内外トランスライン（9384）
Contents
1. SR Inc SR Inc2. TOKAI WA
3. a 9 Shared esearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved SR Research Report 2014 2 10 2013 12 3 2013 12 3 119 9 21 6 7 8 15 7 8 4 16 890618 5 1 20 7 LCL 3 3 49
4. 2012 12 56 35 6 1 M amp A SR
5. 2009 12 3 5 2 0 2011 12 M amp A NTL Logistics plus India 2012 12 08 12 09 12 10 12 11 12 12 12 3 967 3 211 3 710 3 981 4 115 33 3 36 8 32 4 31 8 30 7 1 102 636 1 031 1 079 908 9 3 7 3 9 0 8 6 6 8 EBITDA 1 153
6. SONOS SR a 9 Shared esearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved SR Research Report 2014 2 10 06 6260 4710 1980 5 1 HP http www ntl naigai co jp guest index do IR IR 71 74 28 26 2012 12 x
7. Cargo One Inc LOGISTICS PLUS INDIA PRIVATE LIMITED 80 NTL NAIGAI TRANS LINE USA INC Cargo One Inc e SR Research Report 2014 2 10 10H 2012 11 2013 2 2013 6
8. Cargo One 17 7 5 4 1 7 3 3 5 4 2 4 6 a Shared esearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved e i SR Research Report 2014 2 10 09 12 10 12 11 12 12 12 13 12 1
9. SR GCA
10. 1 Shared Wesearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved SR Research Report 2014 2 10 5 20 12 50 32 50 ERD 2013 12 16 500 15 000 1 100 1 300 1 150 1 300 730 800 2014 12 180 13 SR 2013 12 2 2013 7 30 2013 12 2 2013 12 2 75 15 6 LCL
11. 2011 1 Logistics Plus India LPI 3PL 3rd Party Logistics 3PL 3PL 2013 6
12. 2011 14 296 14 49 10 29 12 19 X x 100 x100 gt Shared Wesearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 9384 SR Research Report 2014 2 10 16 COSCO APM Maersk Frontline Teekay MISC Evergreen Pasific Basin 0 20 40 60 80 100 mhk m LNG 2013 3 SR
13. Shared Research SR Inc SR Inc SR Inc SR Inc SR tnc
14. gt Shared esearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved SR Research Report 2014 2 10 2012 12 2 2012 12 2 64 8 4 59 4 8 10 7 5 2 4 3 3 1 8 6 LCL 8 4 FCL 11 0 6 79 Door to Dor 47 2 4 2 3 4 12 6 LCL
15. E 2013 3 514 188 40 2 5 271 FA 2013 6 541 0052 3 5 12 2 2008 11 5 12 IR http www ntl naigai co jp ir IR 06 6260 4800 5 285 FHR 2013 6 232 2013 6 NTL NAIGAI TRANS LINE S PTE LTD NTL NAIGAI TRANS LINE KOREA CO LTD NTL LOGISTICS PLUS INDIA PRIVATE LIMITED T E gt Shared esearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved Lj SR Research Report 2014 2 10
16. 1 2 SEMAL Shar ed Gesearch http Wwww sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 9384 SR Research Report 2014 2 10 2008 12 2009 12 2010 12 2011 12 2012 12 LCL 6 599 4 519 5 677 5 296 4 889 31 5 25 6 6 7 7 7 FCD 1 731 903 1 423 1 560 1 648 47 8 57 6 9 6 5 7 116 212 8 330 5 422 7 100 6 972 6 750 34 9 30 9 1 8 3 2 81 9 76 9 77 7 76 6 74 8 LCL 1 563 1 359 1 559 1 576 1 602 13 1 14 7 1 1 1 6 FCL 275 273 478 549 671 0 7 75 1 14 9 22 2 1 837 1 632 2 037 2 125 2 273 11 2 24 8 4 3 7 0 18 1 23 1 22 3 23 4 25 2 SR 2012 12 74 8 25 2
17. NVOCC 2012 12 To USA 6 296 z 4 996 110 15 3 496 Shared lesearch d http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved a Shar ed sear ch http Wwww sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 9384 SR Research Report 2014 2 10 2012 12 5 8 21 44 10 26
18. 1 2 3 24 6 15 2 LCL 1 0 36 6 10 1 18 9 0 9 25 8 10 1 6 4
19. 1953 1999 2003 2012 2013 NVOCC FCL Full Container Load EX LNG a Shared csearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved e gt SR Research Report 2014 2 10 161 5C
20. 2012 12 1 2 2012 12 25 15 55 gt Shared esearch d http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved SR Research Report 2014 2 10 2014 2 10 2013 12 2013 12 3 amp 12 12 13 12 13 12 1Q 2Q 3Q 4Q 1Q 2Q 3Q Ll E53 2 982 3 503 3 377 3 544 3 465 4 034 4 494 4 803 101 8 16 500 YoY 258 6 35 6 75 11 85 1625 15 15 33 15 3555 952 1 090 1 006 1 066 1 014 1 215 1 270 1 344 YoY 208 4885 1 1 535 645 11 55 2625 26 0 31 9 31
21. SR Inc http www sharedresearch jp Email info sharedresearch jp 3 31 12 03 5834 8787 a Shared Besearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved
22. LCL 1 9101 1 9104 1 9107 OOCL 0316HK 117930KS 1 9301 1 9302 1 9065 5 mW 4
23. FCL 7 6 3 LCL FCL 84 6 17 4 4 3 8 79 5 7 35 3 33 0 4 0
24. 14 12 ull VII Y S PH Co o A N o nd e ak g de S E P M P E 25 D SR 9 4 25 25 159 SR gt Shar ed esear ch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved SR Research Report 2014 2 10 2011 0 4 m 5 9 E 10 14 m 15 19 20 24 25 SR NVOCC 20
25. 180 109 2013 3 26 IT a Shared esearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved a a Shared esearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved i SR Research Report 2014 2 10 NVOCC Non Vessel Operating Common Carrier NVOCC NVOCC
26. 1 8 3 99 4 79 14 12 13 12 ED 7 499 9 297 9 000 9 500 18 500 15 6 34 3 20 0 2 2 10 1 5 271 6 683 2 229 2 614 9 1 26 1 29 7 28 1 1 758 1 942 23 4 20 9 470 672 600 700 1 300 2 6 58 1 27 6 4 2 13 8 6 3 7 2 6 7 7 4 7 0 510 695 600 700 1 300 2 1 52 9 17 6 0 8 7 9 6 8 7 5 6 7 7 4 7 0 307 423 400 450 850 2 0 191 4 29 9 6 5 16 5 SR http Www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved SR Research Report 2014 2 10
27. 2 3 UAE 2 HE 5 3 14 DE 18 10 14 4 400 8 5 UAE SR Research Report 2014 2 10 8
28. Weaknesses 2013 6 M amp A M amp A
29. L N G 2 LCL 209 LCL 5 LCL LCL N gt Shared search d http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved SR Research Report 2014 2 10 10 000 E oth 9 000 8 000 7 000 E LPG 6 000 5 000 E LNG 4 000 RA 3 000 vem cp eme m 2 000
30. 2013 12 269 2012 12 25 2 2013 2 Gk gt Shared Besearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved SR Research Report 2014 2 10
31. NTL NAIGAI TRANS LINE S PTE LTD NTL NAIGAI TRANS LINE THAILAND CO LTD PT NTL NAIGAI TRANS LINE INDONESIA 2003 1 H 2003 fF 8 H 2003 9 2004 8 2005 6 H 2006 2 2006 12 2008 11 2009 2 H 2010 2 H 2010 7 H 2011 1H 2012 4 2012 10 JVL AMERICA INC NTL NAIGAI TRANS LINE USA INC 909 NTL NAIGAI TRANS LINE KOREA CO LTD NTL LOGISTICS HK LIMITED
32. amp 2013 5 2013 5 28 FFS FF FFS FF FFS FFS 2013 2 8 2013 5 28 2013 6 1 2012 12 2012 12 14 2012 12
33. 2012 12 MT Shared Wesearch http www sharedresearchjp Copyright C 2013 Shared Research Inc All Rights Reserved e Shared 9384 SR Research Report 2014 2 10 EPS EA 13 400 940 980 600 114 09 13 500 1 230 1 230 780 148 79 0 7 23 6 20 3 23 1 12 538 1 078 1 046 568 109 16 6 9 12 8 6 3 5 6 EPS 62A 9 050 650 900 610 115 99 9 890 860 1 070 720 138 27 8 5 24 4 15 9 15 3 9 096 747 974 585 112 50 0 5 13 0 7 6 4 3 SR esearch bd http Www sharedresearch jp Copyri
34. 4 3 3 4 FCL 11 4 14 3 2013 6 Shared Research d http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved i SR Research Report 2014 2 10 118 3 20 7 6 3 1 2 49 7 37 7 5 7 72 8
35. FCL 52 8 11 8 2013 6 1 2 2 6 24 89 22 2 25 9 2 4 44 5 22 3 9 1 FCL 1
36. 0 3 1 8 LCL 48 9 7 79 FCL 16 5 5 79 67 5 3 29 84 39 83 49 0 9 2012 12 11 09 9 9 2012 12 2 29 1 6 LCL 16 1 6 FCL 6 4 18 9 22 7 7 0
37. LCL Less than Container Load 3PL 3rd Party Logistics 2 1960 1970 PCC Pure Car Carrier
38. 98 7 3 gt Shared esearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved SR Research Report 2014 2 10 6 4 18 4 36 1 5 8 3 3 3 4906 ij 2012 12 4 10 12 4 2013 1 3 2012 12 3 2012 12 3 3 98 6 5 3 6 7 15 5 7 2 5 2 i 4 2
39. 7 mac paa 13 I oo A I 17 ER 19 kA Aet 25 A 26 xa Lr AW T d Tee 27 Ig PM PC AES 27 jr c 27 ZIARE ize METTUS 28 DIR E 30 li Up AI n 30 ECOC PTS 30 30 32 i Shared esearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 9384 SR Research Report 2014 2 10 09 12 10 12 11 12 12 12 13 12 14 12 8 735 11 444 12 53 13 405 16 79 18 500 26 7 31 0 9 6 6 9 25 3 10 1 3 211 3 710 3 981 4 115 4 843 19 1 15 5 7 3 3 4 17 7 36 8 32 4 31 8 30 7 28 8 636 1 031 1 079 908 1 142 1 300 42 3 62 1 4 7 15 8 25 8 13 8 7 3 9 0 8 6 6 8 6 8 7 0 809 1 036 1 046 975 1 205 1 300 26 3 28 1 1 096 6 8 23 5 7 9 9 3 9 1 8 3 7 3 7 2 7 0 396 652 568 459 730 850 36 5 64 6 12
40. 4 700 1 500 1US K 95 73 2 2 GR 2013 12 SR 2013 12 1 2013 4 30 2013 12 1 2013 12 1 34 7 16 2 LCL
41. 22 59 72 1 5 6 4 7 18 49 10 26 6 4 5 2 5 3 69 2012 12 3 LCL
42. LCL 209 LCL 1 9370 1 9381 146 2012 2 H 1 9375 Toll 1993 100 M amp A 1 400 2011 12 1 X FJL 80 N Shared csearch d http www sharedr
43. M b SR Research Report 2014 2 10 LCL 359 FCL 15 LCL 45 60 5 6
44. Shared lesearch d http Www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved i SR 09 12 193 Cn N ma N A o 362 865 149 149 1 014 157 147 4 014 138 8 20 4 206 121 2 862 10 12 453 1 057 153 153 1 210 215 205 4 520 239 0 22 4 723 103 3 565 11 12 O mo oc 620 322 42 214 256 129 1 285 223 213 4 945 381 0 4
45. m 2012 LCL 2008 12 3 Z 1 2 http Www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 9384 SR Research Report 2014 2 10 600 ius 2010 500 2011 2009 2012 400 300 1H 2H 3 4H 5H 6H 7 8H 9H 10 11 12
46. LCL 29 3 31 99 8 4 14 2 1 8 19 5 gt Shared esearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved SR Research Report 2014 2 10 SR 7J 6 2013 2 2013 12 2012 12 2012
47. 12 134 1 6 9 9 1 15 8 9 8 E 6 8 4 6 19 2 0 94 2012 12 2011 12 2013 12 3 I NTL Next Stage 2 6 9
48. Shared search SR Research Report 2014 2 10 9384 sr_inquiries Gsharedresearch jp SR Research Report 2014 2 10 4 4 m TT 4 ls Rn HQ 7
49. 2 19 3 4 LCL 8 9 FCL 8 6 FCL LCL FCL 2 5
50. 59 6 35 14 8 FCL LCL 29 29 30 9 3 7 9 6 9 5 7 LCL FCL 2013 6 1 UR
51. 1 29 8 30 1 29 3 30 1 28 3 28 0 733 826 815 833 837 921 960 961 YoY 485 1265 10 5 13 6 142 11 5 17 9 154 24 6 23 6 24 1 23 5 24 1 22 8 21 4 20 0 220 263 192 233 176 293 311 361 103 9 1 100 YoY 6 8 13 7 25 5 16 7 19 5 11 558 6245 16245 7 4 7 5 5 7 6 6 5 1 7 3 6 9 7 5 248 273 198 256 201 308 330 364 104 7 1 150 YoY 32558 508 23 3 11 0 18 7 13 0 66 6 42 3 8 3 7 8 5 9 7 2 5 8 7 6 7 3 7 6 148 166 109 36 117 191 202 220 100 0 730 YoY 15 7 315 23 8 73 4 20 8 148 86 1 503 3 5 0 4 7 3 2 1 0 3 4 4 7 4 5 4 6 SR 2013 12 2013 12 168 0 25 3 11 4 25 8 12 0 23 5 7 3 58 9 0 9 LCL 2 4
52. 2 5 041 57 129 3 466 12 12 1 232 241 268 1 499 228 218 5 260 142 48 5 611 75 3 384 http Www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved SR Research Report 2014 2 10 13 12 234 5 845 243 60 6 625 509 256 3 497 T E Shared esearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved SR Research Report 2014 2 10 ERT 2008 2008 12 2009 12 40 2010 12 50 2011 12 2012 12 55 2013 12 32 5 2012 12 1 2 1980 5 1986 12 1991 12 1997 AH 2000 6 2001 4
53. 4 12 8 735 11 444 12 538 13 405 16 797 18 500 6 883 8 955 9 128 9 798 11 829 28 9 30 1 1 9 7 3 20 7 1 852 2 489 3 410 3 607 4 968 17 1 34 4 37 0 5 8 37 7 8 735 11 444 12 538 13 405 16 797 18 500 26 7 31 0 9 6 6 9 25 3 10 1 5 524 7 134 8 557 9 290 11 954 3 211 3 710 3 981 4 115 4 843 19 1 15 5 7 3 3 4 17 7 36 8 32 4 31 8 30 7 28 8 2 575 2 678 2 903 3 206 3 700 29 5 23 4 23 2 23 9 22 0 636 1 031 1 079 908 1 142 1 300 42 3 62 1 4 7 15 8 25 8 13 8 7 3 9 0 8 6 6 8 6 8 7 0 201 76 62 98 99 28 71 95 31 37 809 1 036 1 046 975 1 205 1 300 26 3 28 1 1 0 6 8 23 5 7 9 9 3 9 1 8 3 73 725 7 0 7 6 4 3 98 3 130 106 32 316 385 343 407 425 396 652 568 459 730 850 36 5 64 6 12 9 19 2 58 9 16 5 4 5 5 7 4 5 3 4 4 3 4 6 SR
54. 596 LCL 39 29 796 31 5 LCL FCL M amp A 4 7 2 6 2 4 6 7 3 1 1 3 5 1 a 9 Shared esearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved SR Research Report 2014 2 10 6 7 3 6 2013 12 1US 85 1
55. 685 1 106 1 212 1 059 EBITDA 9 7 7 8 9 7 9 7 7 9 5 2 4 5 5 7 4 5 3 4 ROA 12 0 7 8 11 7 9 3 6 8 ROE 17 1 9 8 14 6 11 7 8 7 2 3 1 7 2 1 2 0 2 0 166 121 103 57 93 381 425 434 444 405 370 410 423 433 392 CF 0 58 0 60 0 85 0 67 0 59 52 5 68 0 75 5 68 8 60 3 CF 0 77 0 52 0 68 0 55 0 45 13 6 18 3 11 9 10 5 7 8 45 45 18 46 150 SR http Www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved SR Research Report 2014 2 10 SW Strengths Weaknesses Strengths NVOCC
56. 9 19 2 58 9 16 5 4 5 5 7 4 5 3 4 4 3 4 6 2 446 2 596 2 616 5 261 5 349 EPS 161 97 265 26 218 32 87 49 138 26 158 92 EPS 156 84 260 68 215 31 86 52 DPS 40 0 50 0 55 0 55 0 32 5 32 5 BPS 1 709 1 811 1 911 1 057 1 228 3 161 3 960 3 895 3 957 4 033 3 672 4 586 4 573 4 988 6 138 447 428 612 633 631 997 701 715 931 947 104 218 425 558 1 264 5 220 5 933 6 326 7 110 8 980 503 604 620 762 1 197 87 49 256 865 1 057 1 030 1 232 2 026 42 27 149 153 256 268 329 1 014 1 210 1 285 1 499 2 355 4 206 4 723 5 041 5 611 6 625 129 75 256 524 820 701 668 432 172 27 574 671 499 99 36 106 263 52 ROA 7 8 11 7 9 3 6 8 9 1 ROE 9 8 14 6 11 7 8 7 12 0 80 6 79 6 79 7 78 9 73 8 SR
57. esearch jp Copyright C 2013 Shared Research Inc All Rights Reserved L SR Research Report 2014 2 10 Port to Port Door to Door 8 E ENS Sw E S 2013 6 2013 12 50 2012 12 44 7 NVOCC Port to Port 2012 4 LCL
58. ght C 2013 Shared Research Inc All Rights Reserved i SR Research Report 2014 2 10 2013 6 10 16 95 15 52 5 45 4 82 2 70 2 65 2 46 2 46 2 19 1 52 SR 16 959 15 529 32 469 1942 1980 1986 2013
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