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1.2. SR CEO
3. sh ared hesearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 9904 SR Research Report 2014 7 4 12 961 11 989 9 104 8 945 9 111 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 1991 30 150 2012 9 111 1 3 1
4. SR Shared Gxcscarch http www sharedre
5. 1 2 3 10 10 10
6. 2013 3 2 4 830 10 15 45 1 95 4 372 304 343 456 7 76 9 4 4 417 166 230 267 1 0 10 340 270 265 150 6 51 9 721 246 254 112 4 59 6 0 8 9 4 2 25 3 10 091 5 90 212 9 24 3 7 SR 2012 8 2012 8 27 MiMiKaZaRi esearch http www sharedresearch jp Copyright C 2013 Shared Resear
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8. 2 2 28 28 11 11 6 19 12 9 1 2014 1 4 296 SR
9. J GCA DIC TOKAI
10. 2011 8 12 2012 3 1 Ssh ared Gear http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 9904 SR Research Report 2014 7 4 2011 7 2011 7 1 GE 1 000 2 000 2011 5 2011 5 13 2011 3 10 52 01
11. sSh sfed esearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 9904 SR Research Report 2014 7 4 80 40 50 15
12. SR Inc SR tnc 3 31 12 03 5834 8787 http www sharedresearch D Email info sharedresearch D
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14. 203 2014 5 8 4 3 amp Sh ared Gear http Www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 9904 SR Research Report 2014 7 4 14 8 14 9 14 10 14 11 14 12 15 1 15 2 15 3 hared 2015 3 14 4 27 6 38 7 18 0 81 21 8 33 6 17 7 15 0 24 9 13 2 81 8 6 23 9 20 1 10 9 18 2 9 0 81 11 1 17 4 7 7 13 11 13 12 14 3 8 5 17 4 7 6 87 7 7 18 6 9 2 8 7 2 5 11 0 84 9 0 1 8 10 7 7 4 9 5 2 4 83 6 7 1 6 8 5
15. 4 1 2014 3 2014 5 13 2014 3 9 778 7 496 240 14 79 20 72 7 152 33 9 2014 5 9 1 IBEAUTY FOR EVERYONE QIREINI
16. SR 1 2 2012 9 12 1
17. SR SBS KLab
18. Shared esearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 9904 SR Research Report 2014 7 4 CRM LTV CRM LTV 20 CRM D M 9 CRM DIGICO 7 0 DTC Diamond Trading Company DIGICO 4 000
19. Digico Group Verite 1 2 1 WE NN 5 6 209 30
20. 2 3 1 1 0 200 4C 4C amp
21. Sh ared esearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 9904 SR Research Report 2014 7 4 SR 2 2008 5 1 2 3 4 5 2008 5 2010 3
22. 76 561 4 003 7 79 358 22 29 2013 2 0 6 4 9 4 5 368 365 8 101 190 2013 2 11 4 31 99 15 6 2012 9 102 11 VERITE 78 2 MAHARAJA DIAMOND 4
23. 2009 3 2010 3 2012 3 2013 3 2014 3 2001 1 shared esearch lp http Wwww sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 9904 SR Research Report 2014 7 4 2010 3
24. 2013 5 4 As me wws E gt 12 3 13 3 14 3 12 3 13 3 14 3 12 3 13 3 14 3 12 3 13 3 14 3 10 823 10 565 9778 29 177 29 809 34 421 30 960 26 298 27549 10022 8 557 7692 135 24 74 78 22 155 17 15 1 48 99 146 10 1 5 555 5 723 4877 17976 18 286 21282 14 388 14 091 14 115 6 610 5 703 4702 139 30 148 18 1 164 69 2 1 02 1289 137 176 51 3 542 499 616 61 3 618 465 536 512 660 667 61 1 5 497 5 518 4655 15 462 15958 19026 10 595 10 603 10 496 6 936 6 366 5 381 142 04 156 06 32 192 03 01 10 21 82 155 508 522 476 530 535 55 3
25. 5 497 2011 3 4 815 5 2011 3 59 90 2011 3 4 44 66 212 2011 3 169 2012 3 2 837 9 623 1 273 Sh ared esearch s http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 9904 SR Research Report 2014 7 4
26. 3 SR Ssh ared Gear http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 9904 SR Research Report 201477 4 _ SW Strengths Weaknesses Strengths
27. CRM 9 2014 3 Ssh ared Gear http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 9904 SR Research Report 201477 4 _ 1 31 3 31 2007 10 2007 2 2007 10 9 2008 3 2007 11 2008 3 5 2011 3 2014 3 3 2014 2 13 2014 3 3 3 7 052
28. 1960 2011 60 12 7 2011 8 1 2009 2 2 2009 sSh
29. 2009 4 2010 4 CEO 1984 2006 2007 GIA B B A 2008 2009 2007 9 2009 8 2014 3 406 62 468 35 8
30. 100 14 164 000 52 28 224 2013 12 27 cl N 2013 4 2013 4 23 2013 3 2013 3 31 PANDORA 2013 3 9 721 246 254 112 4 54 10 000 200 70 100 4 05 2 9 18 6 72 4 10 7 10 091 5 90 212 0 9 SR
31. Ssh ared Gear http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 9904 SR Research Report 201477 4 _ 2008 5 TOB VERITE MAHARAJA DIAMOND MiMiKaZaRi 50 60 50 2010 3
32. 2012 5996 19 16 6 1 1 3099 1 8233 amp 1 3382 1 3086 1 8237 ld sh ared WeseaTch http www sharedresearch jp Copyright C 2013 Shared Research Inc All
33. GE 879 2012 7 30 2012 11 11 2012 7 31 NEC 2012 7 31 2 000 1 500 2013 7 1 2012 5 2012 5 17 1 240 1 2
34. 2012 3 2 2 9 6 5 368 2011 3 4 459 909 2011 3 171 363 550 4 368 530 637 2011 9 2 590 2011 3 1 695 2012
35. 2 2012 4 27 Ssh ared Gear http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 9904 SR Research Report 2014 7 4 2 1 2 1
36. SR Inc SR Inc Shared Researcn SR Inc SR Inc SR Inc SR Inc
37. Sh sfed esearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 9904 SR Research Report 2014 7 4 2013 2 2013 2 26 PANDORA 2010 11 11 PANDORA Jewelry Asia Pacific Limited PAP PAP 20 PANDORA PAP 2013 3 31 PAP 2013 3 2012 11 2012 11 12 2013 3 2
38. 1 Weaknesses SR 1 3
39. 1998 4 1991 30 150 1998 15 954 1998 1 25 571 1998 1 2000 2006 12 SMBC 2008
40. 2009 3 FCF Shared esearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 9904 SR Research Report 201477 4 _ 1936 1948 5 1962 5 1990 100 1991 9 2005 8 2008 6 DTC
41. 2 6 442 5 268 QIREINI SR Sh ared esearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 9904 SR Research Report 2014 7 4 2013 9 82 20 VERITE 75 3 MAHARAJA DIAMOND 5 1 MiMiKaZaRi 2 1 0 19 7 2013 3 18
42. QIREINI 1096 2 1 2014 5 2015 3 240 2 7 2 5 2015 3 100 400 0 GBJ GB 2014 5 40 1 45 99
43. 1990 2000 2005 2006 2008 2009 2009 1947 1949 2007 2010 9 2 443 2 185
44. CRM 6 2 7 9 7 1 2 8 4 49 9 7 3 0 4 0 6 0 29 1 2013 4 1 7 1 2 317 14 3 51 0 58 7
45. 1 2 Sh ared esearch http Www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 9904 SR Research Report 2014 7 4 2012 3 19 1 2012 2 2012 2 13 2012 3 3
46. 2012 3 2012 3 3 3 15 Sh ared Gear http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 28 60 9904 SR Research Report 2014 7 4 8 5 653 2011 3 4 459 1 194 2012 3 2012 3 3 2012 2 3 3
47. 8 CRM Customer Relationship Management 4 3 4 8 14 0 21 8 3 6 4 19 8 0 3 sSh sfed esearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 9904 SR Research Report 2014 7 4 a 5 927 5 268 QIREINI 2014 3 80 17 VERITE 73
48. 2014 3 2 3 6 208 5 268 QIREINI 2013 12 84 20 VERITE 77 1 MAHARAJA DIAMOND 5 1 MiMiKaZaRi 2 0 20 4 1 sh ared hesearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 9904 SR Research Report 2014 7 4 4 1 18 7 7 6 28 4 2 SR 3 2
49. MEN STOKYO 2011 10 201 1 420 2012 2010 6 2020 2 500 3 000 2010 7 2010 7 140 2010 40 2011
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51. SR 2 DTC sh ared hesearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 9904 SR Research Report 2014 7 4
52. 2015 3 CRM 9 2014 3 2 2013 11 14 2014 3 2 2 4 547 1 3 10 284 67 343 74 456 BEAUTY FOR EVERYONE QIREINI
53. DM Sh ared esearch http Www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 9904 SR Research Report 2014 7 4 1 8165 1 9997 Amazon com JASDAQ 4755 JA 2000 2012 33 5 33 9 33 0 11 6 61 1 19 8 38 2 63 9 43 2 64 9 40 9 53 9 SR 2000 2012 33 5
54. amp Shared esearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 9904 SR Research Report 2014 7 4 QIREINI CRM 0 8 5 5 4 4 6 6 8 5 6 79 2 7 1 29 1 2013 4 1 2
55. sh ared hesearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 9904 SR Research Report 2014 7 4 09 3 10 3 11 3 12 3 13 3 11 519 9 246 9530 10 823 10 565 109 8 19 7 3 1 13 6 2 4 11 505 9 241 9 528 9 621 9 304 115 6 19 7 3 1 1 0 3 3 2 144 1 657 1 713 1 702 1 615 119 7 22 7 3 4 0 6 5 1 18 6 17 9 18 0 15 7 15 3 1 906 1 402 1 375 1 419 1 325 108 3 26 4 1 9 3 2 6 6 16 5 15 2 14 4 13 1 12 5 3 926 3 227 3 363 3 023 2 843 129 5 17 8 4 2 10 1 6 0 34 1 34 9 35 3 27 9 26 9 3 529 2 955 3 077 3 477 3 521 103 5 16 3 4 1 13 0 1 3 30 6 32 0 32 3 32 1 33 3 14 5 2 468 1 261 SR 15 396
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57. 2015 3 2015 3 40 73 79 2014 3 203 RE 2015 3 amp QIREINI 2014 3 amp 2014 3 Sh ared esearch http www sharedresearch jp Copyright
58. DTC 1 2010 3 1 2 20 30 50 IMiMiKaZaRi 1 2012 9 12 MiMiKaZaRi 2 2012 11 21 MiMiKaZaRi
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69. 8 0 56 5 2011 3 3 50 8 4 067 3 588 30 2011 3 3 150 2012 3 2 641 6 827 948 316 338 J 641 307 2011 3 3 150 VERITE
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71. 468 442 837 436 2011 3 59 VERITE 2012 3 2012 3 3 9 83 16 17 2012 3 3 2012 2 13 2012 3 3 3 2 9 7 144 8 0 5 6 2 5 5 3 2 1 3 3
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74. 2014 4 2014 3 1 2013 8 14 2014 3 1 2 251 1 5 42 209 66 238 58 254 1 BEAUTY FOR EVERYONE CRM DIGICO
75. MAHARAJA DIAMOND 5 1 MiMiKaZaRi 2 0 18 2014 3 1 2014 3 203 2015 3 15 3 4 547 5 231 9 778 9 000 1 3 12 2 7 4 8 0 2 219 2 682 4 901 2 327 2 550 4 877
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78. MAHARAJA DIAMOND 4 PANDORA 18 1 MiMiKaZaRi 2 2 1 2 2013 3 26 30 2013 3 3 2013 2 14 2013 3 3 3 6 841 4 2 102 30 35 112 102 180 C R M Sh ared esearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 9904 SR Research Repo
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83. 4 30 ek 43 Eo 45 47 i 49 49 amp iii 50 0 58 i 58 CC 58 iii 59 Sh ared esearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 9904 SR Research Report 2014 4 10 3 11 3 12 3 13 3 14 3 15 3 9 246 9 530 10 823 10 565 9 778 9 000 19 7 3 1 13 6 2 4 7 4 8 0 4 552 4 878 5 555 5 723 4 877 18 2 7 2 13 9 3 0 14 8 49 2 51 2 51 3 54 2 49 9 660 59 47 209 240 240 339 5 14 8 0 0 0 6 2 0 2 5 2 7 611 4 90 74 20 100 73 0 400 0 0 0 0 7 0 2 1 1 768 169 212 113 152 40 34 5 73 7 1 1 1 6 0 4 24 655 24 655 24 655 27 231 27 231 EPS 33 3 7 4 9 2 4 4 5 6 1 5 EPS DPS 0 0 0 0 0 0 BPS 293 285 276 253 259
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100. Shared Gxcscarch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 9904 SR Research Report 2014 7 4 a 1991 2012 1 135 000 1 amp 37 669 2 63 064 2 32 000 3 34 900 3 30 960 4 27 489 4 As me 27 642 5 23 240 5 21 027 6 17 748 6 20 290 7 16 286 7 18 400 8 14 075 8 TASAKI 14 023 9 13 239 9 QVC 13 000 10 12 813 10 11 860 SR 1991 2009
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106. C 2013 Shared Research Inc All Rights Reserved 9904 SR Research Report 2014 7 4 2015 3 Coronet 2010 anadi 2 IREINI Niy oronet SOLITAIRE Mm 8 AHNA QIREINI 2012 9 10
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116. ch Inc All Rights Reserved 9904 SR Research Report 2014 7 4 DIGICO Group 2008 5 TOB DTC Diamond Trading Company NV 1india 532715
117. ch Inc All Rights Reserved Shared 9904 SR Research Report 2014 7 4 MiMiKaZaRi 1F 2012 9 12 2012 8 15 ASTON LUXURY GROUP LIMITED GITANJALI GEMS LIMITED GITANJALI 1009 ASTON LUXURY GROUP LIMITED ASTON ASTON DES ASTON 100 GITANJALI
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