髙島屋（8233） - シェアードリサーチ
Contents
1. SR Inc SR T2. Weaknesses ROI
3. GCA
4. SR 10 2 56 011 3 000 102 200 497 43 218 7 281 28 599 239 816 162 591 8 990 201 608 986 7 766 381 943 79 394 17 840 42 760 8 741 4 816 143 921 11 354 859 7 203 19 416 545 282 785 098 85 684 24 593 125 3 202 77 020 59 489 22 309 3 742 26 275 302 444 95 962 860 55 383 67 9 838 29 301 191 411 493 855 56 025 45 085 174 741 514 12 060 3 842 291 239 59 734 120 555 64 544 11 2 55 503 15 000 121 263 562 38 566 5 160 30 944 265 878 160 020 8 814 208 772 2 456 1 856 381 920 79 528 16 655 43 613 7 830 4 790 142 838 11 354 764 14 332 26 451 551 209 817 088 87 248 14 083 500 3
5. sShared 6Qesearch http www sharedresearchjp Copyright C 2013 Shared Research Inc All Rights Reserved amp 8233 SR Research Report 2014 5 1
6. Shar od search http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 8233 SR Research Report 2014 5 1 2019 2 500 2 2019 2 2013 40 2012 12
7. sShared 6Qesearch http www sharedresearchjp Copyright C 2013 Shared Research Inc All Rights Reserved 8233 SR Research Report 2014 5 1 2007
8. 368 2 9 17 30 8 2014 2 60 144 118 2019 2 9 200 2014 2 9 042 480 291 ROE 6 3 5 4 49 4 39 7 1 400 1 67
9. s Shared Research http Wwww sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 8233 SR Research Report 2014 5 1 SC SC Ss C
10. 7 9 8 3 29 5 69 3 25 229 0 25 197
11. 2 22 7 2012 12 SC 3 1 1996 2 730m 39 300m 5 500m 12 800m 89 2 2016 8 354m 142 500m 50 000m 15 000m 40 000m 200
12. M amp A M amp A 1 9983 1 8227 SR 1 8263 1990 2000
13. 26 329 27 06 0 74 8 1 1 1 8 2 19 6 24 1 835 5 6 25 2 18 100 14 5 12 3 9 5
14. 2015 2 S C 250 30 170 1 600 190 8233 SR Research Report 2014 5 1
15. gt SadQeweami http www sharedresearchjp Copyright C 2013 Shared Research Inc All Rights Reserved 8233 SR Research Report 2014 5 1 1 4755 E 1 7606 1 9831 1 7453 1 8011 1 8802
16. 19 2002
17. 380 360 26 25 8 26 29 2013 2 255 20 7 s Shared Research http Wwww 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 8233 SR Research Report 2014 5 1 7 701 1 09 1 8 119 19 9
18. 190 11 2 8 7 300 1 339 5 0 78 8 0 117 1 2 36 12 3
19. 19 281 26 160 573 74 A 13 902 70 B 1 000 2012 12 2012 12 14 1 1 68 8233 SR Research Report 2014 5 1 33 4 22 79 1 1996 2015 2 2012 2
20. 261 3 4 6 8 133 59 3 509 1 050 40 2013 12
21. 1999 2003 2004 1996 2000 2006 2009 2008 2010 2011 180 2012 Shared Wesearch http www sharedresearch jp
22. GDP GDP 10 Shared Wesearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved e 8233 SR Research Report 2014 5 1 2001 2 7 9 4 2003 2004 GDP 6 0 4 0 2 0 0 0 2 0 4 0 6 0 GDP 8 0 10 0 12 0 ea SS EE EE Sd NR NR NSR SR GDP GDP
23. 88 12 3 0 6 1 2 1 89 86 33 32 7 4 77 21 0 1 SR 2 2013 7 6 28 7 1 6 7 8
24. sShared 6Qesearch http www sharedresearchjp Copyright C 2013 Shared Research Inc All Rights Reserved 8233 SR Research Report 2014 5 1 2014 2 1 2013 6 28 2014 2 1 2014 2 1 2 140 3 2 61 3 6 1 891 3 19 49 2 3 0 02
25. 18 100 100 50 2 130 Shared esearch http Wwww sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 8233 SR Research Report 2014 5 1 m 57 400 1993 100 0 38 000 1994 50 0 40 000 2012 100 0 25 50 25
26. 2019 2 5 100 50 40 189 2014 2 65 ROE 2014 2 5 496 2019 2 6 3 2015 2 3 200 500 450 80 380 200 50 120 250 30 1 200 170 1 200 170 200
27. 2017 2 IFRS gt SadQeweami http www sharedresearchjp Copyright C 2013 Shared Research Inc All Rights Reserved 8233 SR Research Report 2014 5 1 2014 2 100 0 74 9 8 5 3 6 2 0 11 3 1 10 0 4 1 8 3 8 2 1 1 6
28. 2013 3 1 9020 20 1 6 14 1925 2016
29. 25 50 25 77 26 23 26 409 8 19 22 2013 2 3 144 16 19
30. SC 2011 3 S C 10 26 7 4 4 11 1
31. 174 469 166 217 170 872 159 892 159 471 148 988 135 489 134 029 131 794 131 776 135 370 0 5 4 7 2 8 1 1 0 3 6 6 9 1 1 1 1 7 0 0 2 7 69 745 69 617 69 508 54 223 54 223 53 467 56 073 56 073 55 699 55 699 55 699 SR 2003 2 2006 2 1 9044 2011 3 68 401 m 2014 2 1 207
32. ROI SR MD Wi Fi Shared 8233 SR Research Report 2014 5 1 400
33. 2012 37 2014 2 107 o la SELECT SQUARE ZA 2012 E BtoC 2011 8 4 590 12 5 9 5 130 E 2011 3 119 2 83 5 eMarketercom US Census Bureau SR EC 1 750 21 5 2007 2012 5
34. 10 4 10 2 MD 1 SD 76 98 67 8 2016 190
35. 8 25 469 0 12 26 02 0 3 10 18 2012 12 2 5 9 27 8 0
36. 10 2014 2 131 337 25 28 25 419 6 70 s Shared Research http Wwww sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 8233 SR Research Report 2014 5 1 2012 12
37. 1 2 55 000 m 1 2 1 1996 2 730m 39 300m 5 500m 12 800m 89 2 2015 8 354m 142 500m 50 000m 15 000m 40 000m 200 SR 2012 6 2012 6 25 3 59 741 66 279
38. 2016 2017 3 4 8 3 3 4 SC http www sharedresearch jp Copyright C 2013 Shared Research Inc Al Rights Reserved 8233 SR Research Report 2014 5 1 2015 SR Shared search http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 8233 SR Research Report 2014 5 1 2014 2 3 2013 12 26 2014 2 3 2014 2 3 6 482
39. 86 0 4 27 20 8 s Shared Research http Wwww sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 8233 SR Research Report 2014 5 1 252 3 7 2 9 4 4 1 2012 12 19
40. 09 10 SR 6 2008 2010 3 Eee 2009 290 2014 2 242 2010 1 2010 3 2010 3 2010 8 2010 5 2010 9 2010 8 2011 10 MEN S TOKYO 2010 8 2012 4 2010 12 2012 10 2011 3 2012 11 2012 1 2013 4 2012 2 2013 6 2012 3
41. 357 3 79 12 6 407 0 12 37 53 165 51 8 0 5 1 9 8 69 22 59 2013 2 42 5
42. 5 556 1 7 2012 10 48 0 7 146 26 8 5 7 1 0 251 3 5 59 4 2
43. SR 2006 2007 2008 2009 2010 2011 2012 2013 2 39 2 75 1 60 0 50 1 10 0 95 1 14 1 60 2 60 2 80 1 66 1 30 0 12 1 41 0 13 4 80 5 03 3 40 2 51 2 92 1 57 1 77 2 34 2 90 4 42 4 01 2 31 1 21 2 23 2 77 2 20 1 50 SR 36 0 34 0 sam 2 26 0 24 0 22 0 20 0 4 Ee Sw MY KM 2 2 SR 8 50 3 61 1 99 1 80 3 75 7 30 25 01 9 52 1 76 n a 1 56 2 48 11 21 26 53 4 73 2 80 1 69 1 26 2
44. S C ANNEX SC 2019 2 12 000 m SC 150 2013 2 2014 2 2015 2 2016 2 2017 2 2018 2 2019 2 20 gt gt SR s Shared Besearch http Wwww sharedresearch jp Copyright C 2013 Shared Research Inc All Rights R
45. 2 6 6 99 2014 2 9 042 3 9 7 981 3 6 140 17 5 2013 12 CM amp MD 328 5 9 0 6 0 29 0 9 2 6 2 5
46. 3 000 mi 6 000 m 3 000 m 18 SC 6 10 5 109 20 259 70
47. 100 6 SR SR 1900 1933 1952 1965 1963 2009 1 50 508 i 2014 2 1 299 Shared Geseara http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 8233 SR Research Report 2014 571 153 946 154 604 159 028 162 584 159 081 146 473 130 795 127 092 124 242 126 124 129 901
48. 55 8233 SR Research Report 2014 5 1 2014 2 10 3 5 3 MD 420 360 20 25 28 25 419 22
49. http www sharedresearch jp Copyright C 2013 Shared Research Inc Al Rights Reserved 8233 SR Research Report 2014 5 1 2014 2 610 405 2014 2 655 1 400 10 2 11 2 12 2 13 2 14 2 8 73 7 78 7 07 7 90 8 79 41 82 46 90 51 61 46 21 41 51 13 84 14 84 15 64 15 92 16 29 26 37 24 60 23 34 22 93 22 40 6 97
50. 2014 8 20 2014 2 2 2013 10 10 2014 2 2 2014 2 2 4 353 3 7 112 10 2 8233 SR Research Report 2014 5 1 3 854 3 3 3 2 4 3 39 80 0 6
51. 2013 1 2013 2 2 2012 10 9 2013 2 2 2012 2 2 4 198 2 4 4 240 6
52. 2019 3 1 2 000 SC SC 2012 12 7 40 000 m 40 2 1 7 2
53. 66 6 100 2013 2 1 97 2 25
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55. 2015 2 9 000 0 5 2014 2 25 09 25 10 0 01 0 13 SG amp A 4 14 18
56. 750 150 700 350 60 580 280 80 SC 500 80 40 60 100 30 M amp A 20 100 10 a 10 20 80 40 600 200 50 ASEAN 470 230 25 ASEAN 30 50 0 2016 50 60 0 3 4 2017 190 60 10 M amp A 2016 500 400 50 SR
57. IR 2 4 10 http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 8233 SR Research Report 2014 5 1 06 6631 1101 1919 8 20 HP http www takashimaya co jp corp index html alltop TIR IR 542 8510 5 1 5 1 1949 5 16 2 IR http www takashimaya co jp corp ir index html h eader IR 03 3668 7253 lt Shared esearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved w 8233 SR Research Report 2014 5 1 SR
58. Shared Besearch http Www sharedresearch jp SBS DIC KLab TOKAI
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60. 2020 2018 1 445 14 03 2020 1 345 14 03 2013 11 25 2018 2020 654 6 500 2014 3 68 74 s Shared Research http Wwww sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved e 8233 SR Research Report 201
61. GMS 1 9831 1 9843 1 8267 2007 9 a 1 3086 10 1 8242 2008 4 1 3099
62. 911 3 0 8 0 3 1 9 1 2 2 59 1 7 0 4 0 4 5 8 7 4 13 7 17 8 1 9 2 0 1 6 0 3 3 9 11 8 26 12 5 2012 12 Shared Wesearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved e s Shared Research
63. 2 2011 2 7 8 4 6 16 732 m 2014 2 178 2006 31 345 29 000 28 881 28 519 27 721 24 758 21 243 19 840 17 347 18 117 17 778 0 8 7 5 0 4 1 3 2 8 10 7 14 2 6 6 12 6 4 4 1 9 28 181 25 120 25 120 25 160 25 160 25 160 25 160 20 295 16 738 16 738 16 732 SR 1973 1992 1 9001 2008 10 12 2012 2 2013 2
64. 291 36 334 35 187 22 es a sShared Wesearch http www sharedresearchjp Copyright C 2013 Shared Research Inc All Rights Reserved Shared Research http Wwww sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 8233 SR Research Report 2014 5 1 9 200 7 300 1 600 950 480 210 190 80 ROE 6 3 49 4 1 400 3 000 450 80
65. 1 9005 2012 4 20129 2011 5 2012 11 1 3 80 000m2 1 3086 1 8251 65
66. 1919 1922 1 7 10 000 m 1930 1933 2 8 27 500 m 1949 1952 1956 1958 5 1959
67. 29 207 m 2014 2 364 04 2 05 2 06 2 07 2 08 2 09 2 10 2 11 2 12 2 13 2 14 2 43 342 41 449 41 134 41 192 42 884 40 713 37 189 37 121 36 670 36 646 36 394 2 5 4 4 0 8 0 1 4 1 5 1 8 7 0 2 1 2 0 1 0 7 26 844 26 856 26 844 29 619 29 517 29 517 29 517 29 517 29 207 29 207 29 207 SR 1974 http www sharedresearch jp Copyright C 2013 Shared Research Inc Al Rights Reserved 8233 SR Research Report 2014 5 1 100 20 781 m 2014 2
68. 1 5 000 10 15 2014 59 17 Shared esearch la http Wwww sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 8233 SR Research Report 2014 5 1 2012 12 40 185 180 130 1 22 000m 120 000m 60 000m 60 000m 960 SR 2016 100
69. S C 4 S C SC 83 600m 340 2 000 1969 11 50 595m 185 1500 1992 4 29 950m 8 33 1996 10 SC 41 120mi 135 1 900 2007 3 6 947m 300 2006 3 1 661m 11
70. 950 80 2015 2 9 000 0 5 310 6 5 340 1 9 205 9 5 SC 25 099 25 109 3 32 22 4 4 7 259 14 5 5 6 6 3 8
71. 25 47 25 83 0 36 26 59 13 8 19 1 1 8 2 10 19 6
72. 1950 10 60 184 m 2014 2 852 108 540 103 522 101 555 103 415 104 193 98 236 90 364 85 370 83 878 83 866 85 191 2 1 4 6 1 9 1 8 0 8 5 7 8 0 5 5 1 7 0 0 1 6 68 231 68 231 67 904 68 316 68 316 68 316 68 314 67 985 60 527 60 184 60 184 SR 1996 2006 2007
73. 2007 1 000 100 45 608 100 40 58 724 28 5 463 14 240 36 457 SR 10 2 11 2 12 2 13 2 14 2 e 1 23 428 20 645 31 921 44 141 40 582 2 10 508 13 240 16 356 28 470 30 389 FCF 1 2 12 920 7 405 15 565 15 671 10 193 14 817 7 673 8 210 32 931 64 391 A 15 779 16 223 17 400 18 540 18 331 B 16 441 16 441 15 709 20 425 34 546 C 5 073 12 847 601 22 651 680 FCF Ni A B C 1 974 784 13 187 37 306 1 821 SR
74. 17 16 182 184 2019 2 9 200 2014 2 158 480 189 5 29 2 5 390 440 830 5 830 750 80 450 300 280 5 200 230 90 320
75. 27 44 MD 346 328 100 72 2014 528 5 6 2012 12 1 Shared esearch 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 8233 SR Research Report 2014 5 1 59 52 17 15
76. 80 60 12 2 2013 MD 8 50 Web O 20
77. 100 53 727 m 2014 2 661 409 60 9 000 5 254 2014 3 2027 2017 3 2014 2 2012 04 2 05 2 06 2 07 2 08 2 09 2 10 2 11 2 12 2 13 2 14 2 82 690 79 540 79 908 77947 76 840 76 107 67 835 66 088 61 678 63 701 66 081 00 3 8 0 5 25 14 10 109 26 6 7 3 3 3 7 54 694 54 694 53 960 53 946 53 946 53 908 53 882 53 882 53 727 53 727 53 727 SR
78. 2014 2 119 2 2 41 14 3 2013 2 2014 2 368 2 9 17 30 8 2014 2 2 3 _1 3 4 1 4 1 SR Shar ed Gewearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 8233 SR Research Report 2014 5 1 2014 2 SR 2014 2 4 32 6
79. 14 89 3 4 7 0 48 89 0 8 0 0 72 739 25 109 25 419 25 0 25 8 2014 2 291 14 29 20 500 25 9 39 8 8 2012 12
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81. 52 15 60 12 s Shared Research http Wwww 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 8233 SR Research Report 2014 5 1 206 8 5 111 27 9 368 8 7 84 8 0 4 119 2 2 41 14 3
82. 43 2 414 1 1 28 79 0 1 19 310 13 8 3 79 3 49 6 340 1 9 2015 2 18 205 9 5 2015 2 1 270 354 8233 SR Research Report 2014 5 1 1 056 2014 2 7 28 39
83. 10 18 4 2012 12 130 80 9 2012 8 970 3 19 280 9 9 5 2014 2 2018 2 1 7 1997 4 6 5 830 1
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85. 2012 2 2012 4 6 2012 2 100 114 1 3 33 0 07 34 50 24 29 16 19 11 5 5 9 1 3 8 6 7 JR 12 6 6 7 8
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88. 47 47 NEi 61 kk 63 64 66 66 RN 68 71 MOE IS 71 71 Mii 71 jj 72 73 Shared Wesearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved e 8233 SR Research Report 2014 5 1 10 2 11 2 12 2 13 2 14 2 15 2 o 877 762 869 476 858 123 870 333 904 180 900 000 10 1 0 9 1 3 1 4 3 9 0 5 267 946 262 664 260 612 264 646 214 673 213 000 9 9 2 0 0 8 1 5 18 9 0 8 30 5 30 2 30 4 30 4 23 7 23 7 13 428 18 173 21 099 25 476 29 099 31 000 45 9 35 3 16 1 20 7 14 2 6 5 1 5 2 1 2 5 2 9 3 2 3 4 16 764 22 484 24 355 29 866 33 350 34 000 40 1 34 1 8 3 22 6 11 7 19 1 9 2 6 2 8 3 4 3 7 3 8 7 709 13 849 10 895 16 540 18 716 20 500 34 4 79 6 21 3 51 8 13 2 9 5 09 1 6 1 3 1 9 2 1 2 3
89. 2012 3 18 70 30 100 2012 2 40 50 Shared Wesearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved e 8233 SR Research Report 2014 5 1 2013 2 28 10 00 9 59 5 29 4 29 2 32 1 70 1 45 1 07 0 86 SSBT 0D05 OMNIBUS ACCOUNT TREATY CLIENTS 0 85 SR 1945 1968
90. 2 8 1 000 Shared Gewearch http Wwww sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 8233 SR Research Report 2014 5 1 1 10 1 000 3 000 50 3 000 10 000 150 10 000 250 3 09 2 10 2 11 2 12 2 13 2 330 827 330 827 330 827 330 827 330 827 EPS 35 6 23 4 42 0 33 0 50 1 EPS 34 5 22 1 39 1 30 7 46 6 DPS 10 0 10 0 10 0 10 0 10 0 BPS 843 8 871 1 897 9 915 9 998 6 28 1 42 8 23 8 30 3 19 9 SR
91. 1 000 x 6 4 365 1 17 5 1009 2 500 0 7 17 5 2 500 SR 12 000 000 10 000 000 8 000 000 J 4 V 6 000 000 4 000 000 U 2 000 000 1980 1982 1984 ww GO On
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95. SR Tnc SR Inc 3 31 12 03 5834 8787 http www sharedresearch p Email info sharedresearch D Copyright C 2013 Shared Research Inc All Rights Reserved
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98. 2012 3 2013 3 2011 3 2011 5 JR 2012 4 ShinQs 2012 5 SR Shared Research http Wwww sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 8233 SR Research Report 2014 5 1 2013 6 2 171 1 6 2 SR 2010 7 140 2010
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107. 1969 S C http www sharedresearch jp Copyright C 2013 Shared Research Inc Al Rights Reserved 8233 SR Research Report 2014 5 1 2003 11 2011 24 056 m 2014 2 425 44 241 46 329 47 663 49 137 49 719 46 754 42 301 41 781 40 515 40 936 42 468 1 0 4 7 2 9 3 1 1 2 6 0 9 5 1 2 3 0 1 0 3 7 23 121 24 012 24 012 24 012 24 012 24 012 24 012 24 012 24 007 24 007 24 056 SR JR
108. 40 2011 9 11 309 2013 1 036 24 0 1 3 350 50 6 7 2005 2006 2007 2008 2009 2010 2011 2012 2013 1747 171 2 117325 2 600 694 2 382 397 1586 772 2439816 1 658 073 2044 249 2 456 165 4 3 1 274 612 1 309 121 1 385 225 1 390 228 1 024 292 449 568 1 268 278 1412 875 508 691 993 974 1 466 688 14 2 210 821 481 704 71 298 810 352 265 432 042 550 192 364 865 745 881 12 1 120 238 125 704 89 532 82 177 177 541 214 881 144 969 260 859 453 642 18
109. 29 309 19 39 ROE 2014 2 5 49 6 2014 2 39 79 2019 2 49 2 Shared esearch http Wwww sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 8233 SR Research Report 2014 5 1 10 2 11 2 12 2 13 2 14 2 218 056 212 249 208 245 209 700 217 000 26 34 25 91 25 84 25 72 25 85 13 428 18 173 21 099 25 476 29 099 1 5 2 1 2 5 2 9 3 2 EBITDA 29 207 34 396 38 499 44 016 47 430 EBITDA 3 3 4 0 4 5 5 1 5 2 0 9 1 6 1 3 1 9 2 1 10 2 11 2 12 2 13 2 14 2 Pl ROA
110. http 7www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved amp 8233 SR Research Report 2014 5 1 SC MD S C S M S C 100
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112. 1988 1992 1994 1996 1998 2000 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 SR 1 TFT 1 10 000 000 6 4 175 342 SR S Shared esearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 8233 SR Research Report 2014 5 1 13 286 735 60 3 8 860 280 26 1 2 620 210 24 0 9 081 742 17 8 24 767 225 110 4 2011 2013 10 SR 1 4 1 3 8 2010 2011 2012 2010 2011 2012 2
113. 528 5 6 41 4 4 SR 100 1963 SC SC SC 2012 2 2014 2 335 4 5 69 4 5 2015 2 338 0 7 75 8 4 20
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116. 2014 2 368 8 7 84 8 0 2013 2 2001 9 2014 2 206 8 5 11 27 9 30 30 20 20 6
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119. 2014 2 93 2 4 29 2 6 3 E 14 4 2014 2 7 981 3 6 140 17 5 SC 9 1 Shared esearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 8233 SR Research Report 2014 5 1
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