アパマンショップホールディングス（8889）
Contents
1. SR Inc SR Inc2. http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 8889 SR Research Report 2015 4 1
3. FC 1 1 Ssh
4. sSh ared Pb T ch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved w 8S889 SR Research Report 2015 4 1 09 9 10 9 11 9 12 9 13 9 14 9 4 884 5 324 4 060 4 404 3 161 2 535 1 800 1 741 1 495 1 515 1 343 1 411 476 266 792 888 961 755 1 208 1 276 101 50 124 123 124 34 575 209 192 143 159 151 23 331 907 8 440 2 095 1 866 1 238 1 529 1 360 1 248 42 292 11 151 7 822 8 223 7 107 6 587 8 053
5. SR Sh aredd Mesearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 8889 SR Research Report 2015 4 1 2014 9 2014 9 36 655 0 0 202 2 108 8 7
6. 2014 9 79 613 Sh aredd Mesearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 8889 SR Research Report 2015 4 1 2014 9 60 426 32 867 27 559 09 9 10 9 11 9 12 9 13 9 69 964 68 054 65 077 58 870 59 619 60 426 3 936 1 910 2 977 6 207 749 807 2 7 4 4 9 5 1 3
7. Sh aredd Mesearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 8889 SR Research Report 2015 4 1 686 33 6 77 39 1 SOHO 2014 9 3 2014 9 3 27 762 0 3
8. FC AS FC FC CM AOS AOS 1 6
9. 2005 9 14 375 2008 9 5 698 2005 9 2008 9 2009 9 2014 9 2009 9 http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 8889
10. 1 100 1999 11 12
11. SR FC
12. PM 2014 9 1 812 99 28 SOHO 169 32 6 2013 9 36 642 5 19 2 310 0 3 Sh aredd Mesearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 8889 SR Research Report 2015 4 1 1 408
13. SR EFC 9 EFC SR http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 8889 SR Research Report 2015 4 1 FC
14. 2010 NHK 2012 HP 2012 4 2 2412 15 509 30 80
15. M amp A 2005 3 7 545 2005 11 IT NO 1 2 442 2006 3 AS SZKi 1 420 2006 3 2 860 2007 2 2008 3 RM
16. 14 9 15 9 18 834 17 821 36 655 38 700 0 5 0 59 0 09 5 6 6 002 5 086 11 088 12 300 8 8 2 8 6 0 10 9 11 893 11 749 23 642 24 000 2 8 1 4 0 8 1 5 939 2 400 5 166 10 221 11 500 0 5 12 596 29 09 29 7 6 900 15 996 56 196 3 900 5 596 16 3 700 SR 2015 9 38 700 11 500 2 400 1 800 1 000 2015 9 12 300 10 9
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18. 93 40 000 2 300 1 200 9 577 17 49 1 770 1 8 1 TVCM 2012 9 67 2011 9 3
19. Shared Researcn SR Inc SR Inc SR Inc SR Inc
20. 8 533 5 6 1 489 4 0 Sh aredd Mesearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 8889 SR Research Report 2015 4 1 3 87 11 1 45 1 7 4 11 1 28 0 24 796 7 0 3 4 6 3 4 6
21. Weaknesses M amp A 2008 9 2014 9 20 09 3 0 2008 9 2 19 28 4
22. 2009 9 Shared esearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 8889 SR Research Report 2015 4 1 PI 2007 9
23. 5 250 2 250 2012 9 2014 9 3 2 028 2 623 2013 9 2014 9 3 2014 9 95 59 3 95 09 2014 9 1 000
24. anzen A N 4 SR
25. 100 FC 100 35 749 sSh ared Pb T ch be http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved w 8889 SR Research Report 2015 4 1 21 7 000 1 400 5 147 II 1 254 1 226 1 3g R 5 000 1 200 5 0 9 5 300 1 000 a 085 5 dd 5 015 4 000 709 701 ggg 708 sea ege 704 726 715 7 239 231 742 22 ano 3 000 600 2 000 400 21 1 000 EE a 200
26. 39 1 623 2 4 320 213 218 353 1 077 2 4 2013 9 3 1 654 2014 9 3 1 097 28 2 2014 9 1
27. 1 110 644 FC 465 2013 9 2 1 054 598 FC 465 1 1 0 8 3 1 2 8 2 2 1 7 1 6 9 7 1 11 893 0 49 620 29 6 c 2 86 59 845 32 286
28. A 119 000 18 18 818 125 000 1 6 875 2014 3 7 1 818 2014 2 3 3 Stasia Capital Holding Limited
29. PI 2009 9 FC FC http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 8889 SR Research Report 2015 4 1 1 200 3 1 132 FC oo 1 000 89 1 000 0 BB 81 831 97 72 766 a 95 63 64 70 9209 700 600 600 0 462 400 301 200 0 SS OMP OS AM SR
30. FC SR M amp A 2012 9 1 000
31. 2013 9 749 59 619 31 846 1 473 27 773 724 PI 1 932 22 69 112 1 8 451 72 49 77 29 2012 9 2012 10 31 2012 9 38 616 9 3 2 316 5 9 1 353
32. 2009 11 5 325 984 756 4 644 Sh aredd Mesearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved sSh afedt Pb T ch lp http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 8889 SR Research Report 2015 4 1 2 322 JASDAQ 4763 1 2453 JASDAQ 8699 Oak
33. 8 000 7 000 6 000 5 000 4 000 3 000 2 000 1 439 1 408 1 000 05 9 06 9 07 9 08 9 09 9 10 9 11 9 12 9 13 9 14 9 4 000 3 058 3 000 1 638 2 000 1 000 1 148 1 353 1 000 2 000 3 000 4 000 5 000 6 000 7 000 8 000 05 9 06 9 07 9 08 9 09 9 10 9 11 9 12 9 13 9 14 9 SR 2006 9 4 354 1 148 2007 9 6 776 1 353 1 2006 9 1 278 2007 9 3 359 2 2 2008 9 http www sharedresearch jp Copyri
34. AS 2 1 FC OFC FC 1 000 PC
35. Sh aredd Mesearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 8889 SR Research Report 2015 4 1 2002 2014 2 3 2 2013 7 FC 70
36. 1 048 1 677 2 365 2 579 2 200 2 605 2 086 2 145 9 701 855 1 333 185 1 982 3 155 12 660 3 114 3 834 2 978 ROA 0 396 0 6 1 396 2 596 2 7 2 9 ROE 37 1 54 8 42 9 1 4 28 2 15 9 3 4 10 3 11 8 12 796 17 996 20 0 SR http Www sharedresearch jD Copyright C Shared Research Inc All Rights Reserved 8889 SR Research Report 2015 4 1 2015 4 1 2015
37. 2014 9 89 8 1 57 5 7 59 12 9 27 196 22 59 6 1 WEB 1 WEB 2 3 4 6 1 Sh aredd Mesearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 8889 SR Research Report 2015 4 1 i 7 1 WEB 2014 9 79 613
38. a ti boo mame 9 000 OO 7 000 G00 PFI O00 0 3 000 1 OO hl _ _ 1 07 9 08 9 09 9 10 9 11 9 12 9 13 9 14 9 7 2008 9 2008 9 PI 2009 9 2006 9 2008 9
39. 2000 5 2000 2 2000 2 100 5 200 9 300 2001 6 400 2001 3 JASDAQ 2002 2 500 9 600 2003 9 700 2005 6 800 2006 9 900 2005 M amp A 2008 9 PI Sh aredd Mesearch http www sharedresearch jp Copyright C Shared Res
40. FC FC FC Sh aredd Mesearch http www sharedresearch jpD Copyright C Shared Research Inc All Rights Reserved 8889 SR Research Report 2015 4 1
41. 269 188 177 156 164 60 888 37 79 1 661 2014 9 1 177 19 0 Sh aredd Mesearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 8889 SR Research Report 2015 4 1 6 002 8 8 1 053 12 4 2
42. 2 000 1 000 2015 2 17 2015 1 29 2015 9 1 2015 9 1 3 amp Sh aredd Mesearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 4 8889 SR Research Report 2015 4 1 14 9 15 9 15 9 ajw 46 16 8 872 9 962 8 928 8 893 68 862 22 9 38 700 1 496 2 396 1 996 1 096 0 1 5 6 2 199 2 856 2 608 2 558 2 398 0 3 10 6 1 4 0 39 9 0 24 8 28 7 29 2 28 8 27 1 1 911 1 967 2 161 2 074 2 104 5 0 2
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44. 2014 9 FC 2 2 AS NE Sh aredd Mesearch http www sharedresearch jpD Copyright C Shared Research Inc All Rights Reserved 8889 SR Research Report 2015 4 1 J FC 1 1 100 100 300 25 75 1 10 5 AS 1 7 1
45. 111 47 41 192 13 113 10 39 82 929 1 011 2 547 2 4 1 338 9 0 1 047 16 7 291 11 3 2014 9 452
46. 2014 9 WEB 1 2013 9 62 1 2014 9 57 5 1 2013 9 17 7 2014 9 12 9 2017 9 25 700 2014 9 8 79 4 100 http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 8889 SR Research Report 2015 4 1 10 9 2014 9 15 69 2017 9 0 4 16 0
47. 2014 9 760 20 60 2014 10 31 8 8 2014 9 FC HD 1 132 85 1 038 9 21 849 849 801 427 366 8 569 240 329 503 104 367 32 470 241 229 428 428
48. 35 Geek 48 EE E E E EE 51 i 55 so 56 56 amp Li 57 59 ee 59 eo 60 ee 60 EE E Ek 5 62 http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved shared esearch lt 8889 SR Research Report 2015 4 1 15 9 38 700 5 696 11 500 12 5 29 7 2 400 13 9 6 2 1 800 25 1 4 7 1 000 10 0 09 9 10 9 11 9 12 9 13 9 14 9 52 520 47 307 42 583 38 616 36 642 36 655 11 3 9 9 10 0 9 3 5 1 0 0 10 527 10 731 10 634 10 034 9 914 10 221 34 296 1 9 0 9 5 6 1 2 3 1 20 0 22 7 25 0 26 0 27 1 27 9 220 1 673 2 187 2 316 2 310 2 108 52 0 660 5 30 7 5 9 0 3 8 79 0 49 3 596 5 196 6 0 6 3 5 8 303 480 859 1
49. 2 500 2 000 500 2012 9 4 370 2011 9 536 PI 2 496 32 8 114 46 79 2012 9 108 18 387 2011 9 124 21 121 1 966 2011 9 2 411 444 1 633 17 1 29 2011 9 40 Sh aredd Mesearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserve
50. 09 9 10 9 11 9 12 9 13 9 14 9 903 900 912 1 000 1 062 1 132 FC 840 836 8642 933 981 1 043 23 4 6 91 48 62 63 64 70 67 81 89 9 1 6 3 14 8 SR 09 9 10 9 11 9 12 9 13 9 14 9 1 49 300 53 753 54 577 57 487 62 186 57 533 1 7 100 11 202 13 475 16 275 17 728 12 919 14 5 20 8 24 7 28 396 28 596 22 5 54 3 59 2 58 1 56 6 54 496 53 5 SR 12 9 13 9 14 9 1 737 2 165 2 368 717 827 854 15 3 3 3 FC 856 1 126 1 270 31 5 12 8 PM 163 212 243 1 216 1 462 1 674 677 800 830 FC 378 461 608 PM 160 200 236 SR
51. 2013 9 81 14 1 62 186 8 2 17 728 8 9 28 596 0 2 2013 9 78 405 12 274 2012 9 2013 9 SR 2 2013 9 1 062 62 AOS 9 769 427 832 608
52. 6 545 460 2013 9 14 198 060 46 19 2014 3 A 18 189 119 000 A 5 2011 3 30 5 4 200 000 2014 9 14 198 060 29 696 8889 SR Research Report 2015 4 1 09 9 10 9 11 9 12 9 13 9 a 1 1 048 1 677 2 365 2 579 2 200 2 605
53. 2000 2010 2015 2020 2025 2030 40 670 46 782 50 287 50 600 50 441 49 837 48 802 6 112 3 505 313 159 604 1 035 9 390 12 911 15 707 16 563 17 334 17 922 18 237 3 521 2 796 856 771 588 315 23 1 27 6 31 2 32 7 34 4 36 0 37 4 6 294 8 835 10 085 10 186 10 045 9 762 9 391 2 541 1 250 101 141 283 371 15 5 18 9 20 1 20 1 19 9 19 6 19 2 15 172 14 919 14 030 13 256 12 394 11 524 10 703 253 889 774 862 870 821 37 3 31 9 27 9 26 2 24 6 23 1 21 9 2 753 3 578 4 514 4 824 5 013 5 072 5 027 825 936 310 189 59 45 6 8 7 6 9 0 9 5 9 9 10 2 10 3 7 063 6 539 5 951 5 771 5 655 5 557 5 443 524 588 180 116 98 114 17 4 14 0 11 8 11 4 11 2 11 2 11 2 65 4 655 5 621 6 311 6 729 7 173 966 690 418 444 9 3 11 1 12 5 13 5 14 7 SR 2010 2015 2020 2025 2030 6 069 6 224 6 308 6 332 6 314 155 84 24 18 3 718 3 806 3 853 3 863 3 832 88 47 10 31 2
54. FC FC FC AOS WEB FC 5
55. EE 0120 27 1000 see No 1 smoegkstmoe 1 64J 9 i amp Fa a 3 apamanshop com Shared esearch lp http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 8889 SR Research Report 2015 4 1 FC 2006 FC FC FC
56. 2 2 086 2 145 9 701 855 1 333 185 FCF 1 2 3 134 3 822 12 066 3 434 3 533 2 420 1 982 3 155 12 660 3 114 3 834 2 978 A 1 180 3 390 1 755 1 636 1 637 1 677 B 79 1 420 9 429 1 001 769 226 C 2 525 23 135 1 212 120 1 5 4 FCF NI A B C 4 820 24 223 9 270 2 610 4 794 2 886 SR 2009 9 2009 9 62 6 2014 9 11 1 2014 9 1 142 2014 9 12 701 SR
57. 2005 2 2009 9 2010 9 2012 9 2008 9 2 49 2014 9 20 09
58. 82 10 1 34 9 0 6 13 3 4 7 38 1 2 1 1 2 79 091 2 1 081 58 AOS 10 208 570
59. SR 2017 9 13 900 2014 9 25 4 8 000 34 4 2014 9 53 7 3 9 2017 9 57 6 FC 167 15 2012 9 2014 9 3 FC 201 19 SR 1 2014 9 57 2017 9 60 1 2014 9 12 2017 9 16
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62. MG VOYAGE GROUP SBS KLab J GCA
63. 1 56 5 634 SR 2005 2006 2007 2008 2009 2010 2011 2012 2013 67 9 62 0 73 1 68 6 57 2 54 5 60 2 57 2 59 4 9 9 11 4 14 4 19 9 32 7 26 8 22 3 44 3 28 0 11 6 13 9 11 5 11 1 7 796 12 296 15 796 11 396 18 49 11 796 10 7 2 9 5 4 2 6 7 6 7 9 20 6 11 1 3 8 4 8 1 9 2 9 6 7 2 4 3 2 1 4 2 2 2 6 2 0 2 9 0 9 0 9 2 0 2 396 3 496 5 09 SR Shared esearch lp http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 8889 SR Research Report 2015 4 1 ai 2004 2015
64. 3 1 3 2 2 4 2 3 24 10 6 10 4 23 642 0 896 1 044 1 6 2014 9 60 426 976 32 867 1 076 27 559 100 1 7 95 5 SR 1 1 2 PI 1 836 5 0 8 112
65. 5 1 FC FC 200 FC WEB 1 000
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67. 11 189 2005 9 2004 9 70 996 85 370 21 547 28 654 2008 9 3 2008 9 3 PI AS SZKi Sh aredd Mesearch http www sharedresearch jp Copyright C
68. 1 89 0 19 242 61 2 61 16 Sh aredd Mesearch http www sharedresearch jpD Copyright C Shared Research Inc All Rights Reserved 8889 SR Research Report 2015 4 1 2015 9 14 9 15 9 el 5 6 27 200 11 500 12 5 29 7 9 100 23 596 2 400 13 996 6 2 1 800 25 1 4 796 1 000 SR
69. 160 442 7 4 26 756 1 007 313 516 1 391 485 109 4 45 2 624 1 988 3 892 1 647 2 622 1 363 596 5 148 561 1 476 366 118 1 036 3 058 3 126 93 2 213 1 482 195 296 33 0 2 0 6 5 0 2 6 0 4 0 SR 2009 9 11 3 52 520 RM PI 52 09 1 433 756 209
70. 3 164 http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 8S889 SR Research Report 2015 4 1 3 829 1 036 2010 9 2 PI 5 918 5 123
71. 4 101 16 956 17 370 907 316 54 4 14 26 2014 9 1 2014 9 1 8 872 1 49 240 248 337 12 288 4 3 86 92
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73. 2 3113 46 2011 3 30 A 654 546 900 2 750 1 375 1 09 9 10 9 11 9 12 9 13 9 14 9 1 034 1 360 1 360 1 360 1 363 14 198 655 655 655 536 EPS 1 066 2 2 413 6 1 918 0 47 9 1 133 1 76 7 EPS 1064 0 70 6 DPS 100 0 10 0 BPS 3 315 0 6 115 8 3 725 1 3 796 8 5 514 8 577 2 SR A 2012 3 30 A
74. 2014 9 28 984 2017 9 22 800 2014 9 3 786 2017 9 4 800 2014 9 20 0 2017 9 28 09 Sh aredd Mesearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 8889 SR Research Report 2015 4 1 2014 9 1 132 IPI 4
75. 6 900 Shared esearch lp http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 8889 SR Research Report 2015 4 1 15 99 2014 9 53 79 2 4 56 1 FC 67 5 72 1 110 94 1 204 1 57 2 59 1 12 2 14 2014 9 WEB 1 2013 9 62 1 2014 9 57 5 1 2013 9 17 7 2014 9 12 9
76. 89 096 52 196 28 696 0 796 11 296 12 296 2 000 450 500 1 200 1 600 1 700 303 480 859 1 353 1 408 1 439 84 9 6 7 71 8 12 896 12 09o 15 496 1 000 200 200 400 1 000 2 000 1 036 3 058 3 126 93 2 213 1 482 3 6 1429 0 76 8 121 396 25 996 SR 2009 9 PI http www sharedresearch jD Copyright C Shared Research Inc All Rights Reserved 8889 SR Research Report 2015 4 1 2010 9
77. WEB 1 57 5 1 16 17 49 28 4 3 7 2012 9 90 679 2011 9 98 482 2012 9 3 2012 9 1 000 2011 9 88 AOS 2012 9 8 93
78. 2015 9 24 000 1 5 3 900 5 5 15 69 0 7 16 3 1 050 450 1 500 33 917 28 009 61 926 95 5 95 09 Sh aredd Mesearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 8S889 SR Research Report 2015 4 1 2014 10 2015 9 2017 9 3 2 2017 9
79. PI 2011 9 PI 10 9 11 9 12 9 13 9 09 9 52 520 6 7 120 9 1 6 13 6 32 226 27 496 61 4 PI 6 801 3 277 1 439 220 52 0 0 4 757 10 6 477 1 5 PI 36 198 906 SR 47 307 9 9 8 181 14 9 17 3 29 819 7 5 63 0 4 866 2 757 1 282 1 673 660 5 3 5 935 23 5 11 4 670 40 5 2 2 757 46 687 42 583 10 0 8 158 0 3 19 2 27 889 6 5 65 5 3 714 1 971 1 219 2 187 30 7 5 1 1 802 92 7 22 1 851 27
80. 2014 5 1009 2014 1 2014 1 9 100 2013 12 30 100 100 2013 10 2013 10 31 2014 3 31 1 10 2014 3
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82. 21 336 179 149 8 SR 2014 9 1 1 132 2 21 ASDAQ 8898 849 3 8 amp 801 21 2 http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 8889 SR Research Report 2015 4 1
83. 4 170 93 126 32 929 Sh aredd Mesearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 8889 SR Research Report 2015 4 1 425 2 609 10 2 328 11 6 2014 9 1 1 069 65 AOS 9
84. FC 2006 9 95 2013 9 sh ared hesearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 8889 SR Research Report 2015 4 1 WEB
85. 386 187 266 509 1 439 2 2 2013 9 1 656 2014 9 1 482 33 09 2014 9 1 11 088 6 0 2 050 3 1 MR
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87. 3 1 1 98 7 483 43 9 45 35 1 SOHO 2014 9 2 2 18 834 0 5 122 1 176 11 7
88. 57 4 93 2011 9 3 126 1 2011 9 AS SZKi 2 3 Sh aredd Mesearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 8889 SR Research Report 2015 4 1 1 2 TIT 8 69 7 718 1 034 2011 9 1 556
89. WEB 1 190 2014 9 8 WEB FC AOS AOS APS ATS FC Sh aredd Mesearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 8889 SR Research R
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91. SR Inc SR Tnc 3 31 12 03 5834 8787 Email info sharedresearchjp Sh aredd Mesearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved
92. 6 309 5 2496 4 82 2 87 1 60 1 5996 MG 1 44 1 3896 1 22 SR 2014 9 30 1965 1998 10 1999 Shared esearch lp http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 8889 SR Research Report 2015 4 1 2014
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94. 2013 9 39 2014 12 88 8 1 2014 9 1 11 4 7 99 1 1 34 7 9 79 4 0 2014 12 79 776 2014 12 1 132 Sh aredd Mesearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 8889 SR Research Report 2015 4 1 63 AOS
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104. Shared Research Inc All Rights Reserved 8889 SR Research Report 2015 4 1 2014 9 48 551 28 984 2008 9 2 44 156 2014 9 10 2014 9 12 701 6 914 PI 5 633 M amp A RM 2008 3 6 SR 2013 9 PI
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