ドリームインキュベータ（4310）
Contents
1. SR Inc2. IPO 2014 7 11
3. sh ared hesearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 4310 SR Research Report 2014 11 4 2015 3
4. Sh aredd esearch http Www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 4310 SR Research Report 2014 11 4 LED
5. 2014 8 25 2015 3 1 2015 3 1 2014 8 21 Entertainment Direct Asia Ltd sh ared hesearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 4310 SR Research Report 2014
6. 2014 3 7 4 54 49 SR 7 2014
7. IPO 2014 3 55 48 2014 3 4 58 2015 3 2010 6 DIAIF 4 MESA 8
8. TGC 2005 8 2
9. 2014 5 5 4 Up or Out
10. 2007 2014 1 2010 12 2011 8 ASEAN
11. 2 2014 7 1
12. IDC Japan BPO 2013 4 7 8 975 3 2013 5 2012 2017 4 2 2016 1 2017 1 516 18 UUU 1U UUU UUU 5 UUU UUU eg UUU U geU1 13 214 15 gegU1b g 1 BPO BPFO BFO P IDC Japan
13. 10 3 11 3 12 3 13 3 14 3 BP 46 50 5 65 1 SR 2014 3 76 196 70 0 TGC
14. 350 32 201 11 1 5 496 2010 DIAIF 50 1 2
15. 2015 3 SR SR
16. MG SBS KLab
17. 3 1 1 x x 3 1 4 5
18. SR Weaknesses
19. TR 2014 3 Ssh ared Gear http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 4310 SR Research Report 2014 11 4 2014 3 2014 3 9 092 18 2 1 141 48 5 1 101 45 1 854 27 2 IFRS 1 368 938 39 2
20. 09 3 10 3 11 3 12 3 13 3 14 3 544 51 570 704 773 796 256 255 293 36 396 380 108 116 104 100 13 142 38 31 68 SX 65 72 16 16 18 16 25 10 6 6 6 19 22 15 16 10 23 55 57 45 29 38 31 35 40 40 42 39 44 59 50 56 800 772 863 1 041 1 170 1 1 SR
21. 87 9 2014 3 Shared esearch lp http Wwww sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 4310 SR Research Report 2014 11 4 2014 3 IT 1 119 7 238 3 91 3 172 1 200 2014 3 2015 3
22. SR 4310 10 3 2 818 263 2 946 104 11 28 5 962 32 531 61 92 61 624 658 6 620 102 102 4 613 4 796 2 513 294 94 8 1 6 518 263 2 818 11 3 3 145 735 2 655 202 15 36 237 57 6 853 29 55 61 367 61 423 995 57 1 052 1 505 8 358 94 927 32 34 157 1 244 1 244 4 615 4 796 2 090 276 119 56 132 7 114 771 3 145 12 3 3 012 1 020 642 2 841 440 5 61 249 200 7 570 162 42 80 347 60 410 1 089 53 1 1 620 2 193 10 551 152 1 381 45 22 33 6 182 1 833 10 10 1 844 4 615 4 796 1 257 192 116 125 736 8 707 694 3 012 SR Research Report 13 3 4 869 20 92 7 2 653 22 1 3J 53 341 400 9 012 198 19 79 270 59 309 966 472 1 438 1 947 12 056 39 92 1 895 89 30 13 258 2 420 13 13
23. 113 esearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved Shared 4310 SR Research Report 2014 11 4 SW Strengths Weaknesses Strengths 100 2008 3 2009 3 2007 3 130 2009 3 60 SR
24. 5 100 19 1 451 2 0 IFRS 678 0 4 sh ared hesearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 4310 SR Research Report 2014 11 4 1
25. 3 2015 3 3 i DI Marketing TGC
26. 2000 2006 1965 1991 1995 2000 2006 2013 IR 2 Shared esearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved sSh afedi esearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved
27. 2014 3 56 1 27 6 1 Ssh ared Gcsearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 4310 SR Research Report 2014 11 4 2004 5 2011 2 82 1 189 95 5 2008 3 2012 3 2013 280
28. 2014 3 1009 100 Dream Incubator Vietnam Joint Stock Company 100 95 59 Dream Incubator Singapore Pte Ltd 100 DI Marketing Inc 100 4310 SR Research Report 2014 11 4 10 3 11 3 12 3 13 3 378 1 385 2 918 3 711 4 811 14 4 51 5 44 7 48 2 52 9 223 702 1 100 768 1 141 26 1 16 9 10 0 12 5 EBITDA 214 720 1 279 1 011 1 391 EBITDA 26 8 19 6 13 1 15 3 9 5 15 7 12 8 8 7 9 4 ROA 3 9 5 6 8 8 5 9 5
29. Sh aredd esearch http Www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 4310 SR Research Report 2014 11 4 606 26 3 210 159 3 1 451 22 0 CM 122 20 8
30. 2014 10 28 3 2 S O 1 IPO1 2010 DIAIF 50 DIAIF 1 100 2 312 16 89 182 6
31. 2014 3 3 1 98 1 48 2013 3 2014 3 6 Pc 4 285 15 781 5 100 18 366 34 3 63 7 34 1 62 8 46 8 28 5 49 7 27 3 9 19 5 2 8 79 4 0 88 88 89 89 511 1 390 690 1 450 137 188 446 414 158 146 504 969 3 071 5 349 3 191 5 599 SR 2014 3 11 19 51 1
32. SR Inc SR tnc 3 31 12 03 5834 8787 http www sharedresearch jp Email info sharedresearch jp
33. 2014 3 2 2014 3 2 4 385 15 0 519 6 3 537 13 2 441 37 9 1 084 23 0 256 57 3 M amp A Sh aredd esearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 4310 SR Research Report 2014 11 4
34. J GCA DIC TOKAI
35. IFRS 4 1 011 137 3 835 89 2014 3 5 876 IPO 8 788 2013 3 2 653 413 6 2 399 36
36. SR Inc Shared Researcn SR Inc SR Inc SR Inc SR Inc
37. 96 825 9 682 500 1 100 sh ared hesearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 4310 SR Research Report 2014 11 4 2014 3 10 13 72 6 23 4 78 4 08 3 76 3 67 3 45 2 93 2 35 1 96 SR 1945 1969 1972 1980 1981
38. DI DIAIF 3 Santedo Corporation 2596 Santedo DIAIF 809 34 2 143 116 EC 54 49 7 4 2016 3 2014 3 3 2014 3
39. TGC 60 Sh ared Gear http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 4310 SR Research Report 2014 11 4 amp 2014 7 2014 7 23 2014 6 2014 6 12 3 3 3 2014 7 1 2013 12 2013 12 2
40. 37 2014 3 Liquidity Service Inc NASDAO LODT 13 475 EBITDA 96 EBITDA 2 2012 1 300 1 TGC TOKYO GIRLS COLLECTION by amp irl
41. IPO 2015 3 M amp A 15 20 2016 3 1 TGC DI
42. 1 983 11 1 5 100 19 0 809 35 2 7 892 11 09 2 171 8 7 490 37 1 M amp A 4 1 3 2014 3 47
43. 1009 2014 EC EC EC 1 600 700 50 000 30 35 4 3 3 7 2 1 2014 4 6
44. 1 4689 BtoB 169 170 88 0 17 16 10 2 Sh aredd esearch http Www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 4310 SR Research Report 2014 11 4 2015 3
45. 34 17 2014 3 1 2 3 4 5 000 3 1 000 5 000 3 1 1 3 500 1000 1 1 100 500 4 3 2 6 100 1 1 3 11 6 3 13 SR 1 2 3 4 5 6 Sh sfed esearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 4310 SR Research Report 2014 11 4
46. Santedo Corporation 25 Santedo Duy Tan TEVA sh ared WeseaTch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 4310 SR Research Report 2014 11 4 Pha No 22 Santedo DIAIF 2015 3 2 4 Me Sa Asia Pacific Trading Services Company Ltd
47. 113 1 5 10 2013 3 2013 3 5 113 SR 2014 3 10 6 5 6
48. 1 4689 BtoB 34 41 7 20 3 Sh aredd esearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 4310 SR Research Report 2014 11 4 2014 1 DI DI Facebook WEB
49. MESA 2014 7 29 2015 3 1 2015 3 1 3 amp Sh ared Gear http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 4310 SR Research Report 2014 11 4 a 14 3 15 3 46 Rie 2Q 1889 2 496 2 120 2 587 2 595 2 824 720 7Z 19 5 228 374 72 7 912 1 209 1 102 1 588 1 431 1 720 254 7Z2 23 6 658 56 9 423 483 48 4 52 0 61 4 55 1 60 9 780 821 888 1 180 1 142 1 098 Z6 76 222 494 46 4 4 322 7 41 3 329 41 9 45 6 44 0 38 9 132 387 214 408 288 623 797 7927 27 7 7 2 1182 67 0 70 15 5 10 1 15 8 11 1 22 1 154 383 228 336 286 639
50. 2 421 21 79 173 22 49 478 272 2 323 53 400 39 2 3 63 2 1 038 31 7 2 421 21 7 400 39 2 3 860 1 7 TIPO
51. 3 510 2013 3 2 653 Sh ared Gear http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 4310 SR Research Report 2014 11 4 Shared esearch 10 3 11 3 12 3 13 3 1 112 1 696 1 972 2 379 2 171 8 0 52 5 16 3 20 6 8 7 3 325 4 284 5 100 28 8 19 0 1 508 899 979 426 1 011 6 5 40 4 8 9 56 5 137 3 8 594 809 36 2 2 620 2 690 6 526 7 693 9 092 0 2 2 7 142 6 17 9 18 2 2 242 1 305 3 609 3 981 4 280 378 1 385 2 918 3 711 4 811 266 4 110 7 27 2 29 6 14 4 51 5 44 7 48 2 52 9 601 683 1 817 2 942 3 669 22 9 25 4 27 8 38 2 40 4 223 702 1 100 768 1 141 56 7 30 2 48 6 26 1 16 9 10 0 12 5 56
52. 8715 10 66 61 2 15 8 2014 3 2014 3 51 0 19 0 18 16 8 000 4 3 191 2014 3 4 000 690
53. 4310 SR Research Report 2014 11 4 2000 4 5 2002 2005 2007 Dream Incubator Joint Stock Company 2010 DI Asian Industrial Fund L P 2011 82 11 DREAM INCUBATOR SINGAPORE PTE LTD 2012 1
54. 2014 3 129 2013 9 21 2013 7 129 2011 12 1 7 2011 10 5 SR IPO 2010 6 DIAIF50 10 1 37 19 2 31 19 1 2013 3 IRR 50 2014 3 3
55. 4310 03 5532 3200 2000 4 20 HP http www dreamincubator co jp IR IR SR Research Report 2014 11 4 100 0013 3 2 6 4F 1 2002 5 10 3 IR httD www drearmincuDbatorcO D Ir news IR sSh afedi esearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 4310 SR Research Report 2014 11 4 SR
56. NN Kr ss SR NT Sh aredd esearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 4310 SR Research Report 2014 11 4 2014 3 23 996 30 0
57. 3 3 IPO 3 5 460 3 IPO 4310 SR Research Report 2014 11 4 8 393 2013 3 2 653 3 364 5 2 406 36 3 10 12 DI DIAIF Santedo Corporation 2596 Santedo
58. DI DIAIF GPI 50 lso NR LF9 D 8 A 9 SR GP LP 100 ReVALUE 2010 7 Sh ared esearch http www sharedresearch jp Copyright C 20
59. 2014 10 28 16 2015 3 1 2015 3 1 10 2 595 37 4 288 118 2 286 85 7 215 150 09 2015 3 15 20 10 2014 7 2015 3 IPO 4 1 2 IPO
60. LED IC SR EL GM 1 7203 1 6902 1 9502 1 7011
61. 1 100 Shared esearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 4310 SR Research Report 2014 11 4 2014 11 4 The Raine Group LLC 2014 10 29 2015 3 2 2015 3 2 2014 10 28 2015 3 2 2015 3 2 2014 10 21 100
62. 1 600 2 100 2012 10 2 800 2012
63. Ssh ared Gear http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 4310 SR Research Report 2014 11 4 2013 3 1 2 100 2015 3 2 600 29 50 Shared Gcsearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 4310 SR Research Report 2014 11 4 2000 4 2015 3
64. 3 2 Web 2014 2014 7 BtoB Biz 1 8 2014 3 sSh afedi esearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 4310 SR Research Report 2014 11 4 1 5 2014 3 UAE
65. 4 50 2012 19 39 http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 4310 SR Research Report 2014 11 4
66. 93 82 214 347 473 419 16 538 39 27 95 6 8 15 0 1 2 113 946 516 538 113 157 209 269 SR esearch lp http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved Shared 4310 SR Research Report 2014 11 4 10 3 11 3 12 3 13 3 14 3 1 112 1 696 1 972 2 379 2 171 1 508 853 978 426 1 011 979 1 024 1 230 1 600 1 681 1 470 352 885 337 176 12 0 39 6 37 6 32 7 22 6 2 5 58 7 9 5 20 9 82 6 SR
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68. 3 6 505 16 4 733 22 1 765 30 5 601 63 1 IFRS 848 537 57 99 sh ared hesearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved Shared esearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 4310 SR Research Report 2014 11 4 3 1 324 32 1 3 732 20 0 604 46 8 5 660 3 4 1 598 15 8 382 45
69. 40 1 1 L IFRS 570 241 196 379 73 3 IPO
70. 12 so 27 i 28 29 oo 34 1 35 es 36 37 7 37 amp LL 38 SG 39 oi 39 EE EE Eo 39 HI IY 40 Sh ared esearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 4310 SR Research Report 2014 11 4 10 3 11 3 12 3 13 3 14 3 1 2 620 2 690 6 526 7 693 9 092 0 2 2 7 142 6 17 9 18 2 378 1 385 2 918 3 711 4 811 266 4 110 7 27 2 29 6 14 4 51 5 44 7 48 2 52 9 223 702 1 100 768 1 141 56 7 30 2 48 6 26 1 16 9 10 0 12 5 193 698 1 104 759 1 101 58 2 31 3 45 1 25 9 16 9 9 9 12 1 249 422 833 671 854 69 5 97 4 19 4 27 3 9 5 15 7 12 8 8 7 9 4
71. 95 96 96 96 9 783 EPS 2 616 4 414 8 698 7 002 88 EPS 2 605 4 412 8 696 6 767 84 DPS 2 100 2 600 BPS 68 229 72 274 81 895 89 573 1 365 2 818 3 145 4 032 4 889 5 555 5 962 6 853 7 570 9 012 16 322 32 29 162 198 180 624 423 410 309 385 2 1 052 1 620 1 438 1 286 6 620 8 358 10 551 12 056 19 539 9 39 29 102 1 244 1 833 2 420 5 026 10 13 164 102 1 244 1 844 2 434 5 195 6 518 7 114 8 707 9 622 14 344 5 it EE 1 090 902 2 322 1 504 1 619 421 551 4 058 610 1 460 1 2 1 141 ROA 3 9 5 6 8 8 5 9 5 4 ROE 4 0 6 3 11 3 8 2 7 8 98 3 82 8 74 4 71 6 68 3 SR 2014 4 1
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73. 1 89 2013 99 9 2014 3 34 1 Shared esearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved Shared ESeaFCh a 4310 SR Research Report 12 3 13 3 14 3 3 283 4 287 5 103 3 281 4 285 5 100 3 281 4 285 5 100 1 2 2 1 2 2 2 1 1 2 665 3 896 4 669 2 017 2 502 2 782 1 053 1 361 1 6
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76. 0 DI DIAIF Santedo Corporation DIAIF Santedo 25 Santedo Duy Tan TEVA Pha No 22 Santedo DIAIF 2013 11 2013 11 19 2014 3 31 1 100
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83. 4 22 8 387 123 7 20 TVCM WEB 880 84 1 595 84 2 2 4 112 2 14 1 335 IT 7 539 4 33 2 1 1 139
84. 4 ROE 4 0 6 3 11 3 8 2 7 8 40 9 35 9 69 0 68 1 57 6 73 74 70 59 5 5 5 0 263 771 694 941 1 328 5845 1 550 9 413 0 372 4 324 8 5817 6 543 4 398 7 353 7 314 6 CF 10 53 1 34 1 51 0 71 0 43 43 2 44 2 34 6 50 6 38 6 CF 10 7 0 7 1 3 0 6 0 3 30 9 72 7 43 0 40 2 0 0 83 508 77 247 387 SR 2012 3 2010 3 2011 3 2012 3 2013 3 2014 3 83 101 187 182 184 142 132 530 746 851 55 47 111 146 197
85. Duy Tan TEVA Pha No 22 Santedo DIAIF 604 46 8 18 94
86. swalkercom 2012 2 TGC 60 TGC TGC TGC F1 TGC 2013 Ssh ared Gear http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved Shared esearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 4310 SR Research Report 2014 11 4
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