{"id":2294,"date":"2019-09-01T21:50:18","date_gmt":"2019-09-01T12:50:18","guid":{"rendered":"https:\/\/yutan-investment.com\/?p=2294"},"modified":"2022-08-13T12:15:47","modified_gmt":"2022-08-13T03:15:47","slug":"pm","status":"publish","type":"post","link":"https:\/\/yutan-investment.com\/?p=2294","title":{"rendered":"\u3010PM\u3011\uff08\u30d5\u30a3\u30ea\u30c3\u30d7 \u30e2\u30ea\u30b9\uff09\uff5e\u5b89\u5b9a\u9ad8\u914d\u5f53\u3002\u300c\u7159\u306e\u306a\u3044\u793e\u4f1a\u300d\u306e\u5b9f\u73fe\u3092\u76ee\u6307\u3059\u3001\u4e16\u754c\u6709\u6570\u306e\u30b0\u30ed\u30fc\u30d0\u30eb\u305f\u3070\u3053\u30e1\u30fc\u30ab\u30fc\uff01\uff5e"},"content":{"rendered":"\n<p class=\"is-style-icon_announce wp-block-paragraph\">\u3010\u66f4\u65b0\u60c5\u5831\u3011\uff082022\/8\/13\uff09<br>2021\u5e74\u306e\u6c7a\u7b97\u30c7\u30fc\u30bf\u3092\u53cd\u6620\u3057\u3001\u30ea\u30e9\u30a4\u30c8\u3057\u307e\u3057\u305f\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3086\u30fc\u305f\u3093\u3067\u3059\u266a<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4e16\u754c\u6709\u6570\u306e\u30b0\u30ed\u30fc\u30d0\u30eb\u305f\u3070\u3053\u30e1\u30fc\u30ab\u30fc\u3001\u30d5\u30a3\u30ea\u30c3\u30d7 \u30e2\u30ea\u30b9\u306e\u9298\u67c4\u5206\u6790\u3067\u3059\u266a<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">\u30d5\u30a3\u30ea\u30c3\u30d7 \u30e2\u30ea\u30b9\u3063\u3066\u3069\u3093\u306a\u4f1a\u793e\uff1f<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\"><span class=\"swl-marker mark_yellow\"><strong>\u30d5\u30a3\u30ea\u30c3\u30d7 \u30e2\u30ea\u30b9<\/strong>\uff08<strong>Philip Morris International Inc.\u3000<\/strong>\u30c6\u30a3\u30c3\u30ab\u30fc\uff1a<strong>PM<\/strong>\uff09\u306f\u3001\u30a2\u30e1\u30ea\u30ab\u306e\u30cb\u30e5\u30fc\u30e8\u30fc\u30af\u306b\u672c\u793e\u3092\u7f6e\u304d\u3001<strong>\u305f\u3070\u3053\u4e8b\u696d<\/strong>\u3092\u5c55\u958b\u3059\u308b\u4f01\u696d\u3067\u3059\u3002<\/span>2008\u5e74\u306b\u3001\u30a2\u30e1\u30ea\u30ab\u3067\u306e\u8a34\u8a1f\u30ea\u30b9\u30af\u306e\u9ad8\u307e\u308a\u3092\u53d7\u3051\u3066\u3001\u30a2\u30eb\u30c8\u30ea\u30a2\uff08Altria\uff09\u304b\u3089\u5206\u793e\u5316\u3055\u308c\u3066\u8a95\u751f\u3057\u307e\u3057\u305f\u3002<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" width=\"700\" height=\"467\" src=\"https:\/\/yutan-investment.com\/wp-content\/uploads\/2020\/01\/iQOS_image1.jpg\" alt=\"iQOS_image1\" class=\"wp-image-4971\" srcset=\"https:\/\/yutan-investment.com\/wp-content\/uploads\/2020\/01\/iQOS_image1.jpg 700w, https:\/\/yutan-investment.com\/wp-content\/uploads\/2020\/01\/iQOS_image1-300x200.jpg 300w\" sizes=\"(max-width: 700px) 100vw, 700px\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">\u305d\u308c\u4ee5\u964d\u3001\u30a2\u30eb\u30c8\u30ea\u30a2\u304c<strong>\u30a2\u30e1\u30ea\u30ab\u56fd\u5185\u3067\u306e\u4e8b\u696d<\/strong>\u3001\u30d5\u30a3\u30ea\u30c3\u30d7 \u30e2\u30ea\u30b9\u304c<strong>\u6d77\u5916\u4e8b\u696d<\/strong>\u3068\u3044\u3046\u3088\u3046\u306b\u3059\u307f\u308f\u3051\u304c\u56f3\u3089\u308c\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u65e5\u672c\u3067\u306f\u3001Marlboro\uff08\u30de\u30fc\u30eb\u30dc\u30ed\uff09\u3084\u3001\u7159\u3084\u306b\u304a\u3044\u304c\u5c11\u306a\u3044\u3068\u3055\u308c\u308b\u52a0\u71b1\u5f0f\u305f\u3070\u3053\u306eIQOS\uff08\u30a2\u30a4\u30b3\u30b9\uff09\u304c\u6709\u540d\u3067\u3059\u306d\u3002IQOS\u306f\u3001\u65e5\u7d4c\u30c8\u30ec\u30f3\u30c7\u30a3\u306e2016\u5e74\u30d2\u30c3\u30c8\u5546\u54c1\u30e9\u30f3\u30ad\u30f3\u30b0\u30673\u4f4d\u306b\u9078\u3070\u308c\u307e\u3057\u305f\u3002\u79c1\u306e\u307e\u308f\u308a\u306e\u55ab\u7159\u8005\u3082\u305d\u306e\u307b\u3068\u3093\u3069\u304cIQOS\u3092\u611b\u7528\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n<div class=\"swell-block-postLink\">\t\t\t<div class=\"p-blogCard -external\" data-type=\"type3\" data-onclick=\"clickLink\">\n\t\t\t\t<div class=\"p-blogCard__inner\">\n\t\t\t\t\t<span class=\"p-blogCard__caption\">\u65e5\u7d4c\u30af\u30ed\u30b9\u30c8\u30ec\u30f3\u30c9<\/span>\n\t\t\t\t\t<div class=\"p-blogCard__thumb c-postThumb\"><figure class=\"c-postThumb__figure\"><img decoding=\"async\" src=\"https:\/\/xtrend.nikkei.com\/atcl\/trn\/pickup\/15\/1008498\/110100497\/top_m.jpg\" alt=\"\" class=\"c-postThumb__img u-obf-cover\" width=\"320\" height=\"180\"><\/figure><\/div>\t\t\t\t\t<div class=\"p-blogCard__body\">\n\t\t\t\t\t\t<a class=\"p-blogCard__title\" href=\"https:\/\/xtrend.nikkei.com\/atcl\/trn\/pickup\/15\/1008498\/110100497\/\" target=\"_blank\" rel=\"noopener noreferrer\">\u3010\u901f\u5831\u30112016\u5e74\u30d2\u30c3\u30c8\u5546\u54c11\u4f4d\u306f\u300c\u30dd\u30b1\u30e2\u30f3GO\u300d<\/a>\n\t\t\t\t\t\t<span class=\"p-blogCard__excerpt\">\u6bce\u5e74\u6052\u4f8b\u3001\u65e5\u7d4c\u30c8\u30ec\u30f3\u30c7\u30a3\u306e\u300c2016\u5e74\u30d2\u30c3\u30c8\u5546\u54c1\u30d9\u30b9\u30c830\u300d\u304c\u767a\u8868\u3002\u300c\u30dd\u30b1\u30e2\u30f3GO\u300d\u304c1\u4f4d\u306b\u306a\u3063\u305f\u7406\u7531\u306f\uff1f<\/span>\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t<\/div>\n\n\n<p class=\"wp-block-paragraph\">2019\u5e74\u306e\u53ce\u76ca\u306f314\u5104\u30c9\u30eb\uff08\u7d043.44\u5146\u5186\uff09\u3068\u306a\u3063\u3066\u3044\u307e\u3059\u3002\u305f\u3070\u3053\u306e\u51fa\u8377\u91cf\u306f7,199\u5104\u30e6\u30cb\u30c3\u30c8\u3067\u3042\u308a\u3001\u4e2d\u56fd*\u3068\u30a2\u30e1\u30ea\u30ab\u3092\u9664\u304f\u30de\u30fc\u30b1\u30c3\u30c8\u30b7\u30a7\u30a2\u3067\u306f\u7d0427\uff05\u3092\u5360\u3081\u308b\u3001\u4e16\u754c\u6700\u5927\u7d1a\u306e\u30b0\u30ed\u30fc\u30d0\u30eb\u305f\u3070\u3053\u30e1\u30fc\u30ab\u30fc\u3067\u3059\u3002<\/p>\n\n\n\n<p class=\"has-xs-font-size wp-block-paragraph\"><span class=\"komozi\">*\u4e16\u754c\u306e\u305f\u3070\u3053\u6d88\u8cbb\u91cf\u306e\u7d044\u5272\u5f37\u3092\u5360\u3081\u308b\u4e2d\u56fd\u3067\u306f\u3001\u4e2d\u56fd\u7159\u8349\u7dcf\u516c\u53f8\u304c\u5e02\u5834\u3092\u72ec\u5360\u3057\u3066\u3044\u307e\u3059\u3002<\/span><\/p>\n\n\n\n<h3 class=\"wp-block-heading\">\u30d5\u30a3\u30ea\u30c3\u30d7 \u30e2\u30ea\u30b9\u306e\u57fa\u672c\u60c5\u5831<\/h3>\n\n\n\n<figure class=\"wp-block-table has-xs-font-size\"><table><tbody><tr><td>\u30bb\u30af\u30bf\u30fc<\/td><td>\u751f\u6d3b\u5fc5\u9700\u54c1\uff08\u305f\u3070\u3053\uff09<\/td><\/tr><tr><td>\u682a\u4fa1<\/td><td>99.2<\/td><\/tr><tr><td>PER\uff082023\u5e74\u4e88\u60f3EPS\u30d9\u30fc\u30b9\uff09<\/td><td>15.6<\/td><\/tr><tr><td>EPS\u6210\u9577\u7387\uff082018\u301c24\uff09\u203b2023\u300124\u5e74\u306f\u4e88\u60f3<\/td><td>5.0%<\/td><\/tr><tr><td>\u914d\u5f53<\/td><td>$5.08\uff08\u56db\u534a\u671f\u3042\u305f\u308a$1.27)<\/td><\/tr><tr><td>\u914d\u5f53\u5229\u56de\u308a<\/td><td>5.12%<\/td><\/tr><tr><td>\u5897\u914d\u5e74\u6570<\/td><td>15\u5e74<\/td><\/tr><tr><td>S&amp;P\u683c\u4ed8\u3051<\/td><td>A<\/td><\/tr><\/tbody><\/table><figcaption class=\"wp-element-caption\">2023\/3\/3\u73fe\u5728<\/figcaption><\/figure>\n\n\n\n<div class=\"article_ads\"><script async=\"\" src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js\"><\/script><br><ins class=\"adsbygoogle\" style=\"display: block; text-align: center;\" data-ad-layout=\"in-article\" data-ad-format=\"fluid\" data-ad-client=\"ca-pub-2389148065955301\" data-ad-slot=\"4406162686\"><\/ins><script><br \/>\n     (adsbygoogle = window.adsbygoogle || []).push({});<br \/>\n<\/script><\/div>\n\n\n\n<h2 class=\"wp-block-heading\">\u30d5\u30a3\u30ea\u30c3\u30d7 \u30e2\u30ea\u30b9\u306e\u696d\u7e3e<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\"><small>\u203b\u30b0\u30e9\u30d5\u306fIR\u30c7\u30fc\u30bf\u3088\u308a\u4f5c\u6210\u3002<\/small><\/p>\n\n\n\n<h3 class=\"wp-block-heading\">\u53ce\u76ca\u3001\u55b6\u696d\u5229\u76ca\u3001\u7d14\u5229\u76ca<\/h3>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter\"><img decoding=\"async\" width=\"543\" height=\"365\" src=\"https:\/\/yutan-investment.com\/wp-content\/uploads\/2022\/08\/PM-Revenue-2008-21.png\" alt=\"PM Revenue 2008-21\" class=\"wp-image-7715\" srcset=\"https:\/\/yutan-investment.com\/wp-content\/uploads\/2022\/08\/PM-Revenue-2008-21.png 543w, https:\/\/yutan-investment.com\/wp-content\/uploads\/2022\/08\/PM-Revenue-2008-21-300x202.png 300w\" sizes=\"(max-width: 543px) 100vw, 543px\" \/><\/figure>\n<\/div>\n\n\n<p class=\"wp-block-paragraph\">\u53ce\u76ca\u306f\u30012011\u5e74\u4ee5\u964d300\u5104\u30c9\u30eb\u4ed8\u8fd1\u3067\u63a8\u79fb\u3057\u3066\u3044\u307e\u3059\u3002<span class=\"swl-marker mark_blue\">\u55b6\u696d\u5229\u76ca\u7387\u306f\u5b89\u5b9a\u3057\u3066<span class=\"swl-inline-color has-swl-deep-02-color\"><strong>40%\u524d\u5f8c<\/strong><\/span>\u3067\u63a8\u79fb\u3057\u3066\u304a\u308a\u3001\u9ad8\u5229\u76ca\u306e\u30d3\u30b8\u30cd\u30b9\u30e2\u30c7\u30eb\u3067\u3042\u308b\u3053\u3068\u304c\u5206\u304b\u308b\u304b\u3068\u601d\u3044\u307e\u3059<\/span>\uff08\u55b6\u696d\u5229\u76ca\u7387\u306f\u540c\u696d\u4ed6\u793e\u306e<a rel=\"noopener\" href=\"https:\/\/yutan-investment.com\/?p=1284\" target=\"_blank\">BTI\uff08\u30d6\u30ea\u30c6\u30a3\u30c3\u30b7\u30e5\u30fb\u30a2\u30e1\u30ea\u30ab\u30f3\u30fb\u30bf\u30d0\u30b3\uff09<\/a>\u3084<a rel=\"noopener\" href=\"https:\/\/yutan-investment.com\/?p=1298\" target=\"_blank\">MO\uff08\u30a2\u30eb\u30c8\u30ea\u30a2\uff09<\/a>\u308240\uff05\u4ed8\u8fd1\u306e\u6c34\u6e96\u3067\u3059\uff09\u3002<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">\u305f\u3070\u3053\u51fa\u8377\u91cf\u306e\u63a8\u79fb<\/h4>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter\"><img decoding=\"async\" width=\"560\" height=\"315\" src=\"https:\/\/yutan-investment.com\/wp-content\/uploads\/2022\/08\/PMI-Shipment-Volume-2010-21-e1660306304720.png\" alt=\"PM Shipment Volume 2010-21\" class=\"wp-image-7717\"\/><\/figure>\n<\/div>\n\n\n<p class=\"wp-block-paragraph\">\u305f\u3070\u3053\u51fa\u8377\u91cf\uff08\u52a0\u71b1\u5f0f\u305f\u3070\u3053\u3082\u542b\u307f\u307e\u3059\uff09\u306f\u3001<span class=\"swl-marker mark_orange\">2012\u5e74\u3092\u30d4\u30fc\u30af\u306b\u6e1b\u5c11\u306b\u8ee2\u3058\u3066\u304a\u308a\u30012021\u5e74\u306f<span class=\"swl-inline-color has-swl-deep-01-color\"><strong>12\u5e74\u6bd4\u306723.4\uff05\u6e1b\u5c11<\/strong><\/span>\u3057\u307e\u3057\u305f\u3002<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u65b0\u8208\u56fd\u5e02\u5834\u3092\u62b1\u3048\u3066\u3044\u308b\u3060\u3051\u3042\u3063\u3066\u3001\u843d\u3061\u8fbc\u307f\u5e45\u306f\u30a2\u30eb\u30c8\u30ea\u30a2\u3088\u308a\u7de9\u3084\u304b\u3067\u3059\u304c\u3001\u51fa\u8377\u91cf\u306e\u6e1b\u5c11\u3092\u5024\u4e0a\u3052\u3067\u88dc\u3063\u3066\u3044\u308b\u69cb\u56f3\u306f\u5909\u308f\u308a\u307e\u305b\u3093\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u305f\u3060\u3057\u30012021\u5e74\u306f\u3001\u30a4\u30bf\u30ea\u30a2\u3084\u30c8\u30eb\u30b3\u3001\u30a4\u30f3\u30c9\u30cd\u30b7\u30a2\u3001\u305d\u3057\u3066\u65e5\u672c\u306a\u3069\u3067\u51fa\u8377\u91cf\u304c\u524d\u5e74\u6bd4\u3067\u5897\u52a0\u306b\u8ee2\u3058\u3066\u304a\u308a\u30018\u5e74\u3076\u308a\u306b\u51fa\u8377\u91cf\u304c\u5897\u52a0\u3057\u307e\u3057\u305f\u3002\u4e2d\u56fd\u3068\u30a2\u30e1\u30ea\u30ab\u3092\u9664\u304f\u4e16\u754c\u5e02\u5834\u3082\u62e1\u5927\u3057\u3066\u3044\u308b\u3088\u3046\u3067\u3059\u3002\u6295\u8cc7\u5bb6\u306b\u3068\u3063\u3066\u306f\u3088\u304d\u30cb\u30e5\u30fc\u30b9\u3067\u3059\u306d\u3002<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">\u305f\u3070\u3053\u51fa\u8377\u91cf\u306e\u5185\u8a33\uff082021\u5e74\uff09<\/h4>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter\"><img decoding=\"async\" width=\"544\" height=\"246\" src=\"https:\/\/yutan-investment.com\/wp-content\/uploads\/2022\/08\/PMI-Shipment-Volume-by-Brand-2021-e1660309687783.png\" alt=\"\" class=\"wp-image-7719\" srcset=\"https:\/\/yutan-investment.com\/wp-content\/uploads\/2022\/08\/PMI-Shipment-Volume-by-Brand-2021-e1660309687783.png 544w, https:\/\/yutan-investment.com\/wp-content\/uploads\/2022\/08\/PMI-Shipment-Volume-by-Brand-2021-e1660309687783-300x136.png 300w\" sizes=\"(max-width: 544px) 100vw, 544px\" \/><\/figure>\n<\/div>\n\n\n<p class=\"wp-block-paragraph\"><span class=\"swl-marker mark_yellow\">Marlboro\uff08\u30de\u30fc\u30eb\u30dc\u30ed\uff09\u304c<strong>\u7d043\u5206\u306e1<\/strong>\u3092\u5360\u3081\u3066\u3044\u307e\u3059\u3002<\/span>\u7d19\u5dfb\u304d\u305f\u3070\u3053\u306e\u51fa\u8377\u91cf\u306f\u524d\u5e74\u6bd4\u30670.6\uff05\u6e1b\u5c11\u3057\u3066\u3044\u307e\u3059\u304c\u3001\u30de\u30fc\u30eb\u30dc\u30ed\u306e\u51fa\u8377\u91cf\u306f\u9006\u306b2.9\uff05\u5897\u52a0\u3057\u3066\u304a\u308a\u3001\u76f8\u5bfe\u7684\u306a\u5f37\u3055\u304c\u969b\u7acb\u3061\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u52a0\u71b1\u5f0f\u305f\u3070\u3053\u306e\u51fa\u8377\u91cf\u306f\u3001<span class=\"swl-marker mark_blue\">\u524d\u5e74\u6bd4\u3067+24.8\uff05\u3068\u3044\u3046\u6210\u9577\u3092\u9042\u3052\u3066\u3044\u3066\u3001\u5168\u4f53\u306e<strong>13\uff05<\/strong>\u3092\u5360\u3081\u308b\u307e\u3067\u306b\u306a\u3063\u3066\u3044\u307e\u3059\u3002<\/span>\u305d\u3057\u3066\u3001\u52a0\u71b1\u5f0f\u305f\u3070\u3053\u306e\u51fa\u8377\u91cf\u306e\u3046\u3061<strong>35%<\/strong>\u306f\u65e5\u672c\u5e02\u5834\u304c\u5360\u3081\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3061\u306a\u307f\u306b\u65e5\u672c\u306f\u3001\u52a0\u71b1\u5f0f\u305f\u3070\u3053\u306e\u4e16\u754c\u6709\u6570\u306e\u666e\u53ca\u56fd\u3067\u3059\u3002IQOS\u306f\u65e5\u672c\u306e\u305f\u3070\u3053\u5e02\u5834\u5168\u4f53\u306e23%\u3092\u5360\u3081\u3066\u3044\u308b\u3068\u63a8\u5b9a\u3055\u308c\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u52a0\u71b1\u5f0f\u305f\u3070\u3053\u306f\u3001\u7af6\u5408\u4ed6\u793e\u3067\u3042\u308b\u30d6\u30ea\u30c6\u30a3\u30c3\u30b7\u30e5\u30fb\u30a2\u30e1\u30ea\u30ab\u30f3\u30fb\u30bf\u30d0\u30b3\u306f<strong>glo<\/strong>\uff08\u30b0\u30ed\u30fc\uff09\u3001JT\u306f<strong>Ploom<\/strong>\uff08\u30d7\u30eb\u30fc\u30e0\uff09 \u3068\u3044\u3046\u30d6\u30e9\u30f3\u30c9\u3092\u5c55\u958b\u3057\u3066\u3044\u307e\u3059\u3002\u65e5\u672c\u306e\u52a0\u71b1\u5f0f\u305f\u3070\u3053\u5e02\u5834\u306b\u304a\u3051\u308b\u30b7\u30a7\u30a2\u306f\u4e0d\u660e\u3067\u3059\u304c\u3001\u4e0b\u8a18\u30a2\u30f3\u30b1\u30fc\u30c8\u8a18\u4e8b\u306b\u3088\u308c\u3070\u3001IQOS\u306e\u30b7\u30a7\u30a2\u306f50\uff05\u5f37\u306e\u3088\u3046\u3067\u3059\u3002<\/p>\n\n\n<div class=\"swell-block-postLink\">\t\t\t<div class=\"p-blogCard -external\" data-type=\"type3\" data-onclick=\"clickLink\">\n\t\t\t\t<div class=\"p-blogCard__inner\">\n\t\t\t\t\t<span class=\"p-blogCard__caption\">\u30d7\u30ec\u30b9\u30ea\u30ea\u30fc\u30b9\u30fb\u30cb\u30e5\u30fc\u30b9\u30ea\u30ea\u30fc\u30b9&#8230;<\/span>\n\t\t\t\t\t<div class=\"p-blogCard__thumb c-postThumb\"><figure class=\"c-postThumb__figure\"><img decoding=\"async\" src=\"https:\/\/prcdn.freetls.fastly.net\/release_image\/86694\/2\/86694-2-3279c956747be294ed94cb7ff1b723e8-1280x720.jpg?format=jpeg&#038;auto=webp&#038;fit=bounds&#038;width=2400&#038;height=1260\" alt=\"\" class=\"c-postThumb__img u-obf-cover\" width=\"320\" height=\"180\"><\/figure><\/div>\t\t\t\t\t<div class=\"p-blogCard__body\">\n\t\t\t\t\t\t<a class=\"p-blogCard__title\" href=\"https:\/\/prtimes.jp\/main\/html\/rd\/p\/000000002.000086694.html\" target=\"_blank\" rel=\"noopener noreferrer\">\u30a2\u30a4\u30b3\u30b9\u306e\u30b7\u30a7\u30a2\u304c5\u5272\u307e\u3067\u6e1b\u5c11 !? \u5168\u56fd\u306e\u55ab\u7159\u80051,322\u4eba\u306b\u30a2\u30f3\u30b1\u30fc\u30c8\u3057\u3066\u308f\u304b\u3063\u305f\u300c\u5b9f\u969b\u306b\u4f7f\u308f\u308c\u3066\u3044\u308b\u300d\u52a0&#8230;<\/a>\n\t\t\t\t\t\t<span class=\"p-blogCard__excerpt\">\u30b3\u30f3\u30bb\u30d7\u30c8\u30ef\u30fc\u30af\u30b9\u306e\u30d7\u30ec\u30b9\u30ea\u30ea\u30fc\u30b9\uff082021\u5e7412\u670820\u65e5 09\u664230\u5206\uff09\u30a2\u30a4\u30b3\u30b9\u306e\u30b7\u30a7\u30a2\u304c5\u5272\u307e\u3067\u6e1b\u5c11 !? \u5168\u56fd\u306e\u55ab\u7159\u80051,322\u4eba\u306b\u30a2\u30f3\u30b1\u30fc\u30c8\u3057\u3066\u308f\u304b\u3063\u305f\u300c\u5b9f\u969b\u306b\u4f7f\u308f\u308c\u3066\u3044\u308b\u300d&#8230;<\/span>\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t<\/div>\n\n\n<h4 class=\"wp-block-heading\">\u30d5\u30a3\u30ea\u30c3\u30d7 \u30e2\u30ea\u30b9\u306e\u5730\u57df\u5225\u53ce\u76ca\uff082021\u5e74\uff09<\/h4>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter\"><img decoding=\"async\" width=\"567\" height=\"254\" src=\"https:\/\/yutan-investment.com\/wp-content\/uploads\/2022\/08\/PM-Area-Revenue-2021-e1660310904963.png\" alt=\"PM Area Revenue 2021\" class=\"wp-image-7720\" srcset=\"https:\/\/yutan-investment.com\/wp-content\/uploads\/2022\/08\/PM-Area-Revenue-2021-e1660310904963.png 567w, https:\/\/yutan-investment.com\/wp-content\/uploads\/2022\/08\/PM-Area-Revenue-2021-e1660310904963-300x134.png 300w\" sizes=\"(max-width: 567px) 100vw, 567px\" \/><\/figure>\n<\/div>\n\n\n<p class=\"wp-block-paragraph\">\u7279\u5b9a\u306e\u5730\u57df\u3078\u306e\u504f\u308a\u306f\u306a\u304f\u3001\u30d0\u30e9\u30f3\u30b9\u3088\u304f\u5206\u6563\u3055\u308c\u3066\u3044\u307e\u3059\u3002\u3053\u306e\u30b0\u30e9\u30d5\u3067\u306f\u3001\u6771\u30a2\u30b8\u30a2\u30fb\u30aa\u30fc\u30b9\u30c8\u30e9\u30ea\u30a2\u3068\u306a\u3063\u3066\u3044\u307e\u3059\u304c\u3001\u65e5\u672c\u3067\u306e\u53ce\u76ca\u306f46\u5104\u30c9\u30eb\u306715\uff05\u3092\u5360\u3081\u3066\u3044\u307e\u3059\u3002\u65e5\u672c\u5e02\u5834\u306f\u6700\u5927\u306e\u30de\u30fc\u30b1\u30c3\u30c8\u3067\u3042\u308a\u3001\u30d5\u30a3\u30ea\u30c3\u30d7 \u30e2\u30ea\u30b9\u306e\u6c7a\u7b97\u8cc7\u6599\u306b\u3082\u305d\u306e\u65e8\u304c\u8a00\u53ca\u3055\u308c\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u306a\u304a\u3001\u30ed\u30b7\u30a2\u306b\u3088\u308b\u30a6\u30af\u30e9\u30a4\u30ca\u4fb5\u653b\u3092\u53d7\u3051\u3066\u3001\u30d5\u30a3\u30ea\u30c3\u30d7 \u30e2\u30ea\u30b9\u306f\u30ed\u30b7\u30a2\u5e02\u5834\u304b\u3089\u306e\u64a4\u9000\u3092\u9032\u3081\u3066\u3044\u307e\u3059\u3002\u30ed\u30b7\u30a2\u306f\u30d5\u30a3\u30ea\u30c3\u30d7 \u30e2\u30ea\u30b9\u306e\u305f\u3070\u3053\u51fa\u8377\u91cf\u306e10%\u8fd1\u304f\u3092\u5360\u3081\u3001\u53ce\u76ca\u306e6%\u3092\u5360\u3081\u308b\u30de\u30fc\u30b1\u30c3\u30c8\u3068\u306a\u3063\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">\u30d5\u30a3\u30ea\u30c3\u30d7 \u30e2\u30ea\u30b9\u306e\u88fd\u54c1\u5225\u53ce\u76ca\u306e\u63a8\u79fb<\/h4>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" width=\"560\" height=\"200\" src=\"https:\/\/yutan-investment.com\/wp-content\/uploads\/2022\/08\/PM-Revenue-Product-Category-2016-21-e1660311739634.png\" alt=\"PM Revenue Product Category 2016-21\" class=\"wp-image-7721\"\/><\/figure>\n\n\n\n<p class=\"has-text-align-center wp-block-paragraph\"><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u53ef\u71c3\u6027\u305f\u3070\u3053\u306f\u5f93\u6765\u306e\u7d19\u5dfb\u304d\u305f\u3070\u3053\u3001\u30ea\u30b9\u30af\u4f4e\u6e1b\u305f\u3070\u3053\u306f\u52a0\u71b1\u5f0f\u305f\u3070\u3053\u3084\u96fb\u5b50\u305f\u3070\u3053\u3001\u30aa\u30fc\u30e9\u30eb\u305f\u3070\u3053\uff08\u7121\u7159\u305f\u3070\u3053\uff09\u3092\u6307\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span class=\"pink_line\">\u53ef\u71c3\u6027\u305f\u3070\u3053\u306e\u53ce\u76ca\u306f\u6e1b\u5c11\u50be\u5411\u306b\u3042\u308b\u4e00\u65b9\u3001\u30ea\u30b9\u30af\u4f4e\u6e1b\u305f\u3070\u3053\u306e\u53ce\u76ca\u306f\u5897\u52a0\u50be\u5411\u306b\u3042\u308a\u30012021\u5e74\u6642\u70b9\u3067\u306f29\uff05\u304c\u30ea\u30b9\u30af\u4f4e\u6e1b\u305f\u3070\u3053\u306e\u53ce\u76ca\u3068\u306a\u3063\u3066\u3044\u307e\u3059\u3002<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">2022\u5e74\u306b\u5165\u308a\u3001\u30b9\u30a6\u30a7\u30fc\u30c7\u30f3\u306e\u7121\u7159\u305f\u3070\u3053\u30e1\u30fc\u30ab\u30fc\u3001\u30b9\u30a6\u30a7\u30c7\u30a3\u30c3\u30b7\u30e5\u30fb\u30de\u30c3\u30c1\u306e\u8cb7\u53ce\u4ea4\u6e09\u3092\u884c\u3063\u3066\u304a\u308a\u3001\u30ea\u30b9\u30af\u4f4e\u6e1b\u305f\u3070\u3053\u306e\u5206\u91ce\u3092\u5f37\u5316\u3057\u305f\u3044\u3068\u3044\u3046\u4f1a\u793e\u306e\u59ff\u52e2\u304c\u898b\u3066\u53d6\u308c\u307e\u3059\uff08\u30d6\u30ea\u30c6\u30a3\u30c3\u30b7\u30e5\u30fb\u30a2\u30e1\u30ea\u30ab\u30f3\u30fb\u30bf\u30d0\u30b3\u306f\u3082\u3061\u308d\u3093\u3001\u30a2\u30eb\u30c8\u30ea\u30a2\u3068\u3082\u7af6\u5408\u306f\u3057\u307e\u3059\u304c&#x1f4a7;\uff09<\/p>\n\n\n\n<div class=\"article_ads\"><script async=\"\" src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js\"><\/script><br><ins class=\"adsbygoogle\" style=\"display: block; text-align: center;\" data-ad-layout=\"in-article\" data-ad-format=\"fluid\" data-ad-client=\"ca-pub-2389148065955301\" data-ad-slot=\"4406162686\"><\/ins><br><script><br \/>\n     (adsbygoogle = window.adsbygoogle || []).push({});<br \/>\n<\/script><\/div>\n\n\n\n<h3 class=\"wp-block-heading\">EPS\u3001BPS<\/h3>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter\"><img decoding=\"async\" width=\"543\" height=\"368\" src=\"https:\/\/yutan-investment.com\/wp-content\/uploads\/2022\/08\/PM-BPS-EPS-2008-21.png\" alt=\"PM BPS EPS 2008-21\" class=\"wp-image-7711\" srcset=\"https:\/\/yutan-investment.com\/wp-content\/uploads\/2022\/08\/PM-BPS-EPS-2008-21.png 543w, https:\/\/yutan-investment.com\/wp-content\/uploads\/2022\/08\/PM-BPS-EPS-2008-21-300x203.png 300w\" sizes=\"(max-width: 543px) 100vw, 543px\" \/><\/figure>\n<\/div>\n\n\n<p class=\"wp-block-paragraph\">\u505c\u6ede\u3059\u308b\u696d\u7e3e\u3092\u53cd\u6620\u3057\u3066\u304b\u3001EPS\uff081\u682a\u3042\u305f\u308a\u7d14\u5229\u76ca\uff09\u306f\u6a2a\u3070\u3044\u3067\u63a8\u79fb\u3057\u3066\u3044\u307e\u3059\u3002<span class=\"swl-marker mark_blue\">\u305f\u3060\u3057\u3001\u4e00\u6642\u7684\u306a\u8981\u56e0\u3092\u53d6\u308a\u9664\u3044\u305fAdjusted EPS\u306f5\u5e74\u5e73\u5747\uff082017\u301c21\uff09\u3067<span class=\"swl-inline-color has-swl-deep-02-color\"><strong>+6.5%<\/strong><\/span>\u3068\u306a\u3063\u3066\u304a\u308a\u3001\u76f4\u8fd1\u3067\u306f\u6210\u9577\u304c\u52a0\u901f\u3057\u3066\u3044\u307e\u3059\u3002<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span class=\"swl-marker mark_orange\">BPS\uff081\u682a\u3042\u305f\u308a\u7d14\u8cc7\u7523\uff09\u306f\u30012012\u5e74\u4ee5\u964d\u30de\u30a4\u30ca\u30b9\u3067\u63a8\u79fb\u3057\u3066\u3044\u3066\u3001<span class=\"swl-inline-color has-swl-deep-01-color\"><strong>\u50b5\u52d9\u8d85\u904e\u306e\u72b6\u614b<\/strong><\/span>\u3068\u306a\u3063\u3066\u3044\u307e\u3059\u3002<\/span>\u6709\u540d\u3069\u3053\u308d\u3067\u306f\u3001\u30de\u30af\u30c9\u30ca\u30eb\u30c9\u3084\u30b9\u30bf\u30fc\u30d0\u30c3\u30af\u30b9\u3082\u50b5\u52d9\u8d85\u904e\u3067\u3059\u306d\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u65e5\u672c\u3067\u50b5\u52d9\u8d85\u904e\u3068\u3044\u3046\u3068\u3001\u91d1\u878d\u6a5f\u95a2\u304b\u3089\u306e\u501f\u308a\u5165\u308c\u304c\u96e3\u3057\u304f\u306a\u3063\u305f\u308a\u3068\u3042\u307e\u308a\u3044\u3044\u30a4\u30e1\u30fc\u30b8\u306f\u3042\u308a\u307e\u305b\u3093\u304c\u3001\u30a2\u30e1\u30ea\u30ab\u3067\u306f\u305d\u306e\u3053\u3068\u3092\u6301\u3063\u3066\u3057\u3066\u4fe1\u7528\u683c\u4ed8\u3051\u304c\u5927\u304d\u304f\u4f4e\u4e0b\u3059\u308b\u3068\u3044\u3046\u3053\u3068\u306f\u3042\u308a\u307e\u305b\u3093\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u304c\u9ed2\u5b57\u3092\u7d9a\u3051\u3066\u3044\u308b\u3046\u3061\u306f\u3001\u5fc3\u914d\u306f\u3044\u3089\u306a\u3044\u3068\u601d\u3044\u307e\u3059\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\uff08CF\uff09<\/h3>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter\"><img decoding=\"async\" width=\"543\" height=\"367\" src=\"https:\/\/yutan-investment.com\/wp-content\/uploads\/2022\/08\/PM-Cashflow-2008-21.png\" alt=\"PM Cashflow 2008-21\" class=\"wp-image-7712\" srcset=\"https:\/\/yutan-investment.com\/wp-content\/uploads\/2022\/08\/PM-Cashflow-2008-21.png 543w, https:\/\/yutan-investment.com\/wp-content\/uploads\/2022\/08\/PM-Cashflow-2008-21-300x203.png 300w\" sizes=\"(max-width: 543px) 100vw, 543px\" \/><\/figure>\n<\/div>\n\n\n<p class=\"wp-block-paragraph\">\u55b6\u696dCF\u306f\u30012014\u5e74\u4ee5\u964d\u7de9\u3084\u304b\u306a\u304c\u3089\u53f3\u80a9\u4e0a\u304c\u308a\u3068\u306a\u3063\u3066\u3044\u307e\u3059\u306d\u3002<span class=\"swl-marker mark_blue\">\u76f4\u8fd15\u5e74\uff082017\u301c21\uff09\u306e\u6210\u9577\u7387\u306f<span class=\"swl-inline-color has-swl-deep-02-color\"><strong>+7.6%<\/strong><\/span>\u3068\u306a\u3063\u3066\u3044\u307e\u3059\u3002<\/span>\u8a2d\u5099\u6295\u8cc7\u304c\u307b\u3068\u3093\u3069\u304b\u304b\u3063\u3066\u3044\u306a\u3044\u305f\u3081\u3001\u30d5\u30ea\u30fcCF\u306f\u6f64\u6ca2\u3067\u3042\u308a\u3001\u6295\u8cc7\u5bb6\u3078\u306e\u624b\u539a\u3044\u9084\u5143\u304c\u53ef\u80fd\u3067\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u55b6\u696dCF\u30de\u30fc\u30b8\u30f3\u308230%\u53f0\u3067\u63a8\u79fb\u3057\u3066\u304a\u308a\u300140\uff05\u306b\u9054\u3057\u3088\u3046\u304b\u3068\u3044\u3046\u52e2\u3044\u3067\u3059\u3002<\/p>\n\n\n\n<div class=\"article_ads\"><script async=\"\" src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js\"><\/script><br><ins class=\"adsbygoogle\" style=\"display: block; text-align: center;\" data-ad-layout=\"in-article\" data-ad-format=\"fluid\" data-ad-client=\"ca-pub-2389148065955301\" data-ad-slot=\"4406162686\"><\/ins><br><script><br \/>\n     (adsbygoogle = window.adsbygoogle || []).push({});<br \/>\n<\/script><\/div>\n\n\n\n<h2 class=\"wp-block-heading\">\u30d5\u30a3\u30ea\u30c3\u30d7 \u30e2\u30ea\u30b9\u306e\u914d\u5f53<\/h2>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter\"><img decoding=\"async\" width=\"543\" height=\"365\" src=\"https:\/\/yutan-investment.com\/wp-content\/uploads\/2022\/08\/PM-Dividend-2008-21.png\" alt=\"PM Dividend 2008-21\" class=\"wp-image-7713\" srcset=\"https:\/\/yutan-investment.com\/wp-content\/uploads\/2022\/08\/PM-Dividend-2008-21.png 543w, https:\/\/yutan-investment.com\/wp-content\/uploads\/2022\/08\/PM-Dividend-2008-21-300x202.png 300w\" sizes=\"(max-width: 543px) 100vw, 543px\" \/><\/figure>\n<\/div>\n\n\n<p class=\"wp-block-paragraph\">\u914d\u5f53\u306f\u9806\u8abf\u306b\u4f38\u3073\u3066\u304d\u3066\u304a\u308a\u3001\u5206\u793e\u5316\u4ee5\u964d\u3001\u9023\u7d9a\u5897\u914d\u3068\u306a\u3063\u3066\u3044\u307e\u3059\u3002\u914d\u5f53\u6027\u5411\u306f2017\u30fb19\u5e74\u306b100\uff05\u3092\u7a81\u7834\u3057\u307e\u3057\u305f\u304c\u300120\u30fb21\u5e74\u3068\u4f4e\u4e0b\u3057\u3066\u304a\u308a\u300180\uff05\u53f0\u306b\u623b\u3063\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">\u30d5\u30a3\u30ea\u30c3\u30d7 \u30e2\u30ea\u30b9\u306e\u5897\u914d\u7387<\/h3>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter\"><img decoding=\"async\" width=\"543\" height=\"365\" src=\"https:\/\/yutan-investment.com\/wp-content\/uploads\/2022\/08\/PM-Dividend-Increase-2009-21.png\" alt=\"PM Dividend Increase 2009-21\" class=\"wp-image-7714\" srcset=\"https:\/\/yutan-investment.com\/wp-content\/uploads\/2022\/08\/PM-Dividend-Increase-2009-21.png 543w, https:\/\/yutan-investment.com\/wp-content\/uploads\/2022\/08\/PM-Dividend-Increase-2009-21-300x202.png 300w\" sizes=\"(max-width: 543px) 100vw, 543px\" \/><\/figure>\n<\/div>\n\n\n<p class=\"wp-block-paragraph\">\u30d5\u30a3\u30ea\u30c3\u30d7 \u30e2\u30ea\u30b9\u306f\u4f8b\u5e749\u6708\u306b\u5897\u914d\u3092\u767a\u8868\u3057\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span class=\"swl-marker mark_yellow\">\u5897\u914d\u7387\u306f2018\u5e74\u3092\u9664\u3044\u3066\u30012\u301c3%\u53f0\u3067\u63a8\u79fb\u3057\u3066\u3044\u307e\u3059\u3002<\/span>\u914d\u5f53\u6027\u5411\u304c\u3082\u3068\u3082\u3068\u9ad8\u3081\u306a\u306e\u3067\u3001\u66f4\u306a\u308b\u5897\u914d\u306e\u305f\u3081\u306b\u306fEPS\u304c\u6210\u9577\u3059\u308b\u5fc5\u8981\u304c\u3042\u308a\u307e\u3059\u306d\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">\u30d5\u30a3\u30ea\u30c3\u30d7 \u30e2\u30ea\u30b9\u306e\u30c8\u30fc\u30bf\u30eb\u30ea\u30bf\u30fc\u30f3<\/h2>\n\n\n\n<h3 class=\"wp-block-heading\">VS S&amp;P 500(SPY)\uff082008\/3\u301c\uff09<\/h3>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" width=\"700\" height=\"433\" src=\"https:\/\/yutan-investment.com\/wp-content\/uploads\/2022\/08\/PM_2022-08-13_10-30-18-e1660354263358.png\" alt=\"\" class=\"wp-image-7724\"\/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">\u5206\u793e\u5316\u3057\u305f2008\u5e743\u6708\u4ee5\u964d\u3067\u898b\u308b\u3068\u3001\u30c8\u30fc\u30bf\u30eb\u30ea\u30bf\u30fc\u30f3\u306f\u30b3\u30ed\u30ca\u30b7\u30e7\u30c3\u30af\u306e\u3042\u305f\u308a\u307e\u3067\u306f\u307b\u307c\u540c\u3058\u3067\u3057\u305f\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u305d\u306e\u5f8c\u306e\u682a\u4fa1\u56de\u5fa9\u5c40\u9762\u3067\u5dee\u304c\u5e83\u304c\u308a\u307e\u3057\u305f\u304c\u30012022\u5e74\u306b\u5165\u308a\u3001\u5dee\u306f\u8a70\u307e\u3063\u3066\u3044\u307e\u3059\u3002\u30c7\u30a3\u30d5\u30a7\u30f3\u30b7\u30d6\u682a\u3089\u3057\u3044\u5024\u52d5\u304d\u3067\u3059\u306d\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">\u79c1\u306e\u4fdd\u6709\u72b6\u6cc1\u30fb\u6240\u611f<\/h2>\n\n\n\n<ul class=\"is-style-check_list has-swl-main-thin-background-color has-background wp-block-list\">\n<li>\u305f\u3070\u3053\u7523\u696d\u306f\u659c\u967d\u7523\u696d\u3067\u306f\u3042\u308b\u304c\u3001<span class=\"swl-marker mark_blue\"><span class=\"swl-inline-color has-swl-deep-02-color\"><strong>\u5be1\u5360\u5e02\u5834\u304b\u3064\u55b6\u696d\u5229\u76ca\u7387\u306f40%\u524d\u5f8c\u3068\u9ad8\u5229\u76ca<\/strong><\/span><\/span><\/li>\n\n\n\n<li>\u52a0\u71b1\u5f0f\u305f\u3070\u3053\u306a\u3069\u3067\u5148\u884c\u3059\u308b\u307b\u304b\u3001\u56fd\u969b\u5e02\u5834\u3092\u4e3b\u6226\u5834\u3068\u3059\u308b\u3060\u3051\u3042\u3063\u3066\u3001\u4e88\u60f3PER\u306f17\u500d\u53f0\u3068\u3001\u305f\u3070\u3053\u4f1a\u793e\u306e\u4e2d\u3067\u306f\u3082\u3063\u3068\u3082\u8a55\u4fa1\u3055\u308c\u3066\u3044\u308b<\/li>\n\n\n\n<li><span class=\"swl-marker mark_blue\"><span class=\"swl-inline-color has-swl-deep-02-color\"><strong>\u5229\u76ca\u306e\u307b\u3068\u3093\u3069\u306f\u682a\u4e3b\u306b\u9084\u5143\u3057\u3066\u3044\u308b<\/strong><\/span><\/span>\u3002\u50b5\u52d9\u8d85\u904e\u3067\u306f\u3042\u308b\u304c\u3001\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306f\u5b89\u5b9a\u3057\u3066\u304a\u308a\u3001\u904e\u5ea6\u306e\u5fc3\u914d\u306f\u4e0d\u8981\u3002<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">\u79c1\u306f\u3001\u30d5\u30a3\u30ea\u30c3\u30d7 \u30e2\u30ea\u30b9\uff08PM\uff09\u3092\u4fdd\u6709\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u305f\u3070\u3053\u682a\u306f\u30d6\u30ea\u30c6\u30a3\u30c3\u30b7\u30e5\u30fb\u30a2\u30e1\u30ea\u30ab\u30f3\u30fb\u30bf\u30d0\u30b3\uff08BTI\uff09\u3068\u30a2\u30eb\u30c8\u30ea\u30a2\uff08MO\uff09\u3068\u3042\u308f\u305b\u3066\u4e09\u3064\u4fdd\u6709\u3057\u3066\u3044\u3066\u3001\u4e09\u3064\u306e\u9298\u67c4\u3067\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306e\u304a\u3088\u305d5\uff05\u3092\u5360\u3081\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n<div class=\"swell-block-postLink\">\t\t\t<div class=\"p-blogCard -internal\" data-type=\"type1\" data-onclick=\"clickLink\">\n\t\t\t\t<div class=\"p-blogCard__inner\">\n\t\t\t\t\t<span class=\"p-blogCard__caption\">\u3042\u308f\u305b\u3066\u8aad\u307f\u305f\u3044<\/span>\n\t\t\t\t\t<div class=\"p-blogCard__thumb c-postThumb\"><figure class=\"c-postThumb__figure\"><img decoding=\"async\" src=\"https:\/\/yutan-investment.com\/wp-content\/uploads\/2019\/07\/Tobacco-Image0-300x200.jpg\" alt=\"\" class=\"c-postThumb__img u-obf-cover\" width=\"320\" height=\"180\"><\/figure><\/div>\t\t\t\t\t<div class=\"p-blogCard__body\">\n\t\t\t\t\t\t<a class=\"p-blogCard__title\" href=\"https:\/\/yutan-investment.com\/?p=1284\" target=\"_blank\" rel=\"noopener noreferrer\">\u3010BTI\u3011\uff08\u30d6\u30ea\u30c6\u30a3\u30c3\u30b7\u30e5\u30fb\u30a2\u30e1\u30ea\u30ab\u30f3\u30fb\u30bf\u30d0\u30b3\uff09\uff5e\u9ad8\u914d\u5f53\u304c\u9b45\u529b\u7684\u306a\u4e16\u754c\u6709\u6570\u306e\u30b0\u30ed\u30fc\u30d0\u30eb\u305f\u3070\u3053\u30e1\u30fc\u30ab\u30fc&#8230;<\/a>\n\t\t\t\t\t\t<span class=\"p-blogCard__excerpt\">\u3010\u66f4\u65b0\u60c5\u5831\u3011\uff082022\/3\/19\uff092021\u5e74\u306e\u696d\u7e3e\u3092\u53cd\u6620\u3002\u30ed\u30b7\u30a2\u306e\u30a6\u30af\u30e9\u30a4\u30ca\u4fb5\u653b\u306b\u3088\u308b\u5f71\u97ff\u3082\u8ffd\u8a18\u3057\u307e\u3057\u305f\u266a \u3086\u30fc\u305f\u3093\u3067\u3059\u266a \u4e16\u754c\u6709\u6570\u306e\u30b0\u30ed\u30fc\u30d0\u30eb\u305f\u3070\u3053\u30e1\u30fc\u30ab\u30fc\u3001\u30d6\u30ea\u30c6\u30a3\u30c3\u30b7\u30e5&#8230;<\/span>\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t<\/div>\n\n<div class=\"swell-block-postLink\">\t\t\t<div class=\"p-blogCard -internal\" data-type=\"type1\" data-onclick=\"clickLink\">\n\t\t\t\t<div class=\"p-blogCard__inner\">\n\t\t\t\t\t<span class=\"p-blogCard__caption\">\u3042\u308f\u305b\u3066\u8aad\u307f\u305f\u3044<\/span>\n\t\t\t\t\t<div class=\"p-blogCard__thumb c-postThumb\"><figure class=\"c-postThumb__figure\"><img decoding=\"async\" src=\"https:\/\/yutan-investment.com\/wp-content\/uploads\/2020\/01\/Altria-Marlboro_image1-300x200.jpg\" alt=\"\" class=\"c-postThumb__img u-obf-cover\" width=\"320\" height=\"180\"><\/figure><\/div>\t\t\t\t\t<div class=\"p-blogCard__body\">\n\t\t\t\t\t\t<a class=\"p-blogCard__title\" href=\"https:\/\/yutan-investment.com\/?p=1298\">\u3010MO\u3011\uff08\u30a2\u30eb\u30c8\u30ea\u30a2\uff09\u301c\u9ad8\u53ce\u76ca\u3001\u9ad8\u914d\u5f53\u306a\u305f\u3070\u3053\u30e1\u30fc\u30ab\u30fc!\u301c<\/a>\n\t\t\t\t\t\t<span class=\"p-blogCard__excerpt\">\u3010\u66f4\u65b0\u60c5\u5831\u3011\uff082022\/6\/6\uff092021\u5e74\u306e\u696d\u7e3e\u3092\u53cd\u6620\u3002\u8a18\u4e8b\u30ea\u30e9\u30a4\u30c8\u3002 \u3086\u30fc\u305f\u3093\u3067\u3059\u266a \u9ad8\u53ce\u76ca\u3001\u9ad8\u914d\u5f53\u306a\u305f\u3070\u3053\u30e1\u30fc\u30ab\u30fc\u3001\u30a2\u30eb\u30c8\u30ea\u30a2\uff08Altria\u3001\u30c6\u30a3\u30c3\u30ab\u30fc\uff1aMO\uff09\u306e\u9298\u67c4\u5206\u6790\u3067\u3059\u266a &#8230;<\/span>\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t<\/div>\n\n\n<p class=\"wp-block-paragraph\"><span class=\"swl-marker mark_yellow\">\u305f\u3070\u3053\u7523\u696d\u306f\u3001<strong>\u898f\u5236\u7523\u696d\u3067\u3042\u308a\u3001\u5c11\u6570\u306e\u30d7\u30ec\u30fc\u30e4\u30fc\uff08\u4f01\u696d\uff09\u304c\u5e02\u5834\u3092\u5360\u6709\u3059\u308b\u5be1\u5360\u5e02\u5834<\/strong>\u3068\u306a\u3063\u3066\u3044\u307e\u3059\u3002<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u65b0\u898f\u53c2\u5165\u306f\u56f0\u96e3\u3067\u3001\u30d3\u30b8\u30cd\u30b9\u30e2\u30c7\u30eb\u306f\u5b89\u5b9a\u3057\u3066\u3044\u307e\u3059\u304c\u3001\u4e00\u65b9\u3067\u3001\u305f\u3070\u3053\u306e\u9700\u8981\u81ea\u4f53\u306f\u7e2e\u5c0f\u50be\u5411\u3068\u306a\u3063\u3066\u3044\u3066\u3001\u3044\u308f\u3086\u308b\u659c\u967d\u7523\u696d\u3068\u306a\u3063\u3066\u3044\u307e\u3059\u3002\u307e\u305f\u3001\u4eba\u3005\u306e\u5065\u5eb7\u306b\u60aa\u5f71\u97ff\u3092\u4e0e\u3048\u308b\u3068\u3044\u3046\u3053\u3068\u3067\u3001<a href=\"https:\/\/yutan-investment.com\/?p=5463\" target=\"_blank\" rel=\"noopener 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