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\uff1c\u30d9\u30c8\u30ca\u30e0\u682a\u5f0f\u60c5\u5831\uff1e
\u9867\u5ba2\u914d\u5e03\u8cc7\u6599 \u51684\u30da\u30fc\u30b8
\u4f5c\u6210\uff1a\u30cb\u30e5\u30fc\u30b9\u8a3c\u5238\u682a\u5f0f\u4f1a\u793e
\uff8c\uff98\uff70\uff80\uff9e\uff72\uff71\uff99\uff1a0120-411-965
\uff8e\uff70\uff91\uff8d\uff9f\uff70\uff7c\uff9e\uff71\uff84\uff9e\uff9a\uff7d\uff1ahttp://www.news-sec.co.jp
\u30cb\u30e5\u30fc\u30b9\u8a3c\u5238\u682a\u5f0f\u4f1a\u793e\u3010\u95a2\u6771\u8ca1\u52d9\u5c40\u9577\uff08\u91d1\u5546\uff09\u7b2c138\u53f7\u3011
\u52a0\u5165\u5354\u4f1a \u65e5\u672c\u8a3c\u5238\u696d\u5354\u4f1a
\u4e3b\u306a\u4e8b\u696d \u91d1\u878d\u5546\u54c1\u53d6\u5f15\u696d

\u5916\u56fd\u682a\u5f0f\u306f\u3001\u4fa1\u683c\u5909\u52d5\u30ea\u30b9\u30af\u3001\u70ba\u66ff\u5909\u52d5\u30ea\u30b9\u30af\u3001\u30ab\u30f3\u30c8\u30ea\u30fc\u30ea\u30b9\u30af\u3001\u4f1a\u8a08\u57fa\u6e96\u5909\u66f4\u30ea\u30b9\u30af\u3001\u6d41\u52d5\u6027\u30ea\u30b9\u30af\u3001\u53d6\u5f15\u76f8\u624b\u5148\u30ea\u30b9\u30af\uff08\u30ab\u30a6\u30f3\u30bf\u30fc\u30d1\u30fc\u30c6\u30a3\u30fc\u30ea\u30b9\u30af\uff09\u3001\u6a5f \u4f1a\u640d\u5931\u3001\u305d\u306e\u4ed6\u30ea\u30b9\u30af\u304c\u3042\u308a\u307e\u3059\u3002\u3054\u6295\u8cc7\u3092\u3059\u308b\u969b\u306b\u306f\u3001\u4e0a\u8a18\u4fa1\u683c\u5909\u52d5\u53ca\u3073\u70ba\u66ff\u5909\u52d5\u306b\u3088\u308a\u6295\u8cc7\u5143\u672c\u3092\u4e0b\u56de\u308b\u304a\u305d\u308c\u304c\u3042\u308a\u307e\u3059\u306e\u3067\u3001\u7d04\u6b3e\u30fb\u6295\u8cc7\u30ac\u30a4\u30c9\u53ca \u3073\u5951\u7d04\u7de0\u7d50\u524d\u4ea4\u4ed8\u66f8\u9762\u3092\u3088\u304f\u304a\u8aad\u307f\u3044\u305f\u3060\u304d\u3001\u5546\u54c1\u7279\u6027\u3084\u30ea\u30b9\u30af\u53ca\u3073\u304a\u53d6\u5f15\u30eb\u30fc\u30eb\u7b49\u3092\u5341\u5206\u3054\u7406\u89e3\u306e\u4e0a\u3001\u6295\u8cc7\u5bb6\u3054\u672c\u4eba\u69d8\u306e\u5224\u65ad\u306b\u3066\u884c\u3063\u3066\u304f\u3060\u3055\u3044\u3002\u30d9 \u30c8\u30ca\u30e0\u682a\u5f0f\u3078\u306e\u3054\u6295\u8cc7\u306b\u306f\u3001\u53d6\u6271\u624b\u6570\u6599\uff08\u3010\u5bfe\u9762\u53d6\u5f15\u306e\u5834\u5408\u3011\u7d04\u5b9a\u4ee3\u91d1\u00d72.10%\uff08\u6700\u4f4e\u624b\u6570\u6599800,000\u30c9\u30f3\uff09\u3001\u3010\u30a4\u30f3\u30bf\u30fc\u30cd\u30c3\u30c8\u53d6\u5f15\u306e\u5834\u5408\u3011\u7d04\u5b9a\u4ee3\u91d1 \u00d71.68%\uff08\u6700\u4f4e\u624b\u6570\u6599600,000\u30c9\u30f3\uff09\uff09\u304c\u5fc5\u8981\u3067\u3059 \u3002\u5916\u56fd\u682a\u5f0f\u306e\u58f2\u8cb7\u306b\u3042\u305f\u308a\u3001\u5186\u8ca8\u3068\u5916\u8ca8\u3092\u4ea4\u63db\u3059\u308b\u5834\u5408\u306b\u306f\u3001\u5916\u56fd\u70ba\u66ff\u5e02\u5834\u306e\u52d5\u5411\u3092\u3075\u307e\u3048\u3066\u5f53\u793e\u304c\u6c7a \u5b9a\u3057\u305f\u70ba\u66ff\u30ec\u30fc\u30c8\u306b\u3088\u308b\u3082\u306e\u3068\u3057\u307e\u3059\u3002

\u4f5c\u6210\uff1a2009\u5e747\u67089\u65e5\uff08\u6728\uff09
\u304a\u554f\u3044\u5408\u308f\u305b
VN090709S
\u2015 1 \u2015
VIETNAM EQUITY RESEARCH
\uff081\uff09\u521d\u5024\u3092\u4e0a\u56de\u308b\u4e0a\u5834\u5f8c\u9ad8\u5024

\u4e16\u754c\u7684\u306a\u91d1\u878d\u5371\u6a5f\u306b\u3088\u308a\u3001\u6628\u5e74\u3088\u308a\u682a\u4fa1\u306e\u4e0b\u843d\u304c\u7d9a\u3044\u3066 \u3044\u305f\u30d9\u30c8\u30ca\u30e0\u5e02\u5834\u3060\u304c\u3001\u4eca\u5e74\u306e2\u6708\u672b\u304b\u3089\u306f\u682a\u4fa1\u306e\u4e0a\u6607\u304c \u9855\u8457\u3067\u3042\u308b\u3002\u5927\u5e95\u3092\u6253\u3061\u3001\u682a\u4fa1\u4e0a\u6607\u5c40\u9762\u306b\u5165\u3063\u305f\u3068\u306e\u898b\u65b9\u3082 \u3042\u308a\u3001\u4eca\u5f8c\u306e\u5c55\u958b\u304c\u6ce8\u76ee\u3055\u308c\u308b\u3002

\u5e02\u5834\u306e\u56de\u5fa9\u306b\u4f34\u3044\u3001\u3053\u3053\u306b\u304d\u3066\u3001\u65b0\u898f\u4e0a\u5834\u9298\u67c4\u3078\u306e\u6ce8\u76ee \u304c\u96c6\u307e\u308a\u3064\u3064\u3042\u308b\u3002\u30d9\u30c8\u30ca\u30e0\u653f\u5e9c\u306b\u5f8c\u62bc\u3057\u3055\u308c\u305f\u3001\u5927\u578b\u56fd\u55b6 \u4f01\u696d\u306e\u65b0\u898f\u4e0a\u5834\u3082\u76f8\u6b21\u304e\u3001\u5e02\u5834\u3078\u306e\u8cc7\u91d1\u6d41\u5165\u304c\u671f\u5f85\u3055\u308c \u3066\u3044\u308b\u3002

\u30ea\u30fc\u30de\u30f3\u30fb\u30b7\u30e7\u30c3\u30af\uff0808\u5e749\u6708\uff09\u5f8c\u306e\u65b0\u898f\u4e0a\u5834\u9298\u67c4\u306e\u52d5\u5411\u3092
\u898b\u308b\u3068\u3001\u65b0\u898f\u4e0a\u5834\u9298\u67c4\u306e\u597d\u30d1\u30d5\u30a9\u30fc\u30de\u30f3\u30b9\u304c\u9855\u8457\u3067\u3042\u308b\u3002

\u6628\u5e749\u6708\u4ee5\u964d\u306e\u65b0\u898f\u4e0a\u5834\u9298\u67c4\u306f25\u9298\u67c4\uff08\u3046\u30612\u9298\u67c4\u306b\u95a2\u3057 \u3066\u306f\u3001\u30cf\u30ce\u30a4\u5e02\u5834\u304b\u3089\u30db\u30fc\u30c1\u30df\u30f3\u5e02\u5834\u3078\u306e\u978d\u66ff\u4e0a\u5834\uff09\u3042\u308b\u3002 \u305d\u306e\u3046\u3061\u3001\u4e0a\u5834\u521d\u65e5\u306b\u3064\u3051\u305f\u521d\u5024\u3068\u3001\u4e0a\u5834\u5f8c\u9ad8\u5024\u3092\u6bd4\u8f03\u3059 \u308b\u3068\u3001\u5b9f\u306b21\u9298\u67c4\u304c\u4e0a\u6607\u3057\u3066\u3044\u308b\u3002\u4e0a\u6607\u7387\u306e\u5927\u304d\u3044\u9806\u306b\u3001\u30d3 \u30f3\u30c1\u30e3\u30a4\u30f3\u5efa\u8a2d\u6295\u8cc7\uff08BCI\uff09+152.9%\u3001\u30db\u30fc\u30c1\u30df\u30f3\u5e02\u8a3c\u5238 \uff08HCM\uff09+140.7%\u3001NBB\u6295\u8cc7\uff08NBB\uff09+140.6%\u3001\u30c8\u30e9\u30d5\u30a1\u30b3 \u88fd\u85ac\uff08TRA\uff09+130.0%\u3001\u30da\u30c8\u30ed\u30d9\u30c8\u30ca\u30e0\u30fb\u30d5\u30a1\u30a4\u30ca\u30f3\u30b9\uff08PVF\uff09

+110.4%\u306a\u3069\u3001\u521d\u5024\u306e2\u500d\u4ee5\u4e0a\u3068\u306a\u3063\u3066\u3044\u308b\u9298\u67c4\u3082\u591a\u304f\u898b\u53d7

\u3051\u3089\u308c\u308b\u3002\u6025\u30d4\u30c3\u30c1\u3067\u4e0a\u6607\u3057\u3066\u304d\u305f\u5e02\u5834\u5168\u4f53\u306e\u8abf\u6574\u306e\u5f71\u97ff\u3092 \u53d7\u3051\u3001\u76f4\u8fd1\u3067\u306f\u5e02\u5834\u5168\u4f53\u304c\u8abf\u6574\u3057\u3066\u3044\u308b\u305f\u3081\u3001\u76f4\u8fd1\u306e\u500b\u5225 \u682a\u4fa1\u3092\u898b\u308b\u3068\u3001\u9ad8\u5024\u304b\u3089\u306e\u4e0b\u843d\u3082\u898b\u3089\u308c\u308b\u304c\u3001\u65b0\u898f\u4e0a\u6607\u9298 \u67c4\u3078\u306e\u8cc7\u91d1\u6d41\u5165\u304c\u8457\u3057\u3044\u3053\u3068\u304c\u308f\u304b\u308b\u3002

High light:

\u5927\u578b\u9298\u67c4\u306e\u4e0a\u5834\u304c\u76f8\u6b21\u3050\u3001\u30d9\u30c8\u30ca\u30e0\u5e02\u5834\u3002\u682a\u5f0f\u5e02\u5834 \u306e\u53cd\u767a\u3082\u76f8\u307e\u3063\u3066\u3001\u65b0\u898f\u4e0a\u5834\u5f8c\u3001\u9ad8\u5024\u3092\u5207\u308a\u4e0a\u3052\u308b\u9298\u67c4 \u304c\u591a\u304f\u898b\u3089\u308c\u307e\u3059\u3002\u3055\u3089\u306b\u3001\u5927\u578b\u9298\u67c4\u306b\u95a2\u3057\u3066\u306f\u3001\u8cc7\u91d1 \u6d41\u5165\u306e\u50be\u5411\u304c\u9855\u8457\u3067\u3042\u308a\u3001\u682a\u4fa1\u4e0a\u6607\u304c\u306f\u3063\u304d\u308a\u3068\u898b\u3066\u3068 \u308c\u307e\u3059\u3002

\u4eca\u5f8c\u3082\u5927\u578b\u4e0a\u5834\u304c\u4e88\u5b9a\u3055\u308c\u3066\u3044\u308b\u3001\u30d9\u30c8\u30ca\u30e0\u65b0\u898f\u4e0a\u5834
\u9298\u67c4\u306e\u52d5\u5411\u304c\u671f\u5f85\u3055\u308c\u307e\u3059\u3002
\u91d1\u878d\u30fb\u4fdd\u967a\u6700\u5927\u624b\u304c\u4e0a\u5834\uff5e\u76f4\u8fd1\u306e\u65b0\u898f\u4e0a\u5834\u9298\u67c4\u306e\u63a8\u79fb\uff5e
\uff083\uff09\u4eca\u5f8c\u3082\u5927\u578b\u4e0a\u5834\u306f\u7d9a\u304f

\u4eca\u5f8c\u306f\u30017\u670816\u65e5\u306b4\u5927\u9280\u884c\u306e\u4e00\u89d2\u30d9\u30c8\u30a4\u30f3\u30d0\u30f3\u30af\u306e\u65b0\u898f \u4e0a\u5834\u304c\u4e88\u5b9a\u3055\u308c\u3066\u3044\u308b\u3002\u3053\u308c\u307e\u3067\u306e\u65b0\u898f\u4e0a\u5834\u9298\u67c4\u306e\u52d5\u5411\u3092 \u8003\u3048\u308b\u3068\u3001\u540c\u69d8\u306b\u8cc7\u91d1\u306e\u6d41\u5165\u304c\u671f\u5f85\u3055\u308c\u308b\u3002

\uff08\u203b\u30d9\u30c8\u30a4\u30f3\u30d0\u30f3\u30af\u306e\u8a73\u7d30\u306f\u30013\u30da\u30fc\u30b8\u76ee\u306b\u8a18\u8f09\uff09
\uff082\uff09\u5927\u578b\u9298\u67c4\u3078\u306e\u8cc7\u91d1\u6d41\u5165

\u65b0\u898f\u4e0a\u5834\u9298\u67c4\u3078\u306e\u6ce8\u76ee\u304c\u96c6\u307e\u308b\u4e2d\u3001\u7279\u306b\u5927\u578b\u9298\u67c4\u3078\u306e \u8cc7\u91d1\u6d41\u5165\u306f\u9855\u8457\u3067\u3042\u308b\u3002\u6642\u4fa1\u7dcf\u984d100\u5104\u5186\uff081000\u30c9\u30f3=5.23 \u5186\u3067\u65e5\u672c\u5186\u63db\u7b97\uff09\u4ee5\u4e0a\u306e\u5927\u578b\u9298\u67c4\u306b\u3064\u3044\u3066\u306f\u3001\u307b\u307c\u5168\u3066\u304c

\u65b0\u898f\u4e0a\u5834\u5f8c\u3001\u9ad8\u5024\u3092\u5207\u308a\u4e0a\u3052\u3001\u76f4\u8fd1\u3067\u3082\u521d\u5024\u3092\u5272\u3063\u3066\u3044\u306a\u3044\u3002

\u30ea\u30fc\u30de\u30f3\u30fb\u30b7\u30e7\u30c3\u30af\u5f8c\u306e\u65b0\u898f\u4e0a\u583425\u9298\u67c4\u4e2d\u30017\u9298\u67c4\u304c\u6642\u4fa1 \u7dcf\u984d100\u5104\u5186\u4ee5\u4e0a\u306e\u5927\u578b\u9298\u67c4\u3067\u3042\u308b\u3002\u76f4\u8fd1\u3067\u306f\u3001\u4fdd\u967a\u6700\u5927 \u624b\u306e\u30d0\u30aa\u30d9\u30c8\u30b0\u30eb\u30fc\u30d7\uff08BVH\uff09\uff08\u6642\u4fa1\u7dcf\u984d1390\u5104\u5186\uff09\u30014\u5927 \u56fd\u55b6\u9280\u884c\u306e\u4e00\u89d2\u30d9\u30c8\u30b3\u30e0\u30d0\u30f3\u30af\uff08VCB\uff09\uff08\u6642\u4fa1\u7dcf\u984d3510\u5104 \u5186\uff09\u306a\u3069\u3001\u7279\u306b\u5927\u578b\u306e\u9298\u67c4\u304c\u76f8\u6b21\u3044\u3067\u65b0\u898f\u4e0a\u5834\u3092\u679c\u305f\u3057\u3066 \u3044\u308b\u3002

7\u9298\u67c4\u4e2d\u3001\u307b\u307c100%\u304c\u76f4\u8fd1\u682a\u4fa1\u306b\u304a\u3044\u3066\u3082\u521d\u5024\u306e1.5\u500d

\u4ee5\u4e0a\u3092\u7dad\u6301\u3057\u3066\u3044\u308b\uff08BVH\u3001VCB\u306b\u3064\u3044\u3066\u306f\u3001\u4e0a\u5834\u5f8c\u3001\u65e5 \u304c\u6d45\u3044\u305f\u3081\u3001\u73fe\u72b6\u306e\u4e0a\u6607\u7387\u306f\u5c0f\u3055\u3044\uff09\u3002\u5177\u4f53\u7684\u306b\u306f\u3001\u30d3\u30f3 \u30c1\u30e3\u30a4\u30f3\u5efa\u8a2d\u6295\u8cc7\uff08BCI \uff09+101.3% \u3001\u30db\u30fc\u30c1\u30df\u30f3\u5e02\u8a3c\u5238 \uff08HCM \uff09+85.2% \u3001\u30da\u30c8\u30ed\u30d9\u30c8\u30ca\u30e0\u30fb\u30d5\u30a1\u30a4\u30ca\u30f3\u30b9\uff08PVF \uff09

+68.8%\u3001\u30db\u30a2\u30f3\u30fb\u30a2\u30a4\u30f3\u30fb\u30b6\u30fc\u30fb\u30e9\u30a4\uff08HAG\uff09+60.1%\u3001\u30d5\u30fc
\u30cb\u30e5\u30a2\u30f3\u30b8\u30e5\u30a8\u30ea\u30fc\uff08PNJ\uff09+56.9%\u3068\u76f4\u8fd1\u682a\u4fa1\u306b\u304a\u3044\u3066\u3001\u5927
\u304d\u304f\u521d\u5024\u3092\u4e0a\u56de\u3063\u3066\u3044\u308b\u3002
BVH\u304a\u3088\u3073VCB\u306f\u3001\u305d\u308c\u305e\u308c+0.4%\u3001-7.5%\u3068\u306a\u3063\u3066\u3044\u308b
\u304c\u3001\u904e\u53bb\u306e\u65b0\u898f\u4e0a\u5834\u9298\u67c4\u306e\u52d5\u5411\u304a\u3088\u3073\u4e21\u793e\u3078\u306e\u671f\u5f85\u3092\u8003
\u3048\u308b\u3068\u3001\u4eca\u5f8c\u306e\u8cc7\u91d1\u6d41\u5165\u304c\u671f\u5f85\u3067\u304d\u308b\u3002
\u30d3\u30f3\u30c1\u30e3\u30a4\u30f3\u5efa\u8a2d\u6295\u8cc7\uff08BCI\uff09\u306e\u682a\u4fa1\u63a8\u79fb
\u30db\u30fc\u30c1\u30df\u30f3\u5e02\u8a3c\u5238\uff08HCM\uff09\u306e\u682a\u4fa1\u63a8\u79fb
\u30c7\u30fc\u30bf\uff1a\u30d6\u30eb\u30fc\u30e0\u30d0\u30fc\u30b0
10,000
20,000
30,000
40,000
50,000
60,00009/3/16
09/4/7
09/4/28
09/5/21
09/6/11
09/7/2
02,000
4,000
6,000
8,000
10,000
\u51fa\u6765\u9ad8\uff08\u5343\u682a\uff09
\u682a\u4fa1(VND)
30,000
40,000
50,000
60,000
70,000
80,000
90,00009/5/19
09/5/29
09/6/10
09/6/22
09/7/2
01,000
2,000
3,000
4,000
5,000
6,000
\u51fa\u6765\u9ad8\uff08\u5343\u682a\uff09
\u682a\u4fa1(VND)
\uff1c\u30d9\u30c8\u30ca\u30e0\u682a\u5f0f\u60c5\u5831\uff1e
\u9867\u5ba2\u914d\u5e03\u8cc7\u6599 \u51684\u30da\u30fc\u30b8
\u4f5c\u6210\uff1a\u30cb\u30e5\u30fc\u30b9\u8a3c\u5238\u682a\u5f0f\u4f1a\u793e
\uff8c\uff98\uff70\uff80\uff9e\uff72\uff71\uff99\uff1a0120-411-965
\uff8e\uff70\uff91\uff8d\uff9f\uff70\uff7c\uff9e\uff71\uff84\uff9e\uff9a\uff7d\uff1ahttp://www.news-sec.co.jp
\u30cb\u30e5\u30fc\u30b9\u8a3c\u5238\u682a\u5f0f\u4f1a\u793e\u3010\u95a2\u6771\u8ca1\u52d9\u5c40\u9577\uff08\u91d1\u5546\uff09\u7b2c138\u53f7\u3011
\u52a0\u5165\u5354\u4f1a \u65e5\u672c\u8a3c\u5238\u696d\u5354\u4f1a
\u4e3b\u306a\u4e8b\u696d \u91d1\u878d\u5546\u54c1\u53d6\u5f15\u696d

\u5916\u56fd\u682a\u5f0f\u306f\u3001\u4fa1\u683c\u5909\u52d5\u30ea\u30b9\u30af\u3001\u70ba\u66ff\u5909\u52d5\u30ea\u30b9\u30af\u3001\u30ab\u30f3\u30c8\u30ea\u30fc\u30ea\u30b9\u30af\u3001\u4f1a\u8a08\u57fa\u6e96\u5909\u66f4\u30ea\u30b9\u30af\u3001\u6d41\u52d5\u6027\u30ea\u30b9\u30af\u3001\u53d6\u5f15\u76f8\u624b\u5148\u30ea\u30b9\u30af\uff08\u30ab\u30a6\u30f3\u30bf\u30fc\u30d1\u30fc\u30c6\u30a3\u30fc\u30ea\u30b9\u30af\uff09\u3001\u6a5f \u4f1a\u640d\u5931\u3001\u305d\u306e\u4ed6\u30ea\u30b9\u30af\u304c\u3042\u308a\u307e\u3059\u3002\u3054\u6295\u8cc7\u3092\u3059\u308b\u969b\u306b\u306f\u3001\u4e0a\u8a18\u4fa1\u683c\u5909\u52d5\u53ca\u3073\u70ba\u66ff\u5909\u52d5\u306b\u3088\u308a\u6295\u8cc7\u5143\u672c\u3092\u4e0b\u56de\u308b\u304a\u305d\u308c\u304c\u3042\u308a\u307e\u3059\u306e\u3067\u3001\u7d04\u6b3e\u30fb\u6295\u8cc7\u30ac\u30a4\u30c9\u53ca \u3073\u5951\u7d04\u7de0\u7d50\u524d\u4ea4\u4ed8\u66f8\u9762\u3092\u3088\u304f\u304a\u8aad\u307f\u3044\u305f\u3060\u304d\u3001\u5546\u54c1\u7279\u6027\u3084\u30ea\u30b9\u30af\u53ca\u3073\u304a\u53d6\u5f15\u30eb\u30fc\u30eb\u7b49\u3092\u5341\u5206\u3054\u7406\u89e3\u306e\u4e0a\u3001\u6295\u8cc7\u5bb6\u3054\u672c\u4eba\u69d8\u306e\u5224\u65ad\u306b\u3066\u884c\u3063\u3066\u304f\u3060\u3055\u3044\u3002\u30d9 \u30c8\u30ca\u30e0\u682a\u5f0f\u3078\u306e\u3054\u6295\u8cc7\u306b\u306f\u3001\u53d6\u6271\u624b\u6570\u6599\uff08\u3010\u5bfe\u9762\u53d6\u5f15\u306e\u5834\u5408\u3011\u7d04\u5b9a\u4ee3\u91d1\u00d72.10%\uff08\u6700\u4f4e\u624b\u6570\u6599800,000\u30c9\u30f3\uff09\u3001\u3010\u30a4\u30f3\u30bf\u30fc\u30cd\u30c3\u30c8\u53d6\u5f15\u306e\u5834\u5408\u3011\u7d04\u5b9a\u4ee3\u91d1 \u00d71.68%\uff08\u6700\u4f4e\u624b\u6570\u6599600,000\u30c9\u30f3\uff09\uff09\u304c\u5fc5\u8981\u3067\u3059 \u3002\u5916\u56fd\u682a\u5f0f\u306e\u58f2\u8cb7\u306b\u3042\u305f\u308a\u3001\u5186\u8ca8\u3068\u5916\u8ca8\u3092\u4ea4\u63db\u3059\u308b\u5834\u5408\u306b\u306f\u3001\u5916\u56fd\u70ba\u66ff\u5e02\u5834\u306e\u52d5\u5411\u3092\u3075\u307e\u3048\u3066\u5f53\u793e\u304c\u6c7a \u5b9a\u3057\u305f\u70ba\u66ff\u30ec\u30fc\u30c8\u306b\u3088\u308b\u3082\u306e\u3068\u3057\u307e\u3059\u3002

\u4f5c\u6210\uff1a2009\u5e747\u67089\u65e5\uff08\u6728\uff09
\u304a\u554f\u3044\u5408\u308f\u305b
VN090709S
\u2015 2 \u2015
200
250
300
350
400
450
500
550
60008/9/12
08/11/7
09/1/2
09/3/6
09/5/1
09/6/26
0150
300
450
600
750
900
1,050
1,200
\u51fa\u6765\u9ad8\uff08\u5343\u682a\uff09
\u682a\u4fa1(VND)
VIETNAM EQUITY RESEARCH
\u30c7\u30fc\u30bf\uff1a\u30d6\u30eb\u30fc\u30e0\u30d0\u30fc\u30b0\u3001\u6642\u4fa1\u7dcf\u984d\u9806
\u30ea\u30fc\u30de\u30f3\u30fb\u30b7\u30e7\u30c3\u30af\u4ee5\u964d\u306e\u65b0\u898f\u4e0a\u5834\u9298\u67c4\u9a30\u843d\u7387
\u30ea\u30fc\u30de\u30f3\u30b7\u30e7\u30c3\u30af\u5f8c\u306eVN\u6307\u6570\u306e\u63a8\u79fb
\u30c7\u30fc\u30bf\uff1a\u30d6\u30eb\u30fc\u30e0\u30d0\u30fc\u30b0
\u9298\u67c4
\u30b3\u30fc\u30c9
\u696d\u7a2e
\u65b0\u898f\u4e0a\u5834\u65e5 \u521d\u5024
\u9ad8\u5024
\u76f4\u8fd1
\u76f4\u8fd1\u9a30\u843d\u7387
(%)
\u9ad8\u5024\u9a30\u843d\u7387
(%)
\u6642\u4fa1\u7dcf\u984d
\uff08\u767e\u4e07VND\uff09
\u6642\u4fa1\u7dcf\u984d
\uff08\u767e\u4e07\u5186\uff09
\u30d9\u30c8\u30b3\u30e0\u30d0\u30f3\u30af
VCB
\u9280\u884c\u696d
09/6/30 60,000 60,500 55,500
-7.5
+0.8
67,159,770
350,977
\u30d0\u30aa\u30d9\u30c8\u30b0\u30eb\u30fc\u30d7
BVH
\u4fdd\u967a\u696d
09/6/25 46,200 53,000 46,400
+0.4
+14.7
26,588,430
138,951
\u30da\u30c8\u30ed\u30d9\u30c8\u30ca\u30e0\u30fb\u30d5\u30a1\u30a4\u30ca\u30f3\u30b9 PVF
\u305d\u306e\u4ed6\u91d1\u878d
08/11/3 24,000 50,500 40,500
+68.8
+110.4
20,250,000
105,827
\u30db\u30a2\u30f3\u30fb\u30a2\u30a4\u30f3\u30fb\u30b6\u30fc\u30fb\u30e9\u30a4
HAG
\u4e0d\u52d5\u7523\u696d
08/12/22 43,714 76,000 70,000
+60.1
+73.9
12,391,570
64,758
\u30db\u30fc\u30c1\u30df\u30f3\u5e02\u8a3c\u5238
HCM
\u8a3c\u5238\u696d
09/5/19 32,400 78,000 60,000
+85.2
+140.7
2,365,000
12,359
\u30d3\u30f3\u30c1\u30e3\u30a4\u30f3\u5efa\u8a2d\u6295\u8cc7
BCI
\u5efa\u8a2d\u696d
09/3/16 21,159 53,500 42,600
+101.3
+152.8
2,308,920
12,066
\u30d5\u30fc\u30cb\u30e5\u30a2\u30f3\u30b8\u30e5\u30a8\u30ea\u30fc
PNJ
\u5b9d\u77f3\u696d
09/3/23 45,242 90,500 71,000
+56.9
+100.0
2,130,000
11,131
\u30db\u30a2\u30bb\u30f3\u30fb\u30b0\u30eb\u30fc\u30d7
HSG
\u9244\u92fc
08/12/5 32,000 36,300 32,300
+0.9
+13.4
1,841,700
9,625
\u7b2c2\u30cf\u30c6\u30a3\u30a8\u30f3\u30bb\u30e1\u30f3\u30c8
HT2
\u5efa\u8a2d\u8cc7\u6750
09/3/26 15,718 18,600 15,500
-1.4
+18.3
1,364,000
7,128
\u30bf\u30af\u30e2\u6c34\u529b\u767a\u96fb
TMP
\u96fb\u6c17\u30fb\u30ac\u30b9\u696d
09/6/18 24,000 26,400 18,500
-22.9
+10.0
1,295,000
6,768
\u30ea\u30b3\u30b816
LCG
\u5efa\u8a2d\u696d
08/11/18 30,727 70,667 54,000
+75.7
+130.0
1,101,600
5,757
\u30b5\u30a4\u30b4\u30f3\u7dcf\u5408\u30b5\u30fc\u30d3\u30b9
SVC
\u5c0f\u58f2\u696d
09/6/1 25,900 41,500 35,900
+38.6
+60.2
723,025
3,779 *
\u30d9\u30c8\u30ca\u30e0\u6d77\u904b\u5546\u8239
VST
\u6d77\u904b\u696d
09/2/26 19,200 20,300 16,600
-13.5
+5.7
664,000
3,470
NBB\u6295\u8cc7
NBB
\u4e0d\u52d5\u7523\u696d
09/2/18 20,450 49,200 43,000
+110.3
+140.6
662,200
3,461
\u30af\u30fc\u30ed\u30f3\u88fd\u85ac
DCL
\u533b\u85ac\u54c1
08/9/17 49,104 68,000 66,000
+34.4
+38.5
641,246
3,351
\u30c8\u30e9\u30d5\u30a1\u30b3\u88fd\u85ac
TRA
\u533b\u85ac\u54c1
08/11/26 62,736 75,000 63,500
+1.2
+19.5
505,938
2,644
\u30a2\u30b8\u30a2\u30fb\u30d2\u30e5\u30a6\u30ea\u30a8\u30f3
HLA
\u9244\u92fc
08/10/30 23,694 30,500 24,700
+4.2
+28.7
469,300
2,453
OPC\u88fd\u85ac
OPC
\u533b\u85ac\u54c1
08/10/30 60,101 60,101 49,400
-17.8
+0.0
404,586
2,114
\u30cf\u30ca\u30e0\u9271\u5c71
KSH
\u9271\u696d
08/11/12 19,130 23,000 20,400
+6.6
+20.2
238,476
1,246
\u30df\u30e9\u30a8
KMR
\u7e4a\u7dad\u88fd\u54c1
08/6/30 48,000 48,000 12,400
-74.2
+0.0
162,002
847
\u5357\u90e8\u30b3\u30f3\u30c6\u30ca
VSG
\u6d77\u904b\u696d
08/9/18 18,333 20,167 11,600
-36.7
+10.0
128,110
670
\u90f5\u96fb\u5efa\u8a2d\u6295\u8cc7
PTC
\u901a\u4fe1\u6a5f\u5668\u95a2\u9023
08/12/15 9,630 15,800 12,300
+27.7
+64.1
116,850
611 *
\u30d0\u30b5
BAS
\u6c34\u7523\u696d
08/11/11 14,400 14,400 11,500
-20.1
+0.0
110,400
577
\u30ac\u30c9\u30d3\u30e1\u30c3\u30af\u30b9\u6c34\u7523
CAD
\u6c34\u7523\u696d
09/1/5 20,000 20,000 11,900
-40.5
+0.0
95,200
498
MT\u30ac\u30b9
MTG
\u96fb\u6c17\u30fb\u30ac\u30b9\u696d
09/1/15 13,600 14,400 10,700
-21.3
+5.9
85,600
447
\u203b\u682a\u4fa1\u306f\u3001\u6a29\u5229\u843d\u3061\u8abf\u6574\u5f8c\u306e\u682a\u4fa1\u8868\u793a\u3002
\u203b\uff0a\u306f\u3001\u30cf\u30ce\u30a4\u8a3c\u5238\u53d6\u5f15\u6240\u304b\u3089\u30db\u30fc\u30c1\u30df\u30f3\u8a3c\u5238\u53d6\u5f15\u6240\u3078\u306e\u978d\u66ff\u4e0a\u5834\u9298\u67c4\u3002
\uff1c\u30d9\u30c8\u30ca\u30e0\u682a\u5f0f\u60c5\u5831\uff1e
\u9867\u5ba2\u914d\u5e03\u8cc7\u6599 \u51684\u30da\u30fc\u30b8
\u4f5c\u6210\uff1a\u30cb\u30e5\u30fc\u30b9\u8a3c\u5238\u682a\u5f0f\u4f1a\u793e
\uff8c\uff98\uff70\uff80\uff9e\uff72\uff71\uff99\uff1a0120-411-965
\uff8e\uff70\uff91\uff8d\uff9f\uff70\uff7c\uff9e\uff71\uff84\uff9e\uff9a\uff7d\uff1ahttp://www.news-sec.co.jp
\u30cb\u30e5\u30fc\u30b9\u8a3c\u5238\u682a\u5f0f\u4f1a\u793e\u3010\u95a2\u6771\u8ca1\u52d9\u5c40\u9577\uff08\u91d1\u5546\uff09\u7b2c138\u53f7\u3011
\u52a0\u5165\u5354\u4f1a \u65e5\u672c\u8a3c\u5238\u696d\u5354\u4f1a
\u4e3b\u306a\u4e8b\u696d \u91d1\u878d\u5546\u54c1\u53d6\u5f15\u696d

\u5916\u56fd\u682a\u5f0f\u306f\u3001\u4fa1\u683c\u5909\u52d5\u30ea\u30b9\u30af\u3001\u70ba\u66ff\u5909\u52d5\u30ea\u30b9\u30af\u3001\u30ab\u30f3\u30c8\u30ea\u30fc\u30ea\u30b9\u30af\u3001\u4f1a\u8a08\u57fa\u6e96\u5909\u66f4\u30ea\u30b9\u30af\u3001\u6d41\u52d5\u6027\u30ea\u30b9\u30af\u3001\u53d6\u5f15\u76f8\u624b\u5148\u30ea\u30b9\u30af\uff08\u30ab\u30a6\u30f3\u30bf\u30fc\u30d1\u30fc\u30c6\u30a3\u30fc\u30ea\u30b9\u30af\uff09\u3001\u6a5f \u4f1a\u640d\u5931\u3001\u305d\u306e\u4ed6\u30ea\u30b9\u30af\u304c\u3042\u308a\u307e\u3059\u3002\u3054\u6295\u8cc7\u3092\u3059\u308b\u969b\u306b\u306f\u3001\u4e0a\u8a18\u4fa1\u683c\u5909\u52d5\u53ca\u3073\u70ba\u66ff\u5909\u52d5\u306b\u3088\u308a\u6295\u8cc7\u5143\u672c\u3092\u4e0b\u56de\u308b\u304a\u305d\u308c\u304c\u3042\u308a\u307e\u3059\u306e\u3067\u3001\u7d04\u6b3e\u30fb\u6295\u8cc7\u30ac\u30a4\u30c9\u53ca \u3073\u5951\u7d04\u7de0\u7d50\u524d\u4ea4\u4ed8\u66f8\u9762\u3092\u3088\u304f\u304a\u8aad\u307f\u3044\u305f\u3060\u304d\u3001\u5546\u54c1\u7279\u6027\u3084\u30ea\u30b9\u30af\u53ca\u3073\u304a\u53d6\u5f15\u30eb\u30fc\u30eb\u7b49\u3092\u5341\u5206\u3054\u7406\u89e3\u306e\u4e0a\u3001\u6295\u8cc7\u5bb6\u3054\u672c\u4eba\u69d8\u306e\u5224\u65ad\u306b\u3066\u884c\u3063\u3066\u304f\u3060\u3055\u3044\u3002\u30d9 \u30c8\u30ca\u30e0\u682a\u5f0f\u3078\u306e\u3054\u6295\u8cc7\u306b\u306f\u3001\u53d6\u6271\u624b\u6570\u6599\uff08\u3010\u5bfe\u9762\u53d6\u5f15\u306e\u5834\u5408\u3011\u7d04\u5b9a\u4ee3\u91d1\u00d72.10%\uff08\u6700\u4f4e\u624b\u6570\u6599800,000\u30c9\u30f3\uff09\u3001\u3010\u30a4\u30f3\u30bf\u30fc\u30cd\u30c3\u30c8\u53d6\u5f15\u306e\u5834\u5408\u3011\u7d04\u5b9a\u4ee3\u91d1 \u00d71.68%\uff08\u6700\u4f4e\u624b\u6570\u6599600,000\u30c9\u30f3\uff09\uff09\u304c\u5fc5\u8981\u3067\u3059 \u3002\u5916\u56fd\u682a\u5f0f\u306e\u58f2\u8cb7\u306b\u3042\u305f\u308a\u3001\u5186\u8ca8\u3068\u5916\u8ca8\u3092\u4ea4\u63db\u3059\u308b\u5834\u5408\u306b\u306f\u3001\u5916\u56fd\u70ba\u66ff\u5e02\u5834\u306e\u52d5\u5411\u3092\u3075\u307e\u3048\u3066\u5f53\u793e\u304c\u6c7a \u5b9a\u3057\u305f\u70ba\u66ff\u30ec\u30fc\u30c8\u306b\u3088\u308b\u3082\u306e\u3068\u3057\u307e\u3059\u3002

\u4f5c\u6210\uff1a2009\u5e747\u67089\u65e5\uff08\u6728\uff09
\u304a\u554f\u3044\u5408\u308f\u305b
VN090709S
\u2015 3 \u2015
VIETNAM EQUITY RESEARCH
\uff081\uff09 \u9280\u884c\u30bb\u30af\u30bf\u30fc\u306b\u304a\u3051\u308b\u30d9\u30c8\u30a4\u30f3\u30d0\u30f3\u30af
4\u5927\u56fd\u55b6\u5546\u696d\u9280\u884c\u306e1\u89d2\u30024\u5927\u9280\u884c\u4e2d\u306e\u5e02\u5834\u30b7\u30a7\u30a2\u306f60%
\u4ee5\u4e0a\u3068\u8a00\u308f\u308c\u3066\u304a\u308a\u3001\u3055\u3089\u306b\u4e2d\u5c0f\u4f01\u696d\u5411\u3051\u8cb8\u51fa\u6b8b\u9ad8\u306f\u5927\u5e45
\u306a\u30b7\u30a7\u30a2\u3092\u78ba\u4fdd\u3057\u3066\u3044\u308b\u3002
\u56fd\u5185\u9280\u884c\u5168\u4f53\u306e\u4e0d\u826f\u50b5\u6a29\u6bd4\u7387\u306f\u7d043%\uff082008\u5e74\u672b\uff09\u3067\u3042\u308b\u3002

\u30d9\u30c8\u30a4\u30f3\u30d0\u30f3\u30af\u306f2003\u5e74\u4ee5\u524d\u3088\u308a\u3001\u56fd\u55b6\u4f01\u696d\u5411\u3051\u30ed\u30fc\u30f3\u306e \u6bd4\u7387\u304c\u9ad8\u304f\u3001\u671f\u9593\u30aa\u30fc\u30d0\u30fc\u50b5\u6a29\u6bd4\u7387\u304c\u9ad8\u304b\u3063\u305f\u304c\u30012004\u5e74 \u4ee5\u964d\u3001\u6539\u5584\u3092\u898b\u305b\u3066\u304a\u308a\u3001\u4eca\u5f8c\u306e\u6539\u5584\u306b\u3082\u6ce8\u76ee\u3055\u308c\u308b\u3002

\u5b89\u5b9a\u7684\u306b\u6210\u9577\u3092\u793a\u3057\u30012003~2007\u5e74\u5e73\u5747\u4fe1\u7528\u6210\u9577\u7387\u306f
16.87%\u3001\u5e73\u5747\u8cc7\u7523\u6210\u9577\u7387\u306f19.4%
\u30c7\u30fc\u30bf\uff1a\u30d9\u30c8\u30a4\u30f3\u30d0\u30f3\u30af
0
50
100
150
200
250
300
350
AgriBank
BIDV
\u30d9\u30c8\u30b3\u30e0\u30d0\u30f3\u30af\u30d9\u30c8\u30a4\u30f3\u30d0\u30f3\u30afACB
STB
02468
10
12
14
16
AgriBank
\u30d9\u30c8\u30b3\u30e0\u30d0\u30f3\u30af
BIDV
\u30d9\u30c8\u30a4\u30f3\u30d0\u30f3\u30afSTB
ACB
\u56fd\u6709\u8cc7\u91d1\u6295\u8cc7\u904b
\u7528\u7dcf\u516c\u793e\uff08SCIC\uff09,
80.00%
\u56fd\u5185\u6a5f\u95a2\u6295\u8cc7\u5bb6,
3.30%
\u5f93\u696d\u54e1, 1.70%
\u9280\u884c\u52b4\u50cd\u7d44\u5408, 1%
IPO\u3067\u767a\u884c\u3057\u305f\u6bd4
\u7387, 4.00%
\u6d77\u5916\u6226\u7565\u6295\u8cc7\u5bb6
\uff08\u672a\u5b9a\uff09, 10.00%
0
50
100
150
200
250
AgriBank
\u30d9\u30c8\u30b3\u30e0\u30d0\u30f3\u30af
BIDV
\u30d9\u30c8\u30a4\u30f3\u30d0\u30f3\u30af
STB
ACB
0
20
40
60
80
100
120
2002
2003
2004
2005
2006
2007
0.00%
5.00%
10.00%
15.00%
20.00%
25.00%
30.00%
35.00%
2004
2005
2006
2007
2008\uff08\uff0a\uff09
\u30d9\u30c8\u30a4\u30f3\u30d0\u30f3\u30af\u8cb8\u51fa\u6b8b\u9ad8\u63a8\u79fb
\uff082002\uff5e2007\u5e74\uff09
\u8cb8\u51fa\u6b8b\u9ad8\u6bd4\u8f03\uff082007\u5e74\uff09
\u5358\u4f4d\uff1a\u5146\u30c9\u30f3 \u30c7\u30fc\u30bf\uff1a\u30d9\u30c8\u30a4\u30f3\u30d0\u30f3\u30afIPO\u76ee\u8ad6\u898b\u66f8
\u682a\u4e3b\u8cc7\u672c\u6bd4\u8f03\uff082007\u5e74\uff09
\u7dcf\u8cc7\u7523\u6bd4\u8f03\uff082007\u5e74\uff09
\u5358\u4f4d\uff1a\u5146\u30c9\u30f3 \u30c7\u30fc\u30bf\uff1a\u30d9\u30c8\u30b3\u30e0\u30d0\u30f3\u30af\u76ee\u8ad6\u898b\u66f82008\u5e74
\u30d9\u30c8\u30a4\u30f3\u30d0\u30f3\u30af\u306e\u682a\u4e3b\u69cb\u6210
7\u670816\u65e5\u306b\u8cc7\u672c\u91d1\u306e10.77%\u76f8\u5f53\u306e1\u51042100\u4e07\u682a\u304c\u4e0a\u5834\uff08\u524d\u56de\u767a\u8868
\u306f11.11%\uff09\u3002\u5f93\u696d\u54e1\u3084\u9280\u884c\u52b4\u50cd\u7d44\u5408\u4fdd\u6709\u5206\u306f3\u5e74\u306e\u8b72\u6e21\u5236\u9650\u304c\u3042
\u308b\u305f\u3081\u3001\u5b9f\u969b\u53d6\u5f15\u3067\u304d\u308b\u682a\u6570\u306f\u7d047400\u4e07\u682a\u3002\u5916\u56fd\u4eba\u4fdd\u6709\u53ef\u80fd\u67a0\u306f
\u5341\u5206\u3002\uff08\u5f0a\u793e\u8a08\u7b97\uff09
7\u6708\u306e\u6ce8\u76ee\u5927\u578b\u4e0a\u5834\u9298\u67c4\uff5e\u30d9\u30c8\u30a4\u30f3\u30d0\u30f3\u30af\uff08\u5de5\u5546\u9280\u884c\uff09\uff5e
\u30d9\u30c8\u30a4\u30f3\u30d0\u30f3\u30af\u306e\u671f\u9593\u30aa\u30fc\u30d0\u30fc\u50b5\u6a29\u6bd4\u7387
\uff082\uff09\u30d9\u30c8\u30a4\u30f3\u30d0\u30f3\u30af\u6982\u8981

\u30c9\u30a4\u30e2\u30a4\u653f\u7b56\u5c0e\u5165\u5f8c\u30011988\u5e74\u306b\u8a2d\u7acb\u3002\u9810\u91d1\u3001\u5916\u56fd\u70ba\u66ff\u53d6 \u5f15\u3001\u878d\u8cc7\u3001\u9001\u91d1\u3001\u56fd\u969b\u6c7a\u6e08\u306a\u3069\u306e\u500b\u4eba\u304a\u3088\u3073\u6cd5\u4eba\u5411\u3051\u9280\u884c \u696d\u52d9\u3092\u624b\u639b\u3051\u308b\u3002\u4ee5\u524d\u306f\u56fd\u55b6\u88fd\u9020\u696d\u30fb\u5546\u696d\u4f01\u696d\u5411\u3051\u8cb8\u51fa\u304c \u591a\u304b\u3063\u305f\u304c\u30012003\u5e74\u4ee5\u964d\u6c11\u9593\u30bb\u30af\u30bf\u30fc\u3078\u306e\u8cb8\u51fa\u6b8b\u9ad8\u304c\u5897 \u52a0\u3002\u4e2d\u5c0f\u4f01\u696d\u3092\u4e3b\u8981\u30bf\u30fc\u30b2\u30c3\u30c8\u3068\u3057\u3066\u304a\u308a\u3001\u73fe\u5728\u3001\u9867\u5ba2\u6570\u306e

80%\u3001\u8cb8\u51fa\u6b8b\u9ad8\u306e40\uff05\u3092\u4e2d\u5c0f\u4f01\u696d\u304c\u5360\u3081\u308b\u3002

\u672c\u793e\u3092\u30cf\u30ce\u30a4\u306b\u7f6e\u304d\u3001144\u672c\u652f\u5e97\u3001\u7d04188\u306e\u652f\u5e97\u7db2\u3092\u6301\u3061\u3001 \u5168\u56fd\u3092\u30ab\u30d0\u30fc\u3002\u8cc7\u7523\u898f\u6a21\u3067\u306f\u56fd\u51854\u4f4d\uff082007\u5e74\uff09\u3002\u5f93\u696d\u54e1\u6570 \u306f\u7d0414500\u540d\u3002\u4e16\u754c\u306e800\u9280\u884c\u30fb\u91d1\u878d\u6a5f\u95a2\u3068\u306e\u30cd\u30c3\u30c8\u30ef\u30fc\u30af \u3092\u6301\u3061\u3001\u56fd\u5185\u306e\u9280\u884c\u7dcf\u8cc7\u7523\u306e10%\u3092\u5360\u3081\u308b\uff082008\u5e74\uff09\u3002

2008\u5e7412\u6708\u306b\u8cc7\u672c\u91d1\u306e10%\u5206\u306e\u682a\u5f0f\u3092IPO\u3057\u305f\u30022009
\u5e747\u670816\u65e5\u306b\u682a\u6570\u306e4%\u3092\u4e0a\u5834\u4e88\u5b9a\u3002\u7b46\u982d\u682a\u4e3b\u306f\u56fd\u6709\u8cc7\u91d1
\u6295\u8cc7\u904b\u7528\u7dcf\u516c\u793e\uff08SCIC\uff0980%\u3002
\u3010\u696d\u7e3e\u3011
\u8cc7\u7523\u6210\u9577\u7387\uff1a2005\u5e7417.8%\u30012006\u5e7418%\u30012007\u5e7424.75%\u3002
\u7dcf\u8cc7\u7523\uff1a195\u5104\u30c9\u30f3\uff082008\u5e74\uff09
\u7a0e\u5f15\u524d\u5229\u76ca\uff1a1\u51465630\u5104\u30c9\u30f3\uff082008\u5e74\uff09
2008\u5e74\u306eIPO\u4fa1\u683c\u306f\u5e73\u574720,000\u30c9\u30f3\u8d85\u3002\u4e0a\u5834\u521d\u65e5\u57fa\u6e96\u682a

\u4fa1\u306f\u3001\u7d0450,000\u30c9\u30f3\u3068\u306a\u308b\u4e88\u5b9a\u3067\u3042\u308a\u3001IPO\u3067\u843d\u672d\u3057\u305f\u6295\u8cc7 \u5bb6\u306e\u5229\u76ca\u78ba\u5b9a\u306b\u3088\u308b\u58f2\u308a\u5727\u529b\u306f\u5927\u304d\u3044\u3068\u4e88\u60f3\u3055\u308c\u308b\u3002\u8cb7\u3044 \u306e\u30bf\u30a4\u30df\u30f3\u30b0\u306f\u3001\u5c11\u3057\u8abf\u6574\u3057\u305f\u5c40\u9762\u304c\u826f\u3044\u304b\u3082\u3057\u308c\u306a\u3044\u3002

\uff08\uff08\uff0a\uff092008\u5e74\u306f\u4e88\u60f3\uff09
of 00

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