シップヘルスケアホールディングス（3360）
Contents
1. Oo s Shared 6Qesearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved w Shared Yesearch http Www sharedresearch jp Copyright C 2013 Shared Research I2. 1 3022 JASDAQ 3154 JASDAQ 2744
3. SR Inc SR Tnc Shared Researcnh SR Inc
4. 1 8058 s Shared Research http Www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved w 3360 SR Research Report 2014 12 22
5. 56 140 10 5 839 4 79 1 596 1 7 SPD 2013 3 9 357 1 0 264 18 9 2 896 3 5 2013 3
6. 41 440 700 2014 10 2 7 000 000 48 440 700 1 200 000 49 640 700 gt C gt gt gt gt 1 200 000 1 235 515 2014 8 31 u 1 000 000
7. 15 000 3 000 2015 4 11 817 2015 4 2018 3 2014 12 100 3 000 800 SR 200
8. MG GCA
9. s Shared GYesearch http Www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved Shared 3360 SR Research Report 2014 12 22 zooc c 30 1 O 2 gt gt 5 gt gt on EE 7 3 5 lt 8 10 as s CN gt oo OECD heaith data 2009 1994 199 1996 1997 1996 1999 2000 2OO1 OT SOON 004 OS 006 OT
10. 6 7 1 SR 21 630 2014 10 21 630 700 100 120 14 817 11 817 3 000 3 615 3 400
11. 21 630 2014 10 21 630 700 100 120 14 817 sShared 6Qesearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved w Shared Research http Www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved w 3360 SR Research Report 2014 12 22 11 817 3 000 3 615
12. 3 1 6501 1 6502 1 6503 2 400 2012 8 2006 8 642 36 680 nn
13. 2010 3
14. 3360 SR Research Report 2014 12 22 32 942 16 7 3 018 39 8 9 2 12 79 20 3 1 510 1 003
15. 2014 3 1 2013 8 5 2014 3 1 55 330 8 1 2 511 19 6 2 779 19 79 1 597 25 7 S P D 2012 12 M amp A 2013 3 2014 3 1
16. sShared 6Qesearch http www sharedresearchjp Copyright C 2013 Shared Research Inc All Rights Reserved amp w 3360 SR Research Report 2014 12 22 1 2014 3 2 591 1 2014 6 27 CEO 1 CEO
17. 2016 SR 2004 2007 2011 2013 2014
18. 15 000 3 000 2015 4 11 817 2015 4 2018 3 2014 12 100 3 000 800 SR 200 500 3 800 1 000 1 200 314 1 320
19. 3 15 79 2 081 2 3 3
20. SPD HHHHHHH 09 H3HH 10H3HH 11H3HH 12H3HH 13H3HH 14 3H 15 3HH HHHHH HHHH 5 377 6 885 7 688 12 938 18 493 18 872 22 000 20 6 28 0 11 7 68 3 42 9 2 1 16 6 19 589 953 1 179 414 577 600 62 9 3 012 8 61 8 23 7 64 8 39 2 4 0 0 4 8 6 12 4 9 1 2 2 3 1 2 7 7 7 7 59 62 63 66 1 308 1 308 1 308 3 617 3 746 3 852 4 254 980 1 140 1 200 3
21. SR Inc SR Inc SR Inc SR Tnc SR Tnc HHH http www sharedresearch jp
22. u 66 935 14 8 6 147 26 79 9 2 2011 3 8 3 Q 92 583 12 0 1 845 26 8 2 096 2011 3 1 89
23. 2014 3 M amp A 2 22 000 16 69 600 4 0 2 7 3 1 66 63 a 4 254 3 852 b 3 775 3 330 b a 88 7 86 4 300 2 sShared 6Qesearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved amp w 3360 SR Research Report 2014 12 22
24. 4 2001 1 5 2007 40 30 40 1965 esearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved Shared csearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserve
25. SMBC NEC 200 2012 10 2012 10 29 2013 3 2013 3 2013 3 107 000 97 500 6 750 4 700 7 280 5 050 4 400 3 200 gt gt gt gt 2013 3 218 000 210 000 12 000 11 000 12 750 11 750 7 500 7 250 gt gt gt gt sShared
26. 1 Q 67 000 69 294 SPD 69 294 20 000 20 000 EKG
27. 1970 u 2011 3 u 48 000 50 000 19 900 SB_ 3360 SR Research Report 2014 12 22 2009 3 1 226 1 318
28. SR 7 2015 3 280 000 8 0 14 600 5 4 15 000 1 7 8 800 3 2 EPS219 1 Shared esearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 3360 SR Research Report 2014 12 22 48 2014 6 CEO COO 105 000 9 3 10 600 13 19 10 1 9 8 40 39
29. 2011 12 27 2012 2 1 12 291 39 59 2 489 99 46 2012 3 27 2012 1 2012 1 13 100 2012 2 1
30. 100 95 2014 3 5 2 2014 6 300 6 100 SR 10
31. HHHHHHHH 09 3 10 3 11 3 12 3 13 3H l HHHHH 9 882 9 979 8854 8 625 9 721 HHHHH 1 136 950 659 800 2 890 HHHHHHHHHHHH 1 095 583 1 053 1 228 553 HHHHH 7 650 8 445 7 142 6 596 6 277 HHHHHHHHSRHHH 2014 3 37 Q 2 a CC Q
32. 2014 3 SPD 26 M amp A 2014 3 1 6 1 3 2015 3 9 828 5 0 39 85 09 esearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved Shared 3360 SR Research Report 2014 12 22 6 000 18 15 0 i 0 5 000 A 13 6 oA 15 e 12 0927 4 000 10 6 12 8 6 2 0 3 000 y 9 49 Nsl6 559 2 000 2 4 6 we EL 5py35 1 1 000 1 6
33. 2014 2 6 8 5 402 1 6 264 33 99 s Shared Research http Www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved w 3360 SR Research Report 2014 12 22 191 4 0 27 10 69 sShared 6Qesearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved amp w es
34. ME 2020 2011 0 5 1 5 3 10 2030 5
35. SPD 260 SPD 490 29 2 M amp A 430 69 Shared Yesearch http Www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved e 3360 SR Research Report 2014 12 22 18 872 2 1 21 000 577 39 5 1 050
36. Mashup Studio Mashup Studio Mashup Studio Mashup Studio SR SR http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 3360 SR Research Report 2014 12 22 HHHHHHHHHHH 09 3 100311 11 3 12 3 13 3 14 3 15 3 HHHHH 59 616 69 294 82 676 92 583 106 769 121 196 131 500 HOSsPD 19 226 21 327 23 537 21 325 23 940 HOSsPD 22 251 23 544 25 942 30 700 42 339 HHH 18 139 24 423 33 197 40 558 40 489 23 6 16 2 19 3 12 0 15 3 13 5 8 5 HSsPD 1 8 10 9 10 4 9 4 12 3 SsPD 134 7 5 8 10 2 18 3 37 9 EE 5 4 34 6 35 9 22 2 0 2
37. 3 675 3 392 92 3 3 852 3 330 86 49 21 867 19 9 21 500 1 972 23 5 1 800 2012 12 17 2013 3 77 82 1 192
38. SPD 2011 3 s Shared Research http Www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved w 3360 SR Research Report 2014 12 22 u 12 938 68 3 1 179 23 7 9 1 2011 3 12 49 2011 12 27 53 59 3 617 89 1 a 15 202 20 3
39. 2 2011 2 2011 2 7 2011 3 3 s Shared Research http Www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved w 3360 SR Research Report 2014 12 22 2010 10 2010 10 26 2011 3 2 2011 3 2 72 500 63 000 3 200 1 700 3 800 1 900 3 300 1 000
40. 2011 M amp A 10 714 40 3 832 19 59 7 8 9 19 sShared 6Qesearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved amp w s Shared Research http Www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved w 3360 SR Research Report 2014 12 22 2012 12 M amp _ A 17 23 81 2014 3 SR
41. SBS DIC KLab TOKAIT
42. 2015 7 3 400 u GREEN HOSPITAL MYANMAR LTD CT 2015 3 215 ua 2015 10 2015 10 836 a 2015 11 2015 11 732 3 amp sShared 6Qesearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved w 3360 SR Research Report 2014 12 22 HHHHHHH 13 30 0 14 30 0 15 30 0 15 3 0 15 30 0 HHHHH 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q HH HHHH HHH HHHH HHH 51 185 56 624 52 906 63 648 55 330 5
43. 3360 SR Research Report 2014 12 22 2013 10 2013 10 3 R E I T N E C REIT R E I T R E I T R E IT R E I T
44. 1 SR 2012 3 3 SHIP 3
45. SPD 3360 SR Research Report 2014 12 22 u u u
46. 42 910 30 3 3 949 30 8 50 000 15 13 12 0 1 a 11 40 000 ET ET ET IT 7 0 no PP 12 7 1 a a w go o 30 000 i 1 8 y 8 8 2 9 a ve Ns Wy 4 ec r 9 9 20 000 YY 6 10 000 i i gh 3 29 ee 52M 7 9n2 545 652 258 zo 432 922 428 195 816 74 830 se 280 aa 0 mn ie 0 4 4 6 10 000 3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 03 Q1 Q3 Q1 Q3 FY03 09 FY03 10 FY03 11 FY03 12 FY03 13 FY03 14 FY03 15 HH OOOOOOOD SR esearch http www sharedresearch jp Copyright C
47. MRI CT X GE MRI CT X MRI CT MRI CT X 7701 MRI CT X 6910 MRI CT X 8086 4543 6869 7960 6849 JASDAQ 6960 100 au 4088
48. 2010 3 Re Shared esearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved Shared 3360 SR Research Report 2014 12 22 HHHHH HHHHH 09 3 10311 1103001 12H3HH 130301 14H3HH HH HH HH HH HH HH HHHHHH 9 780 11 588 22 768 15 268 18 851 22 278 HHH 34 714 52 942 41 689 51 738 54 114 71 785 HHHHH 7 807 8 332 8 045 9 251 10 387 10 238 HHH 5 704 4 451 6 793 6 204 8 200 8 658 HHHH 58 005 77 313 79 295 82 461 91 552 112 959 HHHHHH 25 704 23 619 23 097 26 753 27 840 33 176 HHHHH 6 702 957 1 558 7 455 11 215 11 081 HHHHHHH 11 162 12 731 12 872 13 321 13 783 16 175 HHHHHH 43 568 37 307 37 528 47 529 52 838 60 433 HHHH 101 573 114 619 116 822 129 990 144 390 173 393 HHH 30 496 42 729 42 604 49 820 53 493 73 638 HHHHHH 16 145 11 954 8 987 5 534 6 808 10 564 HHH 8 916 9 475 9 131 12 583 13 104 13 682 HHHH 55 558 64 158 60 722 67 937 73 405 97 884 HHHHHHH 19 971 22 879 22 404 22 478 24 097 22 895 HHH 2 510 3 073 3 661 4 318 4 339 4 992 HHHH 22 481 25 952 26 065 26 796 28 437 27 887 HHHH 78 038 90 109 86 787
49. e gt Shared csearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved gt SadQeweami http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 3360 SR Research Report 2014 12 22
50. Q 24 643 17 59 400 8 6 1 6 1 8 SPD u 4 622 135 7 273 2 7 5 9 14 3 2011 12 M amp A M amp A 2012 8 1 s Shared Research http Www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved w
51. Pe 13 500 3 559 1 4 2 242 500 HH 49 675 7 9 4 379 30 3 8 8 11 7 3 1
52. 100 100 92 99 2014 3 2 1 2015 3 3 6 4 22 000 0 6 1 600 18 9 7 3 9 09 83 82 2015 3 2014 4 1 2012 12
53. 21 2009 3 3360 SR Research Report 2014 12 22 HHHHH 09 H3H 10H3HH 11 3HH 12 3 13 3 14 3 15 3H MDD IIH HH HH HHHH HHH 118 604 140 010 162 433 188 840 224 363 259 189 280 000 HHHH 103 118 120 870 139 262 161 759 193 403 225 632 HHHHH 15 486 19 140 23 171 27 081 30 961 33 557 HHHHHHHHHH 11 861 13 439 15 314 16 948 18 417 19 699 HHHH 3 625 5 701 7 856 10 133 12 544 13 857 14 600 HHHHH 1 062 1 325 1 644 1 652 1 497 1 347 HHHHH 926 883 650 533 451 451 hIH 3 761 6 142 8 850 11 252 13 590 14 754 15 000 HHHH 2 182 659 389 164 112 4 HHHH 1 576 1 069 1 100 315 273 191 HHHH 2 068 2 308 2 074 3 902 4 757 5 994 HHHHHH 245 270 134 171 83 50 HHHHH 2 054 3 155 5 931 7 027 8 590 8 523 8 800 HHH HHH 12 0 18 0 16 0 16 3 18 8 15 5 8 0 HHHH HHH 21 7 57 3 37 8 29 0 23 8 10 5
54. HHHHHHHHHHHHHH 09H 3 10H 3 11 3 12 3 13 3 14 3 150 3H HH 40 699 50 059 58 292 66 935 79 644 96 059 105 000 HHHHHH 15 541 19 888 19 850 20 173 26 139 HHH 11 226 9 821 12 243 16 625 17 021 HHHHH 13 932 20 350 26 198 30 136 36 484 HHHHHHHH HHHHHHHHH 11 909 13 306 15 202 15 905 20 367 20 686 HHHHHH 2 082 2 103 2 421 2 718 3 127 3 392 HHHH 4 083 8 817 11 512 13 024 14 552 HH 1 996 23 0 16 4 14 8 19 09o 20 69o 9 3 HHHHHH 5 6 28 09 0 2 1 6 29 6 HHHH 6 3 12 5 24 796 35 8 2 4 HHHHH 6 8 46 19 28 79 15 09 21 19 HHHHHHHH HHHHHHH HH 8 4 11 79 14 2 4 6 28 1 1 6 HHHHHH 72 2 1 0 15 19 12 3 15 0 8 5 HHHH 115 9 30 69 1 0 HHHH 3 226 3 810 4851 6147 9 114 9 369 10 600 HHH 40 0 18 1 27 39 26 79 48 3 2 8 13 1 HHH 7 9 7 6 8 3 9 2 11 4 9 8 10 1 HHHHHHH 35 25 30 30 38 38 38 HHHHHHH 444 795 661 676 740 740 740 SR 4 4 1
55. LED LED 3 392 8 5 Medical Lighting Lab 2011 2014 6 2014 3 5 6 2014 3 2013 121 196 13 5 118 000 2 156 20 79 2 100 S PD
56. s Shared Research http Www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved w 3360 SR Research Report 2014 12 22 4 643 0 5 86 68 4 1 996 5 99 2011 12 M amp A 2012 8 1 5 318 39 9 399 20 8 7 59 8 79 2012 12 M amp A
57. SPD 2011 3 7 000 250 130 19 3 1 455 1 8 2010 3 u 7 688 11 7 2011 3 7 1 308 1 197 929
58. 5 HHHHHHH 09H3H 10H3HH 11H3HH 12H3HH 13H3HH 14H3HH HHH II II HHHHHHHH 15 541 19 888 19 850 20 173 26 139 HHHHHH 11 226 9 821 12 243 16 625 17 021 HHHHHHH 13 932 20 350 26 198 30 136 36 484 HHHUHHHHHHHHH 40 699 50 059 58 292 66 935 79 644 96 059 SPD 19 226 21 327 23 537 21 325 23 940 ODSsPDOD 22 251 23 544 25 942 30 700 42 339 HHHHH 18 139 24 423 33 197 40 558 40 489 HHHHHHHH 59 617 69 294 82 676 92 583 106 769 121 196 HHHHH 5 377 6 885 7 688 12 938 18 493 18 872 HHHH 11 737 12 659 12 639 15 202 18 233 21 867 HHH 1 173 1 110 1 138 1 182 1 225 1 192 HH 118 603 140 010 162 433 188 840 224 363 259 189 HHHHHHHHHHIHH 3 226 3 810 4 851 6 147 9 114 9 369 HHHHHI 633 1 220 1 455 1 845 1 788 2 156 HHHHH 19 589 953 1 179 414 577 HHHH 820 1 146 1 367 1 756 1 597 1 972 HH 84 106 122 143 154 127 HH 3 625 5 701 7 856 10 133 12 544 13 857 HHHHHIHHHHHIHH 7 9 7 6 8 3 9 2 11 4 9 8 DODOOOOD 1 1 1 8 1 8 2 0 1 7 1 8 HHHHH 0 4 8 6 12 4 9 1 2 2
59. 3 2012 8 1 18 233 19 9 1 597 9 0 8 89 2012 3 11 69 M amp A 2013 3 3 2013 2 4 2013 3 3 3 160 715 24 9 8 833 30 2 9 567 25 1 5 797 29 09
60. 2014 12 22 HHHHH10H HHHHHHHH HHHHHHHH 9 63 IIHHLHHHHLHHHHHHHH 7 90 NORTHERN TRUST CO AVFC RE 15PCT TREATY ACCOUNT 5 29 HHHHHHHHHHH 5 16 HHHHHHHHHHHHHH 4 77 HHHHHHHHHHHHHHHHUHHHHHHHH 3 39 HHHHHH 3 38 HHHHHHHHHH HHH 3 13 OO HH 2 98 HH HHH 2 97 HHHHHHHSRHHHH 2014 3 31 20 2008 4 30 30 IR 2 Shared Gewearch http Www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 3360 SR Research Report 2014 12 22 565 0853 3 20 8 06 6369 0130 1 1992 8 27 2005
61. 3 1 6501 1 6502 1 6503 esearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 3360 SR Research Report 2014 12 22 2 400 2012 8 2006 8 642 36 680 2 361 2014 11 1 8 852
62. 3360 SR Research Report 2014 12 22 ua 3 802 0 9 331 11 5 8 796 9 99 2012 3 4 3 2012 3 2012 5 7 2012 3 16 39 188 840 29 0 10 133
63. 11 461 33 8 632 63 69 1 3360 SR Research Report 2014 12 22 2015 3 2 SR 29 583 6 2 418 7 3 SPD M amp A
64. 38 2 2013 3 3 1 2 3 4 5 SR SR 500 1 4 1 3 5
65. 09 3 10H3HH 11H3HH 12H3HH 13H3HH 14H3HH 15H3HH HHHH 11 737 12 659 12 639 15 202 18 233 21 867 8 9 7 9 0 2 20 3 19 9 19 9 0 6 820 1 146 1 367 1 756 1 597 1 972 1 600 46 6 39 8 19 2 28 5 9 0 23 4 18 9 62 6 14 7 51 6 48 1 131 7 359 5 180 5 45 47 48 56 77 82 83 SR 2013 3 8 19 12 79 8 89 6 77
66. 6 000 6 000 2 000 3 000
67. 3360 SR Research Report 2014 12 22 a 2010 3 47 2009 3 2005 3 27 65 59 2006 3 32 19 0 2007 3 33 2 1 2008 3 30 9 7 45 38 IBM 6702 5 17 11
68. 5 2 5 2014 3 283 2013 3 409 2015 3 2013 3 FlexDOCK LED s Shared Research http Www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved w 3360 SR Research Report 2014 12 22 IT
69. 2 361 2014 11 1 8 852 2 418 2 4 5 500 2013 13 254 2013 8 2014 11 16 502 7 473 2 SR esearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved Shased 3360 SR Research Report 2014 12 22 300
70. sShared 6Qesearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved amp w es 3360 SR Research Report 2014 12 22 90 10 000 20 2011 8 605 1 076 19 167 703 12000 200 180 10000 160 8000 140 120 6000 100 80 4000 60 40 sD HH HHHHHHHH 0 0 1950 1960 1970 1980 1990 2000 2010 SR 7 000 8 000 6 000
71. 2012 17 303 3 4 1 738 20 8 10 09 12 3 27 866 13 19 389 2 6 1 4 1 6 2013 3 S P D 1
72. 2 418 2 4 5 500 2013 13 254 2013 8 2014 11 16 502 7 473 2 SR 300
73. 3360 SR Research Report 2014 12 22 13 3H 1 14 3 1 15 31 1 HHHHH HH HH HH HH HH HHHH HHHH HHHH HHHH HHH 107 809 116 554 224 363 109 586 149 603 259 189 125 356 154 644 280 000 HHHHHHHHHHHHH 39 568 40 077 79 644 32 942 63 117 96 059 42 910 62 090 105 000 HHIHHHHH 50 828 55 941 106 769 56 140 65 056 121 196 61 334 70 166 131 500 HHHHH 9 264 9 228 18 493 9 357 9 515 18 872 9 828 12 172 22 000 HHHH 7 636 10 597 18 233 10 714 11 153 21 867 10 848 11 152 22 000 HHHHH 32 9 8 2 18 8 1 6 28 4 15 5 14 4 3 4 8 0 HHHHHHHHHHHHH 49 1 0 8 19 0 16 7 57 5 20 6 30 3 1 6 9 3 HHHHHHH 18 2 12 8 15 3 10 5 16 3 13 5 9 3 7 9 8 5 HHHHH 143 7 1 0 42 9 1 0 3 1 2 1 5 0 27 9 16 6 HHHH 5 2 33 5 19 9 40 3 5 2 19 9 1 3 0 0 0 6 HHHH 6 752 5 792 12 544 4 844 9 013 13 857 5 781 8 819 14 600 HHHHHHHHHHHHH 5 011 4 103 9 114 3 018 6 351 9 369 3 949 6 651 10 600 HHHHHHHH 880 908 1 788 839 1 317 2 156 1 043 1 157 2 200 HHHHH 326 89 414 264 313 577 39 561 600 HHHH 696 901 1 597 832 1 140 1 972 834 766 1 600 HHHHH 56 4 0 4 23 8 28 3 55 6 10 5 19 3 2 2 5 4 HHHHHHHHHHHHH 112 9 8 2 48 3 39 8 54 8 2 8 30 8 4 7 13 1 HHHHHHHH 0 9 6 7 3 1 4 7 45 1 20 6 24 3 12 1 2 0 HHHHH 2 6 85 5 64 8 18 9 252 2 39 2 85 2 79 2 4 0 HHHH 11 2 7 3 9 0 19 5 26 5 23 4 0 2 32 8
74. 2009 10 1 2010 10 3 2011 12 4 u 2012 12 gt gt gt gt gt CC gt gt gt gt 1992 7 2014 2 7 600 amp 2014 6 2014 6 27 2014 5 2014 5 8 2014 6 27
75. SR 2 354 735 Shared 3360 SR Research Report 2014 12 22 SR H OO HH HHH 3H 4 5H OOO OO 200 500 800 1 000 1 200 HHHHH HHHHH 3 2 3 2 3 2 3 2 3 2 HHH HHH 2 5 8 10 12 HH 640 1 600 2 560 3 200 3 840 OO 1 040 1 220 1 400 1 520 1 640 HHHHHHHHHHH 730 730 730 730 730 HHHHHHHHH 310 490 670 790 910 HHHHHHHH HHHHH 400 380 1 160 1 680 2 200 63 24 45 53 57 HHHHHHHHH 60HHH39HHHHHHH 154 154 154 154 154 HHHHHHHH 60HHH15HHHHHHH 1 002 835 695 579 482 HHHHHHHHH HHHHH 1 556 609 311 947 1 564 HHH 243 38 12 30 41 SR 240 1 6 1 080 7 1 260 HHHHHHHHHH 1994H 3H4HHH HHHHHHUHHHHHH 804H H2012HH HHHHHHHHHH 2006H 5H6HHH HHHHHHHHHHHHH 663H H2011H HH 2010H 3H4HHH HHHHHHHHHHHHH 267H H2013 HHHHHHHHHHUHHHHH 2013h 24HHH HHHHHHHH
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77. 215 1 5 M amp A SR A Shared esearch http Www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved Shared 3360 SR Research Report 2014 12 22 1 2
78. 10 1 40 37 16 45 2009 3 21 7 36 3 19 2009 3 23 59 38 2009 3 Cytori Therapeutics Inc NASDAQ CYTX 14
79. 2 CEO COO COO 2 COO 1992 2 2003 2004 IR 2008 SHIP SHIP P
80. 3 2 3 4 2 2015 3 SR 86 916 10 1 1 398 9 9 1 6 1 69 SPD SPD sShared 6Qesearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved amp w s Shared Research http Www sharedresear
81. 2013 3 2013 5 7 2013 3 224 363 18 8 12 544 23 8 13 590 20 8 8 590 22 2 u 79 644 19 0 9 114 48 3 11 496 2012 3 9 29
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84. 2014 3 3360 SR Research Report 2014 12 22 20 686 1 5 409 283 3 2013 3 2015 3 2013 3 14 552 11 7 3 134 14 4
85. 4 SPD 1 2013 3 66 49 2012 3 1 54 4 2012 3 u 17 912 22 4 2 195 53 3 12 396 9 89 4
86. 6 000 96 059 20 6 82 000 9 369 2 8 8 900 1I CU 2014 3 2013 3 26 139 2 17 021 5 36 484 6 1000 JA
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89. 2014 11 2015 3 20 30 1 2016 3 131 500 8 59 2 200 2 0 1 7 1 8 2015 3
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96. 500 3 800 1 000 1 200 314 1 320 SR 2 354 735 SR HHHHH HHH HHH 3H 4 5 HHHH HHH 200 500 800 1 000 1 200 HHHHH HHHHH 3 2 3 2 3 2 3 2 3 2 OO OO 2 5 8 10 12 HHH 640 1 600 2 560 3 200 3 840 HHHH 1 040 1 220 1 400 1 520 1 640 HHHHHHHHHHH 730 730 730 730 730 HHHHUHHHHH 310 490 670 790 910 HHHHHHHHH HHHHH 400 380 1 160 1 680 2 200 HHH 63 24 45 53 57 HHHHHHHHH 60HHH39HHHHHHH 154 154 154 154 154 HHHHHHHHH 60HHH15HHHHHHH 1 002 835 695 579 482 HHHHHHHHH HHHHH 1 556 609 311 947 1 564 HHH 243 38 12 30 41 SR 240 1 6 1 080 7 1 260 esearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved
97. 1992 8 1958 2 2003 2004 IR 2008 2014 3 3 628 4 090 2014 3 HH HHHHHHHHH IlHHHHLHHHHHHHH 936 403 IlHHHHHHH 596 1 573 HHHHH 1 644 1 704 HHHH 379 361 HHH 14 18 HHHHHH _ 59 sl 3 628 4 090 SR gt SadQeweami http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 3360 SR Research Report
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102. 53 2 311 2011 7 7 1 308 2011 10 6 5 462 322 293 2011 10 6 215 573 18 626 60 19 3 773 1 2011 10 2011 10 28 2012 3 2 2012 3 2 81 000 75 000 u 4 300
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104. 1 000 40 2010 3 29 2 2010 3 2 2008 u 2010 3 1 140 87 29 8 69 s Shared Research http Www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved w s Shared Research http Www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved w
105. Email info sharedresearch jp 3 31 12 03 5834 8787 Shared esearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved PF
106. Shared 3360 SR Research Report 2014 12 22 HHHHHHHHHH 1994 3H4HH HHHUHHHHHHHHH 804H 2012HH HHHHHHHHHH 2006H 56HHH HHHHHHHHHHHHH 663H 2011h HHhH 2010H 304000 HHHHHHHHHHHHH 267 2013h HHHHHHHHHHHHHHHH 20130 2H4HHH HHHHHHHHHHHHH 502H 2013H HH 140 110 0 HHHHHHHHHHH3HHHHHHHh HHHHHHHHHIH 2015H 4 6HHH HHHHHHHHHH HHHHHHHHHHHh 2018 3H 3 6HHH HHHHHHHHHH SR 3 6 X Y 4 3
107. 3360 SR Research Report 2014 12 22 u 53 940 31 4 6 284 68 9 11 796 9 19 2 Mashup Studio Q _ 78 971 17 5 1 272 10 0 1 6 2 19
108. 2011 3 150 000 145 000 6 300 6 000 7 000 6 500 5 000 3 700 2010 8 2010 8 6 2011 3 1 2010 9 30 1 100 1 1 100 2010 4 2010 4 30 2010 3 2010 3 2010 3 19 2010 3 1 650 2 150 30 3
109. 2 69 127 17 6 2014 3 3 2014 2 4 2013 3 3 s Shared Research http Www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved w 3360 SR Research Report 2014 12 22 3 167 923 4 5 7 469 15 4 8 172 14 69 4 589 20 8 3 SPD 2013 3 M amp A
110. 2016 SR 2004 2007 2011 2013 2014 sShared 6Qesearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved amp w 3360 SR Research Report 2014 12 22 M amp A
111. i 17 i 21 tt 26 In 26 ER 28 a NN 37 42 43 0 61 62 63 64 0 64 amp Li 64 70 70 71 OO 71 I i 71 72 w es a T sShared Wesearch http www sharedresearchjp Copyright C 2013 Shared Research Inc All Rights Reserved 3360 SR Research Report 2014 12 22 HHHHH 09H3H 10H3HH 110300 12H3HH 13H3HH 14H3HH HHHHH HH HH HH HH no HH HHHH 118 604 140 010 162 433 188 840 224 363 259 189 280 000 HHIHIHHIHHHHIH 40 699 50 059 58 292 66 935 79 644 96 059 105 000 HHHHHHHHH 59 617 69 294 82 676 92 583 106 769 121 196 131 500 HHHHH 0 6 885 7 688 12 938 18 493 18 872 22 000 11 737 12 659 12 639 15 202 18 233 21 867 22 000 HH I 7 1 110 1 138 1 182 1 225 1 192 YoY 12 0 18 0 16 0 16 3 18 8 15 5 8 0 HIHHHIHHHHHHH 1 9 23 0 16 4 14 8 19 0 20 6 9 3 OOOODODODOOD 23 6 16 2 19 3 12 0 15 3 13 59 8 5 HHHH 20 6 28 0 11 79 68 3 42 9 2 1 16 6 8 9 7 9
112. 26 198 24 79 12 243 30 2010 3 25 1 2010 27 3 4 851 8 29 2010 3 7 69 ua _ HH 82 676 19 3 SPD 10 4 23 537 SPD 10 2 25 942 s Shared Research http Www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved w 3360 SR Research Report 2014 12 22 35 99 33 197
113. 880 0 9 1 796 2 09 26 SPD 2 8 a 9 264 143 7 326 42 6 3 5 14 9 2011 12 M amp A 40 M amp A M amp A 2012 8 1
114. a 7 636 5 2 696 11 2 9 196 10 8 3 4 3 3360 SR Research Report 2014 12 22 2013 3 1 2012 8 6 2013 3 1 51 185 23 1 3 122 32 9 3 460 30 9 2 149 31 09 1 2011 12 M amp A 2 3
115. 25 8 1 444 33 4 8 8 8 3 M amp A M amp A 2014 2 84 2015 3 2014 3 2 2013 11 5 2014 3 2 2 109 586 1 6 4 844 28 3 5 313 27 1 2 974 32 5 SPD 2 013 3 M amp A
116. sShared 6Qesearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved w 3360 SR Research Report 2014 12 22 SPD SPD
117. u 235 515 gt 28 618 17 000 3 000 2015 4 7 300 2016 3 Shared Yesearch http Www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved e 3360 SR Research Report 2014 12 22 2015 3 7 733 u 2018 3 11 817 Q
118. 2 2 000 P 2 0 6 1 000 3 Lo B27 Bs her Baa fs7 B19 B26 bso Bo B42 OB74 10 20 22 sr Bes lpse i poo 433 0 nm oi il le i Nie Nn MN HE ui i 0 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 FY03 09 FY03 10 FY03 11 FY03 12 FY03 13 FY03 14 FY03 15 HHH mm OOODOOOOO FY03 09 FY03 10 FY03 11 FY03 12 FY03 13 FY03 14 FY03 15 HHHHH 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H Oh 5 718 6 019 6 176 6 483 6 367 6 272 7 261 7 940 7 636 10 597 10 714 11 153 10 848 HHHHHHH 43 45 46 47 47 47 50 56 58 77 81 82 84 HHH HHH 133 134 134 138 135 133 145 142 132 138 132 136 129 SR 9 433 0 3 a Ne 54 12 49 500 25 400 17 2 20 15 6
119. 0 2 20 3 19 9 19 9 0 6 HH 28 3 5 4 2 5 3 9 3 6 2 7 3 625 5 701 7 856 10 133 12 544 13 857 14 600 HIHHIHHHHHHHHH 3 226 3 810 4 851 6 147 9 114 9 369 10 600 HIHIHHHHH 633 1 220 1 455 1 845 1 788 2 156 2 200 HHHHH 19 589 953 1 179 414 577 600 820 1 146 1 367 1 756 1 597 1 972 1 600 HH 84 106 122 143 154 127 5 73 891 YoY 21 7 57 3 37 8 29 0 23 8 10 5 5 4 HHHHHHHHHHHH 39 9 18 1 27 3 26 7 48 396 2 8 13 19 HHHHHHHHI 37 5 92 7 19 3 26 8 3 196 20 6 2 0 OOOO 62 9 3 012 8 61 8 23 7 64 8 39 2 4 0 46 6 39 8 19 2 28 5 9 0 23 4 18 9 HH 121 3 26 8 14 8 17 8 7 6 17 7 HHHHH 3 1 4 1 4 8 5 4 5 6 5 3 5 2 HIHIHHHHHHHIH 7 9 7 6 8 3 9 2 11 4 9 8 10 1 HIHIHHHHH 1 1 1 8 1 8 2 0 1 79 1 8 1 7 HHHHH 0 4 8 6 12 4 9 1 2 2 3 1 2 7 7 0 9 1 10 8 11 6 8 8 9 0 7 3 HH 7 1 9 6 10 7 12 1 12 6 10 7 3 761 6 142 8 850 11 252 13 590 14 754 15 000 YoY 23 5 63 3 44 196 27 1 20 8 8 6 1 7 HH 2 054 3 155 5 931 7 027 8 590 8 523 8 800 YoY 53 6 88 0 18 5 22 2 0 8 3 3 EPS 61 5 85 2 143 8 170 3 208 2 211 2 213 2 BPS 526 9 587 5 719 1 842 0 1 021 8 1 173 3 DPS 16 5 21 5 29 0 35 0 45 0 48 0 35 0 HHHHHHHHHLHHIHH 5 133 2 776 16 818 8 828 11 119 13 796 HHHHHHHHHHHHIHH 8 596 3 184 552 8 989 8 457 8 293 DOODDOODODODOODDODODODOD 12 237 4 242 5
120. 1 a a 3 2 SPD gt gt 2011 3 14 3 11 2011 3 14 1 u a
121. 26 SPD u 13 932 65 9 470 49 09 3 496 11 0 2011 12 M amp A 1 M amp A 2 M amp A 3 2012 8 1 a 13 022
122. 3 1 sShared 6Qesearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved w s Shared Research http Www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved w 3360 SR Research Report 2014 12 22 1 2010 3 135 000 13 8 140 000 18 0 HHHH 4 800 32 49 5 700 57 39 4 800 27 6 6 100 63 39 2 300 12 09 3 100 53 69 2 2010 3 2010 3 10 2011 3
123. 3 1 HHHH 7 0 9 1 10 8 11 6 8 8 9 0 HH 7 1 9 6 10 7 12 1 12 6 10 7 HH 3 19o 4 19o 4 89o 5 49o 5 69 o 5 39o SR HHHHHHHHHH 09H3HH 10H3HH 11H3HH 12H3HH 13H3HH 14H3HH HHH HHH Il II Il HE HHHHHHHHHHIHH 89 0 66 8 61 7 60 7 72 7 67 6 OODOOOOD 17 5 21 4 18 5 18 2 14 2 15 6 HHHHH 0 5 10 3 12 1 11 6 3 3 4 2 HH 22 6 20 1 17 4 17 3 12 7 14 2 II 2 3 1 9 1 6 1 4 1 2 0 9 HHHH HH 100 0 100 0 100 0 100 0 100 0 100 0 HHHHHHHHHHIHH 39 9 18 1 27 3 26 7 48 3 2 8 OOOOOO 37 5 92 7 19 3 26 8 819 20 6 HHHHH 62 9 3 012 8 61 8 23 7 64 8 39 2 HHHH 46 6 39 8 19 2 28 5 9 0 23 4 HH 121 3 26 8 14 8 17 8 7 6 17 7 HOOD HH 21 7 57 39o 37 89o 29 09o 23 89o 10 59o SR Re Shar ed esearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 3360 SR Research Report 2014 12 22
124. 3 400 215 1 5 M amp A SR 1 2 jj
125. IT 2006 11 2008 4 2009 10 3 SPD 1927
126. 2013 Shared Research Inc All Rights Reserved Shared 3360 SR Research Report 2014 12 22 2015 3 4 2016 3 2015 3 2017 3 61 334 9 3 1 043 24 49 40 000 4 30 000 3 90 0 2 3 2 2 2 A 0 e 20 20 000 1 2 1 aw 1 496 Pe LK ep 1 1a yy i b 1 0 1 4 08 10 000 1 0 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 FY03 09 FY03 10 FY03 11 FY03 12 FY03 13 FY03 14 FY03 15 HHH mm OOOOOOOO SR 2015 3
127. 22 2013 2 2013 8 2014 7 MEJ
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129. 6Qesearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved w 3360 SR Research Report 2014 12 22 M amp A 1 2 SPD 2012 2 2012 2 1
130. Shared esearch SR Research Report 2014 12 22 3360 sr_inquiries Gsharedresearch jp 3360 SR Research Report 2014 12 22 3 1 3 PPP 4 4 it 6 NS kk RE SEER 6
131. 0 HHHHHHHHHHHHH 17 912 39 568 53 940 79 644 17 303 32 942 49 675 96 059 11 461 42 910 51 8 105 000 HHHHHHHHH 24 643 50 828 78 971 106 769 27 866 56 140 86 916 121 196 29 583 61 334 69 1 131 500 HHHHH 4 622 9 264 13 932 18 493 4 643 9 357 14 100 18 872 4 864 9 828 66 8 22 000 HHHH 3 802 7 636 13 022 18 233 5 318 10 714 16 386 21 867 5 402 10 848 73 9 22 000 HH 206 514 850 12225 200 432 845 1 192 191 433 YoY 23 1 32 9 24 9 18 8 8 1 1 6 45 15 5 6 9 14 4 8 0 HHHHHHHHHHHHH 22 4 49 1 31 4 19 0 3 4 16 7 7 9 20 6 33 8 30 3 9 3 HHHHHHHH 17 5 18 2 17 5 15 3 13 1 10 5 10 1 13 5 6 2 9 3 8 5 HHHHH 135 7 143 7 65 9 42 9 0 5 1 0 1 2 2 1 4 8 5 0 16 6 HHHH 0 9 5 2 15 89 19 9 39 9 40 3 25 8 19 9 1 6 1 3 0 6 HHH 10 0 0 6 7 6 3 6 3 0 15 9 0 6 2 7 4 5 0 2 HHHH 3 122 6 752 8 833 12 544 2 511 4 844 7 469 13 857 1 267 5 781 48 3 14 600 YoY 32 9 56 4 30 2 23 8 19 69 28 3 15 4 10 59 49 59 19 3 5 4 HHHHHHHHHHHHH 2 195 5 011 6 284 9114 1738 3 018 4379 9 369 632 3 949 43 2 10 600 HHHHHHHHH 400 880 1 272 1 788 389 839 1 398 2 156 418 1 043 66 4 2 200 HHHHH 273 326 470 414 86 264 408 577 2 39 6 2 600 HHHH 331 696 1 083 1 597 399 832 1 444 1 972 264 834 68 6 1 600 hh 31 78 129 154 30 61 84 127 27 54 HHHHHH 107 239 405 524 133 171 245 346 72 140 HHHHH 6 1 6 3 5 5 5 6 4 59 44 4 4 5 3 2 5 4 6 5 2 HHHHHHHHHHHHH 12 3 12 7 11 7 11
132. 106 7 216 731 2 166 HHHH ROA 2 0 2 9 5 1 5 7 6 3 5 4 ROE 12 4 15 1 22 0 21 8 22 3 19 1 HHHHHH 17 3 21 1 25 4 26 7 29 2 27 2 OD OD HHHHHHH 149 6 95 9 29 1 36 7 28 6 23 7 HHHHHH 1 17 1 22 1 39 1 45 1 55 1 49 SR Ne Shar ed esearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 3360 SR Research Report 2014 12 22 2014 12 22 2015 3 2 2015 3 2 2014 11 5 2015 3 2 2014 10 2
133. 15 2 5 2 5 0 15 0 4196 300 13 496 15 1112 110 Ne 1 2 10 2 10 2 1 4 9 86 0 ee NN Ph 200 8 4 7 5 7 8 pp PP 10 6 8 66 1 4 6 L 2 v 7 6 100 5 23 0 8 5 1 7 bs pa BP7 pe Wo ps 3 pr WW be 0 1 7 7 Oo lm i I linihiiillhihhihiihh 096 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 FY03 09 FY03 10 FY03 11 FY03 12 FY03 13 FY03 14 FY03 15 HH mm CO OOOOOOO SR esearch http Www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved s Shared Research http Www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved w 3360 SR Research Report 2014 12 22 2015 3 1 2014 8 5 51 504 6 9 1 267 49 59 1 538 44 796 570 64 39 1 M
134. 18 9 HHH 6 3 5 0 5 6 4 4 6 0 5 3 4 6 5 7 5 2 HIHHHHHHHHHHHH 12 7 10 2 11 4 9 2 10 1 9 8 3 2 10 7 10 1 HHHHHHHH 1 7 1 6 1 7 1 5 2 0 1 8 0 8 1 6 1 7 HHHHH 3 5 1 0 2 2 2 8 3 3 3 1 0 0 4 6 2 7 HHHH 9 1 8 5 8 8 7 8 10 2 9 0 0 7 6 9 7 3 HHHH 7 284 6 305 13 589 5 313 9 441 14 754 6 232 8 768 15 000 HHHHH 47 6 0 2 20 8 27 1 49 7 8 6 17 3 7 1 1 7 HHH 6 8 5 4 6 1 4 8 6 3 5 7 5 0 5 7 5 4 HHH 4 407 4 182 8 589 2 974 5 549 8 523 3 193 5 607 8 800 HHHHH 46 5 4 1 22 2 32 5 32 7 0 8 7 4 1 0 3 3 HHH 4 1 3 6 3 8 2 7 3 7 3 3 2 5 3 6 3 1 SR 6 7 1
135. 1985 1990 lt 49 54 59 64 69 74 79 84 89 92 5 1 1959 7 000 8 000 200 300 30 40 3360 SR Research Report 2014 12 22
136. 2 22 HP http www shiphd co jp 3 IR IR http www shiphd co jp ir index html TIR IR Iir info3360 Gshiphd co jp 06 6369 0130 lt Shared Wesearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved lt 3360 SR Research Report 2014 12 22 SR
137. 2 1 i a SE 3 0 Rs ha pa7 Boi fire p85 fr3 p64 3 peo B87 PS se 73 1 178 faa sd 0 0 0 yy nl nin ln WC Mp 0 We 1 000 3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 03 Q1 Q3 Q1 Q3 FY03 09 FY03 10 FY03 11 FY03 12 FY03 13 FY03 14 FY03 15 HHH mm CO HHHHHHHHH SR 4 500 100 4 000 90 3 500 80 3 000 70 2 500 90 2 000 40 1 500 30 1 000 20 500 10 0 0 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H FY03 09 FY03 10 FY03 11 FY03 12 FY03 13 FY03 14 FY03 15 HHH mm LD HOOOD DDDOD SR 7 6 7 2015 3 Life 2014 5 50
138. 4 10 0 9 2 8 8 9 8 5 5 9 2 10 1 HHHHHHHHH 1 6 1 7 1 6 1 7 1 4 1 5 1 6 1 8 1 4 1 7 1 7 HHHHH 5 9 3 5 3 4 2 2 1 9 2 8 2 9 3 1 0 0 0 4 2 7 HHHH 8 7 91 8 3 8 8 7 5 7 8 8 8 9 0 4 9 7 7 7 3 HH 15 2 15 2 15 1 12 6 15 0 14 1 9 9 10 7 14 1 12 5 HHHH 3 460 7 284 9 567 13 590 2 779 5 313 8 172 14 754 1 538 6232 51 8 15 000 YoY 30 9 47 6 25 1 20 8 19 7 27 1 14 6 8 6 44 7 17 3 1 7 HHHHH 2 149 4407 5 797 8 590 1 597 2 974 4 589 8 523 570 3 193 42 8 8 800 YoY 31 0 46 5 29 0 22 2 25 7 32 59 20 8 0 8 64 3 7 4 3 3 HHHHHHHHHHSRH HH HHHHHHHHHHHHHHHHHHHHHHHHHHHH HHHHHHHHHHHHH SR 4 Shared1 leSearch http Www sharedresearch jp Copyright C 2013 Shared Research In
139. 4 256 58 337 91 266 51 504 73 852 101 1 124 000 44 8 280 000 Yoy 23 1 43 2 11 2 5 8 8 1 4 2 10 3 43 4 6 9 36 1 13 2 8 0 HHHHH 7 484 8 030 6 716 8 731 7 255 6 966 7 549 11 787 6 569 9 711 YoY 21 5 40 4 1 1 2 0 3 1 13 3 12 4 35 0 9 5 39 4 HHHHHH 14 6 14 2 12 7 13 7 13 19 12 8 12 9 12 9 12 8 13 1 HHH 4 361 4 401 4 635 5 020 4 744 4 632 4 924 5 399 5 302 5 197 YoY 14 5 17 3 11 0 3 7 8 8 5 3 6 2 7 6 11 8 12 2 HHHHH 8 5 7 8 8 8 7 9 8 6 8 5 8 4 5 9 10 3 7 0 HHHH 3 122 3 629 2 081 3 711 2 511 2 333 2 625 6 388 1 267 4 514 115 6 5 000 39 6 14 600 Yoy 32 9 84 5 15 79 10 9 19 6 35 79 26 1 72 19 49 59 93 5 3 2 5 4 HHHHH 6 1 6 4 3 9 5 8 4 5 4 3 4 5 7 0 2 59 6 1 4 0 5 2 HHHH 3 460 3 824 2 282 4023 2 779 2 534 2 859 6 582 1 538 4694 115 4 5 400 41 5 15 000 YoY 30 9 66 8 15 9 11 7 19 7 33 7 25 3 63 6 44 7 85 2 1 6 1 7 HHHHH 6 8 6 8 43 6 3 5 0 4 7 4 9 7 2 3 0 6 4 4 4 5 4 HHHH 2 149 2 257 1 390 2 793 1 597 1377 1 615 3 934 570 2 623 106 4 3 000 36 3 8 800 Yoy 31 0 65 1 6 49 10 2 25 7 39 0 16 2 40 8 64 39 90 5 0 9 3 3 HIHHh 42 4 0 2 6 4 4 2 9 2 5 2 8 4 3 1 1 3 6 2 4 3 1 OOOOOOOOOSRD OO HHHHHHHHHHHHHHHHHHHHHHHHHHHH HHHHHHHHHHHHH HHHHHHHHHHH HHHHH 10Q 1Q 2Q 1Q 3Q 10 4Q 1Q 1Q 20 10 3Q 10 4Q 1Q 10Q 2Q HHH ll HHH 51 185 107 809 160 715 224 363 55 330 109 586 167 923 259 189 51 504 125 356 63 2 280 00
140. 5 4 HHHH HHH 23 5 63 3 44 1 27 1 20 8 8 6 1 7 HHHHH HHH 53 6 88 0 18 5 22 2 0 8 3 3 HHHHHH 13 1 13 7 14 3 14 3 13 8 12 9 IHHHHHHH 10 0 9 6 9 4 9 0 8 2 7 6 HHHHH 3 1 4 1 4 8 5 4 5 6 5 3 5 2 HHHHH 3 2 4 4 5 4 6 0 6 1 5 7 5 4 HHHH 1 7 2 3 3 7 3 7 3 8 3 3 3 1 SR HHHHHHHH 09 3 10H3H 110301 12H3H 1303011 14H3H MOOD HHHHHHHHH 120 000 135 000 145 000 179 000 210 000 242 500 HHHHHHH 118 604 140 010 162 433 188 840 224 363 259 189 HHHHHHHHH 1 29o 3 79o 12 096o 5 59o 6 8 6 9 HHHHHHHHHH 4 200 4 800 6 000 8 200 11 000 13 500 HHHHHHHH 3 625 5 701 7 856 10 133 12 544 13 857 HHHHHHHHHH 13 79o 18 89o 30 9 23 6 14 0 2 6 HHHHHHH 4 200 4 800 6 500 9 000 11 750 14 500 HHHHH 3 761 6 142 8 850 11 252 13 590 14 754 HHHIHHH 10 59o 28 09o 36 29o 25 09 o 15 79o 1 89o HHHHHHHHHH 1 850 2 300 3 700 5 950 7 250 8 600 HHHHHHHH 2 054 3 155 5 931 7 027 8 590 8 523 HHHHHHHHH 11 0 37 2 60 3 18 1 18 5 0 9 SR
141. 61 8 953 a 12 639 0 2 19 2 1 367 3 11 3 2010 3 2010 5 11 4 30 140 010 18 0 5 701 57 3 6 143 63 39 3 155 53 6 gt gt gt gt f Lm 2011
142. 94 733 101 842 125 771 HHHH 17 425 23 467 28 522 34 353 41 548 46 192 HH HHHH 174 771 1 147 386 567 981 HHHHH 2 HHHHHH 5 933 273 366 518 369 447 HHH 23 535 24 510 30 035 35 256 42 548 47 621 HHHHHH 101 573 114 619 116 822 129 990 144 390 173 393 HHHH 12 024 18 544 7 130 11 169 11 007 8 385 HHHHH 36 116 34 833 31 390 28 012 30 906 33 459 HH 26 335 23 245 8 623 12 744 12 055 11 181 ROAHHHHHH HHHHHHHH 2 0 2 9 5 1 5 7 6 3 5 4 ROEHHHHHH HHHHHHHHH 12 4 15 1 22 0 21 8 22 3 19 1 HHHHHH 1 2 1 2 1 4 1 5 1 6 1 5 HHHHH 13 2 14 5 17 3 17 5 18 6 22 0 HHHHH 27 6 25 2 21 1 20 9 19 6 16 6 HHHH 80 1 100 6 106 2 98 6 99 4 96 1 HHHH 104 4 120 5 130 6 121 4 124 7 115 4 HHHHH 17 3 21 1 25 4 26 7 29 2 27 2 HHHH HHHHHHH 149 6 95 9 29 1 36 7 28 6 23 7 SR leSearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved Shared 7 3360 SR Research Report 2014 12 22 1HHHHHHH HHH 09 3 100300 110300 120300 130300 140300 150300 no no HH HH HH HH _ HHHH HHHHHHHH HHH 334 413 41 260 41 260 41 283 41 441 1H HHIHHHHH 6 148 8 520 144 170 208 211 219 1HHHHH
143. HH 52 693 58 748 719 842 1 022 1 173 1HHHHHHH 1 650 2 150 29 35 45 48 48 HHIHHH 1H HHIHHHHH 61 5 85 2 143 8 170 3 208 2 211 2 218 9 1H HH 526 9 587 5 719 1 842 0 1 021 8 1 173 3 1HHHIHHHH 16 5 21 5 29 0 35 0 45 0 48 0 48 0 SR 2010 10 1 1 100 HHHHHHHHHHH 09H3H 10H3HH 110300 12H3H 130300 14H3HH ll HH HH HH HH HH HH HHHHHHHHHHHHHHHG 5 133 2 776 16 818 8 828 11 119 13 796 HHHHHHHHHHHHHHH 2 8 596 3 184 552 8 989 8 457 8 293 FCF 1 2 13 730 5 960 16 266 161 2 662 5 503 HHHHHHHHHLHHHHH 12237 4 242 5 106 7 216 731 2 166 HHHHHHHHHHHHHH AH 2 647 2 921 2 975 2 588 3 130 3 416 HHHHHBI 3 397 1 048 894 3 701 2 889 3 998 HHHHHHH 715 6 520 11 415 4 039 161 2 622 HH FCF Nr A B C 589 1 492 19 428 1 875 8 992 10 563 SR esearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved Shared Wesearch http www sharedresearch jp Copyright C 2013 Shared Resear
144. HHH 502H H2013H 8HH14H 110 0 HHHHHHHHHHH 3HHHHHHH HHHHHHHHhHIH 2015H 4H6HHH HHHHHUHHHH HHHHHHHHHHHH 2018H 3H 3H6HHH HHHHHUHHHH SR 3 6 X Y NAM 3
145. amp A 1 2 3
146. c All Rights Reserved 3360 SR Research Report 2014 12 22 2015 3 2 2014 11 5 125 356 14 4 5 781 19 3 6 232 17 3 3 193 7 4 7 000 6 8 7 A 6 000 A 6 A 4 gt 4 i a 5 000 i 2 a Ne_ 4 4 5 Z 000 3153 Y 3 059 Er 496 3 000 2 3 20 25n 2625 3 1 956 1967 2081 4990 8 2 000 307 1308 mm 533 Em 2 772 731 7 1028 mm mm 2a1e 2 830 12673 317 1 000 0 mio5295 2958 mm 2 o 2 4282 195 1 1 6 a 1B86 1274 0P12801861 629 682 545 652 820 0 EE 0 1 000 15 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 FY03 09 FY03 10 FY03 11 FY03 12 FY03 13 FY03 14 FY03 15 HHHHHHHHHHH PUDHHHHHH me OO OD OD HHHHH HHHHHHHHH SR
147. ch Inc All Rights Reserved 3360 SR Research Report 2014 12 22 u 1992 8 u 1992 11 1999 10 2005 2 2006 11 5 2007 3 2008 4 2009 10 1009
148. ch jp Copyright C 2013 Shared Research Inc All Rights Reserved w 3360 SR Research Report 2014 12 22 M amp A 2014 3 30 14 100 1 2 408 13 296 2 9 3 4 2014 3 5 2 2014 6 300 16 386
149. d 3360 SR Research Report 2014 12 22 SR 1944 1945 1950 1955 1960 1965 1970 1975 1980
150. edresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 3360 SR Research Report 2014 12 22 1 1963 200 300 1 5 30 3 5 SR CC i
151. nc All Rights Reserved e 3360 SR Research Report 2014 12 22 2014 3 2014 5 8 2014 3 259 189 15 5 13 857 10 59 14 754 8 6 8 523 0 8 o rt M amp A
152. roup Medcal InsUtubons Medical Instrutons lt lt SPD Certer Lr B PIE IE 2 Vendor B I 4 Send Consumer rformatior Automated Order leSearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 3360 SR Research Report 2014 12 22 SPD SPD 2 SPD SPD SPD
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