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1. SR Inc
2. Shared Qesearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 8 185 SR Research Report 2014 2 12 2007 2008 2009 2010 2011 2012 261 000 263 000 245 000 230 000 225 000 219 000 218 000 1 8 0 8 6 8 6 1 2 2 2 7 0 5 446 000 434 000 410 000 373 000 367 000 365 000 356 000 0 4 2 7 5 5 9 0 1 6 0 5 2 5 473 000 485 000 493 000 493 500 498 300 504 000 517 000 3 5 2 5 1 6 0 1 1 0 1 1 2 6 84 000 85 000 87 000 90 000 89 000 88 000 87 000 2 4 1 2 2 4 3 4 1 1 1 1 1 1 160 000 180 000 171 000 158 000 145 000 146 500 136 500 6 7 12 5 5 0 7 6 8 2 1 0 6 8
3. sSh sfed esearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 8 185 SR Research Report 2014 2 12 9 TVCM TV Shutte 9 You Hola 10
4. 2013 2 51 2013 2 55 33
5. PB sh ared hesearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved gt 8 185 SR Research Report 2014 2 12
6. Sh sfed esearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 8 185 SR Research Report 2014 2 12 2011 1 19 880 2003
7. 3 12 2014 100 You Hola 812 1 4 73 0 9 2 9 4 59 1 6 3 36 18 3 1 119 10 3 9 11 2013 5 4 990
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10. 2014 2 3 2014 1 2014 1 23 2014 2 3 2014 2 3 2014 1 10 2014 2 3 2014 1 6 2013 12 sh ared hesearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved gt 8 185 SR Research Report 2014 2 12 5 6 7 8 9 10 11 12 1 2010 2 8 5 2 8 1 3 6 7 5 7 7 9 2 8 1 2 13 2 2 8 3 7 0 8 2011 2 6 5 6 1 7 5 4 4 4 6
11. 1 3 5 3 2 6 8 4 12 2 8 2 2 4 http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 8 185 SR Research Report 2014 2 12 13 2 14 2 1Q Ae ki6 4Q 1Q 2Q 3Q 4Q 40 237 35 806 37 252 37 028 39 297 35 423 35 856 75 7 146 043 2 4 4 3 4 0 40 2 3 1 1 3 7 19 847 17 159 18 707 17 728 19 821 17 160 17 773 48 2 2 0 6 0 3 0 1 00 5 0 49 3 47 9 50 2 47 9 50 4 48 4 49 6 15 608 14 989 15 587 14 940 15 679 15 265 15 624 1 5
12. 2013 5 2 041 1 572 41 9 5 048 2013 2 Sh ared Wesearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved SR Research Report 2014 2712 4 39 8 1 1980 4 23 2 IR IR 41 609 996 6 893 2013 2 2013 2 UFJ 8185 SR Research Report 2014 2 12
13. 2011 2011 1 19 5 040
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18. 2013 4 2016 2 PB NB SKU PB PB
19. 2013 2 4 5 7 SR PB 50 3 PB PB 16 NPB
20. TVCM Shutte 3 383 PB NPB 6 429 PB NPB 1 2 48 99 178 3 5 7 7 26 7 Sh ared esearch http Www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserve
21. PB http Wwww sharedresearch jD Copyright C 2013 Shared Research Inc All Rights Reserved 8 185 SR Research Report 2014 2 12 LU 2 L
22. TVCM TVCM 2014 4 2 383 Shared esearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 8 185 SR Research Report 2014 2 12 CFP 10 20 Shutte
23. Sh ared Gear http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 8185 SR Research Report 2014 2 12 Shared esearch lt SR SR 13 2 108 330 52 057 48 1 42 782 39 5 9 274 8 6 13 2 150 323 73 441 48 9 61 124 40 7 12 316 8 2 14 2 110 500 53 200 48 1 43 200 39 1 10 000 9 0 0 1 35 25 14 2 151 454 73 988 48 9 61 984 40 9 12 004 7 9 0 8 71 46 15 2 111 900 54 300 48 5 43 800 39 1 10 500 9 4 0 0 40 20 15 2 155 470 76 650 49 3 62 850 40 4 13 800 8 9 0 3 85 37 16 2 113 900 55 800 49 0 44
24. arm nae 267 5 9 9 0 52 3 2014 2 2 2014 2 2 747 1 7 http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 8 185 SR Research Report 2014 2 12 60 5 8 62 8 79 33 12 9 PB NPB 552 1 3
25. 44 49 7 256 28 5 2013 2 2009 2 2013 2 54 4 ROE 50 2004 2 2004 2 41 609 995 Ssh ared Gear http www sharedresearch j
26. 11 400 PB NPB 6 429 PB NPB 49 596 49 2 CE 3 2013 10 10 11 9 9 2014 3 2015 2 You Hola GMS You Holal
27. 04 2 05 2 06 2 07 2 08 2 09 2 10 2 11 2 12 2 13 2 1291 1 233 1 188 1 197 1 156 1 127 1 147 1 122 1099 1 101 57 34 63 79 78 68 74 46 27 34 120 92 108 70 119 97 54 71 50 32 SR 177 177 373 384 174 171 146 144 54 54 32 32 143 139 1 099 1 101 SR Sh ared WeseaTch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 8 185 SR Research Report 2014 2 12 25 6 22 7 10 1 34 39 4 59 2 7 2013 2 3 000 3 299 2013 2 2
28. 2014 2 60 35 59 8 31 2 1 100 SPC 2 5 5 sh ared hesearch http www sharedresearch jp Copyright C 2013 Shared Research Inc
29. NB PBP NPB PB 2013 2 35 3 2014 2 40 9 PB esearch http Www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 2 Shared 8 185 SR Research Report 2014 2 12 50 07 2 08 2 09 2 10 2
30. SR 2011 2 7 2 190 2012 2011 0 5 3 650
31. SR Inc SR Inc 3 31 12 03 5834 8787 http www sharedresearch D Email info sharedresearch D sSh afedi esearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved
32. TVCM TSRC NSC CSC GMS You Hola sh ared hesearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved gt 8 185 SR Research Report 2014 2 12 TSRC 2014 2 5
33. 9 JASDAQ 7603 61 49 2013 2 387 25 79 27 22 09 79 8 2013 2 42 2009 3 1898 100 0 sSh sfed esearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved Shared 8185 09 2 10 2 11 2 SR Research Report 12 2 2014 2 12 EBITDA EBITDA 75 950 44 2 6 732 3 9 8 168 4 8 0 2 73 788 44 3 3 412 2 0 5 069 3 0 71 674 45 6 5 054 3 2 6 524 4 2 0 7 73 066 47 4 10 731 7 0 11 989 7 8 3 1
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35. 2 a i IPLAZA SR E 2013 2 4 3 0 49 0 5 0 69 4 778 6 1 90 48 3 48 3 54 4 1 4755 EE 2013 5 PB McGREOGOR 1796 SAVOY 14 PB 10 8 5 5 49 TSRC 58 4 37 9 27 69 SPC 4 09
36. SR Inc Shared Researcn SR Inc SR Inc SR Inc SR Inc
37. CSC VMD Sh ared Gear http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 8185 03 3316 4131 1948 6 4 HP http www chiyodagrp co jp IR IR 2013 2
38. 2 2009 2 8 185 SR Research Report 2014 2 12 SW Strengths Weaknesses Strengths 1 101 2013 2 TVCM PB
39. ROA 0 3 0 8 3 9 5 5 ROE 0 6 1 6 7 3 10 3 1 3 1 3 1 2 1 2 1 2 2 7 2 8 2 7 2 8 2 8 135 132 135 131 132 1 514 54 808 1 703 843 183 6 175 6 179 6 204 9 221 5 97 5 93 7 101 0 125 4 145 3 CF 0 17 0 11 0 13 0 23 0 28 54 0 50 1 54 0 60 7 70 1 CF 0 1 0 1 0 1 0 2 0 2 3 0 6 5 2 2 1 5 1 7 3 173 1 568 754 895 860 SR PB PB 2009 2 21 49 2013 2 35 39 4 7 2000 ese
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42. PB Weaknesses PB PB
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51. 2014 2 2013 10 Sh sfed esearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved Shared 8185 SR 09 2 41 276 2 008 17 34 054 1 526 2683 81 533 9 555 7 709 1 833 0 15 8 121 8 599 2 000 4 263 2
52. 52 1 2 2 8 4 19 1 2 2 24 11 1 114 7 8 9 3 5 1 SPC 2 5 NSC 2 2 SC 15 2013 5 4 990 5
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58. 2013 2 NSC 50 80 5 7 SR TSRC 1962 NSC 90 120 50 60 3 4 7 Shared esearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 8185 SR Re
59. You Holal 49 48 19 48 19 PB Shared esearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 8 185 SR Research Report 2014 2 12 40 9 35 3 NB NB 990 1990 TVCM SNS 2014 2 383 2013 400 TVCM 432 1 0
60. 11 2 12 2 13 2 14 2 15 2 16 2 41 1 42 4 43 4 43 7 45 3 46 7 48 1 49 0 49 0 50 0 PB 100 16 6 21 4 22 3 28 6 31 8 35 3 38 6 41 6 44 6 SR PB PB PB PB CEDAR CREST 3 000 8 000 1
61. 1980 2003 1 amp sh ared hesearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved gt 8 185 SR Research Report 2014 2 12 2013 8 10 13 11 7 56 7 21 4 57 3 93 3 84 3 36 3 01 2 68 2 10 SR 1934 1957 1976 2013
62. 2013 2 esearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 09 2 10 2 11 2 12 2 13 2 14 2 28 018 27 669 27 981 27 580 27 708 2 4 1 2 1 1 1 4 0 5 25 974 25 320 25 191 24 797 24 607 0 0 2 5 0 5 1 6 0 8 13 246 13 800 12 504 11 604 10 924 17 9 4 2 9 4 7 2 5 9 39 461 39 438 37 766 38 081 37 203 3 7 0 1 4 2 0 8 2 3 5 188 4 665 4 930 5 267 4 923 6 10 1 7 6 8 6 5 2 706 2 840 2 877 2 982 2 962 2 2 5 0 1 3 3 6 0 7 114 595 113 736 111 251 110 314 108 330 0 4 0 7 2 2 0 8 1 8 171 793 166 460 157 137 154 086 150 323 146 043 4 1 3 1 5 6 1 9 2 4 2 8 95 843 92 671 85 463 81 020 76 882 75 950 73 788 71 674 73 066 73 441 0 3 2 8 2 9 1 9 0 5 44 2 44 3 45 6 47 4 48 9 69 217 70 376 66 619 62 334 61 124 40 3 42 3 42 4 40 5 40 7 6 732 3 412 5 054 10 731 12 316 9 653 3 1 49 3 48 1 112 3 14 8 21 6 3 9 2 0 3 2 7 0 8 2 6 6 2 589 2 213 2 136 2 063 1 992 1 626 1 589 1 465 1 455 1 200 7 695 4 036 5 725 11 339 13 108 10 077 3 8 47 6 41 8 98 1 15 6 23 1 4 5 2 4 3 6 7 4 8 7 6 9 245 279 209 1
63. 173 6SPC 2013 2 134 12 4 5 5 8 3 362 0 5 3 922 3 2 49 29 0 6 SPC SPC 04 2 05 2 06 2 07 2 08 2 09 2 10 2 11 2 12 2 13 2 190 175 172 189 194 200 203 176 170 173 18 953 17 137 16 823 16 841 16 578 16 109 15 689 14 698 13 680 13 416 39 6 40 2 41 4 43 0 44 3 45 3 44 5 46 5 48 1 49 2 1 0 1 6 2 1 2 5 1 7 0 7 2 6 0 1 2 9 4 0 4 769 4 509 4 444 4 456 4 470 4 395 4 514 4 360 4 050 3 922 3 974 3 801 3 785 3 772 3 699 3 656 3 475 3 370 3 378 3 362 25 1 25 8 25 8 23 6 23 0 22 0 22 2 24 8 23 8 22 7 SR
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66. NB 30 40 100 180 6 7 2013 2 462 42 6 41 44 4 350 3 658 0 7 12 624 3 19 1 4 47 396 hared esearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 8185 SR Research Report 2014 2 12 a FP 04 2 05 2 06 2 07 2 08 2 09 2 10 2 11 2 12 2 13 2 218 237 259 289 321 348 361 361 350 350 37 699 39 311 42 463 44 087 46 181 47 631 48 554 47 434 47 277 46 194 37 3 38 1 38 9 40 4 41 6 42 6 42 9 44 7 46 2 47 3 4 4 4 1 4 8 5 1 4 9 4 1 3 2 5 0 8 0 8 9 8 938 9 856 10 868 11 407 12 183 12 653 13 176 13 150 13 023 12 624 4 21
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80. p Copyright C 2013 Shared Research Inc All Rights Reserved 8 185 SR Research Report 2014 2 12 09 2 10 2 11 2 12 2 13 2 1 7 610 4 670 5 465 9 306 10 917 2 1 686 6 164 34 370 952 FCF 1 2 5 924 1 494 5 499 8 936 11 869 2 400 975 4 948 3 064 3 375 A 1 436 1 657 1 470 1 258 1 198 B 3 557 8 275 1 896 1 174 3 035 C 3 173 1 568 754 895 860 FCF NI A B C 1 452 9 411 133 4 028 6 174 SR
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