{"id":770,"date":"2021-11-17T22:01:16","date_gmt":"2021-11-17T13:01:16","guid":{"rendered":"https:\/\/1up-life.blog\/?p=770"},"modified":"2021-11-18T20:41:37","modified_gmt":"2021-11-18T11:41:37","slug":"%e3%83%87%e3%82%a3%e3%83%bc%e3%83%ad%e3%83%bc%e3%82%ab%e3%83%abnasdaqdlo2021%e5%b9%b4%e7%ac%ac3%e5%9b%9b%e5%8d%8a%e6%9c%9f%e6%b1%ba%e7%ae%97%e8%aa%ac%e6%98%8e%e4%bc%9a%ef%bc%88%e3%82%ab%e3%83%b3","status":"publish","type":"post","link":"https:\/\/1up-life.blog\/?p=770","title":{"rendered":"\u30c7\u30a3\u30fc\u30ed\u30fc\u30ab\u30eb(NASDAQ:DLO)2021\u5e74\u7b2c3\u56db\u534a\u671f\u6c7a\u7b97\u8aac\u660e\u4f1a\uff08\u30ab\u30f3\u30d5\u30a1\u30ec\u30f3\u30b9\u30b3\u30fc\u30eb\uff09"},"content":{"rendered":"<p>\u30c7\u30a3\u30fc\u30ed\u30fc\u30ab\u30eb(NASDAQ:DLO)\u306e2021\u5e74\u7b2c3\u56db\u534a\u671f\u6c7a\u7b97\u8aac\u660e\u4f1a\u306e\u65e5\u672c\u8a9e\u8a33\u3067\u3059\u3002<\/p>\n<p>\u30aa\u30f3\u30e9\u30a4\u30f3\u3067\u306e\u6c7a\u6e08\u624b\u6bb5\u306e\u30d7\u30e9\u30c3\u30c8\u30d5\u30a9\u30fc\u30e0\u3067\u3042\u308bOne dLocal\u306e\u5f53\u56db\u534a\u671f\u306e\u7dcf\u51e6\u7406\u91cf\uff08TPV\uff09\u306f\u3001\u524d\u5e74\u540c\u671f\u6bd4\u3067217\uff05\u5897\u52a0\u3057\u300118\u5104\u30c9\u30eb\u306b\u9054\u3057\u3066\u304a\u308a\u3001\u5f53\u56db\u534a\u671f\u306e\u58f2\u4e0a\u9ad8\u306f6,900\u4e07\u30c9\u30eb\u30012020\u5e74\u7b2c3\u56db\u534a\u671f\u3068\u6bd4\u8f03\u3057\u3066\u524d\u5e74\u540c\u671f\u6bd4123\uff05\u306e\u6210\u9577\u3057\u3066\u304a\u308a\u7d20\u6674\u3089\u3057\u3044\u4f38\u3073\u3060\u3068\u601d\u3044\u307e\u3059\u3002<\/p>\n<p>\u305f\u3060EPS\u3067\u4e88\u60f3$0.07\u3092$0.06\u3068\u30df\u30b9\u3057\u305f\u70ba\u682a\u4fa1\u306f\u66b4\u843d\u3057\u3066\u3057\u307e\u3059\u3002\u4eca\u5f8c\u3082\u6210\u9577\u306f\u3059\u308b\u3068\u601d\u3044\u307e\u3059\u304c\u3057\u3070\u3089\u304f\u306f\u8edf\u8abf\u304b\u3082\u3057\u308c\u307e\u305b\u3093\u306d\u3002<\/p>\n<div id=\"attachment_771\" style=\"width: 705px\" class=\"wp-caption alignnone\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-771\" class=\"wp-image-771\" src=\"https:\/\/1up-life.blog\/wp-content\/uploads\/2021\/11\/DLO_2021-11-17_21-57-53-300x154.png\" alt=\"\u30c7\u30a3\u30fc\u30ed\u30fc\u30ab\u30eb(DLO)\u682a\u4fa1\" width=\"695\" height=\"357\" srcset=\"https:\/\/1up-life.blog\/wp-content\/uploads\/2021\/11\/DLO_2021-11-17_21-57-53-300x154.png 300w, https:\/\/1up-life.blog\/wp-content\/uploads\/2021\/11\/DLO_2021-11-17_21-57-53-1024x524.png 1024w, https:\/\/1up-life.blog\/wp-content\/uploads\/2021\/11\/DLO_2021-11-17_21-57-53-768x393.png 768w, https:\/\/1up-life.blog\/wp-content\/uploads\/2021\/11\/DLO_2021-11-17_21-57-53-940x481.png 940w, https:\/\/1up-life.blog\/wp-content\/uploads\/2021\/11\/DLO_2021-11-17_21-57-53.png 1478w\" sizes=\"auto, (max-width: 695px) 100vw, 695px\" \/><p id=\"caption-attachment-771\" class=\"wp-caption-text\">DLO\u682a\u4fa1<\/p><\/div>\n<p class=\"hh hh3 main-bdr\"><span class=\"big\"><strong>\u30c7\u30a3\u30fc\u30ed\u30fc\u30ab\u30eb(NASDAQ:DLO)2021\u5e74\u7b2c3\u56db\u534a\u671f\u6c7a\u7b97\u8aac\u660e\u4f1a<\/strong><\/span><\/p>\n<p>2021\u5e7411\u670816\u65e5\u3001\u5348\u5f8c4\u664230\u5206\uff08\u7c73\u56fd\u6771\u90e8\u6642\u9593\uff09<\/p>\n<p>Call participants:<br \/>\nSumita Pandit &#8212; Chief Operating Officer<br \/>\nSebastian Kanovich &#8212; Chief Executive Officer<br \/>\nDiego Cabrera Canay &#8212; Chief Financial Officer<br \/>\nJorge Kuri &#8212; Morgan Stanley &#8212; Analyst<br \/>\nJason Kupferberg &#8212; Bank of America Merrill Lynch &#8212; Analyst<br \/>\nNeha Agarwala &#8212; HSBC &#8212; Analyst<br \/>\nTito Labarta &#8212; Goldman Sachs &#8212; Analyst<br \/>\nDomingos Falavina &#8212; J.P. Morgan &#8212; Analyst<br \/>\nMore DLO analysis<\/p>\n<p>\u30aa\u30da\u30ec\u30fc\u30bf\u30fc<\/p>\n<p>dLocal Limited Reports 2021\u5e74\u7b2c3\u56db\u534a\u671f\u6c7a\u7b97\u30ab\u30f3\u30d5\u30a1\u30ec\u30f3\u30b9\u30b3\u30fc\u30eb\u306b\u304a\u7acb\u3061\u5bc4\u308a\u3044\u305f\u3060\u304d\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u3002\u73fe\u5728\u3001\u3059\u3079\u3066\u306e\u53c2\u52a0\u8005\u306f\u30ea\u30b9\u30cb\u30f3\u30b0\u30aa\u30f3\u30ea\u30fc\u3068\u306a\u3063\u3066\u3044\u307e\u3059\u3002\u30b9\u30d4\u30fc\u30ab\u30fc\u306e\u30d7\u30ec\u30bc\u30f3\u30c6\u30fc\u30b7\u30e7\u30f3\u306e\u5f8c\u306b\u3001\u8cea\u7591\u5fdc\u7b54\u3092\u884c\u3044\u307e\u3059\u3002[\u672c\u65e5\u306e\u30ab\u30f3\u30d5\u30a1\u30ec\u30f3\u30b9\u306f\u9332\u97f3\u3055\u308c\u308b\u53ef\u80fd\u6027\u304c\u3042\u308a\u307e\u3059\u306e\u3067\u3001\u3054\u4e86\u627f\u304f\u3060\u3055\u3044\u3002<\/p>\n[\u30aa\u30da\u30ec\u30fc\u30bf\u30fc\u306e\u6307\u793a\u3011 \u305d\u308c\u3067\u306f\u3001\u4f1a\u8b70\u3092\u4f1a\u793e\u306b\u5f15\u304d\u7d99\u304e\u305f\u3044\u3068\u601d\u3044\u307e\u3059\u3002<\/p>\n<p>\u30b9\u30df\u30bf\u30fb\u30d1\u30f3\u30c7\u30a3\u30c3\u30c8 &#8212; \u6700\u9ad8\u57f7\u884c\u8cac\u4efb\u8005<\/p>\n<p>\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u30022021\u5e74\u7b2c3\u56db\u534a\u671f\u306edLocal\u306e\u6c7a\u7b97\u30ab\u30f3\u30d5\u30a1\u30ec\u30f3\u30b9\u30b3\u30fc\u30eb\u306b\u3088\u3046\u3053\u305d\u3002\u79c1\u305f\u3061\u306e\u6e96\u5099\u3055\u308c\u305f\u767a\u8a00\u306b\u5408\u308f\u305b\u3066\u3001\u30b9\u30e9\u30a4\u30c9\u30d7\u30ec\u30bc\u30f3\u30c6\u30fc\u30b7\u30e7\u30f3\u3092\u63d0\u4f9b\u3057\u3066\u3044\u307e\u3059\u3002\u3053\u306e\u30a4\u30d9\u30f3\u30c8\u306f\u30a6\u30a7\u30d6\u30ad\u30e3\u30b9\u30c8\u3067\u30e9\u30a4\u30d6\u4e2d\u7d99\u3055\u308c\u3066\u304a\u308a\u3001\u30a6\u30a7\u30d6\u30ad\u30e3\u30b9\u30c8\u3068\u30d7\u30ec\u30bc\u30f3\u30c6\u30fc\u30b7\u30e7\u30f3\u306e\u4e21\u65b9\u306f\u3001dLocal\u306e\u30a6\u30a7\u30d6\u30b5\u30a4\u30c8\uff08investor.dlocal.com\uff09\u304b\u3089\u30a2\u30af\u30bb\u30b9\u3067\u304d\u307e\u3059\u3002<\/p>\n<p>\u518d\u653e\u9001\u306f\u30a4\u30d9\u30f3\u30c8\u7d42\u4e86\u5f8c\u3059\u3050\u306b\u8996\u8074\u53ef\u80fd\u3068\u306a\u308a\u307e\u3059\u3002\u8a71\u3092\u9032\u3081\u308b\u524d\u306b\u3001\u30d7\u30ec\u30bc\u30f3\u30c6\u30fc\u30b7\u30e7\u30f3\u306b\u542b\u307e\u308c\u308b\u3001\u307e\u305f\u306f\u3053\u306e\u30ab\u30f3\u30d5\u30a1\u30ec\u30f3\u30b9\u30b3\u30fc\u30eb\u3067\u8a00\u53ca\u3055\u308c\u308b\u5c06\u6765\u306e\u898b\u901a\u3057\u306b\u95a2\u3059\u308b\u8a18\u8ff0\u306f\u3001\u73fe\u5728\u5165\u624b\u53ef\u80fd\u306a\u60c5\u5831\u3068\u3001\u5c06\u6765\u306e\u51fa\u6765\u4e8b\u306b\u95a2\u3059\u308bdLocal\u306e\u73fe\u5728\u306e\u4eee\u5b9a\u3001\u671f\u5f85\u3001\u4e88\u6e2c\u306b\u57fa\u3065\u3044\u3066\u3044\u307e\u3059\u3002\u5f53\u793e\u306f\u3001\u73fe\u5728\u5165\u624b\u53ef\u80fd\u306a\u60c5\u5831\u306b\u9451\u307f\u3001\u3053\u308c\u3089\u306e\u4eee\u5b9a\u3001\u671f\u5f85\u304a\u3088\u3073\u4e88\u6e2c\u306f\u5408\u7406\u7684\u3067\u3042\u308b\u3068\u8003\u3048\u3066\u3044\u307e\u3059\u304c\u3001\u3053\u308c\u3089\u306e\u5c06\u6765\u306e\u898b\u901a\u3057\u306b\u95a2\u3059\u308b\u8a18\u8ff0\u306b\u904e\u5ea6\u306b\u4f9d\u5b58\u3057\u306a\u3044\u3088\u3046\u6ce8\u610f\u3057\u3066\u304f\u3060\u3055\u3044\u3002\u5b9f\u969b\u306e\u7d50\u679c\u306f\u3001\u69d8\u3005\u306a\u7406\u7531\u306b\u3088\u308a\u3001dLocal\u306e\u30d7\u30ec\u30bc\u30f3\u30c6\u30fc\u30b7\u30e7\u30f3\u306b\u542b\u307e\u308c\u308b\u3082\u306e\u3001\u307e\u305f\u306f\u3053\u306e\u30ab\u30f3\u30d5\u30a1\u30ec\u30f3\u30b9\u30b3\u30fc\u30eb\u3067\u8b70\u8ad6\u3055\u308c\u308b\u3082\u306e\u3068\u306f\u5927\u304d\u304f\u7570\u306a\u308b\u53ef\u80fd\u6027\u304c\u3042\u308a\u307e\u3059\u3002\u3053\u308c\u306b\u306f\u3001dLocal\u306e\u6295\u8cc7\u5bb6\u5411\u3051\u5e83\u5831\u30a6\u30a7\u30d6\u30b5\u30a4\u30c8\u306b\u63b2\u8f09\u3055\u308c\u3066\u3044\u308b\u3001Form F-1\u304a\u3088\u3073\u305d\u306e\u4ed6\u306e\u8a3c\u5238\u53d6\u5f15\u59d4\u54e1\u4f1a\u3078\u306e\u63d0\u51fa\u7269\u306b\u8a18\u8f09\u3055\u308c\u3066\u3044\u308b\u3001\u5c06\u6765\u306e\u898b\u901a\u3057\u306b\u95a2\u3059\u308b\u8a18\u8ff0\u304a\u3088\u3073\u30ea\u30b9\u30af\u30d5\u30a1\u30af\u30bf\u30fc\u306e\u30bb\u30af\u30b7\u30e7\u30f3\u304c\u542b\u307e\u308c\u307e\u3059\u3002<\/p>\n<p>\u305d\u308c\u3067\u306f\u3001\u6700\u9ad8\u7d4c\u55b6\u8cac\u4efb\u8005\u306e\u30bb\u30d0\u30b9\u30c1\u30e3\u30f3\u30fb\u30ab\u30ce\u30d3\u30c3\u30c1\u306b\u4f1a\u8b70\u3092\u8b72\u308a\u307e\u3059\u3002<\/p>\n<p>\u30bb\u30d0\u30b9\u30c1\u30e3\u30f3\u30fb\u30ab\u30ce\u30d3\u30c3\u30c1 &#8212; \u6700\u9ad8\u7d4c\u55b6\u8cac\u4efb\u8005<\/p>\n<p>\u672c\u65e5\u306f\u304a\u96c6\u307e\u308a\u3044\u305f\u3060\u304d\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u3002\u672c\u65e5\u306e\u96fb\u8a71\u4f1a\u8b70\u306b\u306f\u3001\u6700\u9ad8\u57f7\u884c\u8cac\u4efb\u8005\u306e\u30b9\u30df\u30bf\u30fb\u30d1\u30f3\u30c7\u30a3\u30c3\u30c8\u3068\u6700\u9ad8\u8ca1\u52d9\u8cac\u4efb\u8005\u306e\u30c7\u30a3\u30a8\u30b4\u30fb\u30ab\u30d6\u30ec\u30e9\u30fb\u30ab\u30cd\u30a4\u304c\u53c2\u52a0\u3057\u3066\u3044\u307e\u3059\u3002\u672c\u65e5\u306e\u96fb\u8a71\u4f1a\u8b70\u306b\u306f\u3001\u6700\u9ad8\u57f7\u884c\u8cac\u4efb\u8005\u306e\u30b9\u30df\u30bf\u30fb\u30d1\u30f3\u30c7\u30a3\u30c3\u30c8\u3001\u6700\u9ad8\u8ca1\u52d9\u8cac\u4efb\u8005\u306e\u30c7\u30a3\u30a8\u30b4\u30fb\u30ab\u30d6\u30ec\u30e9\u30fb\u30ab\u30cd\u30a4\u304c\u53c2\u52a0\u3057\u307e\u3059\u3002\u30b9\u30e9\u30a4\u30c93\u3067\u306f<\/p>\n<p>dLocal\u306f\u3001\u30b0\u30ed\u30fc\u30d0\u30eb\u30de\u30fc\u30c1\u30e3\u30f3\u30c8\u304c\u4f55\u5341\u5104\u3082\u306e\u65b0\u8208\u5e02\u5834\u306e\u6d88\u8cbb\u8005\u3068\u30b7\u30fc\u30e0\u30ec\u30b9\u306b\u3064\u306a\u304c\u308b\u3053\u3068\u3092\u53ef\u80fd\u306b\u3057\u307e\u3059\u3002\u5f53\u793e\u306e\u30d7\u30e9\u30c3\u30c8\u30d5\u30a9\u30fc\u30e0\u3067\u3042\u308bOne dLocal\u306f\u3001\u5358\u4e00\u306eAPI\u3001\u5358\u4e00\u306e\u7d71\u5408\u3001\u5358\u4e00\u306e\u5951\u7d04\u30bd\u30ea\u30e5\u30fc\u30b7\u30e7\u30f3\u3092\u30de\u30fc\u30c1\u30e3\u30f3\u30c8\u306b\u63d0\u4f9b\u3057\u307e\u3059\u3002\u5f53\u793e\u306f\u5b8c\u5168\u306bB2B\u306b\u7279\u5316\u3057\u3066\u304a\u308a\u3001Microsoft\u3001Rappi\u3001Kuaishou\u3001MailChimp\u3001Wikimedia\u3001inDriver\u3001Wix\u306a\u3069\u306e\u6700\u5927\u7d1a\u306e\u30b0\u30ed\u30fc\u30d0\u30eb\u30de\u30fc\u30c1\u30e3\u30f3\u30c8\u3092\u5f53\u793e\u306e\u9867\u5ba2\u3068\u3057\u3066\u6570\u3048\u3089\u308c\u308b\u3053\u3068\u3092\u8a87\u308a\u306b\u601d\u3063\u3066\u3044\u307e\u3059\u3002\u73fe\u5728\u3001\u79c1\u305f\u3061\u306e\u30a4\u30f3\u30d5\u30e9\u306f\u3001\u30e9\u30c6\u30f3\u30a2\u30e1\u30ea\u30ab\u3001\u30a2\u30d5\u30ea\u30ab\u3001\u30a2\u30b8\u30a2\u306e32\u306e\u65b0\u8208\u5e02\u5834\u3067\u30de\u30fc\u30c1\u30e3\u30f3\u30c8\u3092\u30b5\u30dd\u30fc\u30c8\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n<p>\u305d\u308c\u3067\u306f\u7d50\u679c\u3092\u3054\u5831\u544a\u3057\u307e\u3059\u3002\u7b2c3\u56db\u534a\u671f\u3082\u7d20\u6674\u3089\u3057\u3044\u7d50\u679c\u3068\u306a\u308a\u307e\u3057\u305f\u3002\u5f53\u56db\u534a\u671f\u306e\u7dcf\u51e6\u7406\u91cf\uff08TPV\uff09\u306f\u3001\u524d\u5e74\u540c\u671f\u6bd4\u3067217\uff05\u5897\u52a0\u3057\u300118\u5104\u30c9\u30eb\u306b\u9054\u3057\u307e\u3057\u305f\u3002\u5f53\u56db\u534a\u671f\u306e\u58f2\u4e0a\u9ad8\u306f6,900\u4e07\u30c9\u30eb\u3067\u30012020\u5e74\u7b2c3\u56db\u534a\u671f\u3068\u6bd4\u8f03\u3057\u3066\u3001\u524d\u5e74\u540c\u671f\u6bd4123\uff05\u306e\u6210\u9577\u3068\u306a\u308a\u307e\u3057\u305f\u3002<\/p>\n<p>2021\u5e74\u7b2c3\u56db\u534a\u671f\u306e\u8abf\u6574\u5f8cEBITDA\u306f\u30012020\u5e74\u7b2c3\u56db\u534a\u671f\u3068\u6bd4\u8f03\u3057\u3066\u3001\u524d\u5e74\u540c\u671f\u6bd4110\uff05\u306e\u6210\u9577\u3068\u306a\u308a\u307e\u3057\u305f\u3002\u30b9\u30e9\u30a4\u30c94\u3067\u306f 2021\u5e74\u7b2c3\u56db\u534a\u671f\u306e\u696d\u7e3e\u3092\u30012021\u5e74\u7b2c2\u56db\u534a\u671f\u304a\u3088\u30732020\u5e74\u901a\u5e74\u3068\u7c21\u5358\u306b\u6bd4\u8f03\u3057\u3066\u307f\u307e\u3057\u3087\u3046\u3002\u767b\u9332\u6e08\u307f\u306e2021\u5e74\u306e\u53ce\u76ca\u6210\u9577\u7387\u306f123\uff05\u3067\u3001\u7b2c2\u56db\u534a\u671f\u306e\u524d\u5e74\u540c\u671f\u6bd4186\uff05\u30012020\u5e74\u901a\u5e74\u306e\u524d\u5e74\u540c\u671f\u6bd488\uff05\u3068\u6bd4\u8f03\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n<p>\u5f53\u793e\u306f\u3053\u308c\u307e\u3067\u3001\u4e8b\u696d\u3092\u7ba1\u7406\u3059\u308b\u91cd\u8981\u306aKPI\u3068\u3057\u3066\u30cd\u30c3\u30c8\u30fb\u30ea\u30c6\u30f3\u30b7\u30e7\u30f3\u30fb\u30ec\u30fc\u30c8\u306e\u6307\u6a19\u3092\u53d6\u308a\u4e0a\u3052\u3066\u304d\u307e\u3057\u305f\u30022021\u5e74\u7b2c3\u56db\u534a\u671f\u306b\u306f185\uff05\u306eNRR\u3092\u9054\u6210\u3057\u307e\u3057\u305f\u304c\u3001\u3053\u308c\u306b\u5bfe\u3057\u30662021\u5e74\u7b2c2\u56db\u534a\u671f\u306f196\uff05\u30012020\u5e74\u901a\u5e74\u306f159\uff05\u3067\u3057\u305f\u30022021\u5e74\u7b2c3\u56db\u534a\u671f\u306e\u8abf\u6574\u5f8cEBITDA\u30de\u30fc\u30b8\u30f3\u306f38\uff05\u3067\u3001\u3053\u308c\u306b\u5bfe\u3057\u30662021\u5e74\u7b2c2\u56db\u534a\u671f\u306f44\uff05\u30012020\u5e74\u901a\u5e74\u306f40\uff05\u3067\u3057\u305f\u3002\u3053\u308c\u306f\u3001\u6210\u9577\u8def\u7dda\u3092\u8ffd\u6c42\u3059\u308b\u305f\u3081\u306b\u3001\u4eba\u6750\u3001\u30d7\u30e9\u30c3\u30c8\u30d5\u30a9\u30fc\u30e0\u3001\u6280\u8853\u3078\u306e\u6295\u8cc7\u3092\u7d99\u7d9a\u3057\u3066\u3044\u308b\u305f\u3081\u3067\u3059\u30022021\u5e74\u901a\u5e74\u306e\u8abf\u6574\u5f8cEBITDA\u30de\u30fc\u30b8\u30f3\u306f\u30012020\u5e74\u901a\u5e74\u306e\u8abf\u6574\u5f8cEBITDA\u30de\u30fc\u30b8\u30f3\u3068\u540c\u7a0b\u5ea6\u306b\u306a\u308b\u3068\u4e88\u60f3\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n<p>\u5f53\u56db\u534a\u671f\u306f\u3001\u5f53\u793e\u88fd\u54c1\u3092\u5229\u7528\u3057\u3066\u3044\u308b\u65e2\u5b58\u304a\u3088\u3073\u65b0\u898f\u306e\u52a0\u76df\u5e97\u304b\u3089\u306e\u30d3\u30b8\u30cd\u30b9\u304c\u5f15\u304d\u7d9a\u304d\u6210\u9577\u3057\u3066\u3044\u307e\u3059\u3002\u30c7\u30b8\u30bf\u30eb\u5316\u304c\u9032\u307f\u3001\u73fe\u91d1\u304c\u6e1b\u308a\u3001\u4ee3\u66ff\u6c7a\u6e08\u624b\u6bb5\u306e\u63a1\u7528\u304c\u5e83\u304c\u3063\u3066\u3044\u307e\u3059\u3002\u5f53\u56db\u534a\u671f\u306f\u3001\u30a2\u30d5\u30ea\u30ab\u304a\u3088\u3073\u6771\u5357\u30a2\u30b8\u30a2\u3067\u306e\u4e8b\u696d\u62e1\u5927\u306b\u5411\u3051\u305f\u53d6\u308a\u7d44\u307f\u3092\u7d99\u7d9a\u3057\u307e\u3057\u305f\u3002\u524d\u56db\u534a\u671f\u306b\u306f\u3001\u30bf\u30a4\u3068\u30a8\u30eb\u30b5\u30eb\u30d0\u30c9\u30eb\u306e2\u3064\u306e\u56fd\u3067\u65b0\u305f\u306b\u30b5\u30fc\u30d3\u30b9\u3092\u958b\u59cb\u3057\u307e\u3057\u305f\u3002<\/p>\n<p>2021\u5e74\u307e\u3067\u306e\u7d2f\u8a08\u3067\u306f\u3001\u5f53\u793e\u306e\u30cd\u30c3\u30c8\u30ef\u30fc\u30af\u30a4\u30f3\u30d5\u30e9\u306b\u65b0\u305f\u306b6\u30ab\u56fd\u304c\u52a0\u308f\u308a\u307e\u3057\u305f\u30022021\u5e74\u306e\u7b2c3\u56db\u534a\u671f\u306b\u306f\u3001\u7269\u91cf\u306e\u3042\u308b10\u6570\u793e\u306e\u52a0\u76df\u5e97\u3092\u65b0\u305f\u306b\u8ffd\u52a0\u3057\u307e\u3057\u305f\u3002\u5f53\u793e\u306f\u5f15\u304d\u7d9a\u304d\u3001\u5782\u76f4\u65b9\u5411\u306e\u4e8b\u696d\u306e\u591a\u69d8\u5316\u304b\u3089\u6069\u6075\u3092\u53d7\u3051\u3066\u3044\u307e\u3059\u3002\u5f53\u793e\u306f\u3001\u30a4\u30f3\u30d5\u30e9\u3068\u4eba\u6750\u3078\u306e\u7d99\u7d9a\u7684\u306a\u6295\u8cc7\u306b\u3082\u304b\u304b\u308f\u3089\u305a\u3001\u5f37\u529b\u306a\u8abf\u6574\u5f8cEBITDA\u30de\u30fc\u30b8\u30f3\u3092\u7dad\u6301\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n<p>\u5f53\u793e\u306f\u3001\u4e3b\u8981\u6a5f\u80fd\u306b\u304a\u3051\u308b\u5f93\u696d\u54e1\u306e\u63a1\u7528\u3068\u5f37\u5316\u3092\u7d9a\u3051\u3066\u304d\u307e\u3057\u305f\u3002dLocal\u306e\u5f93\u696d\u54e1\u6570\u306f\u30012021\u5e74\u7b2c3\u56db\u534a\u671f\u306b\u524d\u5e74\u540c\u671f\u6bd4\u3067105\uff05\u5897\u52a0\u3057\u307e\u3057\u305f\u3002\u30b9\u30e9\u30a4\u30c95\u306b\u3064\u3044\u3066\u3002\u5f53\u793e\u304c\u52a0\u76df\u5e97\u306e\u305f\u3081\u306b\u89e3\u6c7a\u3057\u3066\u3044\u308b\u4e3b\u306a\u8ab2\u984c\u306f3\u3064\u3042\u308a\u307e\u3059\u3002<\/p>\n<p>1\u3064\u306f\u3001\u6c7a\u6e08\u624b\u6bb5\u306f\u3082\u3068\u3082\u3068\u30ed\u30fc\u30ab\u30eb\u306a\u3082\u306e\u3067\u3042\u308a\u3001\u5f53\u793e\u304c\u30b5\u30fc\u30d3\u30b9\u3092\u63d0\u4f9b\u3057\u3066\u3044\u308b32\u30ab\u56fd\u3067\u306f\u975e\u5e38\u306b\u591a\u69d8\u3067\u3059\u3002\u6d88\u8cbb\u8005\u304c\u65b0\u305f\u306b\u5229\u7528\u53ef\u80fd\u306a\u6c7a\u6e08\u624b\u6bb5\u3092\u63a1\u7528\u3059\u308b\u3053\u3068\u3067\u3001\u7d30\u5206\u5316\u306e\u50be\u5411\u304c\u7d9a\u3044\u3066\u3044\u307e\u3059\u3002\u30de\u30fc\u30c1\u30e3\u30f3\u30c8\u306f\u3001\u6025\u901f\u306b\u6210\u9577\u3057\u3066\u3044\u308b\u30a8\u30f3\u30c9\u30de\u30fc\u30b1\u30c3\u30c8\u306b\u3001\u81ea\u5206\u305f\u3061\u3067\u6c7a\u6e08\u30ec\u30fc\u30eb\u3092\u69cb\u7bc9\u3059\u308b\u3053\u3068\u306a\u304f\u30a2\u30af\u30bb\u30b9\u3057\u305f\u3044\u3068\u8003\u3048\u3066\u3044\u307e\u3059\u30022\u3064\u76ee\u306f\u3001\u4e0d\u6b63\u884c\u70ba\u3092\u6291\u5236\u3057\u306a\u304c\u3089\u5065\u5168\u306a\u30b3\u30f3\u30d0\u30fc\u30b8\u30e7\u30f3\u7387\u3092\u9054\u6210\u3059\u308b\u3053\u3068\u304c\u3001\u65b0\u8208\u5e02\u5834\u3067\u306e\u8ab2\u984c\u3068\u306a\u3063\u3066\u3044\u308b\u3053\u3068\u3067\u3059\u3002<\/p>\n<p>\u305d\u3057\u30663\u3064\u76ee\u306f\u3001\u30de\u30fc\u30c1\u30e3\u30f3\u30c8\u304c\u65b0\u8208\u56fd\u306e\u898f\u5236\u3084\u7a0e\u91d1\u306e\u67a0\u7d44\u307f\u306e\u5909\u5316\u306b\u5bfe\u5fdc\u3067\u304d\u308b\u3088\u3046\u306b\u3059\u308b\u3053\u3068\u3067\u3001\u8907\u96d1\u306a\u3053\u3068\u3092\u30b7\u30f3\u30d7\u30eb\u306b\u3059\u308b\u3053\u3068\u3067\u3059\u3002\u30b9\u30e9\u30a4\u30c96\u3067\u306f \u5f53\u793e\u304c\u30b5\u30fc\u30d3\u30b9\u3092\u63d0\u4f9b\u3057\u3066\u3044\u308b\u5e02\u5834\u306e\u8907\u96d1\u3055\u304c\u3001\u5f53\u793e\u306e\u30bd\u30ea\u30e5\u30fc\u30b7\u30e7\u30f3\u3092\u5f37\u529b\u306a\u3082\u306e\u306b\u3057\u3066\u3044\u307e\u3059\u3002\u30b9\u30e9\u30a4\u30c96\u3067\u306f\u3001\u30e9\u30c6\u30f3\u30a2\u30e1\u30ea\u30ab\u3001\u4e2d\u6771\u30fb\u30a2\u30d5\u30ea\u30ab\u3001\u30a2\u30b8\u30a2\u592a\u5e73\u6d0b\u5730\u57df\u306e\u6c7a\u6e08\u624b\u6bb5\u306e\u5185\u8a33\u3092\u793a\u3057\u3001\u5f53\u793e\u306e\u52a0\u76df\u5e97\u304c\u3053\u306e\u5e02\u5834\u3067\u30d3\u30b8\u30cd\u30b9\u3092\u884c\u3046\u969b\u306b\u76f4\u9762\u3059\u308b\u8907\u96d1\u3055\u3092\u7d39\u4ecb\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n<p>\u5404\u5e02\u5834\u306f\u305d\u308c\u305e\u308c\u7570\u306a\u308b\u9032\u5316\u3092\u9042\u3052\u3066\u3044\u307e\u3059\u3002\u4f8b\u3048\u3070\u3001\u30a2\u30b8\u30a2\u592a\u5e73\u6d0b\u5730\u57df\u3067\u306f\u3001\u30c7\u30b8\u30bf\u30eb\u304a\u30b5\u30a4\u30d5\u30b1\u30fc\u30bf\u30a4\u306e\u6bd4\u7387\u304c\u975e\u5e38\u306b\u9ad8\u304f\u306a\u3063\u3066\u3044\u307e\u3059\u3002\u4e2d\u8fd1\u6771\u3001\u30a2\u30d5\u30ea\u30ab\u5730\u57df\u3067\u306f\u3001\u9280\u884c\u9001\u91d1\u3084\u73fe\u91d1\u30fb\u5b85\u914d\u4fbf\u304c\u306f\u308b\u304b\u306b\u591a\u304f\u306a\u3063\u3066\u3044\u307e\u3059\u3002\u307e\u305f\u3001\u5404\u5927\u9678\u306e\u56fd\u306b\u3088\u3063\u3066\u3082\u9055\u3044\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n<p>\u30de\u30fc\u30c1\u30e3\u30f3\u30c8\u306f\u3001\u6d88\u8cbb\u8005\u306e\u55dc\u597d\u306b\u5bfe\u5fdc\u3059\u308b\u305f\u3081\u306b\u3001\u3053\u306e\u6700\u7d42\u5e02\u5834\u3067\u306e\u9078\u629e\u80a2\u3068\u4fca\u654f\u6027\u3092\u6c42\u3081\u3066\u3044\u307e\u3059\u3002\u30b9\u30e9\u30a4\u30c97\u3002\u5f53\u793e\u306e\u30a6\u30a7\u30d6\u30b5\u30a4\u30c8\u3067\u306f\u3001AMI\u304c\u5b8c\u6210\u3055\u305b\u305f\u3001\u5f53\u793e\u304c\u30b5\u30fc\u30d3\u30b9\u3092\u63d0\u4f9b\u3059\u308b\u4e3b\u8981\u5e02\u5834\u306b\u95a2\u3059\u308b\u5e02\u5834\u8abf\u67fb\u3092\u516c\u958b\u3057\u3066\u3044\u307e\u3059\u30022021\u5e74\u7b2c3\u56db\u534a\u671f\u306e\u5f53\u793e\u306eTPV\u306f18\u5104\u30c9\u30eb\u3067\u3001\u524d\u5e74\u540c\u671f\u6bd4217\uff05\u306e\u4f38\u3073\u3092\u8a18\u9332\u3057\u307e\u3057\u305f\u3002<\/p>\n<p>\u904e\u53bb12\u30f6\u6708\u9593\u306eTPV\u306f49\u5104\u30c9\u30eb\u3067\u30012020\u5e74\u901a\u5e74\u306eTPV\u306e2.4\u500d\u3067\u3057\u305f\u3002\u5f53\u793e\u306eTPV\u306f\u3001\u4eca\u5f8c\u6570\u5e74\u9593\u3001\u5e74\u738727\uff05\u3067\u6210\u9577\u3092\u7d9a\u3051\u308b\u3068\u4e88\u60f3\u3055\u308c\u308b\u5f53\u793e\u306e\u30a2\u30c9\u30ec\u30b9\u53ef\u80fd\u306a\u5e02\u5834\u306e\u3054\u304f\u4e00\u90e8\u3092\u5229\u7528\u3057\u3066\u3044\u308b\u306b\u904e\u304e\u307e\u305b\u3093\u3002\u30b9\u30e9\u30a4\u30c98 \u30b9\u30e9\u30a4\u30c98\u3067\u306f\u3001\u5f53\u793e\u306e\u30d7\u30e9\u30c3\u30c8\u30d5\u30a9\u30fc\u30e0\u3092\u5229\u7528\u3057\u3066\u3044\u308b\u4ee3\u8868\u7684\u306a\u30de\u30fc\u30c1\u30e3\u30f3\u30c8\u306e\u30b1\u30fc\u30b9\u30b9\u30bf\u30c7\u30a3\u3092\u7d39\u4ecb\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n<p>\u3054\u89a7\u306e\u3088\u3046\u306b\u3001\u5f53\u793e\u306f\u901a\u5e38\u3001\u30dc\u30ea\u30e5\u30fc\u30e0\u306e\u5897\u52a0\u306b3\uff5e6\u56db\u534a\u671f\u3092\u8981\u3057\u307e\u3059\u3002\u3053\u306e\u30de\u30fc\u30c1\u30e3\u30f3\u30c8\u3067\u306f\u3001\u307e\u305a\u30ed\u30fc\u30ab\u30eb\u30fb\u30c4\u30fc\u30fb\u30ed\u30fc\u30ab\u30eb\u306e\u6c7a\u6e08\u30d5\u30ed\u30fc\u3092\u69cb\u7bc9\u3057\u307e\u3057\u305f\u3002\u6c7a\u6e08\u65b9\u6cd5\u3092\u8ffd\u52a0\u3057\u307e\u3057\u305f\u3002\u307e\u305f\u3001\u65b0\u3057\u3044\u56fd\u3092\u8ffd\u52a0\u3057\u3001\u3055\u3089\u306b\u3044\u304f\u3064\u304b\u306e\u5e02\u5834\u3067\u306f\u30af\u30ed\u30b9\u30dc\u30fc\u30c0\u30fc\u306e\u30d5\u30ed\u30fc\u3092\u8ffd\u52a0\u3057\u307e\u3057\u305f\u3002<\/p>\n<p>\u3053\u306e\u30de\u30fc\u30c1\u30e3\u30f3\u30c8\u306e\u652f\u6255\u3044\u65b9\u6cd5\u306f\u300118\u7a2e\u985e\u304b\u3089109\u7a2e\u985e\u306b\u306a\u308a\u307e\u3057\u305f\u3002\u56fd\u30829\u30ab\u56fd\u306b\u62e1\u5927\u3057\u307e\u3057\u305f\u3002\u3053\u306e\u30de\u30fc\u30c1\u30e3\u30f3\u30c8\u306f\u3001\u7d043\u5e74\u9593\u306730\u500d\u306e\u30dc\u30ea\u30e5\u30fc\u30e0\u306e\u6210\u9577\u3092\u9042\u3052\u307e\u3057\u305f\u3002\u3082\u3061\u308d\u3093\u30de\u30fc\u30c1\u30e3\u30f3\u30c8\u3054\u3068\u306b\u9055\u3044\u306f\u3042\u308a\u307e\u3059\u304c\u3001\u4eca\u56de\u306e\u4f8b\u306f\u3001\u30de\u30fc\u30c1\u30e3\u30f3\u30c8\u304c\u5f53\u793e\u306e\u30d7\u30e9\u30c3\u30c8\u30d5\u30a9\u30fc\u30e0\u4e0a\u3067\u6709\u6a5f\u7684\u306b\u6210\u9577\u3057\u3066\u3044\u304f\u904e\u7a0b\u3067\u3001\u5f53\u793e\u304c\u3069\u306e\u3088\u3046\u306b\u6210\u9577\u3057\u3066\u3044\u304f\u304b\u3092\u793a\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n<p>\u305d\u308c\u3067\u306f\u3001\u4eca\u5f8c\u306e\u6210\u9577\u306e\u65b9\u5411\u6027\u306b\u3064\u3044\u3066\u3001\u30b9\u30df\u30bf\u306b\u8aac\u660e\u3057\u3066\u3082\u3089\u3044\u307e\u3057\u3087\u3046\u3002<\/p>\n<p>\u30b9\u30df\u30bf\u30fb\u30d1\u30f3\u30c7\u30a3\u30c3\u30c8 &#8211; \u6700\u9ad8\u57f7\u884c\u8cac\u4efb\u8005<\/p>\n<p>\u3042\u308a\u304c\u3068\u3046\u3001Seba\u3002\u305d\u308c\u3067\u306f\u3001\u30b9\u30e9\u30a4\u30c99\u300c\u5c06\u6765\u306e\u6210\u9577\u306e\u30d9\u30af\u30c8\u30eb\u300d\u3092\u3054\u89a7\u304f\u3060\u3055\u3044\u3002\u5f53\u793e\u306b\u306f\u30013\u3064\u306e\u4e3b\u8981\u306a\u6210\u9577\u306e\u30d9\u30af\u30c8\u30eb\u304c\u3042\u308a\u307e\u3059\u3002\u5546\u696d\u6d3b\u52d5\u3001\u88fd\u54c1\u306e\u62e1\u5927\u3001\u5730\u57df\u306e\u62e1\u5927\u3067\u3059\u3002\u5546\u696d\u6d3b\u52d5\u3067\u306f\u3001\u30e9\u30f3\u30c9\uff06\u30a8\u30af\u30b9\u30d1\u30f3\u30b7\u30e7\u30f3\u6226\u7565\u306b\u529b\u3092\u5165\u308c\u3066\u3044\u307e\u3059\u3002<\/p>\n<p>\u5f53\u793e\u306e\u6210\u9577\u306f\u3001\u52a0\u76df\u5e97\u306e\u6709\u6a5f\u7684\u306a\u6210\u9577\u3001\u30a2\u30ab\u30a6\u30f3\u30c8\u30de\u30cd\u30b8\u30e1\u30f3\u30c8\u3078\u306e\u30af\u30ed\u30b9\u30bb\u30eb\u80fd\u529b\u3001\u65b0\u898f\u9867\u5ba2\u306e\u8ffd\u52a0\u80fd\u529b\u306b\u3088\u3063\u3066\u3082\u305f\u3089\u3055\u308c\u307e\u3059\u3002\u7b2c3\u56db\u534a\u671f\u306eNRR\uff08\u30cd\u30c3\u30c8\u30fb\u30ea\u30c6\u30f3\u30b7\u30e7\u30f3\u30fb\u30ec\u30fc\u30c8\uff09\u306f\u30012020\u5e74\u306e159\uff05\u306b\u5bfe\u3057\u3001185\uff05\u3068\u975e\u5e38\u306b\u9ad8\u3044\u6570\u5024\u3092\u8a18\u9332\u3057\u307e\u3057\u305f\u3002NRR\u306f\u3001\u5f53\u793e\u306e\u30d7\u30e9\u30c3\u30c8\u30d5\u30a9\u30fc\u30e0\u306b\u767b\u9332\u3057\u3066\u3044\u305f\u65e2\u5b58\u306e\u52a0\u76df\u5e97\u304b\u3089\u5f97\u3089\u308c\u308b\u30c9\u30eb\u306e\u53ce\u76ca\u3092\u3001\u524d\u5e74\u540c\u671f\u6bd4\u3067\u6e2c\u5b9a\u3057\u3066\u7b97\u51fa\u3057\u3066\u3044\u307e\u3059\u3002\u3057\u305f\u304c\u3063\u3066\u3001\u540c\u3058\u52a0\u76df\u5e97\u304b\u3089\u306e2020\u5e74\u7b2c3\u56db\u534a\u671f\u306e\u53ce\u76ca100\u30c9\u30eb\u304c\u30012021\u5e74\u7b2c3\u56db\u534a\u671f\u306b\u306f185\u30c9\u30eb\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n<p>\u65b0\u898f\u9867\u5ba2\u304b\u3089\u306e\u53ce\u76ca\u306f\u30012020\u5e74\u901a\u5e74\u304c900\u4e07\u30c9\u30eb\u30012020\u5e74\u7b2c3\u56db\u534a\u671f\u304c300\u4e07\u30c9\u30eb\u3067\u3042\u3063\u305f\u306e\u306b\u5bfe\u3057\u30012021\u5e74\u7b2c3\u56db\u534a\u671f\u306f1,200\u4e07\u30c9\u30eb\u3067\u3057\u305f\u3002\u5f53\u793e\u306f\u3001\u30da\u30a4\u30a4\u30f3\u304a\u3088\u3073\u30da\u30a4\u30a2\u30a6\u30c8\u6a5f\u80fd\u306e\u6539\u5584\u306b\u52a0\u3048\u3001Issuing-as-a-Service\uff08\u30b5\u30fc\u30d3\u30b9\u3068\u3057\u3066\u306e\u767a\u884c\uff09\u306a\u3069\u306e\u65b0\u88fd\u54c1\u306e\u958b\u767a\u30fb\u767a\u58f2\u306b\u3088\u308a\u3001\u88fd\u54c1\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306e\u5f37\u5316\u3092\u7d9a\u3051\u3066\u3044\u307e\u3059\u3002\u5730\u7406\u7684\u62e1\u5927\u306b\u3064\u3044\u3066\u306f\u3001\u73fe\u5728\u4e8b\u696d\u3092\u5c55\u958b\u3057\u3066\u3044\u308b\u56fd\u3067\u306e\u30d7\u30ec\u30bc\u30f3\u30b9\u3092\u6df1\u3081\u308b\u3068\u3068\u3082\u306b\u3001\u65b0\u305f\u306a\u56fd\u3092\u8ffd\u52a0\u3057\u3066\u3044\u307e\u3059\u3002\u7b2c3\u56db\u534a\u671f\u306b\u306f\u3001\u30bf\u30a4\u3068\u30a8\u30eb\u30b5\u30eb\u30d0\u30c9\u30eb\u304c\u5f53\u793e\u306e\u30d7\u30e9\u30c3\u30c8\u30d5\u30a9\u30fc\u30e0\u306b\u52a0\u308f\u308a\u307e\u3057\u305f\u3002<\/p>\n<p>\u5f53\u793e\u306e\u53ce\u76ca\u6210\u9577\u7387\uff0bEBITDA\u30de\u30fc\u30b8\u30f3\uff08Rule of 40\uff09\u306f\u30012020\u5e74\u901a\u5e74\u306e129\uff05\u306b\u5bfe\u3057\u30012021\u5e74\u7b2c3\u56db\u534a\u671f\u306f161\uff05\u3068\u306a\u308a\u307e\u3057\u305f\u3002\u5f53\u793e\u4e8b\u696d\u306e\u5f37\u529b\u306a\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u5275\u51fa\u529b\u306f\u3001\u5e02\u5834\u6295\u5165\u307e\u3067\u306e\u6642\u9593\u3092\u6d3b\u6027\u5316\u3055\u305b\u308b\u30a4\u30f3\u30aa\u30fc\u30ac\u30cb\u30c3\u30af\u6226\u7565\u3092\u652f\u3048\u3066\u3044\u308b\u3068\u8003\u3048\u3066\u3044\u307e\u3059\u3002\u5f53\u793e\u306f\u30013\u3064\u306e\u6210\u9577\u5206\u91ce\u306e\u3044\u305a\u308c\u304b\u3092\u52a0\u901f\u3055\u305b\u308b\u305f\u3081\u306b\u3001\u7121\u6a5f\u7684\u306a\u6a5f\u4f1a\u3092\u8ffd\u6c42\u3059\u308b\u4e88\u5b9a\u3067\u3059\u3002\u30b9\u30e9\u30a4\u30c910<\/p>\n<p>\u65e2\u5b58\u306e\u304a\u5ba2\u69d8\u304c\u5f53\u793e\u306e\u6210\u9577\u306e\u539f\u52d5\u529b\u3067\u3059\u3002\u5f53\u793e\u306e\u30a2\u30ab\u30a6\u30f3\u30c8\u30de\u30cd\u30b8\u30e1\u30f3\u30c8\u30c1\u30fc\u30e0\u306f\u3001\u65e2\u5b58\u306e\u304a\u5ba2\u69d8\u3068\u306e\u95a2\u4fc2\u3092\u53ce\u7a6b\u3059\u308b\u3053\u3068\u306b\u5c02\u5ff5\u3057\u3066\u3044\u307e\u3059\u3002\u3053\u306e\u30c1\u30fc\u30e0\u306f\u3001\u304a\u5ba2\u69d8\u3068\u5bc6\u63a5\u306b\u9023\u643a\u3057\u3066\u3001\u304a\u5ba2\u69d8\u306e\u65e2\u5b58\u306e\u30cb\u30fc\u30ba\u3092\u89e3\u6c7a\u3057\u3001\u65b0\u3057\u3044\u652f\u6255\u65b9\u6cd5\u3001\u65b0\u3057\u3044\u56fd\u3001\u65b0\u3057\u3044\u88fd\u54c1\u306e\u30e6\u30fc\u30b9\u30b1\u30fc\u30b9\u3092\u30af\u30ed\u30b9\u30bb\u30eb\u3057\u307e\u3059\u3002\u5e38\u6642\u3001\u65e2\u5b58\u306e\u304a\u5ba2\u69d8\u306b\u5bfe\u3057\u306650\u4ef6\u4ee5\u4e0a\u306e\u4fa1\u683c\u63d0\u6848\u3092\u884c\u3063\u3066\u304a\u308a\u3001\u7d0430\u4ef6\u4ee5\u4e0a\u304c\u30c6\u30b9\u30c8\u6bb5\u968e\u3001\u7d0420\u4ef6\u4ee5\u4e0a\u304c\u672c\u756a\u7a3c\u52d5\u3092\u5f85\u3063\u3066\u3044\u307e\u3059\u3002<\/p>\n<p>\u30b9\u30e9\u30a4\u30c911\u3067\u306f \u65b0\u898f\u9867\u5ba2\u306f\u3001\u696d\u754c\u3092\u554f\u308f\u305a\u3001\u5f53\u793e\u306e\u30bb\u30fc\u30eb\u30b9\u30d5\u30a1\u30cd\u30eb\u306b\u7d99\u7d9a\u7684\u306b\u53c2\u5165\u3057\u3066\u3044\u307e\u3059\u3002\u30aa\u30f3\u30e9\u30a4\u30f3\u30b7\u30e7\u30c3\u30d7\u306e\u6025\u901f\u306a\u62e1\u5927\u3068\u5897\u52a0\u3001\u30af\u30ea\u30a8\u30a4\u30bf\u30fc\u7d4c\u6e08\u306e\u6210\u9577\u3001\u30de\u30fc\u30c1\u30e3\u30f3\u30c8\u304c\u30c7\u30b8\u30bf\u30eb\u30de\u30fc\u30b1\u30c6\u30a3\u30f3\u30b0\u3092\u91cd\u8996\u3057\u3066\u3044\u308b\u3053\u3068\uff08\u591a\u304f\u306e\u5834\u5408\u3001\u5730\u7406\u7684\u306a\u5883\u754c\u306f\u3042\u308a\u307e\u305b\u3093\uff09\u3002\u6700\u3082\u6210\u9577\u7387\u306e\u9ad8\u3044\u30de\u30fc\u30c1\u30e3\u30f3\u30c8\u306e\u4e00\u90e8\u304c\u7d4c\u9a13\u3057\u3066\u3044\u308b\u30e6\u30fc\u30b6\u30fc\u306e\u7206\u767a\u7684\u306a\u5897\u52a0\u306f\u3001\u5f53\u793e\u306e\u30bb\u30fc\u30eb\u30b9\u30d5\u30a1\u30cd\u30eb\u3092\u62e1\u5927\u3057\u7d9a\u3051\u3066\u3044\u307e\u3059\u3002<\/p>\n<p>\u3053\u306e\u50be\u5411\u306f\u4eca\u5f8c\u3082\u7d9a\u304f\u3068\u601d\u308f\u308c\u307e\u3059\u304c\u3001\u6570\u5e74\u524d\u306b\u6bd4\u3079\u3001\u4eca\u65e5\u3067\u306f\u65b0\u3057\u3044\u4f01\u696d\u304c\u51fa\u73fe\u3057\u3001\u30aa\u30f3\u30e9\u30a4\u30f3\u3067\u652f\u914d\u7684\u306a\u5730\u4f4d\u3092\u5360\u3081\u308b\u3088\u3046\u306b\u306a\u3063\u3066\u3044\u307e\u3059\u3002\u65b0\u3057\u3044\u6642\u4ee3\u306e\u4f01\u696d\u306f\u30b0\u30ed\u30fc\u30d0\u30eb\u3067\u3001\u56fd\u3084\u5730\u57df\u306e\u57a3\u6839\u3092\u8d8a\u3048\u3066\u6210\u9577\u3057\u3066\u304a\u308a\u3001\u5f53\u793e\u306f\u5f7c\u3089\u304c\u4e16\u754c\u306e\u3069\u3053\u306b\u3044\u3066\u3082\u6d88\u8cbb\u8005\u306b\u50cd\u304d\u304b\u3051\u308b\u3053\u3068\u3092\u53ef\u80fd\u306b\u3057\u3066\u3044\u307e\u3059\u3002\u30b9\u30e9\u30a4\u30c911\u306b\u793a\u3059\u3088\u3046\u306b\u3001\u3042\u308b\u6642\u70b9\u3067\u3001\u30d5\u30a1\u30cd\u30eb\u306e\u521d\u671f\u6bb5\u968e\u306b\u3042\u308b\u30de\u30fc\u30c1\u30e3\u30f3\u30c8\u304c\u7d04175\u793e\u4ee5\u4e0a\u3001\u672c\u756a\u7a3c\u52d5\u3092\u5f85\u3063\u3066\u3044\u308b\u30de\u30fc\u30c1\u30e3\u30f3\u30c8\u304c75\u793e\u4ee5\u4e0a\u3042\u308a\u307e\u3059\u30021\u679a\u306e\u30b9\u30e9\u30a4\u30c9\u306b\u3042\u308b\u3088\u3046\u306b\u3001\u5f53\u793e\u306f\u901a\u5e38\u3001\u52a0\u76df\u5e97\u306e\u30dc\u30ea\u30e5\u30fc\u30e0\u3092\u5897\u3084\u3059\u306e\u306b3\uff5e6\u56db\u534a\u671f\u3092\u8981\u3057\u307e\u3059\u3002<\/p>\n<p>\u4eca\u671f\u306f10\u793e\u4ee5\u4e0a\u306e\u65b0\u898f\u52a0\u76df\u5e97\u3092\u8fce\u3048\u5165\u308c\u307e\u3057\u305f\u3002\u30b9\u30e9\u30a4\u30c912\u306f\u3001\u5305\u62ec\u7684\u3067\u5dee\u5225\u5316\u3055\u308c\u305f\u30bd\u30ea\u30e5\u30fc\u30b7\u30e7\u30f3\u7fa4\u3067\u3059\u3002\u5f53\u793e\u306e\u88fd\u54c1\u30c1\u30fc\u30e0\u306f\u3001\u6a5f\u80fd\u3068\u30bd\u30ea\u30e5\u30fc\u30b7\u30e7\u30f3\u306e\u6700\u9069\u5316\u306b\u5e38\u306b\u53d6\u308a\u7d44\u3093\u3067\u3044\u307e\u3059\u3002\u30b9\u30e9\u30a4\u30c912\u306f\u3001\u5f53\u793e\u306e\u30d7\u30e9\u30c3\u30c8\u30d5\u30a9\u30fc\u30e0\u306e\u30b9\u30ca\u30c3\u30d7\u30b7\u30e7\u30c3\u30c8\u3067\u3059\u3002<\/p>\n<p>\u30d0\u30c3\u30af\u30a8\u30f3\u30c9\u3067\u306f\u3001\u898f\u5236\u3001\u30b3\u30f3\u30d7\u30e9\u30a4\u30a2\u30f3\u30b9\u3001\u5fb4\u7a0e\u3001\u5546\u54c1\u30bb\u30ad\u30e5\u30ea\u30c6\u30a3\u3001\u30b9\u30de\u30fc\u30c8\u30eb\u30fc\u30c6\u30a3\u30f3\u30b0\u3001\u6c7a\u6e08\u306a\u3069\u306e\u9762\u3067\u52a0\u76df\u5e97\u3092\u30b5\u30dd\u30fc\u30c8\u3057\u307e\u3059\u3002\u30d5\u30ed\u30f3\u30c8\u30a8\u30f3\u30c9\u3067\u306f\u3001\u30de\u30fc\u30c1\u30e3\u30f3\u30c8\u306e\u6d88\u8cbb\u8005\u306b\u5bfe\u3057\u3066\u3001\u30c1\u30a7\u30c3\u30af\u30a2\u30a6\u30c8\u6642\u306e\u8fd4\u91d1\u3001\u4ee3\u66ff\u652f\u6255\u65b9\u6cd5\u306e\u30ea\u30de\u30a4\u30f3\u30c0\u30fc\u3001\u5b9a\u671f\u8cfc\u5165\u3001\u30e2\u30d0\u30a4\u30eb\u3084\u30c7\u30b9\u30af\u30c8\u30c3\u30d7\u3067\u306e\u5206\u5272\u6255\u3044\u306a\u3069\u306e\u30b5\u30dd\u30fc\u30c8\u3092\u63d0\u4f9b\u3057\u3066\u3044\u307e\u3059\u3002\u30b9\u30e9\u30a4\u30c913 \u5f53\u793e\u306e\u30cd\u30c3\u30c8\u30ef\u30fc\u30af\u306b\u306f\u3001\u3053\u308c\u307e\u3067\u306b6\u30ab\u56fd\u304c\u52a0\u308f\u308a\u307e\u3057\u305f\u3002<\/p>\n<p>\u5f53\u793e\u306e\u62e1\u5927\u6226\u7565\u306f\u3001\u30de\u30fc\u30c1\u30e3\u30f3\u30c8\u4e3b\u5c0e\u3001\u3064\u307e\u308a\u30de\u30fc\u30c1\u30e3\u30f3\u30c8\u306e\u30bd\u30d5\u30c8\u30a6\u30a7\u30a2\u3092\u4f7f\u3063\u305f\u30bd\u30ea\u30e5\u30fc\u30b7\u30e7\u30f3\u3068\u3001dLocal\u4e3b\u5c0e\u306e\u4e21\u65b9\u3067\u3059\u3002\u6700\u8fd1\u9032\u51fa\u3057\u305f\u65b0\u3057\u3044\u5e02\u5834\u3067\u306f\u3001\u30de\u30fc\u30c1\u30e3\u30f3\u30c8\u306e\u30d1\u30a4\u30d7\u30e9\u30a4\u30f3\u304c\u7a3c\u50cd\u3057\u3066\u3044\u307e\u3059\u3002\u5f53\u793e\u306e\u696d\u7e3e\u306f\u3001\u7279\u5b9a\u306e\u56fd\u306b\u4f9d\u5b58\u3057\u3066\u3044\u308b\u308f\u3051\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002\u307e\u305f\u3001\u56fd\u5225\u306b\u696d\u7e3e\u3092\u4e88\u6e2c\u3059\u308b\u3053\u3068\u3082\u3042\u308a\u307e\u305b\u3093\u3002<\/p>\n<p>\u30b9\u30e9\u30a4\u30c914 \u5f53\u793e\u306e\u30d3\u30b8\u30cd\u30b9\u306f\u3001\u591a\u69d8\u5316\u306b\u3088\u3063\u3066\u6069\u6075\u3092\u53d7\u3051\u3066\u3044\u308b\u305f\u3081\u3001TPV\u304c\u524d\u5e74\u6bd4217\uff05\u5897\u3068\u306a\u308b\u306a\u3069\u3001\u696d\u7a2e\u3092\u554f\u308f\u305a\u529b\u5f37\u3044\u6210\u9577\u3092\u9042\u3052\u3066\u3044\u307e\u3059\u3002\u5f53\u793e\u306e\u30d3\u30b8\u30cd\u30b9\u30e2\u30c7\u30eb\u306f\u3001\u5358\u4e00\u306e\u696d\u7a2e\u306e\u696d\u7e3e\u3084\u898b\u901a\u3057\u306b\u4f9d\u5b58\u3059\u308b\u3082\u306e\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002\u307e\u305f\u3001\u5f53\u793e\u306f\u3001\u6697\u53f7\u901a\u8ca8\u306b\u95a2\u9023\u3057\u305f\u6c7a\u6e08\u30bd\u30ea\u30e5\u30fc\u30b7\u30e7\u30f3\u306e\u63d0\u4f9b\u306a\u3069\u3001\u52a0\u76df\u5e97\u3068\u306e\u3055\u3089\u306a\u308b\u6a5f\u4f1a\u3092\u6a21\u7d22\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n<p>\u5f53\u793e\u306f\u3001\u52a0\u76df\u5e97\u306b\u9069\u5207\u306a\u30bd\u30ea\u30e5\u30fc\u30b7\u30e7\u30f3\u3092\u63d0\u4f9b\u3059\u308b\u305f\u3081\u306b\u3001\u6697\u53f7\u901a\u8ca8\u306b\u95a2\u3059\u308b\u30ea\u30b9\u30af\u306e\u67a0\u7d44\u307f\u3092\u5f15\u304d\u7d9a\u304d\u8a55\u4fa1\u3057\u3066\u3044\u304d\u307e\u3059\u3002<\/p>\n<p>\u30bb\u30d0\u30b9\u30c1\u30e3\u30f3\u30fb\u30ab\u30ce\u30d3\u30c3\u30c1 &#8212; \u6700\u9ad8\u7d4c\u55b6\u8cac\u4efb\u8005<\/p>\n<p>\u30b9\u30e9\u30a4\u30c915 \u3053\u306e\u96fb\u8a71\u306e\u5192\u982d\u3067\u8ff0\u3079\u305f\u3088\u3046\u306b\u3001\u5f53\u793e\u306f\u4e8b\u696d\u3078\u306e\u6295\u8cc7\u3092\u7d9a\u3051\u3066\u3044\u307e\u3059\u3002\u5f53\u793e\u306e\u6700\u5927\u306e\u7af6\u4e89\u529b\u306f\u4eba\u6750\u3067\u3059\u3002\u7b2c3\u56db\u534a\u671f\u672b\u6642\u70b9\u3067\u300130\u30ab\u56fd\u4ee5\u4e0a\u306e\u56fd\u7c4d\u3092\u6301\u3064532\u4eba\u306e\u5f93\u696d\u54e1\u304c\u3044\u307e\u3059\u3002<\/p>\n<p>dLocal\u306e\u5f93\u696d\u54e1\u6570\u306f\u30012021\u5e74\u7b2c3\u56db\u534a\u671f\u306b\u524d\u5e74\u540c\u671f\u6bd4\u3067105\uff05\u5897\u52a0\u3057\u307e\u3057\u305f\u3002\u30b9\u30e9\u30a4\u30c916 \u305d\u308c\u3067\u306f\u3001\u30c7\u30a3\u30a8\u30b4\u304c\u8ca1\u52d9\u30cf\u30a4\u30e9\u30a4\u30c8\u3092\u78ba\u8a8d\u3057\u307e\u3059\u3002<\/p>\n<p>\u30c7\u30a3\u30a8\u30b4\u30fb\u30ab\u30d6\u30ec\u30e9\u30fb\u30ab\u30cd\u30a4 &#8212; \u6700\u9ad8\u8ca1\u52d9\u8cac\u4efb\u8005<\/p>\n<p>\u3042\u308a\u304c\u3068\u3046\u3001\u30bb\u30d0\u3002\u307e\u305a\u306f\u3001\u30b9\u30e9\u30a4\u30c917\u304b\u3089\u3054\u89a7\u304f\u3060\u3055\u3044\u3002\u5f53\u56db\u534a\u671f\u3082\u3001TPV\u304c18\u5104\u30c9\u30eb\u3001\u58f2\u4e0a\u9ad8\u304c6,900\u4e07\u30c9\u30eb\u3068\u904e\u53bb\u6700\u9ad8\u3092\u8a18\u9332\u3057\u307e\u3057\u305f\u30022021\u5e74\u7b2c3\u56db\u534a\u671f\u306eTPV\u306f\u3001\u524d\u5e74\u540c\u671f\u6bd4\u3067217\uff05\u3001\u524d\u56db\u534a\u671f\u6bd4\u306724\uff05\u5897\u52a0\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n<p>\u5f53\u793e\u306f\u3001\u7269\u4e8b\u304c\u6b63\u5e38\u306b\u623b\u3063\u3066\u3044\u304f\u4e2d\u3067\u3001E\u30b3\u30de\u30fc\u30b9\u3084\u30c7\u30b8\u30bf\u30eb\u6c7a\u6e08\u306e\u4e16\u4fd7\u7684\u306a\u30c8\u30ec\u30f3\u30c9\u304b\u3089\u5f15\u304d\u7d9a\u304d\u6069\u6075\u3092\u53d7\u3051\u3066\u3044\u308b\u307b\u304b\u3001\u5f53\u793e\u306e\u52a0\u76df\u5e97\u306e\u696d\u7e3e\u3084\u3001\u52a0\u76df\u5e97\u3092\u3088\u308a\u591a\u304f\u306e\u56fd\u3084\u6c7a\u6e08\u624b\u6bb5\u306b\u5c0e\u5165\u3059\u308b\u3053\u3068\u306b\u6210\u529f\u3057\u305f\u3053\u3068\u304b\u3089\u3082\u6069\u6075\u3092\u53d7\u3051\u3066\u3044\u307e\u3059\u3002\u3053\u306e\u6210\u9577\u306f\u3001\u30e9\u30a4\u30c9\u30d8\u30a4\u30ea\u30f3\u30b0\u3001\u30b9\u30c8\u30ea\u30fc\u30df\u30f3\u30b0\u3001\u5e83\u544a\u306a\u3069\u3001\u5f53\u793e\u306e\u7279\u5b9a\u306e\u5782\u76f4\u5206\u91ce\u306b\u304a\u3051\u308b\u52a0\u76df\u5e97\u306e\u696d\u7e3e\u3084\u3001\u65c5\u884c\u306e\u9010\u6b21\u7684\u306a\u56de\u5fa9\u304b\u3089\u6069\u6075\u3092\u53d7\u3051\u3066\u3044\u307e\u3059\u3002\u53ce\u76ca\u306f\u3001\u524d\u5e74\u540c\u671f\u6bd4\u3067123\uff05\u3001\u524d\u56db\u534a\u671f\u6bd4\u306716\uff05\u5897\u52a0\u3057\u3066\u304a\u308a\u3001\u3044\u305a\u308c\u30822021\u5e74\u7b2c1\u56db\u534a\u671f\u306e\u6210\u9577\u7387\u3068\u307b\u307c\u540c\u3058\u3067\u3059\u3002\u5f53\u793e\u306e\u58f2\u4e0a\u9ad8\u5bfeTPV\u6bd4\u7387\uff08\u30c6\u30a4\u30af\u30ec\u30fc\u30c8\uff09\u306f\u30012021\u5e74\u7b2c2\u56db\u534a\u671f\u306e4.1\uff05\u306b\u5bfe\u3057\u30663.8\uff05\u3067\u3057\u305f\u3002<\/p>\n<p>\u3053\u306e\u6bd4\u7387\u306f\u3001\u88fd\u54c1\u3001\u56fd\u3001\u652f\u6255\u65b9\u6cd5\u306a\u3069\u306e\u30d3\u30b8\u30cd\u30b9\u30df\u30c3\u30af\u30b9\u306e\u5909\u5316\u306b\u3088\u308a\u5909\u52d5\u3057\u307e\u3059\u3002\u7279\u306b\u5f53\u56db\u534a\u671f\u306f\u3001\u30c6\u30a4\u30af\u30ec\u30fc\u30c8\u304c\u5e73\u5747\u3088\u308a\u3082\u4f4e\u3044\u3001\u307e\u305f\u306f\u3088\u308a\u826f\u3044\u4fa1\u683c\u5e2f\u306b\u5230\u9054\u3057\u305f\u4e00\u90e8\u306e\u5927\u898f\u6a21\u3067\u9ad8\u3044\u30dd\u30c6\u30f3\u30b7\u30e3\u30eb\u3092\u6301\u3064\u52a0\u76df\u5e97\u304c\u5927\u304d\u304f\u6210\u9577\u3057\u307e\u3057\u305f\u3002\u6700\u5927\u898f\u6a21\u306e\u52a0\u76df\u5e97\u306e\u8ca9\u58f2\u91cf\u304c\u5897\u52a0\u3059\u308b\u3068\u3001\u901a\u5e38\u3001\u30c6\u30a4\u30af\u30ec\u30fc\u30c8\u306f\u4f4e\u4e0b\u3057\u307e\u3059\u304c\u3001EBITDA\u306e\u5897\u52a0\u3092\u3082\u305f\u3089\u3059\u305f\u3081\u3001\u5f53\u793e\u306e\u30d3\u30b8\u30cd\u30b9\u306b\u3068\u3063\u3066\u306f\u7d20\u6674\u3089\u3057\u3044\u3053\u3068\u3067\u3059\u3002\u307e\u305f\u3001\u4e0a\u4f4d10\u793e\u306b\u5bfe\u3059\u308b\u5f53\u793e\u306e\u53ce\u76ca\u306e\u30a8\u30af\u30b9\u30dd\u30fc\u30b8\u30e3\u30fc\u306f\u30012021\u5e74\u7b2c2\u56db\u534a\u671f\u306e62\uff05\u304b\u3089\u30012021\u5e74\u7b2c3\u56db\u534a\u671f\u306b\u306f57\uff05\u306b\u6e1b\u5c11\u3057\u7d9a\u3051\u3066\u3044\u308b\u3053\u3068\u306b\u3082\u6ce8\u76ee\u3057\u3066\u304f\u3060\u3055\u3044\u3002<\/p>\n<p>\u30b9\u30e9\u30a4\u30c918 2021\u5e74\u7b2c3\u56db\u534a\u671f\u306e\u8abf\u6574\u5f8cEBITDA\u306f2,600\u4e07\u30c9\u30eb\u3001\u58f2\u4e0a\u9ad8\u306e38.3\uff05\u3067\u30012020\u5e74\u7b2c3\u56db\u534a\u671f\u306e40.6\uff05\u3068\u6bd4\u8f03\u3057\u3066\u3044\u307e\u3059\u3002\u3053\u306e\u5229\u76ca\u7387\u306e\u4f4e\u4e0b\u306f\u3001\u9577\u671f\u7684\u306a\u6210\u9577\u306e\u305f\u3081\u306e\u57fa\u76e4\u69cb\u7bc9\u3078\u306e\u6295\u8cc7\u3092\u7d99\u7d9a\u3059\u308b\u3068\u3044\u3046\u5f53\u793e\u306e\u30b3\u30df\u30c3\u30c8\u30e1\u30f3\u30c8\u306b\u52a0\u3048\u3001\u5f53\u793e\u306e\u5927\u898f\u6a21\u3067\u9ad8\u3044\u30dd\u30c6\u30f3\u30b7\u30e3\u30eb\u3092\u6301\u3064\u52a0\u76df\u5e97\u306b\u304a\u3051\u308b\u512a\u308c\u305f\u4f5c\u54c1\u3068\u4f4e\u3044\u30c6\u30a4\u30af\u30ec\u30fc\u30c8\u3068\u306e\u7d44\u307f\u5408\u308f\u305b\u306e\u7d50\u679c\u3067\u3059\u3002\u5f53\u56db\u534a\u671f\u306e\u30b5\u30fc\u30d3\u30b9\u8cbb\u7528\u306f\u3001TPV\u306e2.4\uff05\u3067\u3057\u305f\u3002<\/p>\n<p>\u3053\u308c\u306b\u5bfe\u3057\u3001\u4eca\u5e74\u306e\u7b2c3\u56db\u534a\u671f\u306e\u5f53\u793e\u306e\u30b5\u30fc\u30d3\u30b9\u30b3\u30b9\u30c8\u306f1.9\uff05\u3067\u3057\u305f\u3002\u3053\u306e\u524d\u5e74\u540c\u671f\u6bd4\u3067\u306e\u5897\u52a0\u306f\u3001\u52b9\u7387\u5316\u3068\u30d3\u30b8\u30cd\u30b9\u30df\u30c3\u30af\u30b9\u306e\u5909\u5316\u306e\u7d50\u679c\u3067\u3059\u3002\u8abf\u6574\u5f8cEBITDA\u306e\u8a08\u7b97\u306b\u5408\u308f\u305b\u3066\u3001\u4e00\u6642\u7684\u306a\u9805\u76ee\u3084\u975e\u73fe\u91d1\u9805\u76ee\u3092\u9664\u3044\u305f\u55b6\u696d\u8cbb\u7528\u3092\u898b\u308b\u3068\u3001\u524d\u5e74\u540c\u671f\u6bd4\u306792\uff05\u306e\u5897\u52a0\u3068\u306a\u3063\u3066\u304a\u308a\u3001\u3053\u308c\u306f105\uff05\u306e\u4eba\u54e1\u5897\u52a0\u3068\u307b\u307c\u4e00\u81f4\u3057\u3066\u3044\u307e\u3059\u3002\u5f53\u793e\u306f\u4eca\u5f8c\u3082\u6210\u9577\u306e\u305f\u3081\u306e\u6295\u8cc7\u3092\u7d9a\u3051\u3066\u3044\u304f\u3064\u3082\u308a\u3067\u3059\u306e\u3067\u3001\u4eca\u5f8c\u6570\u56db\u534a\u671f\u306f\u30de\u30fc\u30b8\u30f3\u304c\u6e1b\u5c11\u3057\u3066\u3044\u304f\u53ef\u80fd\u6027\u304c\u3042\u308a\u307e\u3059\u304c\u30011\u30c9\u30eb\u3092\u8ffd\u52a0\u3059\u308b\u3054\u3068\u306b\u53ce\u76ca\u6027\u306e\u9ad8\u3044\u6210\u9577\u3092\u63a8\u9032\u3059\u308b\u3068\u3044\u3046\u898f\u5f8b\u3092\u7dad\u6301\u3057\u3066\u3044\u304d\u307e\u3059\u3002<\/p>\n<p>\u30b9\u30e9\u30a4\u30c919 \u5f53\u793e\u306f\u3001\u65e2\u5b58\u9867\u5ba2\u304a\u3088\u3073\u65b0\u898f\u9867\u5ba2\u306e\u4e21\u65b9\u304b\u3089\u529b\u5f37\u3044\u53ce\u76ca\u6210\u9577\u3092\u7d9a\u3051\u3066\u3044\u307e\u3059\u3002\u65e2\u5b58\u52a0\u76df\u5e97\u304b\u3089\u306e\u53ce\u76ca\u3068\u306f\u3001\u524d\u5e74\u540c\u671f\u306b\u3059\u3067\u306b\u51e6\u7406\u3092\u884c\u3063\u3066\u3044\u308b\u52a0\u76df\u5e97\u304b\u3089\u306e\u53ce\u76ca\u306e\u3053\u3068\u3067\u3059\u3002\u307e\u305f\u3001\u65b0\u898f\u52a0\u76df\u5e97\u304b\u3089\u306e\u53ce\u76ca\u3068\u306f\u3001\u524d\u5e74\u540c\u671f\u4ee5\u964d\u306b\u5f53\u793e\u3068\u53d6\u5f15\u3092\u958b\u59cb\u3057\u305f\u52a0\u76df\u5e97\u304b\u3089\u306e\u53ce\u76ca\u3092\u6307\u3057\u307e\u3059\u3002<\/p>\n<p>\u5f53\u793e\u306e\u52a0\u76df\u5e97\u306f\u901a\u5e38\u30013\uff5e6\u56db\u534a\u671f\u306e\u7acb\u3061\u4e0a\u3052\u671f\u9593\u304c\u3042\u308b\u305f\u3081\u3001\u65b0\u898f\u52a0\u76df\u5e97\u304b\u3089\u306e\u53ce\u76ca\u306f\u3001\u304a\u5ba2\u69d8\u306e\u6f5c\u5728\u7684\u306a\u53ef\u80fd\u6027\u3092\u793a\u3059\u6700\u521d\u306e\u6307\u6a19\u306b\u904e\u304e\u306a\u3044\u3068\u8003\u3048\u3066\u3044\u307e\u3059\u3002\u5f53\u7b2c3\u56db\u534a\u671f\u306e\u65e2\u5b58\u52a0\u76df\u5e97\u304b\u3089\u306e\u53ce\u76ca\u306f5,700\u4e07\u30c9\u30eb\u3067\u30012020\u5e74\u540c\u671f\u306e2,800\u4e07\u30c9\u30eb\u306e2\u500d\u4ee5\u4e0a\u3068\u306a\u308a\u307e\u3057\u305f\u3002\u307e\u305f\u3001\u65b0\u898f\u52a0\u76df\u5e97\u304b\u3089\u306e\u53ce\u76ca\u306f1,200\u4e07\u30c9\u30eb\u3067\u30012020\u5e74\u540c\u671f\u306e300\u4e07\u30c9\u30eb\u306e4\u500d\u3068\u306a\u308a\u307e\u3057\u305f\u30022020\u5e74\u7b2c3\u56db\u534a\u671f\u306b\u30aa\u30f3\u30dc\u30fc\u30c7\u30a3\u30f3\u30b0\u3057\u305f\u4e00\u90e8\u306e\u6025\u6210\u9577\u3057\u3066\u3044\u308b\u52a0\u76df\u5e97\u304c\u3001\u3053\u308c\u3089\u306e\u56db\u534a\u671f\u3092\u65e2\u5b58\u52a0\u76df\u5e97\u306e\u30d0\u30b1\u30c3\u30c8\u306b\u79fb\u52d5\u3055\u305b\u305f\u305f\u3081\u3001185\uff05\u3068\u3044\u3046\u4eca\u671f\u306e\u6301\u7d9a\u7684\u306b\u9ad8\u3044\u7d14\u53ce\u76ca\u7dad\u6301\u7387\u306b\u8ca2\u732e\u3057\u3001\u524d\u56db\u534a\u671f\u306b\u904e\u53bb\u6700\u9ad8\u3060\u3063\u305f\u65b0\u898f\u52a0\u76df\u5e97\u306e\u30d0\u30b1\u30c3\u30c8\u306e\u524d\u56db\u534a\u671f\u6bd4\u306e\u8ca2\u732e\u5ea6\u3092\u6e1b\u5c11\u3055\u305b\u307e\u3057\u305f\u3002<\/p>\n<p>\u4e2d\u671f\u7684\u306b\u306f\u3001\u7d14\u53ce\u76ca\u7dad\u6301\u7387\u306f150\uff05\u304b\u3089160\uff05\u306e\u7bc4\u56f2\u306b\u53ce\u307e\u308b\u3068\u8003\u3048\u3066\u3044\u307e\u3059\u3002\u30b9\u30e9\u30a4\u30c920 2021\u5e74\u7b2c3\u56db\u534a\u671f\u306e\u524d\u5e74\u540c\u671f\u6bd4\u5897\u53ce\u5206123\u306e\u3046\u3061\u300185\uff05\uff082,600\u4e07\u30c9\u30eb\uff09\u304c\u65e2\u5b58\u52a0\u76df\u5e97\u304b\u3089\u306e\u53ce\u5165\u3067\u300138\uff05\uff081,200\u4e07\u30c9\u30eb\uff09\u304c\u65b0\u898f\u52a0\u76df\u5e97\u304b\u3089\u306e\u53ce\u5165\u3067\u3059\u3002\u5f53\u793e\u306e\u7d14\u53ce\u76ca\u7dad\u6301\u7387\u306f185\uff05\u3068\u5091\u51fa\u3057\u305f\u6c34\u6e96\u3092\u7dad\u6301\u3057\u3066\u304a\u308a\u3001\u904e\u53bb\u306e\u5e73\u5747\u5024\u30842020\u5e74\u306e\u5b9f\u7e3e\u3067\u3042\u308b159\uff05\u3092\u5927\u5e45\u306b\u4e0a\u56de\u3063\u3066\u3044\u307e\u3059\u3002<\/p>\n<p>\u307e\u305f\u3001\u65b0\u898f\u52a0\u76df\u5e97\u304b\u3089\u306e\u53ce\u76ca\u306f\u3001\u6628\u5e74\u306e\u5b9f\u7e3e\u3092\u4e0a\u56de\u308b\u6c34\u6e96\u3092\u7dad\u6301\u3057\u3066\u3044\u307e\u3059\u3002\u632f\u308a\u8fd4\u3063\u3066\u307f\u308b\u3068\u3001\u5f53\u793e\u306e\u7d14\u58f2\u4e0a\u9ad8\u306e\u7dad\u6301\u7387\u306f\u3001\u89e3\u7d04\u7387\u304c1%\u672a\u6e80\u3068\u3044\u3046\u6700\u5c0f\u9650\u306e\u30ec\u30d9\u30eb\u3067\u3042\u308b\u3053\u3068\u304c\u8981\u56e0\u3068\u306a\u3063\u3066\u3044\u307e\u3059\u3002\u52a0\u76df\u5e97\u306e\u6210\u9577\u306b\u3064\u3044\u3066\u306f\u3001\u65b0\u8208\u5e02\u5834\u3067\u5e74\u959320\uff05\u304b\u308930\uff05\u306e\u6210\u9577\u3092\u9042\u3052\u3066\u3044\u308b\u30ea\u30fc\u30c0\u30fc\u7684\u5b58\u5728\u306eE\u30b3\u30de\u30fc\u30b9\u304c\u3042\u308a\u307e\u3059\u304c\u3001\u3053\u308c\u306f\u3001\u540c\u3058\u6c7a\u6e08\u624b\u6bb5\u3067\u8ca1\u5e03\u306e\u30b7\u30a7\u30a2\u3092\u7372\u5f97\u3057\u3001\u3088\u308a\u591a\u304f\u306e\u56fd\u3001\u5546\u54c1\u3001\u6c7a\u6e08\u624b\u6bb5\u3092\u63d0\u4f9b\u3059\u308b\u3068\u3044\u3046\u70b9\u3067\u3001\u5f53\u793e\u306e\u30d1\u30d5\u30a9\u30fc\u30de\u30f3\u30b9\u306e\u7d50\u679c\u3067\u3059\u3002\u305d\u308c\u3067\u306f\u3001\u6700\u5f8c\u306b\u30bb\u30d0\u306b\u96fb\u8a71\u3092\u304a\u3064\u306a\u304e\u3057\u307e\u3059\u3002<\/p>\n<p>\u30bb\u30d0\u30b9\u30c1\u30e3\u30f3\u30fb\u30ab\u30ce\u30d3\u30c3\u30c1 &#8212; \u6700\u9ad8\u7d4c\u55b6\u8cac\u4efb\u8005<\/p>\n<p>\u3042\u308a\u304c\u3068\u3046\u3001\u30c7\u30a3\u30a8\u30b4\u3002\u30b9\u30e9\u30a4\u30c920\u306b\u3064\u3044\u3066\u3002\u79c1\u305f\u3061\u306f\u3001\u3053\u308c\u304b\u3089\u306e\u672a\u6765\u306b\u3068\u3066\u3082\u671f\u5f85\u3057\u3066\u3044\u307e\u3059\u3002\u79c1\u305f\u3061\u306f\u3001\u62e1\u5927\u3059\u308b\u5927\u898f\u6a21\u306aTAM\u3001\u52a0\u76df\u5e97\u3068\u306e\u76f4\u63a5\u7684\u306a\u7d71\u5408\u3001\u30b9\u30b1\u30fc\u30e9\u30d6\u30eb\u306a\u30a4\u30f3\u30d5\u30e9\u3001\u591a\u69d8\u306a\u696d\u7a2e\u3078\u306e\u30a8\u30af\u30b9\u30dd\u30fc\u30b8\u30e3\u30fc\u3001\u305d\u3057\u3066\u6210\u9577\u6027\u3068\u53ce\u76ca\u6027\u306b\u5f15\u304d\u7d9a\u304d\u6ce8\u529b\u3057\u3066\u3044\u304d\u307e\u3059\u3002<\/p>\n<p>\u30de\u30fc\u30c1\u30e3\u30f3\u30c8\u3001\u5f93\u696d\u54e1\u3001\u6295\u8cc7\u5bb6\u306e\u7686\u69d8\u306e\u5909\u308f\u3089\u306c\u3054\u652f\u63f4\u306b\u611f\u8b1d\u3044\u305f\u3057\u307e\u3059\u3002\u30aa\u30da\u30ec\u30fc\u30bf\u30fc\u306b\u8cea\u554f\u306e\u305f\u3081\u306e\u516c\u958b\u3092\u8981\u8acb\u3057\u307e\u3059\u3002<\/p>\n<p class=\"hh hh6 main-c main-bdr\"><span class=\"big\"><strong>\u8cea\u7591\u5fdc\u7b54<\/strong><\/span><\/p>\n<p>\u30aa\u30da\u30ec\u30fc\u30bf\u30fc<\/p>\n[\u8cea\u7591\u5fdc\u7b54\u306e\u30ea\u30b9\u30c8\u3092\u4f5c\u6210\u3057\u3066\u3044\u307e\u3059\u306e\u3067\u3001\u304a\u5f85\u3061\u304f\u3060\u3055\u3044\u3002\u6700\u521d\u306e\u8cea\u554f\u306f\u3001\u30e2\u30eb\u30ac\u30f3\u30fb\u30b9\u30bf\u30f3\u30ec\u30fc\u306e\u30db\u30eb\u30d8\u30fb\u30af\u30ea\u3055\u3093\u3067\u3059\u3002\u3042\u306a\u305f\u306e\u56de\u7dda\u306f\u958b\u3044\u3066\u3044\u307e\u3059\u3002<\/p>\n<p>Jorge Kuri &#8212; Morgan Stanley &#8212; Analyst<\/p>\n<p>\u7686\u3055\u3093\u3001\u3053\u3093\u3070\u3093\u306f\u3002\u7686\u3055\u3093\u3001\u304a\u5143\u6c17\u3067\u3059\u304b\uff1f\u6570\u5b57\u306e\u4e0a\u3067\u306f\u304a\u3081\u3067\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u3002<\/p>\n<p>2\u3064\u8cea\u554f\u304c\u3042\u308a\u307e\u3059\u3002\u307e\u305a1\u3064\u76ee\u306f\u3001\u58f2\u4e0a\u7dcf\u5229\u76ca\u7387\u306b\u3064\u3044\u3066\u3067\u3059\u304c\u3001\u3053\u308c\u306f\u58f2\u4e0a\u9ad8\u30d9\u30fc\u30b9\u306e\u53ce\u76ca\u6027\u3092\u898b\u308b\u305f\u3081\u306e\u6b63\u3057\u3044\u65b9\u6cd5\u3060\u3068\u601d\u3044\u307e\u3059\u3002\u5f53\u56db\u534a\u671f\u306e\u7c97\u5229\u76ca\u7387\u306f1.9\uff05\u3067\u3001\u524d\u56db\u534a\u671f\u306e2.3\uff05\u306b\u6bd4\u3079\u306640\u30dd\u30a4\u30f3\u30c8\u4f4e\u4e0b\u3057\u307e\u3057\u305f\u3002\u3053\u306e\u6e1b\u5c11\u306f\u3001\u53ce\u76ca\u7387\u304c\u305d\u306e\u7d04\u534a\u5206\u3060\u3063\u305f\u3053\u3068\u3068\u6bd4\u8f03\u3059\u308b\u3068\u3001\u304b\u306a\u308a\u6025\u306a\u3082\u306e\u3067\u3059\u3002<\/p>\n<p>\u79c1\u304c\u7406\u89e3\u3057\u305f\u304b\u3063\u305f\u306e\u306f\u3001\u53ce\u76ca\u7387\u304c\u4f4e\u4e0b\u3057\u305f\u306e\u306f\u3001\u5927\u53e3\u9867\u5ba2\u3078\u306e\u30b5\u30fc\u30d3\u30b9\u63d0\u4f9b\u91cf\u304c\u5897\u52a0\u3057\u3001\u3088\u308a\u4f4e\u4fa1\u683c\u3067\u306e\u30b5\u30fc\u30d3\u30b9\u63d0\u4f9b\u304c\u5fc5\u8981\u306b\u306a\u3063\u305f\u304b\u3089\u3060\u3068\u304a\u3063\u3057\u3083\u3063\u3066\u3044\u305f\u3053\u3068\u3067\u3059\u3002\u305d\u3046\u3067\u3059\u306d\u3002\u3057\u304b\u3057\u3001\u53d6\u5f15\u91cf\u304c\u5897\u3048\u308c\u3070\u3001\u8cb7\u53ce\u8005\u304b\u3089\u3088\u308a\u826f\u3044\u53d6\u5f15\u30b3\u30b9\u30c8\u3092\u5f15\u304d\u51fa\u3059\u3053\u3068\u3082\u3067\u304d\u308b\u306e\u3067\u306f\u306a\u3044\u3067\u3057\u3087\u3046\u304b\uff1f\u3064\u307e\u308a\u3001\u3042\u306a\u305f\u306e\u53d6\u5f15\u91cf\u306f\u524d\u5e74\u540c\u671f\u6bd4\u3067217\uff05\u5897\u52a0\u3057\u3066\u3044\u308b\u306e\u3067\u3059\u3002\u3053\u306e\u3088\u3046\u306a\u5229\u76ca\u3092\u5f97\u308b\u3053\u3068\u3067\u3001\u58f2\u4e0a\u9ad8\u3068\u58f2\u4e0a\u7dcf\u5229\u76ca\u7387\u306e\u95a2\u4fc2\u3092\u30d5\u30e9\u30c3\u30c8\u306b\u4fdd\u3064\u3053\u3068\u304c\u3067\u304d\u308b\u306e\u3067\u306f\u306a\u3044\u3067\u3057\u3087\u3046\u304b\uff1f\u660e\u3089\u304b\u306b\u60aa\u5316\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n<p>\u3053\u308c\u304c\u6700\u521d\u306e\u8cea\u554f\u3067\u3059\u3002\u306a\u305c\u3053\u306e\u3088\u3046\u306a\u73fe\u8c61\u304c\u8d77\u304d\u3066\u3044\u308b\u306e\u304b\u3001\u307e\u305f\u3001\u4eca\u5f8c\u6570\u56db\u534a\u671f\u306b\u308f\u305f\u3063\u3066\u3069\u306e\u3088\u3046\u306b\u306a\u308b\u3068\u304a\u8003\u3048\u3067\u3059\u304b\uff1f\u305d\u3057\u3066\u30012\u3064\u76ee\u306e\u8cea\u554f\u306f\u3001EBITDA\u30de\u30fc\u30b8\u30f3\u306e\u4f4e\u4e0b\u306b\u3064\u3044\u3066\u306e\u30b3\u30e1\u30f3\u30c8\u3067\u3059\u3002\u3053\u308c\u306f\u5177\u4f53\u7684\u306b\u3069\u306e\u3088\u3046\u306a\u610f\u5473\u3067\u3057\u3087\u3046\u304b\uff1f\u3064\u307e\u308a\u3001\u3053\u306e\u30b3\u30e1\u30f3\u30c8\u3092\u7406\u89e3\u3059\u308b\u305f\u3081\u306b\u306f\u3001\u305d\u306e\u6e1b\u5c11\u306e\u898f\u6a21\u3084\u671f\u9593\u3092\u628a\u63e1\u3059\u308b\u3053\u3068\u304c\u975e\u5e38\u306b\u5f79\u7acb\u3064\u3068\u601d\u3044\u307e\u3059\u3002\u307e\u305f\u3001\u3044\u3064\u9803\u56de\u5fa9\u3059\u308b\u3068\u304a\u8003\u3048\u3067\u3059\u304b\uff1f\u307e\u305f\u3001\u3044\u3064\u9803\u56de\u5fa9\u3059\u308b\u3068\u304a\u8003\u3048\u3067\u3059\u304b\uff1f\u6b63\u3057\u3044\u6587\u8108\u3067\u7406\u89e3\u3059\u308b\u305f\u3081\u306b\u3001\u4e0a\u4e0b\u3069\u3061\u3089\u306b\u3082\u6d41\u3055\u308c\u306a\u3044\u3088\u3046\u306b\u3001\u3069\u3093\u306a\u8272\u3067\u3082\u826f\u3044\u306e\u3067\u6559\u3048\u3066\u304f\u3060\u3055\u3044\u3002<\/p>\n<p>\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3057\u305f\u3002<\/p>\n<p>\u30bb\u30d0\u30b9\u30c1\u30e3\u30f3\u30fb\u30ab\u30ce\u30d3\u30c3\u30c1 &#8212; \u6700\u9ad8\u7d4c\u55b6\u8cac\u4efb\u8005<\/p>\n<p>\u3053\u3093\u306b\u3061\u306f\u3001\u30db\u30eb\u30d8\u3055\u3093\u3001\u3054\u8cea\u554f\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u3002\u30bb\u30d0\u3067\u3059\u3002\u8cea\u554f\u306e\u6700\u521d\u306e\u90e8\u5206\u3067\u3042\u308b\u58f2\u4e0a\u7dcf\u5229\u76ca\u306b\u3064\u3044\u3066\u306f\u30012\u3064\u306e\u5074\u9762\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n<p>\u307e\u305a\u3001\u30d3\u30b8\u30cd\u30b9\u30df\u30c3\u30af\u30b9\u306e\u554f\u984c\u304c\u3042\u308a\u307e\u3059\u3002\u5f53\u793e\u306e\u30d3\u30b8\u30cd\u30b9\u306f\u9032\u5316\u3057\u7d9a\u3051\u3066\u3044\u307e\u3059\u3002\u307e\u305f\u3001\u5f53\u793e\u306f\u8907\u6570\u306e\u5730\u57df\u3067\u8907\u6570\u306e\u88fd\u54c1\u3092\u63d0\u4f9b\u3057\u3066\u304a\u308a\u3001\u305d\u308c\u3089\u306e\u88fd\u54c1\u306e\u58f2\u4e0a\u7387\u306f\u305d\u308c\u305e\u308c\u7570\u306a\u308b\u3053\u3068\u3092\u899a\u3048\u3066\u304a\u3044\u3066\u304f\u3060\u3055\u3044\u3002\u3060\u304b\u3089\u3053\u305d\u3001\u79c1\u305f\u3061\u306f\u30c6\u30a4\u30af\u30ec\u30fc\u30c8\u306e\u6700\u9069\u5316\u306f\u884c\u308f\u306a\u3044\u3068\u3044\u3046\u3053\u3068\u3092\u4e3b\u5f35\u3057\u7d9a\u3051\u3066\u3044\u308b\u306e\u3067\u3059\u3002<\/p>\n<p>\u3057\u304b\u3057\u3001\u30a2\u30af\u30ef\u30a4\u30a2\u30e9\u30fc\u3084\u6c7a\u6e08\u624b\u6bb5\u304b\u3089\u3088\u308a\u826f\u3044\u30ec\u30fc\u30c8\u3092\u5f97\u308b\u3068\u3044\u3046\u70b9\u3067\u306f\u540c\u610f\u3057\u307e\u3059\u3002\u5f53\u793e\u306e\u53d6\u5f15\u30b3\u30b9\u30c8\u304c\u7d99\u7d9a\u7684\u306b\u6e1b\u5c11\u3057\u3066\u3044\u308b\u3053\u3068\u304c\u304a\u308f\u304b\u308a\u3044\u305f\u3060\u3051\u308b\u3068\u601d\u3044\u307e\u3059\u3002\u3053\u308c\u306f\u3001\u3088\u308a\u30b3\u30b9\u30c8\u306e\u9ad8\u3044\u56fd\u3084\u6c7a\u6e08\u624b\u6bb5\u3067\u306e\u652f\u6255\u3044\u3092\u51e6\u7406\u3057\u3066\u3044\u308b\u3053\u3068\u304c\u539f\u56e0\u304b\u3082\u3057\u308c\u307e\u305b\u3093\u3002\u305d\u306e\u305f\u3081\u3001NRR\u306e\u6700\u9069\u5316\u3092\u7d99\u7d9a\u3057\u3001\u3088\u308a\u591a\u304f\u306e\u30c9\u30eb\u3092\u5229\u76ca\u306b\u3064\u306a\u3052\u308b\u3088\u3046\u306b\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n<p>\u78ba\u304b\u306b\u3001\u30a2\u30af\u30ef\u30a4\u30a2\u30e9\u30fc\u3084\u6c7a\u6e08\u624b\u6bb5\u3001\u9280\u884c\u304b\u3089\u306f\u5e38\u306b\u3088\u308a\u826f\u3044\u30ec\u30fc\u30c8\u3092\u5f97\u3066\u3044\u307e\u3059\u3002\u3057\u304b\u3057\u3001\u305d\u308c\u306f\u79c1\u305f\u3061\u304c\u6700\u9069\u5316\u3057\u3066\u3044\u308b\u3053\u3068\u3067\u3059\u3002\u79c1\u305f\u3061\u306f\u3001\u3088\u308a\u591a\u304f\u306e\u30c9\u30eb\u304c\u5165\u3063\u3066\u304f\u308b\u3088\u3046\u306b\u3057\u305f\u3044\u3057\u3001\u305d\u308c\u3089\u306f\u5e38\u306b\u79c1\u305f\u3061\u306e\u30de\u30fc\u30b8\u30f3\u306b\u8ca2\u732e\u3057\u3066\u3044\u307e\u3059\u3002\u305d\u308c\u304c\u79c1\u305f\u3061\u306e\u8003\u3048\u3067\u3059\u3002<\/p>\n<p>\u5f8c\u534a\u306eEBITDA\u30de\u30fc\u30b8\u30f3\u306b\u95a2\u3059\u308b\u8cea\u554f\u306f\u3001\u30b9\u30df\u30bf\u3055\u3093\u304b\u3089\u304a\u9858\u3044\u3057\u307e\u3059\u3002<\/p>\n<p>\u30b9\u30df\u30bf\u30fb\u30d1\u30f3\u30c7\u30a3\u30c3\u30c8 &#8212; \u6700\u9ad8\u57f7\u884c\u8cac\u4efb\u8005<\/p>\n<p>\u30b8\u30e7\u30eb\u30b8\u30a7\u3055\u3093\u3001\u3054\u8cea\u554f\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3057\u305f\u3002\u7b2c2\u56db\u534a\u671f\u306e\u6c7a\u7b97\u767a\u8868\u306e\u969b\u306b\u3082\u304a\u4f1d\u3048\u3057\u307e\u3057\u305f\u304c\u3001\u5f53\u56db\u534a\u671f\u306e\u5229\u76ca\u7387\u3092\u898b\u308b\u3068\u3001\u524d\u5e74\u540c\u671f\u306e\u5229\u76ca\u7387\u3068\u975e\u5e38\u306b\u3088\u304f\u4f3c\u3066\u3044\u307e\u3059\u3002\u79c1\u305f\u3061\u306f\u30012021\u5e74\u901a\u5e74\u306e\u5168\u4f53\u7684\u306a\u5229\u76ca\u7387\u3092\u30012020\u5e74\u901a\u5e74\u306e\u5229\u76ca\u7387\u306e\u7bc4\u56f2\u5185\u306b\u53ce\u3081\u308b\u3053\u3068\u3092\u8a08\u753b\u3057\u3066\u3044\u308b\u3068\u601d\u3044\u307e\u3059\u3002<\/p>\n<p>\u3053\u306e\u30ac\u30a4\u30c0\u30f3\u30b9\u306f\u5909\u66f4\u3057\u3066\u3044\u307e\u305b\u3093\u3002\u3053\u308c\u306f\u3001\u7d4c\u55b6\u9663\u3068\u3057\u3066\u8a08\u753b\u3057\u3066\u3044\u308b\u3053\u3068\u3092\u793a\u3059\u3001\u30bd\u30d5\u30c8\u30ac\u30a4\u30c0\u30f3\u30b9\u3067\u3059\u3002\u79c1\u305f\u3061\u306f\u3001\u5229\u76ca\u7387\u304c\u305d\u306e\u6c34\u6e96\u524d\u5f8c\u306b\u306a\u308b\u3068\u8003\u3048\u3066\u3044\u307e\u3059\u3002\u3068\u306f\u3044\u3048\u3001\u79c1\u305f\u3061\u306f\u7279\u5b9a\u306e\u6570\u5b57\u306b\u7e1b\u3089\u308c\u3066\u3044\u308b\u308f\u3051\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002<\/p>\n<p>\u4e8b\u696d\u3078\u306e\u6295\u8cc7\u3092\u7d99\u7d9a\u3057\u306a\u3051\u308c\u3070\u306a\u3089\u306a\u3044\u3068\u8003\u3048\u3066\u3044\u308b\u306e\u3067\u3001\u7bc4\u56f2\u3092\u6c7a\u3081\u3066\u3044\u307e\u3059\u3002<\/p>\n<p>\u30b8\u30e7\u30eb\u30b8\u30e5\u30fb\u30af\u30ea &#8212; \u30e2\u30eb\u30ac\u30f3\u30fb\u30b9\u30bf\u30f3\u30ec\u30fc &#8212; \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n<p>\u6700\u5f8c\u306e\u90e8\u5206\u306e\u30d5\u30a9\u30ed\u30fc\u30a2\u30c3\u30d7\u3067\u3059\u304c\u3001\u30b9\u30df\u30bf\u3055\u3093\u3002\u3064\u307e\u308a\u30012021\u5e74\u306f\u9045\u308c\u3066\u3044\u308b\u3068\u3044\u3046\u3053\u3068\u3067\u3059\u3088\u306d\uff1f\u7b2c4\u56db\u534a\u671f\u306e\u5229\u76ca\u7387\u304c\u3069\u3046\u306a\u308b\u304b\u306f\u3001\u73fe\u6642\u70b9\u3067\u306f\u3042\u307e\u308a\u95a2\u4fc2\u306a\u304f\u30012022\u5e74\u306e\u3053\u3068\u3092\u8003\u3048\u3066\u3044\u308b\u306e\u3067\u306f\u306a\u3044\u3067\u3057\u3087\u3046\u304b\u30022022\u5e74\u306e\u3053\u3068\u3092\u8003\u3048\u308b\u3068\u3001\u7b2c4\u56db\u534a\u671f\u306e\u5229\u76ca\u7387\u306f\u4eca\u306e\u3068\u3053\u308d\u3042\u307e\u308a\u95a2\u4fc2\u3042\u308a\u307e\u305b\u3093\u3002\u307e\u305f\u3001\u305d\u306e\u4f4e\u4e0b\u3057\u305f\u6c34\u6e96\u304c\u3069\u306e\u3088\u3046\u306a\u3082\u306e\u304b\u3068\u3044\u3046\u8a71\u3092\u3055\u308c\u3066\u3044\u307e\u3057\u305f\u304c\u3001\u305d\u308c\u306b\u3064\u3044\u3066\u6559\u3048\u3066\u304f\u3060\u3055\u3044\u3002\u3042\u306a\u305f\u306f\u4f55\u3092\u8003\u3048\u3066\u3044\u308b\u306e\u3067\u3059\u304b\uff1f\u3069\u306e\u304f\u3089\u3044\u4f4e\u3044\u306e\u304b\uff1f\u3069\u308c\u304f\u3089\u3044\u4f4e\u3044\u306e\u3067\u3057\u3087\u3046\u304b\uff1f<\/p>\n<p>\u30b9\u30df\u30bf\u30fb\u30d1\u30f3\u30c7\u30a3\u30c3\u30c8\uff1a\u6700\u9ad8\u57f7\u884c\u8cac\u4efb\u8005<\/p>\n<p>\u306f\u3044\u30012020\u5e74\u306e\u6570\u5b57\u304b\u3089\u305d\u308c\u307b\u3069\u96e2\u308c\u3066\u3044\u306a\u3044\u3068\u601d\u3044\u307e\u3059\u3002\u3067\u3059\u304b\u3089\u30012020\u5e74\u306e\u30de\u30fc\u30b8\u30f3\u3092\u898b\u308c\u3070\u3001\u305d\u308c\u304c\u79c1\u305f\u3061\u306e\u77ed\u671f\u7684\u306a\u30de\u30fc\u30b8\u30f3\u7dad\u6301\u306e\u4e88\u60f3\u3067\u3059\u3002\u305f\u3060\u3001\u7d76\u5bfe\u306b40\uff05\u306b\u306a\u308b\u3068\u306f\u8a00\u3044\u305f\u304f\u3042\u308a\u307e\u305b\u3093\u3002<\/p>\n<p>\u3057\u304b\u3057\u3001\u305d\u306e\u7bc4\u56f2\u5185\u306b\u53ce\u307e\u308b\u3068\u601d\u3044\u307e\u3059\u3002\u3053\u308c\u307e\u3067\u306e2020\u5e74\u306e\u5b9f\u7e3e\u3068\u3042\u307e\u308a\u5909\u308f\u3089\u306a\u3044\u3067\u3057\u3087\u3046\u3002<\/p>\n<p>Jorge Kuri &#8212; Morgan Stanley &#8212; Analyst<\/p>\n<p>\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u3002\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3057\u305f\u3002\u3068\u3066\u3082\u53c2\u8003\u306b\u306a\u308a\u307e\u3057\u305f\u3002<\/p>\n<p>\u30bb\u30d0\u30b9\u30c1\u30e3\u30f3\u30fb\u30ab\u30ce\u30d3\u30c3\u30c1 &#8212; \u6700\u9ad8\u7d4c\u55b6\u8cac\u4efb\u8005<\/p>\n<p>\u3053\u306e\u5148\u306e\u6a5f\u4f1a\u306f\u975e\u5e38\u306b\u5927\u304d\u3044\u3068\u8003\u3048\u3066\u3044\u307e\u3059\u3002\u79c1\u306f\u3001\u610f\u5473\u304c\u3042\u308b\u3068\u601d\u3046\u6a5f\u4f1a\u306b\u6295\u8cc7\u3059\u308b\u305f\u3081\u306e\u5341\u5206\u306a\u6a5f\u4f1a\u3092\u78ba\u4fdd\u3057\u305f\u3044\u3068\u8003\u3048\u3066\u3044\u307e\u3059\u3002\u305d\u306e\u305f\u3081\u306b\u306f\u3001\u305d\u3046\u3057\u305f\u6a5f\u4f1a\u3092\u8ffd\u6c42\u3067\u304d\u306a\u3044\u3088\u3046\u306a\u7e1b\u308a\u3092\u304b\u3051\u305f\u304f\u3042\u308a\u307e\u305b\u3093\u3002\u79c1\u305f\u3061\u306f\u3053\u308c\u307e\u3067\u3001\u898f\u6a21\u306b\u5fdc\u3058\u3066\u5229\u76ca\u3092\u4e0a\u3052\u3066\u304d\u305f\u5b9f\u7e3e\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n<p>\u3060\u304b\u3089\u3053\u305d\u3001\u79c1\u305f\u3061\u306f\u8cc7\u672c\u914d\u5206\u3092\u771f\u5263\u306b\u8003\u3048\u3066\u3044\u307e\u3059\u304c\u3001\u5c06\u6765\u306b\u308f\u305f\u3063\u3066\u6295\u8cc7\u3092\u7d9a\u3051\u3089\u308c\u308b\u80fd\u529b\u3092\u6301\u3063\u3066\u3044\u305f\u3044\u3068\u601d\u3063\u3066\u3044\u307e\u3059\u3002\u3060\u304b\u3089\u3053\u305d\u3001\u7279\u5b9a\u306e\u6570\u5b57\u3092\u63d0\u793a\u3057\u305f\u304f\u306f\u306a\u3044\u306e\u3067\u3059\u3002<\/p>\n<p>Jorge Kuri &#8212; Morgan Stanley &#8212; Analyst<\/p>\n<p>\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u3002\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3057\u305f\u3002<\/p>\n<p>\u30aa\u30da\u30ec\u30fc\u30bf\u30fc<\/p>\n<p>\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u3002\u6b21\u306e\u8cea\u554f\u306f\u3001\u30d0\u30f3\u30af\u30fb\u30aa\u30d6\u30fb\u30a2\u30e1\u30ea\u30ab\u306e\u30b8\u30a7\u30a4\u30bd\u30f3\u30fb\u30af\u30c3\u30d5\u30a1\u30fc\u30d0\u30fc\u30b0\u3055\u3093\u3067\u3059\u3002\u304a\u5f85\u3061\u3057\u3066\u304a\u308a\u307e\u3059\u3002<\/p>\n<p>\u30b8\u30a7\u30a4\u30bd\u30f3\u30fb\u30af\u30c3\u30d5\u30a1\u30fc\u30d0\u30fc\u30b0 &#8212; \u30d0\u30f3\u30af\u30aa\u30d6\u30a2\u30e1\u30ea\u30ab\u30fb\u30e1\u30ea\u30eb\u30ea\u30f3\u30c1 &#8212; \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n<p>\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u3002\u3053\u3093\u306b\u3061\u306f\u3002\u30c8\u30c3\u30d7\u30e9\u30a4\u30f3\u306e\u52e2\u3044\u304c\u3068\u3066\u3082\u7d20\u6674\u3089\u3057\u3044\u3067\u3059\u306d\u3002\u7b2c3\u56db\u534a\u671f\u306f\u3001\u6bd4\u8f03\u5bfe\u8c61\u304c\u975e\u5e38\u306b\u53b3\u3057\u304b\u3063\u305f\u306b\u3082\u304b\u304b\u308f\u3089\u305a\u3001\u524d\u56db\u534a\u671f\u6bd4\u306710\uff05\u53f0\u534a\u3070\u306e\u5897\u53ce\u3092\u9054\u6210\u3057\u307e\u3057\u305f\u306d\u3002<\/p>\n<p>\u65b0\u898f\u304a\u3088\u3073\u65e2\u5b58\u306e\u52a0\u76df\u5e97\u306e\u6210\u9577\u306b\u5bfe\u3059\u308b\u671f\u5f85\u3092\u8e0f\u307e\u3048\u3001\u7b2c4\u56db\u534a\u671f\u3082\u524d\u56db\u534a\u671f\u6bd42\u6841\u306e\u6210\u9577\u304c\u671f\u5f85\u3067\u304d\u308b\u306e\u3067\u306f\u306a\u3044\u3067\u3057\u3087\u3046\u304b\uff1f<\/p>\n<p>\u30b9\u30df\u30bf\u30fb\u30d1\u30f3\u30c7\u30a3\u30c3\u30c8\uff1a\u6700\u9ad8\u57f7\u884c\u8cac\u4efb\u8005<\/p>\n<p>\u79c1\u304c\u59cb\u3081\u307e\u3059\u3002\u30c7\u30a3\u30a8\u30b4\u3068\u30bb\u30d0\u306f\u3001\u8ffd\u52a0\u306e\u610f\u898b\u3092\u805e\u304b\u305b\u3066\u304f\u3060\u3055\u3044\u3002\u30b8\u30a7\u30a4\u30bd\u30f3\u3001\u8cea\u554f\u3092\u3042\u308a\u304c\u3068\u3046\u3002\u79c1\u305f\u3061\u306f\u3001\u524d\u5e74\u540c\u671f\u6bd4\u306e\u6307\u6a19\u306b\u6ce8\u76ee\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n<p>\u79c1\u305f\u3061\u306f\u3001\u9577\u671f\u7684\u306a\u8996\u70b9\u3067\u30d3\u30b8\u30cd\u30b9\u3092\u69cb\u7bc9\u3057\u7d9a\u3051\u305f\u3044\u3068\u8003\u3048\u3066\u3044\u307e\u3059\u3002\u79c1\u305f\u3061\u306f\u3001\u9577\u671f\u7684\u306a\u8996\u70b9\u3067\u30d3\u30b8\u30cd\u30b9\u3092\u69cb\u7bc9\u3057\u3066\u3044\u304d\u305f\u3044\u3068\u8003\u3048\u3066\u3044\u307e\u3059\u3002\u9577\u671f\u7684\u306a\u8996\u70b9\u3067\u30d3\u30b8\u30cd\u30b9\u3092\u8003\u3048\u308b\u3068\u3001\u8aa4\u89e3\u3092\u62db\u304f\u53ef\u80fd\u6027\u304c\u3042\u308b\u3068\u8003\u3048\u3066\u3044\u308b\u305f\u3081\u3001\u56db\u534a\u671f\u3054\u3068\u306e\u50be\u5411\u306b\u306f\u3042\u307e\u308a\u6ce8\u76ee\u3057\u3066\u3044\u307e\u305b\u3093\u3002\u73fe\u5728\u306e\u56db\u534a\u671f\u3092\u898b\u308b\u3068\u3001\u5f53\u56db\u534a\u671f\u306eTPV\u306e\u6210\u9577\u7387\u306f217\uff05\u3067\u3057\u305f\u30022020\u5e74\u7b2c3\u56db\u534a\u671f\u3092\u898b\u308b\u3068\u3001\u6628\u5e74\u306e\u72b6\u6cc1\u3092\u8003\u3048\u308b\u3068\u53c2\u8003\u306b\u306a\u308b\u3068\u601d\u3044\u307e\u3059\u304c\u30012020\u5e74\u7b2c3\u56db\u534a\u671f\u306e\u5bfe\u524d\u5e74\u540c\u671f\u6bd4\u6210\u9577\u7387\u306f65\uff05\u3067\u3057\u305f\u3002<\/p>\n<p>\u5f53\u56db\u534a\u671f\u3067\u306f\u3001\u3053\u306e65\uff05\u3092217\uff05\u306b\u6210\u9577\u3055\u305b\u305f\u308f\u3051\u3067\u3059\u3002\u6b21\u306e\u56db\u534a\u671f\u306b\u5411\u3051\u3066\u306f\u3001\u6628\u5e74\u306e\u7b2c4\u56db\u534a\u671f\u3068\u6bd4\u3079\u3066\u3069\u306e\u3088\u3046\u306a\u6570\u5b57\u306b\u306a\u308b\u304b\u306b\u5f15\u304d\u7d9a\u304d\u6ce8\u76ee\u3057\u3066\u3044\u307e\u3059\u3002\u6628\u5e74\u306e\u7b2c4\u56db\u534a\u671f\u306f\u975e\u5e38\u306b\u597d\u8abf\u3060\u3063\u305f\u3053\u3068\u3092\u899a\u3048\u3066\u304a\u3044\u3066\u304f\u3060\u3055\u3044\u3002COVID\u306e\u5f71\u97ff\u306f\u307b\u3068\u3093\u3069\u306a\u304f\u3001\u7b2c4\u56db\u534a\u671f\u306f\u3059\u3067\u306b\u975e\u5e38\u306b\u597d\u8abf\u3067\u3057\u305f\u3002<\/p>\n<p>2020\u5e74\u7b2c4\u56db\u534a\u671f\u306e\u6570\u5b57\u304b\u3089\u306f\u30c9\u30eb\u306e\u6210\u9577\u304c\u898b\u3089\u308c\u308b\u3067\u3057\u3087\u3046\u304c\u3001\u7b2c3\u56db\u534a\u671f\u306b\u898b\u3089\u308c\u308b\u3088\u3046\u306a\u5bfe\u524d\u5e74\u540c\u671f\u6bd4\u3067\u306e\u5897\u52a0\u3068\u306f\u540c\u3058\u30d7\u30ed\u30bb\u30b9\u3067\u306f\u306a\u3044\u304b\u3082\u3057\u308c\u307e\u305b\u3093\u3002<\/p>\n<p>Jason Kupferberg &#8212; \u30d0\u30f3\u30af\u30aa\u30d6\u30a2\u30e1\u30ea\u30ab\u30fb\u30e1\u30ea\u30eb\u30ea\u30f3\u30c1 &#8212; \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n<p>OK\u3067\u3059\u3002\u306f\u3044\u3001\u308f\u304b\u308a\u307e\u3057\u305f\u3002\u3064\u307e\u308a\u3001TPV\u306e\u69cb\u6210\u6bd4\u306f\u53b3\u3057\u304f\u306a\u3063\u3066\u3044\u307e\u3059\u3002\u58f2\u4e0a\u9ad8\u306e\u69cb\u6210\u6bd4\u306f\u307b\u307c\u540c\u3058\u3067\u3059\u304c\u3001\u660e\u3089\u304b\u306b\u5927\u898f\u6a21\u306a\u52a0\u76df\u5e97\u306e\u69cb\u6210\u6bd4\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n<p>\u305d\u306e\u305f\u3081\u300121\u5e74\u7b2c4\u56db\u534a\u671f\u306e\u30c6\u30a4\u30af\u30ec\u30fc\u30c8\u306f\u300120\u5e74\u7b2c4\u56db\u534a\u671f\u3088\u308a\u3082\u4f4e\u304f\u306a\u308a\u307e\u3059\u3002\u305d\u306e\u305f\u3081\u3001\u524d\u56db\u534a\u671f\u6bd4\u30672\u6841\u306e\u6210\u9577\u3092\u6c42\u3081\u308b\u306e\u306f\u3001\u5c11\u3057\u7121\u7406\u304c\u3042\u308b\u304b\u3082\u3057\u308c\u307e\u305b\u3093\u3002\u5206\u304b\u308a\u307e\u3057\u305f\u3002OK\u3067\u3059\u3002<\/p>\n<p>\u524d\u5e74\u540c\u671f\u6bd4\u3067\u306f\u4f9d\u7136\u3068\u3057\u3066\u7d20\u6674\u3089\u3057\u3044\u6210\u9577\u3067\u3059\u3002\u3042\u3068\u306f&#8230;<\/p>\n<p>\u30b9\u30df\u30bf\u30fb\u30d1\u30f3\u30c7\u30a3\u30c3\u30c8 &#8211; \u6700\u9ad8\u57f7\u884c\u8cac\u4efb\u8005<\/p>\n<p>\u306f\u3044\u3002\u7533\u3057\u8a33\u3042\u308a\u307e\u305b\u3093\u304c\u30011\u3064\u3060\u3051\u304a\u9858\u3044\u3057\u307e\u3059\u3002\u904e\u53bb\u306b\u3055\u304b\u306e\u307c\u3063\u3066\u3001\u5f53\u793e\u306e\u53ce\u76ca\u6210\u9577\u7387\u306e\u6570\u5b57\u3092\u898b\u3066\u3044\u305f\u3060\u3051\u308c\u3070\u3001\u30d7\u30ec\u30b9\u30ea\u30ea\u30fc\u30b9\u306b\u8a18\u8f09\u3057\u3066\u3044\u307e\u3059\u3002\u767a\u8868\u8cc7\u6599\u306b\u306f\u3042\u308a\u307e\u305b\u3093\u3067\u3057\u305f\u3002<\/p>\n<p>\u6628\u5e74\u306e\u7b2c3\u56db\u534a\u671f\u306e\u53ce\u76ca\u6210\u9577\u7387\u304c96\uff05\u3060\u3063\u305f\u306e\u306b\u5bfe\u3057\u3001\u73fe\u5728\u306f123\uff05\u3068\u306a\u3063\u3066\u304a\u308a\u3001\u4e8b\u696d\u5168\u4f53\u306e\u6210\u9577\u3092\u3044\u304b\u306b\u52a0\u901f\u3055\u305b\u7d9a\u3051\u3066\u3044\u308b\u304b\u304c\u308f\u304b\u308a\u307e\u3059\u3002<\/p>\n<p>Jason Kupferberg &#8212; \u30d0\u30f3\u30af\u30aa\u30d6\u30a2\u30e1\u30ea\u30ab\u30fb\u30e1\u30ea\u30eb\u30ea\u30f3\u30c1 &#8212; \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n<p>\u305d\u3046\u3067\u3059\u306d\u3002\u305d\u3046\u3067\u3059\u306d\u3002OK\u3067\u3059\u3002\u305d\u3046\u3067\u3059\u3002<\/p>\n<p>\u88dc\u8db3\u3067\u3059\u304c\u3001\u7af6\u5408\u72b6\u6cc1\u306b\u3064\u3044\u3066\u306e\u6700\u65b0\u306e\u898b\u89e3\u3092\u304a\u805e\u304d\u3057\u305f\u3044\u3067\u3059\u3002\u4e2d\u5357\u7c73\u3078\u306e\u9032\u51fa\u3092\u8a08\u753b\u3057\u3066\u3044\u308b\u30d7\u30ec\u30a4\u30e4\u30fc\u306e\u8a71\u3092\u8033\u306b\u3057\u307e\u3057\u305f\u304c\u3001\u305d\u308c\u306b\u3064\u3044\u3066\u3082\u6ce8\u76ee\u3057\u3066\u3044\u308b\u306e\u304b\u3001\u307e\u305f\u4fa1\u683c\u3078\u306e\u5f71\u97ff\u3092\u8003\u3048\u3066\u3044\u308b\u306e\u304b\u3092\u6559\u3048\u3066\u304f\u3060\u3055\u3044\u3002<\/p>\n<p>\u30bb\u30d0\u30b9\u30c1\u30e3\u30f3\u30fb\u30ab\u30ce\u30d3\u30c3\u30c1 &#8212; \u6700\u9ad8\u7d4c\u55b6\u8cac\u4efb\u8005<\/p>\n<p>\u30b8\u30a7\u30a4\u30bd\u30f3\u3001\u3054\u8cea\u554f\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u3002\u7af6\u5408\u72b6\u6cc1\u3068\u3044\u3046\u70b9\u3067\u306f\u3001\u3044\u304f\u3064\u304b\u306e\u91cd\u8981\u306a\u5074\u9762\u304c\u3042\u308b\u3068\u601d\u3044\u307e\u3059\u3002\u7b2c\u4e00\u306b\u3001\u3053\u308c\u306f\u5de8\u5927\u306a\u5e02\u5834\u3067\u3042\u308a\u3001\u3059\u3067\u306b\u53c2\u5165\u3057\u3066\u3044\u308b\u30d7\u30ec\u30a4\u30e4\u30fc\u304c\u3055\u3089\u306b\u5927\u898f\u6a21\u306b\u306a\u308b\u3053\u3068\u3092\u671f\u5f85\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n<p>\u79c1\u305f\u3061\u306f\u3001\u5dee\u5225\u5316\u306b\u3053\u3060\u308f\u308a\u7d9a\u3051\u3066\u3044\u307e\u3059\u3002\u3060\u304b\u3089\u3053\u305d\u3001\u79c1\u305f\u3061\u304c\u5730\u7406\u7684\u306b\u62e1\u5927\u3057\u3066\u3044\u308b\u306e\u304c\u308f\u304b\u308a\u307e\u3059\u3002\u307e\u305f\u3001\u5e38\u306b\u88fd\u54c1\u30e9\u30a4\u30f3\u3092\u5897\u3084\u3057\u3066\u3044\u308b\u306e\u3082\u3001\u6700\u7d42\u7684\u306b\u306f\u52a0\u76df\u5e97\u3068\u306e\u5341\u5206\u306a\u30bf\u30c3\u30c1\u30dd\u30a4\u30f3\u30c8\u3092\u78ba\u4fdd\u3057\u305f\u3044\u304b\u3089\u3067\u3059\u30021\u3064\u306e\u5e02\u5834\u30011\u3064\u306e\u5730\u57df\u3067\u3057\u304b\u4e8b\u696d\u3092\u5c55\u958b\u3057\u3066\u3044\u306a\u3044\u3068\u3001\u8907\u88fd\u304c\u5bb9\u6613\u306b\u306a\u308a\u307e\u3059\u304c\u3001\u52a0\u76df\u5e97\u306e\u305f\u3081\u306b\u89e3\u6c7a\u3057\u3066\u3044\u308b\u554f\u984c\u304c\u591a\u3051\u308c\u3070\u591a\u3044\u307b\u3069\u3001\u7af6\u5408\u4ed6\u793e\u304c\u73fe\u308c\u308b\u306e\u306f\u96e3\u3057\u304f\u306a\u308a\u307e\u3059\u3002<\/p>\n<p>\u3057\u304b\u3057\u3001\u6211\u3005\u304c\u30da\u30a4\u30a4\u30f3\u3001\u30da\u30a4\u30a2\u30a6\u30c8\u3001\u767a\u884c\u3001\u4e0d\u6b63\u9632\u6b62\u306a\u3069\u306e\u5206\u91ce\u3067\u5927\u898f\u6a21\u306b\u69cb\u7bc9\u3057\u3088\u3046\u3068\u3057\u3066\u3044\u308b\u3053\u3068\u3092\u3001\u65b0\u8208\u5e02\u5834\u3067\u5b9f\u73fe\u3057\u3066\u3044\u308b\u4f01\u696d\u306f\u307e\u3060\u3042\u308a\u307e\u305b\u3093\u3002\u3053\u308c\u304c\u3001\u5f53\u793e\u304c\u5dee\u5225\u5316\u3092\u56f3\u308b\u65b9\u6cd5\u3001\u7406\u7531\u3067\u3059\u3002<\/p>\n<p>\u30b8\u30a7\u30a4\u30bd\u30f3\u30fb\u30af\u30c3\u30d5\u30a1\u30fc\u30d0\u30fc\u30b0 &#8212; \u30d0\u30f3\u30af\u30aa\u30d6\u30a2\u30e1\u30ea\u30ab\u30fb\u30e1\u30ea\u30eb\u30ea\u30f3\u30c1 &#8212; \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n<p>OK\u3067\u3059\u3002\u3054\u610f\u898b\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3057\u305f\u3002<\/p>\n<p>\u30aa\u30da\u30ec\u30fc\u30bf\u30fc<\/p>\n<p>\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3057\u305f\u3002[\u6b21\u306e\u8cea\u554f\u306f\u3001HSBC\u306eNeha Agarwala\u3055\u3093\u304b\u3089\u3067\u3059\u3002\u3054\u8cea\u554f\u3092\u304a\u9858\u3044\u3057\u307e\u3059\u3002<\/p>\n<p>Neha Agarwala &#8212; HSBC &#8212; \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n<p>\u79c1\u306e\u8cea\u554f\u306b\u304a\u7b54\u3048\u3044\u305f\u3060\u304d\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3057\u305f\u3002\u5148\u307b\u3069\u306e\u30db\u30eb\u30d8\u306e\u8cea\u554f\u306b\u3064\u3044\u3066\u3001\u3082\u3046\u5c11\u3057\u8a73\u3057\u304f\u8aac\u660e\u3057\u305f\u3044\u3068\u601d\u3044\u307e\u3059\u3002\u30b5\u30fc\u30d3\u30b9\u30b3\u30b9\u30c8\u306f\u3001\u5b9f\u969b\u306b\u306f\u304b\u306a\u308a\u4e0a\u6607\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n<p>\u524d\u56db\u534a\u671f\u3067\u306f\u3001\u58f2\u4e0a\u9ad8\u306e\u7d0443\uff05\u3067\u3057\u305f\u3002\u305d\u3057\u3066\u3001\u4eca\u671f\u306f50\uff05\u306b\u306a\u308a\u307e\u3057\u305f\u3002\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u304c\u3042\u308b\u3053\u3068\u306f\u7406\u89e3\u3057\u3066\u3044\u307e\u3059\u304c\u3001\u30df\u30c3\u30af\u30b9\u304c\u3069\u306e\u3088\u3046\u306b\u5909\u5316\u3057\u305f\u3068\u3057\u3066\u3082\u3001\u3053\u308c\u306f\u4eca\u5f8c\u306e\u56db\u534a\u671f\u306b\u671f\u5f85\u3059\u3079\u304d\u6c34\u6e96\u3001\u3042\u308b\u3044\u306f\u305d\u306e\u524d\u5f8c\u306e\u6c34\u6e96\u306a\u306e\u3067\u3057\u3087\u3046\u304b\uff1f\u3053\u306e\u70b9\u306b\u3064\u3044\u3066\u3082\u3046\u5c11\u3057\u8aac\u660e\u3057\u3066\u3044\u305f\u3060\u3051\u308b\u3068\u52a9\u304b\u308a\u307e\u3059\u30022\u3064\u76ee\u306e\u8cea\u554f\u306f\u3001\u30de\u30fc\u30c1\u30e3\u30f3\u30c8\u30d9\u30fc\u30b9\u306b\u3064\u3044\u3066\u3067\u3059\u3002<\/p>\n<p>\u4eca\u671f\u306f\u7d0410\u793e\u306e\u52a0\u76df\u5e97\u3092\u8ffd\u52a0\u3057\u305f\u3068\u306e\u3053\u3068\u3067\u3059\u304c\u3001\u91cd\u70b9\u7684\u306b\u53d6\u308a\u7d44\u3093\u3067\u3044\u307e\u3059\u304b\uff1f\u52a0\u76df\u5e97\u306e\u591a\u304f\u306f\u7c73\u56fd\u3068\u6b27\u5dde\u306b\u3042\u308a\u3001\u4e2d\u56fd\u306b\u3082\u6570\u793e\u3042\u308b\u3068\u805e\u3044\u3066\u3044\u307e\u3059\u304c\u3001\u6ce8\u529b\u3057\u3066\u3044\u307e\u3059\u304b\uff1f\u4e2d\u56fd\u306e\u52a0\u76df\u5e97\u306f\u5c11\u306a\u3044\u3068\u306e\u3053\u3068\u3067\u3059\u304c\u3001\u3053\u308c\u306f\u91cd\u70b9\u7684\u306b\u53d6\u308a\u7d44\u3080\u3079\u304d\u5206\u91ce\u3067\u3057\u3087\u3046\u304b\uff1f\u4e2d\u56fd\u306e\u30de\u30fc\u30c1\u30e3\u30f3\u30c8\u306b\u3082\u3063\u3068\u30b5\u30fc\u30d3\u30b9\u3092\u63d0\u4f9b\u3059\u308b\u3053\u3068\u306b\u96c6\u4e2d\u3057\u305f\u3044\u3067\u3059\u304b\u3001\u305d\u308c\u3068\u3082\u305d\u308c\u306f\u30d5\u30a9\u30fc\u30ab\u30b9\u30a8\u30ea\u30a2\u3067\u306f\u306a\u3044\u3067\u3059\u304b\uff1f\u3082\u3057\u305d\u3046\u3067\u306a\u3044\u306a\u3089\u3001\u305d\u306e\u7406\u7531\u306f\uff1f\u6700\u5f8c\u306e\u8cea\u554f\u306f\u7af6\u4e89\u306b\u3064\u3044\u3066\u3067\u3059\u3002<\/p>\n<p>\u3042\u306a\u305f\u306f\u3001\u5730\u7406\u7684\u306a\u5b58\u5728\u611f\u3068\u3044\u3046\u5800\u3092\u6301\u3063\u3066\u3044\u308b\u3068\u304a\u3063\u3057\u3083\u3044\u307e\u3057\u305f\u306d\u3002\u305d\u308c\u304c\u8cb4\u793e\u306e\u5dee\u5225\u5316\u306b\u3064\u306a\u304c\u3063\u3066\u3044\u307e\u3059\u3002\u3057\u304b\u3057\u3001\u4fa1\u683c\u7af6\u4e89\u306f\u6fc0\u5316\u3057\u3066\u3044\u308b\u306e\u3067\u3057\u3087\u3046\u304b\uff1f\u3042\u306a\u305f\u306f\u5148\u307b\u3069\u3001\u52a0\u76df\u5e97\u304c\u3042\u306a\u305f\u3068\u4ed5\u4e8b\u3092\u3059\u308b\u969b\u306b\u3001\u3053\u308c\u306f\u91cd\u8981\u306a\u30dd\u30a4\u30f3\u30c8\u3067\u306f\u306a\u3044\u3068\u304a\u3063\u3057\u3083\u3044\u307e\u3057\u305f\u3002\u30de\u30fc\u30c1\u30e3\u30f3\u30c8\u306f\u3001\u30de\u30fc\u30c1\u30e3\u30f3\u30c8\u306b\u3068\u3063\u3066\u30011\u793e\u3060\u3051\u3067\u306a\u304f2\u793e\u30013\u793e\u3068\u63d0\u643a\u3059\u308b\u3053\u3068\u306b\u610f\u5473\u304c\u3042\u308a\u3001\u3053\u308c\u306f\u30bc\u30ed\u30b5\u30e0\u30b2\u30fc\u30e0\u3067\u306f\u306a\u304f\u3001\u7279\u5b9a\u306e\u30de\u30fc\u30c1\u30e3\u30f3\u30c8\u306b\u3068\u3063\u30662\u793e\u30013\u793e\u306e\u30ad\u30fc\u30d7\u30ec\u30a4\u30e4\u30fc\u3092\u6301\u3064\u3053\u3068\u304c\u3067\u304d\u308b\u3068\u3001\u5f15\u304d\u7d9a\u304d\u304a\u8003\u3048\u3067\u3059\u304b\uff1f\u4f55\u304b\u3054\u610f\u898b\u304c\u3042\u308c\u3070\u3001\u3068\u3066\u3082\u53c2\u8003\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n<p>\u672c\u5f53\u306b\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3057\u305f\u3002<\/p>\n<p>\u30c7\u30a3\u30a8\u30b4\u30fb\u30ab\u30d6\u30ec\u30e9\u30fb\u30ab\u30cd\u30a4 &#8212; \u6700\u9ad8\u8ca1\u52d9\u8cac\u4efb\u8005<\/p>\n<p>\u3053\u3093\u306b\u3061\u306f\u3001Neha\u3067\u3059\u3002\u6700\u521d\u306e\u90e8\u5206\u306f\u79c1\u304c\u304a\u7b54\u3048\u3057\u3001\u6b8b\u308a\u306fSumita\u3068Seba\u306b\u304a\u4efb\u305b\u3057\u307e\u3059\u3002\u57fa\u672c\u7684\u306b\u306f\u3001\u5148\u307b\u3069\u7533\u3057\u4e0a\u3052\u305f\u3088\u3046\u306b\u3001\u7b2c2\u56db\u534a\u671f\u306f\u53ce\u76ca\u6027\u306e\u9762\u3067\u975e\u5e38\u306b\u512a\u308c\u3066\u3044\u307e\u3057\u305f\u3002\u3053\u306e2\u3064\u306e\u56db\u534a\u671f\u9593\u306e\u5909\u5316\u306e\u4e00\u90e8\u306f\u3001\u52a0\u76df\u5e97\u3068\u30d3\u30b8\u30cd\u30b9\u30df\u30c3\u30af\u30b9\u306b\u95a2\u4fc2\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n<p>\u307e\u305f\u3001\u524d\u8ff0\u306e\u3068\u304a\u308a\u3001\u7b2c3\u56db\u534a\u671f\u306e\u53ce\u76ca\u6027\u306f\u3001\u6628\u5e74\u306e\u7b2c4\u56db\u534a\u671f\u304a\u3088\u3073\u7b2c3\u56db\u534a\u671f\u3068\u6bd4\u3079\u3066\u3082\u905c\u8272\u3042\u308a\u307e\u305b\u3093\u3002\u3053\u308c\u306f\u3001\u4eca\u5f8c\u306e\u898b\u901a\u3057\u306b\u6cbf\u3063\u305f\u3082\u306e\u3067\u3059\u3002\u3054\u89a7\u3044\u305f\u3060\u3044\u3066\u3044\u308b\u6570\u5b57\u306f\u3001TPV\u306e\u30b3\u30b9\u30c8\u306e1.9\uff05\u3060\u3068\u601d\u3044\u307e\u3059\u304c\u3001\u7e70\u308a\u8fd4\u3057\u306b\u306a\u308a\u307e\u3059\u304c\u3001\u4e0a\u4e0b\u306b\u5909\u52d5\u3059\u308b\u53ef\u80fd\u6027\u306e\u3042\u308b\u6570\u5b57\u3092\u7d04\u675f\u3059\u308b\u3082\u306e\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002\u9577\u671f\u7684\u306b\u306f\u3001\u65b0\u305f\u306a\u4fa1\u683c\u5e2f\u3078\u306e\u53c2\u5165\u3084\u652f\u6255\u65b9\u6cd5\u3068\u306e\u4ea4\u6e09\u306b\u3088\u308a\u3001\u3053\u306e\u6570\u5b57\u306f\u9806\u6b21\u4e0b\u304c\u3063\u3066\u3044\u304f\u3068\u8003\u3048\u3066\u3044\u307e\u3059\u304c\u3001\u73fe\u5728\u3068\u540c\u69d8\u306e\u7bc4\u56f2\u306b\u53ce\u307e\u308b\u3082\u306e\u3068\u671f\u5f85\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n<p>\u30bb\u30d0\u30b9\u30c1\u30e3\u30f3\u30fb\u30ab\u30ce\u30d3\u30c3\u30c1 &#8212; \u6700\u9ad8\u7d4c\u55b6\u8cac\u4efb\u8005<\/p>\n<p>Neha\u3055\u3093\u3001\u3054\u8cea\u554f\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u3002\u307e\u305a\u7b2c\u4e00\u306b\u30012\u3064\u4ee5\u4e0a\u306e\u5730\u57df\u3067\u30d3\u30b8\u30cd\u30b9\u3092\u5c55\u958b\u3057\u305f\u3044\u3068\u8003\u3048\u3066\u3044\u308b\u4e16\u754c\u4e2d\u306e\u3042\u3089\u3086\u308b\u4f01\u696d\u3092\u30bf\u30fc\u30b2\u30c3\u30c8\u306b\u3057\u305f\u3044\u3068\u8003\u3048\u3066\u3044\u307e\u3059\u3002\u3064\u307e\u308a\u3001\u4eca\u65e5\u3001\u5f53\u793e\u306f\u7c73\u56fd\u3001\u6b27\u5dde\u3001\u305d\u3057\u3066\u9593\u9055\u3044\u306a\u304f\u4e2d\u56fd\u306e\u30de\u30fc\u30c1\u30e3\u30f3\u30c8\u3092\u63a1\u7528\u3057\u3066\u3044\u307e\u3059\u3002\u5f53\u793e\u306e\u9867\u5ba2\u57fa\u76e4\u3068\u516c\u958b\u3055\u308c\u3066\u3044\u308b\u540d\u524d\u3092\u898b\u308b\u3068\u3001\u4e2d\u56fd\u306e\u5927\u624b\u4f01\u696d\u304c\u542b\u307e\u308c\u3066\u3044\u308b\u3053\u3068\u304c\u308f\u304b\u308a\u307e\u3059\u3002<\/p>\n<p>\u3053\u308c\u306f\u672c\u5f53\u306b\u91cd\u8981\u306a\u3053\u3068\u3060\u3068\u601d\u3046\u306e\u3067\u3001\u660e\u78ba\u306b\u3057\u3066\u304a\u304d\u305f\u3044\u3068\u601d\u3044\u307e\u3059\u3002\u79c1\u305f\u3061\u306f\u3001\u4e2d\u56fd\u56fd\u5185\u3067\u306e\u652f\u6255\u3044\u3092\u51e6\u7406\u3057\u3066\u3044\u308b\u308f\u3051\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002\u79c1\u305f\u3061\u306f\u3001\u30a2\u30e1\u30ea\u30ab\u3084\u30e8\u30fc\u30ed\u30c3\u30d1\u306e\u4f01\u696d\u3068\u540c\u3058\u3088\u3046\u306b\u3001\u4e2d\u56fd\u4f01\u696d\u306e\u65b0\u8208\u5e02\u5834\u3078\u306e\u9032\u51fa\u3092\u652f\u63f4\u3057\u3066\u3044\u307e\u3059\u3002\u307e\u305f\u3001\u30a2\u30d5\u30ea\u30ab\u3084\u30a2\u30b8\u30a2\u3001\u4e2d\u5357\u7c73\u306a\u3069\u3067\u6d3b\u8e8d\u3059\u308b\u73fe\u5730\u306e\u30ea\u30fc\u30c0\u30fc\u305f\u3061\u3092\u652f\u63f4\u3059\u308b\u3053\u3068\u3082\u3042\u308a\u307e\u3059\u3002\u4eca\u5f8c\u3082\u3001\u4e2d\u56fd\u4f01\u696d\u306e\u56fd\u969b\u7684\u306a\u6c7a\u6e08\u51e6\u7406\u3092\u652f\u63f4\u3057\u3066\u3044\u304d\u305f\u3044\u3068\u8003\u3048\u3066\u3044\u307e\u3059\u3002<\/p>\n<p>\u7af6\u4e89\u3068\u3044\u3046\u610f\u5473\u3067\u306f\u3001\u79c1\u305f\u3061\u306f\u4fa1\u683c\u3067\u306f\u52dd\u8ca0\u3057\u307e\u305b\u3093\u3002\u79c1\u305f\u3061\u306f\u5730\u7403\u4e0a\u3067\u6700\u5927\u7d1a\u306e\u4f01\u696d\u306b\u30b5\u30fc\u30d3\u30b9\u3092\u63d0\u4f9b\u3057\u3066\u3044\u308b\u3053\u3068\u3092\u5fd8\u308c\u306a\u3044\u3067\u304f\u3060\u3055\u3044\u3002\u5f7c\u3089\u306b\u306f\u5927\u304d\u306a\u4ea4\u6e09\u529b\u304c\u3042\u308a\u307e\u3059\u3002\u5dee\u5225\u5316\u3092\u56f3\u3089\u306a\u3051\u308c\u3070\u3001\u4ed6\u793e\u3088\u308a\u3082\u9ad8\u3044\u4fa1\u683c\u3092\u8a2d\u5b9a\u3059\u308b\u3053\u3068\u306f\u3067\u304d\u307e\u305b\u3093\u3002<\/p>\n<p>\u3067\u3059\u304b\u3089\u3001\u79c1\u305f\u3061\u306f\u4fa1\u683c\u3067\u306f\u52dd\u8ca0\u3057\u307e\u305b\u3093\u3002\u79c1\u305f\u3061\u306f\u3001\u8ab0\u304c\u3088\u308a\u826f\u3044\u30b3\u30f3\u30d0\u30fc\u30b8\u30e7\u30f3\u7387\u3092\u6301\u3064\u304b\u3001\u30de\u30fc\u30c1\u30e3\u30f3\u30c8\u304c\u3088\u308a\u9ad8\u3044\u30a2\u30af\u30bb\u30b9\u3092\u5f97\u308b\u3053\u3068\u304c\u3067\u304d\u308b\u304b\u3092\u7af6\u3044\u307e\u3059\u3002\u79c1\u305f\u3061\u306f\u3001\u53ce\u76ca\u3092\u5411\u4e0a\u3055\u305b\u308b\u5b58\u5728\u3067\u3059\u3002\u30de\u30fc\u30c1\u30e3\u30f3\u30c8\u306f\u3001\u65b0\u8208\u5e02\u5834\u3067\u306e\u30d3\u30b8\u30cd\u30b9\u3092\u63a8\u9032\u3057\u305f\u3044\u3068\u8003\u3048\u3001\u5f53\u793e\u3092\u5229\u7528\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n<p>\u6700\u5f8c\u306b\u5197\u9577\u6027\u306b\u3064\u3044\u3066\u3067\u3059\u304c\u3001\u3053\u306e\u70b9\u306b\u3064\u3044\u3066\u306f\u975e\u5e38\u306b\u4e00\u8cab\u3057\u3066\u3044\u308b\u3068\u601d\u3044\u307e\u3059\u3002\u5f53\u793e\u304c\u30de\u30fc\u30c1\u30e3\u30f3\u30c8\u306e\u552f\u4e00\u306e\u30d7\u30ed\u30d0\u30a4\u30c0\u30fc\u306b\u306a\u308b\u3053\u3068\u306f\u307b\u3068\u3093\u3069\u3042\u308a\u307e\u305b\u3093\u3002\u897f\u30e8\u30fc\u30ed\u30c3\u30d1\u3084\u7c73\u56fd\u3067\u306f\u3001\u5f53\u793e\u306f\u6c7a\u6e08\u51e6\u7406\u3092\u884c\u3063\u3066\u3044\u307e\u305b\u3093\u306e\u3067\u3001\u52a0\u76df\u5e97\u306f\u4ed6\u306e\u30d7\u30ed\u30d0\u30a4\u30c0\u30fc\u3092\u5229\u7528\u3059\u308b\u3053\u3068\u306b\u306a\u308a\u307e\u3059\u3002\u52a0\u76df\u5e97\u306f\u3001\u5f53\u793e\u306e\u5e02\u5834\u3067\u5197\u9577\u6027\u3092\u78ba\u4fdd\u3059\u308b\u3053\u3068\u306b\u306a\u308b\u306e\u3067\u3057\u3087\u3046\u304b\uff1f\u72b6\u6cc1\u306b\u3088\u308a\u307e\u3059\u306d\u3002<\/p>\n<p>\u3042\u308b\u56fd\u3067\u306f\u5197\u9577\u6027\u3092\u6301\u305f\u305b\u3001\u4ed6\u306e\u56fd\u3067\u306f\u6301\u305f\u305b\u306a\u3044\u3068\u3044\u3046\u3053\u3068\u3082\u3042\u308a\u307e\u3059\u3002\u305d\u306e\u305f\u3081\u3001\u4eca\u5f8c\u3082\u9032\u5316\u3057\u3066\u3044\u304f\u3067\u3057\u3087\u3046\u3002\u3057\u304b\u3057\u3001\u79c1\u305f\u3061\u306f\u305d\u308c\u304c\u6301\u7d9a\u53ef\u80fd\u3060\u3068\u306f\u601d\u3063\u3066\u3044\u307e\u305b\u3093\u3057\u3001\u3053\u308c\u3089\u306e\u30b0\u30ed\u30fc\u30d0\u30eb\u4f01\u696d\u306e\u552f\u4e00\u306e\u30d7\u30ed\u30d0\u30a4\u30c0\u30fc\u306b\u306a\u308b\u3053\u3068\u306f\u671f\u5f85\u3057\u3066\u3044\u307e\u305b\u3093\u3002\u305d\u308c\u306f\u5f7c\u3089\u306b\u3068\u3063\u3066\u3082\u30d9\u30b9\u30c8\u306a\u65b9\u6cd5\u3067\u306f\u306a\u3044\u3067\u3057\u3087\u3046\u3002<\/p>\n<p>Neha Agarwala &#8212; HSBC &#8212; \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n<p>\u5b8c\u74a7\u306b\u7406\u89e3\u3067\u304d\u307e\u3057\u305f\u3002\u30bb\u30d0\u3055\u3093\u3001\u30c7\u30a3\u30a8\u30b4\u3055\u3093\u3001\u3069\u3046\u3082\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3057\u305f\u3002<\/p>\n<p>\u30aa\u30da\u30ec\u30fc\u30bf\u30fc<\/p>\n<p>\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3057\u305f\u3002\u6b21\u306e\u8cea\u554f\u306f\u3001\u30b4\u30fc\u30eb\u30c9\u30de\u30f3\u30fb\u30b5\u30c3\u30af\u30b9\u306e\u30c6\u30a3\u30c8\u30fb\u30e9\u30d0\u30eb\u30bf\u3055\u3093\u304b\u3089\u304a\u9858\u3044\u3057\u307e\u3059\u3002\u304a\u96fb\u8a71\u304a\u5f85\u3061\u3057\u3066\u304a\u308a\u307e\u3059\u3002<\/p>\n<p>\u30c6\u30a3\u30c8\u30fb\u30e9\u30d0\u30eb\u30bf &#8212; \u30b4\u30fc\u30eb\u30c9\u30de\u30f3\u30fb\u30b5\u30c3\u30af\u30b9 &#8212; \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n<p>\u3053\u3093\u3070\u3093\u306f\u3002\u304a\u96fb\u8a71\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3057\u305f\u3002\u7d14\u58f2\u4e0a\u9ad8\u7dad\u6301\u7387\u306b\u3064\u3044\u3066\u3067\u3059\u304c\u3001\u4f9d\u7136\u3068\u3057\u3066\u975e\u5e38\u306b\u5065\u5168\u306a\u72b6\u614b\u3067\u3059\u3002\u4e2d\u9593\u671f\u306b150\uff05\u304b\u3089160\uff05\u306e\u9054\u6210\u3092\u76ee\u6307\u3057\u3066\u3044\u308b\u3068\u304a\u3063\u3057\u3083\u3063\u3066\u3044\u307e\u3057\u305f\u304c\u3001\u305d\u306e\u8003\u3048\u306f\u5909\u308f\u308a\u307e\u305b\u3093\u304b\uff1f<\/p>\n<p>12\u30f6\u6708\u304b\u308918\u30f6\u6708\u5f8c\u306b150\uff05\u304b\u3089160\uff05\u306e\u30ec\u30d9\u30eb\u306b\u6b63\u5e38\u5316\u3059\u308b\u3068\u8003\u3048\u3066\u3044\u308b\u306e\u3067\u3057\u3087\u3046\u304b\uff1f\u4eca\u5f8c\u6570\u56db\u534a\u671f\u306e\u9593\u306b\u3001\u3069\u306e\u3088\u3046\u306b\u5909\u5316\u3057\u3066\u3044\u304f\u3068\u304a\u8003\u3048\u3067\u3057\u3087\u3046\u304b\u3002\u307e\u305f\u3001\u3088\u308a\u9577\u671f\u7684\u306b\u8003\u3048\u305f\u5834\u5408\u3001\u305d\u306e\u7bc4\u56f2\u5185\u3067\u3069\u308c\u304f\u3089\u3044\u306e\u671f\u9593\u6301\u7d9a\u3067\u304d\u308b\u3067\u3057\u3087\u3046\u304b\uff1f2\u3064\u76ee\u306e\u8cea\u554f\u306f\u3001\u7af6\u4e89\u306b\u95a2\u3059\u308b\u3082\u306e\u3067\u3059\u304c\u3001\u30a6\u30a9\u30ec\u30c3\u30c8\u30fb\u30b7\u30a7\u30a2\u3084\u6295\u8cc7\u306e\u89b3\u70b9\u304b\u3089\u3001\u7af6\u4e89\u3092\u3069\u306e\u3088\u3046\u306b\u898b\u3066\u3044\u307e\u3059\u304b\uff1f\u305d\u308c\u306f\u3001\u65e2\u5b58\u306e\u9867\u5ba2\u3092\u7372\u5f97\u3059\u308b\u305f\u3081\u306b\u7af6\u5408\u4ed6\u793e\u304b\u3089\u5b88\u308b\u305f\u3081\u3067\u3059\u304b\uff1f\u3088\u308a\u591a\u304f\u306e\u9867\u5ba2\u3092\u7372\u5f97\u3059\u308b\u305f\u3081\u3001\u3042\u308b\u3044\u306f\u5358\u306b\u9867\u5ba2\u3068\u306e\u30a6\u30a9\u30ec\u30c3\u30c8\u30b7\u30a7\u30a2\u3092\u62e1\u5927\u3059\u308b\u305f\u3081\u3067\u3057\u3087\u3046\u304b\uff1f\u65e2\u5b58\u9867\u5ba2\u3084\u65b0\u898f\u9867\u5ba2\u306e\u9762\u3067\u3001\u3069\u3053\u306b\u7af6\u4e89\u4e0a\u306e\u8105\u5a01\u304c\u3042\u308b\u306e\u304b\u3001\u305d\u3057\u3066\u3001\u3042\u306a\u305f\u304c\u884c\u3063\u3066\u3044\u308b\u6295\u8cc7\u304c\u3001\u3069\u306e\u3088\u3046\u306b\u305d\u306e\u8105\u5a01\u304b\u3089\u5b88\u3063\u3066\u304f\u308c\u308b\u306e\u304b\u3092\u7406\u89e3\u3057\u305f\u3044\u306e\u3067\u3059\u3002\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3057\u305f\u3002<\/p>\n<p>\u30b9\u30df\u30bf\u30fb\u30d1\u30f3\u30c7\u30a3\u30c3\u30c8 &#8211; \u6700\u9ad8\u57f7\u884c\u8cac\u4efb\u8005<\/p>\n<p>\u30c6\u30a3\u30c8\u3001\u8cea\u554f\u3092\u3042\u308a\u304c\u3068\u3046\u3002\u6700\u521d\u306e\u90e8\u5206\u306f\u79c1\u304c\u62c5\u5f53\u3057\u307e\u3059\u3002\u524d\u56db\u534a\u671f\u306e\u6c7a\u7b97\u767a\u8868\u6642\u306b\u3082\u304a\u4f1d\u3048\u3057\u307e\u3057\u305f\u304c\u3001\u8fd1\u3044\u5c06\u6765\u3001\u3064\u307e\u308a12\u30f6\u6708\u304b\u308918\u30f6\u6708\u306e\u9593\u306b\u3001150\uff05\u304b\u3089160\uff05\u306e\u5b9a\u7740\u7387\u3092\u9054\u6210\u3067\u304d\u308b\u3068\u8003\u3048\u3066\u304a\u308a\u3001\u305d\u306e\u305f\u3081\u306e\u8a08\u753b\u3092\u7acb\u3066\u3066\u3044\u307e\u3059\u3002\u307e\u305f\u3001NRR\u304c\u975e\u5e38\u306b\u9ad8\u304b\u3063\u305f\u7406\u7531\u3068\u3057\u3066\u3001\u65b0\u898f\u9867\u5ba2\u306e\u4e00\u90e8\u304c\u65e2\u5b58\u9867\u5ba2\u306b\u79fb\u52d5\u3057\u305f\u3053\u3068\u304c\u6319\u3052\u3089\u308c\u307e\u3059\u304c\u3001\u3053\u308c\u306f\u7686\u3055\u3093\u306b\u3082\u304a\u4f1d\u3048\u3057\u307e\u3057\u305f\u3002<\/p>\n<p>\u305d\u306e\u7d50\u679c\u3001\u7d76\u5bfe\u7684\u306b\u8fd1\u3044\u5c06\u6765\u3001180\u4ee5\u4e0a\u306e\u975e\u5e38\u306b\u9ad8\u3044NRR\u3092\u76ee\u306b\u3059\u308b\u3053\u3068\u306b\u306a\u308a\u307e\u3059\u3002\u7b2c2\u56db\u534a\u671f\u306f196\uff05\u3001\u5f53\u56db\u534a\u671f\u306f185\uff05\u3067\u3057\u305f\u3002\u4e2d\u671f\u7684\u306b\u306f\u3001150\uff05\u304b\u3089160\uff05\u7a0b\u5ea6\u306b\u306a\u308b\u3067\u3057\u3087\u3046\u3002\u3053\u306e\u72b6\u614b\u304c\u3069\u306e\u304f\u3089\u3044\u7d9a\u304f\u306e\u304b\u3068\u3044\u3046\u3054\u8cea\u554f\u306b\u3064\u3044\u3066\u306f\u3001\u79c1\u305f\u3061\u306b\u306f\u7b54\u3048\u308b\u306e\u304c\u96e3\u3057\u3044\u8cea\u554f\u3067\u3059\u3002<\/p>\n<p>\u3057\u304b\u3057\u3001\u3088\u308a\u9577\u671f\u7684\u306b\u306f\u3001\u304a\u305d\u3089\u304f120\uff05\u304b\u3089130\uff05\u307e\u3067\u4e0b\u304c\u308b\u3060\u308d\u3046\u3068\u8003\u3048\u3066\u3044\u307e\u3059\u3002\u5f53\u793e\u306fB2B\u306b\u7279\u5316\u3057\u305f\u30a8\u30f3\u30bf\u30fc\u30d7\u30e9\u30a4\u30ba\u30d3\u30b8\u30cd\u30b9\u3092\u5c55\u958b\u3057\u3066\u3044\u307e\u3059\u304c\u3001\u7d14NRR\u304c120\uff05\u304b\u3089130\uff05\u3092\u9054\u6210\u3057\u3066\u3044\u308b\u306e\u306f\u3001\u4e16\u754c\u3067\u3082\u6709\u6570\u306e\u30bd\u30d5\u30c8\u30a6\u30a7\u30a2\u4f01\u696d\u3067\u3042\u308b\u3068\u8003\u3048\u3066\u3044\u307e\u3059\u3002\u6211\u3005\u306f\u3001\u305d\u306e\u30ec\u30d9\u30eb\u306b\u9054\u3059\u308b\u3068\u8003\u3048\u3066\u3044\u307e\u3059\u3002\u3053\u308c\u306f\u3001\u3053\u308c\u3089\u306e\u30a8\u30f3\u30c9\u30de\u30fc\u30b1\u30c3\u30c8\u306b\u304a\u3051\u308b\u6211\u3005\u306e\u30de\u30fc\u30c1\u30e3\u30f3\u30c8\u306e\u30aa\u30fc\u30ac\u30cb\u30c3\u30af\u6210\u9577\u7387\u306b\u975e\u5e38\u306b\u8fd1\u3044\u3082\u306e\u306b\u306a\u308b\u3067\u3057\u3087\u3046\u3002\u30bb\u30d0\u3001\u6b21\u306e\u8cea\u554f\u306b\u7b54\u3048\u3066\u304f\u308c\u308b\u304b\u306a\uff1f<\/p>\n<p>\u30bb\u30d0\u30b9\u30c1\u30e3\u30f3\u30fb\u30ab\u30ce\u30d3\u30c3\u30c1 &#8212; \u6700\u9ad8\u7d4c\u55b6\u8cac\u4efb\u8005<\/p>\n<p>\u305d\u3046\u3067\u3059\u306d\u3002Tito\u3055\u3093\u3001\u3054\u8cea\u554f\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u3002\u6295\u8cc7\u306b\u95a2\u3057\u3066\u306f\u30012\u3064\u306e\u91cd\u8981\u306a\u3053\u3068\u306b\u6295\u8cc7\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n<p>1\u3064\u76ee\u306f\u3001\u5f53\u793e\u304c\u4e8b\u696d\u3092\u5c55\u958b\u3057\u3066\u3044\u308b\u5e02\u5834\u3067\u6700\u9ad8\u306e\u30d7\u30e9\u30c3\u30c8\u30d5\u30a9\u30fc\u30e0\u3092\u6301\u3061\u7d9a\u3051\u308b\u3053\u3068\u3067\u3059\u3002\u6700\u9ad8\u306e\u30b3\u30f3\u30d0\u30fc\u30b8\u30e7\u30f3\u7387\u3092\u5b9f\u73fe\u3057\u3001\u52a0\u76df\u5e97\u304c\u6700\u9ad8\u306e\u7d50\u679c\u3092\u5f97\u3089\u308c\u308b\u3088\u3046\u306b\u3057\u3001\u5f53\u793e\u306b\u5354\u529b\u3057\u3066\u304f\u308c\u308b\u4e0d\u6b63\u3092\u6291\u5236\u3057\u3001\u305d\u308c\u3092\u30b5\u30dd\u30fc\u30c8\u3059\u308b\u30c1\u30fc\u30e0\u3092\u6301\u3064\u3053\u3068\u3067\u3059\u3002\u79c1\u305f\u3061\u306f\u3001\u5730\u7403\u4e0a\u3067\u6700\u3082\u8981\u6c42\u306e\u53b3\u3057\u3044\u4f01\u696d\u306b\u30b5\u30fc\u30d3\u30b9\u3092\u63d0\u4f9b\u3057\u3066\u3044\u308b\u306e\u3067\u3001\u76f8\u624b\u5074\u306b\u9069\u5207\u306a\u30c1\u30fc\u30e0\u304c\u3044\u308b\u3053\u3068\u304c\u672c\u5f53\u306b\u91cd\u8981\u3067\u3059\u3002\u305d\u308c\u3068\u540c\u6642\u306b\u3001\u79c1\u305f\u3061\u306f\u62e1\u5927\u306e\u305f\u3081\u306e\u6295\u8cc7\u3092\u7d9a\u3051\u3066\u3044\u307e\u3059\u3002\u79c1\u305f\u3061\u306f\u3001&#8221;Issuing-as-a-Service &#8220;\u88fd\u54c1\u3092\u767a\u8868\u3057\u307e\u3057\u305f\u3002<\/p>\n<p>\u6c7a\u6e08\u51e6\u7406\u3092\u958b\u59cb\u3057\u305f\u65b0\u3057\u3044\u5e02\u5834\u3082\u767a\u8868\u3057\u307e\u3057\u305f\u3002\u5b9f\u969b\u306e\u3068\u3053\u308d\u3001\u3053\u308c\u3089\u306f\u5e38\u306b\u5dee\u5225\u5316\u3092\u56f3\u308b\u305f\u3081\u306e\u3082\u306e\u3067\u3059\u3002\u3053\u308c\u3089\u306f\u3001\u65e2\u5b58\u306e\u304a\u5ba2\u69d8\u306b\u3082\u3001\u3053\u308c\u304b\u3089\u306e\u65b0\u3057\u3044\u304a\u5ba2\u69d8\u306b\u3082\u5f53\u3066\u306f\u307e\u308a\u307e\u3059\u3002\u65b0\u3057\u3044\u5730\u57df\u3084\u65b0\u3057\u3044\u6c7a\u6e08\u624b\u6bb5\u3092\u958b\u62d3\u3059\u308b\u305f\u3073\u306b\u3001\u73fe\u5728\u306e\u304a\u5ba2\u69d8\u3068\u8a71\u3057\u5408\u3046\u6a5f\u4f1a\u304c\u5897\u3048\u3066\u3044\u304d\u307e\u3059\u3002<\/p>\n<p>\u3082\u3061\u308d\u3093\u3001\u65b0\u3057\u3044\u6c7a\u6e08\u65b9\u6cd5\u3084\u5730\u57df\u3001\u88fd\u54c1\u3092\u5c0e\u5165\u3059\u308b\u3053\u3068\u3067\u3001\u65b0\u3057\u3044\u52a0\u76df\u5e97\u304c\u30d7\u30e9\u30c3\u30c8\u30d5\u30a9\u30fc\u30e0\u306b\u52a0\u308f\u308b\u3053\u3068\u3082\u671f\u5f85\u3057\u3066\u3044\u307e\u3059\u3002\u3057\u304b\u3057\u3001\u305d\u308c\u3089\u306e\u65b0\u3057\u3044\u52a0\u76df\u5e97\u306f\u3001\u3042\u308b\u65e5\u7a81\u7136\u3001NRR\u30d0\u30b1\u30c3\u30c8\u306b\u5165\u308a\u3001\u79c1\u305f\u3061\u306f\u4ed6\u306e\u3059\u3079\u3066\u306e\u6a5f\u4f1a\u306b\u3064\u3044\u3066\u8b70\u8ad6\u3059\u308b\u3053\u3068\u306b\u306a\u308a\u307e\u3059\u3002\u3067\u3059\u304b\u3089\u3001\u3053\u306e2\u3064\u306e\u3053\u3068\u306f\u624b\u3092\u53d6\u308a\u5408\u3063\u3066\u3044\u308b\u3068\u8003\u3048\u3066\u3044\u307e\u3059\u3002\u4e92\u3044\u306b\u88dc\u5b8c\u3057\u5408\u3063\u3066\u3044\u307e\u3059\u3002<\/p>\n<p>\u305d\u3057\u3066\u3001\u6295\u8cc7\u3092\u7d9a\u3051\u308b\u3053\u3068\u306f\u6b63\u3057\u3044\u3053\u3068\u3060\u3068\u8003\u3048\u3066\u3044\u307e\u3059\u3002<\/p>\n<p>\u30c6\u30a3\u30c8\u30fb\u30e9\u30d0\u30eb\u30bf &#8212; \u30b4\u30fc\u30eb\u30c9\u30de\u30f3\u30fb\u30b5\u30c3\u30af\u30b9 &#8212; \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n<p>\u30bb\u30d0\u3055\u3093\u3001\u30b9\u30df\u30bf\u3055\u3093\u3001\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u3002\u3068\u3066\u3082\u308f\u304b\u308a\u3084\u3059\u304b\u3063\u305f\u3067\u3059\u3002<\/p>\n<p>\u30aa\u30da\u30ec\u30fc\u30bf\u30fc<\/p>\n<p>\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3057\u305f\u3002\u6b21\u306e\u8cea\u554f\u306f\u3001J.P.\u30e2\u30eb\u30ac\u30f3\u306e\u30c9\u30df\u30f3\u30b4\u30fb\u30d5\u30a1\u30e9\u30d3\u30fc\u30ca\u3055\u3093\u304b\u3089\u3067\u3059\u3002\u3042\u306a\u305f\u306e\u56de\u7dda\u306f\u958b\u3044\u3066\u3044\u307e\u3059\u3002<\/p>\n<p>\u30c9\u30df\u30f3\u30b4\u30fb\u30d5\u30a1\u30e9\u30f4\u30a3\u30fc\u30ca &#8212; J.P.\u30e2\u30eb\u30ac\u30f3 &#8212; \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n<p>\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u3002\u4eca\u56de\u306e\u696d\u7e3e\u3082\u304a\u3081\u3067\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u3002\u3061\u3087\u3063\u3068\u3057\u305f\u8cea\u554f\u3067\u3059\u304c\u3001\u7279\u306b\u30d6\u30e9\u30b8\u30eb\u306b\u304a\u3051\u308b\u8cc7\u91d1\u8abf\u9054\u30b3\u30b9\u30c8\u306b\u3064\u3044\u3066\u304a\u805e\u304d\u3057\u307e\u3059\u3002\u3042\u306a\u305f\u65b9\u306f\u901a\u5e38\u30017\u65e5\u304b\u308910\u65e5\u7a0b\u5ea6\u3067\u652f\u6255\u3046\u3068\u805e\u3044\u3066\u3044\u307e\u3059\u3002<\/p>\n<p>\u30af\u30ec\u30b8\u30c3\u30c8\u30b5\u30a4\u30af\u30eb\u304c\u305d\u308c\u3088\u308a\u3082\u5c11\u3057\u9577\u3044\u3053\u3068\u306f\u5468\u77e5\u306e\u3068\u304a\u308a\u3067\u3059\u3002\u8cb7\u53ce\u5148\u3067\u8cc7\u91d1\u8abf\u9054\u306e\u30d7\u30ec\u30c3\u30b7\u30e3\u30fc\u304c\u767a\u751f\u3057\u3066\u3044\u308b\u3088\u3046\u3067\u3059\u304c\u3001\u305d\u308c\u3092\u3042\u306a\u305f\u65b9\u306b\u8ee2\u5ac1\u3057\u3066\u3044\u308b\u306e\u3067\u306f\u306a\u3044\u3067\u3057\u3087\u3046\u304b\u3002\u3067\u3059\u304b\u3089\u3001\u79c1\u306e\u8a18\u61b6\u9055\u3044\u3067\u3042\u308c\u3070\u3001\u57fa\u672c\u7684\u306b\u306f\u3053\u308c\u3089\u306e\u30d5\u30ed\u30fc\u304c\u30b5\u30fc\u30d3\u30b9\u30b3\u30b9\u30c8\u30e9\u30a4\u30f3\u306b\u5165\u3063\u3066\u3044\u308b\u3068\u8003\u3048\u3066\u3044\u307e\u3059\u3002\u305d\u3053\u3067\u8cea\u554f\u3067\u3059\u304c\u3001\u30d6\u30e9\u30b8\u30eb\u3067\u306e\u8cc7\u91d1\u8abf\u9054\u30b3\u30b9\u30c8\u306e\u4e0a\u6607\u306f\u3001\u30b3\u30b9\u30c8\u30aa\u30d6\u30b5\u30fc\u30d3\u30b9\u30e9\u30a4\u30f3\u306b\u3069\u306e\u7a0b\u5ea6\u306e\u5f71\u97ff\u3092\u4e0e\u3048\u305f\u306e\u3067\u3057\u3087\u3046\u304b\u3002\u307e\u305f\u3001\u3053\u308c\u306f\u4eca\u5f8c\u306e\u56db\u534a\u671f\u306b\u304a\u3044\u3066\u3082\u7d99\u7d9a\u7684\u306a\u5727\u529b\u306b\u306a\u308b\u3068\u601d\u3044\u307e\u3059\u304c\u3001\u3044\u304b\u304c\u3067\u3057\u3087\u3046\u304b\u3002<\/p>\n<p>\u30c7\u30a3\u30a8\u30b4\u30fb\u30ab\u30d6\u30ec\u30e9\u30fb\u30ab\u30cd\u30a4 &#8212; \u6700\u9ad8\u8ca1\u52d9\u8cac\u4efb\u8005<\/p>\n<p>\u305d\u3046\u3067\u3059\u306d\u3002\u3082\u3061\u308d\u3093\u3001\u30d6\u30e9\u30b8\u30eb\u306f\u95a2\u9023\u3059\u308b\u56fd\u3067\u3059\u304c\u3001\u5f53\u793e\u306e\u53d6\u6271\u9ad8\u306e\u7d043\u5206\u306e1\u306f\u30af\u30ec\u30b8\u30c3\u30c8\u30ab\u30fc\u30c9\u306b\u3088\u308b\u3082\u306e\u3067\u3059\u3002\u307e\u305f\u3001\u5206\u5272\u6255\u3044\u306f\u305d\u308c\u307b\u3069\u591a\u304f\u306a\u3044\u3068\u8003\u3048\u3066\u3044\u307e\u3059\u3002<\/p>\n<p>\u79c1\u305f\u3061\u306f\u3001\u30dd\u30ea\u30b7\u30fc\u3068\u3057\u3066\u3059\u3079\u3066\u3092\u5272\u308a\u5f15\u3044\u3066\u3044\u307e\u3059\u3002\u30af\u30ed\u30b9\u30dc\u30fc\u30c0\u30fc\u306e\u3082\u306e\u306f\u3059\u3079\u3066\u3001\u70ba\u66ff\u30ea\u30b9\u30af\u3092\u8efd\u6e1b\u3059\u308b\u305f\u3081\u306b\u5272\u5f15\u3057\u3066\u3044\u307e\u3059\u3002\u307e\u305f\u3001\u91d1\u5229\u304c\u4e0a\u6607\u3059\u308b\u53ef\u80fd\u6027\u304c\u3042\u308b\u305f\u3081\u3001\u52a0\u76df\u5e97\u306b\u8ca9\u58f2\u3059\u308b\u4fa1\u683c\u306b\u53cd\u6620\u3055\u305b\u3066\u3044\u307e\u3059\u306d\u3002\u3064\u307e\u308a\u3001\u5f53\u793e\u304c\u52a0\u76df\u5e97\u306b\u63d0\u793a\u3057\u3066\u3044\u308b\u4fa1\u683c\u306f\u3001\u30d6\u30e9\u30b8\u30eb\u306b\u3042\u308b\u5206\u5272\u6255\u3044\u306e\u50b5\u6a29\u3092\u5272\u5f15\u304f\u3053\u3068\u3092\u524d\u63d0\u3068\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n<p>\u30b9\u30df\u30bf\u30fb\u30d1\u30f3\u30c7\u30a3\u30c3\u30c8 &#8212; \u6700\u9ad8\u57f7\u884c\u8cac\u4efb\u8005<\/p>\n<p>\u30c9\u30e0\u3055\u3093\u3001\u3054\u8cea\u554f\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u3002\u30d6\u30e9\u30b8\u30eb\u306f\u3001\u5f53\u793e\u306b\u3068\u3063\u3066\u4e2d\u5357\u7c73\u306b\u3042\u308b5\u3064\u306e\u56fd\u306e\u3046\u3061\u306e1\u3064\u3067\u3042\u308b\u3053\u3068\u3092\u899a\u3048\u3066\u304a\u3044\u3066\u304f\u3060\u3055\u3044\u3002\u5148\u307b\u3069\u7533\u3057\u4e0a\u3052\u305f\u3088\u3046\u306b\u3001\u5f53\u793e\u306f\u30d6\u30e9\u30b8\u30eb\u306b\u5fc5\u305a\u3057\u3082\u5927\u304d\u306a\u96c6\u4e2d\u529b\u3092\u6301\u3063\u3066\u3044\u307e\u305b\u3093\u3002\u3057\u305f\u304c\u3063\u3066\u3001\u6211\u3005\u306e\u30d3\u30b8\u30cd\u30b9\u306e\u3054\u304f\u4e00\u90e8\u3092\u898b\u3066\u3044\u308b\u306b\u904e\u304e\u307e\u305b\u3093\u3002<\/p>\n<p>\u305d\u306e\u610f\u5473\u3067\u3082\u3001\u30d6\u30e9\u30b8\u30eb\u3067\u306e\u30b5\u30fc\u30d3\u30b9\u30b3\u30b9\u30c8\u3092\u8003\u3048\u308b\u4e0a\u3067\u306e\u5927\u304d\u306a\u8981\u56e0\u3068\u306f\u8003\u3048\u3066\u3044\u307e\u305b\u3093\u3002<\/p>\n<p>\u30c9\u30df\u30f3\u30b4\u30fb\u30d5\u30a1\u30e9\u30d3\u30fc\u30ca\uff08J.P.\u30e2\u30eb\u30ac\u30f3\uff09\uff1a\u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n<p>\u30b9\u30df\u30bf\u3055\u3093\u3001\u8ca9\u58f2\u53f0\u6570\u306e\u7d0430\uff05\u306f\u3001\u3082\u305730\u65e5\u524d\u306b\u9069\u7528\u3057\u305f\u3068\u3057\u3066\u3082\u300150bps\u3001100bps\u306e\u9055\u3044\u304c\u3042\u308b\u3093\u3067\u3059\u3088\u306d\uff1f3,400\u4e07\u30c9\u30eb\u306e\u4e2d\u304b\u3089\u3001\u7d4c\u5e38\u7684\u3067\u4eca\u5f8c\u3082\u5897\u52a0\u304c\u898b\u8fbc\u307e\u308c\u308b\u3082\u306e\u3068\u3001\u8ca1\u52d9\u7684\u306b\u95a2\u4fc2\u306e\u306a\u3044\u3082\u306e\u3092\u5207\u308a\u5206\u3051\u3088\u3046\u3068\u3057\u3066\u3044\u308b\u306e\u3067\u3059\u306d\u3002<\/p>\n<p>\u30bb\u30d0\u30b9\u30c1\u30e3\u30f3\u30fb\u30ab\u30ce\u30d3\u30c3\u30c1 &#8212; \u6700\u9ad8\u7d4c\u55b6\u8cac\u4efb\u8005<\/p>\n<p>\u30c9\u30e0\u30011\u30c9\u30eb\u3042\u305f\u308a\u306e\u30b3\u30b9\u30c8\u306f\u4e0a\u6607\u3057\u3066\u3044\u307e\u305b\u3093\u3002\u6211\u3005\u306f\u5e38\u306b\u3059\u3079\u3066\u306e\u8cc7\u91d1\u3092\u8abf\u9054\u3057\u3066\u3044\u307e\u3059\u3002\u4ee5\u524d\u306b\u3082\u304a\u8a71\u3057\u3057\u305f\u3068\u601d\u3044\u307e\u3059\u304c\u3001\u3053\u308c\u306f\u5f53\u793e\u306e\u53ce\u5165\u6e90\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002\u3067\u3059\u304b\u3089\u3001\u5e38\u306b\u30a2\u30af\u30ef\u30a4\u30a2\u30e9\u30fc\u306b\u624b\u6570\u6599\u3092\u652f\u6255\u3063\u3066\u304d\u307e\u3057\u305f\u3002<\/p>\n<p>\u591a\u304f\u306e\u4f01\u696d\u304c\u30d6\u30e9\u30b8\u30eb\u3067\u30de\u30fc\u30b8\u30f3\u3092\u5f97\u3066\u3044\u308b\u3053\u3068\u306f\u7406\u89e3\u3057\u3066\u3044\u307e\u3059\u304c\u3001\u3053\u308c\u306f\u5f53\u793e\u306e\u30b5\u30fc\u30d3\u30b9\u30b3\u30b9\u30c8\u306e\u8981\u56e0\u306b\u306f\u306a\u3063\u3066\u3044\u307e\u305b\u3093\u3002\u307e\u305f\u3001\u30ed\u30fc\u30ab\u30eb\u30fb\u30c4\u30fc\u30fb\u30ed\u30fc\u30ab\u30eb\u306e\u8981\u7d20\u3082\u3042\u308a\u307e\u3059\u3002\u3064\u307e\u308a\u300130\uff05\u3067\u3059\u3002\u3057\u304b\u3057\u3001\u30ed\u30fc\u30ab\u30eb\u30fb\u30c4\u30fc\u30fb\u30ed\u30fc\u30ab\u30eb\u3067\u306a\u3044\u5834\u5408\u306f\u3001FX\u30ea\u30b9\u30af\u304c\u306a\u3044\u305f\u3081\u3001\u8cc7\u91d1\u3092\u8abf\u9054\u3059\u308b\u5fc5\u8981\u306f\u3042\u308a\u307e\u305b\u3093\u3002<\/p>\n<p>\u3067\u3059\u304b\u3089\u3001\u3053\u308c\u306f\u30b3\u30b9\u30c8\u4e0a\u6607\u306e\u5927\u304d\u306a\u8981\u56e0\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3057\u3001\u4eca\u5f8c\u3082\u305d\u3046\u306a\u308b\u3068\u306f\u8003\u3048\u3066\u3044\u307e\u305b\u3093\u3002<\/p>\n<p>\u30c9\u30df\u30f3\u30b4\u30fb\u30d5\u30a1\u30e9\u30d3\u30ca &#8212; J.P.\u30e2\u30eb\u30ac\u30f3 &#8212; \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n<p>\u308f\u304b\u308a\u307e\u3057\u305f\u3002\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3057\u305f\u3002<\/p>\n<p>\u30aa\u30da\u30ec\u30fc\u30bf\u30fc<\/p>\n[\u4ed6\u306b\u8cea\u554f\u304c\u306a\u3044\u3088\u3046\u3067\u3059\u306e\u3067\u3001\u6700\u5f8c\u306b\u30bb\u30d0\u30b9\u30c1\u30e3\u30f3\u30fb\u30ab\u30ce\u30f4\u30a3\u30c3\u30c1\u3055\u3093\u306b\u3054\u6328\u62f6\u3092\u304a\u9858\u3044\u3057\u307e\u3059\u3002\u3069\u3046\u305e\u3088\u308d\u3057\u304f\u304a\u9858\u3044\u3044\u305f\u3057\u307e\u3059\u3002<\/p>\n<p>\u30bb\u30d0\u30b9\u30c1\u30e3\u30f3\u30fb\u30ab\u30ce\u30d3\u30c3\u30c1 &#8212; \u6700\u9ad8\u7d4c\u55b6\u8cac\u4efb\u8005<\/p>\n<p>\u7686\u3055\u3093\u3001\u304a\u6642\u9593\u3092\u5272\u3044\u3066\u3044\u305f\u3060\u304d\u3001\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u3002\u3054\u8cea\u554f\u306b\u306f\u5927\u5909\u611f\u8b1d\u3057\u3066\u304a\u308a\u307e\u3059\u3002\u3069\u3046\u305e\u3088\u308d\u3057\u304f\u304a\u9858\u3044\u3057\u307e\u3059\u3002<\/p>\n<p>&nbsp;<\/p>\n<p>\u4ee5\u4e0a\u3067\u3059\u3002\u4ed6\u306e\u7ffb\u8a33\u5e0c\u671b\u304c\u3042\u308c\u3070\u3054\u9023\u7d61\u3044\u305f\u3060\u3051\u308c\u3070\u691c\u8a0e\u3044\u305f\u3057\u307e\u3059\u3002<\/p>\n<p>\uff0a\u8aa4\u8a33\u306a\u3069\u304c\u3042\u308b\u304b\u3082\u3057\u308c\u307e\u305b\u3093\u3067\u306e\u53c2\u8003\u7a0b\u5ea6\u306b\u3057\u3066\u3044\u305f\u3060\u304d\u6295\u8cc7\u306f\u81ea\u5df1\u5224\u65ad\u3067\u304a\u9858\u3044\u3057\u307e\u3059\u3002<\/p>\n<p>\u30d6\u30ed\u30b0\u904b\u55b6\u306e\u52b1\u307f\u306b\u306a\u308a\u307e\u3059\u306e\u3067\u3001\u304a\u624b\u6570\u3067\u3059\u304c\u3001\u5fdc\u63f4\u306e\uff11\u65e5\uff11\u30af\u30ea\u30c3\u30af\u3092\u3088\u308d\u3057\u304f\u304a\u9858\u3044\u81f4\u3057\u307e\u3059\u3002<\/p>\n<p>\u2193\u2193\uff1c\u5fdc\u63f4\u30af\u30ea\u30c3\u30af\u304a\u9858\u3044\u3057\u307e\u3059\uff1e<\/p>\n<p><a href=\"https:\/\/stock.blogmura.com\/stockinfo\/ranking\/in?p_cid=11118987\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/b.blogmura.com\/stock\/stockinfo\/88_31.gif\" alt=\"\u306b\u307b\u3093\u30d6\u30ed\u30b0\u6751 \u682a\u30d6\u30ed\u30b0 \u682a\u5f0f\u6295\u8cc7\u60c5\u5831\u3078\" width=\"88\" height=\"31\" border=\"0\"><\/a><br \/>\n<a href=\"https:\/\/stock.blogmura.com\/stockinfo\/ranking\/in?p_cid=11118987\" target=\"_blank\" rel=\"noopener\">\u306b\u307b\u3093\u30d6\u30ed\u30b0\u6751<\/a><\/p>\n<p><a href=\"https:\/\/stock.blogmura.com\/americastock\/ranking\/in?p_cid=11118987\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/b.blogmura.com\/stock\/americastock\/88_31.gif\" alt=\"\u306b\u307b\u3093\u30d6\u30ed\u30b0\u6751 \u682a\u30d6\u30ed\u30b0 \u7c73\u56fd\u682a\u3078\" width=\"88\" height=\"31\" border=\"0\"><\/a><br \/>\n<a href=\"https:\/\/stock.blogmura.com\/americastock\/ranking\/in?p_cid=11118987\" target=\"_blank\" rel=\"noopener\">\u306b\u307b\u3093\u30d6\u30ed\u30b0\u6751<\/a><\/p>\n<p><a href=\"https:\/\/stock.blogmura.com\/ranking\/in?p_cid=11118987\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/b.blogmura.com\/stock\/88_31.gif\" alt=\"\u306b\u307b\u3093\u30d6\u30ed\u30b0\u6751 \u682a\u30d6\u30ed\u30b0\u3078\" width=\"88\" height=\"31\" border=\"0\"><\/a><br \/>\n<a href=\"https:\/\/stock.blogmura.com\/ranking\/in?p_cid=11118987\" target=\"_blank\" rel=\"noopener\">\u306b\u307b\u3093\u30d6\u30ed\u30b0\u6751<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u30c7\u30a3\u30fc\u30ed\u30fc\u30ab\u30eb(NASDAQ:DLO)\u306e2021\u5e74\u7b2c3\u56db\u534a\u671f\u6c7a\u7b97\u8aac\u660e\u4f1a\u306e\u65e5\u672c\u8a9e\u8a33\u3067\u3059\u3002 \u30aa\u30f3\u30e9\u30a4\u30f3\u3067\u306e\u6c7a\u6e08\u624b\u6bb5\u306e\u30d7\u30e9\u30c3\u30c8\u30d5\u30a9\u30fc\u30e0\u3067\u3042\u308bOne dLocal\u306e\u5f53\u56db\u534a\u671f\u306e\u7dcf\u51e6\u7406\u91cf\uff08TPV\uff09\u306f\u3001\u524d\u5e74\u540c\u671f\u6bd4\u3067217\uff05\u5897\u52a0\u3057\u300118 &#8230; <\/p>\n","protected":false},"author":1,"featured_media":772,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[72],"tags":[384,76,385,130,386,105,83],"class_list":{"0":"post-770","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-72","8":"tag-dlo","9":"tag-76","10":"tag-385","11":"tag-130","12":"tag-386","13":"tag-105","14":"tag-83"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>\u30c7\u30a3\u30fc\u30ed\u30fc\u30ab\u30eb(NASDAQ:DLO)2021\u5e74\u7b2c3\u56db\u534a\u671f\u6c7a\u7b97\u8aac\u660e\u4f1a\uff08\u30ab\u30f3\u30d5\u30a1\u30ec\u30f3\u30b9\u30b3\u30fc\u30eb\uff09 &#8211; \u682a\u5f0f\u6295\u8cc7\u30921up\u3059\u308b\u30d6\u30ed\u30b0<\/title>\n<meta name=\"description\" content=\"\u30c7\u30a3\u30fc\u30ed\u30fc\u30ab\u30eb(NASDAQ:DLO)\u306e2021\u5e74\u7b2c3\u56db\u534a\u671f\u6c7a\u7b97\u8aac\u660e\u4f1a\u306e\u65e5\u672c\u8a9e\u8a33\u3067\u3059\u3002\u30aa\u30f3\u30e9\u30a4\u30f3\u3067\u306e\u6c7a\u6e08\u624b\u6bb5\u306e\u30d7\u30e9\u30c3\u30c8\u30d5\u30a9\u30fc\u30e0\u3067\u3042\u308bOne dLocal\u306e\u5f53\u56db\u534a\u671f\u306e\u7dcf\u51e6\u7406\u91cf\uff08TPV\uff09\u306f\u3001\u524d\u5e74\u540c\u671f\u6bd4\u3067217\uff05\u5897\u52a0\u3057\u300118\u5104\u30c9\u30eb\u306b\u9054\u3057\u3066\u304a\u308a\u3001\u5f53\u56db\u534a\u671f\u306e\u58f2\u4e0a\u9ad8\u306f6,900\u4e07\u30c9\u30eb\u30012020\u5e74\u7b2c3\u56db\u534a\u671f\u3068\u6bd4\u8f03\u3057\u3066\u524d\u5e74\u540c\u671f\u6bd4123\uff05\u306e\u6210\u9577\u3057\u3066\u304a\u308a\u7d20\u6674\u3089\u3057\u3044\u4f38\u3073\u3060\u3068\u601d\u3044\u307e\u3059\u3002\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/1up-life.blog\/?p=770\" \/>\n<meta property=\"og:locale\" content=\"ja_JP\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"\u30c7\u30a3\u30fc\u30ed\u30fc\u30ab\u30eb(NASDAQ:DLO)2021\u5e74\u7b2c3\u56db\u534a\u671f\u6c7a\u7b97\u8aac\u660e\u4f1a\uff08\u30ab\u30f3\u30d5\u30a1\u30ec\u30f3\u30b9\u30b3\u30fc\u30eb\uff09 &#8211; \u682a\u5f0f\u6295\u8cc7\u30921up\u3059\u308b\u30d6\u30ed\u30b0\" \/>\n<meta property=\"og:description\" content=\"\u30c7\u30a3\u30fc\u30ed\u30fc\u30ab\u30eb(NASDAQ:DLO)\u306e2021\u5e74\u7b2c3\u56db\u534a\u671f\u6c7a\u7b97\u8aac\u660e\u4f1a\u306e\u65e5\u672c\u8a9e\u8a33\u3067\u3059\u3002\u30aa\u30f3\u30e9\u30a4\u30f3\u3067\u306e\u6c7a\u6e08\u624b\u6bb5\u306e\u30d7\u30e9\u30c3\u30c8\u30d5\u30a9\u30fc\u30e0\u3067\u3042\u308bOne dLocal\u306e\u5f53\u56db\u534a\u671f\u306e\u7dcf\u51e6\u7406\u91cf\uff08TPV\uff09\u306f\u3001\u524d\u5e74\u540c\u671f\u6bd4\u3067217\uff05\u5897\u52a0\u3057\u300118\u5104\u30c9\u30eb\u306b\u9054\u3057\u3066\u304a\u308a\u3001\u5f53\u56db\u534a\u671f\u306e\u58f2\u4e0a\u9ad8\u306f6,900\u4e07\u30c9\u30eb\u30012020\u5e74\u7b2c3\u56db\u534a\u671f\u3068\u6bd4\u8f03\u3057\u3066\u524d\u5e74\u540c\u671f\u6bd4123\uff05\u306e\u6210\u9577\u3057\u3066\u304a\u308a\u7d20\u6674\u3089\u3057\u3044\u4f38\u3073\u3060\u3068\u601d\u3044\u307e\u3059\u3002\" \/>\n<meta property=\"og:url\" content=\"https:\/\/1up-life.blog\/?p=770\" \/>\n<meta property=\"og:site_name\" content=\"\u682a\u5f0f\u6295\u8cc7\u30921up\u3059\u308b\u30d6\u30ed\u30b0\" \/>\n<meta property=\"article:published_time\" content=\"2021-11-17T13:01:16+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-11-18T11:41:37+00:00\" \/>\n<meta property=\"og:image\" content=\"http:\/\/1up-life.blog\/wp-content\/uploads\/2021\/11\/DLO.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"400\" \/>\n\t<meta property=\"og:image:height\" content=\"400\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"\u3059\u3051\u307d\u3093\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"\u57f7\u7b46\u8005\" \/>\n\t<meta name=\"twitter:data1\" content=\"\u3059\u3051\u307d\u3093\" \/>\n\t<meta name=\"twitter:label2\" content=\"\u63a8\u5b9a\u8aad\u307f\u53d6\u308a\u6642\u9593\" \/>\n\t<meta name=\"twitter:data2\" content=\"3\u5206\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/1up-life.blog\\\/?p=770#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/1up-life.blog\\\/?p=770\"},\"author\":{\"name\":\"\u3059\u3051\u307d\u3093\",\"@id\":\"https:\\\/\\\/1up-life.blog\\\/#\\\/schema\\\/person\\\/1706c8f6d05b86f64e59045d776dc7b9\"},\"headline\":\"\u30c7\u30a3\u30fc\u30ed\u30fc\u30ab\u30eb(NASDAQ:DLO)2021\u5e74\u7b2c3\u56db\u534a\u671f\u6c7a\u7b97\u8aac\u660e\u4f1a\uff08\u30ab\u30f3\u30d5\u30a1\u30ec\u30f3\u30b9\u30b3\u30fc\u30eb\uff09\",\"datePublished\":\"2021-11-17T13:01:16+00:00\",\"dateModified\":\"2021-11-18T11:41:37+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/1up-life.blog\\\/?p=770\"},\"wordCount\":250,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\\\/\\\/1up-life.blog\\\/#\\\/schema\\\/person\\\/1706c8f6d05b86f64e59045d776dc7b9\"},\"image\":{\"@id\":\"https:\\\/\\\/1up-life.blog\\\/?p=770#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/1up-life.blog\\\/wp-content\\\/uploads\\\/2021\\\/11\\\/DLO.jpg\",\"keywords\":[\"DLO\",\"\u30ab\u30f3\u30d5\u30a1\u30ec\u30f3\u30b9\u30b3\u30fc\u30eb\",\"\u30c7\u30a3\u30fc\u30ed\u30fc\u30ab\u30eb\",\"\u30d5\u30a3\u30f3\u30c6\u30c3\u30af\",\"\u6c7a\u6e08\u30d7\u30e9\u30c3\u30c8\u30d5\u30a9\u30fc\u30e0\",\"\u6c7a\u7b97\",\"\u7c73\u56fd\u682a\"],\"articleSection\":[\"\u30ab\u30f3\u30d5\u30a1\u30ec\u30f3\u30b9\u30b3\u30fc\u30eb\u65e5\u672c\u8a9e\u8a33\"],\"inLanguage\":\"ja\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/1up-life.blog\\\/?p=770#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/1up-life.blog\\\/?p=770\",\"url\":\"https:\\\/\\\/1up-life.blog\\\/?p=770\",\"name\":\"\u30c7\u30a3\u30fc\u30ed\u30fc\u30ab\u30eb(NASDAQ:DLO)2021\u5e74\u7b2c3\u56db\u534a\u671f\u6c7a\u7b97\u8aac\u660e\u4f1a\uff08\u30ab\u30f3\u30d5\u30a1\u30ec\u30f3\u30b9\u30b3\u30fc\u30eb\uff09 &#8211; \u682a\u5f0f\u6295\u8cc7\u30921up\u3059\u308b\u30d6\u30ed\u30b0\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/1up-life.blog\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/1up-life.blog\\\/?p=770#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/1up-life.blog\\\/?p=770#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/1up-life.blog\\\/wp-content\\\/uploads\\\/2021\\\/11\\\/DLO.jpg\",\"datePublished\":\"2021-11-17T13:01:16+00:00\",\"dateModified\":\"2021-11-18T11:41:37+00:00\",\"description\":\"\u30c7\u30a3\u30fc\u30ed\u30fc\u30ab\u30eb(NASDAQ:DLO)\u306e2021\u5e74\u7b2c3\u56db\u534a\u671f\u6c7a\u7b97\u8aac\u660e\u4f1a\u306e\u65e5\u672c\u8a9e\u8a33\u3067\u3059\u3002\u30aa\u30f3\u30e9\u30a4\u30f3\u3067\u306e\u6c7a\u6e08\u624b\u6bb5\u306e\u30d7\u30e9\u30c3\u30c8\u30d5\u30a9\u30fc\u30e0\u3067\u3042\u308bOne dLocal\u306e\u5f53\u56db\u534a\u671f\u306e\u7dcf\u51e6\u7406\u91cf\uff08TPV\uff09\u306f\u3001\u524d\u5e74\u540c\u671f\u6bd4\u3067217\uff05\u5897\u52a0\u3057\u300118\u5104\u30c9\u30eb\u306b\u9054\u3057\u3066\u304a\u308a\u3001\u5f53\u56db\u534a\u671f\u306e\u58f2\u4e0a\u9ad8\u306f6,900\u4e07\u30c9\u30eb\u30012020\u5e74\u7b2c3\u56db\u534a\u671f\u3068\u6bd4\u8f03\u3057\u3066\u524d\u5e74\u540c\u671f\u6bd4123\uff05\u306e\u6210\u9577\u3057\u3066\u304a\u308a\u7d20\u6674\u3089\u3057\u3044\u4f38\u3073\u3060\u3068\u601d\u3044\u307e\u3059\u3002\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/1up-life.blog\\\/?p=770#breadcrumb\"},\"inLanguage\":\"ja\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/1up-life.blog\\\/?p=770\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"ja\",\"@id\":\"https:\\\/\\\/1up-life.blog\\\/?p=770#primaryimage\",\"url\":\"https:\\\/\\\/1up-life.blog\\\/wp-content\\\/uploads\\\/2021\\\/11\\\/DLO.jpg\",\"contentUrl\":\"https:\\\/\\\/1up-life.blog\\\/wp-content\\\/uploads\\\/2021\\\/11\\\/DLO.jpg\",\"width\":400,\"height\":400},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/1up-life.blog\\\/?p=770#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"\u30db\u30fc\u30e0\",\"item\":\"https:\\\/\\\/1up-life.blog\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"\u30c7\u30a3\u30fc\u30ed\u30fc\u30ab\u30eb(NASDAQ:DLO)2021\u5e74\u7b2c3\u56db\u534a\u671f\u6c7a\u7b97\u8aac\u660e\u4f1a\uff08\u30ab\u30f3\u30d5\u30a1\u30ec\u30f3\u30b9\u30b3\u30fc\u30eb\uff09\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/1up-life.blog\\\/#website\",\"url\":\"https:\\\/\\\/1up-life.blog\\\/\",\"name\":\"\u7c73\u56fd\u682a\u30921up\u3059\u308b\u30d6\u30ed\u30b0\",\"description\":\"\u4e3b\u306b\u7c73\u56fd\u682a\u306e\u6c7a\u7b97\u60c5\u5831\u3084\u6295\u8cc7\u306b\u3064\u3044\u3066\u7d39\u4ecb\u3057\u3066\u3044\u304d\u307e\u3059\u3002\u305f\u307e\u306b\u65e5\u672c\u682a\u3067\u3082\u8208\u5473\u304c\u3042\u308b\u3053\u3068\u3092\u66f8\u3044\u3066\u3044\u304d\u307e\u3059\u3002\",\"publisher\":{\"@id\":\"https:\\\/\\\/1up-life.blog\\\/#\\\/schema\\\/person\\\/1706c8f6d05b86f64e59045d776dc7b9\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/1up-life.blog\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"ja\"},{\"@type\":[\"Person\",\"Organization\"],\"@id\":\"https:\\\/\\\/1up-life.blog\\\/#\\\/schema\\\/person\\\/1706c8f6d05b86f64e59045d776dc7b9\",\"name\":\"\u3059\u3051\u307d\u3093\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"ja\",\"@id\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/12c497be8a6e2d3e908d0bd22f4fec4ba47c4da19b8458040d8040e22dd0ef49?s=96&d=monsterid&r=g\",\"url\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/12c497be8a6e2d3e908d0bd22f4fec4ba47c4da19b8458040d8040e22dd0ef49?s=96&d=monsterid&r=g\",\"contentUrl\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/12c497be8a6e2d3e908d0bd22f4fec4ba47c4da19b8458040d8040e22dd0ef49?s=96&d=monsterid&r=g\",\"caption\":\"\u3059\u3051\u307d\u3093\"},\"logo\":{\"@id\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/12c497be8a6e2d3e908d0bd22f4fec4ba47c4da19b8458040d8040e22dd0ef49?s=96&d=monsterid&r=g\"},\"sameAs\":[\"https:\\\/\\\/1up-life.blog\"]}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"\u30c7\u30a3\u30fc\u30ed\u30fc\u30ab\u30eb(NASDAQ:DLO)2021\u5e74\u7b2c3\u56db\u534a\u671f\u6c7a\u7b97\u8aac\u660e\u4f1a\uff08\u30ab\u30f3\u30d5\u30a1\u30ec\u30f3\u30b9\u30b3\u30fc\u30eb\uff09 &#8211; \u682a\u5f0f\u6295\u8cc7\u30921up\u3059\u308b\u30d6\u30ed\u30b0","description":"\u30c7\u30a3\u30fc\u30ed\u30fc\u30ab\u30eb(NASDAQ:DLO)\u306e2021\u5e74\u7b2c3\u56db\u534a\u671f\u6c7a\u7b97\u8aac\u660e\u4f1a\u306e\u65e5\u672c\u8a9e\u8a33\u3067\u3059\u3002\u30aa\u30f3\u30e9\u30a4\u30f3\u3067\u306e\u6c7a\u6e08\u624b\u6bb5\u306e\u30d7\u30e9\u30c3\u30c8\u30d5\u30a9\u30fc\u30e0\u3067\u3042\u308bOne dLocal\u306e\u5f53\u56db\u534a\u671f\u306e\u7dcf\u51e6\u7406\u91cf\uff08TPV\uff09\u306f\u3001\u524d\u5e74\u540c\u671f\u6bd4\u3067217\uff05\u5897\u52a0\u3057\u300118\u5104\u30c9\u30eb\u306b\u9054\u3057\u3066\u304a\u308a\u3001\u5f53\u56db\u534a\u671f\u306e\u58f2\u4e0a\u9ad8\u306f6,900\u4e07\u30c9\u30eb\u30012020\u5e74\u7b2c3\u56db\u534a\u671f\u3068\u6bd4\u8f03\u3057\u3066\u524d\u5e74\u540c\u671f\u6bd4123\uff05\u306e\u6210\u9577\u3057\u3066\u304a\u308a\u7d20\u6674\u3089\u3057\u3044\u4f38\u3073\u3060\u3068\u601d\u3044\u307e\u3059\u3002","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/1up-life.blog\/?p=770","og_locale":"ja_JP","og_type":"article","og_title":"\u30c7\u30a3\u30fc\u30ed\u30fc\u30ab\u30eb(NASDAQ:DLO)2021\u5e74\u7b2c3\u56db\u534a\u671f\u6c7a\u7b97\u8aac\u660e\u4f1a\uff08\u30ab\u30f3\u30d5\u30a1\u30ec\u30f3\u30b9\u30b3\u30fc\u30eb\uff09 &#8211; \u682a\u5f0f\u6295\u8cc7\u30921up\u3059\u308b\u30d6\u30ed\u30b0","og_description":"\u30c7\u30a3\u30fc\u30ed\u30fc\u30ab\u30eb(NASDAQ:DLO)\u306e2021\u5e74\u7b2c3\u56db\u534a\u671f\u6c7a\u7b97\u8aac\u660e\u4f1a\u306e\u65e5\u672c\u8a9e\u8a33\u3067\u3059\u3002\u30aa\u30f3\u30e9\u30a4\u30f3\u3067\u306e\u6c7a\u6e08\u624b\u6bb5\u306e\u30d7\u30e9\u30c3\u30c8\u30d5\u30a9\u30fc\u30e0\u3067\u3042\u308bOne dLocal\u306e\u5f53\u56db\u534a\u671f\u306e\u7dcf\u51e6\u7406\u91cf\uff08TPV\uff09\u306f\u3001\u524d\u5e74\u540c\u671f\u6bd4\u3067217\uff05\u5897\u52a0\u3057\u300118\u5104\u30c9\u30eb\u306b\u9054\u3057\u3066\u304a\u308a\u3001\u5f53\u56db\u534a\u671f\u306e\u58f2\u4e0a\u9ad8\u306f6,900\u4e07\u30c9\u30eb\u30012020\u5e74\u7b2c3\u56db\u534a\u671f\u3068\u6bd4\u8f03\u3057\u3066\u524d\u5e74\u540c\u671f\u6bd4123\uff05\u306e\u6210\u9577\u3057\u3066\u304a\u308a\u7d20\u6674\u3089\u3057\u3044\u4f38\u3073\u3060\u3068\u601d\u3044\u307e\u3059\u3002","og_url":"https:\/\/1up-life.blog\/?p=770","og_site_name":"\u682a\u5f0f\u6295\u8cc7\u30921up\u3059\u308b\u30d6\u30ed\u30b0","article_published_time":"2021-11-17T13:01:16+00:00","article_modified_time":"2021-11-18T11:41:37+00:00","og_image":[{"width":400,"height":400,"url":"http:\/\/1up-life.blog\/wp-content\/uploads\/2021\/11\/DLO.jpg","type":"image\/jpeg"}],"author":"\u3059\u3051\u307d\u3093","twitter_card":"summary_large_image","twitter_misc":{"\u57f7\u7b46\u8005":"\u3059\u3051\u307d\u3093","\u63a8\u5b9a\u8aad\u307f\u53d6\u308a\u6642\u9593":"3\u5206"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/1up-life.blog\/?p=770#article","isPartOf":{"@id":"https:\/\/1up-life.blog\/?p=770"},"author":{"name":"\u3059\u3051\u307d\u3093","@id":"https:\/\/1up-life.blog\/#\/schema\/person\/1706c8f6d05b86f64e59045d776dc7b9"},"headline":"\u30c7\u30a3\u30fc\u30ed\u30fc\u30ab\u30eb(NASDAQ:DLO)2021\u5e74\u7b2c3\u56db\u534a\u671f\u6c7a\u7b97\u8aac\u660e\u4f1a\uff08\u30ab\u30f3\u30d5\u30a1\u30ec\u30f3\u30b9\u30b3\u30fc\u30eb\uff09","datePublished":"2021-11-17T13:01:16+00:00","dateModified":"2021-11-18T11:41:37+00:00","mainEntityOfPage":{"@id":"https:\/\/1up-life.blog\/?p=770"},"wordCount":250,"commentCount":0,"publisher":{"@id":"https:\/\/1up-life.blog\/#\/schema\/person\/1706c8f6d05b86f64e59045d776dc7b9"},"image":{"@id":"https:\/\/1up-life.blog\/?p=770#primaryimage"},"thumbnailUrl":"https:\/\/1up-life.blog\/wp-content\/uploads\/2021\/11\/DLO.jpg","keywords":["DLO","\u30ab\u30f3\u30d5\u30a1\u30ec\u30f3\u30b9\u30b3\u30fc\u30eb","\u30c7\u30a3\u30fc\u30ed\u30fc\u30ab\u30eb","\u30d5\u30a3\u30f3\u30c6\u30c3\u30af","\u6c7a\u6e08\u30d7\u30e9\u30c3\u30c8\u30d5\u30a9\u30fc\u30e0","\u6c7a\u7b97","\u7c73\u56fd\u682a"],"articleSection":["\u30ab\u30f3\u30d5\u30a1\u30ec\u30f3\u30b9\u30b3\u30fc\u30eb\u65e5\u672c\u8a9e\u8a33"],"inLanguage":"ja","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/1up-life.blog\/?p=770#respond"]}]},{"@type":"WebPage","@id":"https:\/\/1up-life.blog\/?p=770","url":"https:\/\/1up-life.blog\/?p=770","name":"\u30c7\u30a3\u30fc\u30ed\u30fc\u30ab\u30eb(NASDAQ:DLO)2021\u5e74\u7b2c3\u56db\u534a\u671f\u6c7a\u7b97\u8aac\u660e\u4f1a\uff08\u30ab\u30f3\u30d5\u30a1\u30ec\u30f3\u30b9\u30b3\u30fc\u30eb\uff09 &#8211; \u682a\u5f0f\u6295\u8cc7\u30921up\u3059\u308b\u30d6\u30ed\u30b0","isPartOf":{"@id":"https:\/\/1up-life.blog\/#website"},"primaryImageOfPage":{"@id":"https:\/\/1up-life.blog\/?p=770#primaryimage"},"image":{"@id":"https:\/\/1up-life.blog\/?p=770#primaryimage"},"thumbnailUrl":"https:\/\/1up-life.blog\/wp-content\/uploads\/2021\/11\/DLO.jpg","datePublished":"2021-11-17T13:01:16+00:00","dateModified":"2021-11-18T11:41:37+00:00","description":"\u30c7\u30a3\u30fc\u30ed\u30fc\u30ab\u30eb(NASDAQ:DLO)\u306e2021\u5e74\u7b2c3\u56db\u534a\u671f\u6c7a\u7b97\u8aac\u660e\u4f1a\u306e\u65e5\u672c\u8a9e\u8a33\u3067\u3059\u3002\u30aa\u30f3\u30e9\u30a4\u30f3\u3067\u306e\u6c7a\u6e08\u624b\u6bb5\u306e\u30d7\u30e9\u30c3\u30c8\u30d5\u30a9\u30fc\u30e0\u3067\u3042\u308bOne dLocal\u306e\u5f53\u56db\u534a\u671f\u306e\u7dcf\u51e6\u7406\u91cf\uff08TPV\uff09\u306f\u3001\u524d\u5e74\u540c\u671f\u6bd4\u3067217\uff05\u5897\u52a0\u3057\u300118\u5104\u30c9\u30eb\u306b\u9054\u3057\u3066\u304a\u308a\u3001\u5f53\u56db\u534a\u671f\u306e\u58f2\u4e0a\u9ad8\u306f6,900\u4e07\u30c9\u30eb\u30012020\u5e74\u7b2c3\u56db\u534a\u671f\u3068\u6bd4\u8f03\u3057\u3066\u524d\u5e74\u540c\u671f\u6bd4123\uff05\u306e\u6210\u9577\u3057\u3066\u304a\u308a\u7d20\u6674\u3089\u3057\u3044\u4f38\u3073\u3060\u3068\u601d\u3044\u307e\u3059\u3002","breadcrumb":{"@id":"https:\/\/1up-life.blog\/?p=770#breadcrumb"},"inLanguage":"ja","potentialAction":[{"@type":"ReadAction","target":["https:\/\/1up-life.blog\/?p=770"]}]},{"@type":"ImageObject","inLanguage":"ja","@id":"https:\/\/1up-life.blog\/?p=770#primaryimage","url":"https:\/\/1up-life.blog\/wp-content\/uploads\/2021\/11\/DLO.jpg","contentUrl":"https:\/\/1up-life.blog\/wp-content\/uploads\/2021\/11\/DLO.jpg","width":400,"height":400},{"@type":"BreadcrumbList","@id":"https:\/\/1up-life.blog\/?p=770#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"\u30db\u30fc\u30e0","item":"https:\/\/1up-life.blog\/"},{"@type":"ListItem","position":2,"name":"\u30c7\u30a3\u30fc\u30ed\u30fc\u30ab\u30eb(NASDAQ:DLO)2021\u5e74\u7b2c3\u56db\u534a\u671f\u6c7a\u7b97\u8aac\u660e\u4f1a\uff08\u30ab\u30f3\u30d5\u30a1\u30ec\u30f3\u30b9\u30b3\u30fc\u30eb\uff09"}]},{"@type":"WebSite","@id":"https:\/\/1up-life.blog\/#website","url":"https:\/\/1up-life.blog\/","name":"\u7c73\u56fd\u682a\u30921up\u3059\u308b\u30d6\u30ed\u30b0","description":"\u4e3b\u306b\u7c73\u56fd\u682a\u306e\u6c7a\u7b97\u60c5\u5831\u3084\u6295\u8cc7\u306b\u3064\u3044\u3066\u7d39\u4ecb\u3057\u3066\u3044\u304d\u307e\u3059\u3002\u305f\u307e\u306b\u65e5\u672c\u682a\u3067\u3082\u8208\u5473\u304c\u3042\u308b\u3053\u3068\u3092\u66f8\u3044\u3066\u3044\u304d\u307e\u3059\u3002","publisher":{"@id":"https:\/\/1up-life.blog\/#\/schema\/person\/1706c8f6d05b86f64e59045d776dc7b9"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/1up-life.blog\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"ja"},{"@type":["Person","Organization"],"@id":"https:\/\/1up-life.blog\/#\/schema\/person\/1706c8f6d05b86f64e59045d776dc7b9","name":"\u3059\u3051\u307d\u3093","image":{"@type":"ImageObject","inLanguage":"ja","@id":"https:\/\/secure.gravatar.com\/avatar\/12c497be8a6e2d3e908d0bd22f4fec4ba47c4da19b8458040d8040e22dd0ef49?s=96&d=monsterid&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/12c497be8a6e2d3e908d0bd22f4fec4ba47c4da19b8458040d8040e22dd0ef49?s=96&d=monsterid&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/12c497be8a6e2d3e908d0bd22f4fec4ba47c4da19b8458040d8040e22dd0ef49?s=96&d=monsterid&r=g","caption":"\u3059\u3051\u307d\u3093"},"logo":{"@id":"https:\/\/secure.gravatar.com\/avatar\/12c497be8a6e2d3e908d0bd22f4fec4ba47c4da19b8458040d8040e22dd0ef49?s=96&d=monsterid&r=g"},"sameAs":["https:\/\/1up-life.blog"]}]}},"_links":{"self":[{"href":"https:\/\/1up-life.blog\/index.php?rest_route=\/wp\/v2\/posts\/770","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/1up-life.blog\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/1up-life.blog\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/1up-life.blog\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/1up-life.blog\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=770"}],"version-history":[{"count":3,"href":"https:\/\/1up-life.blog\/index.php?rest_route=\/wp\/v2\/posts\/770\/revisions"}],"predecessor-version":[{"id":791,"href":"https:\/\/1up-life.blog\/index.php?rest_route=\/wp\/v2\/posts\/770\/revisions\/791"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/1up-life.blog\/index.php?rest_route=\/wp\/v2\/media\/772"}],"wp:attachment":[{"href":"https:\/\/1up-life.blog\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=770"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/1up-life.blog\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=770"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/1up-life.blog\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=770"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}