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ホールディングス","kind":"text_candidate","direction":"未確認","evidence":"首都圏の新築マンション供給は建設費や用地価格の高騰で絞られ、中古マンション市場でも成約価格と在庫の変化が大きい。","evidence_url":"/jp-stock/ai-analysis/?t=3300","updated_at":"2026-11-01T22:46:03+00:00"},{"ticker":"3477","asset_id":"jp_property_3000","name":"フォーライフ","kind":"text_candidate","direction":"未確認","evidence":"ただし、土地価格の上昇と物件構成による見かけの単価上昇を除いて確認する。","evidence_url":"/jp-stock/ai-analysis/?t=3477","updated_at":"2026-11-01T22:46:04+00:00"},{"ticker":"3484","asset_id":"jp_property_3000","name":"イノベーションホールディングス","kind":"text_candidate","direction":"未確認","evidence":"物件は東京に集中し、災害や地価の下落、賃料相場の悪化で影響が一斉に出る。","evidence_url":"/jp-stock/ai-analysis/?t=3484","updated_at":"2026-11-01T22:46:04+00:00"},{"ticker":"3489","asset_id":"jp_property_3000","name":"フェイスネットワーク","kind":"text_candidate","direction":"未確認","evidence":"城南3区の一棟RCに偏り、地価が急に上がれば用地の仕入れが滞る。","evidence_url":"/jp-stock/ai-analysis/?t=3489","updated_at":"2026-11-01T22:46:04+00:00"},{"ticker":"3536","asset_id":"jp_property_3000","name":"アクサスホールディングス","kind":"text_candidate","direction":"未確認","evidence":"神戸や徳島の商業地の地価が上がれば、含み益は小さくない。","evidence_url":"/jp-stock/ai-analysis/?t=3536","updated_at":"2026-11-01T22:46:04+00:00"},{"ticker":"391A","asset_id":"jp_property_3000","name":"山忠","kind":"text_candidate","direction":"未確認","evidence":"未実現の評価益が現金と株主還元に変わった分のみ別途価値に加え、賃貸損益と土地価値を重複計上しない。","evidence_url":"/jp-stock/ai-analysis/?t=391A","updated_at":"2026-11-01T22:46:05+00:00"},{"ticker":"3921","asset_id":"jp_property_3000","name":"ネオジャパン","kind":"text_candidate","direction":"未確認","evidence":"現地価格・為替換算は長期にドル円150円固定とし、日本の物価上昇を二重には加えない。","evidence_url":"/jp-stock/ai-analysis/?t=3921","updated_at":"2026-11-01T22:46:05+00:00"},{"ticker":"463A","asset_id":"jp_property_3000","name":"インテリックスホールディングス","kind":"text_candidate","direction":"未確認","evidence":"価格の値上げを顧客に一方的に通せるわけではなく、2026年の平均販売価格上昇も、地価や販売地域の構成変化を含むため、純粋な値決め力の証明ではない。","evidence_url":"/jp-stock/ai-analysis/?t=463A","updated_at":"2026-11-01T22:46:07+00:00"},{"ticker":"4809","asset_id":"jp_property_3000","name":"パラカ","kind":"text_candidate","direction":"未確認","evidence":"差は 3 ポイントほどしかなく、地価が上がるほど、新しい土地の利回りは下がる。","evidence_url":"/jp-stock/ai-analysis/?t=4809","updated_at":"2026-11-01T22:46:08+00:00"},{"ticker":"4827","asset_id":"jp_property_3000","name":"ビジネス・ワンホールディングス","kind":"text_candidate","direction":"未確認","evidence":"賃貸不動産は福岡の地価、空室率、修繕費、資金調達金利に左右される。","evidence_url":"/jp-stock/ai-analysis/?t=4827","updated_at":"2026-11-01T22:46:08+00:00"},{"ticker":"5025","asset_id":"jp_property_3000","name":"マーキュリー","kind":"text_candidate","direction":"未確認","evidence":"むしろ土地価格の検証を精密にする必要が増え、１社当たりのデータの価値が残る。","evidence_url":"/jp-stock/ai-analysis/?t=5025","updated_at":"2026-11-01T22:46:08+00:00"},{"ticker":"5078","asset_id":"jp_property_3000","name":"セレコーポレーション","kind":"text_candidate","direction":"未確認","evidence":"大地震や地価の下落は全社に響く。","evidence_url":"/jp-stock/ai-analysis/?t=5078","updated_at":"2026-11-01T22:46:08+00:00"},{"ticker":"5079","asset_id":"jp_property_3000","name":"ノバック","kind":"text_candidate","direction":"未確認","evidence":"建築は、マンションが主力で、地価と建築費の上昇で新築の発注が絞られる局面にある。","evidence_url":"/jp-stock/ai-analysis/?t=5079","updated_at":"2026-11-01T22:46:08+00:00"},{"ticker":"5411","asset_id":"jp_property_3000","name":"ＪＦＥホールディングス株式会社","kind":"text_candidate","direction":"未確認","evidence":"現地価格を150円/ドルで換算した代理値）","evidence_url":"/jp-stock/ai-analysis/?t=5411","updated_at":"2026-11-01T22:46:09+00:00"},{"ticker":"5901","asset_id":"jp_property_3000","name":"東洋製罐グループホールディングス株式会社","kind":"text_candidate","direction":"未確認","evidence":"1本あたり平均単価（円、現地価格を150円のドル換算等を含む名目）","evidence_url":"/jp-stock/ai-analysis/?t=5901","updated_at":"2026-11-01T22:46:09+00:00"},{"ticker":"623A","asset_id":"jp_property_3000","name":"ベルテックス","kind":"text_candidate","direction":"未確認","evidence":"建築費と地価が上がり、供給地域が東京23区から横浜・川崎などにも広がる中、名目価格の上昇と供給戸数の増加を同じものとして扱うべきではない。","evidence_url":"/jp-stock/ai-analysis/?t=623A","updated_at":"2026-11-01T22:46:10+00:00"},{"ticker":"6566","asset_id":"jp_property_3000","name":"要興業","kind":"text_candidate","direction":"未確認","evidence":"東京23区の事業系ごみは、地価が高く新しい処分場が作りにくいので、供給が絞られている。","evidence_url":"/jp-stock/ai-analysis/?t=6566","updated_at":"2026-11-01T22:46:11+00:00"},{"ticker":"6856","asset_id":"jp_property_3000","name":"堀場製作所","kind":"text_candidate","direction":"未確認","evidence":"海外売上比率が高く、1ドル150円という共通の前提が崩れて円高が進めば、現地価格を据え置いても円換算の売上・利益の両方に下押し圧力がかかる。","evidence_url":"/jp-stock/ai-analysis/?t=6856","updated_at":"2026-11-01T22:46:11+00:00"},{"ticker":"6954","asset_id":"jp_property_3000","name":"ファナック","kind":"text_candidate","direction":"未確認","evidence":"海外売上比率が高く、1ドル150円という共通の前提が崩れて円高が進めば、現地価格を据え置いても円換算の売上・利益の両方に下押し圧力がかかる。","evidence_url":"/jp-stock/ai-analysis/?t=6954","updated_at":"2026-11-01T22:46:11+00:00"},{"ticker":"7150","asset_id":"jp_property_3000","name":"島根銀行","kind":"text_candidate","direction":"未確認","evidence":"不良債権は 93 億円で貸出の 2% 台あり、景気や地価が崩れれば、与信費用が一気に増える。","evidence_url":"/jp-stock/ai-analysis/?t=7150","updated_at":"2026-11-01T22:46:12+00:00"},{"ticker":"7991","asset_id":"jp_property_3000","name":"マミヤ・オーピー","kind":"text_candidate","direction":"未確認","evidence":"借入で買っても、賃料と地価が上がれば、利益と資産の両方が伸びる。","evidence_url":"/jp-stock/ai-analysis/?t=7991","updated_at":"2026-11-01T22:46:13+00:00"},{"ticker":"8559","asset_id":"jp_property_3000","name":"豊和銀行","kind":"text_candidate","direction":"未確認","evidence":"不動産業向けが貸出の 28.5% を占め、地価や景気が悪化すれば与信費用は 10 億円台から跳ねる。","evidence_url":"/jp-stock/ai-analysis/?t=8559","updated_at":"2026-11-01T22:46:14+00:00"},{"ticker":"8596","asset_id":"jp_property_3000","name":"九州リースサービス","kind":"text_candidate","direction":"未確認","evidence":"不動産は、地価と建築費が上がる局面にある。","evidence_url":"/jp-stock/ai-analysis/?t=8596","updated_at":"2026-11-01T22:46:14+00:00"},{"ticker":"8835","asset_id":"jp_property_3000","name":"太平洋興発","kind":"text_candidate","direction":"未確認","evidence":"釧路の人口減と地価","evidence_url":"/jp-stock/ai-analysis/?t=8835","updated_at":"2026-11-01T22:46:15+00:00"},{"ticker":"8871","asset_id":"jp_property_3000","name":"株式会社ゴールドクレスト","kind":"text_candidate","direction":"未確認","evidence":"建築費・用地価格の動き（建設物価・地価公示）","evidence_url":"/jp-stock/ai-analysis/?t=8871","updated_at":"2026-11-01T22:46:15+00:00"},{"ticker":"8917","asset_id":"jp_property_3000","name":"ファースト住建","kind":"text_candidate","direction":"未確認","evidence":"戸建分譲は、地価と建築費が上がるなかで、一次取得者が買いにくくなっている。","evidence_url":"/jp-stock/ai-analysis/?t=8917","updated_at":"2026-11-01T22:46:15+00:00"},{"ticker":"8995","asset_id":"jp_property_3000","name":"誠建設工業","kind":"text_candidate","direction":"未確認","evidence":"取得時の地価と建築費が高ければ、住宅市況の悪化時に販売価格を引き下げても損失を避けられない。","evidence_url":"/jp-stock/ai-analysis/?t=8995","updated_at":"2026-11-01T22:46:15+00:00"},{"ticker":"8999","asset_id":"jp_property_3000","name":"グランディハウス","kind":"text_candidate","direction":"未確認","evidence":"住宅ローン金利の上昇、郊外の着工減少、首都圏の高い用地価格と競争、利益を上回る時期がある安定配当、自己資本の積み上がりが組み合わさるため、2022年以前の高いROEへ戻ると期待しない。","evidence_url":"/jp-stock/ai-analysis/?t=8999","updated_at":"2026-11-01T22:46:15+00:00"},{"ticker":"9170","asset_id":"jp_property_3000","name":"成友興業","kind":"text_candidate","direction":"未確認","evidence":"東京の再開発工事は景気、地価、金利、工期の遅れに左右される。","evidence_url":"/jp-stock/ai-analysis/?t=9170","updated_at":"2026-11-01T22:46:15+00:00"},{"ticker":"9304","asset_id":"jp_property_3000","name":"澁澤倉庫","kind":"text_candidate","direction":"未確認","evidence":"地価が下がれば薄れ、売らなければ利益にならない。","evidence_url":"/jp-stock/ai-analysis/?t=9304","updated_at":"2026-11-01T22:46:15+00:00"},{"ticker":"9476","asset_id":"jp_property_3000","name":"中央経済社ホールディングス","kind":"text_candidate","direction":"未確認","evidence":"2025年時点の鑑定時価は約49.75億円であり、物価と地価の上昇が10年続けば名目の売却価値はさらに高まる。","evidence_url":"/jp-stock/ai-analysis/?t=9476","updated_at":"2026-11-01T22:46:16+00:00"},{"ticker":"9602","asset_id":"jp_property_3000","name":"東宝","kind":"text_candidate","direction":"未確認","evidence":"賃貸等不動産の含み益は2016年2月期に約2,700億円（簿価約1,060億円・時価約3,760億円）と開示されており、今は都心の地価上昇で3,000億円規模と推定する。","evidence_url":"/jp-stock/ai-analysis/?t=9602","updated_at":"2026-11-01T22:46:16+00:00"},{"ticker":"9636","asset_id":"jp_property_3000","name":"きんえい","kind":"text_candidate","direction":"未確認","evidence":"簿価 11 億円の土地は、周辺の地価から見て 80 億円を超えるとみられる（推定）。","evidence_url":"/jp-stock/ai-analysis/?t=9636","updated_at":"2026-11-01T22:46:16+00:00"},{"ticker":"9661","asset_id":"jp_property_3000","name":"歌舞伎座","kind":"text_candidate","direction":"未確認","evidence":"銀座の地価は都心の開発と訪日客で上がり続けており、賃貸等不動産の鑑定評価額は 1 年で 5.6% 上がった。","evidence_url":"/jp-stock/ai-analysis/?t=9661","updated_at":"2026-11-01T22:46:16+00:00"},{"ticker":"9760","asset_id":"jp_property_3000","name":"進学会ホールディングス","kind":"text_candidate","direction":"未確認","evidence":"不動産は札幌の再開発で地価が上がっている。","evidence_url":"/jp-stock/ai-analysis/?t=9760","updated_at":"2026-11-01T22:46:16+00:00"},{"ticker":"9778","asset_id":"jp_property_3000","name":"昴","kind":"text_candidate","direction":"未確認","evidence":"土地の地価は下がり、減損も出た。","evidence_url":"/jp-stock/ai-analysis/?t=9778","updated_at":"2026-11-01T22:46:16+00:00"},{"ticker":"9788","asset_id":"jp_property_3000","name":"ナック","kind":"text_candidate","direction":"未確認","evidence":"分譲は東京 23 区の地価高騰で仕入れの競争が激しい。","evidence_url":"/jp-stock/ai-analysis/?t=9788","updated_at":"2026-11-01T22:46:16+00:00"},{"ticker":"9993","asset_id":"jp_property_3000","name":"ヤマザワ","kind":"text_candidate","direction":"未確認","evidence":"店舗の土地・建物の多くは自社保有で、地価と建築費の上昇で実際の価値は帳簿を上回る。","evidence_url":"/jp-stock/ai-analysis/?t=9993","updated_at":"2026-11-01T22:46:16+00:00"}],"exposure_count":53},"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。"}}