多摩川ホールディングス（6838）
Contents
1. 2 100m 750Kw 1 125kw 1 6 6 40 kWh 5 250 6 800 000kwh 2015 1 30 Sh aredd Mesearch http www sh2. Sh aredd Mesearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 6838 SR Research Report 2015 8 17 92 2014 12 26 2015 7
3. Sh aredd Mesearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 6838 SR Research Report 2015 8 17_ 2015 3 2015 3 5 095 22 19 531 11 3 514 7 5 427 2 2 3 222 7 8
4. SR Sh aredd Mesearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 6838 SR Research Report 2015 8 17 40 KWh
5. SR Weaknesses 2014 2
6. 24 2014 32 kW 10Kw 20 40 kW 15 000Kw 15
7. SR Inc SR Inc Shared Research SR Inc
8. 2015 5 SR
9. 150 L 2015 27 29 kW 10Kw 20 40 kW 15 000Kw 15 1 MW
10. 2013 10 7 1 09 2011 0 29 2012 0 4 2014 4 2013 3 2009 8
11. 159 6 2015 3 71 SR
12. 2015 4 2012 6 9 GP 1
13. http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 6838 SR Research Report 2015 8 17 2015 3 419 30 299 0 13 3 14 3 3 155 3 233 3 400 1 924 1 422 1 404 26 1 1 396 44 0 41 3 504 905 1 026 79 6 13 4 28 0 30 2 727 906 969 24 6 7 0
14. 5 5MW GP 2 1009 10 5 5MW 20 36 kWh 2 5 6 790 566kwh 6MW 5 5MW 2014 7 2014 7 22 49 1
15. SR 4 299 7 1 3 248 14 2 75 6 2 803 34 8 2 709 16 6 96 6 2 640 5 8 2 390 11 8 90 5 2014 3 http Www sharedresearch jD 3 106 17 7 2 406 0 7 77 5 19 3 672 18 2 3 156 31 2 85 9 441 2215 0 12 0 375 497 4 100 4 54 14 5 4 171 13 6 3 230 2 3 77 4 890 101 8 21 3 52 10 7 477 27 8 480 28 1 100 7 51 5 5 10 7 20 Copyright C Shared Research Inc All Rights Reserved 66 7 1 606 80 4 31 5 88 70 7 18 8 11 3 467 2 7 88 0 112 118 6 21 1 22 6838 SR Research Repo
16. 2015 6 11 Term Sheet 2016 3
17. 900 90 59 63 8 15 21 2 0MW 1 3MW 2015 3 3 2015 3 0
18. 261 200 0 82 310 0 2015 2 2015 3 3 2MW 4 6MW Sh aredd Mesearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 6838 SR Research Report 2015 8 17 1 1 0 3 0 http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 6838 SR Resea
19. http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 6838 SR Research Report 2015 8 17 ACE 2014 3 2016 LTE Advanced 2020 2014 3 2015 3
20. 90 153 2015 1 19 2017 1 18 2 5
21. 5 20 1 Sh aredd Mesearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 6838 SR Research Report 2015 8 17 250 2015 1 2015 3 879 2015 1 2016 3 4
22. 2015 4 7 875Kw 1 125Kw 1 2015 3 2015 4 2 2015 3 30 Sh aredd Mesearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 6838 SR Research Report 2015 8 17 Etrion Corporation
23. Sh ared CCA ch be http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 6838 SR Research Report 2015 8 17 1968 2012 3 2015 3 2014 3 09 3 10 3 11 3 12 3 13 3 14 3 15 3
24. 2013 3 309 2015 3 409 2016 3 509 2018 3 7096 2015 3 TAMAGAWA ELECTRONICS VIETNAM CO LTD 25 2015 5 11 3MW
25. SR
26. Sh aredd Mesearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 6838 SR Research Report 2015 8 17 1 534 107 5 293 37 19 18 32 2015 3 1 020 104 3 28 8 4 2015 1 3
27. 2 amp Sh ared hesearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved a 6838 SR Research Report 2015 8 17
28. Sh aredd Mesearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 6838 SR Research Report 2015 8 17 2012 1KW 40 0 2013 36 0 2014 32 0 2015 6 29 7 27 20 SR 1MW 1 000 1 400MWh 2012 40 0 1 0 40
29. Sh aredd Mesearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 6838 SR Research Report 201578 17 2015 3 13 1009 100 GP 100 GP 2 100 GP 3 100 GP 3 A 100 GPp 5 100 GP 6 100 GP A 100 GP B 100 GP
30. 2016 24 2014 12 Sh aredd Mesearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 6838 SR Research Report 2015 8 17 2015 1 2 200
31. GP A GP B GP C GP D 100 153 000m 10MW 20 36 kWh 390 10 852 814 kWh 2014 11 2014 11 25 2015 3 31
32. 2015 5 8
33. 2014 7 22 1 1303 1 GP 3 A 100 22 112 m Sh ared hesearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 6838 SR Research Report 2015 8 17 1 40 kWh 20 5 000 1 250 000kwh
34. 2015 3 2008 3 844 2012 3 30 SR 2013 3 5 192 2015 3 839 2015 3 685 2015 3 947
35. 45 93 2 16 13 2014 3 4 171 13 6 477 Sh aredd Mesearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 6838 SR Research Report 2015 8 17 27 89 478 27 6 436 28 5 3 495 7 3 3 233 2 5 2013 3
36. 127 2015 1 2016 3 21 2015 1 2015 8 904 2015 1 2017 1 2193 5 oo ISE 2014 5 30 ISE ISE ISE ISE
37. 2015 3 1 2016 3 1 Shared esearch lp http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 6838 SR Research Report 2015 8 17 2016 3 1 2016 3 1 682 18 3 22 57 32 56 38 26 455 41 6 609 21 7 5
38. 2009 3 2011 3 2010 2 144 2011 3 2013 3 2 2012 3 2011 6 2012 4 2012 3 2012 4 6 2014 6
39. 6 2015 1 16 10 000 2 200 1 1 960 10 000 000 1 1 000 2 200 2 184 20 2 180 1 218 2015 1 16
40. Wi Fi LAN 2012 7 2015 2010 20 8 1 84 39 1 2 08 LTE Advanced NTT 2015 2 LTE LTE Advanced 2015 3 ILTE Advanced 22 2015 KDD1 2015 LTE Advanced LTE Advanced ITU
41. http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 6838 SR 07 3 1 074 1 343 306 192 2 915 186 62 198 973 453 630 156 786 17 25 42 1 281 4 195 145 615 38 512 1 310 242 84 327 858 1 636 1 029 1 196 322 4 195 1 504 858 216 08 3 706 256 2 046 580 134 3 72
42. MPa TAMAGAWA ELECTRONICS VIETNAM CO LTD 50 000 000 1009 2014 11 18 Sh aredd Mesearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 6838 SR Research Report 2015 8 17 2013 5 29
43. 420 7 3 370 1 714 102 8 1 796 101 8 112 118 6 2 3MW 1 054 Sh aredd Mesearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 6838 SR Research Report 2015 8 17 87 70 7 22
44. IRR IRR 13 4 3 221 2014 12 ISE 10MW 390 2016 3 15 61 6MW 43 6MW Sh aredd Mesearch htt
45. http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 6838 SR Research Report 2015 8 17 2014 12 26
46. Etrion Corporation Etrion Lundin Group Lundin Group 154 11 25 Etrion Lundin Group 24 Lundin Group mMITHK RBmUITOB Lundin Mining m Lcara Dinmonmnd Fortress inerals as emisom hlimes s Etriom Uorporationm maea Chil BlackPearl Resourcees Horn Fetroleum a Lundin Fatroleum MIINING SECTOR haMaram Petrnle ND NGEx Resnurees S338 million i Lundin Mining 3 32 billion iD Lucara Diamond 744 million Fnrtress Minerals 5 million 7 1 1 1 1 4 rn Denison Mines S635 million ll 15 4 billion 2 1 5863
47. 2015 1 2 200 2013 6 Sh aredd Coad ch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 6838 SR Research Report 2015 8 17_ SW Strengths Weaknesses Strengths OEM SR
48. HD DIC TOKAL KLab
49. 0 7 2011 3 172 3 23 284 3 3 37 351 http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 6838 SR Research Report 2015 8 17 07 3 08 3 09 3 10 3 11 3 12 3 13 3 14 3 PlcD 2 650 3 000 3 870 3 389 3 110 2 980 3 378 4 504 4 534 3 114 4 012 4 299 2 803 2 640 3 106 3 672 4 171 5 095 17 5 33 796 11 196 17 396 15 196
50. J MG GCA VOYAGE GROUP SBS
51. 0 25 0 75 50 9 2015 5 11 3MW SR 510 2015 5 IRR 7 5 ITRR 16 59 13 29
52. 1 4 6 2 7 9 2 11 2 52 1 16 39 696 67 7 1 7 11 99 46 105 152 58 4 136 67 0 5 47
53. 2 136 La 44 59 http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 6838 SR Research Report 2015 8 17 4 843 2013 3 1 843 2013 3 554 47 170 100 783 2014 3 450 875 2015 3 58 26 238 nh Fa sSh ared Pb T ch htt
54. 10 MM 12 90 CBSG 10 20 5 1096 4 60 3 60 3 3096 2 4096 2 20 2 00 1 90 SR 2015 3 http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 6838 03 6435 6933 1970 5 7 HP http www tmex co jp index html IR IR http www sharedresearch jp 105 0013 1 6 15 JASDAQ 1999 8 31 3 IR http www tmex CO jD ir info html IR Copyright C Shared Research Inc All Rights Reserved SR Research Report 2015 8 17 1 6838 SR Research Report 2015 8 17
55. 2014 6 2012 7 2014 6 6 604 KW 2014 6 850 KW 13 2014 9 24 2012 4 2013 3 10kW 400kW 2014 3 24 2014 8 24 1 868 kW
56. 3 ISE 2014 12 26 2014 12 16 2016 3 http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 6838 SR Research Report 2015 8 17 2015 3
57. 2 670 4 9 2 748 22 9 435 33 0 3 4 12 2015 3 370 2015 3 3 10 12 4 2015 1 3 2016 3
58. 71 179 8 29 179 3 0 Sh aredd Mesearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 6838 SR Research Report 2015 8 17 2016 3 15 3 16 3 1 924 3 171 5 600 7 300 1 307 2 309 3 616 617 862 32 1 27 296 405 543 21 096 17 196 212 319 590 850 11 0 10 1 210 304 520 790 10 9 9 6 120
59. 2013 6 1MW 2015 3 GP 1 GP 6 GP A GP D 10 1MW 260 320
60. IRR 1 0MW 5 5MW 2016 3 4 Sh aredd Mesearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 6838 SR Research Report 2015 8 17 kW SR 1 6MW 24 081m 2013 3 440 77 ge 1 2015 3 _ 1 9MW 35 386m a 637 191 4 2015 3 1 3MW 15000m 488 56 4 2016 3 1 0MW 12 000m 6 299 48 4 2016 3 5 5MW 100 000m 238 1MW
61. 1970 NEDO Shared esearch http Www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 6838 SR Research Report 2015 8 17 IIWR 5 8S 8 lt 5 5 lt Kc5Kp oo esse 200 300
62. 2020 13 59 1 414 kWh 2010 6 2030 2030 2 2 140 2015 3 JPEA Japan Photovoltaic Energy Association JPEA PV OUTLOOK 2030 2014 11 20 2 GW SR 2020 65 7GW 2030 100 1GW 2015 2014 2018 2012 7 2014 11 http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 6838 SR Research Report 2015 8 17
63. 1 422 26 5 905 79 6 1 293 36 6 480 28 1 2013 3 309 2014 3 3596 845 27 3 890 83 0 54 5 59
64. 2012 3 2013 3 2012 3 100 2009 3 17 2010 3 2012 3 2013 3 2009 3 2012 3 2013 1
65. 7 875Kw 1 125Kw 1 7 2016 3 250 Sh aredd Mesearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 6838 SR Research Report 2015 8 17 2015 3 2 2015 3 2 1 924 5 7 212 1 3 210 4 1 120 36 9 1 769 8 3 1 741 26 0 257 36 8
66. Ti amp 2015 5 2015 5 12 200 41 1 1 2015 6 26 2015 3 31 2015 4 2015 4 20
67. 2007 3 4 195 2012 3 761 2012 3 1 372 2013 3 5 2013 1 2 136 4 843 2013 3 1 843 2014 3 436 2013 1 477 2015 3 427 3 161 Sh aredd Mesearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 6838 SR Research Report 2015 8 17 07 3 08 3 09 3 1
68. 665 493 56 390 1 764 1 524 1 918 1 530 1 293 2 114 3 421 3 606 295 205 133 564 718 2 410 89 30 18 27 38 154 39 1 31 194 2 341 1 766 1 445 2 709 4 210 6 376 443 430 364 386 474 620 g 433 203 30 40 323 300 1 026 884 598 708 1 130 1 481 67 151 294 539 153 83 85 251 442 1 733 1 179 967 683 959 1 572 3 215 1 162 799 761 1 751 2 638 3 161 500 203 30 192 618 839 1 68 332 36 764 387 12 93 77 454 265 865 82 299 168 783 875 238 R OA 8 49 13 896 1 596 18 09 13 896 9 7 ROE 43 49 35 896 4 796 27 196 19 996 14 79 49 6 45 396 52 796 64 69 62 796 49 69 SR Shared esearch lp http www sharedresearch j
69. 70 2 GW SR 2011 8 2012 7 5 2015 5 10KW 10KW 10KW 10KW
70. Sh ared hesearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 6838 SR Research Report 2015 8 17 SPC 30 2015 12 EPC GP A GP B Gp C GP D 100 153 000m 10 20 36 KWh 390 10 852 814kwh 3 amp sSh ared Pb T ch http Www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved
71. 2014 9 2015 1 2015 1 500kW
72. 30 500kW 360 3 50kW 360 2015 4 360 SR
73. 35 386 m Kw 1 999 Kw 40 kwh 20 9 500 20 1 860 2015 2 3 36 13 Sh aredd Mesearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 6838 SR Research Report 2015 8 17 11 070 m 13 650Kw 13 36
74. GP A GP B GP C GP D 100 153 000m 10MW 20 36 kWh 390 10 852 814 kWh 2015 3 24 2015 3 15 000 m Kw 1 300Kw 36 kwh 20 6 000 20 1 180 2015 3 5 Sh aredd
75. 19 9 1 9MW 2015 2 1 3MW 2015 3 2016 3 0 2015 3 3 2015 3 3 3 101 13 3 372 17 6 364 14 2 260 14 8 260 14 5
76. 2013 7 52 20 12 2013 3 3 671 18 2 373 29 374 23 339 37 Sh aredd Mesearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 6838 SR Research Report 2015 8 17 3 155 31 19 374 497 49 2
77. SR Inc SR Inc SR Inc SR Inc SR Tnc http www sharedresearch jp Email info sharedresearch jp 3 31 12 03 5834 8787 Sh aredd Mesearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved
78. 4 LTE 1Gbps 100Mbps International Telecommunication Union Sh aredd Mesearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 6838 SR Research Report 2015 8 17 LTE q Advanced 3G 3G SUDer3G ITE ao F 3 5G HSPA 3G W CDMA 2000 2010 2020 SR LTE Advanced LTE MIMO multiple input and multiple output
79. NTT 1 9437 LTE 2013 3 24 400 2014 3 55 300 2015 3 95 300 KDDI 1 9433 2014 3 3 740 2015 3 3 852 2015 3 NTT KDD1 LTE Sh aredd Mesearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 6838 SR Research Report 2015 8 17 2014 3 2016 3 14 3 15 3 16 3 NTT 703 1 661 8 630 0 LTE 331 1 406 7 366 0 KDDI 571 8 576 2 600 0 374 0 385 2 380 0 712 5 535 5 390 0 SR
80. 301 29 3 7KWh m 3 6 3 15 7 125KW 1MW 205 41 18 15 5 6 4 2015 4 7 875Kw 2016 3 500kW 2012 7
81. 3 403 5 3 467 2 7 4 3 9 2014 6 2016 3 1 372 22 59 40 49 239 124
82. 24 4 18 59 18 6 16 2 36 2 57 155 160 159 22 35 8 23 2 57 6 09 6 9 14 2 13 6 8 0 56 154 154 150 32 40 8 24 1 54 5 6 6 1 68 14 1 13 19 7 5 6 26 94 141 166 38 71 196 6 69 22 9 26 6 3 1 8 7 11 9 8 3 SR shared esearch lp http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 6838 SR Research Report 2015 8 17 15 3 16 3 1 2Q 1 3Q 1 2Q 1 3Q 1 4Q 835 1 924 3 101 5095 682 8 7 5 7 13 3 22 1 18 3 777 1 741 2 748 3 401 594 12 2 26 0 22 9 5 3 23 5 33 137 293 1 606 17 65 29 67 0 37 1 80 4 47 296 25 45 60 88 71 93 3 63 9 70 7 179 8 57 212 372 531 22 35 8 1
83. 2009 1KW 48 10 2015 2015 4 2016 3 1KW 33 35 2015 4 1 10kW 2012 7 2012 1 40 20 2013
84. 200 2015 2 2 0MW 901 2014 12 2015 1 2 200
85. 1 200MW SR 2014 12 3 ISE 10 0MW 390 2016 3 2015 3 Etrion Corporation 2015 6 30 Shared esearch http www sharedresearch jp Copyright C Shared Rese
86. 6838 SR Research Report 2015 8 17 15 3 16 3 16 3 e 1 29 1 30 1 20 1 3Q 1 4Q 835 1 924 3101 5 095 682 5 6007 300 8 7 5 7 13 3 22 1 18 3 11 0 43 8 261 617 996 1 479 225 3 0 12 8 17 4 23 4 13 896 31 29 32 196 32 1 29 0 33 0 204 405 624 947 247 24 0 22 0 17 49 31 49 i 21 4 24 496 21 09 20 1 18 69 36 29 57 212 372 531 22 590 850 35 8 1 3 17 6 11 396 11 2 61 2 69 11 0 12 0 104 56 210 364 514 32 520 790 40 8 4 1 14 296 7 596 2 0 53 7 6 8 10 9 11 7 10 1 26 120 261 427 38 400 570 71 1 36 9 14 5 2 2 5 6 34 9 3 1 6 3 8 4 8 4 15 3 16 3 EL 1 2Q 3Q 835 1 089 1178 1993 682 8 7 20 1 28 3 39 1 18 3 261 356 379 482 225 3 0 21 3 25 8 37 8 13 8 31 2 32 7 32 2 24 2 33 0 204 201 220 323 247 24 0 20 0 9 7 70 5 21 4
87. 23 9 50 40 4 2016 3 Tamagawa Electronics Vietnam Co LTD Tamagawa Electronics Vietnam 2015 6 ACE Tamagawa Electronics Vietnam 1 960 3 660 5 2 127 9 186 445 109 0 400 0 4 4 8 9MW
88. 79 8 15 2 131 6 22 4 146 0 531 590 850 1 580 11 3 11 1 60 1 85 9 167 8 420 322 430 12 6 23 3 33 5 109 268 527 1 150 245 3 145 9 383 5 118 2 329 19 427 400 570 1 030 2 2 5 6 34 9 80 7 157 5 SR 2014 12 2011 6
89. 1 36 2014 32 2015 6 29 7 27 3 7 Sh aredd Mesearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 6838 SR Research Report 2015 8 17
90. 2 2 3 402 0 196 shared esearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 6838 SR Research Report 2015 8 17 322 23 3 1 700
91. 2015 3 31 59 21 1 2011 7 GPPV SOLAR PTE LTD GPPV 2014 2 GPPV Sh ared GYcsea ch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 6838 SR Research Report 2015 8 17 2015 5 8
92. C 100 GP D 100 GP E 1009 http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 6838 SR Research Report 2015 8 17 10 20 2015 LTE WiMAX
93. 1 44 i 46 46 4 47 j 57 i 58 http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 6838 SR Research Report 2015 8 17 10 3 11 3 12 3 13 3 14 3 15 3 16 3 2 803 2 640 3 106 3 672 4 171 5 095 5 600 7 300 34 896 5 896 17 796 18 296 13 696 22 1 11 0 43 8 392 326 590 1 049 1 198 1 479 58 896 16 896 81 196 77 8 14 3 23 4 14 0 12 396 19 096 28 69 28 7 29 096 227 286 30 373 477 531 590 850 27 8 11 3 11 2 61 2 8 1 10 896 1 096 10 296 11 4 10 49 224 284 24 375 478 514 520 790 27 69 7 5 2 0 53 7 8 0 10 896 0 896 10 296 11 596 10 19 570 351 37 340 436 427 400 570 28 5 2 296 5 6 34 996 20 39 13 396 1 296 9 39 10 596 8 4 6 774 6 774 6 774 10 753 41 259 42 031 EPS 35 1 17 8 1 9 15 7 11 7 10 4 10 0 14 0 EPS 14 8 10 6 10 2 DPS 1 1 0 3 0 BPS 58 9 40 6 38 6 54 3 64 8 75 4
94. 95 0 2015 3 4 3 9 202 43 39 17 47 2 46 10
95. 182 kW 270 kW 880 kW 270 kW 25 2014 8 SR Sh aredd Mesearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 6838 SR Research Report 2015 8 17
96. 28 0 28 5 SR 60 40 1990 2005 30 2012 3
97. Bo OL SECTOR i lt dh me A 2 Africa Oil 2 39 billion Dn lackPearl Resnurees 758 million Horn Petrnleum 29 million Lundin Petrnleum E G bilhnn ShaMaran Petroleum 68 million 2015 3 2015 3 30 Etrion Corporation Etrion Etrion Etrion 130MW NASDAQO OMX
98. Carrier Aggregation 2 SR NTT LTE 3G LTE Advanced LTE Advanced 2014 12 4 LTE Advanced 3 5GHz NTT KDDI 3 NTT 3 480 3 520MHz 2016 10 KDD1I 3 520 3 560MHz 2016 6 3 560 3 600MHz 2016 12 2016 LTE Advanced SR LTE
99. 10KW 20 2012 12 2013 2013 4 2014 3 1KW 36 20 2014 2014
100. 1MW 2012 7 Sh aredd Mesearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 6838 SR Research Report 2015 8 17 1MW 1 000MKWh 4 5 5MWh 1MW 300 1MW 15 000 m 47 000 m
101. kWh 20 2015 2 3 2015 1 2015 1 29 1 Kw 125Kw 6 750Kw 7 875Kw 125Kw 1 7
102. 3 421 114 87 430 52 35 908 718 19 19 38 19 12 31 788 4 210 474 323 86 247 1 130 294 148 442 618 1 572 1 625 1 620 555 2 638 986 618 1 146 1 524 1 377 447 258 3 606 130 126 1 458 540 156 966 2 410 23 154 88 106 194 2 759 6 376 620 300 169 392 1 481 539 947 247 1 733 839 3 215 1 656 1 077 445 3 161 1 204 839 685 56 6 2013 3 2015 3 42 3 38 29 2013 3 390 2015 3 1 524 http www sharedresearch jD Copyright C Shared Research Inc All Rights Reserved 6838 SR Research Report 2015 8 17 2009 3 451 2012 3 133 2013 3
103. SR Research Report 2015 8 17 6838 sr_inquiries sharedresearch jp 6838 SR Research Report 2015 8 17 eo 4 so 4 oo 6 i 17 so 17 27 ii 33 hpi 34 40 sol 42 2 7
104. SR 2008 3 5 2013 1 901 2015 3 3 3 2015 2 1 9MW 901 2014 12
105. 39 17 6 11 39 138 6 93 257 435 467 5 13 7 36 8 33 0 2 79 950 10 6 19 112 46 118 6 i 10 16 16 22 29 179 3 0 0 0 93 268 432 602 12 36 55 60 70_ 10 16 3 2Q 3Q 835 1 089 1178 1 993 682 8 7 20 1 28 3 39 1 18 3 777 964 1 007 652 594 12 2 39 896 18 0 34 496 23 5 33 104 157 1 313 17 85 2 46 09 202 4 209 89 47 2 25 20 14 28 71 14 2 10 1 86 8 179 8 57 155 160 159 22 35 8 23 29 57 6 0 99 138 6 93 164 178 32 5 13 7 54 596 27 9 0 95 0 10 5 13 131 46 79 4 590 8 10 6 0 7 29 349 3 179 3 0 0 0 93 175 165 169 12 36 20 5 10 10 SR
106. Mesearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 6838 SR Research Report 2015 8 17 2015 3 5 004 4 534 517 506 507 489 455 450 2015 2 2015 2 23 2015 3
107. 0 3 11 3 12 3 13 3 14 3 15 3 4 PD 3 3 1 305 136 259 1 68 332 36 764 387 2 59 111 17 12 93 77 454 265 865 FCF 1 2 246 247 242 11 162 255 418 499 478 43 121 194 82 299 168 783 875 238 A 48 58 217 76 20 14 22 84 106 B 31 134 82 22 12 446 254 866 C 381 179 459 120 186 238 488 301 219 FCF NI A B C 226 305 186 397 152 272 572 568 552 SR 2009 3 2011 3
108. 012 7 486 19 41 24 74 89 0 30 47 sSh ared Pb T ch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved w 6838 SR Research Report 2015 8 17 07 3 08 3 09 3 10 3 11 3 12 3 13 3 14 3 3 114 4 012 4 299 2 803 2 640 3 106 3 672 4 171 5 095 22 1 28 8 7 1 34 8 5 8 17 7 18 2 13 6 22 1 2 622 3 274 3 348 2 412 2 314 2 516 2 623 2 973 3 616 52
109. 2 174 458 20 198 1 142 855 90 7 97 301 22 323 1 275 4 997 1 301 404 253 336 2 293 441 208 649 844 2 942 1 029 1 196 119 2 055 1 325 844 138 09 3 820 1 033 345 47 2 245 162 88 198 1 151 451 251 16 267 25 22 47 765 3 010 507 108 99 1 226 216 101 318 724 1 544 1 029 1 024 619 1 466 867 724 96 2015 3 10 3 665 915 275 63 1 918 132 36 126 997 295 69 20 89 25 14 39 423 2 341 443 433 39 111 1 026 67 86 153 500 1 179 1 102 1 096 983 1 162 747 500 165 11 3 493 663 328 45 1 530 94 106 959 205 23 30 235 1 766 430 203 31 220 884 83 83 203 967 1 102 1 096 1 335 799 562 203 290 12 3 56 864 299 74 1 293 80 52 899 133 150 1 445 364 683 1 102 1 096 1 372 761 800 30 26 13 3 390 1 345 328 52 2 114 87 58 22 52 346 884 564 14 13 27 593 2 709 386 40 108 173 708 151 100 251 192 959 1 387 1 381 991 1 751 1 287 192 198 SR Research Report 2015 8 17 14 3 1 764 1 112 347 197
110. 307 400 570 9 7 6 396 SR 16 3 15 3 16 3 a 5 094 5 600 7 300 9 9 43 396 3 402 0 1 1 690 3 660 22 0 127 9 134 1 584 75 7 187 0 1 556 2 076 47 6 97 0 87 261 200 0 531 590 850 11 1 60 0 420 322 23 3 89 186 445 109 0 400 0 20 82 310 0 SR 2016 3 5 600 7 300 11 0 43 8 590 850 11 2 61 29 9 520 790 2 0 53 79 6 400 570 5 6 34 996 4
111. 4 2015 3 1KW 32 2015 6 29 7 27 1KW 40 1KW 159 25 2015 3 2 3MW 1 054 2015 3 18 8 4 2 2014 3
112. 4 296 8 7 7 496 12 496 40 129 139 191 22 69 493 506 69 118 68 227 286 30 373 477 531 195 2 441 1 3 2 5 0 101 52 71 133 179 18 65 488 489 99 109 128 224 284 24 375 478 514 1 8 109 5 476 5 2 0 5 1 92 50 63 133 179 13 60 449 450 138 408 408 570 351 37 340 436 427 50 3 466 3 2 8 5 1 SR 2009 3 2012 3 SR 2013 3
113. 6 738 951 392 326 590 1 049 1 198 1 479 16 99 18 496 22 1 14 0 12 3 19 0 28 6 28 7 29 0 457 620 1 020 619 612 619 675 721 947 14 796 15 596 23 79 22 1 23 2 19 9 18 4 17 3 18 6 69 118 68 227 286 30 373 477 531 271 9 71 0 27 8 11 3 2 2 2 9 1 6 8 1 10 8 1 0 10 2 11 4 10 4 42 49 45 16 18 14 19 9 8 12 58 105 14 16 8 17 8 25 99 109 128 224 284 24 375 478 514 226 7 9 9 27 6 7 5 3 2 2 796 3 0 8 0 10 8 0 8 10 2 11 5 10 1 44 16 52 0 45 1 2 5 3 492 341 346 109 7 0 0 0 2 39 57 3 6 36 44 92 1 6 10 6 1 6 0 1 0 8 20 9 9 6 9 1 17 7 138 408 408 570 351 37 340 436 427 28 5 2 2 4 496 10 2 9 5 20 3 13 3 1 2 9 3 10 5 8 4 SR 2012 3 3 106 17 7 29 286
114. arch Inc All Rights Reserved 6838 SR Research Report 2015 8 17 Etrion 2012 1 8036 2014 9 34 809 20 Etrion 879 13 SR 1 YN kW SR so oom 153 000m 20164F3AMM 3 431m7 390m7
115. aredresearch jp Copyright C Shared Research Inc All Rights Reserved 6838 SR Research Report 2015 8 17 2015 1 16 2014 12 26 2014 12 2014 12 26 6 2014 12 26 kW 125kW 2014 12 26
116. p Copyright C Shared Research Inc All Rights Reserved 6838 SR Research Report 2015 8 17_ 2015 8 12 2016 3 1 2016 3 1 2015 8 4 2015 7 24 2014 12 26 2015 8 SVC 2015 8
117. p Www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 9 6838 SR Research Report 2015 8 17_ 1968 2005 2012 2007 2007 2 9318 14 79 2009
118. p www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 6838 SR Research Report 2015 8 17 CF a IN MW 6 Plc5 0 Pj 5 e jj 5 34 0 1 8 583 116 436 320 3 38 0 21 7 8 325 1 655 6 850 5 185 6 33 6 14 1 4 878 975 4 920 3 945 1 36 0 24 0 8 975 1 791 6 620 4 829 15 36 1 61 6 22743 4 548 18 829 14 280 SR SR 2014 3 2014 1 200 2014 3
119. rch Report 2015 8 17 2013 4 Tamagawa HD Vision 2018 2018 3 10 000 209 ROE209 SR 2017 3 9 000 1 600 1 000 15 3 16 3 17 3 SR 5 094 5 600 7 300 9 100 22 1 11 0 43 8 24 7 62 59 3 400 3 402 4 300 5 3 0 1 26 4 1 693 1 951 3 921 4 800
120. rt 2015 8 17 2015 3 66 79 88 0 1968
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