SBS ホールディングス（2384）
Contents
1.2. SR http Www sharedresearch jD 09 12 10 485 14 327 10 222 5 073 40 107 18 096 3 303 34 063 3 944 356 59 762 2 752 498 2 018 1 466 6 734 598 598 67 094 107 201 6 825 31 608 664 1 46 214 25 128 1 454 14 167 40 749 86 963 3 834 5 418 12 243 788 20 707 3 328 20 238 1 23 56 736 46 251 7 419 15 128 7 810 5 542 35 899 13 797 2 726 32 984 3 206 369 53 081 2 530 607 2 206 802 6 145 1 283 1 283 60 510 96 408 7 00
3. SR Inc SR Inc Shared Researcn SR Inc SR Inc SR Inc
4. 2 SBS SBS 9 1 2 2014 7 2014 7 30 2014 12 2 65 000 63 000 1 450 1 100 1 350 900 1 750 500 2014 12 137 000 13
5. http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved SBS 2384 SR Research Report 2015 7 13 3 10 12 11 12 12 12 13 12 14 12 119 824 121 148 127 935 132 205 141 535 3 6 1 19 5 696 3 3 7 1 106 684 112 698 119 330 120 786 129 884 1 8 5 6 5 9 1 2 7 5 89 0 93 0 93 3 91 4 91 8 6 084 2 392
6. 2 89 3 000 2014 12 SBS 1 20 sSh ared Pb T ch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 39 68 w SBS 2384 SR Research Report 2015 7 13 SW Strengths Weaknesses Strengths
7. sSh ared Pb T ch lp http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved SBS 2384 SR Research Report 2015 7 13 3PL 3PL 3PL 3PL
8. SBS HD Lc 13 12 14 3 14 3 14 3 132 205 624 504 333 883 91 968 118 746 563 046 299 039 84 020 9 318 6 40 466 22 722 2 032 24 071 1 905 1 559 12 931 SR 3PL http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved SBS 2384 SR Research Report 2015 7 13
9. 3PL 3PL 40 000 60 000
10. 2006 92 2009 76 2007 6 5 11 20 2 1
11. 2014 12 12 10 500 REIT
12. ASEAN 2 2014 1 7 Transpole Logistics Pvt Ltd 2 14 700 2014 4 8 2013 12 51 SBS 1 49
13. 4 2013 12 4 8MW 2014 12 6 7 0MW 2014 12 270 2015 12 2 8 1MW SBsS 3 900 SBS
14. 2010 12 2011 12 http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved SBS 2384 SR Research Report 2015 7 13 2012 12 6 404 2013 12 7 026 2014 12 10 859 Transpole 258
15. 2014 12 510 EBITDA 6 5 5796 40 3PL 3PL 3PL
16. Sh aredd Mesearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved SBS 2384 SR Research Report 2015 7 13 1 195 11 1 612 11 99 O 2013 12 51 2014 4 3 344 25 7 171 440 1 2013 12
17. http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved SBS 2384 SR Research Report 2015 7 13 2014 12 91 8 37 59 9 4 3 1
18. 1 327 61 237 5 9 605 77 2 3 3 PL
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20. M amp A 3PL 4 M amp A PL 3PL 2014 12 141 535 7 1 4 123 0 4 3 672 3 4 2 750 75 0 2015 12 165 000 16 6 5 500 33 4 4 900 33 49 3 800 38 2
21. REIT Real Estate Investment Trust 2014 12 2018 12 5 500 http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved SBS 2384 SR Research Report 2015 7 13 2015 1 109 2015 8 6 SBS SBS 2016 2 1 65 SBS 2016 3 1 2017 1 5 80 SBS
22. 3 5 3PL Sh aredd Mesearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved SBS 2384 SR Research Report 2015 7 13 3PL
23. SR MG VOYAGE GROUP SBS
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25. SR Inc SR Inc SR Inc 3 31 12 03 5834 8787 http www sharedresearch D Email info sharedresearch Dp Sh aredd KMesearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved
26. 2 9028 1 632 2014 12 6 336 SBS 1 2503 1 9005 38 1 420 2014 12 2014 12 5 136 Transpole 2014 12 62 318 65 51 220 40 000 60 000 DE 2008 12 2 42 2014 12 1 66
27. 4 770 2 960 1 800 2015 7 14 2015 7 14 2015 12 3 4 800 1 800 2015 2 13 2015 12 2015 5 27 2015 5 15 2015 12 1 2015 12 1 3 amp Sh aredd Mesearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved SBS 2384 SR Research Report 2015 7
28. SLHS 3 417 722 66 0 Transpole Logistics Pvt Ltd 2004 8 4 651 2014 3 14 028 2014 3 810 983 810 983 2 674 488 Transpole 7 470 200 7 670 3 417 722 3 417 722 66 09 2 674 488 Trans
29. 2015 4 5 572 183 44 5 6 3 2014 12 Sh aredd Mesearch http www sharedresearch jpD Copyright C Shared Research Inc All Rights Reserved 130 0012 4 1 3 1 2003 12 15 12 TIR http www sbs group co jp hdg ir IR 03 3829 2240 39 703 2014 12 3 918 2014 12 SBS SBS SBS SBS UF SBS 2384 SR Research Report 2015 7 13
30. 3 http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved SBS 2384 SR Research Report 2015 7 13 3 000 4 000 3PL M amp A 150 200
31. 6 300 1 500 SBS Eo SBS SR Shared esearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved SBS 2384 SR Research Report 2015
32. 1994 DM 1989 1999 2004 2006 2004 SBS 2005 SBS 2010 SBS M amp A 2007 2013 SBS 1 CN 2011
33. Sh aredd Mesearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved SBS 2384 SR Research Report 2015 7 13 2 818 2 2 1 240 4 1 51 SBS 1 499 6 548 11 6 344 70 4 4 500 3 900 220 70 270 70 70 30 2014 12 3 2014 12 3 4 9
34. 25 2013 6 Dynamic Intersection SBS S 2 SBS SBS SR Shared esearch lp http Www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 66 68 SBS 2384 SR Research Report 201577 13_ SBS 03 3829 2222 1987 12 16 HP httD Www SDs grOuD CO JD IR TIR 91 8 9 3 6 9 4 6 9 2014 12
35. 2014 8 1 2 2015 8 3 2015 1 2015 2 2016 1 10 000 2016 3 8 000 15 000 2017 7 500 15 000 2017 6 4 2015 2 4 6 SBS SBS
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37. 2005 12 25 571 2014 12 62 318 DE 2005 12 1 71 2014 12 1 66 2005 12 61 7 2014 12 56 7 2014 12 600 1 19 sh ared hesearch http
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40. SPC Due Diligence SR
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43. SR hn 27 1 400 2014 12 26 375 M amp A 2017 Transpole Logistics Pvt Ltd 2000 4 Gim Guan Freight Pte Ltd 2124 2014 1 Atlas Logistics Pvt Ltd 20114 M amp A 38 200 20107 1000 2 SBS
44. e EC 2012 2013 2014 Qi1 Q2 Q3 Q4 Qi Q2 Q3 Q4 Q1 Q2 Q3 Q4 4 596 3 696 4 6 3 7 2 8 2 7 4 3 4 0 4 5 6 1 4 9 3 8 4 396 2 6 3 2 2 5 1 8 1 9 2 1 2 0 1 4 1 7 2 0 1 8 CBRE 1 Shared esearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved SBS 2384 SR Research Report 2015 7 13 FF 2015 1 156 589m I 2015 1 38 660m
45. 1 265 28 1 2 392 60 7 1 10 1 51 3 6 057 14 19 211 2010 12 141 sSh ared Pb T ch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved w SBS 2384 SR Research Report 2015 7 13 09 12 10 12 11 12 12 12 13 12 14 12 115 711 119 824 121 148 127 935 132 205 141 535 17 0 3 6 1 1 5 6 3 3 7 1 104 746 107 393 109 894 115 369 118 746 127 259
46. 93 654 5 5 964 235 2 3 4 4 573 127 1 2 114 104 4 2014 4 2013 12 51 SBS 1 49 2 818
47. 2014 2 19 SBS SBS Growth 2017 SBS 6 916 2 15 19 22 2014 7 16 2015 1 31 2015 1 2014 12 2015 12 1 2014 7 7 Transpole Logistics Pvt Ltd 100
48. 1990 40 072 2007 63 122 2010 62 988 1 5 1990 90 7 931 2010 107 5 968 1989 12 1990 12 1949 1951 a 40
49. 3PL 3PL 4 8 5 2006 3 PL 2015 12 511 5 4 3PL 3PL 3PL 10 12 11 12 12 12 13 12 14 12 15 12 354 423 443 461 485 511 10 596 19 596 4 796 4 19 5 296 5 49 SR 2010
50. 2015 4 75 579m GLP 2015 4 68 642m GLP 2015 7 131 913m IK 2015 8 46 370m GLP 2015 10 71 610m MFLP 2015 10 212 760nf 2015 10 62 300m 2015 11 85 437m GLP 1 2015 12 41 818m 2015 12 70 639m 2016 1 108 653m I 2016 2 49 524m
51. 2013 ASEAN Atlas Logistics SBS Logistics Holdings Hong Kong SBS Logistics Hong Kong SBS SBS Forwarder 11 IT 2014 12 2 Atlas Logistics 3 SBS Logistics Holdings Singapore
52. 2004 12 2012 12 1 100 13 068 400 2014 6 1 3 2014 12 39 703 200 09 12 10 12 11 12 12 12 13 12 14 12 6 Pl 1 1 902 7 939 3 712 7 317 6 243 6 594 2 12 3 059 3 766 5 520 6 214 15 101 FCF 1 2 1 913 10 999 54 1 796 29 8 507 6 342 14 071 1 884 816 92 8 902 B 1 655 1 577 2 408 6 405 026 10 859 C 3 752 1 788 440 1 294 953 10 212 FCF NI A B C 908 5 595 3 561 230 2 532 14 564 SR
53. SBS 100 SBS 100 10096 100 20 37 100 SBS SBS Logistics Holdings Pte Ltd 100 SBS Logistics Malaysia Sdn Bhd 60 SBS Logistics Vietnam Co Ltd 100 SBS Logistics Thailand Co Ltd 49 TAS Logistics Co Ltd 49 SBS Logistics Holdings Hong Kong Ltd 100 SBS Logistics Hong Kong Ltd 1
54. http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved SBS 2384 SR Research Report 2015 7 13 3PL 3rd Party Logistics 3 1 3 PL 3 5 2
55. 2014 12 SBS SBS Atlas Logistics SBS Logistics Holdings Singapore Pte Ltd SBS 1951 1974 2002 2004 2006 2014 12 SBS SBS SBS 2 2014 12 5 572 8 512 183 9 44 5 6 5 6 344 464 2010 12
56. KLab J GCA DIC TOKAI
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60. 2015 2 11 7 9MW 221kW 12 8 1MW 2014 12 15 0 2014 6 1 1 3 2013 12 40 5 1 0 16 0 sSh ared lesearch http 7 www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 18 68 SBS 2384 SR Research Report 2015 7 13 2017 30 2014 12 2017 12 4 SBS Growth 2017 RY4p4 T
61. 4 2014 7 M amp A SBS Transpole Logistics SBS 2384 SR Research Report 2015 7 13 2014 12 40 27 8 1 4 4 EE 2 SBS 100 100 SBS 1009 SBS 100 SBS 100
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65. SBS Logistics Holdings Singapore Pte Ltd SLHS Transpole Logistics Pvt Ltd Transpole Sh aredd Mesearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved SBS 2384 SR Research Report 2015 7 13 Transpole 2004 2011 2010 4096 2014 7 18 11 1 T
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122. Pvt Ltd SBS Transpole Logistics Pvt Ltd Transpole Transpole 30 000 2 3PL 15 000 SBS 1 5 500 129 884 7 5 1 624 33 2 9908 3 4 3PL 48 500
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126. 009 Atlas Logistics Private Limited 80 SBS Transpole Logistics Pvt Ltd India 66 SR Atlas Transpole TAS Logistics Co Ltd SBS Logistics Hong Kong Ltd S SBS Transpole Logistics Holdings Co Ltd 1 SBS Transpole Logistics Co Ltd SBS Transpole Logistics Pte Ltd SBS Logistics Thailand Co Ltd SR Shared esearch lp http Www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved SBS 2384 SR Research Report 2015 7 13 09 12 10 12 11 12 12 12 13 12 14 12 10 965 12 431 11 254 12 566 13 459 14 276
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137. 5 000 4 800 4 600 4 400 4 200 3 500 2 500 Sh aredd Mesearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved SBS 2384 SR Research Report 2015 7 13 2 2 4 3 4 4 1 254
138. 7 13 1 3 58 8 66 3 7 4 6 6 2014 12 8 096 2009 SBS 2010 I 9 5 SBS 2011 Atlas Logistics 13 0 Atlas Logistics 26 11 2012 Atlas Logistics ASEAN
139. Atlas Logistics 2012 NN ee 2013 4 a 1 2014 7 Transpole Logistics Pvt Ltd SBS Transpole Logistics Pvt Ltd 6696 2003 JASDAO 2012 2 2013 12 1 Sh aredd Mesearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved SBS 2384 SR Research Report 2015 7 13 amp 2015 2 2015 2 13 2014 12 2014 4 14 1 15 2014 6 1 1 3 2013 12
140. BS 2384 SR Research Report 2015 7 13 2014 12 3 6 54 5 2014 12 44 8 47 4 2014 12 55 29 52 6 SBS SR 10 12 11 12 12 12 13 12 6 084 2 392 2 504 5 554 5 103 60 7 4 7 121 8 8 1 2 504 2 672 2 285 6 7 14 5
141. M amp A M amp A 2017 12 19 000 ASEAN 2014 7 Transpole SBS Transpole 66 Transpole 2004 2011 2010 40 2
142. Research Report 2015 7 13 DIY 50 3PL 6 1 SBS 2014
143. d SBS 2384 SR Research Report 2015 7 13 SBS Growth 2017 2 3PL SBS 2015 1 3 2 36 240 20 9 266 38 69
144. pole 2014 12 3 Sh aredd Mesearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved SBS 2384 SR Research Report 2015 7 13 10 Transpole URL httDp www transpolegrouD Ccom profile html 2014 4 2014 4 11 2014 5 31 2014 6 1 1 3 13 204 400 39 613 200 2014 12 1 14 40
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