企業調査レポートベルシステム24ー - FISCO2....

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COMPANY RESEARCH AND ANALYSIS REPORT
FISCO Ltd.
2020 1124 24 6183 1 https://www.bell24hd.co.jp/jp/ir/index.html
2
3.-2021 2-... . . . . . . . . . . . . . . . . . . . . . . . . . . - 01
4.-DX-... - 02
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ 03
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2.-2021 2-... . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . - 12

FISCO Ltd.
01 22
Customer Relationship Management2020 8
37 18,000
1
<8001> <7911>

2. 2021 2 2
2021 2 2 66,871 6.1% 6,623
12.6% 4,250 14.7%
2021 2 50.7% 57.6%
CRM

9.9% 0.6pt 2020 2 29.2%
30.1% 2020 3 1 4.5% 6.7%

1 2021 2
132,000 4.2% 11,500 3.6%
7,200 2.8%

21.0 21.0 42.0 42.9%
50%
FISCO Ltd.
02 22
4. DX
20222021 2 2023 2
1,480 140 9.5% 90 ROE14.8%
D/E 0.91 5.3% 8.7%
1)
2)DX
/CRM 3) 3
1,000 4,000 DX
“DX” /CRM

Key Points
2021 2266,8716.1%6,623 12.6%
2021 2132,0004.2%11,5003.6% 42 50%
20222023 21,480140 DX
102,540 108,916
115,618 121,113
126,663 132,000
8,884 8,172
9,319 8,580
11,105 11,500
()() () ()
FISCO Ltd.
03 22
37 18,000
2020 8 37 18,000
1,5000 CRM
<9715>( )NTT
BB

1982
2014 10 2015 11 1
2020 2 40.79% 2017 11
14.35%

2020 5 CDOCIO

199012 ( )
1992 8 ( ) 24 24
199412
1995 8 ( ) ( )
1997 2 2
199911 1
2000 4 ( ) 2003 10 ( ) .com 2008 3 24
2002 6 ( ) 2006 1
2004 1 ( ) 2015 10
2005 1
2005 7 ( )BELL243dots 2007 11 ( )BELL24Cell Product
2005 9 ( )BELL24Cell Product 2019 2
2007 6 ( ) 2011 9 Shanghai BELL-PACT Consulting Limited 2009 5
2009 3 ( )
2009 6 ( )
200910 ( )BCJ-3 ( )BCJ-4
2010 2 ( )BCJ-4 24
2010 6 ( )BCJ-4 24 ( ) 24 24
2011 7 ( )BCJ-3BS
FISCO Ltd.
04 22
2012 1 ( )BCJ-7
2012 3 ( )BCJ-3BS ( )BCJ-3 24 ( ) 24 24 ( )
2014 3 ( ) 24 24 ( ) 24 ( ) 24 24
2014 6 ( )BCJ-15 ( )BCJ-16
201410 Bain Capital Bellsystem Hong Kong Limited 49.9% ( )
2015 3 ( )BCJ-16 ( )BCJ-7 24 ( ) 24 24
2015 9 ( )BCJ-15 24 ( ) 24 ( ) 24 BB ( )
201511 1
2017 1 ( ) IML( ) ( )
2017 7 24 Hoa Sao 24 CTC ( ) BPO
201711 ( ) 12 Bain Capital
201911 24
202010 24TB

( )( ) ( ) CRM
CRM 2
2019 2 100% ( )BELL24Cell Product
2019 3 ( ) CSOContract Sales Organization
2019 11 24
CRM
FISCO Ltd.
05 22
05

(1) CRM 24 100% CRM

OutsourcingWeb
2020 10
51% 49% ( )TB

24 2017 7
Hoa Sao Group Joint Stock Company 49% Bellsystem24-Hoa
Sao Joint Stock CompanyHoa SaoHoa Sao 10
24 2020 1
True Touch 2020 2
CRM
(2) a) CTC BPO CTC <4739> 100%
CTC
CTCFC 2017 7 CTCFC 51% IT
CTCFC HDI

24
FISCO Ltd.
06 22
CRM 99.1% 0.9%
CRM 98.0% 2.0% 2020 2
24 CRM

(1) CRM CRM 1 2021
2 2 CRM 89.0% 2021
2 2 CRM 11.0%
1

FISCO Ltd.
07 22

(2) CRM CRM 2021 2 2 300
26.1% 25.0% 16.9% 16.4%
11.2% 2.5% 2.0%

2017 2 10.2%

2.5% 2.0%
220022112222

CRM 300
FISCO Ltd.
08 22
1. 2021 2 2
2021 2 2

DX
2021 2 2
AIMachine
Intelligence
&
AI MopasAI
Knowledge Creator
AI
1
ekubot
2021 2 2 66,871
6.1% 6,623 12.6% 6,416 14.3%
4,250 14.7% 2021 2
50.7% 57.6% 59.0%
10

FISCO Ltd.
09 22
09

9.9% 0.6pt 2020 3 1
4.5% 2020 2 ROE 14.8% 1
5.6%

63,036 66,871 6.1% 3,835
5,880 6,623 12.6% 743
5,614 6,416 14.3% 802

(1) CRM 66,269 6.6%
99.1% 602 31.3% 0.9%
CRM
59,010 3.4%
10 7,259
42.2% CRM
CRM

CRM 6,493 11.4% 98.0%
130 165.3% 2.0%

CRM 9.8% 0.4pt 21.6%
16.0pt
FISCO Ltd.
10 22
63,036 66,871 6.1% 3,835
CRM 62,160 66,269 6.6% 4,109
57,057 59,010 3.4% 1,953
5,103 7,259 42.2% 2,156
876 602 -31.3% -274
5,880 6,623 12.6% 743
CRM 5,831 6,493 11.4% 662
49 130 165.3% 81
9.3% 9.9% - 0.6pt
CRM 9.4% 9.8% - 0.4pt
5.6% 21.6% - 16.0pt

2017 2 72.5 2020 2 131.7
2021 2 2 72.8 16.5%

36.5 36.3
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q
17/2 18/2 19/2 20/2 21/2

FISCO Ltd.
11 22
11

(2) 2021 2 2 172,252 3,744
27,322 365 274
223 629
144,930 3,379 380 3,372
IFRS16
2020 2

120,149 1,178 49,070
11,112 749 12,600
71,079 9,934
13,416 52,103 2,566
2,706

2020 3 1 6.7% D/E
1.16 0.07

20/2 21/2 2Q
26,957 27,322 365 7,767 7,544 -223 17,967 18,596 629
141,551 144,930 3,379 32,674 36,046 3,372 96,250 96,250 0 3,323 2,943 -380
168,508 172,252 3,744 37,958 49,070 11,112 6,144 5,395 -749 10,436 23,036 12,600
81,013 71,079 -9,934 57,742 44,326 -13,416
118,971 120,149 1,178 68,178 67,362 -816 369 337 -32 49,537 52,103 2,566 29.2% 30.1% 0.9pt D/E 1.23 1.16 0.07

FISCO Ltd.
12 22
7,544 533
4,922 2,116 6,664
6,416 3,784 2,724
1,742
1,004 294 5,139
2,662 1,544

(a) 8,053 6,664 -1,389
(b) -1,015 -1,742 -727
-5,023 -5,139 -116
(a)+(b) 7,038 4,922 -2,116
8,077 7,544 -533
2020 2
2021 2 2021 2 1

2

FISCO Ltd.
13 22

2021 2 132,000 4.2%
11,500 3.6% 11,050 4.9% 7,200
2.8%

126,663 132,000 4.2% 5,337
11,105 11,500 3.6% 395
10,534 11,050 4.9% 516

FISCO Ltd.
14 22
1.
2018 2 2020 2
1,310 115 8.8%
ROE14.3% D/E 1.2
2020 2 1,266
111 D/E 1.23 3
5.2% 10.6% 8.8%ROE 14.8%
2017 2
2019 2

FISCO Ltd.
15 22
2.
2020 5 20222021 2 2023 2

1) 3 2)
DX 3) 3
100 2023 2 1,480
5.3% 140 9.5% 90 8.7% ROE14.8%
D/E 0.91

FISCO Ltd.
16 22
3. 3
DX (3) 3 SDGs

(1) 3 1 3

1,5000
3

1,000 4,000
FISCO Ltd.
17 22

6 22,000
2017 10 2018 12

SUDAchi

2019 7 3

FISCO Ltd.
18 22

(2) DX 2 DX DX /CRM

2022
FISCO Ltd.
19 22

2020 5 DX BPOBusiness Process
Outsourcing TB
2020 6 ( ) &
AI

FISCO Ltd.
20 22
BPO

24 2017 7 Hoa Sao 49%
24 2020 1
True Touch 49.99%
2020

CSR
CSR SDGs

2018 11 ( )
10
CSR Kids & Family
Chocolate Academy20192SDGs()

2020 8 2019 5
SDGs
2019 8 NGO

FISCO Ltd.
21 22

( )
201910work with PrideLGBTPRIDE
2019 “ ” 2020 3 NPO J-Win
2020 J-Win
2020 5
3

50% 2
2019 2 18 18 36
2020 2 21 21 42
44.1% 2021 3 1
2021 2 21 21
42 42.9%
2021
2 50%

FISCO Ltd.
22 22
61.2

36.036.0
42.0
36.0
42.0

企業調査レポートベルシステム24ー - FISCO2....

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