ダイセキ（9793） - シェアードリサーチ
Contents
1. 22. http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 9793 SR Research Report 2014 4 9 8 605 9 609 113 725 270 489 10 614 12 638 552 574
3. 2015 2 800 2013 4 M amp A
4. SR Inc SR Inc
5. 2 3
6. DOWA 1 5714 4023 MCR
7. GCA
8. 2010 16 6 2010 25 6 2
9. DIC TOKAIT
10. 1 000
11. 2 10 15 gt SadQeweami http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved sy 9793 SR Research Report 2014 4 9
12. 30 2 sShared 6Qesearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved amp 9793 SR Research Report 2014 4 9
13. 3 931 0 29 sShared 6Qesearch http www sharedresearchjp Copyright C 2013 Shared Research Inc All Rights Reserved s Shared Research http Wwww sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 9793 SR Research Report 2014 4 9 2 713 4 1 415 8 9 2 137 3 7 1 940 4 8 1 520 8 3 4
14. 55 23 89 2011 2 19 79 20 8 16 9 16 3 15 1 14 49 7 6
15. 900 3 19 2 3 2 600 lt 700
16. 1999 2007 2008 t 99 06 07 08 09 10 5 90 220 97 080 95 810 96 283 96 371 95 572 FH 0 0Y 1 3Y 0 5 Y 7 0 8 0 34Y 91 855 87 924 87 811 87 974 88 410 85 090 MF 7 2 2 9 0 7Y 76 236 77 534 77 253 76 465 73 640 73 211 MF 7 4Y 0 4Y 0Y 3 7Y 6 1 7Y 26 284 33 872 35 479 33 583 34 170 33 405 MF 4 6 Y 4 7 4 3 7 7 0 3Y 25 389 38 375 38 265 31 955 24 898 28 634 MF 77 7 0 3Y 16 5 Y 7 15 0 5 74 16 440 17 209 17 578 14 216 13 253 13 890 MF 2 5 4 2 1Y
17. 3 1 406 1 690 12 s Shared Research http Wwww sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 9793 SR Research Report 2014 4 9 3 3
18. 2 39 MCR Shared Research http Wwww sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 9793 SR Research Report 2014 4 9
19. 5 940 2 9 3 961 4 3 623 9 9 3 153 3 9 2 930 5 3 2 373 11 79 s Shared Research http Wwww sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 9793 SR Research Report 2014 4 9 7 180 25 79 798 76 99
20. MCR 5 2013 2 2014 2 MCR 1 09 2 10 2 11 2 12 2 13 2 430 265 516 387 437
21. MCR LME 3 3 79 83 LME 2 028 LME 3 2 3 3
22. VOC Volatile Organic Compounds VOC 6 ISO14001
23. M amp A 2007 MCR 2010 Shared 6Qesearch http 7 www sharedresearchjp Copyright C 2013 Shared Research Inc All Rights Reserved lt 8 60 we Shared Wesearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 9793 SR Research Report 2014 4 9 2014 2 3 2014 1 9 2014 2 3 2014 2
24. gt SadQeweami http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved s Shared Research http Wwww sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 9793 SR Research Report 2014 4 9
25. SR http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 9793 SR Research Report 2014 4 9
26. 2013 2 SS 1 ID 2 3 4 SS
27. 2011 12 2 060 2 131 2012 1 2 2012 1 1 715 2 1 773 2011 3 2013 2 MCR 100 LME 2011 9
28. 2014 1 7 1 25 500 95 23 2013 2 90 19 2013 2 SS 2 300 400 2013 2
29. s Shared Research http Wwww sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 9793 SR Research Report 2014 4 9 2 20 9
30. SR 09 2 25 614 9 166 35 7 6 158 24 0 6 290 24 5 3 681 14 3 9 040 1 622 17 9 1 004 11 1 1 028 11 3 607 6 7 3 479 778 22 3 519 14 9 534 15 3 507 14 5 10 2 19 209 6 566 34 1 3 782 19 6 3 989 20 7 2 358 12 2 6 991 1 307 18 7 693 9 9 651 9 3 377 5 4 3 003 841 28 0 560 18 6 575 19 1 50 1 6 11 2 12 2 21 856 24 011 8 035 8 453 36 7 35 2 5 197 5 475 23 7 22 8 5 393 5 650 24 6 23 5 3 174 3 271 14 5 13 6 5 229 7 227 733 1 084 14 0 15 0 127 408 2 4 5 6 146 400 2 7 5 5 44 208 0 8 2 9 3 234 3 097 615 380 19 0 12 3 308 65 9 5 312 61 9 6 181 34 5 5 961 2 539 155 431 16 1 17 0 17 122 4 8 20 118 4 6 6 74 2 9 SR Research Report 2014 4 9 13 2 23 808 8 278 34 8 5 263 22 1 5 437 22 8 3 197 13 4 7 509 1 392 18 5 591 7 9 600 8 0 298 4 0 2 790 373 13 4 21 15 0 2 244 279 12 4 95 99 21
31. 2005 2008 79 Shared Research http 7 www sharedresearchjp Copyright C 2013 Shared Research Inc All Rights Reserved 18 60 we 9793 SR Research Report 2014 4 9 6 000 5 693 5 407 5 123 256 4953 5072 5 000 4 691 4 742 4 000 i 6 7 XV xD SR
32. 69 340 2012 3 2013 2 2013 2 2014 2
33. 2012 3 11 2013 2 2012 12 2013 1 sShared 6Qesearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 9793 SR Research Report 2014 4 9 2012 11 3 6 2013 2 4
34. s Shared 6Qesearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 48760 9793 SR Research Report 2014 4 9 1 2011 2 MCR
35. Weaknesses M amp A M amp A
36. 2014 2 MCR LME 2013 2 1 958 2 564 2 3 2 3 4 9
37. SR 2 079 10 8 1 352 12 7 198 5 3 1 149 7 49 947 5 6 662 14 496 2012 2 sShared 6Qesearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 9793 SR Research Report 2014 4 9 2013 2 2012 2
38. Shared Gewearch http www sharedresearchjp Copyright C 2013 Shared Research Inc All Rights Reserved 9793 SR Research Report 2014 4 9 1 2 3 MCR
39. 800 11 883 12 044 37 9 1 948 130 2011 2 2011 10 11
40. 1 5 LME 1 912 2 4 9 1 2 3 2012 2 2012 4 11 2012 2 16 0 36 513 6 7 5 750 5 69 5 901
41. 5 693 2012 2 5 407 7 487 2 8 5 045 2 4 742 1 9 4 142 0 19 3 597 4 3 2 793 0 49 2 2012 2 500 700 9 11 3 sShared 6Qesearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 9793 SR Research Report 2014
42. sShared 6Qesearch http www sharedresearchjp Copyright C 2013 Shared Research Inc All Rights Reserved Shar ed Gewearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 9793 SR Research Report 2014 4 9
43. MCR 09 2 10 2 11 2 12 2 13 2 t 850 700 850 860 900 190 160 170 180 190 SR 2013 2 90 39 24 17 15 3 1
44. 1 1 E gt etc BDF 14 4 692 54 096 50 MCR 90 30 21 SR 9793 lg MCR
45. 2013 2 SS 4 188 3 988 390 320 8 329 8 129 732 662 2014 2 1 2013 7
46. 2010 2 Shared Gewearch http Wwww sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 9793 SR Research Report 2014 4 9 09 2 10 2 11 2 12 2 13 2 18 440 17 015 17 917 19 723 19 874 23 116 5 743 5 279 5 966 6 452 6 616 7 887 13 14 20 17 55 1 680 1 145 1 346 1 571 1 186 1 826 222 165 263 271 265 423 511 294 717 277 549 1 576 26 584 23 885 26 191 28 277 28 477 34 773 4 804 4 586 4 412 4 152 3 976 3 877 3 170 2 374 1 804 1 754 1 567 1 611 8 905 9 298 10 047 10 254 11 704 12 181 572 246 357 959 2 180 2 461 17 451 16 504 16 620 17 119 19 427 20 130 2 585 5 359 5 811 6 283 6 439 4 786 1 500 1 500 1 500 1 500 1 500 1 500 585 545 674 647 615 694 31 16 28 43 1 087 985 1 116
47. 2012 2 MCR 10 1009 MCR LME 2010 6 1 559 2011 2 2 206 2012 2 1 s Shared Research http Wwww sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 9793 SR Research Report 2014 4 9 2 595 2 2 564 2 550 9 2 000
48. 3 2013 2 3 9 11 2013 2 4 2013 2 1 4 2014 2 14 6 6 030 s Shared Research http Wwww sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 9793 SR Research Report 2014 4 9 MCR 6 6 2 605 LME 2013 2
49. 6 7 2 SR 37 7 0 7
50. 2014 2 a 40 60 9793 SR Research Report 2014 4 9 2013 2 1 2012 7 12 2013 2 1 3 49 9 435 0 9 1 647 MCR 9 686 1 606 MCR
51. SR 2011 2 2011 4 13 2011 2 8 2 31 477 10 89 5 390 s Shared 6Qesearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 49 60 9793 SR Research Report 2014 4 9 MCR MCR 2011 2 2 LME
52. ROE ROA 2013 2 3 1 M amp A 1712 1 MCR
53. Shared Wesearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved e 9793 SR Research Report 2014 4 9 1943 4 5 1963 20 1975 1978 1990 1996 2012 2 742 508 39 1 9 4 639 10 11 94 TAIYO FUND L P 9 29 4 89 3 95 3 72 2 98 2 98 UFJ 2 93
54. MCR 2013 2 50
55. 2 3 2 3 1 2 3
56. 3 2013 2 41 300 39 500 12 120 11 580 7 200 6 600 7 250 6 700 3 850 3 620 1 22 20 9793 SR Research Report 2014 4 9 10 300 9 800 1 224 1 009 87 SR 2015 2
57. 3 6 MCR 1 MCR 2012 2 55 8 35
58. 1 19 49 5 1 MCR 1009 LME 2012 2
59. 300 5 770 3 19 3 798 2 5 567 7 09 3 280 2 3 2 782 6 1 2 125 2 696 2
60. http www sharedresearch jp Email info sharedresearch jp 3 31 12 03 5834 8787 Shared Besearch http Www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 60 60
61. 82 02 LME 2 103 1 2 1 MCR 1009 2014 2 118 2013 2 21 19 4 2 679 2013 2 500 2014 2
62. MCR LME 2 LME 3 2013 2 82 02 LME 2 103 2012 2 78 97 LME 2 321 56 2013 2 500 2014 2 2013 2 3 2013 1 10 2013 2 3 2013 2 3
63. 2011 2 6 1 2 3 3 2 http Www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 9793 SR Research Report 2014 4 9
64. sShared 6Qesearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 9793 SR Research Report 2014 4 9 MCR 2
65. 4 10 20 MCR 2 342 35 19 196 79 3 2014 2 3 98 40 LME 2 095 2013 2 82 02 LME 2 103 2 230 24 0 142 72 3 100 119
66. 24 696 23 7 4 807 27 3 543 81 09 100 9 800 8 329 1 009 732 MCR 1 543 37 8 156 83 2 2014
67. 9 800 3 3 1 680 10 196 MCR 3 2 004 3 69 1 386 2 59 221 11 6 982 14 596 935 1 3 759 14 79 3 9793 SR Research Report 2014 4 9
68. 8 5 13 8 147 3 500 2000 8 1 25 7 545 8 956 2000 9 1 37 105 8 956 2002 2004 2004 2005 2007 220 33 4 25 5 22 63 8 260 5 956 2007 2008 9793 SR Research Report 2014 4
69. 2013 2 2013 2 1 2013 2 2 2012 10 SS 2013 2 600SS SS 2014 2 500 1 000
70. 3 939 5 59 2 605 3 19 381 7 3 2 220 2 89 1 852 4 6 1 403 5 19 sShared 6Qesearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved s Shared Research http Wwww sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 9793 SR Research Report 2014 4 9 2 2 1
71. 2 823 2013 2 3 917 1 155 600 MCR 1 018 50 2013 2 1 700 1 281 MCR 900 37 290 s Shared Research http Wwww sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 9793 SR Research Report 2014 4 9 1 692 2013 2 1 544 1 190 2013 2 1 146 1 22 2013 2 1 21 1 20
72. 9793 SR Research Report 2014 4 9 09 2 10 2 11 2 12 2 13 2 9 841 6 488 6 986 7 705 7 487 10 1 34 1 7 7 10 3 2 8 38 4 33 8 32 0 32 1 31 4 3 307 2 345 2 834 2 781 2 793 2 7 29 1 20 9 1 9 0 4 12 9 12 2 13 0 11 6 11 7 4 355 3 462 3 985 4 147 4 142 6 0 20 5 15 1 4 1 0 1 17 0 18 0 18 2 17 3 17 4 3 312 2 831 3 312 3 448 3 597 3 5 14 5 17 0 4 1 4 3 12 9 14 7 15 2 14 4 15 1 4 126 3 471 4 040 5 170 5 045 10 7 15 9 16 4 28 0 2 4 16 1 18 1 18 5 21 5 21 2 672 610 698 756 742 0 7 9 2 14 4 8 3 1 9 2 6 3 2 3 2 3 1 3 1 25 614 19 209 21 856 24 011 23 808 SR 6 4
73. 2011 2 1 2011 2 3 MCR 1009 MCR 2011 2 LME 2 206 2010 2 1 907 2010 6 LME 1 559 LME 2010 6 2010 9 17 s Shared Rese
74. 300 700 2008 2 250 800 MCR 71 2001 2 2012 2 2002 2 2012 2 e gt SadQeweami http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 9793 SR Research Report 2014 4 9 2001 2 918 564 2002 2
75. 4 0 27 306 11 4 4 316 11 19 4 430 12 49 2 411 s Shared Research http Wwww sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 9793 SR Research Report 2014 4 9 5 MCR 27 760 8 2 5 007 13 79 MCR
76. 142 2013 2 95 MCR LME 1 3 6 000 2013 4
77. 4 9 18 217 16 79 2 885 16 3 2 965 18 19 1 608 5 19 751 7 7 3 274 11 89 MCR 400 800
78. 7 881 5 2 5 157 2 2 825 11 1 4 190 1 1 3 915 8 8 3 104 11 1 100 2 7 6 09 MCR LME 19 4
79. 1966 1970 1972 1973 1980 1982 1983 1984 1990 1995 7 27 12 700 1997 1997 10 1998 1999 1999
80. Shared Researcn SR Inc SR Inc SR Inc SR Inc SR Tnc SR Inc
81. 4 1 2 3 4 ISO 2005 100 115 110 105 100 95 90 85 80 75 70 i 2003Q3 2004Q1 2004Q3 2005Q1 2006Q1 2006Q3 2007Q1 2007Q3 2008Q1 2008Q3 2009Q1 2009Q3 G wm t 2005Q3 HI SR Shared esearch http Www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 9793 SR Research Report 2014 4 9
82. 2010 36 29 2011 2 28 39 2012 2 27 59 2013 2 29 5 259 2014 2 27 9 12 2 13 2 14 2 15 2 16 2 17 2 36 513 36 013 42 100 45 000 48 000 50 500 16 0 1 4 16 9 6 9 6 7 5 2 10 502 10 275 12 298 12 640 13 725 15 034 8 4 2 2 19 7 2 8 8 6 9 5 28 8 28 5 29 2 28 1 28 6 29 8 5 750 5 404 7 298 7 440 8 250 9 350 6 7 6 0 35 0 1 9 10 9 13 3 15 7 15 0 17 3 16 5 17 2 18 5 5 901 5 554 7 400 7 510 8 350 9 450 5 6 5 9 33 2 1 5 11 2 13 2 16 2 15 4 17 6 16 7 17 4 18 7 3 194 3 024 3 942 4 080 4 530 5 200 2 6 5 3 30 4 3 5 11 0 14 8 8 7 11 7 11 7 11 7 11 7 111 7 SR 2015 2 2017 2
83. MCR WTI 95 100 87 LME 2 200 2014 1 http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 9793 SR Research Report 2014 4 9 2014 1 2013 7 10 2014 1 2014 1 10 20 10 300 37 19 1 224 107 0
84. 2010 9 1 2 2 100 300 400 2 3 9 2 000
85. 2 2013 2 2013 2 36 000 39 350 5 600 6 510 s Shared Research http Wwww sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 38760 9793 SR Research Report 2014 4 9 5 700 6 590 3 100 3 610 MCR 2013 2 2 2012 10 12 2013 2 2 2
86. MCR 2012 2 1 2011 7 11 2012 2 1 1 2 3 21 9 9 127 7 1 1 632 1 600 MCR
87. 3 13 4 30 985 29 79 5 600 28 6 5 700 30 19 3 139 4 5 29 500 5 0 5 060 10 6 MCR 18 986 3 5 4 631 7 79
88. 3 2 3 4 2012 2 2 2011 10 11 2012 2 2 1 2 4 Shared 6Qesearch http 7 www sharedresearchjp Copyright C 2013 Shared Research Inc All Rights Reserved 46 60 we 9793 SR Research Report 2014 4 9 3 27 6 19 168 17 950 6 7 22 79 3 466 3 180
89. 696 721 134 192 294 031 962 1 180 7 480 27 752 735 849 57 58 31 32 9 265 29 871 143 457 323 902 2013 4 1 SR 1992 1998 2009 47 m SR
90. 100 COW Crude Oil Washing 60 2013 2 2010 9
91. 2 87 2 64 SR 2013 2 209 IR 2 IR gk Shared esearch http Wwww sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 58 60 9793 SR Research Report 2014 4 9 455 8505 1 86 052 611 6322 1 1 1958 10 1 1995 7 27 HP http www daiseki co jp index php 2 TIR IR http www daiseki co jp 1R index php IR IR N A 45 125 2013 2 6 382
92. 10 100 MCR LME 2010 6 1 559 2011 2 2 206 2012 2 1 2 595 2010 9 2 2012 2 2012 2 1 1 2 2012 2012
93. SR eSsearch http Www sharedresearch jp 82 9 5 0 6 2 5 9 7 39 80 8 5 7 7 1 81 0 5 2 6 4 81 5 6 4 7 9 79 8 Copyright C 2013 Shared Research Inc All Rights Reserved Shared 6 eSsearch 9793 SR Research Report 2014 4 9 2014 4 9 2014 2 2014 2 3 amp 13 2 14 2 15 2 10 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 9 435 8 782 9 089 8 707 10 123 10 191 10 671 11 115 10 850 11 750 11 350 11 050 3 4 12 5 2 1 8 0 7 3 16 0 17 4 27 7 7 2 15 3 6 4 0 6 2866 2 462 2 613 2 334 3 098 3 028 3183 2989 3190 3 260 3 210 2980 2 5 18 6 2 29 9 9 8 1 23 0 21 8 28 1 3 0 7 79 0 89 0 3
94. 2008 2009 2 2010 2 2012 2 SW Strengths Weaknesses Strengths 40
95. 17 9 17 4 17 7 17 1 15 9 16 5 3 717 3 683 7 400 3 900 3 610 7 510 25 4 42 3 33 2 4 9 2 0 15 18 3 17 5 17 9 17 3 16 1 16 7 2 100 1 842 3 942 2 020 2 060 4 080 30 6 30 1 30 4 3 8 11 8 3 5 SR 2014 2 41 300 14 6 7 200 33 2 7 250 30 5 3 850 27 2 2009 2 37 224 8 201 2008 2
96. 70 SR 2014 2 1 2013 7 9 2014 2 1 7 2 10 123 12 29 1 849 11 79 1 882 18 3 1 082 MCR 3 30 6 30 3 0 3 29 796 MCR 24 29 12 59 2012 7 LME 4 20 2 19 39 4
97. 11 2011 3 2011 3 14 3 11 2011 3 14 8 2010 9 2010 9 17 1712 2011 2 2 2010 8 2010 8 20 2010 9 1
98. 9 0 MCR 3 2 400
99. MCR 2014 2 2 2013 10 9 2014 2 2 11 5 20 314 26 2 3 644 25 3 3 717 30 6 2 100 4 5 19 600 3 6 3 340 9 196 4 12 658 2 0 3 111 5 8
100. 09 2 10 2 11 2 12 2 13 2 P 11 699 8 841 9 686 10 502 10 275 31 4 30 4 30 8 28 8 28 5 7 539 4 865 5 390 5 750 5 404 20 3 16 7 17 1 15 7 15 0 EBITDA 9 721 7 110 7 229 7 478 7 219 EBITDA 26 1 24 4 23 0 20 5 20 0 ROA 7 9 5 0 5 9 5 7 5 2 ROE 10 5 6 2 7 3 7 1 6 4 0 7 0 6 0 6 0 7 0 6 14 1 14 3 17 5 17 8 18 7 25 8 25 5 20 9 20 5 19 5 5 553 4 589 4 909 5 373 5 151 385 7 476 1 377 8 387 4 383 3 350 8 444 4 348 1 362 0 360 0 CF 91 1 80 9 91 7 69 2 68 4 38 8 35 5 35 6 38 5 36 4 CF 71 7 65 2 66 3 57 4 58 4 56 3 61 2 50 6 47 1 48 2 653 964 320 464 222 SR
101. 37 196 1 096 15 79 2011 2 17 196 2 6 90 35 820 6 250 8 09 MCR oe
102. 2013 2 MCR 3 UFJ 2013 5 770 548 40 7 6 277 2013 2 lt Shared Wesearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved lt 9793 SR Research Report 2014 4 9 SR
103. 563 372 455 559 580 0 8 0 7 1 1 0 7 0 8 14 3 6 7 59 2 39 0 8 8 8 388 6 497 4 530 6 614 6 118 999 898 891 1 130 1 254 8 4 7 2 5 1 5 9 4 9 0 4 13 8 29 7 15 1 16 6 SR e gt SadQeweami http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved s Shared Research http Wwww sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 9793 SR Research Report 2014 4 9
104. 656 539 498 2003 2 1 275 230 218 2004 2 395 2005 2 730 678 233 182 803 2006 2 1 397 1 172 282 2007 2 970 1 260 2008 2 327 500 3 2 212 270 2009
105. 12 12 2 23 28 oi 29 MRR kA Rl 51 52 54 56 56 NN 57 58 58 ee 58 58 TIR RRR NN ER RR 58 59 es a sShared Wesearch http www sharedresearchjp Copyright C 2013 Shared Research Inc All Rights Reserved Shared 9793 SR Research Report 2014 479 10 2 11 2 12 2 13 2 14 2 15 2 29 080 31 477 36 513 36 013 42 100 45 000 21 9 8 2 16 0 1 4 16 9 6 9 8 841 9 686 10 502 10 275 12 298 12 640 24 4 9 6 8 4 Z 296 19 7 2 8 30 4 30 8 28 8 28 5 29 2 28 1 4 865 5 390 5 750 5 404 7 298 7 440 935590 10 8 6 7 6 0 35 0 1 9 16 7 17 1 15 7 15 0 17 3 16 5 4 986 5 587 5 901 5 554 7 400 7 510 35 09 12 1 5 6 SS 33 2 1 5 17 1 17 7 16 2 15 4 17 6 16 7 2 547 3 114 3 194 3 024 3 942 4 080 36 7 22 3 2 6
106. 105 0 201 4 2 99 58 LME 2 104 2013 2 82 02 LME 2 103 2013 2 100 sShared 6Qesearch http www sharedresearchjp Copyright C 2013 Shared Research Inc All Rights Reserved 9793 SR Research Report 2014 4 9 2014 2 15 2 14 2 15 2 Plg 20 314 20 986 41 300 22 600 22 400 45 000 11 5 17 9 14 7 14 188 15 613 29 801 10 1 21 5 15 8 6 126 6 172 12 298 15 0 24 8 19 7 30 2 29 4 29 8 2 481 2 518 4 999 1 6 3 7 2 6 12 2 12 0 12 1 3 644 3 654 7 298 3 870 3 570 7 440 26 3 45 1 35 0 6 2 2 3 19
107. 16 615 15 616 16 444 18 696 18 492 1 SR Shared1 jesearch http Www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 9793 SR Research Report 2014 4 9 2013 2 2001 2 2013 2 80 39 2001 2 2013 2 MCR 2008 2 6 2013 2 2013
108. 26 8 2012 2 2013 2 2010 4 1 MCR 1009 LME 2011 9 2012 2 LME 2 321 78 97 2011 2 LME 2 206
109. 1963 46 000m 2010 16 6 2002 12 000m 2010 14 3 1982 54 000m 2010 14 3 1973 18 000m 1990 4
110. 2 6 3 194 1 2 3 s Shared Research http Wwww sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 9793 SR Research Report 2014 479 28 8 2011 2 D 30 89 2 0 35 2 2011 2 1 5 MCR 12 3 2011 2 19 0 6 7 36 1 2011 2
111. 2011 2 18 89 18 29 2011 2 17 99 68 2011 2 2 387 25 0 559 22 9 6 614 46 0 1 130
112. 33 2 7 400 30 3 3 942 5 1 69 Shared esearch http Wwww sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 9793 SR Research Report 2014 4 9
113. 1 2 MCR 1 2014 2 1 97 83 LME 2 080 2013 2 82 02 LME 2 103 87 LME 2 200 1 99 49 2
114. 19 7 6 8 4 9 17 655 13 947 12 509 12 866 13 865 11 577 MF 0 7Y 7 3 2 9 4 Z 76 29 3 7Y 11 564 9 594 10 097 8 529 8 510 8 987 MF 6 5 2 72 2 0 2Y 6 7 9 10 999 9 720 9 811 9 041 9 135 8 524 0 9 Z 7 0 6 74 2 6 4 3 932 4 768 5 149 4 823 4 067 4 339 FH 23 7 8 0 6 3 4 15 7 6 7Y 1 9 Y 29 225 28 474 29 663 27 926 27 494 27 098 MF 6 594Y 1 5 Y 1 4Y 1 04 399 799 418 497 419 425 403 661 389 746 385 988 9 2 9 7 0 7 6 SR Shared Gewearch http Www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 9793 SR Research Report 2014 4 9 98 06 07 08 09 10 t 7 4 11 0 12 0 8 9 7 5 8 3 37 0 9 1 25 8 16 2 11 3 5 8 6 0 6 0 6 0 5 7 6 2 0 9 0 0 0 0 5 6 9 2 188 9 185 0 185 0
115. 86 40 s Shared Research http Wwww sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 4 44 60 9793 SR Research Report 2014 4 9 2010 9 2011 2 2012 2 300 600 2013 2 2012 2 3 2012 1 12 2012 2 3 3 21 4 28
116. 2 2008 2 MCR 1 09 2 10 2 11 2 12 2 13 2 45 124 45 124 45 124 45 124 45 125 EPS 89 3 56 6 69 2 70 9 67 2 EPS DPS 19 0 19 0 20 0 20 0 21 0 BPS 887 5 927 3 977 1 1 027 4 1 076 0 SR gt SadQeweami http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 9793 SR Research Report 2014 4 9 09 2 10 2 11 2 12 2 13 2 D 1 6 944 4 817 5 476 4 922 5 041 2 6 55
117. 1 5707 1 5711 1 5706 2013 10 000 DOWA DOWA 2 9793 SR Research Report 2014 4 9
118. 1 4 100 2 MCR 2 1 s Shared Research http Wwww sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 9793 SR Research Report 2014 4 9 2013 2 2013 4 10 2013 2 1 4 36 013 6 096 5 404 5 9 5 554 5 3 3 024 4 28 5 201
119. 1 060 1 055 1 040 1 395 1 619 2 527 2 247 1 967 1 690 5 726 8 373 9 094 9 463 9 595 7 977 1 097 1 329 2 241 1 970 1 699 1 428 298 290 285 276 268 262 24 573 26 497 28 243 28 831 30 991 29 798 51 158 50 383 54 435 57 108 59 468 64 571 1 870 1 835 2 403 2 650 2 651 3 296 1 223 876 1 120 845 1 372 860 1 577 709 1 521 1 447 1 183 1 946 210 216 221 259 261 277 2 013 1 381 1 667 2 099 1 960 1 695 6 893 5 017 6 932 7 300 7 429 8 075 602 523 353 182 10 612 666 718 776 827 870 228 216 244 265 277 292 5 9 7 56 88 196 1 448 1 415 1 324 1 279 1 203 1 360 8 341 6 432 8 257 8 580 8 632 9 435 6 382 6 382 6 382 6 382 6 382 6 382 7 051 7 051 7 051 7 051 7 051 7 051 26 626 28 273 30 532 32 803 34 926 37 955 22 25 126 sx 128 92 40 187 170 167 231 283 2 838 2 181 2 168 2 251 2 373 3 596 42 816 43 950 46 177 48 528 50 835 55 136 5 553 4 589 4 909 5 373 5 151 6 417 1 825 1 399 1 473 1 027 1 382 860
120. 176 0 173 6 169 9 1 4 0 0 4 9 1 4 2 1 206 3 215 0 215 0 212 0 203 0 201 6 2 2 0 0 1 4 4 2 0 7 t 2 8 3 4 3 6 3 6 3 0 3 3 38 3 30 0 30 0 40 3 40 9 39 2 2 6 5 4 5 7 2 7 2 5 2 5 35 8 47 5 47 0 30 3 34 1 29 9 1 9 2 6 2 8 2 6 1 9 2 6 25 9 22 5 23 0 29 5 25 0 30 9 7 4 11 4 12 0 9 0 7 5 8 3 SR 1970 1998 10
121. 2 337 314 298 557 2010 2 103 MCR 401 2011 2 801 124 2012 2 314 MCR 823 2013 2 901 416 660 sShared 6Qesearch http www sharedresearchjp Copyright C 2013 Shared Research Inc All Rights Reserved amp es Shared Wesearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 9793 SR Research Report 2014 4 9 1945 1958 1958 10 1 200 1963
122. 4 022 2 547 3 114 3 194 3 024 3 942 20 5 36 7 22 3 2 6 5 3 30 4 10 8 8 8 9 9 8 7 8 4 9 4 SR 2001 2 2009 2 2010 2 2001 2 2013 2 28 09 35 09 2001 2 2008 2 2001 2 18 09 2008 2 23 39
123. 4 9 12 2 4 2012 2 2 1 100 2013 2 3 9 2014 2 18 5 2012 2 3 5
124. 449 13 59 4 873 13 3 4 985 9 7 2 753 27 230 4 49 4 870 MCR 4 MCR 3
125. 5 3 30 4 3 5 8 8 9 9 8 7 8 4 9 4 9 1 1 45 124 45 124 45 124 45 125 45 125 EPS 57 69 71 67 88 91 DPS 19 20 20 21 22 2 BPS 927 977 1 027 1 076 1 144 17 015 17 917 19 723 19 874 23 116 23 885 26 191 28 277 28 477 34 773 26 497 28 243 28 831 30 991 29 798 8 373 9 094 9 463 9 595 7 977 1 619 2 527 2 247 1 967 1 690 50 383 54 435 57 108 59 468 64 571 1 835 2 403 2 650 2 651 3 296 876 1 120 845 1 372 860 5 017 6 932 7 300 7 429 8 075 523 353 182 10 1 415 1 324 1 279 1 203 1 360 6 432 8 257 8 580 8 632 9 435 43 950 46 177 48 528 50 835 55 136 1 399 1 473 1 027 1 382 860 EPE 4 817 5 476 4 922 5 041 10 4 873 3 324 1 709 6 019 11 1 367 258 1 396 SD 13 ROA ROE
126. 9 2008 MCR 2010 1945 1958 1 1963 1972 1984 1995 1999 2000 1 2013 2 2013 2 28 2013 2 2013 2 28 2013 2 1 10 55 1
127. 1 4 873 3 324 1 709 6 019 FCF 1 2 393 56 2 152 3 213 978 2 629 1 367 1 258 1 396 577 A 2 182 2 245 1 839 1 728 1 815 B 2 672 1 591 1 416 1 474 4 036 C 653 964 320 464 222 FCF NI A B C 4 185 4 165 3 217 2 984 1 025 SR 2001 2 2013 2 100 2005 2
128. 2 2 98 08 LME 2 094 2013 2 82 02 LME 2 103 LME 1 280 11 6 18 84 2 1009 s Shared Research http Wwww sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 9793 SR Research Report 2014 4 9 MCR
129. 2 2 0 3 0 4 2012 7 LME 4 MCR MCR 2013 1 10 3 5 196 137 56
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131. 7 000m 2010 25 6 2012 2 1997 7 000m Shared Gewearch http Wwww sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 9793 SR Research Report 2014 4 9 10 5 20 3 7 ROI 15 18 300
132. arch http Wwww sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 9793 SR Research Report 2014 4 9 COW Crude Oil Washing 2 09 2 10 2 11 2 13 2 37 224 29 080 31 477 36 513 36 013 42 100 5 9 21 9 8 2 16 0 1 4 16 9 25 524 20 239 21 790 26 010 25 737 29 801 11 699 8 841 9 686 10 502 10 275 12 298 31 4 30 4 30 8 28 8 28 5 29 2 4 159 3 976 4 296 4 752 4 870 4 999 11 2 13 7 13 6 13 0 13 5 11 9 7 539 4 865 5 390 5 750 5 404 7 298 8 1 35 596 10 89 6 7 6 0 35 0 20 3 16 7 17 196 15 796 15 0 17 396 190 186 230 177 168 155 56 65 33 26 19 53 7 673 4 986 5 587 5 901 5 554 7 400 6 3 35 0 12 1 5 6 5 9 33 296 20 6 17 1 17 7 16 2 15 4 17 6 18 1 41 18 81 82 116 204 121 32 59 269 3 183 2 059 2 368 2 614 2 434 2 889 42 0 43 0 43 0 44 496 43 7 40 196
133. port 2014 4 9 13 2 14 2 4 PcD 23 808 25 500 25 074 5 3 8 278 9 246 8 942 8 0 34 8 36 3 35 7 5 263 6 060 5 866 11 5 22 1 23 8 23 4 7 509 10 300 10 585 41 096 1 392 2 077 2 120 52 3 18 5 20 2 20 0 591 1 224 1 297 119 5 7 9 11 9 12 3 MCR 2 790 2 605 3 112 11 5 373 400 617 65 4 13 4 15 4 19 8 21 118 241 4 596 7 7 2 244 2 679 2 963 32 0 279 484 452 62 0 12 4 18 1 15 3 95 142 121 5 3 4 196 SR 2014 2 2014 4 9 2014 2 2014 2 16 9 42 100 35 09 7 298
134. sShared SeaFch lt SR Research Report 2014 4 9 9793 sr_inquiries Gsharedresearch jp 9793 SR Research Report 2014 479 3 PE 4 4 1 ni 4
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