Important disclosures and disclaimers appear at the back of this document.
COMPANY RESEARCH AND ANALYSIS REPORT
FISCO Ltd.
2
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ 16

Important disclosures and disclaimers appear at the back of this document.
COMPANY RESEARCH AND ANALYSIS REPORT
FISCO Ltd.
01 16
1. 2020 3
2020 3 11,932 7.3% 185 130 243 45.1% ( )ASTAM ASTAM ASTAM 40.0% 6 31.4% 30% 2019 11 2020 2 40
2. 2021 3
4 2020 3 2021 3 2020 3 2021 3 2020 3 2020 3 2020 4 10 ( )ASTRAJust Energy Japan( )
Important disclosures and disclaimers appear at the back of this document.
COMPANY RESEARCH AND ANALYSIS REPORT
FISCO Ltd.
02 16
3.
2017 3 2020 3 4 Innovation
& Governance for 2020
60
45 ROE8% 2020 3
119 54 ROE 4.5%



3,035 3,522

Important disclosures and disclaimers appear at the back of this document.
COMPANY RESEARCH AND ANALYSIS REPORT
FISCO Ltd.
03 16
“ ”
X “ ”

ASTAM2019 4 <4689>
49.9%
( )AFM
ASTRA 100%
( )AES 100%

Important disclosures and disclaimers appear at the back of this document.
COMPANY RESEARCH AND ANALYSIS REPORT
FISCO Ltd.
04 16




ASTAM AFM


3 7 2019 10 JPX
TOCOM

ASTRA
Important disclosures and disclaimers appear at the back of this document.
COMPANY RESEARCH AND ANALYSIS REPORT
FISCO Ltd.
05 16

66,000 100MW CO2

ASTRA
( )
(4) 2016

(5) ( ) 82.3%

2020 3 0.8% 3.6%
13.1% 81.5% 0.9% ASTAM
17.8%


Important disclosures and disclaimers appear at the back of this document.
COMPANY RESEARCH AND ANALYSIS REPORT
FISCO Ltd.
06 16

1. 2020 3
2019 4 2020 3
2019 10
EU


10% 10% 18,917


Important disclosures and disclaimers appear at the back of this document.
COMPANY RESEARCH AND ANALYSIS REPORT
FISCO Ltd.
07 16
1
10 OPEC
4
2020 3

FIT2019
FIT 14 2020 12 500kW
250kW


FIT 40 FIT
SDGsRE100 100%



11,932 7.3%
166 160 185 130
243 45.1%
ASTAM


ASTAM 944 TOCOM TOB
68 ASTAM

Important disclosures and disclaimers appear at the back of this document.
COMPANY RESEARCH AND ANALYSIS REPORT
FISCO Ltd.
08 16


11,120 100.0% 11,932 100.0% 811 7.3%
10,960 98.6% 12,098 101.4% 1,138 10.4%
160 1.4% -166 -1.4% -326 -
130 1.2% -185 -1.6% -316 -



2.
359 838
348 7,827 653
265 122 5,699
294
40.0%
ROE 4.5%ROA -1.4%


6,641 5,838 -803
6,525 7,688 1,162
13,167 13,526 359
3,239 3,650 410
3,934 4,176 242
4,291 5,231 940
7,173 7,827 653
5,993 5,699 -294

Important disclosures and disclaimers appear at the back of this document.
COMPANY RESEARCH AND ANALYSIS REPORT
FISCO Ltd.
09 16
ASTAM
1,069 3,103
ASTAM
AFM AFM ASTAM
100 94.9% 27 168



Important disclosures and disclaimers appear at the back of this document.
COMPANY RESEARCH AND ANALYSIS REPORT
FISCO Ltd.
10 16
ASTAM Yjam
2020 3 35 8 2020 5
( )
ASTRA 1
2020 3
426 12.1% 56
10 ASTRA
50% 34
TOCOM ASTRA TOCOM
68

Important disclosures and disclaimers appear at the back of this document.
COMPANY RESEARCH AND ANALYSIS REPORT
FISCO Ltd.
11 16
3.
ASTRA 2020 3 18 1
4 2


33.6MW 3.1MW
2020 3 24


1,580 174.4% 34 350.8%

32 34 - 2

461

FIT 2
2012
100MW
Important disclosures and disclaimers appear at the back of this document.
COMPANY RESEARCH AND ANALYSIS REPORT
FISCO Ltd.
12 16
2020 3 10%


4.
2 3 4
9,723
20.5% 18 14
276 2,888
8,067 9,723


2016 4 4 2020
1,251 2019 3 974 277

15 28



Important disclosures and disclaimers appear at the back of this document.
COMPANY RESEARCH AND ANALYSIS REPORT
FISCO Ltd.
13 16


No.1



1

2021 3



Important disclosures and disclaimers appear at the back of this document.
COMPANY RESEARCH AND ANALYSIS REPORT
FISCO Ltd.
14 16
1.
2017 3 2020 3 4 Innovation
& Governance for 2020

2020 3
60 45 ROE 8%
2020 3 119 54
ROE 4.5%

Important disclosures and disclaimers appear at the back of this document.
COMPANY RESEARCH AND ANALYSIS REPORT
FISCO Ltd.
15 16
5 10



SPIRIT of Challenge 3

(3) SPIRIT of Challenge 8 SpeedProfessionalismIntegrityResponsibility ImaginationToughnessChallengeLeadership

Important disclosures and disclaimers appear at the back of this document.
COMPANY RESEARCH AND ANALYSIS REPORT
FISCO Ltd.
16 16
1 ASTAM 30%
3 2017 3 3 2019 3
11.0 6.95 86.1%
2020 3 6.0
31.4% 2019 11 2020 2 40
81.6%

4.0
7.0
%
11