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10 年先に更新の時期を迎え、建築費と機械の値上がりで更新の投資は膨らむ。","evidence_url":"/jp-stock/ai-analysis/?t=3180","updated_at":"2026-11-01T22:46:03+00:00"},{"ticker":"3187","asset_id":"jp_deflator_2020_building","name":"ミラタップ","kind":"text_candidate","direction":"未確認","evidence":"既存設備の減価償却は古い取得価格のままだが、入れ替える設備には上がった建築費と設備費が掛かる。","evidence_url":"/jp-stock/ai-analysis/?t=3187","updated_at":"2026-11-01T22:46:03+00:00"},{"ticker":"3193","asset_id":"jp_deflator_2020_building","name":"エターナルホスピタリティグループ","kind":"text_candidate","direction":"未確認","evidence":"中計の目標を引き下げた理由に、原価率と建築費の読み違えも挙げている。","evidence_url":"/jp-stock/ai-analysis/?t=3193","updated_at":"2026-11-01T22:46:03+00:00"},{"ticker":"3199","asset_id":"jp_deflator_2020_building","name":"綿半ホールディングス","kind":"text_candidate","direction":"未確認","evidence":"建築費の上昇で、更新投資は償却を上回って膨らみ、借入金で賄えば利払いが増える。","evidence_url":"/jp-stock/ai-analysis/?t=3199","updated_at":"2026-11-01T22:46:03+00:00"},{"ticker":"3201","asset_id":"jp_deflator_2020_building","name":"日本毛織","kind":"text_candidate","direction":"未確認","evidence":"建築費の高騰も重い。","evidence_url":"/jp-stock/ai-analysis/?t=3201","updated_at":"2026-11-01T22:46:03+00:00"},{"ticker":"3202","asset_id":"jp_deflator_2020_building","name":"ダイトウボウ","kind":"text_candidate","direction":"未確認","evidence":"建築費の上昇で更新の額が膨らめば、手元に残る現金はさらに細る。","evidence_url":"/jp-stock/ai-analysis/?t=3202","updated_at":"2026-11-01T22:46:03+00:00"},{"ticker":"3204","asset_id":"jp_deflator_2020_building","name":"トーア紡コーポレーション","kind":"text_candidate","direction":"未確認","evidence":"賃料は物価ほどには上がらず、建物の修繕の費用は建築費とともに膨らむ。","evidence_url":"/jp-stock/ai-analysis/?t=3204","updated_at":"2026-11-01T22:46:03+00:00"},{"ticker":"3224","asset_id":"jp_deflator_2020_building","name":"ゼネラル・オイスター","kind":"text_candidate","direction":"未確認","evidence":"古い設備の償却は取得時の額のままだが、将来の改装は高い建築費を払うため、会計利益が増えても自由現金は残りにくい。","evidence_url":"/jp-stock/ai-analysis/?t=3224","updated_at":"2026-11-01T22:46:03+00:00"},{"ticker":"3226","asset_id":"jp_deflator_2020_building","name":"三井不動産アコモデーションファンド投資法人","kind":"text_candidate","direction":"未確認","evidence":"新築は建築費の高騰で供給が細り、首都圏の賃料は入替えのたびに上がる。","evidence_url":"/jp-stock/ai-analysis/?t=3226","updated_at":"2026-11-01T22:46:03+00:00"},{"ticker":"3231","asset_id":"jp_deflator_2020_building","name":"野村不動産ホールディングス","kind":"text_candidate","direction":"未確認","evidence":"10年のうちに、建築費高騰を価格に乗せつつ分譲は緩やかに縮み、都市開発・資産運用が成長を支える。","evidence_url":"/jp-stock/ai-analysis/?t=3231","updated_at":"2026-11-01T22:46:03+00:00"},{"ticker":"3234","asset_id":"jp_deflator_2020_building","name":"森ヒルズリート投資法人","kind":"text_candidate","direction":"未確認","evidence":"建築費は物価より速く上がる。","evidence_url":"/jp-stock/ai-analysis/?t=3234","updated_at":"2026-11-01T22:46:03+00:00"},{"ticker":"3236","asset_id":"jp_deflator_2020_building","name":"プロパスト","kind":"text_candidate","direction":"未確認","evidence":"土地と建築費は上がり続け、新築の賃貸マンションの供給は絞られる。","evidence_url":"/jp-stock/ai-analysis/?t=3236","updated_at":"2026-11-01T22:46:03+00:00"},{"ticker":"3238","asset_id":"jp_deflator_2020_building","name":"セントラル総合開発","kind":"text_candidate","direction":"未確認","evidence":"建築費の上昇を値段に乗せきれなかったためだ。","evidence_url":"/jp-stock/ai-analysis/?t=3238","updated_at":"2026-11-01T22:46:03+00:00"},{"ticker":"3241","asset_id":"jp_deflator_2020_building","name":"ウィル","kind":"text_candidate","direction":"未確認","evidence":"新築の建築費と土地代が上がり、都心では新築の着工が伸び悩む。","evidence_url":"/jp-stock/ai-analysis/?t=3241","updated_at":"2026-11-01T22:46:03+00:00"},{"ticker":"3242","asset_id":"jp_deflator_2020_building","name":"アーバネットコーポレーション","kind":"text_candidate","direction":"未確認","evidence":"金利が上がれば値段は下がり、建築費の上昇を売値に転嫁しきれない。","evidence_url":"/jp-stock/ai-analysis/?t=3242","updated_at":"2026-11-01T22:46:03+00:00"},{"ticker":"3246","asset_id":"jp_deflator_2020_building","name":"コーセーアールイー","kind":"text_candidate","direction":"未確認","evidence":"土地と建築費が上がる中で、値段を上げても取り分は薄い。","evidence_url":"/jp-stock/ai-analysis/?t=3246","updated_at":"2026-11-01T22:46:03+00:00"},{"ticker":"3248","asset_id":"jp_deflator_2020_building","name":"アールエイジ","kind":"text_candidate","direction":"未確認","evidence":"建築費の上昇で新築の供給が抑えられるため、既存の物件の価値は上がりやすい。","evidence_url":"/jp-stock/ai-analysis/?t=3248","updated_at":"2026-11-01T22:46:03+00:00"},{"ticker":"3249","asset_id":"jp_deflator_2020_building","name":"産業ファンド投資法人","kind":"text_candidate","direction":"未確認","evidence":"建築費や設備費が上がる一方、長期契約の賃料が十分に増えなければ、投資主に回せる現金は細る。","evidence_url":"/jp-stock/ai-analysis/?t=3249","updated_at":"2026-11-01T22:46:03+00:00"},{"ticker":"3252","asset_id":"jp_deflator_2020_building","name":"地主","kind":"text_candidate","direction":"未確認","evidence":"建物を持たないので、建築費の高騰も修繕の負担もない。","evidence_url":"/jp-stock/ai-analysis/?t=3252","updated_at":"2026-11-01T22:46:03+00:00"},{"ticker":"3261","asset_id":"jp_deflator_2020_building","name":"グランディーズ","kind":"text_candidate","direction":"未確認","evidence":"買い手は住宅ローンの返済額に敏感であり、土地代や建築費の上昇を販売価格へ十分に転嫁できるとは限らない。","evidence_url":"/jp-stock/ai-analysis/?t=3261","updated_at":"2026-11-01T22:46:03+00:00"},{"ticker":"3267","asset_id":"jp_deflator_2020_building","name":"フィル・カンパニー","kind":"text_candidate","direction":"未確認","evidence":"駐車場の上に店を建てる独自の商品を持つが、建築費と金利の波に弱く、今の値段はほぼ妥当","evidence_url":"/jp-stock/ai-analysis/?t=3267","updated_at":"2026-11-01T22:46:03+00:00"},{"ticker":"3269","asset_id":"jp_deflator_2020_building","name":"アドバンス・レジデンス投資法人","kind":"text_candidate","direction":"未確認","evidence":"新築の建築費は上がり、供給は細っている。","evidence_url":"/jp-stock/ai-analysis/?t=3269","updated_at":"2026-11-01T22:46:03+00:00"},{"ticker":"3277","asset_id":"jp_deflator_2020_building","name":"サンセイランディック","kind":"text_candidate","direction":"未確認","evidence":"居抜きは築古物件が増えても、解体費・建築費の上昇と空室地域の売却先不足が成約件数を制約する。","evidence_url":"/jp-stock/ai-analysis/?t=3277","updated_at":"2026-11-01T22:46:03+00:00"},{"ticker":"3280","asset_id":"jp_deflator_2020_building","name":"エストラスト","kind":"text_candidate","direction":"未確認","evidence":"建築費の上昇を値段に転嫁でき、引渡し戸数は減っても売上は伸びた。","evidence_url":"/jp-stock/ai-analysis/?t=3280","updated_at":"2026-11-01T22:46:03+00:00"},{"ticker":"3281","asset_id":"jp_deflator_2020_building","name":"GLP投資法人","kind":"text_candidate","direction":"未確認","evidence":"建築費は物価より速く上がる。","evidence_url":"/jp-stock/ai-analysis/?t=3281","updated_at":"2026-11-01T22:46:03+00:00"},{"ticker":"3282","asset_id":"jp_deflator_2020_building","name":"コンフォリア・レジデンシャル投資法人","kind":"text_candidate","direction":"未確認","evidence":"新築は建築費の高騰で供給が絞られ、東京 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2027 年の新築の供給は、2023 年のピークの数分の一に細る見通しだ。","evidence_url":"/jp-stock/ai-analysis/?t=3471","updated_at":"2026-11-01T22:46:03+00:00"},{"ticker":"3474","asset_id":"jp_deflator_2020_building","name":"G-FACTORY","kind":"text_candidate","direction":"未確認","evidence":"既存設備の減価償却費は取得時の金額に基づく一方、更新投資は物価や建築費の上昇で大きくなりうる。","evidence_url":"/jp-stock/ai-analysis/?t=3474","updated_at":"2026-11-01T22:46:03+00:00"},{"ticker":"3475","asset_id":"jp_deflator_2020_building","name":"グッドコムアセット","kind":"text_candidate","direction":"未確認","evidence":"首都圏の新築ワンルームは、供給が年 4,000 戸前後で、建築費の高騰もあり減りやすい。","evidence_url":"/jp-stock/ai-analysis/?t=3475","updated_at":"2026-11-01T22:46:04+00:00"},{"ticker":"3477","asset_id":"jp_deflator_2020_building","name":"フォーライフ","kind":"text_candidate","direction":"未確認","evidence":"土地を適正な価格で仕入れ、建築費の上昇を販売価格に反映するという基本動作は、足元では機能している。","evidence_url":"/jp-stock/ai-analysis/?t=3477","updated_at":"2026-11-01T22:46:04+00:00"},{"ticker":"3481","asset_id":"jp_deflator_2020_building","name":"三菱地所物流リート投資法人","kind":"text_candidate","direction":"未確認","evidence":"建築費の高騰で 2027 年の新築は、ピークの数分の一に細る見通しだ。","evidence_url":"/jp-stock/ai-analysis/?t=3481","updated_at":"2026-11-01T22:46:04+00:00"},{"ticker":"3486","asset_id":"jp_deflator_2020_building","name":"グローバル・リンク・マネジメント","kind":"text_candidate","direction":"未確認","evidence":"収益は、土地と建築費、売り値の差だけで決まる。","evidence_url":"/jp-stock/ai-analysis/?t=3486","updated_at":"2026-11-01T22:46:04+00:00"},{"ticker":"3487","asset_id":"jp_deflator_2020_building","name":"CREロジスティクスファンド投資法人","kind":"text_candidate","direction":"未確認","evidence":"建築費の高騰で新築の供給は細り続ける見通しだ。","evidence_url":"/jp-stock/ai-analysis/?t=3487","updated_at":"2026-11-01T22:46:04+00:00"},{"ticker":"3488","asset_id":"jp_deflator_2020_building","name":"セントラル・リート投資法人","kind":"text_candidate","direction":"未確認","evidence":"中小のビルも、建築費の高騰で新しい供給が細り、賃料を上げやすい。","evidence_url":"/jp-stock/ai-analysis/?t=3488","updated_at":"2026-11-01T22:46:04+00:00"},{"ticker":"3490","asset_id":"jp_deflator_2020_building","name":"アズ企画設計","kind":"text_candidate","direction":"未確認","evidence":"建築費の上昇は、古いビルを直して使う仕事には追い風だ。","evidence_url":"/jp-stock/ai-analysis/?t=3490","updated_at":"2026-11-01T22:46:04+00:00"},{"ticker":"3491","asset_id":"jp_deflator_2020_building","name":"ＧＡ technologies","kind":"text_candidate","direction":"未確認","evidence":"もう 1 つは、建築費が物価と同じ速さで上がり、新築の値段を押し上げて中古の値段も引っ張ることだ。","evidence_url":"/jp-stock/ai-analysis/?t=3491","updated_at":"2026-11-01T22:46:04+00:00"},{"ticker":"3492","asset_id":"jp_deflator_2020_building","name":"MIRARTH不動産投資法人","kind":"text_candidate","direction":"未確認","evidence":"建築費は物価より速く上がる。","evidence_url":"/jp-stock/ai-analysis/?t=3492","updated_at":"2026-11-01T22:46:04+00:00"},{"ticker":"3494","asset_id":"jp_deflator_2020_building","name":"マリオン","kind":"text_candidate","direction":"未確認","evidence":"単身の世帯は都内でまだ増えており、建築費が2021年から2〜4割上がったことで新築の供給が絞られている。","evidence_url":"/jp-stock/ai-analysis/?t=3494","updated_at":"2026-11-01T22:46:04+00:00"},{"ticker":"3495","asset_id":"jp_deflator_2020_building","name":"香陵住販","kind":"text_candidate","direction":"未確認","evidence":"金利が上がれば利払いが増え、建築費が上がれば投資用アパートの利幅が薄くなる。","evidence_url":"/jp-stock/ai-analysis/?t=3495","updated_at":"2026-11-01T22:46:04+00:00"},{"ticker":"3660","asset_id":"jp_deflator_2020_building","name":"アイスタイル","kind":"text_candidate","direction":"未確認","evidence":"現在の減価償却約23億円を物価率だけで機械的に増やさず、既存資産は取得原価、新規・更新資産は上昇した建築費やソフトウエア費で償却されるとみた。","evidence_url":"/jp-stock/ai-analysis/?t=3660","updated_at":"2026-11-01T22:46:04+00:00"},{"ticker":"3758","asset_id":"jp_deflator_2020_building","name":"アエリア","kind":"text_candidate","direction":"未確認","evidence":"会社名から受託運用手数料だけの事業に見えるが、実際には物件の売却売上が大きく、仕入れ原価、建築費、金融費用、売却時期で利益が変動する。","evidence_url":"/jp-stock/ai-analysis/?t=3758","updated_at":"2026-11-01T22:46:04+00:00"},{"ticker":"3772","asset_id":"jp_deflator_2020_building","name":"ウェルス・マネジメント","kind":"text_candidate","direction":"未確認","evidence":"建築費は、2021 年以降の資材高と人手不足で 2〜4 割上がり、工期の延びも重なった。","evidence_url":"/jp-stock/ai-analysis/?t=3772","updated_at":"2026-11-01T22:46:04+00:00"},{"ticker":"391A","asset_id":"jp_deflator_2020_building","name":"山忠","kind":"text_candidate","direction":"未確認","evidence":"市場は人口減少と建築費上昇の両側から締め付けられる。","evidence_url":"/jp-stock/ai-analysis/?t=391A","updated_at":"2026-11-01T22:46:05+00:00"},{"ticker":"3946","asset_id":"jp_deflator_2020_building","name":"トーモク","kind":"text_candidate","direction":"未確認","evidence":"住宅も建築コストを価格に転嫁し、運輸倉庫は物流効率化法の追い風を受ける。","evidence_url":"/jp-stock/ai-analysis/?t=3946","updated_at":"2026-11-01T22:46:05+00:00"},{"ticker":"3951","asset_id":"jp_deflator_2020_building","name":"朝日印刷","kind":"text_candidate","direction":"未確認","evidence":"更新の投資は建築費・機械の値上がりで膨らみ、足りない分は借入で、利払いが増える。","evidence_url":"/jp-stock/ai-analysis/?t=3951","updated_at":"2026-11-01T22:46:05+00:00"},{"ticker":"3954","asset_id":"jp_deflator_2020_building","name":"昭和パックス","kind":"text_candidate","direction":"未確認","evidence":"新しい建物の償却は今の建築費で積み上がる点に注意が要る。","evidence_url":"/jp-stock/ai-analysis/?t=3954","updated_at":"2026-11-01T22:46:05+00:00"},{"ticker":"4040","asset_id":"jp_deflator_2020_building","name":"南海化学","kind":"text_candidate","direction":"未確認","evidence":"建築費と機械の値上がりで、更新費は償却を超えて膨らむ。","evidence_url":"/jp-stock/ai-analysis/?t=4040","updated_at":"2026-11-01T22:46:05+00:00"},{"ticker":"407A","asset_id":"jp_deflator_2020_building","name":"UNICONホールディングス","kind":"text_candidate","direction":"未確認","evidence":"単価には建築費上昇を含めるが、大型案件の構成差が生じるため平均単価の実質変化も筋書きごとに反映する。","evidence_url":"/jp-stock/ai-analysis/?t=407A","updated_at":"2026-11-01T22:46:05+00:00"},{"ticker":"4098","asset_id":"jp_deflator_2020_building","name":"チタン工業","kind":"text_candidate","direction":"未確認","evidence":"いずれ建築費の上がった値段で設備を建て替える時が来る。","evidence_url":"/jp-stock/ai-analysis/?t=4098","updated_at":"2026-11-01T22:46:06+00:00"},{"ticker":"409A","asset_id":"jp_deflator_2020_building","name":"オリオンビール","kind":"text_candidate","direction":"未確認","evidence":"旧設備の減価償却は低い取得価格のまま計上されるが、建て替えには上昇した建築費が必要となる。","evidence_url":"/jp-stock/ai-analysis/?t=409A","updated_at":"2026-11-01T22:46:06+00:00"},{"ticker":"4124","asset_id":"jp_deflator_2020_building","name":"大阪油化工業","kind":"text_candidate","direction":"未確認","evidence":"蒸留の装置は古くなれば更新が要り、建築費と機械の値段の上昇で投資は膨らむ。","evidence_url":"/jp-stock/ai-analysis/?t=4124","updated_at":"2026-11-01T22:46:06+00:00"},{"ticker":"417A","asset_id":"jp_deflator_2020_building","name":"ブルーゾーンホールディングス","kind":"text_candidate","direction":"未確認","evidence":"ただし、買収直後の利益率低下、フーコットの赤字、賃借料と建築費の固定負担を理由に極端な楽観は抑えた。","evidence_url":"/jp-stock/ai-analysis/?t=417A","updated_at":"2026-11-01T22:46:06+00:00"},{"ticker":"4235","asset_id":"jp_deflator_2020_building","name":"ウルトラファブリックス・ホールディングス","kind":"text_candidate","direction":"未確認","evidence":"更新の投資は建築費・機械の値上がりで膨らむので、会計の利益ほど現金は残らない。","evidence_url":"/jp-stock/ai-analysis/?t=4235","updated_at":"2026-11-01T22:46:06+00:00"},{"ticker":"4241","asset_id":"jp_deflator_2020_building","name":"アテクト","kind":"text_candidate","direction":"未確認","evidence":"工場を更新するときは、物価と建築費の上昇で費用が膨らむ。","evidence_url":"/jp-stock/ai-analysis/?t=4241","updated_at":"2026-11-01T22:46:06+00:00"}],"exposure_count":432},"macro":{"version":"jp-coking-cif-relative-20261027-r1","as_of":"2026-10-27","target_date":"2036-10-25","jp_cpi":0.03,"jp_short_rate":0.02,"jp_long_rate":0.03,"usd_jpy_terminal":150,"basis":"日本CPI3%、短期2%、長期3%、2036年ドル円150円。"}}