アクリーティブ（8423）
Contents
1. Re FPS RD CS RE2. Weaknesses
3. SR 2011
4. SR
5. SR Inc SR Tnc Shared Research SR Inc
6. 2009 3 1 8411 1 8316 2014 5 http www sharedresearch jp Copyright C 2012 Shared Research Inc All Rights Reserved 8423 SR Research Report 2014 6 26 SW Strengths Weaknesses Strengths FPS
7. GCA SBS
8. 57 6 2011 3 57 79 55 1 2011 3 53 2 Ss_ s Shared Research http Www sharedresearch jp Copyright C 2012 Shared Research Inc All Rights Reserved w 8423 SR Research Report 2014 6 26 609
9. DIC KLab TOKAI
10. 10 3 11 3 12 3 13 3 108 986 119 341 134 142 138 626 157 693 45 9 9 5 12 4 3 3 13 8 86 233 99 135 110 136 114 450 119 217 0 6 15 0 11 1 3 9 4 2 79 1 83 1 82 1 82 6 75 6 426 259 24 889 39 2 9509 7 0 3 0 2 15 8 7 691 11 563 14 949 20 425 9 760 38 2 50 3 29 3 36 6 52 2 7 1 9 7 11 1 14 7 6 2 1 995 1 641 1 374 1 420 1 314 50 2 17 7 16 3 3 3 7 5 18 1 4 10 10 0 8 11 497 5 423 5 999 68 19 88 3 52 8 10 6 98 9 72 1 10 5 4 5 4 5 0 0 0 0 1 568 1 578 1 681 2 260 2 491 17 8 0 6 6 5 34 4 10 2 1 4 1 3 1 3 1 6 1 6 SR 2014 3 100
11. 3 154 7 6 1 276 15 0 1 300 13 8 1 232 4 79 190 000 157 693 57 2014 3 66 gt SadQeweami http 7www sharedresearch jp Copyright C 2012 Shared Research Inc All Rights Reserved s Shared Research http Www sharedresearch jp Copyright C 2012 Shared Research Inc All Rights Reserved w 8423 SR Research Report 2014 6 26 2013 5
12. 2007 3 0 19 2010 3 0 3596 http www sharedresearch jp Copyright C 2012 Shared Research Inc All Rights Reserved 8423 SR Research Report 2014 6 26 3 2014 1 1 2 2014 3 0 14
13. Flex Payment Service FPS 2013 3 FPS 2014 3 SR
14. SR 2013 9 2014 4 2014 6 2016 3 2015 3 s Shared csearch http Www sharedresearch jp Copyright C 2012 Shared Research Inc All Rights Reserved 8423 SR Research Report 2014 6 26
15. 2 0 8423 SR Research Report 2014 6 26 FPS 2013 3 Flex Payment Service FPS
16. 50 30 2 1 4 2013 9 Accretive Thailand Co Ltd 2014 6 Accretive Thailand 12 2015 3 2016 3 2014 6 2015 3 7 1 2 3 8 0
17. s Shared GYesearch http www sharedresearch jp Copyright C 2012 Shared Research Inc All Rights Reserved 8423 SR Research Report 2014 6 26 2012 3 216 192 10 115 107 2 5
18. Shared Research http Www sharedresearch jp Copyright C 2012 Shared Research Inc All Rights Reserved w 8423 SR Research Report 2014 6 26 PL 10 3 11 3 12 3 13 3 14 3 2 028 2 223 2 618 2 808 2 932 37 6 9 6 17 8 7 2 44 1 528 1 588 1 773 1 714 1 810 41 4 3 9 11 7 3 3 5 6 75 3 71 4 67 7 610 61 7 461 634 845 930 1 014 5 3 37 6 33 2 10 1 9 0 22 7 28 5 32 3 33 1 34 6 39 1 1 162 3 378 339 318 289 200 5 0 10 4 6 2 9 2 30 6 18 6 15 2 12 1 10 3 6 8 1 576 1 553 1 546 1 589 1 622 24 8 1 4 05 2 8 2 1 77 7 69 9 59 0 56 6 55 3 526 578 571 511 516 25 9 26 0 21 8 18 2 17 6 587 467 519 579 619 28 9 210 19 8 20 6 21 1 462 506 454 498 485
19. FPS 1 2014 3 66 2013 3 719 559 54 0 2013 3 55 39
20. 2 2014 3 2 2013 11 5 2014 3 2 2 15 8 77 454 6 6 1 431 17 2 578 6 19 609 1 31 096 105 67 22 6 618 6 5 13 9 11 7
21. 2 7 12 5 0 2013 5 3 10 12 7 530 2 5 673 3 3 10 12 40 147 7 5 117 601 12 8 262 36 19
22. 61 59 67 59 s Shared Research http Www sharedresearch jp Copyright C 2012 Shared Research Inc All Rights Reserved w lt Shared Yesearch http Www sharedresearch jp Copyright C 2012 Shared Research Inc All Rights Reserved e 8423 SR Research Report 2014 6 26 1999 5 1999 6 C F 2004 12 2005 12 1
23. 2014 3 2 3 5 40 1 1 1 1 I 1 1 1 Accretive 1 1 1 1 I 1 1 1 1 1 SR FPS 8423 SR Research Report 2014 6 26
24. A EF I A Rs 2014 5 0
25. A A B 8423 SR Research Report 2014 6 26 B A A B 1 B A A 2 B A A 3 A B 30 120 FPS A B A B B B A A B
26. 3 39 10 29 2013 3 2012 4 9 29 2 09 14 759 2012 12 28 13 000
27. 2013 3 2013 3 466 SR 1 2 1
28. 8 89 5 99 15 116 2012 3 3 1 992 0 69 10 0 17 6 sShared 6Qesearch http www sharedresearchjp Copyright C 2012 Shared Research Inc All Rights Reserved amp w 8423 SR Research Report 2014 6 26 50 47
29. 60 269 12 3 77 8 9 452 7718 7 12 2 6 118 46 4 7 9 543 19 6 0 7 6 77 3 0 0 1 062 6 8 1 49 s Shared Research http Www sharedresearch jp Copyright C 2012 Shared Research Inc All Rights Reserved w 8423 SR Research Report 2014 6 26 7 9 5 99 2013 5 9 2 892
30. SR 2012 3 2012 5 7 2012 3 12 8 134 568 17 8 2 618 128 2 754 59 0 2011 3 69 99 708 2008 3 11 7 1 773
31. 1 2008 3 60 2013 3 2 2014 3 75 69 2000 SR 2014 3 2003 3 88 0 gt Shared csearch http www sharedresearch jp Copyright C 2012 Shared
32. w es a T sShared Wesearch http www sharedresearchjp Copyright C 2012 Shared Research Inc All Rights Reserved 8 s Shared Research http Www sharedresearch jp Copyright C 2012 Shared Research Inc All Rights Reserved w 8423 SR Research Report 2014 6 26 1 2 SR
33. Shared Wesearch http www sharedresearch jp Copyright C 2012 Shared Research Inc All Rights Reserved 8423 SR Research Report 2014 6 26 2014 3 3 2014 2 5 2014 3 3 3 2 190 4 7 919 42 9 955 30 9 921 48 6 90 075 6 8 76 6 16 982 8792 59 14 49 7 929 53 3 6 79 987 15 2 0 8 17 45 8 0 0 1 609 4 2 1 4
34. Flex NC Service FPS FPS FPS C F C F 2011 4 FPS FPS Fm eomg SR 30 90
35. A B FPS 30 60 90 sShared 6Qesearch http w
36. B 5 A AM IS A B A B B B A A B B
37. 2014 3 2014 5 7 2014 3 2014 3 2 932 4 4 1 109 19 4 esearch http Www sharedresearch jp Copyright C 2012 Shared Research Inc All Rights Reserved 8423 SR Research Report 2014 6 26 1 142 16 79 1 177 37 9 2 39 17 0 13 99
38. 7 2013 1 31 2014 1 31 2012 5 2012 5 7 2012 6 13 Accretive Co Ltd 2012 7 1 2012 1 2012 1 27 2012 1 27 13 941 sShared 6Qesearch http www sharedresearchjp Copyright C 2012 Shared Research
39. 72 12 11 5 579 2 8 1 589 107 2012 3 41 61 2012 3 203 2013 3 2 824 2012 3 2 016 sShared 6Qesearch http www sharedresearch jp Copyright C 2012 Shared Research
40. 2013 3 1 3 759 1 09 9 4 20 59 1 FC 2013 3 2012 7 2
41. 2012 11 4 39 14 590 8423 SR Research Report 2014 6 26 526 11 7 12 39 18 89 1 220 376 13 19 433 11 2 411 100 9 4
42. 59 2 2012 3 57 6 55 3 2012 3 55 19 609 999 36 2012 3 359 61 1 2012 3 67 79 33 1 2012 3 32 39 5 8 2012 3 0 0
43. 99 49 2011 3 69 09 35 3 2011 3 35 3 35 29 2011 3 34 39 18 0 2011 3 17 6 2013 3 110 136 11 19 81 8 5 999 10 6 4 5 14 949 29 3 11 19 1 374 16 3 1 0 2 108 33 6 1 6 33 2 845 2012 3 6 2 318
44. 4 0 729 4 0 620 3 1 253 4 5 84 312 2 9 80 9 32 99 5 0 0 16 975 49 9 16 39 1 164 6 8 1 19 1 734 11 8 1 79 699 11 6 3
45. 5 5 2010 6 1 2007 3 2 8423 SR Research Report 2014 6 26
46. 1 132 16 434 591 3 415 31 09 7 9 11 3 M amp A 7 3 2014 3 61 0 53 09 2013 10 ASDAQ 2736
47. 26 414 3 59 77 99 11 99 59 0 0 6 608 160 7 19 59 345 10 7 1 096 542 24 49 1 6 26 3 228 sShared 6Qesearch http www sharedresearchjp Copyright C 2012 Shared Research Inc All Rights Reserved 8 w s Shared Research http Www sharedresearch jp Copyright C 2012 Shared Research Inc All Rights Reserved w 8423 SR Research Report 2014 6 26 3 9 2 89 14 582
48. 2014 3 FPS FPS FPS SR 2013 3 2 2012 11 6 2013 3 2 2 1 3 66 890 6 4 1 343 23 49 493
49. 2 2013 9 2014 3 2013 3 2013 5 7 2013 3 3 0 138 626 7 2 2 807 23 39 929 56 6 2012 3 59 09 24 8 979
50. 11 sShared 6Qesearch http www sharedresearchjp Copyright C 2012 Shared Research Inc All Rights Reserved w s Shared Research http Www sharedresearch jp Copyright C 2012 Shared Research Inc All Rights Reserved w 8423 SR Research Report 2014 6 26 201 4 3 1 2013 8 7 2014 3 1 11 9 37 974 7 1 712 15 3 271 9 69 273 5 3 244 29 940 13 3 78 8 3 779 6634 3
51. 2013 3 FC FC 1 8591 1 Accretive 2 SR 1 FC sShared eSsearch http Www sharedresearchjp Copyright C 2012 Shared Research Inc All Rights Reserved 8 w a Shared
52. 2010 4 15 2010 4 15 2010 4 15 2010 10 1 2011 1
53. 2011 3 573 2011 3 653 2012 3 3 203 3 2012 3 SR 4 2011 3 4 2012 3 2011 3 4 2012 3 4 2012 3 2 2011 11 4 201
54. 13 5 2012 3 11 39 2013 3 1 2012 8 3 2013 3 1 8 3 33 923 14 5 664 62 7 235 53 2 61 59 0 1 400
55. FPS 1 3 FPS FPS FPS FPS
56. 119 217 4 29 75 69 24 889 9490 79 15 89 9 760 52 29 6 2 1 314 7 59 0 8 19 71 59 0 0 2 491 10 29 1 69 66 719 3 2015 3 4 1 3
57. s Shared Research http Www sharedresearch jp Copyright C 2012 Shared Research Inc All Rights Reserved w 8423 SR Research Report 2014 6 26 2013 3 2012 3 179 91 90 52 2012 12 2012 12 28 2012 12 28 13 000
58. sShared 6Qesearch http www sharedresearchjp Copyright C 2012 Shared Research Inc All Rights Reserved amp w 8423 SR Research Report 2014 6 26 10 3 11 3 12 3 13 3 14 3 9 631 11 656 11 652 12 088 10 326 16 362 15 295 14 441 16 487 24 963 16 363 15 295 14 441 16 487 24 963 16 023 15 201 14 441 14 987 14 988 1 245 94 525 94 1 500 9 975 6 731 3 639 2 788 4 399 14 637 4 160 1 192 1 958 3 297 1 326 SR
59. 609 999 SR 2011 3 a s Shared Research
60. SR Inc SR Inc SR Inc SR Tnc SR tnc http www sharedresearch jp Email info sharedresearch jp 3 31 12 03 5834 8787 Shared 6Qesearch http www sharedresearch jp Copyright C 2012 Shared Research Inc All Rights Reserved w
61. 2013 8 7 2 Accretive Thailand Co Ltd 2013 8 2013 9 Accretive Holdings Thailand Co Ltd 2014 3 2013 5 2013 5 17 2013 5 17
62. 3 amp 13 3 14 3 1Q 2Q 3Q 4Q 1Q te ki 4Q 665 678 748 716 712 720 759 742 102 3 2 867 14 5 0 4 104 5 6 7 1 6 1 1 4 3 6 2 1 76 77 75 61 53 52 51 45 3 9 3 5 5 4 23 9 296 32 3 32 9 26 4 11 4 11 3 10 1 8 5 75 72 6 7 60 354 344 524 369 387 361 367 507 1 0 09 61 8 28 9 9 5 50 29 9 37 4 53 2 50 6 700 51 5 54 4 50 1 48 4 68 3 236 258 150 287 272 307 341 190 117 1 948 62 7 1 1 45 6 261 1 15 3 18 9 127 8 33 6 20 35 4 38 0 200 40 0 38 1 42 6 44 9 25 7 33 1 250 325 155 250 274 336 346 187 113 9 1 003 67 3 250 47 0 199 5 9 6 3 4 123 0 25 0 2 4 37 6 47 9 20 7 34 9 38 5 46 7 45 5 25 3 35 0 232 273 116 233 244 374 303 255 126 6 930 51 7 11 8 53 7 276 2 53 37 2 162 2 9 4 8 9 34 9 40 2 15 4 32 6 34 3 52 0 39 9 34 4 32 4 SR
63. 2010 4 15 SR 1 2 3 30 2009 3 2010 3 2011 3 2011 1
64. 60 70 2007 3 2014 3 2007 3 47 2014 3 83 2010 3 28 9 SR
65. 5 19 15 064 2012 3 1 958 0 59 1 546 11 19 519 10 3 128 2 754 86 86 2011 3 573
66. 708 2011 3 653 2012 3 203 1 962 2011 3 1 243 Ss_ 8423 SR Research Report 2014 6 26 11 3 2011 3 4 0 2012 3 3 2012 2 6 2012 3 3 3 17 8 101 893 17 6 1 940 90 0 674
67. 23 24 i 25 2 wwK vm 38 0 38 ee 38 41 42 w es a sShared Wesearch http www sharedresearchjp Copyright C 2012 Shared Research Inc All Rights Reserved Shared Wesearch http www sharedresearch jp Copyright C 2012 Shared Research Inc All Rights Reserved 8423 SR Research Report 2014 6 26 Flex Payment Service FPS 3 2014 3 2 932 4 4 1 109 19 4 1 142 16 7 1 177 37 9 201
68. 2015 2 3 1 66 2014 2 2014 3 266 14 2020 450 50 1 2014 3 10 325
69. 4 1 5 49 29 6 2012 12 28 13 000 8423 SR Research Report 2014 6 26 9 59 2014 3 2 53 59 47 8 8 7
70. 2 66 2011 3 s Shared GYesearch http www sharedresearch jp Copyright C 2012 Shared Research Inc All Rights Reserved 8423 SR Research Report 2014 6 26 2011 1
71. 2 028 2 223 2 618 2 808 2 932 3 154 37 6 9 6 17 8 7 2 44 7 6 378 339 318 289 200 5 0 10 4 6 2 9 2 30 6 1 576 1 553 1 546 1 589 1 622 24 8 1 4 0 5 2 8 2 1 74 331 754 930 1 110 1 276 90 7 346 1 128 2 23 3 19 4 15 0 3 7 14 9 28 8 33 1 37 8 40 5 113 358 785 980 1 143 1 300 85 1 2170 119 4 24 8 16 7 13 8 5 6 16 1 30 0 34 9 39 0 41 2 3 394 2 322 708 854 1 177 1 232 20 5 37 9 4 7 27 1 30 4 40 1 39 1 211 434 434 434 43 428 EPS 16 568 6 9 273 1 1 633 8 1 968 8 27 4 28 8 DPS 0 0 0 0 0 0 0 0 0 0 2 3 BPS 7 417 4 2 866 7 4 524 0 6 513 4 92 4 3 673 3 128 4 256 6 260 7 270 9 631 11 656 11 652 12 088 10 326 13 355 15 123 16 269 18 992 18 839 1 170 614 544 512 59 4 041 1 172 468 760 425 25 13 19 127 321 18 591 16 921 17 300 20 391 19 644 16 268 15 295 14 441 15 287 3 425 16 850 15 603 15 255 16 333 4 755 94 0 0 1 200 9 975 119 21 29 1 234 10 926 16 969 15 624 15
72. 1 115 8 6 2013 3 3 10 12 2014 3 4 1 3 2014 1 1 2 oD 8423 SR Research Report 2014 6 26 2013 9 Accretive Thailand Co Ltd 2014 6 2014 3 979 4 1 11 SR 2015 3
73. SR 2009 4 2011 1 2013 5 2013 8 Accretive Thailand amp 2014 1 2014 1 28
74. 40 092 16 5 157 693 13 8 4 4 5 M amp A 619 7 0 485 2 79 1 621 2 1 55 3 2013 3 56 69 2014 1 1 2 200 30 5 2013 9 Accretive Thailand Co Ltd s Shared Research http Www sharedresearch jp Copyright C 2012 Shared Research Inc All Rights Reserved w 8423 SR Research
75. 105 2014 1 28 2014 1 31 2016 1 29 2 10 10 10 2014 1 28 Ss_ 8423 SR Research Report 2014 6 26 2013 12 2013 12 11 2014 1 31 1 100 434 200 43 420 000 1 100 2013 8 2013 8 7
76. 10 0 4 58 5 0 0 3 449 47 8 9 19 279 19 0 0 7 520 6 9 1 4 65 10 2 441 5 9 241 61 99 60 29 33 9 34 3
77. 30 7 5 lt 6 2013 9 Accretive Thailand Co Ltd 2014 3 2 540 19 850
78. 20 5 853 2 896 5 49 8 8 5 114 450 3 99 82 69 20 425 36 69 14 7 1 420 3 3 1 0 68 98 99 0 0 2 260 7 2 1 69 sShared 6Qesearch http www sharedresearchjp Copyright C 2012 Shared Research Inc All Rights Reserved 8 w 8423 SR Research Report 2014 6 26
79. 5 17 2004 12 22 HP http www accretive p index html 3 IR IR TIR http www accretive jp ir_top html IR lt Shared esearch http www sharedresearch jp Copyright C 2012 Shared Research Inc All Rights Reserved w 8423 SR Research Report 2014 6 26 SR
80. http Www sharedresearch jp Copyright C 2012 Shared Research Inc All Rights Reserved w 8423 SR Research Report 2014 6 26
81. 51 9 55 79 40 49 575 54 2 29 6 8 22 19 817 5 09 53 645 0 3 80 2 30 99 3 0 0 11 421 89 4 17 19 sShared 6Qesearch http www s
82. Shared seafch SR Research Report 2014 6 26 8423 sr_inquiries Gsharedresearch jp 8423 SR Research Report 2014 6 26 3 RRBRS2BSEBBEZSNSSSREOSREPR0SEEBESHSeE 4 98 5 5 es 5 10 10
83. 22 8 22 8 17 3 17 7 16 5 74 331 754 930 1 110 90 7 346 1 128 2 23 3 19 4 3 7 14 9 28 8 33 1 37 8 1 1 05 1 05 1 08 1 03 1 02 1 40 1 33 1 32 1 24 1 15 0 35 0 28 0 24 0 21 0 13 2 0 39 0 25 0 07 0 12 0 01 1 45 1 30 1 15 1 15 1 03 SR 60
84. 284 17 566 15 681 1 622 1 297 2 016 2 824 3 963 16 363 15 295 14 441 16 487 13 400 450 1 605 2 011 442 2 812 137 150 28 51 1 111 3 352 911 855 2 005 2 994 ROA 4 1 4 5 5 9 ROE 44 2 35 7 34 7 8 7 7 3 11 3 13 9 20 2 SR 2014 2 1 1 100 Shared esearch http www sharedresearch jp Copyright C 2012 Shared Research Inc All Rights Reserved Shared 6 8423 SR Research Report 2014 6 26 2014 5 14 2014 3 2014 5 7 2014 3
85. esearch http Wwww sharedresearch jp Copyright C 2012 Shared Research Inc All Rights Reserved 8423 SR Research Report 2014 6 26 2 FC 3 FC 4 3 FC FC 1 2 1 FPS FC
86. 2 3 2 2011 10 31 2012 3 2 2 17 19 66 047 16 2 1 262 81 99 400 55 7 63 5 2012 3 1 2011 7 27 2012 3 1 11 6 31 330 16 59 581 96 9 144
87. 5 3 3 154 7 6 1 276 15 0 1 300 13 8 1 232 4 7 SR 3 SW Strengths Weaknesses 8423 SR Research Report 2014 6 26 10 3 11 3 12 3 13 3 14 3 15 3
88. 52 99 62 6 12 1 1 312 81 969 13 29 80 4 5 956 33 59 5 8 11 326 58 5 11 19 1 089 84 2 1 196 1 551 30 6 1 5 31 1 627 2012 3
89. Inc All Rights Reserved w s Shared Research http Www sharedresearch jp Copyright C 2012 Shared Research Inc All Rights Reserved w 8423 SR Research Report 2014 6 26 13 9 2012 3 2 6 2013 3 3 2013 2 5 2013 3 3 3 2 3 104 219 7 8 2 091 4 79 643 61 8 2012 12 28 13 000 2012 3 4 2013 3
90. Inc All Rights Reserved amp w 8423 SR Research Report 2014 6 26 20 2012 1 31 2013 1 31 10 48 52 T amp Y Venture Partners 7 24 5 74 4 76 3 99 2 27 0 78 0 77 0 72 0 67 SR 2014 3 Shared Gcseareh http www sharedresearch jp Copyright C 2012 Shared Research Inc All Rights Reserved 8423 SR Research Report 2014 6 26 272 0023 4 9 1 03 5667 1760 1 1999
91. Report 2014 6 26 2014 3 152 62 2014 6 2015 3 15 3 14 3 15 3 1 432 1 500 2 932 1 517 1 637 3 154 6 6 2 4 4 4 5 9 9 1 7 6 105 95 201 310 300 30 5 7 4 6 3 6 8 748 874 1 622 52 2 58 2 55 3 579 531 1 110 586 690 1 276 17 2 21 8 19 4 1 3 29 9 15 0 40 4 35 4 37 8 38 6 42 2 40 5 610 533 1 143 613 687 1 300 6 1 31 7 16 7 0 5 28 9 13 8 42 6 35 5 39 0 40 4 42 0 41 2 619 558 22 6 60 0 SR
92. Research Inc All Rights Reserved Shared Research http Www sharedresearch jp Copyright C 2012 Shared Research Inc All Rights Reserved w 8423 SR Research Report 2014 6 26 1 2 3 SR 2011 3 2011 1 2 3
93. haredresearchjp Copyright C 2012 Shared Research Inc All Rights Reserved amp w 8423 SR Research Report 2014 6 26 676 7 19 1 0 1 116 15 49 1 79 460 14 79 2 3 796 14 611 417 0 9 2012 9 2012 3 203
94. ww sharedresearchjp Copyright C 2012 Shared Research Inc All Rights Reserved So_ w s Shared GYesearch http Www sharedresearch jp Copyright C 2012 Shared Research Inc All Rights Reserved 8423 SR Research Report 2014 6 26 30 60 30
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