ドンキホーテホールディングス（7532）
Contents
1. GEE2. a i sh ared esearch z http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 7532 SR Research Report 2015 4 10 2014 6 2014 8 18 612 424 7 7
3. 2 4 200 7 2013 7 1 2014 6 sides
4. GMS 1 9831 1 9843
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6. 6 59 Em k 5 1 2 6 7
7. EDLP PB Sh atrodi esearch http www sharedresearch jpD Copyright C 2013 Shared Research Inc All Rights Reserved L 7532 SR Research Report 2015 4 10
8. SR Inc SR Inc Shared Researcn SR Inc
9. Sh atrodi escar ch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 7532 SR Research Report 2015 4 10 153 0042 Don Quijote Holdings Co Ltd 2 19 10 03 5 25 532 1 1980 9 5 1996 12 17 HP 6 IR IR http www donki com group http www donki com group ir IR IR a P Sh ared KWeSGaT ch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved
10. 20 25
11. MD 28 30 25 MEGA MEGA HE 2014 11 MEGA MD
12. 2014 4 2014 4 5 6 7 1 4 2014 6 1 6 0 5 25 9
13. 233 a i sh ared esearch z http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 1 ua 7532 SR Research Report 2015 4 10 a 2013 11 3 3 59 150 200 2013 11 30 40 2011 6 3 000 3 000
14. SR 2013 6 164
15. 2005 a i sh ared esearch z http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 1 ua 7532 SR Research Report 2015 4 10 1997 6 7 2000 6 27
16. 1 2 3 4 3 4 346 559 6 1 19 685 E 14 49018
17. 1 5 MEGA 37 4 EUN Du eU M mE UM
18. SR
19. 1 MEGA 2000 2008 6
20. 2009 4 2004 6 7532 7 EPS 500 3 3 000 2 20 2005 6 2004 12 2 3 8
21. 1989 1 BAE 1 3 2001 12 1 1 1 a i sh ared esearch z http ww
22. MEGA Shared esearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 7532 SR Research Report 2015 4 10 MEGA 1 2008 4 MEGA MEGA 2 1 2 1 MEGA 5 4 5 1
23. P Shared search http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 7532 SR Research Report 2015 4 10 ED MEGA PAW MEGA
24. 42 8 57 2 New MEGA 36 7 63 3 New MEGA 0 20 0 20 21 30 21 lt 30 31 40 31 40 41 50 41 50 51 21 30 21 30 SR 5 3 7532 SR Research Report 2015 4 10 11 777 ADA 1 3 2012 12 249 2012 6 242 2013 6 2 9
25. 16 6 CV TD A LA 2008
26. 2000 6 2013 6 CGAR 219 2006
27. Strengths SR
28. 10 001 5 001 2014 8 200 2014 8 2011 1 1 T8 4 A lit Tg Ca ime ma chm E 20 Jan Mar May jul Sep Nov jan Mar May jul Sep Nov jan Ma
29. FY06 04 FY06 05 FYO6 06 FY06 07 FY06 08 FY06 09 FY06 10 FYO6 11 FY06 12 FY06 13 FY06 14 192 840 232 778 260 779 300 660 404 924 480 856 487 571 507 661 540 255 568 377 612 424 51 43 38 33 22 15 15 14 14 13 13 SR 2 20 30 Sh ared esearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 7532 SR Research Report 2015 4 10
30. 2013 6 MEGA 2 M amp A M amp A http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 7532 SR Research Report 2015 4 10 3 USA 2013 7 Pan Pacific International Holdings Pte Ltd
31. MEGA 3 30 1 1
32. 19 0 9 6 4 5 2014 6 MARUKAI 100 296 8 19018 C p 2 Jc
33. KLab J GCA
34. 612 424 ANDA 7 7 0 1 0 8 0 19 0 7 6 5 5 79 11 6 8 5 24 656 79 5 MARUKAI 3
35. 3 a i sh ared esearch z http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved
36. JETRO 2014 6 3 59 6 HHLILIII III M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M Sh aredi esearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved z 7532 SR Research Report 2015 4 10 MARUKAI 2015 6
37. a P Sh ared Mesearch http Wwww sharedresearch jpD Copyright C 2013 Shared Research Inc All Rights Reserved 1 ua 7532 SR Research Report 2015 4 10 Weaknesses MEGA
38. 8267 MEGA 2014 6 13 10 6 13
39. SR ju13 an 14 Jul 14 Jan 15 Jul 15 m SR 1 YOKOSO JAPAN PASS 2 3 4 24 4 2 3 2 6
40. SR FY06 05 FYO6 06 FYO6 07 15 055 2 311 39 447 4 380 61 193 62 979 2 421 6 029 13 121 23 455 88 855 150 048 22 671 9 223 8 391 40 285 55 985 1 650 57 635 97 920 52 128 52 128 150 048 19 087 65 208 50 153 27 792 2 617 44 400 4 933 79 742 58 767 2 460 7 285 14 713 26 565 87 792 167 534 26 197 10 300 9 949 46 446 44 938 3 409 48 347 94 793 72 064 511 166 72 741 167 534 20 820 55 238 27 446 38 164 3 296 50 962 4 729 97 151 714 738 2 514 9 180 18 918 35 462 112 714 209 865 28 684 29 259 15 190 73 133 46 468 7 794 54 262 127 395 81 717 534 219 82 470 209 865 25 574 75 127 37 563 SR Research Report 2015 4 10 FYO6 08 FY06 09 FYO6 10 FYO6 11 FYO6 12 FYO6 13 38 381 4 397 67 411 6 391 116 580 102 551 3 284 9 703 37 716 53 873 159 708 276 288 39 172 16 192 17 611 72 975 96 762 21 926 118 688 191 663 84 899 1 965 3 1 688 84 625 276 288 32 636 112 954 74 513 42 563 4 612 70 651 5 976 123 802 114 3
41. CV D A 1996 2000 1
42. prm MEGA New MEGA
43. 70 93 107 122 135 148 150 162 169 185 200 218 17 24 17 16 16 23 6 14 10 21 16 21 1 3 1 3 10 4 2 3 5 1 3 70 93 107 126 161 223 218 220 228 242 255 283 57 65 69 80 89 110 116 126 149 157 165 174 amp 4 18 25 27 27 28 23 23 9 10 13 15 13 11 11 11 11 14 14 15 MEGA 40 40 39 41 New MEGA 3 9 17 24 4 4 4 4 4 3 3 3 14 22 18 11 12 16 14 13 12 49 31 17 6 5 4 3 6 1 70 93 107 122 135 148 156 162 169 185 200 217 53 46 42 40 40 39 40 22 18 12 12 16 14 13 12 DQUSA 4 4 4 4 4 3 3 3 3 Marukai 11 48 70 89 104 117 123 144 149 158 164 179 194 1 8 2 4 2 0 2 9 0 4 3 3 0 5 1 5 3 4 0 5 0 1 0 8 0 596 2 8 0 3 0 4 0 7 2 2 4 5 3 8 3 1 0 8 0 5 0 1 2 3 0 4 1 7 3 3 1 1 1 2 3 8 5 1 0 3 1 3 0 4 0 7 S
44. 2014 4 5 6 7 1 4 2014 6 25 9 0 5 Jc POSA AV 2 3
45. 6 ROIC NK 2000 2000 6 2000 6 27 2012 6 185
46. 10 6 GMS a i sh ared Mesearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 7532 SR Research Report 2015 4 10 10 1 2013 12 2
47. 2014 6 11 496 26 49 2014 6 269
48. M amp A M amp A 2014 1 3 amp MEGA
49. 4 5 6 2 ICEEA Zee CU 2014 10 1 10 2 1 10 MARUKAI
50. MARUKAI 2012 6 145 369 4 281 F a i sh ared esearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 7532 SR Research Report 2015 4 10 31 893 100 2013 9 H 30H 2013 12 2 QV 2013 5 2013 5 7 2013 4 2013 4 8 2013 4 8 CO 0
51. 2011 4 2013 9 COO CEO 2 1 a i sh ared Mesearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 1
52. SR Sh ared Mesearch http Www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 7532 SR Research Report 2015 4 10 2012 6 2012 8 17 2012 6 540 255 ADA 6 4 29 320 ADA 15 7 29 283 ADA E 16 5 19 845 ADA 56 7 0 5 VR 1 3
53. 3 267 6 1 1 09 1 59 5 1 3 8 0 2 2009 6 4 79 2010 6 5 39 172 81 79 2 3 SR
54. MD MD MD PB SPA 8 7 1 MD SPA
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56. JETRO 2014 6 3 50 2015 6 1 2 3 2530 1 6 FLA ERE 1 MEGA 2 2 9 4 MEGA 3 RES 1 1
57. 3 3 1 2 3 GMS 15
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60. 541 1 508 967 7 69 5 396 Sh atrodi escar ch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 7532 SR Research Report 2015 4 10 FYO6 05 FYO6 06 FYO6 07 FYO6 08 FYO6 09 FYO6 10 FYO6 11 FYO6 12 FYO6 13 FYO6 14 FYO6 15 232 778 260 779 300 660 404 924 480 856 487 571 507 661 540 255 568 377 612 424 658 000 YoY 20 7 12 0 15 3 34 796 18 8 1 4 4 1 6 4 5 2 7 1 7 496 179 330 200 425 227 537 296 215 353 616 304 065 378 587 400 712 418 570 451 406 53 448 60 354 73 123 108 709 127 240 123 506 129 074 139 543 149 807 161 018 175 500 42 634 48 500 59 537 92 728 110 068 102 439 103 738 110 223 117 438 126 726 139 900 10 814 11 854 13 586 15 981 17 172 21 067 25 336 29
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62. 4 1 1 2 2 3 Sh atrodi esearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved z 7532 SR Research Report 2015 4 10 1 Ebana PAE CTS ES ES CAE SK ee Spi LC 4 OD Z T 77 63 B 2 3 PB
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64. 8 5 11 6 1 59018 0773 2 7c 2014 6 New MEGA 22 43 269 2 3 2013 9 MARUKAI CORPORATION MARUKAI 11 14 2014 6 283 2013 6 255 dic
65. 4 2 1 New Mega 2 2014 6 14 2013 5 2022 2013 6 16 6 New Mega 4 2013 6 3 563 000 31 300 31 800 20 200 261 0 562 000 31 000 31 000 20 100 260 3 0 2 1 0 2 6 0 5 540 255 29 320 29 283 19 845 257 5 4 2 6 8 8 6 1 8 SR 2013 6 2 2013 2 5 2013 6 2
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71. SR 1596 ROE 2096 ROIC NT P Shared escar ch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved Sh atrodi 7532 BS
72. 2002 a i sh ared esearch z http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 1 ua 7532 SR Research Report 2015 4 10
73. 0 6 2014 6 1 43 252 MARUKAI CORPORATION MARUKAI 14 266 1 2014 4 1 2013 6 New MEGA 2014 6 2020
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80. 5 6 20 30 50 1 10 5 283 500 GMS MEGA MEGA GMS 2014 6 mm 25 260
81. MEGA a i sh ared esearch z http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 7532 SR Research Report 2015 4 10 2013 12 3 1 MEGA 2 10 B 12 2020
82. MEGA Sh ared esearch z http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 7532 SR Research Report 2015 4 10 14 278 280 283 286 300 266 12 249 252 255 10 218 218 218 220 221 226 223 28 zi 9 240 9 6 6 5 1 180 4 3 3 3 sil lil e rE E BN li ERN DABIT E oa 5 didi oc tg 2 3 2 4 3 3 E 3 3 6 0 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 FY06 10 FY06 11 FY06 12 FY06 13 FY06 14 FY06 15 mum ENN CU SR http Www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 7532 SR Research Report 2015 4 10 2015 6 Gi 15 6 FYO6 13 FYO06 14 FYO6 15 FYO06 15 j
83. MARUKAI CORPORATION President 1 2872 2 26 HB 3 1 2 E30 CEO
84. Sh aredi esearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 7532 SR Research Report 2015 4 10 MD MD MD PB SPA 8 7 1 MD SPA
85. 2011 2014 4 New MEGA PB
86. 10 59 2 9 3 GRET 15 1 2013 9 MARUKAI CORPORATION MARUKAI 11 ADT 2014 3 280 2013 6 255 a P Sh ared Mesearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 7532 SR Research Report 2015 4 10 3 1 3 RO 40 627 ADA 10 1 25 6960 26 6 121 702 ADA
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92. 21 09 1 9 0 5 1 4 3 6 4 3 211 22 7 26 6 5 1 4 0 42 6 19 79 102 2010 6 228 MEGA 2010 6 162 2009 6 12 42 220 2009 6 ZKICEEA 2
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94. http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 7532 SR Research Report 2015 4 10 a 2015 4 10 2015 3 2015 3 10 2015 2 2015 3 4 2015 6 2 2015 2 10 2015 1 2015 2 H 5 2015 6 2 2015 6 2 3 amp a i sh ared esearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All
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101. 2013 112 233 2013 11 2012 11 2 319 58 29 51 4
102. New MEGA 7 0 1 P Sh ared esearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 7532 SR Research Report 2015 4 10 1 1 2 3 4 9 8 15
103. 2005 FADO 2007 10 10 11 48 9 88 5 28 4 45
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105. 2013 6 MEGA 56 3 30 ROI 2013 6 MEGA 8 MEGA 3 000 m 9 000 m MEGA 24 6 50 69 27 49 MEGA 17 1 2013 6 HAD MEGA Essence 2012 6
106. 1 9983 60 571 5 3 13 760 60 900 2014 6 2 20 504 ADA 9 8 21 135 ADA 10 8 13 024 10 6 5 19 6 7 5 9 2 2014 6 a 2014 6 596 300 596 300 eM 34 200 33 500
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108. 289 644 278 733 568 377 303 322 309 102 612 424 331 000 327 000 658 000 342 224 315 776 658 000 YoY 4 6 5 9 5 2 4 1 10 9 7 1 9 1 5 8 7 4 12 8 2 2 7 4 213 458 205 112 418 570 222 247 229 159 451 406 242 500 240 000 482 500 250 590 231 910 482 500 76 186 73 621 149 807 281 075 79 943 161 018 288 500 87 000 175 500 291 634 83 866 175 500 YoY 6 196 8 796 7 496 6 496 8 6 7 5 9 2 8 8 9 0 13 0 4 9 9 0 26 3 26 4 26 4 26 7 25 9 26 3 26 7 26 6 26 7 26 8 26 6 26 7 Bs ES 57 513 59 925 117 438 600 571 66 155 126 726 67 800 72 100 139 900 68 223 71 077 139 900 19 9 21 5 20 7 20 0 21 4 20 7 20 5 22 0 21 3 19 9 22 1 21 3 18 673 13 696 32 369 20 504 13 788 34 292 20 700 15 800 36 500 23 411 13 089 36 500 YoY 8 5 13 2 10 4 9 8 0 7 5 9 1 0 14 6 6 4 14 2 5 1 6 4 EE TIRES 6 4 4 9 5 7 6 8 4 5 5 6 6 3 4 8 5 5 6 8 4 1 5 5 19 075 14 126 33 201 21 135 14 352 35 487 21 200 16 300 37 500 24 044 13 456 37 500 YoY 16 0 10 1 13 4 10 8 1 6 6 9 0 3 13 6 5 7 13 8 6 2 5 7 6 6 5 1 5 8 7 0 4 6 5 8 6 4 5 0 5 7 7 0 4 3 5 7 11 777 9 364 21 141 13 024 8 447 21 471 12 500 9 300 21 800 13 964 7 836 21 800 YoY 1 3 18 4 6 5 10 6 9 8 1 6 4 0 10 1 1 5 7 296 1 2 1 5
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112. 2020 2 000 2013 1 036 HA 2 1 2013 2014 10 1 10 001 5 001 50 Sh ared esearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved z 7532 SR Research Report 2015 4 10
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122. 7532 SR Research Report 2015 4 10 SR MG VOYAGE GROUP SBS
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141. MEGA 35 2011 7 H 2012 6 MEGA 35 2010 7 2011 6 d 8 9 22 6 21 596 Toa 19 0 18 9 ZEMA 3 6 2 6 ui c 2012 6 242 2011 6 228 2012 6 21 11 1 Essence3 MEGA 6 7 2 2 1 Sh ared esearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 7532 SR Research Report 2015 4 10 MEGA 1 2011 6 2011 8 18 2011 6 4 1 507 661
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161. 7 0 7 1 0 0 3 113 074 ADA 7 4 26 4 25 8 3 1 3 9 69 1 3 1 19 YW 6 0
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165. M amp A M amp A M amp A 2013 12 29 7 2013 11 1 2 2013 MARUKAI
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170. 7532 SR Research Report 2015 4 10 2013 6 VTR 24 24 25 e 2013 6 16 7 New MEGA 8 1 4 3 255 26 4 0 6 AELE
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176. BAUM 34 292 E 5 9 AXA 35 487 E 6 9 21 471 BDH E 1 6 2013 12 2 2014 6 25 2014 6
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178. 2007 2011 6 http www sharedresearch jpD Copyright C 2013 Shared Research Inc All Rights Reserved 7532 SR Research Report 2015 4 10 1980 509 8 1989 1
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190. 44 150 46 209 45 211 44 079 44 992 44 188 46 361 42 274 41 228 38 985 11 1161 11 218 11 101 11 528 10 710 10 720 10 030 2 066 2 118 AZ 2 239 2 128 2 328 2 633 2 428 2 455 24 5 26 9 29 29 9 32 5 35 0 36 5 34 8 37 8 37 7 YoY 0 7 3 9 1 096 5 0 1 9 2 4 6 4 2 1 0 2 0 396 4 796 2 296 2 596 2 196 1 8 4 9 8 8 2 5 5 4 0 5 1 0 3 896 7 1 0 1 6 4 15 696 2 596 2 5 3 1 5 0 9 4 13 196 7 8 1 1 10 3 9 5 1 0 10 1 8 696 8 096 4 396 4 7 8 596 0 3 1mz FA 1 796 1 672 1 426 1 401 1 361 983 795 798 782 1 799 1 719 1 666 1 475 1 386 1 261 1 269 1 213 1 091 1 035 426 408 411 374 346 317 315 307 284 266 291 271 261 243 209 197 193 178 163 152 YoY 8 7 6 9 14 7 1 8 2 8 27 8 19 1 0 4 2 1 9 1 4 4 3 1 11 4 6 1 9 0 0 6 4 4 10 1 5 2 7 6 4 1 0 7 9 1 7 5 8 3 0 4 2 6
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193. 22 7 211 32 0 102 19 7 1 4 4 876 1 5 2 13 6 15 8 1 8 50 3 MEGA 1 2 0 5 0 7
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195. www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 7532 SR Research Report 2015 4 10 5 675 190 750 2010 6 8 632 Sh aredi escar ch http www sharedresearch jpD Copyright C 2013 Shared Research Inc All Rights Reserved 7532 SR Research Report 2015 4 10 RRRA CEO 1
196. 23 1 23 3 23 890 22 8 22 4 22 8 23 5 28 890 28 8 30 590 30 3 29 1 29 6 31 4 32 4 30 9 30 796 23 5 25 0 23 2 23 5 23 1 24 2 21 1 21 3 21 6 22 7 7 5 5 3 5 2 6 2 7 60 5 3 48 5 9 7 1 5 0 DIY Hm 3 4 2 9 3 4 3 0 3 4 2 8 3 090 2 990 2 9 2 4 2 3 2 2 2 71 2 8 2 8 2 7 5 7 5 5 5 0 4 8 1 896 1 696 1 796 1 796 1 7 1 5 1 5 1 7 1 6 1 5 6 331 8 448 5 592 4 957 8 291 8 764 6 039 1 287 6 486 8 468 YoY 6 5 21 1 28 9 4 3 31 0 3 7 8 0 74 0 21 8 3 4 4 7 5 9 42 3 7 59 58 40 09 4 1 4 9 3 950 4 204 4 076 4 140 4 086 14 262 4 250 44 493 4 448 4 524 YoY 0 7 7 9 5 6 11 2 3 4 1 4 4 3 8 5 8 9 6 1 1338 1 454 1 212 983 1 252 1 320 2 651 1 282 2 853 3 188 YoY 3 8 29 5 16 4 8 3 6 4 9 2 118 7 30 4 127 9 141 5 33 9 34 6 29 7 23 7 30 6 31 0 62 4 28 590 64 1 70 596 1208 1 294 1 307 1 269 1 328 1 323 1 373 1233 1 414 1 477 YoY 4 2 3 9 3 6 11 2 99 2 2 5 0 2 8 6 5 11 6 552 513 649 275 566 681 1 254 1 039 1 190 1 414 YoY 13 1 13 3 123 0 41 7 2 5 32 7 93 2 277 8 110 2 107 6 EE Spes 45 7 39 6 49 7 21 790 42 6 51 5 91 3 84 3 84 290 95 796 23 14 12 1
197. 5 6 1 1 SR 2015 3 3 10 5 16 7 2 2013 3 H http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 7532 SR Research Report 2015 4 10 d FYO6 15 FYO6 15 140 379 149 265 138 426 140 307 146 514 156 808 158 454 150 648 163 861 178 363 103 4 331 000 52 0 658 000 YoY 4 190 5 1 5 496 6 3 4 496 51 14 5 7 496 11 8 13 796 9 196 7 496 37 010 39 176 36 888 36 733 39 880 41 195 40 627 39 316 44 235 47 399 103 596 88 500 52 296 175
198. 816 15 279 14 737 11 637 12 884 16 462 30 862 33 256 30 204 31 227 32 872 35 990 34 912 32 429 36 011 40 519 39 009 41 430 40 592 40 839 40 998 44 723 47 974 46 924 48 773 52 843 31 812 36 013 30 908 31 744 32 632 36 649 32 303 30 810 34 099 39 065 10 206 7 584 6 885 8 348 10 685 7 982 7 356 8 566 11 208 8 627 DIY 4 582 4 112 4 458 4 042 4 828 4 212 4 532 44 223 4 626 4 092 3 113 3 201 3 609 3 808 3 927 4 105 8 703 7 910 7 861 8 252 2 495 2 270 2 264 2 284 2 342 2 284 2 314 2 423 2 537 2 503 YoY 4 3 5 0 5 4 6 1 4 3 5 2 14 9 7 4 12 0 14 0 7 4 3 7 0 0 OG 250 NO O 7 7006 0 5 7 1 4 8 5 9 7 3 9 8 6 5 8 2 15 6 3 8 9 5 12 6 5 190 4 496 4 996 5 096 5 196 7 9 18 2 14 9 19 090 18 296 11 2 9 5 9 4 7 71 260 1 8 4 5 2 9 45 6 6 8 4 3 7 9 1 8 5 47 5 2 6 8 2 6 49 8 1 DIY Hm 2 4 6 5 3 8 0 8 5 4 2 4 1 7 4 5 4 2 2 8 0 8 4 0 12 4 8 496 26 1 28 296 141 196 107 7 100 2 101 096 0759 om T9 oco T Do OL EU O C Eom Obs 100 0 100 096 100 096 100 0 100 0 100 096 100 096 100 0 100 0 100 096 9 7 11 1 10 6 9 3 9 1 10 1 9 6 8 0 8 2 9 6 22 8 23 1 22 7
199. 866 554 flc 2013 6 237 310 AAEL Iz 1 165 D E 0 63 12 0 24 MEGA MEGA 4 6 5 196 2011 4 NEW MEGA 5 69675 8 59 2
200. PIU EAS ILI e 17 clc 21 ER 24 rjr TT P 24 SW Strengths Weaknesses Mf memes 35 39 E E E E 42 are D A IT cR A E E E E E E QT 45 ni E E A E 64 OO 66 cd MILL 68 part A 69 9 99U 69 AE PE e T 73 wr a LU m 87 RUP V 92 pij 92 o 93 i 94 P Sh ared 5 HLT ch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 7532 SR Research Report 2015 4 10 FYO06 05 FYO6 06 FYO6 07 FYO6 08 FYO6 09 FY06 10 FYO6 11 FYO6 12 FYO6 13 FY06 14 FY06 15 232 778 260 779 300 660 404 924 480 856 487 571 507 661 540 255 568 377 612 424 658 000 YoY 20 7 12 0 15 3 34 796 18 896 1 4 41 64 52 7 7199 7 4 53 448 60 354 73 123 108 709 127 240 123 506 129 074 139 543 149 80
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203. 0 72 0 43 1 65 5 63 2 67 4 347 990 44 190 49 9 45 999 47 4 60 9 151 9 171 7 132 8 159 896 111 796 105 196 126 8 115 4 118 390 138 8906 34 7 43 0 38 990 30 790 31 0 35 6 37 2 39 5 43 0 43 096 96 2 38 1 46 0 387 890 91 4 69 4 77 5 67 6 56 7 48 9 2007 2005
204. 0 9 E s Le La S Ls 2 0 ES m ig m m ll E m w E r m 0 Q1 Q3 1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 FY06 11 FY06 12 FY06 13 FY06 14 FY06 15 Tia mE SR 2015 6 2 2014 6 4 2015 1 2 7532 SR Research Report 2015 4 10 1 2 8 2
205. 1 7 29 7 13 1 22 60 1 1 131 8 17 196 13 396 79 296 4 0 3 9 0 3 0 8 3 5 2 5 100 0 100 0 100 0 100 0 100 0 100 0 100 0 100 0 100 0 100 0 98 9 98 9 98 8 98 0 98 2 98 2 98 3 98 4 98 5 98 5 20 1 20 2 19 696 17 996 16 196 14 696 14 596 13 296 12 396 11 296 22 2 22 4 23 1 23 5 24 3 25 0 25 5 25 6 25 7 26 3 19 896 19 396 19 096 19 896 22 5 24 3 23 9 24 1 24 5 26 0 27 2 21 896 27 896 27 1 26 2 25 0 24 696 25 996 26 996 26 196 7 5 7 2 7 6 7 5 7 496 7 496 7 596 7 2906 7 396 7 296 2 2 1 8 1 796 1 696 1 796 1 996 2 3 2 5 1 8 1 7 1 1 1 1 1 296 2 096 1 896 1 896 1 796 1 696 1 596 1 596 SR MEE BH B I PE mt PP 10 199 9 4 9 390 9 6 9 896 8 899 8 0 7 9 7 6 7 3 7 7 7 7 7 5 7 5 7 6 7 3 7 4 7 3 ATAA BEEDZZZZZZCZIZGS ZA OP EEG ICA PN ERLA MCA rl PE LEAD VEA IERT 26 4 215 22 1 23 0 23 8 24 1 9 3 0 0 9 24 2 24 2 23 2 22 4 22 7 23 4 24 0 24 8 2 25 5 25 9 26 0 26 1 26 7 am FY06 97 FY06 99 FY06 01 FY06 03 FY06 05 FY06 07 FY06 09 FY06 11 FY06 13
206. 11 esI 12 2013 12 278 2013 6 255 2 49 9 48 8 0 3 New MEGA Pi NewMEGA 2 28 3 MEGA 6 69 22 7 7 4 22 89
207. 12 135 770 158 992 172 468 215 559 239 180 270 019 290 084 335 010 385 399 433 636 126 980 148 151 163 839 197 109 222 228 259 121 273 161 303 410 361 426 405 856 YoY 16 5 37 090 42 896 114 796 3 596 2 196 5 896 7 396 5 2 10 596 31 9 20 090 35 190 35 890 21 596 40 0 29 0 6 296 7 496 16 5 17 196 8 5 25 090 11 090 12 996 7 4 15 5 15 090 12 596 31 990 16 7 10 690 20 390 12 790 16 696 5 4 11 1 19 190 12 396 5 172 6 011 6 997 8 315 9202 10 498 13 142 14 308 115 085 5 173 5 512 6 036 6 597 6 846 7 394 7 475 8 708 9 563 10 771 YoY 19 690 16 290 16 490 18 890 10 790 14 196 25 2 8 996 5 496 19 6 6 6 9 5 9 3 3 896 8 096 1 190 16 5 9 890 12 6 107 126 161 223 218 220 228 242 255 283 107 122 135 148 156 162 169 185 200 217 YoY 15 190 17 8 27 890 38 5 2 2 0 9 3 696 6 196 5 4 11 096 15 190 14 0 10 796 9 696 5 496 3 896 4 396 9 596 8 196 8 596 1 FA me 44 092 142 371 41 956 39 861 40 603 39 044 37 123 36 336 36 257
208. 164 38 381 42 563 41 734 35 031 34 237 31 698 42 690 2 311 2 617 3 296 4 397 4 612 4 045 4 585 4 889 5 371 5 730 TIED ESTEE 39 447 44 400 50 962 67 411 70 651 74 452 81 582 83 641 85 997 89 105 61 193 79 742 97 151 116 580 123 802 128 198 134 515 138 816 143 391 158 834 ERES 150 048 167 534 209 865 276 288 297 527 302 029 341 300 362 651 386 622 432 135 22 671 26 197 28 684 39 172 41 062 42 670 42 430 44 793 48 036 55 118 65 208 55 238 75 727 112 954 126 725 116 244 133 580 133 342 126 506 134 531 97 920 94 793 127 395 191 663 207 555 195 269 216 058 216 916 216 444 238 971 52 128 72 064 81 717 84 899 92 096 107 407 127 087 146 590 167 233 187 637 ADA 8 431 10 427 15 811 7 788 19 513 18 885 26 029 33 962 38 270 39 684 14 950 2 070 24 924 38 960 29 855 16 497 44 789 29 794 23 293 36 593 12 669 227 19 487 31 368 14 316 5 475 7 274 4 637 9 510 4 440 ROA 8 600 8 690 7 5 6 2 5 4 7 0 7 4 8 1 8 6 8 296 ROE 13 796 14 996 13 0 11 0 9 3 9 5 10 0 14 9 13 7 11 496 34 7 43 0 38 9 30 7 31 0 35 6 37 2 39 5 43 0 43 0 AHER CO SR EEK
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210. 320 32 369 34 292 36 500 YoY 1 9 9 6 14 6 17 6 7 596 22 196 20 396 15 7 10 4 5 9 6 4 2 724 3 332 2 861 2 749 2 682 2 900 2 699 2 922 2 852 2 771 697 790 673 1 526 3 865 2 858 2 897 22959 920 1 576 12 841 14 396 15 774 17 204 15 989 21 109 25 138 29 283 33 201 35 487 37 500 YoY 1 9 12 1 9 6 9 1 TA 32 0 19 1 16 5 13 4 6 9 5 7 421 4 910 3 471 2 310 2 207 892 1 388 2 499 1 262 382 572 1 498 428 2 874 3 982 5 156 5 379 1 387 1 081 1 644 12 690 17 808 18 817 16 640 14 214 16 845 21 147 30 395 33 382 34 225 5 554 7 083 8 148 7 172 5 344 6 307 7 911 9 658 11 328 10 172 27 31 165 316 300 573 892 913 2 582 7 163 10 725 10 638 9 303 8 554 10 238 12 663 19 845 21 141 21 471 21 800 YoY 4 6 49 796 0 8960 12 696 8 1 19 7 23 7 56 7 6 5 1 6 1 5 SR 2000
211. 4 213 458 205 112 418 570 222 247 229 159 451 406 242 500 240 000 482 500 250 590 231 910 482 500 76 186 73 621 149 807 281 075 79 943 161 018 388 500 87 000 175 500 291 634 383 866 175 500 YoY 6 1 8 7 7 4 6 4 8 6 7 5 9 2 8 8 9 0 13 0 4 9 9 0 26 3 26 4 26 4 26 7 25 9 26 3 26 7 26 6 26 7 26 8 26 6 26 7 57 513 59 925 117 438 60 571 66 155 126 726 607 800 72 100 139 900 68 223 71 677 139 900 19 9 21 5 20 7 20 0 21 4 20 7 20 5 22 0 21 3 19 9 22 7 21 3 18 673 13 696 32 369 20 504 13 788 34 292 20 700 15 800 36 500 23 411 13 089 36 500 YoY 8 5 13 2 10 4 9 8 0 7 5 9 1 0 14 6 6 4 14 2 5 1 6 4 6 4 4 9 5 7 6 8 4 5 5 6 6 3 4 8 5 5 6 8 4 1 5 5 19 075 14 126 33 201 21 135 14 352 35 487 21 200 16 300 37 500 24 044 13 456 37 500 YoY 16 096 10 196 13 496 10 896 1 696 6 9 0 3 13 6 5 7 13 8 6 2 5 7 6 6 5 1 5 8 7 0 4 6 5 8 6 4 5 0 5 7 7 0 4 3 5 7 11 777 9 364 21 141 13 024 8 447 21 471 12 500 9 300 21 800 13 964 7 836 21 800 YoY 1 3 18 496 6 5 10 6 9 8 1 696 4 0 10 196 1 5 72 7 2 15 SR 180 18 15 9 160 B 16 140 14 120 12 100 10 80 8 60 4695 449 S et y 439 E 6 40 m P 4 2
212. 500 YoY 6 2 6 0 10 296 7 390 7 8 5 296 10 190 7 0 10 9 15 196 9 296 9 096 26 4 26 2 26 6 26 2 27 2 26 3 25 6 26 1 27 0 26 6 26 7 26 7 28 766 28 747 29 423 30 502 29 740 30 831 32 193 33 962 33 779 34 444 100 696 67 800 48 896 139 900 YoY 6 3 44 7 2 8 2 3 4 7 2 9 490 11 396 13 696 11 796 11 9 10 4 20 5 19 390 21 3 21 796 20 3 19 7 20 3 22 5 20 6 19 396 20 5 21 396 8 244 10 429 7 465 6 231 10 140 10 364 8 434 5 354 10 456 12 955 113 1 20 700 64 196 36 500 YoY 6 0 10 5 23 496 2 996 23 096 0 6 13 0 14 1 3 1 25 0 1 096 6 496 5 9 7 0 5 4 44 69 6 6 53 3 6 6 4 7 3 6 3 5 596 8 366 10 709 7 653 6 473 10 433 10 702 28 681 5 671 10 822 13 222 113 4 21 200 64 196 37 500 YoY 13 0 18 4 20 0 0 3 24 796 0 1 13 496 12 4 3 7 23 596 0 396 5 796 6 0 7 2 5 5 46 7 1 6 8 55 3 8 6 6 7 4 6 4 5 7 5 069 6 708 4 556 4 808 6 416 6 608 5 740 2 707 6 141 7 553 109 6 12 500 62 8 21 800 YoY 24 0 27 5 14 7 22 1 26 696 1 5 26 096 43 7 4 3 14 3 4 0 1 5 3 6 4 599 3 3 3 49 44 4 2 3 6 1 895 3 7 4 2 3 8 3 3 FYO6 15 FYO6 15 E173 P3 135 221 143 767 133 043 134 899 141 100 151 223 152 831 144 922 157 999 172 362 13 142 15 901 14 123 12 607 12
213. 6 31 401 1 510 1 746 13 115 SR http www sharedresearch jpD Copyright C 2013 Shared Research Inc All Rights Reserved 7532 SR Research Report 2015 4 10 2015 6 2 2015 2 5 342 224 12 8 BAUM 23 411 BJH E 14 2 24 044 BAHH 13 8 13 694 AHH E 5 1 CEO 2 CEO
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217. A GMS MD MEGA 2014 6 ARIS 2 2 2 10 12 10 4 000 m MEGA 3
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226. http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 99 95 7532 SR Research Report 2015 4 10 1 27 85 17 48 69 2010 10 2010 10 15 1 8423 2009 4 27 2010 9 17 2004 1 26 2011 120
227. p Copyright C 2013 Shared Research Inc All Rights Reserved L 7532 SR Research Report 2015 4 10 2012 8 20 SR MEGA
228. r May jul Sep Nov jan Mar May Jul Sep 2011 2012 2013 2014 Ath DJA _ R n 892 27UL29MF 0 Fh e NA UJ A UI o N CO y E hj r B EDNIBURHEDEIT AREESRHI d OSRE 2014 6 3 59 SR 5 5 109 7 10 2015 6 SR
229. ua Sh atrodi escar ch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved a 7532 SR Research Report 2015 4 10 2 2015 2 5 2015 6 2 1 2015 6 15 6 FY06 13 FY06 14 FYO6 15 FYO6 15 i 289 644 278 733 568 377 303 322 309 102 612 424 331 000 327 000 658 000 342 224 315 776 658 000 YoY 4 6 5 9 5 2 4 7 10 9 7 1 9 1 5 8 7 4 12 8 2 2 7
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