f‚փbZ[WʼnB



ǎ҂̊Fl̂zAӌÁAɂ܂"f"NbNĂǂǂʼnBM҂ڂ܂B܂Aǎ҂̊Fǂ̏Eӌ𗬂̏ƂĂp܂B̌f‚͖Kғo^tH[̖Ă܂̂ŁAOƃ[AhX̂ݎcĂ\łBLAo^ꂽXɂ͂ȂM҂E[CɂčŐVA\グ܂B

33.  P/E 䗦̐_b

j[[N̓AJƗLOiΗjjOɂāASɉċx CłB悤ɍ‚̉ŁAĂ̕ɔK͉Ƃ܂Bǎ҂̊FlAĂ}ċCVAɌĂ̓헪Ă邱ƂƑz܂BT {ݏZ̓ǎ҃XYLlAP/E 䗦Ɋւ邲𒸂܂B ́AP/E 䗦ɂ‚Ă̍lĂ݂Ǝv܂A悸̑Oɂ܂ł6A2000NOUԂĂ݂܂傤B

ƂɂƂĂ͌㔼F

_EHƕϒĺA1Pȗ - 9.1 % ̗݁BS & P 500 wẂA- 1.0 % ̉BāAnCeNiY_bNwẂA-2.5 %̗݂łBƂɎvwW͂}CiXBMpi}[WjĂȂ΁A命̓Ƃ͋xȂ oĂ6ƂƂɂȂB㏸΋Ċy AƎ]莩MAȂƂyƂ͂ȂBꌾŌ΁Aɂ߂Č㔼Bܘ_Avグ낤AFlMғlԎoĂȂÁuOł͂ȂvAu̐lĂvɁÄԂ߂𔭌ĂB

Ƃ̂́ÂZIƓlAɂďɂȂ ̂ł͂܂BƂX|[c}ArWlX}lɁA ɂ͒ŇPƔEςKvƂ܂BNԑs̍UɔsĂ悤ł́A債Ƃɂ͂ȂȂB̐Ԏ炢ŋ߂͎̂~߂āAH΂Ċ撣܂傤Bܘ_ACyɁA]^ɂȂȂłBF͂łBû悤ɉɗĂ vƂAԓx؂łB

‹ł2{A3{͂F

uߋ͉ߋvA߂Ƃ͂ĂāAꂩǂ邩B̐헪𗧈ĂO3~4~T̖\A6̗DG̒lĂ݂܂傤BڂׂƂāAEHb`EXgɏ ĂȂw̃`X̂ŁAli2{A3{ɂȂ̂܂BSDLI ɂ‚ẮA܂łEɏグĂ܂AłQClłDG̈‚łBt@Co[ʐM̌߂ʐM@̃[J[ŁA5̖ɂ͉ߋ52T̃s[Nli3 {jщzāA4TԂ200hOォ300hOւƒlオ肵 ܂B

ɗDꂽтグĂÃ[_[͈͓ɂR܂B悸̓L[X[ECXgciKeithley Instruments = KEI jB4A5Ƃقډ΂ŁA6{52T̃s[Nl($30) XVāA㏸ 90 hOA‚܂3{ɑ܂ BQ̒DǴAeNjЁiTechne Corp - TECH jBoCIeNmW[ƊEɊeeXgLbg̔Ë@탁[J[ɏ̂ŁA`[gƁA4~5͉΂ŁA5̖Ƀs[Nli80jXVď㏸n߁A݁130OłB1]60ȏ̏㏸łBM҂蓦R̒DG̓g[OChi Tollgrade Communications =TLGD jŁAC^[lbg̃CtE\tg̉ЂłBO2ЂƓlɁA6{ɉߋ1NԂ̍ōlXVāA60hOォ猻݂130hOւƁA12{ȏi116j̒lオ Ă܂B

DG̒TF

炲ɂ͉lłB𕽂ɂėǂnǂĂ BL4ASDLI, KEI, TECH, TLGD ̖ڊo܂ulオ肷OɁAv@͂̂B5̖̎_ŁA܂ł̓tbgŒliオĂȂǍ1]̊Ԃ50A100A150lオ肷”\k‚@Ƃ̂́A݂ ̂Ȃ̂BM҂̏TAO͓V󂪑f炵ăo[xL[ły߂͂Ȃ̂ɁAɂAԂČʁAꂩ̒DG𔭌@˂~߂܂BI܂傤B

ōlXV悤ƂĂF

ŏグߋ̗DG̒l`[gƂ̎ʂ̐ڂ𕪐͂ƁAʕꂪ܂B52T̍ōlXVOォA‚ lオ肪n܂鎞_Aʂ}Ă邱Ƃǂݎ܂B @֓ƂuvɉĂłB疜hAhPʂŔ~[`AEt@h̃}l[W[BAoc ҂ƊE̐ƂqˁA铝v𕪐͂AŇobɁAuɒlvƔfłB肪ɏoĂAulオ肪n܂鎞_ŕ߂܂vA‚܂u52Tōlɋ߂ANA鐡OɁvAނƂłBꂪ錍̂悤łBĂ݂܂B

̗L]F

㐔Ԃ50A100̒lオ҂łALiŌĂ݂܂Bȉ̖オ܂B{N6Ԃ̒l`[gāAŊmFĂ݂ĂB

SEBL: 6{140h̍ōlXVA΂炭΂ԂɂB 150hOオƌBߋɂ񂩏ЉAɏĂ\tgEFẢЂłB

CAMP: ܂łЉƂ̂ȂVKłACalifornia Amplifier ƂЂŁA}CNEF[ũVOiMAvAAeiȂǂ̃[J[łB`[gɂȂƁA50h̍ōlɌĒiAXVOƂ̃`XĂĂ܂B

NT:

M҂ӂƂ钆Ƃł͂ȂArbOLbviƁj̃JeS[ɓʐM@Albg[NЁAm[eElbg[NXЁB3㔼ɍōl70hɒBǍeNmW[̉ gɈݍ܂\B70hOmFĂAōlXV邩Ƃǖʂɂ܂BAlXVł΂Ȃ̒lオ ߂DNJł傤B

ɂ܂A傫Ȓlオۏ؂邱Ƃ͂ł܂񂩂AЉ͂̒xɂāADGTĂ{ɂȂxmF܂傤B

PDvA㍂AȂƂ30ȏAlɂ킽ď㏸ĂƐт̗ǂЁB

QD{N3̃s[N̍ōlz悤ƂẮB‚ A@֓ƂW߂ĂB

2ɂ܂Ƃ߂܂B

P/E 䗦̐_bF

āA{ɓ܂傤BXy[X̊֌WŒZ܂Ƃ߂܂Bꊔ̗vzƔrA‚܂藘vɂāAȂ̂AߑAߏ]Ă邩𔻒fP/E 䗦iPrice/Earnings Ratio jƌĂт܂BP/E 䗦́Aߑ] Ô\Atɂ̔䗦ςႯΉߏ]ĂAƔf̂펯łBߋ20NA30NԂ̊Ԃɔ\ꂽ Ɋւ鋳ȏAuP/E ̒ႢvƂ̒qdĂĂ܂BM҂AN9܂ł́A̔䗦ႢƊE̗DGAႦ΃Ap⏬Ƃ̖ƂAsAGACȂǂwĂ܂BP/E 䗦ႢAuvƂfčw킯łBAɂ́A͂̈li甲ꂸAsꂪ㏸ĂĂ΂Asꂪ΂Ƃɒl肷ƂȂAƂȂo܂BP/E 䗦Ⴂ̉ߋ2C3N̋ƐтmFĂ݂ĂB͂̐YƂႢA}CiXĂЂł傤BAт35zĂȂAP/E 䗦PTƂQOƂႳł΁A̓o[Q𔭌킯ŁA邩ɔނƂ߂܂BȖ‚AŐ񏬐ɂĉB

vɁADGȋƐт[߂ẮAR̂ƂȂlオ AP/E 䗦ς荂ȂłBmɍƎv邩 ܂񂪁Aɒlオ𑱂ẮAׂP/E ƂFmKv܂B܂ƁÂQCRNԂ̎s̒ĺAߑ]Ăƌ鍂P/E ɒlオ肵Ă łB̊{́Avl邱ƂłA悸͒lオ̉”\̂ɒڂBꂪ܂܁AoG[V󂯂ĂƂ̂łB́As̃[e[VɂAߏ]ĂA‚܂ႢP/E ɐlCW܂Ă邩܂B

݂̃nCXs[h̃nCeNYƐq‹ł́AP/E 䗦ɉߑȏd ݂^̂͊댯łBɐAvA㑝ɒڂĂ B‚܂Å݂‹łP/E 䗦͂قږ𓾂ȂƂɂȂ܂B̍q̊‹́A4~5N͑ƌĂ܂BXYL̂ɂ‚łAɂӌ΂B

ۏ؂͂ł܂񂪁A̍ڌ^̓헪Ă ĂBɂČxłAsꂪ~n߂ȂAčw wi痎n߂A炪傫ȐԎɂȂOɐgyɎƂYȂBȂȂspłAŃRg[łیƎvāAuXoAŒɗ}悤v ȒbĂB

Flǎ҂̉Ă̓AŷɂȂ܂悤ɁB

䂪C̃AhX́A[email protected] łBAzAAh oCXȂǂ񂹂Bł邾ɉ񓚂݂܂B

{M҂̍Nx(12j̓Ɛт́A282 łB2000N1P獡iUROIl݁j܂ł̐т -21D56% łBiȎ{ zɂ䗦łjiNx̏ł̐zlƂɍ Ă܂BxɃLs^EQC𕥂̂͂ǂ̂ŁjB{ [}KW݂̌̍wǎҐ́A1,615lłBiTAȂj

m点F{NHA10~11ɁAM҂͓EZ{؂ɂĔ̑ΕēuZ~i[JƂv悵Ă܂B̂́̕A̎| ]e[}ȂǁA񂭂BQ҂ȂΒ~܂AłΈx`[gȂǂȂ璼ړǎ҂̕XɂāAł΂Ɗ]Ă܂B


obNio[ɖ߂