\u3059\u3067\u306b\u3001\u6599\u91d1\u306e\u5024\u4e0a\u3052\u3092\u305b\u305a\u306b\u305d\u308c\u3092\u5b9f\u73fe\u3057\u3066\u3044\u307e\u3059\u3002\u3057\u304b\u3057\u300135\u5e74\u9593\u30677\u56de\u305d\u308c\u3092\u884c\u3063\u3066\u3044\u307e\u3059\u3002\u590f\u304b\u30896\u30ab\u6708\u304b9\u30ab\u6708\u5148\u307e\u3067\u306e\u9593\u306b\u3001\u305d\u306e\u53ef\u80fd\u6027\u306f\u3042\u308b\u306e\u3067\u3057\u3087\u3046\u304b\uff1f\u53ef\u80fd\u6027\u306f\u3042\u308a\u307e\u3059\u304c\u3001\u69d8\u5b50\u3092\u898b\u308b\u3057\u304b\u306a\u3044\u3067\u3057\u3087\u3046\u3002\u3057\u304b\u3057\u3001\u79c1\u305f\u3061\u306fAmazon\u3084\u4ed6\u306e\u7af6\u5408\u4ed6\u793e\u304c\u3069\u3046\u3067\u3042\u308b\u304b\u3068\u3044\u3046\u3053\u3068\u306f\u8003\u3048\u3066\u3044\u307e\u305b\u3093 — \u9006\u306b\u3001\u5009\u5eab\u578b\u30af\u30e9\u30d6\u306e\u76f4\u63a5\u306e\u7af6\u5408\u4ed6\u793e\u306b\u8cea\u554f\u3055\u308c\u307e\u3057\u305f\u304c\u3001\u5f7c\u3089\u306f\u3053\u3053\u4f55\u5e74\u3082\u5909\u3048\u3066\u3044\u307e\u305b\u3093\u3002<\/p>\n

\u305d\u308c\u306f\u79c1\u305f\u3061\u306b\u3082\u95a2\u4fc2\u3042\u308a\u307e\u305b\u3093\u3002\u79c1\u305f\u3061\u306f\u3001\u81ea\u5206\u305f\u3061\u304c\u4f55\u3092\u3057\u3066\u3044\u308b\u306e\u304b\u3001\u305d\u308c\u304c\u4f1a\u54e1\u306b\u3069\u306e\u3088\u3046\u306a\u5f71\u97ff\u3092\u4e0e\u3048\u308b\u306e\u304b\u3092\u898b\u3066\u3044\u307e\u3059\u3002\u305d\u3057\u3066\u3001\u93e1\u306e\u4e2d\u306e\u81ea\u5206\u305f\u3061\u3092\u898b\u3066\u3044\u308b\u306e\u3067\u3059\u3002\u4f1a\u54e1\u306e\u4fa1\u5024\u3092\u9ad8\u3081\u308b\u3053\u3068\u304c\u3067\u304d\u305f\u304b\u3069\u3046\u304b\u3002\u305d\u3057\u3066\u3001\u4eca\u56de\u306e\u5024\u4e0a\u3052\u3067\u3001\u3088\u308a\u5287\u7684\u306a\u5f62\u3067\u305d\u308c\u3092\u5b9f\u73fe\u3067\u304d\u305f\u3068\u5e38\u306b\u601d\u3063\u3066\u3044\u307e\u3059\u3002<\/p>\n

\u305d\u3057\u3066\u3001\u305d\u306e\u5897\u984d\u5206\u306f\u3001\u3055\u3089\u306b\u7af6\u4e89\u529b\u3092\u9ad8\u3081\u308b\u305f\u3081\u306b\u4f7f\u3063\u3066\u3044\u307e\u3059\u3002\u3067\u3059\u304b\u3089\u3001\u3044\u3064\u3001\u3069\u306e\u3088\u3046\u306a\u5f62\u3067\u5897\u984d\u3092\u884c\u304a\u3046\u3068\u3082\u3001\u305d\u308c\u306f\u53ef\u80fd\u3060\u3068\u8003\u3048\u3066\u3044\u307e\u3059\u3002<\/p>\n

\u30ab\u30ec\u30f3\u30fb\u30b7\u30e7\u30fc\u30c8 — \u30d0\u30fc\u30af\u30ec\u30a4\u30ba — \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n

\u308f\u304b\u308a\u307e\u3057\u305f\u3002\u305d\u308c\u304b\u30892\u3064\u76ee\u306e\u8cea\u554f\u306f\u3001\u7d14\u5229\u76ca\u7387\u3001\u3042\u308b\u3044\u306f\u7a0e\u5f15\u304d\u524d\u5229\u76ca\u7387\u306b\u3064\u3044\u3066\u3067\u3059\u3002\u660e\u3089\u304b\u306b\u3001\u3053\u306e\u6570\u5e74\u9593\u306f\u3053\u306e\u554f\u984c\u304c\u5927\u304d\u304f\u30af\u30ed\u30fc\u30ba\u30a2\u30c3\u30d7\u3055\u308c\u3066\u3044\u307e\u3059\u3002\u591a\u304f\u306e\u4eba\u304c\u7591\u554f\u306b\u601d\u3046\u306e\u306f\u3001\u3053\u306e\u30e9\u30a4\u30f3\u306e\u30de\u30fc\u30b8\u30f3\u3092\u3082\u3063\u3068\u6d41\u52d5\u5316\u3055\u305b\u308b\u6c17\u304c\u3042\u308b\u306e\u304b\u3001\u3068\u3044\u3046\u3053\u3068\u3067\u3057\u3087\u3046\u3002\u79c1\u306f\u3001……\u7e70\u308a\u8fd4\u3057\u306b\u306a\u308a\u307e\u3059\u304c\u3001\u3042\u306a\u305f\u306f\u305d\u306e\u3088\u3046\u306a\u65b9\u6cd5\u3067\u30d3\u30b8\u30cd\u30b9\u3092\u9032\u3081\u3066\u3044\u308b\u308f\u3051\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3088\u306d\u3002<\/p>\n

\u3042\u306a\u305f\u306f\u53f0\u6570\u3068\u30dc\u30ea\u30e5\u30fc\u30e0\u3001\u305d\u3057\u3066\u5f37\u529b\u306a\u30b3\u30f3\u30d7\u306b\u3088\u308b\u30ec\u30d0\u30ec\u30c3\u30b8\u306e\u305f\u3081\u306b\u30d3\u30b8\u30cd\u30b9\u3092\u5c55\u958b\u3057\u3066\u3044\u307e\u3059\u304c\u3001\u305d\u308c\u3092\u3069\u3046\u89e3\u91c8\u3059\u308b\u304b\u3068\u3044\u3046\u3053\u3068\u3067\u3059\u3002<\/p>\n

Richard Galanti — \u53d6\u7de0\u5f79\u517c\u57f7\u884c\u526f\u793e\u9577\u517c\u6700\u9ad8\u8ca1\u52d9\u8cac\u4efb\u8005\uff08CFO<\/p>\n

\u307e\u305a\u7b2c\u4e00\u306b\u3001\u78ba\u304b\u306b\u3053\u306e\u56db\u534a\u671f\u306b\u304a\u3044\u3066\u3082\u3001\u6700\u7d42\u7684\u306a\u30de\u30fc\u30b8\u30f3\u306e\u6539\u5584\u306f\u3001\u5927\u304d\u306a\u8cbb\u7528\u306e\u6539\u5584\u3068\u82e5\u5e72\u306e\u30de\u30fc\u30b8\u30f3\u60aa\u5316\u306e\u5408\u8a08\u3067\u3057\u305f\u3002\u79c1\u306f\u3001\u305d\u308c\u305e\u308c\u306e\u7570\u5e38\u5024\u3092\u3059\u3079\u3066\u53d6\u308a\u9664\u3044\u3066\u3044\u307e\u3059\u3002\u305d\u3057\u3066\u3001\u305d\u308c\u304c\u79c1\u305f\u3061\u306e\u3084\u308a\u305f\u3044\u3053\u3068\u306a\u306e\u3067\u3059\u3002\u6614\u304b\u3089\u8a00\u308f\u308c\u3066\u3044\u308b\u306e\u306f\u3001\u4fa1\u683c\u3092\u4e0b\u3052\u3066\u30de\u30fc\u30b8\u30f3\u3092\u4e0a\u3052\u305f\u3044\u3068\u3044\u3046\u3053\u3068\u3067\u3059\u3002<\/p>\n

\u540c\u3058\u3053\u3068\u3067\u3059\u304c\u3001\u4fa1\u683c\u3092\u4e0a\u3052\u305a\u306b\u53ce\u76ca\u3092\u6539\u5584\u3057\u305f\u3044\u306e\u3067\u3059\u3002\u4eca\u3001\u5fc5\u305a\u3057\u3082\u5177\u4f53\u7684\u306a\u30a4\u30f3\u30d5\u30ec\u306e\u8a71\u3092\u3057\u3066\u3044\u308b\u308f\u3051\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u30025\u67081\u65e5\u306b\u7d04300\u4eba\u3092\u96c6\u3081\u3066\u30a2\u30ca\u30ea\u30b9\u30c8\u30fb\u30df\u30fc\u30c6\u30a3\u30f3\u30b0\u3092\u958b\u50ac\u3057\u305f\u3068\u304d\u306e\u3053\u3068\u3092\u3001\u901a\u8a71\u4e2d\u306e\u7686\u3055\u3093\u306f\u899a\u3048\u3066\u3044\u308b\u304b\u3082\u3057\u308c\u307e\u305b\u3093\u3002\u5f53\u6642\u306f\u58f2\u4e0a\u9ad8\u7a0e\u5f15\u524d\u5229\u76ca\u7387\u304c2.8%\u3067\u3057\u305f\u3002<\/p>\n

\u5275\u696d\u8005\u306f\u305d\u3053\u3067\u3001\u79c1\u305f\u3061\u306f\u7d20\u6674\u3089\u3057\u3044\u4f1a\u793e\u3067\u3042\u308a\u3001\u7d20\u6674\u3089\u3057\u3044\u4f1a\u793e\u306b\u306f\u826f\u3044\u304a\u91d1\u3092\u7a3c\u3050\u8cc7\u683c\u304c\u3042\u308b\u3001\u3068\u8a00\u3063\u3066\u3044\u307e\u3057\u305f\u3002\u305d\u308c\u304b\u3089\u6570\u5e74\u5f8c\u3001\u79c1\u305f\u3061\u306f2.8%\u304b\u3089\u3001\u7686\u3092\u8208\u596e\u3055\u305b\u308b\u308f\u3051\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u304c\u3001\u3082\u3063\u3068\u5927\u304d\u306a\u6570\u5b57\u306b\u3057\u305f\u3044\u3068\u8003\u3048\u3066\u3044\u307e\u3057\u305f\u3002\u305d\u3057\u3066\u7d50\u5c40\u3001\u4e0a\u304c\u3063\u305f\u308a\u4e0b\u304c\u3063\u305f\u308a\u3057\u306a\u304c\u3089\u3001\u6539\u5584\u3057\u3066\u304d\u305f\u306e\u3067\u3059\u3002\u79c1\u305f\u3061\u306f\u305f\u304f\u3055\u3093\u306e\u7d20\u6674\u3089\u3057\u3044\u3082\u306e\u3092\u624b\u306b\u5165\u308c\u305f\u3068\u601d\u3044\u307e\u3059\u3002<\/p>\n

\u79c1\u305f\u3061\u306f\u682a\u4e3b\u306e\u305f\u3081\u306b\u304a\u91d1\u3092\u7a3c\u3050\u3053\u3068\u3082\u6065\u305a\u304b\u3057\u304f\u3042\u308a\u307e\u305b\u3093\u304c\u3001\u4f1a\u54e1\u306b\u5bfe\u3059\u308b\u4fa1\u683c\u3068\u4fa1\u5024\u306e\u89b3\u70b9\u304b\u3089\u3053\u308c\u307e\u3067\u4ee5\u4e0a\u306b\u7af6\u4e89\u529b\u3092\u9ad8\u3081\u308b\u3068\u3044\u3046\u5236\u7d04\u306e\u4e2d\u3067\u305d\u308c\u3092\u5b9f\u73fe\u3059\u308b\u3064\u3082\u308a\u3067\u3059\u3002<\/p>\n

\u30ab\u30ec\u30f3\u30fb\u30b7\u30e7\u30fc\u30c8 — \u30d0\u30fc\u30af\u30ec\u30a4\u30ba — \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n

\u308f\u304b\u308a\u307e\u3057\u305f\u3002\u3069\u3046\u3082\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3057\u305f\u3002<\/p>\n

\u30aa\u30da\u30ec\u30fc\u30bf\u30fc<\/p>\n

\u6b21\u306e\u8cea\u554f\u306fJP\u30e2\u30eb\u30ac\u30f3\u306e\u30af\u30ea\u30b9\u30fb\u30db\u30fc\u30d0\u30fc\u30b9\u304b\u3089\u3067\u3059\u3002\u305d\u308c\u3067\u306f\u3001\u3088\u308d\u3057\u304f\u304a\u9858\u3044\u3057\u307e\u3059\u3002<\/p>\n

Chris Horvers — J.P. Morgan — \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n

\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u3002\u3053\u3093\u3070\u3093\u306f\u3002\u6700\u521d\u306e\u8cea\u554f\u3067\u3059\u304c\u3001\u30a2\u30e1\u30ea\u30ab\u306e\u30b3\u30a2\u30b3\u30f3\u30d4\u306f2\u5e74\u30013\u5e74\u5358\u4f4d\u3067\u898b\u3066\u3044\u308b\u306e\u3067\u3057\u3087\u3046\u304b\uff1f\u590f\u4ee5\u964d\u3001\u3053\u3053\u6570\u30f6\u6708\u3067\u30822\u5e74\u30013\u5e74\u306e\u30c8\u30ec\u30f3\u30c9\u306b\u5c11\u3057\u4e71\u9ad8\u4e0b\u304c\u898b\u3089\u308c\u307e\u3059\u3002<\/p>\n

\u305d\u306e\u3042\u305f\u308a\u306f\u3069\u3046\u304a\u8003\u3048\u3067\u3059\u304b\uff1f1\u6708\u306e\u4f11\u6687\u3084\u30aa\u30df\u30af\u30ed\u30f3\u306e\u5f71\u97ff\u306a\u3069\u3001\u3069\u306e\u7a0b\u5ea6\u3068\u304a\u8003\u3048\u3067\u3059\u304b\uff1f\u305d\u308c\u306b\u3064\u3044\u3066\u3069\u3046\u304a\u8003\u3048\u3067\u3059\u304b\uff1f<\/p>\n

Richard Galanti — \u53d6\u7de0\u5f79\u517c\u57f7\u884c\u526f\u793e\u9577\u517c\u6700\u9ad8\u8ca1\u52d9\u8cac\u4efb\u8005<\/p>\n

\u5168\u90e8\u5165\u308a\u3067\u3057\u3087\u3046\u3001\u306f\u3044\u3002\u5168\u90e8\u5165\u308a\u3067\u3059\u3002\u7279\u306b\u3001\u30af\u30ea\u30b9\u30de\u30b9\u4f11\u6687\u306e\u521d\u671f\u3001\u3064\u307e\u308a\u611f\u8b1d\u796d\u3084\u30af\u30ea\u30b9\u30de\u30b9\u4f11\u6687\u306e\u30b7\u30fc\u30ba\u30f3\u304c\u597d\u8abf\u3060\u3063\u305f\u3053\u3068\u3092\u899a\u3048\u3066\u3044\u307e\u3059\u3002\u305d\u306e\u7406\u7531\u306e\u3072\u3068\u3064\u306f\u3001\u3042\u308b\u3082\u306e\u3092\u65e9\u3081\u306b\u6301\u3061\u8fbc\u3093\u3060\u3053\u3068\u3067\u3059\u3002<\/p>\n

COVID\u304c\u751f\u307f\u51fa\u3057\u305f\u5bb6\u5ead\u7528\u54c1\u306e\u9700\u8981\u5897\u3068\u3001\u305d\u306e\u54c1\u4e0d\u8db3\u304c\u539f\u56e0\u3067\u3059\u3002\u3060\u304b\u3089\u3001\u68da\u306b\u4e26\u3093\u3060\u3089\u3059\u3050\u306b\u58f2\u308c\u307e\u3057\u305f\u306d\u3002\u305d\u3057\u3066\u3001\u3082\u3061\u308d\u3093\u3001\u5c11\u3057 — \u307e\u3060\u30d7\u30e9\u30b9\u3067\u306f\u3042\u308a\u307e\u3057\u305f\u304c\u3001\u66a6\u5e74\u306e\u7d42\u308f\u308a\u306b\u306f\u305d\u306e\u50be\u5411\u304b\u3089\u5c11\u3057\u5916\u308c\u3066\u3044\u307e\u3057\u305f\u3002\u3044\u308d\u3044\u308d\u3084\u3063\u3066\u307f\u306a\u304f\u3066\u3082\u3001\u305d\u308c\u304c\u539f\u56e0\u306e\u3088\u3046\u306a\u6c17\u304c\u3057\u307e\u3057\u305f\u3002<\/p>\n

\u305d\u308c\u304b\u3089\u3001\u5d50\u306f\u7269\u4e8b\u306b\u5f71\u97ff\u3092\u53ca\u307c\u3057\u307e\u3059\u3002\u4e2d\u56fd\u3084\u65e7\u6b63\u6708\u306e\u3088\u3046\u306a\u30b7\u30d5\u30c8\u3082\u3042\u308a\u307e\u3059\u3057\u306d\u3002\u79c1\u305f\u3061\u306f\u3001\u305d\u306e\u3088\u3046\u306a\u3053\u3068\u306b\u591a\u304f\u306e\u6642\u9593\u3092\u8cbb\u3084\u3059\u3053\u3068\u306f\u3042\u308a\u307e\u305b\u3093\u3002\u306a\u305c\u5168\u4f53\u7684\u306b\u4f55\u304b\u3001\u3064\u307e\u308a\u3042\u308b\u7a0b\u5ea6\u306e\u58f2\u4e0a\u304c\u4e00\u822c\u7684\u306b\u6e1b\u5c11\u3057\u305f\u306e\u304b\u3092\u7406\u89e3\u3057\u3088\u3046\u3068\u3057\u307e\u3059\u3002<\/p>\n

\u3057\u304b\u3057\u3001\u305d\u306e\u3088\u3046\u306a\u3053\u3068\u3092\u8003\u3048\u308b\u305f\u3081\u306b\u591a\u304f\u306e\u6642\u9593\u3092\u8cbb\u3084\u3057\u3066\u3044\u308b\u3068\u306f\u601d\u3044\u307e\u305b\u3093\u3002\u79c1\u305f\u3061\u306f……\u5275\u696d\u4ee5\u6765\u305a\u3063\u3068\u8a00\u308f\u308c\u3066\u3044\u308b\u3088\u3046\u306b\u3001\u30c8\u30c3\u30d7\u30e9\u30a4\u30f3\u4f01\u696d\u3067\u3042\u308a\u3001\u58f2\u4e0a\u3068\u4fa1\u5024\u3092\u9ad8\u3081\u308b\u3053\u3068\u304c\u3059\u3079\u3066\u306a\u306e\u3067\u3059\u3002\u305d\u3057\u3066\u3001\u305d\u308c\u3092\u5b9f\u73fe\u3059\u308b\u305f\u3081\u306b\u3001\u3067\u304d\u308b\u9650\u308a\u306e\u3053\u3068\u3092\u3059\u308b\u3064\u3082\u308a\u3067\u3059\u3002\u3067\u3059\u304b\u3089\u3001\u3042\u306a\u305f\u304c\u304a\u3063\u3057\u3083\u3063\u305f\u3053\u3068\u3092\u9d5c\u5451\u307f\u306b\u3059\u308b\u3053\u3068\u306f\u3042\u308a\u307e\u305b\u3093\u3002<\/p>\n

Chris Horvers — J.P. Morgan — \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n

\u4e86\u89e3\u3067\u3059\u3002\u826f\u3044\u30bb\u30b0\u30a8\u3067\u3059\u306d\u3002\u5fa1\u793e\u306e\u7d4c\u55b6\u52d5\u5411\u3001\u66f4\u65b0\u7387\u3001\u30b3\u30f3\u30d7\u3001\u30c8\u30e9\u30d5\u30a3\u30c3\u30af\u306f\u3001\u672c\u5f53\u306b\u5f37\u529b\u306a\u30c8\u30e9\u30d5\u30a3\u30c3\u30af\u3092\u6301\u3064\u6570\u5c11\u306a\u3044\u5927\u624b\u5c0f\u58f2\u696d\u8005\u306e1\u3064\u3060\u3068\u601d\u3044\u307e\u3059\u3002\u3057\u304b\u3057\u540c\u6642\u306b\u3001\u4fa1\u683c\u8ee2\u5ac1\u306b\u9055\u548c\u611f\u3092\u899a\u3048\u308b\u3088\u3046\u306a\u6587\u5316\u304c\u3042\u308b\u306e\u3067\u3057\u3087\u3046\u304b\u3002\u30d9\u30f3\u30c0\u30fc\u306f\u30011\u67081\u65e5\u304b\u3089\u3055\u3089\u306b\u5024\u4e0a\u3052\u3092\u3059\u308b\u3068\u8a71\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n

9\u6708\u306b\u3082\u5024\u4e0a\u3052\u304c\u3042\u308b\u3088\u3046\u3067\u3059\u3002\u30b8\u30e0\u306f\u88ab\u5bb3\u5984\u60f3\u7684\u306b\u306a\u3063\u3066\u3001\u300c\u3053\u306e\u307e\u307e\u3067\u306f\u30c0\u30e1\u3060\u300d\u300c\u8ca9\u58f2\u52d5\u5411\u304c\u60aa\u5316\u3059\u308b\u524d\u306b\u3001\u30ea\u30b9\u30af\u3092\u5192\u3057\u3066\u3067\u3082\u4fa1\u683c\u3078\u306e\u6295\u8cc7\u3092\u5897\u3084\u3057\u305f\u3044\u300d\u3068\u5fc3\u914d\u3057\u3066\u3044\u308b\u3088\u3046\u306b\u601d\u3048\u307e\u3059\u3002<\/p>\n

\u30ea\u30c1\u30e3\u30fc\u30c9\u30fb\u30ae\u30e3\u30e9\u30f3\u30c6\u30a3 — \u53d6\u7de0\u5f79\u517c\u57f7\u884c\u526f\u793e\u9577\u517c\u6700\u9ad8\u8ca1\u52d9\u8cac\u4efb\u8005<\/p>\n

\u79c1\u305f\u3061\u306f\u3001\u826f\u3044\u3068\u304d\u3082\u60aa\u3044\u3068\u304d\u3082\u30a2\u30b0\u30ec\u30c3\u30b7\u30d6\u306b\u884c\u52d5\u3057\u3066\u3044\u307e\u3059\u3002\u4f55\u5e74\u304b\u524d\u306b\u3001\u4f55\u3089\u304b\u306e\u7406\u7531\u30671\uff5e2\u30f5\u6708\u9593\u58f2\u308a\u4e0a\u3052\u304c\u4f4e\u8ff7\u3057\u3066\u3044\u305f\u3068\u304d\u306b\u3001\u8ab0\u304b\u304c\u8cea\u554f\u3057\u305f\u306e\u3092\u899a\u3048\u3066\u3044\u307e\u3059\u3002\u305d\u306e\u3068\u304d\u306f\u3001\u4fa1\u683c\u8a2d\u5b9a\u306b\u3082\u3063\u3068\u529b\u3092\u5165\u308c\u308b\u3079\u304d\u3060\u3068\u3044\u3046\u3053\u3068\u3067\u3057\u305f\u3002\u305d\u308c\u306f\u30015\u5e74\u4ee5\u4e0a\u306e\u7bc0\u76ee\u3067\u3042\u308b\u3053\u3068\u304b\u3089\u3001\u61f8\u6848\u3068\u306a\u3063\u3066\u3044\u305f\u4f1a\u8cbb\u306e\u5024\u4e0a\u3052\u306b\u95a2\u9023\u3057\u305f\u3082\u306e\u3060\u3063\u305f\u3068\u601d\u3044\u307e\u3059\u3002<\/p>\n

\u3057\u304b\u3057\u3001\u30e1\u30f3\u30d0\u30fc\u306f\u5fe0\u8aa0\u5fc3\u304c\u5f37\u3044\u306e\u3067\u3001\u305d\u308c\u3092\u5229\u7528\u3057\u3066\u3055\u3089\u306b\u58f2\u308a\u4e0a\u3052\u3092\u4f38\u3070\u305d\u3046\u3068\u3044\u3046\u8003\u3048\u3067\u3059\u3002\u3067\u3059\u304b\u3089\u3001\u79c1\u306f……\u79c1\u305f\u3061\u306f\u4eca\u3082\u3001\u5e38\u306b\u4fa1\u5024\u3092\u9ad8\u3081\u3088\u3046\u3068\u3059\u308b\u540c\u3058DNA\u3092\u53d7\u3051\u7d99\u3044\u3067\u3044\u308b\u3068\u601d\u3044\u307e\u3059\u3057\u3001\u4eca\u65e5\u306e\u5f37\u5f31\u306f\u6c17\u306b\u305b\u305a\u3001\u305f\u3060\u4fa1\u5024\u3092\u9ad8\u3081\u7d9a\u3051\u3066\u3044\u307e\u3059\u3002\u305d\u306e\u3053\u3068\u306b\u96c6\u4e2d\u3057\u7d9a\u3051\u308c\u3070\u3001\u8ab0\u306b\u3082\u8ffd\u3044\u3064\u304b\u308c\u308b\u3053\u3068\u306f\u3042\u308a\u307e\u305b\u3093\u3057\u3001\u3088\u308a\u96e3\u3057\u304f\u306a\u308a\u307e\u3059\u3002<\/p>\n

Chris Horvers — J.P. Morgan — \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n

\u305d\u308c\u304b\u3089\u3001\u3082\u30461\u3064\u3060\u3051\u7c21\u5358\u306b……\u3059\u307f\u307e\u305b\u3093\u3002\u3082\u3046\u4e00\u5ea6\u8a00\u3063\u3066\u304f\u3060\u3055\u3044\u3002<\/p>\n

Richard Galanti — \u53d6\u7de0\u5f79\u3001\u53d6\u7de0\u5f79\u526f\u793e\u9577\u3001\u6700\u9ad8\u8ca1\u52d9\u8cac\u4efb\u8005<\/p>\n

\u5c11\u306a\u304f\u3068\u3082\u3001\u79c1\u305f\u3061\u3092\u6355\u307e\u3048\u308b\u306e\u306f\u96e3\u3057\u304f\u306a\u3063\u3066\u3044\u307e\u3059\u3002\u3060\u304b\u3089…<\/p>\n

Chris Horvers — J.P.\u30e2\u30eb\u30ac\u30f3 — \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n

\u305d\u3046\u3067\u3059\u306d\u3002\u305d\u308c\u304b\u3089\u3001\u5f8c\u5165\u5148\u51fa\u6cd5\u306b\u3064\u3044\u3066\u3061\u3087\u3063\u3068\u3060\u3051\u8cea\u554f\u3067\u3059\u3002\u3082\u3057\u4fa1\u683c\u4e0a\u6607\u304c\u4eca\u5e74\u3082\u7d9a\u3044\u3066\u3044\u308b\u3068\u3057\u305f\u3089\u3001\u5f8c\u5165\u5148\u51fa\u54c1\u306e\u6570\u5b57\u306f\u3053\u306e\u307e\u307e\u3067\u3088\u3044\u306e\u3067\u3057\u3087\u3046\u304b\uff1f\u307e\u305f\u3001\u5f8c\u5165\u5148\u51fa\u6cd5\u306b\u57fa\u3065\u304f\u3068\u3001\u3053\u306e\u6570\u5b57\u306f\u5b9f\u969b\u306b\u5143\u306b\u623b\u308b\u306e\u3067\u3057\u3087\u3046\u304b\uff1f<\/p>\n

Richard Galanti — \u53d6\u7de0\u5f79\u517c\u57f7\u884c\u526f\u793e\u9577\u517c\u6700\u9ad8\u8ca1\u52d9\u8cac\u4efb\u8005<\/p>\n

\u307e\u3042\u3001\u7406\u5c48\u306e\u4e0a\u3067\u306f\u3001\u53d6\u308a\u8fd4\u3057\u304c\u3064\u304d\u307e\u305b\u3093\u3002\u5148\u307b\u3069\u7533\u3057\u4e0a\u3052\u305f\u3088\u3046\u306b\u3001\u3082\u3057\u30a4\u30f3\u30d5\u30ec\u304c\u7d9a\u3051\u3070\u3001\u5f8c\u5165\u5148\u51fa\u6cd5\u306b\u57fa\u3065\u304f\u8ffd\u52a0\u30b3\u30b9\u30c8\u304c\u767a\u751f\u3059\u308b\u306f\u305a\u3067\u3059\u3002\u65b0\u3057\u3044\u4f1a\u8a08\u5e74\u5ea6\u304c\u59cb\u307e\u308b\u3068\u3001\u524d\u5e74\u5ea6\u306e\u5f8c\u5165\u5148\u51fa\u6cd5\u306b\u57fa\u3065\u304f\u30b3\u30b9\u30c8\u304c\u767a\u751f\u3057\u307e\u3059\u3002\u305d\u3057\u3066\u3001\u305d\u308c\u304c\u5404\u9805\u76ee\u306e\u30b3\u30b9\u30c8\u306e\u65b0\u3057\u3044\u57fa\u6e96\u70b9\u3068\u3044\u3046\u3053\u3068\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n

\u305d\u3057\u3066\u3001\u305d\u306e\u51fa\u767a\u70b9\u306b\u5bfe\u3057\u3066\u3055\u3089\u306b\u30a4\u30f3\u30d5\u30ec\u304c\u9032\u884c\u3059\u308c\u3070\u3001\u6765\u5e74\u306f\u3055\u3089\u306b\u5f8c\u5165\u5148\u51fa\u6cd5\u304c\u9069\u7528\u3055\u308c\u307e\u3059\u3002\u3082\u3057\u3001\u5c11\u3057\u72b6\u6cc1\u304c\u60aa\u304f\u306a\u3063\u305f\u3068\u3057\u305f\u3089\u3001\u6975\u7aef\u306a\u8a71\u3001\u3053\u306e\u6570\u5b57\u3092\u4f5c\u3063\u305f\u3068\u3057\u307e\u3057\u3087\u3046\u3002\u3042\u308b\u5e74\u306f20%\u4e0a\u6607\u3057\u3001\u7fcc\u5e74\u306f10%\u4e0b\u843d\u3057\u305f\u3068\u3059\u308b\u3068\u3001\u4eca\u5e74\u306f\u5927\u304d\u306a\u5f8c\u5165\u5148\u51fa\u6cd5\u304c\u767a\u751f\u3057\u3001\u7fcc\u5e74\u306f\u5f8c\u5165\u5148\u51fa\u6cd5\u304c\u63a7\u9664\u3055\u308c\u307e\u3059\u3002\u6975\u7aef\u306a\u4f8b\u3092\u6319\u3052\u307e\u3057\u305f\u3002<\/p>\n

\u73fe\u5b9f\u306f\u305d\u3046\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002<\/p>\n

Chris Horvers — J.P.\u30e2\u30eb\u30ac\u30f3 — \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n

\u4e86\u89e3\u3067\u3059\u3002\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u3002\u5e78\u904b\u3092\u7948\u308a\u307e\u3059\u3002<\/p>\n

\u904b\u55b6\u8005<\/p>\n

\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u3002\u6b21\u306e\u8cea\u554f\u306f\u3001D.A.\u30c7\u30d3\u30c3\u30c9\u30bd\u30f3\u306e\u30de\u30a4\u30af\u30fb\u30d9\u30a4\u30ab\u30fc\u3067\u3059\u3002\u304a\u5f85\u305f\u305b\u3057\u307e\u3057\u305f\u3002<\/p>\n

\u30de\u30a4\u30af\u30fb\u30d9\u30a4\u30ab\u30fc — D.A.\u30c7\u30d3\u30c3\u30c9\u30bd\u30f3 — \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n

\u308f\u304b\u308a\u307e\u3057\u305f\u3002\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u3002\u30a4\u30f3\u30d5\u30ec\u306e\u8cea\u554f\u306b\u3068\u3069\u307e\u308a\u307e\u3059\u304c\u30012\u3064\u306e\u7570\u306a\u308b\u30a4\u30f3\u30d5\u30ec\u306e\u8cea\u554f\u3092\u3057\u305f\u3044\u3068\u601d\u3044\u307e\u3059\u3002\u3072\u3068\u3064\u306f\u3001\u3082\u3057\u7269\u4fa1\u304c\u4e0b\u304c\u308b\u3068\u3057\u305f\u3089 — \u6700\u7d42\u7684\u306b\u306f\u4e0b\u304c\u308b\u3067\u3057\u3087\u3046\u3002<\/p>\n

\u6b74\u53f2\u7684\u306b\u307f\u3066\u3001\u30b3\u30f3\u30d7\u30d7\u30e9\u30a4\u30b9\u3092\u7dad\u6301\u3059\u308b\u80fd\u529b\u3001\u8a00\u3044\u63db\u3048\u308c\u3070\u4e0b\u304c\u3089\u306a\u3044\u3088\u3046\u306b\u3059\u308b\u80fd\u529b\u3001\u305d\u3057\u3066\u305d\u306e\u610f\u5473\u3067\u30de\u30fc\u30b8\u30f3\u3092\u5f97\u308b\u80fd\u529b\u306f\u3069\u3046\u306a\u306e\u3067\u3057\u3087\u3046\u304b\uff1f\u6b21\u306b\u3001\u30a4\u30f3\u30d5\u30ec\u306b\u95a2\u9023\u3059\u308b\u8cea\u554f\u3067\u3059\u3002\u6b74\u53f2\u7684\u306b\u898b\u308b\u3068\u3001\u7a81\u51fa\u3057\u305f\u30a4\u30f3\u30d5\u30ec\u306b\u906d\u9047\u3057\u305f\u3068\u304d — \u3053\u306e\u3088\u3046\u306a\u30a4\u30f3\u30d5\u30ec\u3092\u898b\u305f\u306e\u306f\u3082\u3046\u305a\u3044\u3076\u3093\u524d\u306e\u3053\u3068\u3067\u3059\u304c\u3001\u5fa1\u793e\u306f\u9577\u3044\u9593\u5b58\u7d9a\u3057\u3066\u3044\u307e\u3059\u3002\u30a4\u30f3\u30d5\u30ec\u306b\u306a\u308b\u3068\u3001\u30b3\u30b9\u30c8\u30b3\u306b\u304a\u91d1\u3092\u8caf\u3081\u306b\u6765\u308b\u304a\u5ba2\u3055\u3093\u304c\u5897\u3048\u308b\u306e\u3067\u3057\u3087\u3046\u304b\uff1f\u5148\u307b\u3069\u3001\u305d\u306e\u3088\u3046\u306a\u3053\u3068\u3092\u304a\u3063\u3057\u3083\u3063\u3066\u3044\u307e\u3057\u305f\u306d\u3002\u305d\u3046\u306a\u308b\u3053\u3068\u3092\u671b\u3093\u3067\u3044\u308b\u3068\u304a\u3063\u3057\u3083\u3063\u3066\u3044\u307e\u3057\u305f\u306d\u3002<\/p>\n

\u3057\u304b\u3057\u3001\u79c1\u306f……\u3042\u306a\u305f\u304c\u6b74\u53f2\u7684\u306b\u305d\u308c\u3092\u898b\u3066\u304d\u305f\u3068\u78ba\u4fe1\u3057\u3066\u3044\u307e\u3059\u3002\u4f55\u3092\u3054\u89a7\u306b\u306a\u308a\u307e\u3057\u305f\u304b\uff1f<\/p>\n

Richard Galanti — \u53d6\u7de0\u5f79 \u517c \u526f\u793e\u9577\u57f7\u884c\u5f79\u54e1 \u517c \u6700\u9ad8\u8ca1\u52d9\u8cac\u4efb\u8005<\/p>\n

\u5f8c\u8005\u306e\u8cea\u554f\u306b\u3064\u3044\u3066\u306f\u3001\u904e\u53bb\u306e\u7d4c\u7def\u304b\u3089\u3001\u5927\u304d\u304f\u306f\u3042\u308a\u307e\u305b\u3093\u304c\u3001\u65b9\u5411\u6027\u3068\u3057\u3066\u306f\u30a4\u30a8\u30b9\u3068\u3044\u3046\u7b54\u3048\u304c\u8fd4\u3063\u3066\u304d\u307e\u3057\u305f\u3002\u3082\u3057\u4fa1\u683c\u304c\u4e0b\u304c\u308c\u3070\u3001\u79c1\u305f\u3061\u306e\u30b3\u30b9\u30c8\u304c\u4e0b\u304c\u308c\u3070\u3001\u79c1\u305f\u3061\u306f\u6700\u521d\u306b\u4fa1\u683c\u3092\u4e0b\u3052\u305f\u3044\u3068\u601d\u3044\u307e\u3059\u3002<\/p>\n

\u30de\u30a4\u30af\u30fb\u30d9\u30a4\u30ab\u30fc — D.A.\u30c7\u30d3\u30c3\u30c9\u30bd\u30f3 — \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n

\u308f\u304b\u308a\u307e\u3057\u305f\u3002\u305d\u308c\u306f\u7406\u306b\u304b\u306a\u3063\u3066\u3044\u307e\u3059\u306d\u3002\u6700\u5f8c\u306b\u3082\u3046\u3072\u3068\u3064\u3001\u3088\u308d\u3057\u3051\u308c\u3070\u3002\u540c\u3058\u3088\u3046\u306a\u3053\u3068\u3067\u3059\u304c\u3001\u30a4\u30f3\u30d5\u30ec\u306e\u74b0\u5883\u3067\u306f\u9867\u5ba2\u306f\u5897\u3048\u307e\u3059\u304b\uff1f\u53b3\u3057\u3044\u7d4c\u6e08\u72b6\u6cc1\u306e\u4e2d\u3067\u3001\u3042\u306a\u305f\u306e\u4fa1\u5024\u3092\u5229\u7528\u3059\u308b\u305f\u3081\u306b\u5951\u7d04\u3057\u305f\u3044\u3068\u601d\u3046\u9867\u5ba2\u306f\u5897\u3048\u307e\u3059\u304b\uff1f\u8a00\u3044\u63db\u3048\u308c\u3070\u30012022\u5e74\u306b\u306f\u3001\u666f\u6c17\u523a\u6fc0\u7b56\u306f\u306a\u3044\u3088\u3046\u306b\u898b\u3048\u307e\u3059\u304c\u3001\u5c11\u306a\u304f\u3068\u3082\u6d88\u8cbb\u8005\u7d4c\u6e08\u304c\u6628\u5e74\u307b\u3069\u5f37\u304f\u306a\u3044\u304b\u3082\u3057\u308c\u307e\u305b\u3093\u3002<\/p>\n

\u305d\u306e\u5834\u5408\u3001\u4f1a\u54e1\u6570\u3084\u66f4\u65b0\u7387\u306b\u3069\u306e\u3088\u3046\u306a\u5f71\u97ff\u304c\u3042\u308b\u306e\u3067\u3057\u3087\u3046\u304b\uff1f<\/p>\n

\u30ea\u30c1\u30e3\u30fc\u30c9\u30fb\u30ae\u30e3\u30e9\u30f3\u30c6\u30a3 — \u53d6\u7de0\u5f79\u517c\u57f7\u884c\u526f\u793e\u9577\u517c\u6700\u9ad8\u8ca1\u52d9\u8cac\u4efb\u8005<\/p>\n

2\u5e74\u524d\u306b\u3001\u4eca\u5f8c2\u5e74\u9593\u306e\u65b0\u898f\u4f1a\u54e1\u767b\u9332\u306f\u3069\u3046\u306a\u308b\u304b\u3068\u805e\u304b\u308c\u305f\u3089\u3001\u79c1\u305f\u3061\u306f\u30dd\u30b8\u30c6\u30a3\u30d6\u306a\u7b54\u3048\u304c\u8fd4\u3063\u3066\u304f\u308b\u3068\u601d\u3044\u307e\u3059\u3002\u3057\u304b\u3057\u3001\u304a\u305d\u3089\u304f\u79c1\u305f\u3061\u306f\u3001\u305d\u308c\u3089\u306e\u671f\u5f85\u3088\u308a\u3082–\u79c1\u305f\u3061\u81ea\u8eab\u306e\u671f\u5f85\u3088\u308a\u3082\u3001\u5c11\u3057\u3070\u304b\u308a\u5927\u304d\u304f\u9054\u6210\u3057\u305f\u306e\u3067\u306f\u306a\u3044\u3067\u3057\u3087\u3046\u304b\u3002\u305d\u308c\u306f\u9593\u9055\u3044\u306a\u304f\u3001\u666f\u6c17\u523a\u6fc0\u7b56\u3060\u3051\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002\u3057\u304b\u3057\u3001\u666f\u6c17\u523a\u6fc0\u7b56\u306b\u304b\u304b\u308f\u3089\u305a\u3001\u6d88\u8cbb\u8005\u306b\u95a2\u3057\u3066\u306f\u3042\u307e\u308a\u30dd\u30b8\u30c6\u30a3\u30d6\u306a\u611f\u60c5\u304c\u306a\u304b\u3063\u305f\u306e\u3067\u3059\u304c\u3001\u79c1\u305f\u3061\u306f\u3046\u307e\u304f\u3084\u308a\u9042\u3052\u307e\u3057\u305f\u3002<\/p>\n

\u3067\u3059\u304b\u3089\u3001\u79c1\u305f\u3061\u304c\u6075\u307e\u308c\u3066\u3044\u308b\u3053\u3068\u306e\u3072\u3068\u3064\u306f\u3001\u79c1\u305f\u3061\u304c\u7a76\u6975\u306e\u4fa1\u5024\u3092\u63d0\u6848\u3057\u3066\u3044\u308b\u3053\u3068\u3067\u3001\u666f\u6c17\u306e\u826f\u3044\u3068\u304d\u3082\u60aa\u3044\u3068\u304d\u3082\u3001\u6982\u3057\u3066\u826f\u3044\u5146\u5019\u3092\u793a\u3059\u3053\u3068\u3067\u3059\u3002\u3067\u3059\u304b\u3089\u3001\u79c1\u305f\u3061\u306f\u3001\u88fd\u54c1\u3084\u30b5\u30fc\u30d3\u30b9\u306e\u4fa1\u683c\u3068\u4fa1\u5024\u3092\u9ad8\u3081\u3001\u304a\u5ba2\u3055\u307e\u3092\u5927\u5207\u306b\u3059\u308b\u3053\u3068\u306b\u96c6\u4e2d\u3059\u308b\u4ee5\u5916\u306b\u306f\u3001\u3042\u307e\u308a\u6ce8\u610f\u3092\u6255\u308f\u306a\u3044\u3088\u3046\u306b\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n

Mike Baker — D.A. Davidson — \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n

\u305d\u3046\u3067\u3059\u306d\u3002\u78ba\u304b\u306b\u305d\u3046\u3067\u3059\u306d\u3002\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3057\u305f\u3002<\/p>\n

\u30ea\u30c1\u30e3\u30fc\u30c9\u30fb\u30ae\u30e3\u30e9\u30f3\u30c6\u30a3 — \u53d6\u7de0\u5f79\u3001\u53d6\u7de0\u5f79\u526f\u793e\u9577\u517c\u6700\u9ad8\u8ca1\u52d9\u8cac\u4efb\u8005<\/p>\n

\u306f\u3044\u3001\u305d\u3046\u3067\u3059\u3002<\/p>\n

\u30aa\u30da\u30ec\u30fc\u30bf\u30fc<\/p>\n

\u6b21\u306e\u8cea\u554f\u306f\u3001\u30aa\u30c3\u30da\u30f3\u30cf\u30a4\u30de\u30fc\u793e\u306e\u30eb\u30da\u30c3\u30b7\u30e5\u30fb\u30d1\u30ea\u30c3\u30af\u3055\u3093\u304b\u3089\u3067\u3059\u3002\u304a\u5f85\u305f\u305b\u3057\u307e\u3057\u305f\u3002<\/p>\n

\u30eb\u30da\u30c3\u30b7\u30e5\u30fb\u30d1\u30ea\u30af — \u30aa\u30c3\u30da\u30f3\u30cf\u30a4\u30de\u30fc\u30fb\u30a2\u30f3\u30c9\u30fb\u30ab\u30f3\u30d1\u30cb\u30fc — \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n

\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\u52b4\u50cd\u306e\u9762\u3067\u8cea\u554f\u304c\u3042\u308a\u307e\u3059\u3002\u52b4\u50cd\u529b\u306e\u78ba\u4fdd\u3068\u3044\u3046\u89b3\u70b9\u304b\u3089\u306f\u3069\u3046\u306a\u306e\u304b\u3001\u307e\u305f\u3001\u4ed6\u306e\u4f01\u696d\u304c\u8cc3\u4e0a\u3052\u3092\u7d9a\u3051\u3066\u3044\u308b\u3053\u3068\u3092\u8003\u3048\u308b\u3068\u3001\u5e02\u5834\u3067\u306e\u8cc3\u91d1\u6c34\u6e96\u306f\u3069\u306e\u7a0b\u5ea6\u304c\u59a5\u5f53\u306a\u306e\u304b\u3001\u304a\u805e\u304b\u305b\u3044\u305f\u3060\u3051\u307e\u3059\u3067\u3057\u3087\u3046\u304b\u3002<\/p>\n

\u30ea\u30c1\u30e3\u30fc\u30c9\u30fb\u30ae\u30e3\u30e9\u30f3\u30c6\u30a3 — \u53d6\u7de0\u5f79\u517c\u57f7\u884c\u526f\u793e\u9577\u517c\u6700\u9ad8\u8ca1\u52d9\u8cac\u4efb\u8005\uff08CFO<\/p>\n

\u4ed6\u306e\u4f01\u696d\u3068\u540c\u3058\u3088\u3046\u306b\u3001\u79c1\u305f\u3061\u3082\u5024\u4e0a\u3052\u3092\u7d9a\u3051\u3066\u3044\u307e\u3059\u3057\u3001\u4eca\u5f8c\u3082\u7d9a\u3051\u3066\u3044\u304f\u3064\u3082\u308a\u3067\u3059\u3002\u6700\u5927\u306e\u8ab2\u984c\u306f\u3001\u672c\u793e\u3092\u30b7\u30a2\u30c8\u30eb\u306b\u7f6e\u3044\u3066\u3044\u308b\u3053\u3068\u3067\u3059\u304c\u3001\u30b7\u30a2\u30c8\u30eb\u306f\u307e\u3059\u307e\u3059\u7269\u4fa1\u306e\u9ad8\u3044\u5e02\u5834\u306b\u306a\u3063\u3066\u304d\u3066\u3044\u307e\u3059\u3002\u305d\u306e\u4e2d\u3067\u3082IT\u306f\u30012\u3064\u306e\u5927\u304d\u306a…\u30cf\u30a4\u30c6\u30af\u5de8\u5927\u4f01\u696d\u304c\u3042\u308b\u3060\u3051\u3067\u306a\u304f\u3001\u6b21\u306e3\u3064\u306e\u30cf\u30a4\u30c6\u30af\u5de8\u5927\u4f01\u696d\u3082\u3059\u3079\u3066\u3001\u3053\u306e\u8857\u306b1\u4e07\u4eba\u304b\u30892\u4e07\u4eba\u306e\u5f93\u696d\u54e1\u3092\u62b1\u3048\u3066\u3044\u307e\u3059\u3002\u3060\u304b\u3089\u8cc3\u91d1\u3092\u4e0a\u3052\u306a\u3051\u308c\u3070\u306a\u3089\u306a\u3044\u306e\u3067\u3059\u304c\u3001\u305d\u308c\u306f\u3053\u306e2\u9031\u9593\u3067\u4e00\u591c\u306b\u3057\u3066\u5b9f\u73fe\u3057\u305f\u308f\u3051\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002<\/p>\n

\u3053\u306e2\u9031\u9593\u3067\u4e00\u591c\u306b\u3057\u3066\u305d\u3046\u306a\u3063\u305f\u308f\u3051\u3067\u306f\u306a\u304f\u3001\u3053\u3053\u6570\u5e74\u3001\u7d99\u7d9a\u7684\u306b\u305d\u3046\u306a\u3063\u3066\u3044\u307e\u3059\u3002\u307e\u305f\u3001100\uff05\u5728\u5b85\u52e4\u52d9\u3067\u306f\u306a\u3044\u306e\u3067\u3001\u4f55\u4eba\u304b\u306f\u5931\u3046\u3053\u3068\u306b\u306a\u308b\u3067\u3057\u3087\u3046\u3002\u79c1\u305f\u3061\u306f\u3001\u516c\u6b63\u306a\u30cf\u30a4\u30d6\u30ea\u30c3\u30c9\u578b\u30ef\u30fc\u30af\u30e2\u30c7\u30eb\u3092\u63a1\u7528\u3057\u3066\u3044\u307e\u3059\u3002\u3057\u304b\u3057\u3001\u4e00\u90e8\u306e\u4eba\u306f…\u5c11\u6570\u306e\u4eba\u306f\u3001\u305d\u308c\u3092\u671b\u3093\u3067\u3044\u307e\u3059\u3002<\/p>\n

\u3057\u304b\u3057\u3001\u5168\u4f53\u7684\u306a\u5831\u916c\u3068\u798f\u5229\u539a\u751f\u306e\u30d1\u30c3\u30b1\u30fc\u30b8\u3092\u898b\u308b\u3068\u300190%\u306e\u5f93\u696d\u54e1\u304c\u5009\u5eab\u3067\u306e\u6642\u9593\u7d66\u52b4\u50cd\u8005\u3067\u3059\u3002\u305d\u3057\u3066\u3001\u3068\u304d\u3069\u304d\u30a8\u30f3\u30c8\u30ea\u30fc\u30ec\u30d9\u30eb\u3088\u308a\u4e00\u6bb5\u968e\u9ad8\u3044\u8cc3\u91d1\u3067\u30b9\u30bf\u30fc\u30c8\u3059\u308b\u90fd\u5e02\u3082\u3042\u308b\u304b\u3082\u3057\u308c\u307e\u305b\u3093\u304c\u3001\u79c1\u305f\u3061\u306f\u8cc3\u91d1\u3092\u4e0a\u3052\u7d9a\u3051\u3066\u304d\u307e\u3057\u305f\u3002<\/p>\n

Rupesh Parikh — Oppenheimer and Company — \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n

\u308f\u304b\u308a\u307e\u3057\u305f\u3002\u7d20\u6674\u3089\u3057\u3044\u3002\u7d20\u6674\u3089\u3057\u3044\u3002\u305d\u308c\u304b\u3089\u3001\u3082\u30461\u3064\u8cea\u554f\u3092\u3055\u305b\u3066\u304f\u3060\u3055\u3044\u3002<\/p>\n

\u4ed8\u5e2f\u8a2d\u5099\u306b\u3064\u3044\u3066\u3067\u3059\u304c\u3001\u65c5\u884c\u3084\u30d5\u30fc\u30c9\u30b3\u30fc\u30c8\u306a\u3069\u3001\u3088\u308a\u56f0\u96e3\u306a\u30ab\u30c6\u30b4\u30ea\u30fc\u306b\u3064\u3044\u3066\u3001\u30d1\u30f3\u30c7\u30df\u30c3\u30af\u524d\u3068\u6bd4\u8f03\u3057\u3066\u3069\u306e\u7a0b\u5ea6\u56de\u5fa9\u3057\u3066\u3044\u308b\u306e\u304b\u3001\u6559\u3048\u3066\u304f\u3060\u3055\u3044\u3002<\/p>\n

\u30ea\u30c1\u30e3\u30fc\u30c9\u30fb\u30ae\u30e3\u30e9\u30f3\u30c6\u30a3 — \u53d6\u7de0\u5f79\u517c\u57f7\u884c\u526f\u793e\u9577\u517c\u6700\u9ad8\u8ca1\u52d9\u8cac\u4efb\u8005<\/p>\n

\u305d\u3046\u3067\u3059\u306d\u3002\u4e00\u756a\u5927\u304d\u3044\u306e\u306f\u30ac\u30b9\u3067\u3001\u3053\u308c\u306f\u4e0a\u6607\u3059\u308b\u4e00\u65b9\u3067\u3059\u3002\u307e\u305f\u3001\u5148\u307b\u3069\u3082\u7533\u3057\u4e0a\u3052\u307e\u3057\u305f\u304c\u3001\u5c0f\u58f2\u5e97\u306e\u4fa1\u683c\u7af6\u4e89\u5727\u529b\u306f\u3053\u30532\u30013\u5e74\u3067\u5f31\u307e\u3063\u3066\u3044\u308b\u3068\u601d\u308f\u308c\u307e\u3059\u3002\u65c5\u884c\u306b\u3064\u3044\u3066\u306f\u3001\u6d6e\u304d\u6c88\u307f\u304c\u6fc0\u3057\u3044\u3068\u304a\u3063\u3057\u3083\u3063\u3066\u3044\u307e\u3057\u305f\u3002<\/p>\n

2020\u5e74\u534a\u3070\u306e\u30ed\u30c3\u30af\u30a2\u30a6\u30c8\u3001\u3064\u307e\u308aCOVID\u306e\u30ed\u30c3\u30af\u30a2\u30a6\u30c8\u306e\u6642\u671f\u306b\u306f\u3001\u4e8b\u696d\u304c\u8d64\u5b57\u306b\u306a\u308a\u3001\u30ad\u30e3\u30f3\u30bb\u30eb\u304c\u5897\u3048\u3001\u65b0\u898f\u53d7\u6ce8\u304c\u306a\u3044\u305f\u3081\u53ce\u76ca\u304c\u30de\u30a4\u30ca\u30b9\u306b\u306a\u3063\u305f\u6642\u671f\u304c\u3042\u308a\u307e\u3057\u305f\u3002\u3053\u308c\u306f\u5909\u52d5\u3059\u308b\u3082\u306e\u3067\u3059\u3002\u3057\u304b\u3057\u3001\u4eca\u306f\u307e\u305f\u5143\u306b\u623b\u3063\u3066\u3044\u307e\u3059\u3002\u30c7\u30eb\u30bf\u822a\u7a7a\u306e\u3068\u304d\u306f\u5c11\u3057\u843d\u3061\u8fbc\u307f\u307e\u3057\u305f\u3002<\/p>\n

\u30c7\u30eb\u30bf\u822a\u7a7a\u3067\u5c11\u3057\u843d\u3061\u307e\u3057\u305f\u304c\u3001\u305d\u306e\u5f8c\u307e\u305f\u623b\u308a\u307e\u3057\u305f\u3002\u30d0\u30b1\u30fc\u30b7\u30e7\u30f3\u30fb\u30d1\u30c3\u30b1\u30fc\u30b8\u3084\u81ea\u52d5\u8eca\u306e\u66f4\u65b0\u3001\u30ec\u30f3\u30bf\u30ab\u30fc\u306a\u3069\u3067\u5927\u304d\u306a\u30d3\u30b8\u30cd\u30b9\u304c\u3042\u308a\u307e\u3059\u3002\u30d0\u30b1\u30fc\u30b7\u30e7\u30f3\u30fb\u30d1\u30c3\u30b1\u30fc\u30b8\u3082\u3001\u30ec\u30f3\u30bf\u30ab\u30fc\u306a\u3069\u306e\u81ea\u52d5\u8eca\u66f4\u65b0\u3082\u3001\u5927\u304d\u306a\u30d3\u30b8\u30cd\u30b9\u306b\u306a\u3063\u3066\u3044\u307e\u3059\u3002\u88dc\u8074\u5668\u5e97\u3084\u773c\u93e1\u5e97\u306e\u3088\u3046\u306a\u3001\u5bfe\u9762\u8ca9\u58f2\u578b\u306e\u30d3\u30b8\u30cd\u30b9\u3082\u3042\u308a\u307e\u3059\u3002<\/p>\n

2020\u5e74\u534a\u3070\u306b\u4f55\u9031\u9593\u304b\u9589\u9396\u3057\u307e\u3057\u305f\u304c\u300110\u9031\u9593\u304b15\u9031\u9593\u3060\u3051\u3060\u3063\u305f\u3068\u601d\u3044\u307e\u3059\u3002\u3053\u308c\u3082\u5fa9\u6d3b\u3057\u3066\u3044\u307e\u3059\u3002\u30d5\u30fc\u30c9\u30b3\u30fc\u30c8\u306f\u3001\u6905\u5b50\u3068\u30c6\u30fc\u30d6\u30eb\u3092\u8a2d\u7f6e\u3057\u3001\u30e1\u30cb\u30e5\u30fc\u3082\u5145\u5b9f\u3055\u305b\u305f\u306e\u3067\u3001\u5fa9\u6d3b\u3057\u307e\u3057\u305f\u3002\u3053\u306e\u3088\u3046\u306b\u3001\u5168\u4f53\u7684\u306b\u898b\u308b\u3068\u3001\u3044\u304f\u3064\u304b\u306e\u88dc\u52a9\u7684\u306a\u30d3\u30b8\u30cd\u30b9\u306f\u3001\u4ee5\u524d\u3068\u540c\u3058\u3088\u3046\u306b\u306f\u3044\u304d\u307e\u305b\u3093\u304c\u3001\u5f90\u3005\u306b\u56de\u5fa9\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n

\u305d\u3057\u3066\u3082\u3061\u308d\u3093\u3001\u4ed6\u306e\u3069\u306e\u4e8b\u696d\u306b\u3082\u52dd\u308b\u306e\u304c\u30ac\u30b9\u4e8b\u696d\u3067\u3001\u305d\u306e\u898f\u6a21\u3068\u53ce\u76ca\u6027\u306e\u5411\u4e0a\u306f\u76ee\u3092\u898b\u5f35\u308b\u3082\u306e\u304c\u3042\u308a\u307e\u3059\u3002\u3067\u3059\u304b\u3089\u3001\u5168\u4f53\u7684\u306b\u898b\u308b\u3068\u3001\u4ed8\u5e2f\u30d3\u30b8\u30cd\u30b9\u306f\u3046\u307e\u304f\u3044\u3063\u3066\u3044\u307e\u3059\u3057\u3001\u6700\u3082\u5927\u304d\u306a\u6253\u6483\u3092\u53d7\u3051\u305f\u30d3\u30b8\u30cd\u30b9\u306e\u3044\u304f\u3064\u304b\u306f\u56de\u5fa9\u3057\u3066\u304d\u3066\u3044\u307e\u3059\u3002<\/p>\n

Rupesh Parikh — Oppenheimer and Company — \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n

\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u3002<\/p>\n

\u30aa\u30da\u30ec\u30fc\u30bf\u30fc<\/p>\n

\u6b21\u306e\u8cea\u554f\u306f\u3001BMO\u30ad\u30e3\u30d4\u30bf\u30eb\u306e\u30b1\u30ea\u30fc\u30fb\u30d0\u30cb\u30a2\u3055\u3093\u304b\u3089\u3067\u3059\u3002\u304a\u5f85\u305f\u305b\u3057\u307e\u3057\u305f\u3002<\/p>\n

\u30b1\u30ea\u30fc\u30fb\u30d0\u30cb\u30a2 — BMO\u30ad\u30e3\u30d4\u30bf\u30eb\u30fb\u30de\u30fc\u30b1\u30c3\u30c4 — \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n

\u3053\u3093\u306b\u3061\u306f\u3001\u8cea\u554f\u3092\u304a\u53d7\u3051\u3044\u305f\u3060\u304d\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u3002\u30ac\u30b9\u306e\u4ef6\u3067\u3059\u304c\u3001\u3061\u3087\u3063\u3068\u88dc\u8db3\u3055\u305b\u3066\u304f\u3060\u3055\u3044\u3002\u30ea\u30c1\u30e3\u30fc\u30c9\u3001\u3042\u306a\u305f\u306f\u30ac\u30b9\u306e\u30de\u30fc\u30b8\u30f3\u304c\u5168\u4f53\u7684\u306b\u4e0a\u6607\u3057\u3066\u3044\u308b\u3068\u3044\u3046\u30b3\u30e1\u30f3\u30c8\u3092\u3057\u307e\u3057\u305f\u306d\u3002\u30b3\u30b9\u30c8\u30b3\u306e\u30ac\u30b9\u30de\u30fc\u30b8\u30f3\u306f2019\u5e74\u306b\u6bd4\u3079\u3066\u3069\u3046\u306a\u3063\u3066\u3044\u308b\u306e\u304b\u3001\u5c11\u3057\u6559\u3048\u3066\u3044\u305f\u3060\u3051\u307e\u3059\u304b\uff1f\u4e0a\u6607\u3057\u3066\u3044\u308b\u306e\u3067\u3057\u3087\u3046\u304b\u3001\u305d\u308c\u3068\u3082\u5c11\u3057\u4f4e\u4e0b\u3057\u3066\u3044\u308b\u306e\u3067\u3057\u3087\u3046\u304b\uff1f\u307e\u305f\u30012019\u5e74\u306b\u5bfe\u3057\u3066\u30ac\u30ed\u30f3\u306f\u3069\u306e\u3088\u3046\u306a\u72b6\u6cc1\u3067\u3057\u3087\u3046\u304b\uff1f<\/p>\n

\u30ea\u30c1\u30e3\u30fc\u30c9\u30fb\u30ac\u30e9\u30f3\u30c6\u30a3 — \u53d6\u7de0\u5f79\u3001\u57f7\u884c\u526f\u793e\u9577\u3001\u6700\u9ad8\u8ca1\u52d9\u8cac\u4efb\u8005<\/p>\n

\u305d\u306e\u8a73\u7d30\u306f\u76ee\u306e\u524d\u306b\u306a\u3044\u306e\u3067\u3059\u304c\u3002\u30de\u30fc\u30b8\u30f3\u3082\u4e0a\u304c\u308a\u3001\u4fa1\u683c\u3082\u4e0a\u304c\u308a\u3001\u5de8\u5927\u306a\u30d3\u30b8\u30cd\u30b9\u3067\u3059\u3002\u58f2\u4e0a\u306e10\uff05\u5f37\u3092\u5360\u3081\u3066\u3044\u307e\u3059\u3002\u5148\u307b\u3069\u7533\u3057\u4e0a\u3052\u305f\u3088\u3046\u306b\u30011\u30ac\u30ed\u30f3\u3042\u305f\u308a\u306e\u4fa1\u683c\u304c30\uff05\u4ee5\u4e0a\u4e0a\u6607\u3057\u307e\u3057\u305f\u3002<\/p>\n

\u3057\u304b\u3057\u3001\u3053\u30532\u30013\u5e74\u306f\u78ba\u5b9f\u306b\u4e0a\u6607\u3057\u3066\u304a\u308a\u30015\u5e74\u524d\u308410\u5e74\u524d\u306b\u6bd4\u3079\u3066\u3001\u30de\u30fc\u30b8\u30f3\u306e\u5909\u52d5\u304c\u5c11\u306a\u304f\u306a\u3063\u3066\u3044\u307e\u3059\u3002\u3057\u304b\u3057\u30012\u5e74\u524d\u306b\u95a2\u3059\u308b\u8a73\u7d30\u306f\u308f\u304b\u308a\u307e\u305b\u3093\u3002<\/p>\n

Kelly Bania — BMO Capital Markets — \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n

\u308f\u304b\u308a\u307e\u3057\u305f\u3002\u3082\u30461\u3064\u3001\u30db\u30ef\u30a4\u30c8\u30b9\u30da\u30fc\u30b9\u306b\u3064\u3044\u3066\u304a\u805e\u304d\u3057\u305f\u3044\u306e\u3067\u3059\u304c\u3001\u4eca\u5f8c\u6570\u5e74\u9593\u3001\u30db\u30ef\u30a4\u30c8\u30b9\u30da\u30fc\u30b9\u306b\u3064\u3044\u3066\u3069\u306e\u3088\u3046\u306b\u304a\u8003\u3048\u3067\u3059\u304b\uff1f\u7c73\u56fd\u3067\u65b0\u3057\u3044\u30af\u30e9\u30d6\u3092\u958b\u8a2d\u3059\u308b\u5834\u6240\u306b\u3064\u3044\u3066\u3001\u76ee\u6a19\u3068\u3059\u308b\u4eba\u53e3\u69cb\u6210\u3084\u4eba\u53e3\u5bc6\u5ea6\u3092\u5909\u66f4\u3059\u308b\u5fc5\u8981\u304c\u3042\u308a\u307e\u3059\u304b\uff1f\u6700\u7d42\u7684\u306a\u6570\u5b57\u3060\u3051\u3067\u3044\u3044\u306e\u3067\u3001\u6700\u65b0\u60c5\u5831\u3092\u6559\u3048\u3066\u304f\u3060\u3055\u3044\u3002<\/p>\n

Richard Galanti — \u53d6\u7de0\u5f79 \u517c \u57f7\u884c\u526f\u793e\u9577 \u517c \u6700\u9ad8\u8ca1\u52d9\u8cac\u4efb\u8005<\/p>\n

5\u5e74\u524d\u3060\u3063\u305f\u3089\u3001\u5e74\u959325\u5e97\u8217\u3001\u3061\u3087\u3063\u3068\u8a08\u7b97\u3057\u3084\u3059\u3044\u3088\u3046\u306b26\u5e97\u8217\u306b\u3057\u3066\u3001\u30a2\u30e1\u30ea\u30ab\u3068\u30ab\u30ca\u30c0\u3001\u3064\u307e\u308a\u6700\u3082\u6210\u529f\u3057\u3066\u3044\u308b\u6210\u719f\u3057\u305f\u5e02\u5834\u306770\uff5e30\u5e97\u8217\u3092\u5c55\u958b\u3057\u3066\u3044\u307e\u3057\u305f\u3002\u305d\u3057\u3066\u3001\u6b21\u306e5\u5e74\u300110\u5e74\u306e\u9593\u306b\u300170-30\u304b\u3089\u3001\u30a2\u30e1\u30ea\u30ab\u4ee5\u5916\u306e\u56fd\u3067\u306f60-40\u306b\u306a\u308b\u3068\u601d\u3044\u307e\u3059\u3002<\/p>\n

\u7c73\u56fd\u3068\u30ab\u30ca\u30c0\u4ee5\u5916\u3067\u306f60\u5bfe40\u306b\u306a\u308b\u3067\u3057\u3087\u3046\u3002\u305d\u3057\u3066\u4eca\u3001\u3053\u306e\u9593\u9055\u3063\u305f\u7b54\u3048\u304b\u30895\u5e74\u304c\u7d4c\u3061\u307e\u3057\u305f\u304c\u30012\u3064\u306e\u7406\u7531\u304b\u3089\u3001\u7c73\u56fd\u3068\u30ab\u30ca\u30c0\u306765\u5bfe35\u306e\u6bd4\u7387\u306b\u306a\u3063\u3066\u3044\u307e\u3059\u30021\u3064\u306f\u3001\u30a2\u30e1\u30ea\u30ab\u3068\u30ab\u30ca\u30c0\u3067\u4f55\u304c\u3067\u304d\u308b\u304b\u3068\u3044\u3046\u79c1\u305f\u3061\u306e\u671f\u5f85\u304c\u3001\u3053\u306e5\u5e74\u9593\u3060\u3051\u3067\u306a\u304f\u3001\u4e00\u822c\u7684\u306b\u9577\u5e74\u306b\u308f\u305f\u3063\u3066\u9ad8\u307e\u3063\u3066\u3044\u308b\u3053\u3068\u3067\u3059\u3002<\/p>\n

\u305d\u3057\u3066\u3001\u56fd\u969b\u7684\u306a\u30bf\u30a4\u30e0\u30e9\u30a4\u30f3\u306f\u5c11\u3057\u9577\u304f\u306a\u3063\u3066\u3044\u307e\u3059\u304c\u3001\u73fe\u5730\u306b\u8db3\u3092\u904b\u3073\u3001\u3088\u308a\u591a\u304f\u306e\u30b9\u30bf\u30c3\u30d5\u3092\u62b1\u3048\u308b\u3088\u3046\u306b\u306a\u3063\u305f\u304b\u3089\u3067\u3059\u3002\u3067\u3059\u304b\u3089\u3001\u3082\u3057\u3042\u306a\u305f\u304c\u4eca\u65e5\u79c1\u306b\u5c0b\u306d\u305f\u3089\u30015\u5e74\u5f8c\u306e\u79c1\u305f\u3061\u306f\u3001\u4eca\u65e5\u306e65\u5bfe35\u306a\u3069\u306e\u904e\u5270\u306a\u72b6\u614b\u304b\u3089\u3001\u304a\u305d\u3089\u304f50\u5bfe50\u307e\u3067\u4e0b\u304c\u3063\u3066\u3044\u308b\u3067\u3057\u3087\u3046\u306d\u3002\u30a2\u30e1\u30ea\u30ab\u3084\u30ab\u30ca\u30c0\u3067\u306f\u307e\u3060\u307e\u3060\u30c1\u30e3\u30f3\u30b9\u304c\u3042\u308b\u3068\u601d\u3044\u307e\u3059\u3057\u3001\u4ed6\u306e\u56fd\u3067\u3082\u6210\u529f\u3057\u3066\u3044\u308b\u306e\u3067\u3001\u3055\u3089\u306b\u6d3b\u52d5\u3092\u6d3b\u767a\u5316\u3055\u305b\u305f\u3044\u3068\u601d\u3044\u307e\u3059\u3002<\/p>\n

\u3082\u3057\u3042\u306a\u305f\u304c\u4eca\u5f8c10\u5e74\u306e\u9593\u306b\u3068\u304a\u3063\u3057\u3083\u308b\u306a\u3089\u3001\u79c1\u305f\u3061\u306f28\u30ab\u6240\u306e\u3046\u306116\u30ab\u6240\u3092\u7c73\u56fd\u3067\u958b\u8a2d\u3059\u308b\u4e88\u5b9a\u3067\u3059\u3002\u305d\u306e\u3046\u3061\u306e1\u3064\u304b2\u3064\u306f\u30d3\u30b8\u30cd\u30b9\u30bb\u30f3\u30bf\u30fc\u3067\u30012\u3064\u304b3\u3064\u306b\u5897\u3048\u3066\u3044\u304f\u3067\u3057\u3087\u3046\u3002<\/p>\n

\u73fe\u5728\u3001\u30a2\u30e1\u30ea\u30ab\u306b\u306f22\u306e\u30d3\u30b8\u30cd\u30b9\u30bb\u30f3\u30bf\u30fc\u304c\u3042\u308a\u3001\u30ab\u30ca\u30c0\u306b\u306f5\u3064\u306e\u30d3\u30b8\u30cd\u30b9\u30bb\u30f3\u30bf\u30fc\u304c\u3042\u308a\u307e\u3059\u3002\u3053\u308c\u306f\u79c1\u305f\u3061\u306e\u30d3\u30b8\u30cd\u30b9\u306b\u3068\u3063\u3066\u826f\u3044\u88dc\u52a9\u3068\u306a\u3063\u3066\u3044\u307e\u3059\u3002\u3057\u304b\u3057\u3001\u79c1\u305f\u3061\u306f\u307e\u305f……\u57cb\u3081\u5408\u308f\u305b\u3092\u3057\u3066\u3044\u308b\u306e\u3067\u3059\u3002<\/p>\n

\u6628\u65e5\u3082\u793e\u5185\u306e\u4f1a\u8b70\u3067\u4f8b\u3092\u6319\u3052\u307e\u3057\u305f\u304c\u3001\u4ee5\u524d\u306b\u3082\u7686\u3055\u3093\u306b\u304a\u8a71\u3057\u3057\u305f\u3053\u3068\u304c\u3042\u308a\u307e\u3059\u3002\u30b5\u30f3\u30ce\u30bc\u3067\u306f\u30014\u30015\u5e74\u524d\u306b\u30b0\u30ec\u30fc\u30bf\u30fc\u30fb\u30b5\u30f3\u30ce\u30bc\u30fb\u30de\u30fc\u30b1\u30c3\u30c8\u30674\u5e97\u76ee\u3092\u958b\u5e97\u3057\u307e\u3057\u305f\u3002\u5f53\u6642\u306f\u30013\u3064\u306e\u30e6\u30cb\u30c3\u30c8\u304c\u305d\u308c\u305e\u308c250\u53f0\u7a0b\u5ea6\u3067\u3057\u305f\u3002\u73fe\u5728\u3067\u306f\u30014\u3064\u306e\u30e6\u30cb\u30c3\u30c8\u304c\u305d\u308c\u305e\u308c\u5e73\u5747\u3057\u3066300\u53f0\u3068\u306a\u308a\u30011\u5e97\u8217\u3042\u305f\u308a\u306e\u4f1a\u54e1\u6570\u3082\u6e1b\u5c11\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n

\u3064\u307e\u308a\u3001\u30a4\u30f3\u30d5\u30a3\u30eb\u304c\u7d44\u307f\u5408\u308f\u3055\u3063\u3066\u3044\u308b\u306e\u3067\u3059\u3002\u73fe\u5728\u3001\u79c1\u305f\u3061\u306f46\u5dde\u306b\u5c55\u958b\u3057\u3066\u3044\u307e\u3059\u3002\u3067\u3059\u304b\u3089\u3001\u8ffd\u52a0\u5dde\u306f\u305d\u308c\u307b\u3069\u591a\u304f\u3042\u308a\u307e\u305b\u3093\u3002\u4e2d\u897f\u90e8\u3001\u30c6\u30ad\u30b5\u30b9\u3001\u5357\u6771\u90e8\u306e\u4e00\u90e8\u3067\u306f\u3001\u76f4\u63a5\u306e\u7af6\u5408\u4ed6\u793e\u306b\u6bd4\u3079\u3066\u6d78\u900f\u5ea6\u304c\u4f4e\u3044\u306e\u3067\u3059\u304c\u3001\u305d\u3053\u306b\u3082\u307e\u3060\u51fa\u5e97\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n

\u3067\u3059\u304b\u3089\u3001\u3053\u308c\u3089\u306e\u3053\u3068\u304c\u8907\u5408\u7684\u306b\u4f5c\u7528\u3057\u3066\u3044\u308b\u306e\u3067\u3059\u3002\u79c1\u305f\u3061\u306e\u898b\u89e3\u306f\u3001\u826f\u3044\u30cb\u30e5\u30fc\u30b9\u3068\u3057\u3066\u306f\u3001\u6700\u3082\u98fd\u548c\u3057\u3066\u3044\u308b\u5e02\u5834\u3067\u3082\u307e\u3060\u98fd\u548c\u306b\u306f\u81f3\u3063\u3066\u3044\u306a\u3044\u3001\u3068\u3044\u3046\u3053\u3068\u3067\u3059\u3002\u79c1\u305f\u3061\u306f\u3001\u5730\u4e0a\u306e\u8db3\u3001\u3044\u308f\u3070\u5730\u4e0a\u306e\u4e0d\u52d5\u7523\u306e\u8db3\u3067\u3001\u30d1\u30a4\u30d7\u30e9\u30a4\u30f3\u3092\u3055\u3089\u306b\u5145\u5b9f\u3055\u305b\u308b\u3053\u3068\u306b\u3057\u307e\u3057\u305f\u3002<\/p>\n

\u904b\u55b6\u62c5\u5f53\u8005<\/p>\n

\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3057\u305f\u3002\u6b21\u306e\u8cea\u554f\u306f\u30b0\u30c3\u30b2\u30f3\u30cf\u30a4\u30e0\u306e\u30b8\u30e7\u30f3\u30fb\u30cf\u30a4\u30f3\u30dc\u30c3\u30b1\u30eb\u306e\u30e9\u30a4\u30f3\u304b\u3089\u3067\u3059\u3002\u304a\u5f85\u305f\u305b\u3057\u307e\u3057\u305f\u3002<\/p>\n

John Heinbockel — Guggenheim Securities — \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n

\u30ea\u30c1\u30e3\u30fc\u30c9 \u307e\u305a\u3001\u54f2\u5b66\u7684\u306a\u8a71\u3067\u3059\u304c\u30012\u3064\u306e\u4f1a\u54e1\u5c64\u306e\u30ae\u30e3\u30c3\u30d7\u3092\u57cb\u3081\u308b\u306b\u306f\u3069\u3046\u3057\u305f\u3089\u3044\u3044\u306e\u3067\u3057\u3087\u3046\u304b\u3002\u73fe\u5728\u306e\u30a8\u30b0\u30bc\u30af\u30c6\u30a3\u30d6\u4f1a\u54e1\u306b\u4f55\u304b\u50cd\u304d\u304b\u3051\u305f\u3053\u3068\u304c\u3042\u308b\u306e\u3067\u3057\u3087\u3046\u304b\u3002\u4eca\u3042\u308b\u30e1\u30f3\u30d0\u30fc\u30b7\u30c3\u30d7\u306b\u306a\u3044\u3082\u306e\u3067\u3001\u5f7c\u3089\u304c\u671b\u3080\u3082\u306e\u306f\u4f55\u304b\u3001\u305d\u308c\u304c\u3042\u308c\u3070\u3001\u6708\u4f1a\u8cbb\u3084\u5e74\u4f1a\u8cbb\u3092\u3082\u3063\u3068\u9ad8\u304f\u3059\u308b\u3053\u3068\u304c\u3067\u304d\u308b\u304b\u3082\u3057\u308c\u307e\u305b\u3093\u3002<\/p>\n

Richard Galanti — \u53d6\u7de0\u5f79\u517c\u57f7\u884c\u526f\u793e\u9577\u517c\u6700\u9ad8\u8ca1\u52d9\u8cac\u4efb\u8005<\/p>\n

\u305d\u3046\u3067\u3059\u306d\u3002\u4f55\u304c\u6b63\u78ba\u304b\u306f\u5206\u304b\u308a\u307e\u305b\u3093\u304c\u3001\u30e1\u30f3\u30d0\u30fc\u30b7\u30c3\u30d7\u30fb\u30de\u30fc\u30b1\u30c6\u30a3\u30f3\u30b0\u306e\u62c5\u5f53\u8005\u306b\u805e\u3044\u3066\u307f\u306a\u3044\u3068\u3044\u3051\u307e\u305b\u3093\u306d\u3002\u79c1\u305f\u3061\u306f\u3001\u3088\u308a\u591a\u304f\u306e\u65e2\u5b58\u4f1a\u54e1 — \u3088\u308a\u591a\u304f\u306e\u65b0\u898f\u4f1a\u54e1 — \u3092\u7372\u5f97\u3057\u3001\u3088\u308a\u591a\u304f\u306e\u65b0\u898f\u4f1a\u54e1\u3092\u30a8\u30b0\u30bc\u30af\u30c6\u30a3\u30d6\u3068\u3057\u3066\u767b\u9332\u3055\u305b\u308b\u3053\u3068\u306b\u6210\u529f\u3057\u305f\u3053\u3068\u306b\u3001\u7387\u76f4\u306b\u8a00\u3063\u3066\u3068\u3066\u3082\u6e80\u8db3\u3057\u3066\u3044\u307e\u3059\u30028\u301c10\u5e74\u524d\u3001\u30a2\u30e1\u30ea\u30ab\u3067\u306f\u3001\u30a8\u30b0\u30bc\u30af\u30c6\u30a3\u30d6\u306b\u767b\u9332\u3059\u308b\u4eba\u306f\u307b\u3068\u3093\u3069\u3044\u307e\u305b\u3093\u3067\u3057\u305f\u3002<\/p>\n

8\uff5e10\u5e74\u524d\u3001\u30a2\u30e1\u30ea\u30ab\u3067\u306f\u3001\u304a\u305d\u3089\u304f15\u5e74\u524d\u304b\u3089\u59cb\u307e\u3063\u305f\u3068\u601d\u3044\u307e\u3059\u304c\u3001\u4f1a\u54e1\u304c\u5165\u4f1a\u3057\u3066\u3001\u305f\u3060\u30b5\u30a4\u30f3\u30a2\u30c3\u30d7\u3057\u3066\u3082\u3089\u3046\u3060\u3051\u3067\u3057\u305f\u3002\u4f55\u304c\u6b32\u3057\u3044\u304b\u3068\u805e\u304b\u308c\u305f\u3060\u3051\u3067\u3059\u3002\u5927\u3057\u305f\u3053\u3068\u306f\u3057\u3066\u3044\u307e\u305b\u3093\u3002100\u4eba\u4e2d20\u4eba\u304b25\u4eba\u3001\u591a\u304f\u3066\u308225\u4eba\u304c\u30a8\u30b0\u30bc\u30af\u30c6\u30a3\u30d6\u30fb\u30e1\u30f3\u30d0\u30fc\u3068\u3057\u3066\u767b\u9332\u3057\u307e\u3057\u305f\u3002<\/p>\n

\u305d\u308c\u304c\u4eca\u3067\u306f50\u4eba\u53f0\u306b\u306a\u308a\u300160\u4eba\u306b\u8feb\u308b\u52e2\u3044\u3067\u3059\u3002\u3053\u306e\u3088\u3046\u306b\u3001\u79c1\u305f\u3061\u306f\u3088\u308a\u826f\u3044\u4ed5\u4e8b\u3092\u3057\u3066\u304d\u305f\u3068\u601d\u3044\u307e\u3059\u3002\u65b0\u3057\u3044\u56fd\u306b\u884c\u304f\u3068\u304d\u306f\u3001\u3082\u3063\u3068\u3044\u3044\u4ed5\u4e8b\u304c\u3067\u304d\u308b\u306f\u305a\u3067\u3059\u3002\u4eca\u3001\u79c1\u305f\u3061\u306f5\u3064\u306e\u56fd\u3001\u3064\u307e\u308a6\u3064\u306e\u56fd\u306b\u884c\u3063\u3066\u3044\u307e\u3059\u304c\u3001\u3053\u308c\u3089\u306f\u6700\u3082\u5927\u304d\u306a\u56fd\u3067\u3059\u3002<\/p>\n

\u30a8\u30b0\u30bc\u30af\u30c6\u30a3\u30d6\u30fb\u30e1\u30f3\u30d0\u30fc\u30b7\u30c3\u30d7\u3092\u5c0e\u5165\u3059\u308b\u306b\u306f\u3001\u5c11\u306a\u304f\u3068\u308215\u30f5\u6240\u4ee5\u4e0a\u306e\u62e0\u70b9\u3092\u6301\u3064\u5fc5\u8981\u304c\u3042\u308a\u307e\u3059\u3002\u305d\u3053\u3067\u3001\u30a8\u30b0\u30bc\u30af\u30c6\u30a3\u30d6\u3088\u308a\u3055\u3089\u306b\u4e0a\u306e\u30e9\u30f3\u30af\u3092\u8a2d\u5b9a\u3059\u308b\u3053\u3068\u3082\u8003\u3048\u307e\u3057\u305f\u304c\u3001\u7d50\u5c40\u306f\u4eca\u306e\u3084\u308a\u65b9\u3067\u3046\u307e\u304f\u3044\u3063\u3066\u3044\u308b\u3068\u3044\u3046\u4e8b\u5b9f\u306b\u7acb\u3061\u623b\u308b\u3053\u3068\u306b\u3057\u3066\u3044\u307e\u3059\u3002\u3067\u3059\u304b\u3089\u3001\u73fe\u5728\u306e\u3068\u3053\u308d\u3001\u3053\u308c\u3092\u5909\u66f4\u3059\u308b\u3053\u3068\u306f\u8003\u3048\u3066\u3044\u307e\u305b\u3093\u3002\u3044\u3064\u3082\u805e\u304b\u308c\u308b\u3053\u3068\u3067\u3059\u304c\u3001\u3042\u308b\u6642\u70b9\u3067\u3001\u4eca\u306f\u58f2\u4e0a\u306e72%\u304b73%\u304c\u30a8\u30b0\u30bc\u30af\u30c6\u30a3\u30d6\u30e1\u30f3\u30d0\u30fc\u3068\u306e\u53d6\u5f15\u306b\u306a\u3063\u3066\u3044\u308b\u3002<\/p>\n

\u305d\u308c\u304c85%\u308490%\u306b\u306a\u3063\u305f\u3089\u3069\u3046\u306a\u308b\u306e\u3067\u3057\u3087\u3046\u304b\uff1f\u4e0b\u4f4d\u306e\u4f1a\u54e1\u3092\u6392\u9664\u3059\u308b\u306e\u3067\u3059\u304b\uff1f\u3044\u305a\u308c\u306f\u305d\u3046\u306a\u308b\u304b\u3082\u3057\u308c\u307e\u305b\u3093\u304c\u3001\u3084\u306f\u308a\u8fd1\u3044\u5c06\u6765\u306b\u306f\u7121\u7406\u3067\u3057\u3087\u3046\u3002\u79c1\u305f\u3061\u306f\u3001\u4eca\u306e\u3084\u308a\u65b9\u304c\u597d\u304d\u3067\u3059\u3057\u3001\u3046\u307e\u304f\u3044\u3063\u3066\u3044\u307e\u3059\u3002<\/p>\n

John Heinbockel — Guggenheim Securities — \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n

\u6b21\u306b\u3001\u30d1\u30fc\u30bd\u30ca\u30e9\u30a4\u30bc\u30fc\u30b7\u30e7\u30f3\u306f\u3069\u306e\u3088\u3046\u306b\u9032\u3093\u3067\u3044\u308b\u306e\u3067\u3057\u3087\u3046\u304b\u30022\u5e74\u307b\u3069\u524d\u306b\u3001\u30d1\u30fc\u30bd\u30ca\u30e9\u30a4\u30bc\u30fc\u30b7\u30e7\u30f3\u3092\u7387\u5148\u3057\u3066\u884c\u3046\u4eba\u6750\u3092\u63a1\u7528\u3055\u308c\u305f\u3068\u805e\u3044\u3066\u3044\u307e\u3059\u3002\u73fe\u5728\u3001\u3069\u306e\u3088\u3046\u306a\u72b6\u6cc1\u3067\u3057\u3087\u3046\u304b\uff1f\u307e\u305f\u3001\u6765\u5e74\u3042\u305f\u308a\u304b\u3089\u6d3b\u767a\u5316\u3059\u308b\u306e\u3067\u3057\u3087\u3046\u304b\u3002<\/p>\n

Richard Galanti — \u53d6\u7de0\u5f79 \u517c \u57f7\u884c\u526f\u793e\u9577 \u517c \u6700\u9ad8\u8ca1\u52d9\u8cac\u4efb\u8005<\/p>\n

\u6765\u5e74\u3042\u305f\u308a\u304b\u3089\u52e2\u3044\u304c\u3064\u304f\u3068\u601d\u3044\u307e\u3059\u3002\u6700\u521d\u306e\u4ed5\u4e8b\u306f\u30012\u5e74\u524d\u306b\u30c7\u30fc\u30bf\u5206\u6790\u5206\u91ce\u306e\u4eba\u6750\u3092\u8fce\u3048\u5165\u308c\u305f\u3053\u3068\u3067\u3059\u3002\u305d\u3057\u3066\u3001\u307e\u305a\u7b2c\u4e00\u306b\u3001\u30aa\u30f3\u30e9\u30a4\u30f3\u3067\u306f\u306a\u304f\u3001\u52a0\u76df\u5e97\u3068\u3001\u3055\u3089\u306b\u5c0f\u898f\u6a21\u3067\u3059\u304c\u3001\u3044\u304f\u3064\u304b\u306e\u30aa\u30da\u30ec\u30fc\u30bf\u30fc\u3068\u306e\u9593\u3067\u3001\u5c0f\u3055\u306a\u6210\u679c\u3092\u898b\u308b\u3053\u3068\u304c\u3067\u304d\u307e\u3057\u305f\u3002\u30d0\u30a4\u30e4\u30fc\u306e\u6642\u9593\u3092\u7bc0\u7d04\u3067\u304d\u308b\u3088\u3046\u306a\u6210\u679c\u7269\u3082\u3044\u304f\u3064\u304b\u3042\u308a\u3001\u3053\u308c\u3089\u306f\u73fe\u5728\u3001\u5c55\u958b\u4e2d\u3067\u3059\u3002<\/p>\n

\u30d1\u30fc\u30bd\u30ca\u30e9\u30a4\u30bc\u30fc\u30b7\u30e7\u30f3\u3068\u30bf\u30fc\u30b2\u30c6\u30a3\u30f3\u30b0\u306b\u3064\u3044\u3066\u306f\u3001\u30bf\u30fc\u30b2\u30c6\u30a3\u30f3\u30b0\u304c\u5c11\u3057\u3046\u307e\u304f\u306a\u3063\u305f\u3068\u601d\u3044\u307e\u3059\u3057\u3001\u30d1\u30fc\u30bd\u30ca\u30e9\u30a4\u30bc\u30fc\u30b7\u30e7\u30f3\u306b\u3064\u3044\u3066\u306f\u307e\u3060\u9053\u534a\u3070\u3067\u3059\u304c\u3001\u3053\u308c\u304b\u3089\u3067\u3059\u3002\u3057\u304b\u3057\u30011\uff5e2\u5e74\u5f8c\u3068\u304a\u3063\u3057\u3083\u3063\u305f\u3053\u3068\u306b\u611f\u8b1d\u3057\u307e\u3059\u3002<\/p>\n

John Heinbockel — Guggenheim Securities — \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n

OK\u3001\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u3002<\/p>\n

\u30ea\u30c1\u30e3\u30fc\u30c9\u30fb\u30ae\u30e3\u30e9\u30f3\u30c6\u30a3 — \u53d6\u7de0\u5f79\u3001\u53d6\u7de0\u5f79\u526f\u793e\u9577\u517c\u6700\u9ad8\u8ca1\u52d9\u8cac\u4efb\u8005<\/p>\n

\u3042\u30682\u3064\u8cea\u554f\u3092\u304a\u53d7\u3051\u3057\u307e\u3059\u3002<\/p>\n

\u30aa\u30da\u30ec\u30fc\u30bf\u30fc<\/p>\n

\u308f\u304b\u308a\u307e\u3057\u305f\u3002\u4e86\u89e3\u3057\u307e\u3057\u305f\u3002\u6b21\u306e\u8cea\u554f\u306f\u30eb\u30fc\u30d7\u30ad\u30e3\u30d4\u30bf\u30eb\u306e\u30ed\u30fc\u30e9\u30fb\u30b7\u30e3\u30f3\u30d4\u30f3\u3067\u3059 \u304a\u5f85\u305f\u305b\u3057\u307e\u3057\u305f\u3002<\/p>\n

Laura Champine — Loop Capital Markets — \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n

\u79c1\u306e\u8cea\u554f\u3092\u805e\u3044\u3066\u304f\u308c\u3066\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u3002\u624b\u77ed\u306b\u6e08\u307e\u305b\u307e\u3059\u3002\u5148\u307b\u3069\u306e\u30e6\u30cb\u30c3\u30c8\u30b0\u30ed\u30a6\u306e\u8cea\u554f\u306b\u7d9a\u3044\u3066\u3001\u3088\u308a\u591a\u304f\u306e\u6d77\u5916\u5e97\u8217\u3092\u7acb\u3061\u4e0a\u3052\u308b\u305f\u3081\u306b\u30d3\u30b8\u30cd\u30b9\u3092\u4f4d\u7f6e\u3065\u3051\u3066\u3044\u308b\u3088\u3046\u3067\u3059\u304c\u3001\u3053\u308c\u306f\u3069\u3046\u3044\u3046\u3053\u3068\u3067\u3057\u3087\u3046\u304b\uff1f\u3053\u308c\u306f……\u6765\u671f\u4ee5\u964d\u306e\u30e6\u30cb\u30c3\u30c8\u6210\u9577\u7387\u304c\u3001\u4eca\u671f\u306e3.5\uff05\u7a0b\u5ea6\u304b\u3089\u52a0\u901f\u3059\u308b\u53ef\u80fd\u6027\u304c\u3042\u308b\u3068\u89e3\u91c8\u3057\u3066\u3044\u3044\u306e\u3067\u3057\u3087\u3046\u304b?<\/p>\n

\u30ea\u30c1\u30e3\u30fc\u30c9\u30fb\u30ae\u30e3\u30e9\u30f3\u30c6\u30a3 — \u53d6\u7de0\u5f79\u517c\u57f7\u884c\u526f\u793e\u9577\u517c\u6700\u9ad8\u8ca1\u52d9\u8cac\u4efb\u8005<\/p>\n

\u305d\u3046\u3067\u3059\u306d\u3002\u3053\u3053\u6570\u5e74\u306e\u76ee\u6a19\u3067\u3059\u304c\u3001COVID\u306e\u5e74\u306f\u30012020\u5e74\u534a\u3070\u306b\u6570\u30ab\u6708\u5de5\u4e8b\u304c\u30b9\u30c8\u30c3\u30d7\u3057\u305f\u3082\u306e\u304c\u3044\u304f\u3064\u304b\u3042\u3063\u305f\u305f\u3081\u300113\u4ef6\u306e\u958b\u8a2d\u306b\u8e0f\u307f\u5207\u3063\u305f\u3068\u3044\u3046\u7279\u6b8a\u306a\u5e74\u3067\u3057\u305f\u3002\u3057\u304b\u3057\u3001\u5b9f\u969b\u306b\u306f\u30015\u30016\u5e74\u524d\u306b\u9061\u308b\u3068\u300125\u4ef6\u524d\u5f8c\u30017\u5e74\u524d\u3067\u306f21\u300122\u4ef6\u524d\u5f8c\u3092\u30aa\u30fc\u30d7\u30f3\u3057\u3066\u3044\u307e\u3057\u305f\u3002\u305d\u3057\u3066\u3001\u305d\u306e\u9803\u308230\u8fd1\u304f\u307e\u3067\u3001\u78ba\u5b9f\u306b25\u304b\u308930\u307e\u3067\u5897\u3084\u3059\u3068\u3044\u3046\u5c55\u671b\u3092\u6301\u3063\u3066\u3044\u307e\u3057\u305f\u3002<\/p>\n

\u4eca\u671d\u306e\u96fb\u8a71\u4f1a\u8b70\u3067\u306f28\u3092\u898b\u8fbc\u3093\u3067\u3044\u307e\u3057\u305f\u304c\u300126\u304b\u308930\u307e\u3067\u3001\u3069\u3093\u306a\u6570\u5b57\u306b\u306a\u308b\u306b\u305b\u3088\u3001\u4eca\u5e74\u306f\u3064\u3044\u306b\u305d\u308c\u3092\u9054\u6210\u3059\u308b\u3053\u3068\u304c\u3067\u304d\u305f\u3068\u601d\u3044\u307e\u3059\u3002\u305d\u3057\u3066\u300130\u3067\u3042\u308c\u3070\u9593\u9055\u3044\u306a\u304f\u5b89\u5fc3\u3067\u3059\u3002\u7279\u306b\u65b0\u3057\u3044\u56fd\u969b\u5e02\u5834\u3067\u306f\u3001\u6bd4\u8f03\u7684\u8a08\u753b\u7684\u306b\u9032\u3081\u3066\u3044\u307e\u3059\u30021\u5e97\u8217\u76ee\u3092\u30aa\u30fc\u30d7\u30f3\u3057\u3001\u305d\u308c\u304c\u6210\u529f\u3059\u308c\u3070\u3001\u305d\u306e\u5e97\u8217\u304b\u3089\u4f55\u4eba\u304b\u3092\u9023\u308c\u3066\u304d\u3066\u30012\u5e97\u8217\u76ee\u306e\u30aa\u30fc\u30d7\u30f3\u3092\u624b\u4f1d\u308f\u305b\u3001\u6210\u529f\u3055\u305b\u308b\u306e\u3067\u3059\u3002<\/p>\n

\u5009\u5eab\u306e\u640d\u76ca\u306b\u304a\u3051\u308b\u6700\u5927\u306e\u30b3\u30b9\u30c8\u8981\u56e0\u306f\u3001\u4eba\u4ef6\u8cbb\u3068\u52b9\u7387\u3067\u3059\u3002\u5927\u91cf\u306b\u751f\u7523\u3059\u308b\u30e6\u30cb\u30c3\u30c8\u3067\u306f\u3001\u8fd1\u304f\u306e\u30e6\u30cb\u30c3\u30c8\u304b\u3089\u3088\u308a\u591a\u304f\u306e\u4eba\u304c\u6765\u3066\u304f\u308c\u308b\u3068\u52a9\u304b\u308b\u306e\u3067\u3059\u3002\u3067\u3059\u304b\u3089\u3001\u79c1\u305f\u3061\u306f\u3001\u65b0\u3057\u3044\u5e02\u5834\u3067\u3084\u3084\u3086\u3063\u304f\u308a\u3068\u6210\u9577\u3059\u308b\u3053\u3068\u3092\u3001\u304b\u306a\u308a\u51e0\u5e33\u9762\u306b\u3084\u3063\u3066\u3044\u307e\u3059\u300220\u5e74\u524d\u3001\u65e5\u672c\u3067\u306f5\u5e74\u304b\u3051\u30661\u793e\u304b\u30895\u793e\u306b\u306a\u308a\u307e\u3057\u305f\u3002<\/p>\n

\u4e2d\u56fd\u3067\u306f\u30013\u5e74\u9593\u30672\u5e97\u8217\u3092\u958b\u5e97\u3057\u3001\u3055\u3089\u306b\u6570\u5e97\u8217\u3092\u958b\u5e97\u4e2d\u3067\u3001\u304a\u305d\u3089\u304f\u3042\u3068\u6570\u5e97\u8217\u306f\u958b\u5e97\u3067\u304d\u308b\u3068\u601d\u3044\u307e\u3059\u3002\u3057\u304b\u3057\u3001\u3053\u306e\u70b9\u306b\u3064\u3044\u3066\u306f\u3001\u304b\u306a\u308a\u6e80\u8db3\u3057\u3066\u3044\u307e\u3059\u3002\u3067\u3059\u304b\u3089\u3001\u4eca\u73fe\u5728\u308225\uff5e30\u53f0\u3068\u3044\u3046\u3068\u3053\u308d\u3067\u3057\u3087\u3046\u304b\u3002\u305d\u3057\u3066\u300125\u3088\u308a30\u306b\u8fd1\u3044\u6570\u5b57\u306b\u3057\u305f\u3044\u3068\u601d\u3063\u3066\u3044\u307e\u3059\u3002<\/p>\n

\u3067\u3082\u3001\u5fc5\u305a\u3057\u3082\u305d\u306e\u5272\u5408\u3067\u898b\u3066\u3044\u308b\u308f\u3051\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u30026\u5e74\u76ee\u304b\u308910\u5e74\u76ee\u306b\u304b\u3051\u3066\u3001\u3082\u3063\u3068\u5927\u304d\u304f\u306a\u308c\u3070\u300130\uff5e35\uff05\u304f\u3089\u3044\u306b\u306a\u308b\u3068\u601d\u3044\u307e\u3059\u304c\u3001\u305d\u308c\u306f\u307e\u3060\u5148\u306e\u8a71\u3067\u3059\u3002<\/p>\n

Laura Champine — Loop Capital Markets — \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n

\u4e86\u89e3\u3067\u3059\u3002\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u3002<\/p>\n

\u30aa\u30da\u30ec\u30fc\u30bf\u30fc<\/p>\n

\u6700\u5f8c\u306e\u8cea\u554f\u306f\u3001\u30d9\u30a2\u30fc\u30c9\u793e\u306e\u30d4\u30fc\u30bf\u30fc\u30fb\u30d9\u30cd\u30c7\u30a3\u30af\u30c8\u3055\u3093\u3067\u3059\u3002\u3069\u3046\u305e\u3088\u308d\u3057\u304f\u304a\u9858\u3044\u3057\u307e\u3059\u3002\u30d4\u30fc\u30bf\u30fc\u30fb\u30d9\u30cd\u30c7\u30a3\u30af\u30c8\u3055\u3093\u3001\u304a\u96fb\u8a71\u3067\u3059\u3002<\/p>\n

\u30d4\u30fc\u30bf\u30fc\u30fb\u30d9\u30cd\u30c7\u30a3\u30af\u30c8 — \u30d9\u30a2\u30fc\u30c9 — \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n

\u3059\u307f\u307e\u305b\u3093\u3001\u305d\u3053\u3067\u30df\u30e5\u30fc\u30c8\u306b\u306a\u3063\u3066\u3057\u307e\u3044\u307e\u3057\u305f\u3002\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u3001\u30ea\u30c1\u30e3\u30fc\u30c9 \u79c1\u306e\u8cea\u554f\u306f\u3059\u3067\u306b\u3044\u304f\u3064\u304b\u51fa\u3066\u3044\u307e\u3059\u304c\u3001\u30b5\u30d7\u30e9\u30a4\u30c1\u30a7\u30fc\u30f3\u306e\u72b6\u6cc1\u306b\u3064\u3044\u3066\u8003\u3048\u3066\u3044\u3066\u3001\u305d\u308c\u306b\u3088\u3063\u3066\u8abf\u9054\u306b\u95a2\u3059\u308b\u30a4\u30cb\u30b7\u30a2\u30c1\u30d6\u3092\u898b\u76f4\u3057\u305f\u308a\u3001\u52a0\u901f\u3057\u305f\u308a\u3057\u305f\u306e\u304b\u3069\u3046\u304b\u304c\u6c17\u306b\u306a\u308a\u307e\u3059\u3002\u8239\u3084\u30b3\u30f3\u30c6\u30ca\u306b\u3064\u3044\u3066\u304a\u8a71\u3055\u308c\u307e\u3057\u305f\u304c\u3001\u3053\u308c\u306f\u660e\u3089\u304b\u306b\u73fe\u5728\u306e\u72b6\u6cc1\u306b\u5bfe\u5fdc\u3057\u305f\u3082\u306e\u3060\u3068\u601d\u3044\u307e\u3059\u3002<\/p>\n

\u3057\u304b\u3057\u3001\u79c1\u306f\u3082\u3063\u3068\u30ab\u30c6\u30b4\u30ea\u30fc\u306b\u6cbf\u3063\u305f\u3082\u306e\u3092\u8003\u3048\u3066\u3044\u307e\u3059\u3002\u3042\u306a\u305f\u304c\u9577\u3044\u9593\u9032\u3081\u3066\u304d\u305f\u5782\u76f4\u7d71\u5408\u306e\u53d6\u308a\u7d44\u307f\u3067\u3059\u3002\u3053\u306e1\u30012\u5e74\u306e\u9593\u306b\u3001\u4f55\u304b\u304d\u3063\u304b\u3051\u304c\u3042\u3063\u3066\u3001\u6700\u524d\u7dda\u306b\u8e8d\u308a\u51fa\u305f\u3082\u306e\u306f\u3042\u308a\u307e\u3059\u304b\uff1f<\/p>\n

Richard Galanti — \u53d6\u7de0\u5f79\u3001\u57f7\u884c\u526f\u793e\u9577\u3001\u6700\u9ad8\u8ca1\u52d9\u8cac\u4efb\u8005<\/p>\n

\u305d\u3046\u3067\u3059\u306d\u3001\u5927\u898f\u6a21\u306a\u3082\u306e\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u304c\u3001\u30b5\u30d7\u30e9\u30a4\u30e4\u30fc\u306e\u591a\u69d8\u5316\u3092\u56f3\u3063\u305f\u3053\u3068\u304c2\u3064\u3042\u308a\u307e\u3059\u3002\u7279\u306b\u30013\u5104\u30c9\u30eb\u304b\u308910\u5104\u30c9\u30eb\u306e\u5de8\u5927\u306aSKU\u3067\u306f\u3001\u3082\u3046\u5c11\u3057\u591a\u69d8\u5316\u304c\u5fc5\u8981\u3067\u3059\u3002\u7279\u306b3\u5104\u30c9\u30eb\u304b\u308910\u5104\u30c9\u30eb\u306e\u5de8\u5927\u306aSKU\u3067\u306f\u3001\u3082\u3046\u5c11\u3057\u591a\u69d8\u5316\u304c\u5fc5\u8981\u3067\u3059\u3002\u4f8b\u3048\u3070\u3001\u51ac\u306e\u5b63\u7bc0\u306b\u306f\u5f93\u6765\u3068\u306f\u9055\u3046\u3001\u30d0\u30a4\u30af\u3092\u6301\u3061\u8fbc\u307f\u307e\u3057\u305f\u3002\u305d\u306e\u3088\u3046\u306a\u3053\u3068\u306f\u3044\u304f\u3064\u304b\u3042\u308a\u307e\u3059\u304c\u3001\u305d\u308c\u307b\u3069\u5927\u304d\u304f\u306f\u3042\u308a\u307e\u305b\u3093\u3002<\/p>\n

\u79c1\u305f\u3061\u306e\u6210\u529f\u306e\u4e00\u56e0\u306f\u30011\u30a2\u30a4\u30c6\u30e0\u3042\u305f\u308a\u306e\u8cfc\u8cb7\u529b\u304c\u5927\u304d\u3044\u3053\u3068\u3067\u3059\u30022,000\u5104\u30c9\u30eb\u306e\u5546\u54c1\u3092\u6271\u3046\u306e\u306b4,000SKU\u4ee5\u4e0b\u3067\u3042\u308b\u3053\u3068\u3068\u3001\u5c0f\u58f2\u696d\u8005\u306b\u3088\u3063\u3066\u7570\u306a\u308a\u307e\u3059\u304c\u30011,500\u5104\u30c9\u30eb\u304b\u30895,000\u5104\u30c9\u30eb\u306e\u5546\u54c1\u3092\u6271\u3046\u306e\u306b10\u4e07SKU\u3067\u3042\u308b\u3053\u3068\u306f\u5168\u304f\u7570\u306a\u308b\u306e\u3067\u3059\u3002\u3067\u3059\u304b\u3089\u3001\u79c1\u305f\u3061\u306f\u5909\u66f4\u3092\u52a0\u3048\u3001\u3044\u304f\u3064\u304b\u306e\u3082\u306e\u3092\u53d6\u308a\u5165\u308c\u308b\u3053\u3068\u306b\u3082\u3063\u3068\u524d\u5411\u304d\u306b\u306a\u3063\u3066\u3044\u307e\u3059\u3002\u3057\u304b\u3057\u3001\u9858\u308f\u304f\u3070\u3001\u3053\u306e\u30b5\u30d7\u30e9\u30a4\u30c1\u30a7\u30fc\u30f3\u3068\u3044\u3046\u3082\u306e\u304c\u3001\u4eca\u5f8c\u6570\u5e74\u306e\u9593\u306b\u5927\u304d\u304f\u3001\u3088\u308a\u826f\u3044\u65b9\u5411\u306b\u5411\u304b\u3046\u3053\u3068\u3092\u9858\u3063\u3066\u3044\u307e\u3059\u3002<\/p>\n

Peter Benedict — Baird — \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n

\u6700\u5f8c\u306b\u3001\u30a8\u30b0\u30bc\u30af\u30c6\u30a3\u30d6\u30fb\u30e1\u30f3\u30d0\u30fc\u30b7\u30c3\u30d7\u306b\u3064\u3044\u3066\u3067\u3059\u304c\u3001\u30e1\u30f3\u30d0\u30fc\u306e43\uff05\u3001\u58f2\u4e0a\u306e71\uff05\u304c\u30a8\u30b0\u30bc\u30af\u30c6\u30a3\u30d6\u30fb\u30e1\u30f3\u30d0\u30fc\u30b7\u30c3\u30d7\u3067\u3059\u3002\u3053\u306e\u6570\u5b57\u306f\u3069\u306e\u3088\u3046\u306a\u3082\u306e\u3067\u3057\u3087\u3046\u304b\u3002\u307e\u305f\u3001\u3088\u308a\u78ba\u7acb\u3055\u308c\u305f\u5e02\u5834\u3001\u3064\u307e\u308a\u3053\u308c\u307e\u3067\u5c55\u958b\u3057\u3066\u304d\u305f\u5e02\u5834\u3067\u306f\u3069\u3046\u3067\u3057\u3087\u3046\u304b\u3002\u307e\u305f\u3001\u65b0\u3057\u3044\u5e02\u5834\u306b\u306f\u3069\u306e\u7a0b\u5ea6\u6d78\u900f\u3057\u3066\u3044\u308b\u306e\u3067\u3057\u3087\u3046\u304b\uff1f\u307e\u305f\u3001\u65b0\u3057\u3044\u5e02\u5834\u3067\u306f\u3069\u306e\u7a0b\u5ea6\u6d78\u900f\u3057\u3066\u3044\u306a\u3044\u306e\u3067\u3057\u3087\u3046\u304b\u3002<\/p>\n

Richard Galanti — \u53d6\u7de0\u5f79\u517c\u57f7\u884c\u526f\u793e\u9577\u517c\u6700\u9ad8\u8ca1\u52d9\u8cac\u4efb\u8005<\/p>\n

\u305d\u3046\u3067\u3059\u306d\u3002\u307e\u3042\u3001\u66f4\u65b0\u6599\u307f\u305f\u3044\u306a\u3082\u306e\u3067\u3059\u306d\u300210\u5e74\u5f8c\u306b\u305d\u306e\u5834\u6240\u3084\u5e02\u5834\u304c\u3069\u3046\u306a\u308b\u304b\u306b\u304b\u304b\u308f\u3089\u305a\u3001\u66f4\u65b0\u7387\u306f\u4f4e\u3044\u6570\u5b57\u304b\u3089\u59cb\u307e\u308a\u3001\u9ad8\u3044\u6570\u5b57\u3078\u3068\u7a4d\u307f\u91cd\u306a\u3063\u3066\u3044\u304f\u306e\u3067\u3059\u3002\u30a8\u30b0\u30bc\u30af\u30c6\u30a3\u30d6\u30fb\u30c8\u30e9\u30f3\u30b8\u30b7\u30e7\u30f3\u3082\u540c\u3058\u3067\u3059\u3002<\/p>\n

\u65b0\u898f\u53c2\u5165\u3057\u305f\u521d\u5e74\u5ea6\u306e\u5e02\u5834\u3067\u3082\u3001\u73fe\u5728\u3067\u306f\u3088\u308a\u826f\u3044\u7d50\u679c\u3092\u51fa\u3057\u3066\u3044\u307e\u3059\u3002\u3053\u3053\u6570\u5e74\u3001\u65e5\u672c\u3084\u97d3\u56fd\u3067\u30a8\u30b0\u30bc\u30af\u30c6\u30a3\u30d6\u3092\u5897\u3084\u3057\u307e\u3057\u305f\u304c……\u3048\uff1f42%\u3068\u3044\u3046\u6570\u5b57\u306f\u3001\u3088\u308a\u6210\u719f\u3057\u305f\u5e02\u5834\u3067\u306f50%\u53f0\u524d\u534a\u3001\u305d\u308c\u4ee5\u4e0a\u3001\u305d\u306e\u4ed6\u306e\u5e02\u5834\u3067\u306f\u305d\u308c\u4ee5\u4e0b\u3067\u3059\u304c\u3001\u6570\u5e74\u524d\u306e\u65b0\u898f\u5e02\u5834\u3067\u306e\u30b9\u30bf\u30fc\u30c8\u6642\u3088\u308a\u306f\u9ad8\u304f\u306a\u3063\u3066\u3044\u307e\u3059\u3002\u3064\u307e\u308a\u3001\u6642\u9593\u3092\u304b\u3051\u3066\u6210\u9577\u3057\u3066\u3044\u304f\u306e\u3067\u3059\u3002<\/p>\n

Peter Benedict — Baird — \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n

\u305d\u3046\u3067\u3059\u306d\u3002\u305d\u306e\u901a\u308a\u3067\u3059\u3002\u305d\u3046\u3067\u3059\u306d\u3002<\/p>\n

Richard Galanti — \u53d6\u7de0\u5f79\u3001\u53d6\u7de0\u5f79\u526f\u793e\u9577\u3001\u6700\u9ad8\u8ca1\u52d9\u8cac\u4efb\u8005<\/p>\n

\u3067\u306f\u3001\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3057\u305f\u3002\u7686\u3055\u3093\u3001\u826f\u3044\u5348\u5f8c\u3068\u591c\u3092\u304a\u904e\u3054\u3057\u304f\u3060\u3055\u3044\u3002<\/p>\n

 <\/p>\n

\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

\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

\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

\u2193\u2193\uff1c\u5fdc\u63f4\u30af\u30ea\u30c3\u30af\u304a\u9858\u3044\u3057\u307e\u3059\uff1e<\/p>\n

\"\u306b\u307b\u3093\u30d6\u30ed\u30b0\u6751<\/a>
\n\u306b\u307b\u3093\u30d6\u30ed\u30b0\u6751<\/a><\/p>\n

\"\u306b\u307b\u3093\u30d6\u30ed\u30b0\u6751<\/a>
\n\u306b\u307b\u3093\u30d6\u30ed\u30b0\u6751<\/a><\/p>\n

\"\u306b\u307b\u3093\u30d6\u30ed\u30b0\u6751<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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