ベリテ（9904） - シェアードリサーチ
Contents
1. ZOT 5 79 MD VMD MAHARAJA MiMiKaZaRi Pierce Garden MiMiKaZaRi 2 1 2 22. HHHHHHHHHHH 2000 2007 2008 2009 2010 2011 2012 o0 00 000 13 708 11 989 10 538 9 283 9 104 8 945 9 110 HHH 2 230 2 060 1 868 1 558 1 466 1 430 1 475 HHH 16 3 17 2 17 7 16 8 16 1 16 0 16 2 HHH 8 087 6 843 5 988 5 302 5 293 5 287 5 419 000 59 0 57 1 56 8 57 1 58 1 59 1 59 5 00000 4 201 4 573 4 051 3 562 3 558 3 595 3 713 HHH 30 6 38 1 384 384 39 1 2402 408 HHH 4386 2270 1 937 1 740 1 735 1 692 1 707 oon 32 0 18 9 184 187 191 189 187 HHH 642 701 654 566 518 510 515 HHH 4 7 5 8 6 2 6 1 5 7 5 7 5 7 HHH 2 749 2 385 2 028 1 856 1827 1719 1 700 HHH 20 1 19 9 19 2 20 0 20 1 19 2 18 7 00 1 237 807 635 537 516 472 446 HH 9 0 6 7 6 0 5 8 5 7 5 3 4 9 HHHH 532 498 408 366 341 310 302 HH 3 9 4 2 3 9 3 9 3 7 3 5 3 3 HH 359 479 476 498 528 547 592 HHH 2 6 40 45 5 4 5 8 6 1 6 5 0 325 274 232
3. 2014 3 0 9 1 2 SR a e Shared jesearch NM http Www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 44 64 X
4. 3 SR http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 9904 SR Research Report 2015 2 6
5. SR Tnc SR Tnc 3 31 12 03 5834 8787 http www sharedresearch jp Email info sharedresearch 1Dp KL a 8 Shared Besearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved D
6. 2012 2 6 a Shared csearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 9904 SR Research Report 2015 2 6 1 31 3 31 2007 10 2007 2 2007 10 9 2008 3 2007 11 2008 3 5 2011 3 2014 3 2014 5 13 2014 3 9 778 ADA 7 49 240
7. 50 19 51 6 1 5 1 5 2 Le Couture Re Briller
8. DIC KLab TOKAIL
9. CRM 9 2014 3 9 000 29 39 amp QIREINI 2014 3
10. 1997 2014 5 2 2003 2008 2 2008 TOB a
11. 100 52 28 DUDU DDT DOUD TI D HHHHHHH HHHHHHH HHHHHHHHHHHHIHHHHHIHHHH 100 HHH Lunnnnmnunmnnnnnnnnnnn HHHHHHHHH CEOH oimai 52 289 H 0 Qoan aan HHHHHHHHHHHHHHHHHH SR HHHHHHHHHHHHHH HHHHHIHH HH 100 D HHHHHHIHHHHHHFHHHHHHHIHHHH HHHHHHHHHCEOH OO esearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 9904 SR Research Report 2015 2 6 COO
12. 1 4 6 17 79 27 6 13 7 13 5 24 9 15 3 2014 4 2015 3 1 2015 3 1 1 1 2014 3 1 2 2 2014 4 27 6 21 8 2014 7 9 19
13. 203 KL a 4 wg Shared Besearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 38 64 9904 SR Research Report 2015 2 6 HHHHHHHHHH 100 300 110 300 120300 130300 140300 150300 HP HH HD HP HP HUDD HHH 9 246 9 530 10 823 10 565 9 778 9 000 HHH 19 7 3 1 13 5 2 4 7 4 8 0 HH 4693 4652 5 268 4841 4901 HHHHH 4 552 4 878 5 555 5 723 4877 i 49 2 51 2 51 3 54 2 49 9 HH HH 5 213 4 815 5 497 5 518 4655 HHH 56 4 50 5 50 8 52 2 47 6 HHHH 660 59 47 209 240 240 000 i 3395 148 00 0 6 20 2 5 2 7 H 97 84 20 35 27 48 140 158 169 247 HHHH 611 4 90 74 20 100 HH s z 73 0 400 0 0 0 07 02 11 45 66 0 201 243 HH 150 185 66 99 43 51 55 56 62 68 HHHHH 768 169 212 113 152 40 0 s e 34 5 73 7 1 1 1 6 04 HH HHHHHHSRHHH
14. SR Inc SR Tnc Shared Researcn SR Inc SR Inc SR Inc SR Tnc
15. TOR 1998 4 1991 30 150 1998 15 954 1998 1 25 571 1998 1 UN 2000 2006 12 SMBC
16. GCA
17. 1 2 LE COUTURE RE BRILLER e KL gt Shared esearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved e 9904 SR Research Report 2015 2 6 4 1 2 3 1 V rit 10 V rit 1 MAHARAJA 2 12 12 17
18. 1 8289 1 7532 2 2780 1 3048 9904 SR Research Report 2015 2 6 1 8019 1 8025 2 8115 DM 1 8165 1 9997
19. 40 60 1 2 e KL gt Shared esearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved e e KL gt Shared esearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved e NUF 9904 SR Research Report 2015 2 6
20. 50 60 RH 50 2010 3 DTC 1 2010 3 1 2 20 30 50 e es a Ta Shared Wesearch http www sharedresearch jp Copyright C 2013 Shared Research I
21. CEO SR 2020 2013 6 2014 2
22. 1 2013 4 1 2 I 7 2013 3 18 1 169 14 7 51 996 61 8 42 ADA 209 2 amp
23. 2 000 3 000 10 000 5 000 20 000 MiMiKaZaRi 17 000 5 000 7 000 A Pierce Garden VERITE MAHARAJA 2014 10 7 MiMiKaZaRi 2 MAHARAJA MAHARAJA
24. 2 317 14 39 51 0 58 79 2 6 442 ADMA 5 268 QIREINI SR 2013 9 82 20 VERITE 75 3 MAHARAJA DIAMOND 5 A 1 MiMiKaZaRi U 2 1 0 19 P KL Shared esearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved A e a 9904 SR Research Report 2015 2 6 7 2013
25. 2015 3 1 2014 8 14 2015 3 1 2015 3 1 1 747 22 4 125 42 151 66 164 58 KL a Shared esearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved Q e a 9904 SR Research Report 2015 2 6 1 QIREINI
26. SR MG SBS
27. Re Briller 7 30 GBJ GB 2014 5 40 1 459 99 2015 3
28. 2014 6 81 2 VERITE Le 74 1 MAHARAJA DIAMOND 5 MiMiKaZaRi 2 0 1 PANDORA 2 PANDORA Jewelry Asia Pacific Limited 9904 SR Research Report 2015 2 6 2015 3 150 30 0 0 0 100 30 0 150 30 0 DUU 0000 HHHH HHHHH
29. 3 2014 3 2 3 6 208 5 268 QIREINI 2013 12 AR 84 20 VERITE 77 1 Em MAHARAJA DIAMOND 5 1 MiMiKaZaRi U 2 0 20 4 1 4 1 18 7 7 6 28 4 2
30. 1936 22 1948 1950 1962 1990 100 1991 2
31. 2 600 1 45 2014 5 30 2015 5 30 2 100 2014 7 31 2014 5 30 2014 5 9 2014 3 9 770 8 600 230 390 20 240 u 150 130 e KL Shared esearch http www sharedresearchjp Copyright C 2013 Shared Research Inc All Rights Reserved CN e A 9904 SR Research Report 2015 2 6 2014 4 1
32. Shared esearch http Www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 28 64 KL a wg Shared esearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved e NUF 9904 SR Research Report 2015 2 6 1 1 3099 1 8233 amp 1 3382 1 3086 1 8237 Asme
33. 2 60 2008 2013 12 27 100 2014 2 1 1009 52 28 2014 8 5 99 26
34. 2008 4 15 TOB e es SJ Shared Wesearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved CN 9904 SR Research Report 2015 2 6 2008 5 28 SMBC 2008 5 2008 5 1 2 3 4 5
35. 2 5 1 19910 0 20120 0 oo OOO 00000 00_ 00D0 0U0000D0 1000000 135 000 10000000 000000000000 37 669 20000000 63 064 2000000000 32 000 30000 34 900 3000 30 960 4000 27 489 A As meHHHHH 27 642 5HHHHHHHHHHH 23 240 5HH HLHHIHHHHH 21 027 6000000000000 17 748 60000 20 290 7000000000000000 D 16 286 700000000 18 400 8 000000000000 14 075 8 TASAKI 14 023 9 000000 13 239 9 QVCHHHH
36. 1 249 2006 12 3 750 2009 3 2014 3 7 045 000000000 0 0 HI 100 30 0 110 300 120 300 130300 140 300 0000 HH HH HH 00 HD D00000 10 6 18 2 21 0 9 2 6 5 HHHHHHH 34 5 20 1 17 4 39 8 55 8 HHHHH 1 1 1 1 1 1 0 9 0 9 HHHHHH 328 2 343 0 339 5 398 1 416 9 HHHHH 2 4 3 2 6 9 6 1 4 7 HHHHHHH 149 8 112 9 53 0 59 5 78 0 0000000000 HH 212 9 250 1 303 8 378 4 394 6 HH HHHHHHSRHHH HHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH 1 2 3
37. CEO 1978 1997 9 2014 5 2003 3 2008 6 2009 8 2012 7 2014 10 CEO 1984 2006 2007 GIA B B A 2008 2009 2014 3 406 62 468 D 35 8 u
38. 2 3 MiMiKaZaRi 2 54 2 51 29 3 0 PANDORA 55 1 50 59 PANDORA 47 8 68 2 2013 3 D PANDORA 201 ADA e Ze Shar d i ch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 9904 SR Research Report 2015 2 6 000000000 100 300 110 300 120300 130300 140 300 Il HH HU HI HI HH HH HHH HHHH 9 878 9 000 9 750 10 340 8 600 HHH HH 9 246 9 530 10 823 10 565 9 778 HHHHHHHHHH 6 4 5 9 11 0 2 2 13 7 HHHH
39. Verite 17 105 1 125 2 2014 8 5 2014 3 BRT 52
40. 2012 9 10 CRM LTV CRM LTV 20
41. 1 3 e KL Shared esearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved Q e A NUF 9904 SR Research Report 2015 2 6 DD 00DOO0O000000000 16 000 14 000 3708 13 558 12 961 12 534 12 421 12677 12 728 11 989 12 000 10 000 9 104 gg45 9111 8 000 6 000 4 000 2 000 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 20130 1991 30 150 2012 9 111 1 3 1 2 3
42. 2012 a gt Shared esearch 3 http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved D 9904 SR Research Report 2015 2 6 KZ RE CH RAPERE WN F Bo H H ha 40 50
43. COO MD COO 2012 MiMiKaZaRi COO 2010
44. 2015 3 2 2015 3 1 SR 1 2014 5 2014 2 a Shared csearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved e KL gt Shared esearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved e NUF 9904 SR Research Report 2015 2 6 Le Couture 50 2 400 100
45. 2013 9 374 2 9 2016 9 838 EC TV e Shared jesear ch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved Shared eSsearch 9904 SR Research Report 2015 2 6 mnna HHHHHHHHHHHH 0 0 6 0 8 7 10 9 11 3 BEIER eg e a zb z L nz i FE zb P AB A bk d d i d d d d d d 2 SR 1990
46. 2014 3 203 2014 3 3 2014 2 13 2014 3 3 3 7 052 ADA 2 0 150 ADA 15 3 14 60 0 5 102 1 BEAUTY FOR EVERYONE QIREINI CRM Customer Relationship Management 3 10 12 8 0 2 69 10 99 3 3 19 0 5 3 6
47. SW Strengths Weaknesses Strengths 2012 9 12 1 1 Weaknesses SR u
48. 2008 5 2010 3 1 1 2011 3 2 HHHHH 00000000 ooo HHHHHHHHHHHHHHHHHHHHHHHHH 52 01 HHHHHHHHHHHHHHHHHHHHH 15 30 HH 4 47 HHH HH 3 38 HHHHHHHH 2 83 HH HH 0 69 HHHHHH 0 55 HHHHHHH 0 54 HHHHHHHHHHH 0 53 HHHHHHHHH 0 49 ITU SR 2014 3 http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved a 8 gt Shared Wesearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved e 9904 SR Research Report 2015 2 6
49. amp 2014 3 2015 3 Coronet 2010 anadi KL a Shared esearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved Q e a Shared 9904 SR Research Report 2015 2 6 IREINI DT mm AA HHHHHHHHHHHHHHHHHHHHHHH anadi QIREINI
50. 2000 kl Ier 2005 2006 2008 2009 2009 1947 1949 2007 2010 9 2 443 2 185
51. 2008 5 TOB 2014 8 5 2014 3 52 VERITE MAHARAJA DIAMOND MiMiKaZaRi NUF
52. 237 272 a Shared esearch http Www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 9904 SR Research Report 2015 2 6 2009 3 548 104 694 202 375 243 1 935 2010 3 2009 3 2010 3 660 93 40 768
53. 74 456 BEAUTY FOR EVERYONE QIREINI CRM 6 2 7 9 7 1 29 8 4 49 9 7 3 0 49 0 6 0 2 1 2013 4 1 7 1
54. 212 2011 3 169 2012 3 2 2013 3 2013 3 10 565 2 4 209 339 5 74 90 113 212 2013 4 23 PANDORA CRM 4 2014 3
55. Amazon com JASDAQ 4755 JA 0000000000 2000 20120 33 5 33 9 33 0 UUUUDU 11 6 61 1 19 8 38 2 63 9 0000 43 2 64 9 40 9 53 9 HH HHHHHHHHSRHHH 2000 2012 33 5 15 000 D Shared csearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 9904 SR Research Report 2015 2 6 2
56. 24 0 1 FA 1U0000000D00 2005 2006 2007 2008 2009 2010 2011 2012 2013 000000 1 747 171 2 117 325 2 600 694 2 382 397 1 586 772 2 439 816 1 658073 2 044 249 2 456 165 43 1 274 612 1 309 121 1 385 225 1 390 228 1 024292 1 268 278 993 974 1 466 688 2 210 821 7 1 352 265 432 042 550 192 449 568 508 691 364865 481704 745881 121 H 120 238 125 704 89 532 82 177 177 541 214 881 144969 260 859 453 642 18 1 000000 94 161 115870 167 481 191 881 145 224 180960 111354 142 255 189280 9 1 00000 78 173 85 627 151 860 167 894 89 509 114 519 81516 130 288 176 521 10 7 HH 58974 59 911 64 178 66 593 63 617 80 632 61 911 101 498 136 797 11 1 HH 58 572 62 505 67 583 67 323 58 918 66 819 59 354 69 097 75 095 3 2 HH HHHHHHHHHHHHHSRIHH a 1 gt Shared esearch 2 http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 9904 SR Research Report 2015 2 6 ooog OUDmD000000000000 11 500 11 000 10 500 10 000 9 500 9 000 8 500 8 000 7 500 7 000 2010 2011 2012 2013 2014 2015 2016 USR
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58. 6 1 356 AUF V RIT 2 9904 SR Research Report 2015 2 6 221 8705 3 3 3 8 8 045 415 8800 2 1948 5 13 1991 9 26 HP http www verite jp 3 IR IR http www verite jp aboutus irinfo index html IR IR verite_ir verite co jp a 8 gt Shared esearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved w 9904 SR Research Report 2015 2 6
59. 2 800 As mel0000 000 000 moog 3120300 130300 140300 120300 130300 140300 120300 130300 3140300 120300 130300 147300 000 10823 10565 9778 2917 29809 34421 mn 26298 27549 1002 8557 769 100 B5 24 1 78 22 155 Um 5 4 99 M 101 00000 555 523 487 17976 18286 21282 14388 14091 14115 6610 573 4702 100 19 306 M 78 1 164 6 2 0 R m D 000000 53 Mm So ag um up am op 52 om 67 Sun 00000 5497 5518 45 15462 159 58 19026 105 10603 10496 696 6366 5381 000 142 04 150 06 32 IW 03 0 10 Am 82 55 0000000 ap 522 45 mm 535 en am um am em 74 mm 0000 4 209 20 253 2328 225 3792 3487 3618 36 662 680 000 IW Wm em mn Am am 80 38 04 20 25 86 18 66 122 83 181 33 11 88 00000 0 00 0sRI DD 2014 3 As me JASDAQ 7872 1 7937 ASDAQ 7638 1 2 3 2 d d 1
60. 400 1 000 MEN STOKYO 2011 10 201 1
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62. 1960 2011 60 12 7 2011 8 1 2009 2 2 2009 http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 9904 SR Research Report 2015 2 6
63. 5 9 10 091 1 0 3 9 3 0 1 39 0 5 1 8 12 89 54 59 2011 3 51 29 5 497 2011 3 4 815 5 KL a 8 Shared esearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved e KL a 8 Shared esearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved e NUF 9904 SR Research Report 2015 2 6 2011 3 59 90 2011 3 4 44 66
64. 15 0 SR a gt Shared esearch http Www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved D 9904 SR Research Report 2015 2 6
65. HH 4 547 5 231 3 756 5 244 9 000 HHH 13 122 174 02 80 0000 2 219 2 682 2 327 2 550 000 38 223 000000 512 48 7 0000000000 2 317 2 338 00000000 510 447 10 230 105 345 240 HHH 533 500 00 00000 02 44 66 27 UD 67 UU HH D 000 00 0 np Dep o o O00000000000000000000000000000000000000000 2015 3 1 24 99 15 3 2014 3 2014 10 QIREINI 10
66. ASDAQ 2736 Tiffany amp Co RICHEMONT BVLGARI Harry Winston CHAUMET 1 2 3 F amp A 1 8008
67. CRM D esearch M http Www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 9904 SR Research Report 2015 2 6 M 9 CRM KL a gt Shared Besearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 9904 SR Research Report 2015 2 6
68. 2 3 E KL a 8 Shared esearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved e e KL gt Shared esearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved e NUF 9904 SR Research Report 2015 2 6 3 2014 4 1
69. 2012 3 MiMiKaZaRi 2013 6 MiMiKaZaRi 2014 11 MiMiKaZaRi 2015 3 2 2014 11 13 3 756 AJA 17 4 1 924 17 3 2 030 287 105 10 154 67 189 74 12 3
70. 2015 3 A0 ADA 73 79 2014 3 203 2015 3 9904 SR Research Report 2015 2 6 Coronet anadi 2014 2 5
71. 12 596 26 9 33 39 33 3 2013 3 2014 3 80 73 5 2 2 3 GMS 1 3 GMS 1980 GMS http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 9904 SR Research Report 2015 2 6 RUF 19 6 65 m 2 600 21 7 72 m
72. 2014 10 2014 10 30 2014 10 29 CEO 2009 4 2010 4 CEO 2012 7 1978 9 19 1997 9 2014 5 2003 3 2008 6 2009 8 2012 7 9904 SR Research Report
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74. HHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH 2007 1 12 9 13 719 514 2006 1 232 61 59 304 241 1 199 2006 1 205 2007 10 933 116 290 98 A 1 545 2008 3
75. 12 9 1 2014 1 4 2 SR 2014 4 2014 3 1 2013 8 14 2014 3 1 2 251 ADA 1 5 42 ADA 209 66 ADA 238 58 ADA 254 1 BEAUTY FOR EVERYONE CR
76. 2010 3 2009 3 FCF KL a gt Shared esearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved e 9904 SR Research Report 2015 2 6 1936 1948 5 1962 5 1990 100 1991 9 2005 8 2008 6 DTC
77. 2015 2 6 2014 8 2014 8 5 2014 3 ART 52 2014 5 2014 5 21 UF GB GB
78. 420 2012 2010 6 2020 2 500 3 000 2010 7 2010 7 140 2010 409 2011 9 11 30 2013 1 036
79. 9904 SR Research Report 2015 2 6 1 HHHHHHH 100 300 110300 120300 130300 140 300 DD D HH HH HH 0o HH HHHHHHHH 000 24 655 24 655 24 655 27 231 27 231 EPS 33 3 7 4 9 2 44 5 6 FEPSIUOUOOUO0O00D z 5 5 j DPS 0 0 0 0 0 0 0 0 0 0 BPS 292 6 284 9 275 7 253 2 258 9 00m000000sROOD HHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH 2013 3 ASTON 2006 1 1 3 HHHHHHHHHH 3 1 006 117 1 716 186 664 000000000000000 2 499 197 335 413 443 FCF 1 2 1 505 314 2 051 599 221 HHIHHHHHHHHHHHHH 576 517 1 995 91 99 HHHHHHHHHHHHH A 102 103 153 147 48 00
80. 2011 3 2011 3 3 19 9 530 59 2010 3 660 4 2010 3 611 2005 1 6 81 72 185 169 2010 3 740 2011 2 2011 3 2011 3 5 9 2012 3
81. HHHH 79 100 100 270 390 HHHH HH 660 59 47 209 240 HHHHHHHHHH 41 0 53 0 22 6 38 5 HHHH HHHH 89 75 0 265 240 HHHH HH 611 4 90 74 20 HHHHHHHHHH 94 7 72 1 91 7 HHHH HHHH 9 100 110 150 130 HHHH HH 768 169 212 113 152 HHHHHHHHHH 24 7 16 9 HHHHHHHHHSRHHH HHHHHHHHHUHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH 9904 HHHHH HHHH HH Gd CH CH 100 30 0 HD 1 617 673 49 4 235 581 7 057 283 187 1 736 289 2 212 43 2 538 9 596 SR Research Report 2015 2 6 130 300 140 300 1 603 576 527 2 706 144 144 2 850 3 772 4 052 740 HH 0o 2 288 1 533 1 652 1 335 0 0 5 268 5 927 1 116 732 10 324 9 527 320 361 37 26 1 235 1 154 30 33 1 302 1 213 13 12 1 636 1 588 11 960 11 115 1 324 772 2 600 2 700 854 486 4 778 3 958 0 0 289 111 289 111 5 068 4 070 3 972 3 972 4 052 3 721 1 009 857 HHH 6 745 6 568 6 355 6 892
82. Shared Gewearch http Www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved A 9904 SR Research Report 2015 2 6 40 100 2 MiMiKaZaRi MiMiKaZaRi Pandora 2014 10 18 FA
83. Shared esearch SR Research Report 2015 2 6 NUF 9904 sr_inquiries sharedresearch jp 9904 SR Research Report 2015 2 6 4 Ee A EEN 5 EE 6 2015 ee e EE 14 ee GEN 16 EE 19 ee EE 19 ER EE 23 32 eme Ze A EE 36 EE 39 E
84. 0 43 8 240 YoY 204 4 2 6 66 2 13 9 61 5 HHHHH 16 0 2 3 2 3 5 6 3 3 1 0 0000 238 105 378 39 ep S 81 6 151 E 154 0 100 YoY 220 3 77 3 78 6 84 6 HHHHH 14 6 1 2 S 3 2 0 2 0000 254 202 354 215 58 16 69 Ian 164 25 472 5 40 YoY 306 9 S 80 5 27 0 S S HHHHH 13 7 6 4 2 8 5 8 SR 4 1 2014 10 29 11 13 COO
85. 00 B 35 206 378 69 119 000000 0 276 301 2 086 96 894 00000 NI A C 977 573 2 523 287 813 HHHHHHHHHHSRH HH HHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH 2009 3 2010 3 2012 3 2013 3 AU gt Shared Gsearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 9904 SR Research Report 2015 2 6 2014 3 2001 1
86. 13 000 1000000 12 813 10 0000000 11 860 HHI HHHHHHHHSRHHH 1991 2009 F M amp A As me 2
87. 214 209 198 192 oon 2 4 2 3 2 2 2 3 2 3 2 2 2 1 HHH 297 328 277 243 234 191 137 HHH 22 27 2 6 2 6 2 6 2 1 15 HH HHHHHHHHSRHHH 1 2 3 10 10 10 2012 59 19 16 6
88. 4 SR Research Report 2015 2 6 15 2 15 3 000 000 14 7 12 4 23 2 19 6 11 2 88 80 81 10 3 7 6 21 0 17 0 13 5 11 3 79 80 14 2 14 3 000 000 10 8 0 3 3 8 2 0 30 0 19 4 4 3 10 3 27 4 237 05 93 81 80 82 80 41 07 04 36 23 9 12 8 0 6 4 1 26 0 15 5 0 2 80 76 77 76 77 13 2 13 3 000 000 0 7 7 1 05 3 7 3 2 55 3 9 3 1 2 4 12 0 35 0 6 99 97 97 97 23 2 8 04 24 61 95 43 2 7 3 6 11 3 40 03 90 90 90 90 00000 00000 20150 300 14 4 14 5 14 6 14 7 14 8 14 9 14 10 14 11 14 12 15 1 HH HHH 27 6 15 0 10 9 9 1 16 2 11 7 13 0 15 7 17 4 69 HH 38 7 24 9 18 2 19 7 19 3 15 9 14 4 15 4 19 5 6 6 HHH 18 0 132 90 132 37 50 16 04 25 144 000 81 ai 81 80 80 80 83 83 84 81 HHH HHH 21 8 8 6 11 1 2 3 9 7 10 6 10 7 11 7 11 6 15 8 HH 33 6 23 9 17 4 18 1 17 4 14 9 14 9 12 2 15 5 2 2 17 7 20 1 77 193 93 51 49 0 6 46 184 76 79 79 80 79 79 79 80 80 80 13 4 13 5 13 6 13 7 13 8 13 9 13 10 13 11 13 12 14 1 8 5 8 7 7 4 0 8 98 1 9 7 0 42 23 84 174 25 95 7 2 14 2 11 6 94 8 9 12 6 14 6 7 6 11 0 24 6 9 51 11 0 26 14 4 17 0 26 9 87 84 83 83 83 82 82 84 84 82 77 90 67 05 40 24 0 2 12 2 11 8 18 7 18 6 18 16 0 6 8 0 4 6 0 1 35 3 6 7 6 9 2 10 7 8
89. 5 12 44 73 0 1 16 3 16 0 284 81 78 78 nm 77 76 77 78 79 79 12 4 12 5 12 6 12 7 12 8 12 9 12 10 12 11 12 12 13 1 HHH 74 86 12 1 7 3 40 11 2 0 12 7 10 9 3 9 HH 41 69 26 8 7 0 1 55 12 4 74 6 8 34 HHH 12 0 16 6 14 3 15 41 70 118 5 7 4 3 7 0 HHH 100 10 101 101 101 102 103 104 104 102 HH HHH 64 98 113 4 2 13 15 22 61 91 4 2 HH 29 3 7 10 8 6 24 82 14 8 5 3 5 2 3 1 HHH 9 6 14 0 12 2 48 38 73 148 0 8 4 1 7 1 HHH 81 81 82 84 85 90 92 96 96 95 HH HHHHHHSRHHH HHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH Ze Shared esear ch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 9904 SR Research Report 2015 2 6 HHHHH 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q HH HHHH HHH 2 217 2 392 2 589 3 367 2 251 2 296 2 505 2 726 1 747 2 009 s 41 7 9 000 YoY 7 8 1 3 5 1 8 5 1 5 4 0 3 2 19 0 22 4 12 5 00000 1 162 1 257 1 783 1 521 1 127 1 200 1 280 1 270 902 1 022 Yo 0 2 4 6 14 7 0 2 3 0 4 5 28 2 16 5 20 0 14 8 HHHHHH 52 4 52 6 68 9 45 2 50 1 52 3 51 1 46 6 51 6 50 9 000 1 371 1 333 1 368 1 446 1 169 1 148 1 140 1 198 1 027 Sei YoY 8 6 3 8 3 6 1 1 14 7 13 9 16 7 17 2 12 1 25 0 00000 61 8 55 7 52 8 42 9 51 9 50 0 45 5 43 9 58 8 42 9 0000 209 75 414 79 42 52 140 90 125 2
90. 7 045 3 305 5 596 6 490 576 2 600 2 700 1 041 496 1 075 312 1 167 SRI 2001 1 2009 3 2001 1 20 463 2014 3 11 115 2009 3 http Www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 9904 SR Research Report 2015 2 6 2014 3 2 700 2013 3 2 600 BAM 2007 1 2006 1 259
91. 927 ADA 5 268 QIREINI 2014 3 AR 80 17 VERITE 73 MAHARAJA DIAMOND 5 1 MiMiKaZaRi 2 0 E 18 a gt 8 Shared Wesearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved e 9904 SR Research Report 2015 2 6 2014 3 1
92. ADA 14 7 20 72 7 152 33 9 2014 5 9 1 BEAUTY FOR EVERYONE QIREINI 8 CRM Customer Relationship Management 4 1 3 4 8 14 0 21 8 3 6 4 196 8 0 3 5
93. E 39 43 ES a m a E 45 A E 47 EE 47 EE EE 48 DIDA E e 49 EE A EIEE EEE E TATEA 49 49 E 50 a H a wg Shared Wesearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved e es Shared 9904 HH HHHHHHSRHHH HHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH SR Research Report esearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 2015 2 6 150 30 0 0000 100 300 110 300 120 300 130300 140 30 0 DH DD DH DD 00 9 246 9 530 10 823 10 565 9 778 19 7 31 13 6 24 74 4 552 4 878 5 555 5 723 4 877 182 72 13 9 3 0 148 492 512 513 542 499 660 59 47 209 240 3395 148 i 0 6 2 0 25 611 4 90 74 20 S 73 0 00 07 02 768 169 212 113 152 345 11 16 24 655 24 655 24 655 27 231 27 231 33 3 74 9 2 4 4 5 6 EPs 0000000 DPS 0 0 0 0 0 BPS 293 285 276 253 259 00Om0m000 1 617 1 591 2 016 2 288 1 533 HHH 673 375 654 1 652 1 335 HHHHH 4 235 4 507 5 292 5 268 5 927 HHHHHH 7 057 6 989 8 835 10 324 9 527 000000 283 331 564 320 361 000000000 2 212 2 248 1 665 1 302 1 213 HHHHHH 43 23 22 13 12 HHHH 9 596 9 592 11 077 11 960 11 115 HHH 1 603 1 276 254 1 324 772 HHHHHHH 576 895 2 891 2 600 2 700 HHHHHH 2 706 2 654 4 503 4 778 3 958 HHHHHHH 0 200 200 0 0 HHHHHH 144 369 407 289 111
94. HHHH 2 850 3 023 4 910 5 067 4 069 HIHHHH 6 745 6 568 6 355 6 892 7 045 HHHHHHHHHHHH 576 1 095 3 091 2 600 2 700 HHHHHHHHHHHHHHH 1 006 117 1 716 186 664 000000000000000 499 197 335 413 443 HHHHHHHHHHHHHHH 576 517 1 995 91 99 HUDD HHHHHHHROAH 2 4 3 2 HHHHHHHHHROE 1 7 2 1 HHHHHH 70 3 68 5 56 4 57 6 63 3 NUF 9904 SR Research Report 2015 2 6 2015 2 6 1 2015 1 9 12 2014 12 17 2015 3 2 2014 12 5 11 2014 11 13 2015 3 2 2015 3 2 3 amp a 8 gt Shared esearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved w 990
95. M DIGICO amp QIREINI CRM 0 8 5 5 4 4 6 6 KL a 8 Shared Besearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved a gt 8 Shared Wesearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved e 9904 SR Research Report 2015 2 6 8 5 6 7 2 7 1 29
96. nc All Rights Reserved Q 9904 SR Research Report 2015 2 6 MiMiKaZaRi 1 2012 9 12 MiMiKaZaRi 2 2012 11 21 MiMiKaZaRi S 0 11 519 9 246 9530 10 823 10 565 IDDDD 109 8 19 7 3 1 13 6 24 11 505 9 241 9 528 9 621 9 304 moog 115 6 19 7 3 1 10 33 HH 2 144 1 657 1 713 1 702 1 615 DODODOD 119 7 22 7 34 0 6 51 HHHHH 18 6 17 9 18 0 15 7 15 3 1 906 1 402 1 375 1 419 1 325 DODOD 108 3 264 1 32 66 HHHH 16 5 152 144 13 1 12 5 U0000 3 926 3 227 3 363 3 023 2 843 HHH 129 5 17 8 4 2 10 1 6 0 HHHH 34 1 349 35 3 279 26 9 HH 3 529 2 955 3 077 3 477 3 521 miig 103 5 163 41 13 0 13 HHHH 30 6 32 0 32 3 32 1 33 3 14 5 2 468 1 261 000000000000 0 0 THSRHHH HHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH 15 39
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