2015 年 4 月
Contents
1. SR Inc SR Inc Shared Researcnh SR Inc2. 109 2 1 1 9787 SR Research Report 2015 4 9 1 700 17 IE 1 600 506 16 1 500 1555 15 1905o 145600o 1 400 1440 14 142o 4 296 06 1405 0o 1 300 134 134 1340 13
3. IT IT http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 9787 SR Research Report 2015 479 ESCO 2015 2
4. IR 2 Sh aredd Mesearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 9787 SR Research Report 2015 4 9 CSR Corporate Social Responsibility CSR LED
5. 9 3 19 FYO02 13 FY02 14 FY02 15 e Q1 Q3 Q4 Q1 Q3 Q4 Q1 7 508 8 571 7 419 702 7 498 8 716 7 479 9 636 8 330 YoY 4 096 2 196 5 996 1 696 0 196 1 796 0 896 25 196 11 1 454 728 432 782 535 812 433 1 288 551 YoY 8 596 9 896 5 996 9 896 17 896 11 596 0 296 64 796 3 096 6 09 8 596 5 896 10 206 7 196 9 396 5 896 13 49 6 696 Shared esearch lp http Www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 9787 SR Research Report 2015 4 9 SR
6. 200 2014 2 2 1 2014 4
7. 3 93 2015 2 2016 2 1 ESCO 2 ESCO 100 2016 ESCO ESCO ESCO
8. ESCO Energy Service Company ESCO 2 SR Windows XP
9. 5 1 4 2015 2 2016 2 GMS 2016 2 1 500 3 3 300 GMS
10. NTT 1 6501 FMS SR
11. 2014 2 4 20 4 FY02 14 FY02 15 EPE Q1 Q2 Q3 Q4 QL Q2 Q3 Q4 Q1 2 072 2 218 3 509 3 024 2 964 3 433 3 604 3 550 3 460 YoY 23 0 13 5 62 4 38 7 43 1 54 8 2 7 17 4 16 7 40 191 293 20 77 323 312 117 308 YoY 33 2 92 5 69 1 6 5 300 0 1 9 8 6 8 3 2 2 6 9 4 8 7 3 3 8 9 D SR
12. 2013 2 100 M amp A 5 000 Weaknesses M amp A FMS 70
13. 10 lt 159 2013 2 6 2 113 kWh 22 kWh 465 2014 4 Sh aredd Mesearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 9787 SR Research Report 2015 4 9 800
14. FMS Sh ared esearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 9787 SR Research Report 2015 4 9 2012 10 2011 2011 4 2012 3 3 7 130 3 19 2
15. 3 1 0 1 http Wwww sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 9787 SR Research Report 2015 4 9 FYO2 13 FY02 14 FY02 15 4 Palgl Q1 ep Q3 Q4 Qi1 ep Q3 Q4 Q1 11 081 18 884 15 767 7 339 15 888 13 929 8 254 7 559 11 858 YoY 96 4 126 8 121 7 1 3 43 4 26 29 47 7o 3 0 25 496 461 796 450 502 851 764 474 491 741
16. FYO02 09 FY02 10 FY02 11 FYO02 12 FY02 13 FYO02 14 8 2 8 2 7 7 7 4 6 6 6 3 6 9 44 7 44 6 47 6 49 4 55 7 58 2 53 0 6 565 0 4 965 8 196 4 127 3 116 2 94 3 78 7 0 1 0 1 1 9 2 9 3 1 3 9 4 6 12 0 12 2 9 4 8 3 9 1 8 7 8 0 30 5 29 9 39 0 44 1 40 3 41 8 45 4 14 3 14 8 10 4 8 2 18 5 20 3 12 3 SR 2010 9 5 http www sharedresearch jpD Copyright C 2013 Shared Research
17. 1976 1995 1999 2000 1987 1997 1990
18. 9787 SR Research Report 2015 4 9 FY02 13 FY02 14 FY02 15 z Q1 02 Q3 Q4 Q1 02 03 Q4 Q1 02 7 508 8 571 7419 702 7 498 8 716 479 9 636 8 330 9 471 YoY 4 096 2 196 5 996 1 696 0 196 1 796 0 896 25 196 11 1 8 7 454 728 432 782 535 812 433 1 288 551 894 YoY 8 596 9 896 5 996 9 896 17 896 11 5 0 2 64 796 3 096 10 1 6 0 8 596 5 896 10 2 7 1 9 396 5 896 13 496 6 696 9 496 SR 2014 2 0 FY02 13 FY02 14 FY02 15 Paj D Qi1 Q2 Q3 Q4 Q1 Q3 Q4 Q1 2 072 2 218 3 509 3 024 2 964 3 433 3 604 3 550 3 460 3 859 YoY 23 0 13 5 62 4 38 7 43 1 54 8 2 7 17 4 16 7 12 4 40 191 293 20 77 323 312 117 30
19. 51 2 3 2014 2 1 http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 9787 SR Research Report 2015 4 9 2015 2 2016 2
20. SR Inc SR Inc SR Inc SR Inc SR Inc http www sharedresearch D Email info sharedresearch 1p
21. 2016 2 Sh aredd Mesearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved sSh ared 1 ch lp http www sharedresearch jpD Copyright C 2013 Shared Research Inc All Rights Reserved 9787 SR Research Report 2015 4 9 2016 2 2015 2 2014
22. 4 11 2014 2 7 3 2010 9 66 4 FY2 11 FY2 12 FY2 13 FY2 14 FY2 14 Pjg Ke pAe 5 271 7 980 10 823 13 551 2 964 3 433 3 604 3 550 YoY 51 4 35 6 25 2 43 1 54 8 2 7 17 4 375 156 504 829 77 323 312 117 YoY 58 4 223 1 64 5 92 5 69 1 6 5 685 0 7 1 2 0 4 7 6 1 2 6 9 4 8 7 3 3 D SR shared esearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Res
23. 2015 2 Sh aredd Mesearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 9787 SR Research Report 2015 4 9 2021 2 1 800
24. 65 70 8 9 6 SM 6 7 M amp A M amp A 2008 10 40 2009 4 40 2010 9 9
25. M amp A 100 9 2014 2 2011 2 315 153 2013 2 68 10 2007 2 39 99 2010 2 64 2 ROE 2011 2
26. 2011 4 90 2011 5 24 365 JASDAQ 2702 1 8218 2012 10 55 hared Wesearch http Www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 9787 SR Research R
27. FY02 13 FY02 14 FY02 15 Pal Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 10 371 10 753 10 646 10 280 10 622 10 848 11 198 10 790 11 228 11 642 11 532 YOY 2 090 0 49 6 1 096 0 396 2 49 6 0 9 5 2 5 0 5 7 7 3 3 0 1 105 1 220 1 080 1 256 1 151 1 266 1 188 1 120 1 029 1 098 1 074 YoY 16 0 OG 0 8 7 4 2 3 8 OO OO OG OS S O 9 6 10 7 11 3 10 1 12 2 10 8 11 7 10 6 10 4 9 2 9 4 9 3 SR BEMS 3 5 3 11 2 1 2015 2 PC
28. 148 118 76 400 350 ce 342 300 6 245 mm 298 204 200 3 se 109 39 100 FE 134 136 140 142 148 50 16 22 33 87 94 6 7 8 6 7 as ga oil 02 03 04 OM 02 03 04 0Q1 0Q2 03 04 O01 2 03 04 FY2 12 FY2 13 FY2 14 FY2 15 SR Sh ared lesearch http www sharedresearch jpD Copyright C 2013 Shared Research Inc All Rights Reserved 9787 SR Research Report 2015 4 9 2015 2 3 2016 2 3 1 PC 2
29. 2014 2 2014 2 1 500 1 8 SR AD AEON Delight Shared Gxcscarch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 9787 SR Research Report 2015 4 9 SR
30. FMS Sh aredd Mesearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved Shared esearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved ve 9787 SR Research Report 2015 4 9 350 326 300 s 245 194 204 sa 1 150 138 2 47 109 100 m22 47 1 2 LE LU 2 50 16 22 33 g7 94 6 7 8 ua ga 10 20 30 40 10 20 30 40 10 20 30 40 10 20 FY2 12 FY2 13 FY2 14 FY2 15 SR 2014 2
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32. 4 FMS 8905 2015 2 7 2016 2 10 2017 2 9 Shared Gxcscarch lp http Www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 9787 SR Research Report 2015 4 9
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35. 2017 3 10 ESCO FMS 100 From Japan Made in China FMS 70 0 TIT Sh ared esearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 9787 SR Research Report 2015 4 9 BPO
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38. 2 3 IT 2014 2 2 572 151 81 6 Sharedd Mesearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 9787 SR Research Report 2015 4 9 2015 2 2 700 160 86 2017 2 3 300 210 110 2017 2 35 10 at cl 2013 2 2013 2 2 489 13 2 421 0 2 318 1 39
39. LED 302 5 6 LED 12 196 13 0 163 9 8 2013 2 139 1 19 LED 22 14 1 15 18 5 5 223 1 2013 2 0 5 9 sh ared hesearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved
40. 1 3 1 3 1 3 500 No 1 250 245 204 200 194 150 109 100 ma 47 1 134 50 33 87 94 136 140 6 7 8 16 47 48 10 20 30 40 10 20 30 40 10 20 30 40 10 FY2 12 FY2 13 FY2 14 FY2 15 SR
41. FY02 13 FY02 14 FY02 15 Qi1 Q2 Q3 Q4 Qi Q2 Q3 Q4 Qi1 Q2 7 898 7 909 7 966 8 032 8 438 8 367 8 481 8 956 8 935 8 891 YoY 3 8 1 0 0 7 0 2 6 8 5 8 6 5 11 5 5 9 6 3 601 669 656 766 642 700 761 762 695 717 YoY 13 4 3 0 5 1 2 4 6 8 4 6 16 0 0 5 8 3 2 4 7 6 8 5 8 2 9 5 7 6 8 4 9 0 8 5 7 8 8 1 D SR FY02 13 FY02 14 FY02 15 EM ol oo oo oo ol oi 10 122 10 084 10 205 10 108 10 539 10 485 10 642 10 654 10 942 10 960 YoY 1 7 2 1 1 8 1 2 4 1 4 0 4 3 5 4 3 8 4 596
42. 2012 12 A LED 6 BEMS BEMS Sh ared Wesearch http www sharedresearch jpD Copyright C 2013 Shared Research Inc All Rights Reserved 9787 SR Research Report 2015 4 9 BEMS
43. is sSh afedt Pb T ch lp http www sharedresearch jpD Copyright C 2013 Shared Research Inc All Rights Reserved 9787 SR Research Report 2015 4 9 5 SR 3 1 3 4 2016 2
44. 2 3 FMS 2011 5 BEMS 2011 4
45. 5 3 1 4 2016 2 FYO2 13 FY02 14 FY02 15 Paj Q1 0p4 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 11 081 18884 15 76 7 339 15 888 13 929 8 254 7 559 11 858 11 133 9 366 YOY 96 496 126 8 121 7 1 3 43 4 26 296 47 7926 3 0 25 496 20 196 13 590 461 796 450 502 851 764 474 491 741 754 678 YoY 30 6 23 6 0 4 4 84 6 4 0 5 3 LT LN 1 3 43 0 4 290 4 296 2 9 6 8 5 49 5 5 5 7 6 5 6 2 6 8 7 2 SR LED 3 15 0 LED 11 3
46. LED http Www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 9787 SR Research Report 2015 4 9 LED 2011 2 020 2012 3 700 2020 4 500 LED 260 7 400 2013 4 1 12 5 000 400 x 12 2010 3 1 335
47. 3 FY2 11 FY2 12 PFY2 13 PFY2 14 FY2 14 1Q 2Q 3Q 16 420 28 513 53 071 45 630 15 888 13 929 8 254 7 559 YoY 18 2 73 6 86 1 14 0 43 4 26 2 47 7 3 0 1 214 1 936 2 209 2 580 851 764 474 491 YoY 59 5 14 1 16 8 84 6 4 0 5 3 2 2 7 4 6 8 4 2 5 7 5 4 5 5 5 7 6 5 SR Mei 7 Pe 10 9010 LED LED 2013 2 260 2012 2
48. 43 458 3 3 400 BEMS 34 242 7 37 17 Sh aredd Mesearch http www sharedresearch jpD Copyright C 2013 Shared Research Inc All Rights Reserved 9787 SR Research Report 2015 4 9
49. BEMS CO2 SPC 2015 2 SR Shared Gxcscarch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 9787 SR Research Report 2015 4 9 FY2 11 FY2 12 FY2 13 FY2 14 FY2 14 EL 1LQ 2Q 3Q 4Q 18 718 36 730 39 284 44 543 10 721 11 023 11 542 11 257 YoY 4 3 96 2 7 0 13 4 12 6 12 8 14 8 13 4 627 1 234 1 462 2 333 573 636 533 591 YoY 96 8 18 5 59 6 109 9 98 8 39 9 21 1
50. 9787 SR Research Report 2015 4 9 FY2 11 FY2 12 FVY2 13 FVY2 14 FY2 14 EL 1LQ 2Q 3Q Te 32 088 32 235 31 805 34 242 8 438 8 367 8 481 8 956 YoY 6 3 0 5 1 3 7 7 6 8 5 8 6 5 11 5 2 764 2 823 2 692 2 865 642 700 761 762 YoY 2 1 4 6 6 4 6 8 4 6 16 0 0 5 8 6 8 8 8 5 8 4 7 6 8 4 9 0 8 5 SR 13 1 2331 2013 3 23 2 9 1 9735 34 2 2012
51. 1 2 2015 4 25 175 000mz 4 000 FY02 13 FY02 14 FYO02 15 a Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 10 122 10 084 10 205 10 108 10 539 10 485 10 642 10 654 10 942 10 960 11 129 11 256 YoY 1 796 2 1 1 896 1 296 4 196 4 096 4 396 5 49 3 8 4 596 4 696 5 796 1 441 1 508 1 446 1 523 1397 1404 1425 1490 1469 1552 1592 1676 YOY 2 1 61 3 0 1 6 3 1 I 69 S02 2 5 2 10 5 11 7 12 5 14 2 15 0 14 2 15 1 13 3 13 4 13 4 14 0 13 4 14 2 14 3 14 9 SR
52. FMS shared esearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved Shared Pb T ch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 9787 SR Research Report 2015 4 9 0 4 LED LED 0 4 LED
53. 405 1 7 90 LED 74 2013 2 260 531 86 19 393 7 0 312 3 2 108 35 6
54. 1 2015 2 PC 2 3 1 2015 2 2 3 ESCO sSh ared Pb T ch lp http www sharedresearch jpD Copyright C 2013 Shared Research Inc All Rights Reserved 9787 SR Research Report 2015 4 9 40 4 FYO02 14 FY02 15 a Ql1 Q2 Q3 Q4 Ql1 Q2 Q3 Q4 QL Q2 Q3 Q4 7 898 7 909 7 966 8 032 8 438 8 367 8 481 8 956 8 935 8 891 9 305 9 491 YOY 3 896 1 096 0 796 0 296 6 896
55. 2 5 Shared 6 5EGdT ch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved sSh ared esearch 9787 SR Research Report 2015 4 9 FY02 14 FY02 15 FY02 16 cl 133 552 123 691 257 243 134 049 132 656 266 705 138 000 142 000 280 000 YoY 376 1 3 3 4 0 4 7 27 6 3 7 2 9 7 0 0 116 570 106 958 223 528 116 771 114 617 231 588 16 981 16 733 33 714 17 278 17 839 35 117 YoY 13 3 9 8 5 1 7 6 6 4 2 12 7 13 5 13 1 12 9 13 4 13 2 9 406 9 193 18 599 9 575 19 256 7 0 7 4 7 2 7 1 7 2 7 575 7 540 15 115 7 702 8 159 15 861 8 000 9 000 17 000 YoY 6 5 TTL 8 7 1 7 8 2 4 9 3 9 10 3 7 200 5 6 1 5 9 7 0 6 2 9 5 8 6 3 6 1 7 571 7 521 15 092 7 725 8 218 15 943 8 000 9 000 17 000 YoY 6 3 sw 8 6 2 0 9 3 6 5 6 3 6 9 5 6 6 SN 6 1 97 5 8
56. Sh ared esearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 9787 SR Research Report 2015 4 9 M amp A M amp A FMS BPO 2017 2 2014 2 3 1
57. 2014 2 IT FMS FMS FMS 2020 FM FMS
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62. 2009 2 4 500 SR RR 1 9 600 2011 4 17 2
63. 33 329 6 8 4 800 13 551 25 2 50 9 5 12 2013 2 2 2015 2 2017 2 1 FMS
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65. 94 0 95 0 95 SR 6 Shared esearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 9787 SR Research Report 2015 479 1954 1971 1985 2002 2006
66. 2014 3 5 93 8 9 8 2015 2 6 9 3 8 7 2 5 3 25 ESCO 2015 2 BEMS 2014 5
67. 58 5 2013 2 2011 2 29 0 shared esearch lp http Wwww sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 9787 SR Research Report 2015 4 9 09 2 10 2 11 2 12 2 13 2 27 383 52 999 54 433 19 6 29 8 27 0 22 466 20 280 19 647 20 215 20 610 18 7 18 7 14 0 11 4 10 2 94 857 86 071 87 185 95 676 118 200 79 2 79 2 62 3 53 9 58 5 2 475 2 256 5 808 8 766 8 687 2 1 2 1 4 1 4 9 4 3 119 799 108 608 140 024 177 658 201 933 SR Shared esearch lp http Wwww sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved
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69. FMS 2013 2 12 642 42 050 30 15 129 31 805 48 13 727 40 519 34 26 484 53 071 50 11 956 39 284 30 5 609 31 200 18 3 720 10 823 34 89 270 248 756 36 SR Sh ared Wesearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 9787 SR Research Report 2015 4 9 4 65 8 6 6 7 1 6845
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71. JR 1 2 3 IT 2015 2
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75. M amp A 3 No 1 2017 2 3596 2014 2 319 2017 2 35 40 FMS Sh ared Wesearch http www sharedresearch jpD Copyright C 2013 Shared Research Inc All Rights Reserved 9787 SR Research Report 2015 4 9
76. 2014 2 42 320 16 5 5 716 25 5 13 5 2021 2 1 800 M amp A 1 3 10 1 2 FMS
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78. 2015 2 2 am oa ou Q1 Q2 Q3 Q4 Qi1 Q2 Q3 Q4 Qi1 Q2 10 371 10 753 10 646 10 280 10 622 10 848 11 198 10 790 11 228 11 642 YoY 2 0 0 4 1 0 0 3 2 4 0 9 5 2 5 0 5 7 7 3 1 105 1 220 1 080 1 256 1 151 1 266 1 188 1 120 1 029 1 098 YoY 16 0 8 8 15 29 6 8 79 6 4 296 3 8 10 0 10 8 10 6 13 3 10 7 11 396 10 1 12 2 10 8 11 7 10 6 10 4 9 2 9 4
79. 51 09 2013 9 M amp A 51 0 AEON DELIGHT VIETNAM CO LTD 100 tk FMS AEON DELIGHT MALAYSIA SDN BHD 100 FMS FMS
80. Sh aredd Pb T ch lp http www sharedresearch jpD Copyright C 2013 Shared Research Inc All Rights Reserved 9787 SR Research Report 2015 4 9 FY02 13 FY02 14 FY02 15 6 Pc Q1 Q2 Q3 Q4 Ql1 Q2 Q3 Q4 Qi1 7 898 7 909 7 966 8 032 8 438 8 367 8 481 8 956 8 935 YoY 896 1 096 0 7 0 2 6 8 5 896 6 59 11 596 5 996 601 669 656 766 642 700 761 762 695 YoY 13 4 3 0 5 1 2 4 6 8 4 6 16 0 0 596 8 396 696 8 596 8 296 9 596 7 6 8 49 9 09 8 5950 7 8 DSR
81. ESCO 9787 SR Research Report 2015 4 9 FY02 13 FY02 14 FY02 15 e Q1 Q2 Q3 Q4 Q1 Q2 ek Q4 Q1 Q2 ek 7 898 7909 7966 8 032 8 438 8 367 8481 8956 8935 8891 9 305 YoY 3 8 1 0 0 7 0 2 6 8 5 8 6 5 11 5 5 9 6 3 9 7 601 669 656 766 642 700 761 762 695 717 824 YoY 13 4 3 0 5 19 2 4 6 8 4 6 16 0 0 5 83 24 8 3 7 6 8 5 8 2 9 5 7 6 8 4 9 0 8 5 78 8 1 8 9 D SR 3 7 3 6 3
82. FY02 13 FY02 14 FY02 15 e Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Qi1 Q2 Q3 7508 8571 7419 7702 7498 8716 7479 9636 8330 9471 8 003 YoY 4 0 2 19 5 9 1 6 0 1 1 79 6 0 8 25 1 11 1 8 7 7 0 454 728 432 782 535 812 433 1288 551 894 506 YoY 8 5 9 8 5 9 9 8 17 8 11 59 0 2 64 79 3 0 10 19 16 9 6 0 8 59 5 8 10 2 7 1 9 3 5 8 13 4 6 6 9 4 6 3 SR 2014 2 3 FYO2 13 FY02 14 FY02 15 e Q1 Q2 Q3 Q4 Qi1 Q2 Q3 Q4 Qi1 Q2 Q3 2072 2218 3 509 3024 2964 3 433 3604 3550 3460 3859 3 735 YoY 23 0 13 59 6 62 4 38 7 43 1 54 8 2 7 17 4 16 79 6 12 49 3 6 40 191 293 20 77 323 312 117 308 369 179 YoY 33 29 92 5 69 1 6 5 300 0 14 2 42 696 1 9 8 6 8 3 07 2 6 94 87 3 3 8 9 9 6 4 8 D SR
83. 2016 2 2015 4 400 ESCO 5 5 2 10 8
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86. 2014 4 2017 2 2017 2 3 300 210 6 49 359 10 29 1 FMS 2 3 a b 2016 2 2015 2
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92. 2015 2 2 1 9 30 9 142 111 73 45 1 47 7
93. SR 2015 2 1 2 2015 175 000mz 4 000 FY02 13 FY02 14 FY02 15 4 Pzjg Qi1 Q2 Q3 Q4 Q1 Q2 ek Q4 Qi1 Q
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112. 3 2015 1 9 2015 2 3 2015 2 3 3 amp sh ared esear ch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 9787 SR Research Report 2015 4 9 FY02 13 FY02 14 FY02 15 FY02 15 a el Q2 Q3 Q4 el Ce 2 Q3 Q4 Ql ep4 Q3 Q4 58 584 68 187 65 620 56 485 66 711 66 841 61 256 62 435 66 475 67 574 65 237 67 419 98 8 270 000 YoY 10 6 19 7 19 0 3 2 13 9 2 0 6 7 10 5 0 4 1 1 6 5 8 0 5 0 6 984 7 998 7 790 7 455 8 173 8 808 7 984 8 749 8 306 8 972 8 429 9 410 YoY 3 0 3 5 10 5 5 3 17 0 10 1 2 5 17 4 1 6 1 9 5 6 7 6 11 9 11 7 11 9 13 2 12 3 13 2 13 0 14 0 12 5 13 3 12 9 14 0 3 890 3 979 4 500 3 957 4 782 4 624 4 589 4 604 4 766 4 809 4 828 4 853 YoY 5 4 2 1 16 8 15 5 22 9 16 2 2 0 16 4 0 3 4 0 5 2 5 4 6 6 5 8 6 9 7 0 7 2 6 9 7 5 7 4 7 2 7 1 7 4 7 2
113. 6 330 9 946 9 970 12 031 13 762 13 901 15 115 16 000 15 861 17 000 YoY 49 4 19 4 0 2 20 7 14 4 1 0 6 7 5 9 4 9 7 2 6 1 6 8 7 1 7 0 6 3 5 6 5 9 5 9 5 9 6 1 8 186 9 812 9 912 12 089 13 784 13 892 15 092 16 000 15 943 17 000 YoY 49 2 19 9 1 0 22 0 14 0 0 8 8 6 6 0 5 6 6 6 6 0 6 7 7 1 7 1 6 3 5 6 5 9 5 9 6 0 6 1 4 379 4 876 5 466 6 495 6 912 7 509 8 161 8 600 8 725 9 400 YoY 46 1 11 3 12 1 18 8 6 4 8 6 8 7 5 4 6 9 7 7 3 2 3 3 3 9 3 8 3 1 3 0 3 2 3 2 3 3 3 4 FY02 08 FYO2 09 FYO2 10 FYO2 11 FYO2 12 FYO2 13 FYO2 14 FYO2 15 FY02 16 137 519 145 690 140 299 170 905 219 797 248 876 257 243 270 000 266 705 280 000 40 202 42 253 41 666 40 019 42 147 42 050 43 458 45 839 35 848 36 670 34 281 32 088 32 235 31 805 34 242 36 622 41 098 42 403 45 050 41 142 39 852 40 519 42 320 44 287 16 777 18 515 13 889 16 420 28 513 53 071 45 630 41 972 18 718 36 730 39 284 44 543 47 618 17 188 32 280 31 200 33 329 34 825 3 591 5 846 5 412 5 271 7 980 10 823 13 551 15 522 56 57 119 167 17 YoY 23 7 5 9 3 7 21 8 28 6 13 2 3 4 5 0 3 7 5 0 5 1 1 4 4 0 5 3 0 2 3 3 5 5
114. 7 1 103 3 3 39 2016 2 sSh ared 1 ch lp http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 9787 SR Research Report 2015 4 9 FYO2 13 FY02 14 FY02 15 e Q1 Q2 Q3 Q4 Q1 Q2 ek Q4 Qi1 Q2 ek 9 525 9 769 10 057 9 933 10 721 11 023 11542 11257 11 713 11 609 12175 YoY 5 1 4 5 7 3 11 1 12 6 12 8 14 8 13 3 9 3 5 3 5 5 273 320 381 488 573 636 533 591 464 490 436 YoY 6 2 21 8 41 6 63 2 109 9 98 8 39 9 21 1 19 0 23 09 18 2 2 9 3 3 3 8 49 5 3 5 8 4 6 5 3 4 0 4 2 3 6 D SR
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134. 57 28 6 5 396 0 596 3 1 3 696 96 296 8 896 51 496 1 8 191 166 28 631 19 496 13 0 14 868 6 8 13 762 14 4 6 3 22 13 784 14 0 6 396 807 45 796 6 912 6 496 3 196 FY02 13 248 876 42 050 31 805 40 519 53 071 39 284 31 200 10 823 119 13 296 0 296 1 3 1 796 86 19 7 0 3 396 35 696 108 89 218 648 30 227 5 69 12 196 16 326 6 6 13 901 1 0 5 696 9 13 892 0 8 5 695 0 27 45 396 7 509 8 6 3 0 SR Research Report 257 243 43 458 34 242 42 320 45 630 44 543 3 329 13 551 16 3 496 3 396 7 7 4 496 14 096 13 4 6 8 25 2 40 3 223 528 33 714 11 5 13 1 18 599 7 2 15 115 8 796 5 9 23 15 092 8 6 5 995 0 501 42 496 8 161 8 796 3 29 Pb T ch lp http www sharedresearch jpD Copyright C 2013 Shared Research Inc All Rights Reserved 2015 4 9 FYO02 14 FY02 15 266 705 45 839 36 622 44 287 41 972 47 618 34 825 15 522 17 3 7 5 59 7 0 4 696 8 096 6 9 4 59 14 5 89 896 231 588 35 117 4 296 13 29 19 256 296 15 861 4 996 5 996 82 15 943 5 6 6 0 342 42 8 8 725 6 9 3 3 2010 9 9787 FY2 10 SR Research Repo
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141. 6 7 509 8 6 3 0 4 170 143 143 46 1 202 10 014 79 323 3 796 5 257 2 100 699 24 544 10 34 955 5 1 195 36 151 64 547 257 243 3 4 33 714 11 5 13 1 15 115 8 7 5 9 15 092 8 6 5 9 8 161 8 7 3 2 54 170 156 155 48 1 325 12 565 90 347 4 258 5 829 11 687 112 122 26 701 5 39 306 1 500 40 806 71 316 3 7 35 117 4 2 13 2 15 861 4 9 5 9 15 943 5 6 6 0 8 725 6 9 3 3 54 170 166 166 50 1 436 15 580 104 477 4 361 6 268 10 937 126 044 30 902 46 640 1 908 48 549 77 495 SR Research Report 2015 4 9 FY02 08 FYO02 09 FY02 10 FYO02 11 FY02 12 FY02 13 FY02 14 FY02 15 FY02 16 266 705 280 000 5 0 17 000 7 2 6 1 17 000 6 6 6 1 9 400 1 7 3 4 179 52 137 519 YoY 23 7 18 827 YoY 18 1 13 7 8 330 YoY 49 4 6 1 8 186 YoY 49 2 6 0 4 379 YoY 46 1 2 41 400 EPS 110 EPS DPS 25 BPS 67 7 673 28 764 1 885 3 411 13 356 47 418 10 293
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145. 175 12 121 7 508 8 571 7 419 7 702 7 498 8 716 7 479 9 636 8330 9 471 8 003 9 021 2 072 2 218 3 509 3 024 2 964 3 433 3 604 3 550 3 460 3 859 3 735 4 468 YoY 10 6 19 7 19 0 3 2 13 9 2 0 6 7 10 5 0 4 1 1 6 5 8 0 2 0 0 4 1 0 0 3 2 4 0 9 5 2 5 0 5 7 7 3 3 0 6 0 3 8 1 0 0 7 0 2 6 8 5 8 6 5 11 5 5 9 6 3 9 7 6 0 1 7 2 1 1 8 1 2 4 1 4 0 4 3 5 4 3 8 4 5 4 6 5 7 96 4 126 8 121 7 1 3 43 4 26 2 47 7 3 0 25 4 20 1 13 5 27 2 5 1 4 5 7 3 11 1 12 6 12 8 14 8 13 3 9 3 5 3 5 5 7 7 4 0 2 1 5 9 1 6 0 1 1 7 0 8 25 1 11 1 8 7 7 0 6 4 23 0 13 5 62 4 38 7 43 1 54 8 2 7 17 4 16 7 12 4 3 6 25 9 3 093 4 020 3 289 3 499 3 390 4 185 3 395 4 145 3 540 4 162 3 601 4 558 70 6 16 000 1 105 1 220 1 080 1256 1 151 1266 1 188 1 120 1 029 1098 1 074 1 016 601 669 656 766 642 700 761 762 695 717 824 866 1 441 1 508 1 446 1 523 1 397 1404 1 425 1490 1 469 1 552 1 592 1 676 461 796 450 502 851 764 474 491 741 754 678 634 273 320 381 488 573 636 533 591 464 490 436 721 454 728 432 782 535 812 433 1 288 551 894 506 1 014 40 191 293 20 77 323 312 117 308 369 179 252 YoY 0 2 5 0 2 9 4 1 9 6 4 1 3 2 18 5
146. 2 ek 10 122 10 084 10 205 10 108 10 539 10 485 10 642 10 654 10 942 10 960 11 129 YoY 1 7 2 1 18 12 4 1 4 0 43 5 49 3 8 4 5 4 6 1441 1 508 1446 1523 1397 1404 1425 1490 1469 1 552 1 592 YoY 2 1 6 1 3 7 1 6 3 1 6 9 1 5 2 2 5 2 10 5 11 7 14 2 15 0 14 29 15 1 13 3 13 4 13 4 14 0 13 4 14 2 14 3 SR 3 sSh ared 1 ch lp http www sharedresearch jpD Copyright C 2013 Shared Research Inc All Rights Reserved 9787 SR Research Report 2015 4 9
147. 3 Shared Research Inc All Rights Reserved 9787 SR Research Report 2015 4 9 FYO2 13 FY02 14 FY02 15 4 Plg Q1 ep Q3 Q4 Qi1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 9525 9769 10 057 9 933 10 721 11 023 11 542 11 257 11 713 11 609 12 175 12 121 YoY 5 1 4 5 73 11 1 12 6 12 8 14 8 13 3 9 3 5 3 5 59 7 7 273 320 381 488 573 636 533 591 464 490 436 721 YoY 6 2 21 8 41 6 63 29 109 9 98 89 39 9 21 1 19 0 23 0 18 2 22 0 2 9 3 3 3 896 4 996 5 396 5 896 4 696 5 396 4 096 4 296 3 696 5 996 DSR PB FY02 13 FY02 14 FY02 15 p Ql1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Ql1 Q2 Q3 Q4 7 508 8 571 7 419 7 702 7498 8716 7479 9636 8 330 9 471 8 003 9 021 YoY 4 0 6 2 1 5 9 1696 0 196 1 796 0 8 25 19 6 11 1 8 796 7 096 6 4 454 728 432 782 535 812 433 1 288 551 894 50
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151. 6 1 014 YoY 8 59 9 8 5 996 9 8 17 8 11 5 0 2 64 7 3 0 10 1 16 9 21 39 6 09 8 59 5 896 10 29 7 196 9 396 5 896 13 496 6 696 9 496 6 396 11 29 DSR 2014 2 FYO2 13 FY02 14 FY02 15 4 Pl Qi1 Q2 Q3 Q4 Qi1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2072 2218 3509 3 024 2 964 3 433 3 604 3 550 3 460 3859 3 735 4468 YoY 23 096 13 59 62 4 38 7 43 1 54 8 2 79 17 4 16 796 12 4 3 69 25 9 40 191 293 20 77 323 312 117 308 369 179 252 YoY 33 2 92 5 69 1 6 59 300 0 14 2 42 69 115 4 1 9 8 62 8 3 0 796 2 6 9 4 8 7 3 32 8 9 9 69 6 4 89 6 5 6 SR 63 696
152. 8 369 YoY 33 2 92 5 69 1 6 5 300 0 14 2 1 9 8 6 8 3 0 7 2 6 9 4 8 7 3 3 8 9 9 6 SR 400 6 3 677 9 2 90 54 9 2015 2 1 2014 7 2 66 475 0 4 3 540 4 4 3 558 4 6 2 015 8 4 1 FMS
153. Inc All Rights Reserved 9787 SR Research Report 2015 4 9 2013 2 LED sSh ared Pb T ch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 9787 SR Research Report 2015 479 1972 2011 3 1996
154. a mm mm Q1 Q2 QQj Q4 QQ 0Q02 QQ3 0Q04 QQ 02 03 Q4 0Q1 Q2 03 Q4 FY2712 FY2 13 FY2 14 FY2 15 SR sSh ared Pb T ch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 9787 SR Research Report 2015 479 FY02 13 FYO02 14 FYO02 15 a Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Qi1 Q2 Q3 Q4 10 371 10 753 10 646 10 280 10 622 10 848 11 198 10 790 11 228 11 642 11 532 11 437 YoY 2 0 0 4 1 0 0 35p0 2 49 0 9 5 296 5 09 5 7 39 3 0 6 0 1 105 1 220 1 080 1 256 1 151 1 266 1 188 1 120 1 029 1 098 1 074 1 016 YoY 16 0 8 896 15 296 8 7 4 296 3 8 10 09 10 896 10 6 13 39 6 9 69 6 9 3 10 7 11 39 6 10 196 12 296 10 8 11 7 10 6 10 4 9 2 9 49 6 9 32 8 9 SR BEMS
155. eport 2015 4 9 M amp A 2013 3 4 1 3086 2013 4 1 M amp A 82 2013 3 M amp A 2013 3 4 1 8263 TOB 4 2013 3 2 2013 2 90 2014 2 1 5 2013 4 M amp A
156. erved 9787 SR Research Report 2015 4 9 BPO Business Process Outsourcing M amp A BPO BtoBtoC FMS 2014 2 47 20 2011 24 365
157. haredresearch jpD Copyright C 2013 Shared Research Inc All Rights Reserved 9787 SR Research Report 2015 4 9 2012 8 WAON EV WAON IC 0 mp NEY
158. rch jp Copyright C 2013 Shared Research Inc All Rights Reserved 9787 SR Research Report 2015 4 9 FYO02 08 FYO2 09 FYO2 10 FYO2 11 FYO2 12 FYO2 13 FYO2 14 FYO2 15 18 827 20 955 21 118 23 989 28 631 30 227 33 714 35 117 13 7 14 4 15 1 14 0 13 0 12 1 13 1 13 2 8 330 9 946 9 970 12 031 13 762 13 901 15 115 15 861 6 1 6 8 7 1 7 0 6 3 5 6 5 9 5 9 EBITDA 9 711 11 441 11 563 13 818 16 107 16 138 17 547 18 327 EBITDA 7 1 7 9 8 2 8 1 7 3 6 5 6 8 6 9 3 2 3 3 3 9 3 8 3 1 3 0 3 2 3 3 ROA 17 3 20 3 20 3 18 1 15 5 14 4 14 2 13 4 ROE 21 0 19 9 18 9 15 5 12 5 12 5 12 3 12 0 2 9 3 0 2 9 2 6 2 5 2 6 2 4 2 7 394 7 502 7 330 7 298 9 047 22 366 13 223 12 534 127 7 149 8 184 4 210 0 215 5 226 9 229 9 224 0 127 6 135 8 166 6 195 4 201 0 207 6 208 9 207 5 CF 29 4 31 3 38 6 29 0 30 0 12 7 57 5 40 1 40 7 27 6 34 6 60 4 63 5 43 4 63 1 73 4 CF g 26 0 31 8 40 6 21 5 27 8 12 1 52 3 35 5
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