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FISCO Ltd.
2

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COMPANY RESEARCH AND ANALYSIS REPORT
FISCO Ltd.
01 24
<7781>

2018 7 FUN to
FUN( ) 12 ( ) 2019 6 ( ) ( )
M&A
1. 2020 6
2020 6 10.2% 22,970 88.2% 380
2

4
24,000
300
2. 2021 6
2021 6 1.4% 23,300 5.1% 400


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COMPANY RESEARCH AND ANALYSIS REPORT
FISCO Ltd.
02 24
3.
2024 6 400 4%
1 1)
SaaS DX 2)
3)
4)
5) 5
IoT
IoT

2021 6 IT2024 6 400 4%
11,642
13,593
20,841

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FISCO Ltd.
03 24

JASDAQ2017 3
M&A
2.
1992

1996

5 2014 6
2008

1
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FISCO Ltd.
04 24
2014 HIRAYAMA (Thailand) Co.,Ltd.2015
JOB SUPPLY HUMAN RESOURCES Co.,LtdJSHR
95% 2017 HIRAYAMA PHILIPPINES CORP.
2018

2018 7 FUN to FUN
12 2019 6 M&A

JSHR
( ) LACC( )
GS 12 1
HIRAYAMA JOB INSTITUTE (Thailand) Co.,Ltd.
2020 6 9,119


( )
100.0%
( ) 100.0%
JOB SUPPLY HUMAN RESOURCES Co.,Ltd. 95.0%
HITAYAMA VIETNAM Co., Ltd. 100.0%
51.0%
( ) LACC 100.0%
( ) 100.0%
95.7%
( ) 100.0%


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FISCO Ltd.
05 24
1.
6 80.2%
94.0%

(1) 2018 FUN to FUN

6 FUN to FUN 4

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COMPANY RESEARCH AND ANALYSIS REPORT
FISCO Ltd.
06 24


2020 6

5 2019 6 Fun to Fun
2020 6 26%
6% 2016 6 49% 2020
6 25% 15% 7% 4%
1% 2020 6 184 FUN to
FUN 52 34 10 1 5
49% 43%
3% 5% 7% 9% 9%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%

<7752> <8267>
( ) LIXIL <5938>TOTO<5332>
2020 6 536 28
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COMPANY RESEARCH AND ANALYSIS REPORT
FISCO Ltd.
07 24

1
2020 6 90.5% <9744>
90.4 2020 6 85 8


2018 12
2019 6


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COMPANY RESEARCH AND ANALYSIS REPORT
FISCO Ltd.
08 24
StrengthWeaknessOpportunityThreat
4

IT


IT


( ) <6569>UT <2146> <2427> <7087>nms
<2162>

1 2 IoT SaaS IT

2020 6 4
2020 6 4 14.9% 2020 6 3
16.8% 1.9 2020 3
3.1 UT 1.9 3.2% UT
M&A 1.9
3.0
2020 6 4
IoT

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09 24

22,970 24,800 101,191 361,249 74,966
3,758 16.4% 3,696 14.9% 20,006 19.8% 70,784 19.6% 13,115 17.5%
3,377 14.7% 2,567 10.4% 11,966 11.8% 58,707 16.3% 10,054 13.4%
380 1.7% 1,129 4.6% 8,040 7.9% 15,501 4.3% 3,061 4.1%
IFRS
2020 4-6


5,497 5,799 25,829 83,086 16,557
819 14.9% 684 11.8% 4,634 17.9% 13,996 16.8% 2,360 14.3%
821 14.9% 746 12.9% 2,870 11.1% 14,035 16.9% 2,154 13.0%
-1 -61 1,763 6.8% 756 0.9 206 1.2%
1 20/6 3 16.8% 14.6% 2.2% 2 IFRS


Assistance Program

2018 2
2020 4 3 CAD AI

5

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COMPANY RESEARCH AND ANALYSIS REPORT
FISCO Ltd.
10 24

2020 6 4 1

1. 2020 6
2020 6 10.2% 22,970 88.2% 380
61.3% 396 19.4% 293
2020 3
9


725 Fun to Fun
111 311 507

19/6 20/6
20,841 - 24,000 22,970 - 10.2% -4.3% 3,410 16.4% - 3,758 16.4% 10.2% - 3,208 15.4% - 3,377 14.7% 5.3% - 202 1.0% 300 380 1.7% 88.2% 26.8% 245 1.2% 300 396 1.7% 61.3% 32.3% 425 - - 217 - - -
364 1.8% 400 293 1.3% -19.5% -26.5%
EBITDA 351 1.7% - 495 2.2% 40.7% - EBITDA + +
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11 24
2.
1 9.4% 18,411 16.0% 1,337
2
2

8.6% 4,471 6

49 Fun to Fun
2021 6 2020 6 27 Fun to Fun
1 52
8,310 9,062 10,471


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12 24

(2) 14.8% 1,501 244.2% 71
2019 6

8 85
2019 6 56 → 38
2019 6 14
2020 6 20 2020 11
250

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COMPANY RESEARCH AND ANALYSIS REPORT
FISCO Ltd.
13 24


(3) 3.3% 2,148 2 13
9



2021 6 1
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COMPANY RESEARCH AND ANALYSIS REPORT
FISCO Ltd.
14 24


(4) 91.9% 908 58.2% 15
2020
2018 11 2
2019 6 1.4
IoT SaaS IT 3 120


<7011> ( )
<6361>JR ( )


2
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COMPANY RESEARCH AND ANALYSIS REPORT
FISCO Ltd.
15 24

2020 6 333 7,372
77 73
105 307
449 4,485 83
162 349 216
252 116 2,887
189 77
35.7% 38.9%
43.8% 29.8% M&A

2,658 2
ROE
13.8% 10.5% ROA 3.5% 5.3% 1.0% 1.7%

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16 24

16/6 17/6 18/6 19/6 20/6
4,080 4,968 5,637 6,501 6,360 -140
2,768 3,362 3,422 3,592 3,514 -77
409 462 518 1,204 1,011 -192
76 61 46 267 51 -215
4,490 5,430 6,155 7,706 7,372 -333
1,429 1,699 2,257 3,210 3,015 -195
917 1,545 1,368 1,724 1,470 -253
2,346 3,245 3,626 4,934 4,485 -449
391 1,154 796 1,205 855 -349
2,144 2,185 2,529 2,771 2,887 116


2,376 2,208 2,626 2,387 2,658 271


1. 2021 6
2021 6 1.4% 23,300 5.1% 400
0.8% 400 2.0% 300
2021 6 1


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FISCO Ltd.
17 24
22,970 - 23,300 - 1.4%



17/6 18/6 19/6 20/6 21/6

933 1,106 1,308 1,501 1,580 5.2%
1,462 1,787 2,222 2,148 1,650 -23.2%
184 228 473 908 940 3.5%
11,642 13,593 20,841 22,970 23,300 1.4%

-3 42 20 71 28 -61.1%
-33 -20 -13 -2 -42 -
24 18 36 15 10 -35.2%
-728 -865 -994 -1,041 -1,146 -
39 214 202 380 400 5.1%

-0.3% 3.9% 1.6% 4.8% 1.8%
-2.3% -1.1% -0.6% -0.1% -2.5%
13.4% 8.1% 7.8% 1.7% 1.1%
0.3% 1.6% 1.0% 1.7% 1.7%
19/6 Fun to Fun
(1) 3.9% 19,130 15.9% 1,550


27
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COMPANY RESEARCH AND ANALYSIS REPORT
FISCO Ltd.
18 24
a)



2021 350
2020 300
(2) 5.2% 1,580
61.1% 28 ITAI



(3) 23.2% 1,650 42 2
1

(4) 3.5% 940 35.2% 10


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FISCO Ltd.
19 24



ID
1,500 2021 6 3,000
IMOCIoT
50% 1.8
AIHAio

GS

Important disclosures and disclaimers appear at the back of this document.
COMPANY RESEARCH AND ANALYSIS REPORT
FISCO Ltd.
20 24
20

IT 2024 6 400 4%
2.
1 2024 6 400
4% 16 2019 6
8 2024 6 320
40 25 15
2019 6
6.8% 7.8% 1.6% 5.0% -0.6% 2.0% 7.8%
7.0%


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COMPANY RESEARCH AND ANALYSIS REPORT
FISCO Ltd.
21 24




IT

IT
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FISCO Ltd.
22 24
IoT PLC
PLC IoT

500 3,000

2019 4 300
1,000

4
GS

Important disclosures and disclaimers appear at the back of this document.
COMPANY RESEARCH AND ANALYSIS REPORT
FISCO Ltd.
23 24


(4) 30

2,000


(5) FUN to FUN 6


300
Important disclosures and disclaimers appear at the back of this document.
COMPANY RESEARCH AND ANALYSIS REPORT
FISCO Ltd.
24 24


2021 6 1 30.0
34.2%
%