GCA サヴィアン（2174）
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1.2. Sh ared esearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved GCA 2174 SR Research Report 201478 15_ 3
3. M8 A GCA Savvian Advisors 200
4. M amp A M amp A SR 110 15 23 30 14 259 SR
5. 2012 12 43 99
6. 2014 12 1 99
7. M amp A M amp A M amp A
8. MBO MEBO MCo 1 Co 1 Ed SR
9. 1 2 http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved GCA 2174 SR Research Report 2014 8 15
10. J GCA DIC TOKAI
11. 360 1 2 Sh aredd esearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved GCA 2174 SR Research Report 2014 8 15 09 12 10 12 11 12 12 12 M amp A 2
12. SR Inc SR Inc 3 31 12 03 5834 8787 Email info sharedresearch jp Shared 8 esearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved
13. 918 5 8 2013 2 181 186 19 3 3 581 12 8 169 76 7 229 70 19 136 65 6 2 M amp A M amp A 7 3
14. PMI M amp A M amp A PMI MBOO JV
15. M amp A M amp A GCA M amp A Savvian
16. M amp A M amp A SR M amp A M amp A 2011 2012 1 152 5 320 705 1 83 4 796 975 2 119 2 901 898 2 48 6 646 320 3
17. 1IFRS 1 250 000 4 69 10 2014 5 14 2014 12 31 Sh ared esearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved GCA 2174 SR Research Report 2014 8 15 2014 12 M amp A
18. M amp A 2013 2 US mil 1 38 7 916 2 36 11 379 3 UFJ 22 10 556 4 GCA 16 5 271 5 14 3 425 6 KPMG 14 1 136 7 13 5 757 8 11 1 205 9 9 104 10 5 4 785 SR 3 999 http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved GCA 2174 SR Research Report 2014 8 15 1
19. SR SBS KLab
20. Sh ared esearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved GCA 2174 SR Research Report 2014 8 15 GCA M amp A Trusted Advisor For Client s Best Interest M amp A M amp A 2014 12 GCA GCA Savvian Advisors LLC DCo 09 12
21. Sh ared esearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved GCA 2174 SR Research Report 2014 8 15 M amp A 2014 2 2 PE http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved GCA 2174 SR Research Report 2014 8 15
22. 3 999 1 19 3 6 954 2 2 1 302 9 3 1 363 11 5 833 29 7 4 M amp A
23. 2014 12 1 M amp A M amp A M amp A M amp A
24. 2014 12 100 1 10 10 7 FA Financial Advisor 3 M amp A
25. 2014 2 1 7751 Molecular Imprints 2 M amp A 2013 12 2014 12 Sh aredd esearc
26. 1 M amp A 2 5 5 5 10 49 10 50 39 50 100 2 100 1 120 5 x5 10 5 x4 50 10 x3 100 50 x2 120 100 x19 2 85 M amp A
27. UN Gaz3 pls 4 2011 1 5 593 4 868 18 6 899 91 4 819 6 2012 3 1 290 1 224 4 79 1 015 87 1 349 7 2013 5 2 130 2 130 8 1 1 225 14 2 639 8 2013 5 1 500 1 485 5 7 1 225 14 1 840 9 2014 3 1 500 1 500 5 7 815 18 1 250 10 2014 3 1 500 1 500 5 79 848 18 1 299 1127707 48 5 13 195 SR 4 8 2014 2 28 9 10 2014 8 11 26 198 324
28. M amp A 2006 M amp A M amp A M amp A 1999 3 530 1 556 44 1 1 501 42 5 473 13 4 2000 3 231 1114 34 5 1 213 37 5 904 28 0 2001 1 780 1 018 57 2 796 44 7 2002 1 201 552 460 590 49 2 59 4 9 2003 1 335 647 48 5 571 42 8 116 8 7 2004 2 144 1 109 51 7 866 40 4 169 7 9 2005 2 727 1355 49 7 1 192 43 7 179 6 6 2006 3 684 1 781 48 3 1 717 46 6 186 5 1 2007 4 050 1919 47 4 2 067 51 0 63 1 6 2008 2 498 1098 440 1 222 48 9 178 7 1 2009 1 794 800 44 6 628 35 0 366 20 4 2010 2 217 980 44 2 837 37 7 401 18 1 2011 2 270 1 180 520 873 38 5 217 9 6 2012 2230 1 120 50 2 893 40 0 217 9 7
29. sh ared hesearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved GCA 2174 SR Research Report 2014 8 15 M amp A M amp A 40 2011 GCA M amp A SR M amp A
30. http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved GCA 2174 SR Research Report 2014 8 15 09 12 10 12 11 12 12 12 9 613 14 947 14 950 10 813 22 381 344 1 880 4 225 2 746 4 187 385 1 818 4 223 2 795 4 306 75 119 471 353 279 841 1 647 3 209 1 147 2 446 467 38 533 1 259 1 125 6 150 8 099 7 972 9 555 9 572 506 213 979 1 588 1 737 476 20 499 1 248 1 122 6 861 8 567 8 754 5 556 7 147 626 847 929 1 033 1 154 16 535 11 734 10 731 15 491 5 328 6 689 16 853 13 667 10 589 1 008 31 912 38 762 34 622 33 799 15 119 330 346 265 235 239 2 364 176 243 251 287 3 267 1 059 1 470 1 565 1 717 35 180 39 821 36 093 35 364 16 836 1 308 2 447 1 930 2 906 2 417 10 373 6 852 7 100 7 644 8 260 673 4 217 4 217 2 000 2 000 130 2
31. MCo3 1 2 474 976 8 639 2014 8 11 2014 12 1 2 190 79 6 179 93 1 156 94 0 88 5 2013 12 1
32. 2013 12 1 2013 4 25 2013 12 1 10 719 346 4 2 583 251 5 2 616 231 2 5 98 2 1 326 32 4 158 14 0 9 392 440 1 2 2012 12 1 M amp A 38 1 21 2012 12
33. Sh aredd esearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved GCA 2174 SR Research Report 2014 8 15 M amp A MAST h SA urT MIN M amp A SR GCA FAS I Dco 2014 8 DCo GCA FAS M amp A M amp A GCA Savvian Advisors LLC 2003 M amp A
34. 2011 GCA M amp A NM 0 12 1 293 MA M amp A 40 50 M amp A 2013 10 1ICICI ICICI Securities Limited GCA Savvian Advisors GCA Savvian Advisors M amp A
35. 2014 12 1 44 6 39 6 5 2 066 55 8 123 22 0 3 1 165 32 0 4 808 128 6 M amp A 2014 1 8
36. GCA Savvian Advisors GCA Savvian Advisors http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved GCA 2174 SR Research Report 201478 15_ SR M amp A
37. 2013 12 909 360
38. 70 SR http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved Sh afedi GCA 2174 GCA 03 6212 7100 2004 4 1 HP httD www gcasavvian COm IR TIR http www sharedresearch jD esearch Copyright C Shared Research Inc All Rights Reserved SR Research Report 2014 8 15 100 6230 1 11 1 30F 1 2006 10 6 12 IR http www gcasavvian com jp ir overview IR GCA 2174 SR Research Report 2014 8 15
39. M amp A 41 38 2012 12 4 1 2 4 M amp A 2013 2 4 5 1 718 20 6 914 33 19 2013 2 1 95 59 1 147 39
40. ICICI sh ared hesearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved GCA 2174 SR Research Report 2014 8 15 1 5 8 13 30 2013 12 3 2013 10 30 2013 12 3 3 18 549 136 9 3 764 76 4 3 826 76 7 836 28 3 5 855 5 9 1 099 88 6 12 694 694 2
41. M amp A GCA Savvian GCA Savvian Advisors M amp A M amp A sh ared hesearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved GCA 2174 SR Research Report 201478 15_ 2013 12 2014 2 13 2013 12 22 381 107 0 4 187 52 5 4 3
42. 2013 5 2013 5 30 2013 5 30 2013 12 2013 12 1 10 5 5 2013 3 2013 3 1 100 4 700 2013 2 2013 2 4 2012 12 2012 12 10 813 10 500 2 746 2 550 2 795 2 564 1 259 1 040 1 3 000
43. 2014 2 M amp A IMAST M amp A 2010 M amp A M amp A MAST M amp A PMI M amp A
44. 2014 12 1 IFRS IFRS GCA Savvian India Investment Advisors Private Limited GCA Savvian China Co Ltd 2013 12 IFRS 9 559 22 381 1 724 4 187 1 062 1 125 2013 12 IFRS 9 559 9 572
45. 19 Pe MCo1 MCo2 MCo3 2013 12 19 MCo1 MCo3
46. Sh aredd esearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved GCA 2174 SR Research Report 2014 8 15 M amp A US mil 1 12 13 941 2 UFJ 12 9 468 3 24 9 141 4 45 8 680 5 7 7 117 6 3 6 165 7 3 5 018 8 GCA 14 4 026 9 BNP 2 3 978 10 2 3 969 SR 1 SR 110 15 23 30 14 25 1 2 1 4
47. M amp A sh ared hesearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved GCA 2174 SR Research Report 2014 8 15 WOOOSS SOSSS FE rT E rm FE mm rr F 5 SR SR M amp A SR 1998
48. 2 1 3 3 http www sharedresearch jD Copyright C Shared Research Inc All Rights Reserved GCA 2174 SR Research Report 2014 8 15 350 M amp A 11 12 12 12 13 12 SR 4 2004 GCA 2005 2006 2006 M amp A 2008 Savvian
49. 115 3 764 647 3 48 4 074 730 4 58 2 310 854 4 36 1 019 490 5 55 3 354 994 5 GCA 32 652 120 6 GCA 45 301 553 6 30 255 085 7 KPMG 41 326 555 7 KPMG 25 592 960 8 36 5 084 293 8 19 209 950 9 34 1 029 135 9 18 2 187 390 10 32 63 441 10 16 1 492 090 10 32 1 084 445 Thomson Reuters SR Thomson Reuters SR Japan U S Cross Border M amp A Advisory Ranking Published Data Basis Japan U S Cross Border M amp A Advisory Ranking Published Data Bd 2011 2012 Ranking Advisor No of Deals Value USD Million Ranking Advisor No of Deals Value USD Million 1 GCA Savvian Corp 9 878 1 Morgan Stanley 17 17 931 2 Mizuho FG 8 9 850 2 Mizuho FG 15 49 207 3 Nomura Holdings 7 21 610 3 Nomura Holdings 13 23 980 3 Bank of America Merrill Lynch 7 13 664 4 GCA Savvian Corp 12 5 255 5 Deutsche Bank AG 6 16 269 5 Goldman Sachs 10 7 393 5 Lazard 6 8 349 6 Deutsche Bank AG 8 4
50. SR 2008 12 7 000 http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved GCA 2174 SR Research Report 201478 15_ SW Strengths Weaknesses Strengths M amp A M amp
51. SR 110 15 23 30 14 25 45 50 60 709 2 2013 2014 2014 12 IFRS
52. 3 914 3 7 2013 12 6196 299 0 329 4 999 1 2013 12 1 226 63 7 591 232 5 9 572 0 2 1 737 9 4 1 855 13 3 1 122 10 19 4 10 12 ICICI 1ICICI Securities Limited
53. 8 2 1 624 78 5 76 414 M amp A 2014 12 2 5 3 iz 4 2014 2 US mil 1 74 12 959 2 63 4 477 3 40 14 055 4 UF 25 29 860 5 GCA 21 3 961 6 KPMG 21 2 845 7 19 6 363 8 19 164 9 16 14 787 10 UFJ 16 251 SR 247 68 5 32 435
54. M amp A 3 M amp A SW Strengths Weaknesses Sh aredd esearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved GCA 2174 SR Research Report 2014 8 15 09 12 10 12 11 12 12 12 13 12 9 613 14 947 14 950 10 813 22 381 55 5 0 0 27 7 107 0 2 564 4 508 6 418 5 276 6 238 75 8 42 4 17 8 18 2 344 1 880 4 225 2 746 4 187 446 5 124 7 35 0 52 5 385 1 818 4 223 2 795 4 306 372 2 132 3 33 8 54 1 46 7 38 533 1 259 1 125 1302 6 136 2 10 6 6 150 8 099 7 972 9 555 9 572 31 7 1 6 19 9 0 2 506 213 979 1 588 1 737 359 6 62 2 9 4 2 6 12 3 16 6 18 1 476 20 499 1 248 1
55. 1 724 1 737 1 062 1 122 2013 10 2013 10 23 ICICI ICICI Securities Limited ICICI ICICI Bank Limited 100 1ICICI ICICI Securities Limited M amp A Ssh ared Gear 4 http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved GCA 2174 SR Research Report 2014 8 15 ICICI ICIC1 5 250 M amp A 1ICICI 2013 12
56. http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved GCA 2174 SR Research Report 2014 8 15 M amp A TMT TMT http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved GCA 2174 SR Research Report 2014 8 15 09 12 10 12 11 12 12 12 13 12 3 6 12 6 28 3 25 4 18 7 0 3 3 6 11 6 5 0 2 6 12 3 16 6 18
57. 32 457 15 59 2011 12 34 163 18 8 8 886 2011 12 255 5 486 61 79 2011 12 6 779 74 2 1 259 716 2 000 2011 12 2012 9 6 1 2012 10 31 1 1 500 2012 10 15 64 831 18 459 2012 12 5 20 000 6 989 Sh aredd esearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved GCA 2174 SR Research R
58. 2014 12 2014 8 MCo1 MCo2 MCo1 1 MCo3 MCo1 MCo2 MCo3 Sh ared Gcsearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved GCA 2174 SR Research Report 2014 8 15 2013 12 1 MCo1
59. Win Win M amp A M amp A http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved GCA 2174 SR Research Report 2014 8 15
60. DD DD DD FIM amp AO hE El IR 7 TOB ks M amp A
61. 4 06 2 22 State Street Bank and Trust Company 1 62 SR 2013 12 30 70 100 30 1 309 6 30 12 31 2 mm Shared esearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved GCA 2174 SR Research Report 2014 8 15 S R 2014 8 48 596
62. 8 32 1 8 40 43 41 29 61 60 57 59 39 39 4 69 73 75 78 75 65 63 68 65 60 4 5 2 1 1 33 26 30 31 31 11 11 11 11 10 182 178 186 186 177 SR 2008 12 2008 3 3 2008 12 31 10 Savvian M amp A i team M amp A
63. 749 a 15 3 1 996 73 8 M amp A IT i M amp A 2012 M amp A hi 2009 8 2010 7 2011 3 2012 2 2 4 395 25 1 1 M amp A 2012 9 4 065
64. 19 8 2008 Sh aredd esearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved GCA 2174 SR Research Report 2014 8 15 2011 12 999 19 19 3 9 555 19 9 1 588 62 2 1 637 67 4 1 248 150 1 35 364 2011 12 728
65. 543 24 300 1 M amp A M amp A M amp A SR M amp A 2012 12 2013 2 14 2012 12 10 813 27 7 2 746 35 0 2 795 33 8 1 259 136 2 8 806 20 3
66. ICIC1 ICICI Securities Limited 1 3 9 000 2007 10 12 1 2 1 5 000 MCo1 MCo2 MCo3 2
67. SR Inc SR Inc Shared Researcn SR Inc SR Inc SR Inc SR Inc
68. 4 1 M amp A 2013 1 8 2 99 1 Sh ared esearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved GCA 2174 SR Research Report 2014 8 15 196 3 1 485 30 8 68 488 35
69. M amp A M amp A 2013 12 2 2013 7 30 2013 12 2 2 15 458 238 2 2 928 150 2 2 988 147 0 150 62 69 2 795 25 0 785 108 6 12 662 Sh aredd esearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved GCA 2174 SR Research Report 2014 8 15 842
70. 162 7 7 6 11 6 38 8 78 9 34 096 443 475 499 633 460 372 6 2 5 3 8 9 43 296 3 8 21 7 2 583 345 836 423 179 168 251 9 20 9 13 396 30 996 93 196 51 396 2 616 2 838 480 156 166 231 19 11 29 12 396 23 896 94 096 55 496 5 145 686 289 88 82 98 3 46 5 173 3 52 4 1660 0 43 4 1 485 2 110 3 359 2 618 2 190 1 737 a 30 8 7 7 24 4 4 8 47 596 17 790 68 251 1 119 435 179 168 4 6 141 2 9 8 33 1 11 9 33 3 16 6 8 2 9 7 24 174 683 289 88 82 79 4 178 8 52 3 52 9 8 296 20 396 11 0 4 0 4 7 SR 2014 12 2 2014 7 30 2014 12 2 3 927 74 6 347 88 1 322 89 2 170
71. SR Research Report 2014 8 15 GCA 2174 sr_inquiriesQ sharedresearch jDp 0 GCA 2174 SR Research Report 2014 8 15 NG 3 ici 4 oi 5 io 5 or 6 eo 13 CC 13 M amp A Mitt 19 EE EE 23 SW
72. 13 3 2013 12 2 2014 12 2 9 2 89 3 32 5 13 6 http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved GCA 2174 SR Research Report 2014 8 15 3 679 31 6 315 265 5 6 2 053 9 2 232 69 3
73. GCA GCA I Savvian 2012 1 amp 2014 5 2014 5 13 IFRS 2014 12 1 IFRS http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved GCA 2174 SR Research Report 2014 8 15 IFRS 2014 3 2014 3 25 IFRS
74. 2 500 M amp A 2012 1 3 000 30 Sh aredd esearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved GCA 2174 SR Research Report 2014 8 15 10 13 03 GCA 6 98 6 35 5 33 4 40 4 32 4 14
75. Bloomberg SR M amp A M amp A GDP 8 2 http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved GCA 2174 SR Research Report 2014 8 15 2012 M amp A M amp A M amp A M amp A
76. 3 2 056 23 7 9 4 947 15 2 M amp A 2013 3 4 6 M amp A 2013 3 US mil 1 44 12 213 2 4 1 3 782 3 UFJ 30 31 422 4 GCA 27 5 597 5 24 6 833 6 22 13 947 7 20 1 856 8 KPMG 17 1 589 9 15 19 656 10 13 1 398 SR 2013 3 1 96 71 1 149 39 Sh
77. Strengths Weaknesses 25 26 5 29 1 30 i 37 i 37 39 EE 39 42 1 42 43 eeoeooeooeior 44 Sh ared csearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved GCA 2174 SR Research Report 2014 8 15 M amp A M amp A 2 1 M amp A 2 SR M amp A M amp A
78. 1 0 2 6 3 13 1 11 7 ROA 0 1 1 4 3 5 4 3 ROE 0 5 8 0 20 5 18 9 ROA 0 2 5 5 13 8 12 3 ROE 0 2 7 5 20 4 18 9 SR 2008 12 ROA ROE 2008 12 2008 3 3 2008 12 31 10 1 0UD ng 15 1n 12 11 12 15 12 15 15 a ba ISR aII 13 38 3 3 308 1 31 10
79. A Weaknesses M amp A M amp A M amp A M amp A
80. 013 12 1 MCo1 MCo3 Sh sfed esearch lp http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved GCA 2174 SR Research Report 2014 8 15 1 2014 12 1 IFRS
81. 06 54 1 1 125 10 6 8 346 5 2 1 226 63 7 14 035 603 2 4 10 12 1 1 459 3 6 4 124 6 2 MS amp A 33 M amp A 2013 7 9 M amp A 4 9 4 10 12 944 9 0
82. 1 316 5 Morgan Stanley 6 6 937 6 LincolIn Intenational 8 290 5 JP Morgan 6 2 721 6 Bank of America Merril 8 12 793 9 Goldman Sachs 5 20 895 9 JP Morgan 7 12 556 9 Citi 5 11 618 10 Deloitte 6 1 057 11 Credit Suisse 4 21 273 10 Sumitomo Mitsui FG 6 4 812 Source FACTSET and company data SR Inc Source FACTSET and company data SR Inc http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved GCA 2174 SR Research Report 2014 8 15 M amp A M amp A M amp A 2011 1 GCA Savvian Evercore Partners Morgan Stanley UBS JP Morgan Catalyst Partners Bank of America Merill Lynch Montgomery Capital Petsky Prunier 10 Credit Suisse 451 Research Tech M amp A banking review SR J WL LPL PRL wR MM CO OO GCA Savvian Advisors 2011 M amp A
83. 10 12 11 12 12 12 5 595 7 542 7 323 8 806 8 346 3 248 3 066 3 512 4 395 4 124 1 634 3 821 3 378 4 065 3 914 713 644 418 346 308 555 557 649 749 1 226 6 150 8 099 7 972 9 555 9 572 3 993 7 390 7 627 1 996 14 035 530 542 649 738 1 226 9 613 14 947 14 950 10 813 22 381 506 213 979 1 588 1 737 850 1 667 3 246 1 158 2 450 344 1 880 4 225 2 746 4 187 467 38 533 1 259 1 125 SR 2008 12 2008 3 3 2008 12 31 10 http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved GCA 2174 SR Research Report 2014 8 15 GCA
84. 122 2395 0 150 1 10 1 0 2 6 3 13 1 11 7 34 356 35 066 35 133 28 650 28 673 EPS 13 9 1 2 18 6 44 2 42 2 EPS 1 1 17 9 DPS 10 0 10 0 30 0 13 0 BPS 305 5 230 8 236 6 205 9 240 1 6 861 8 567 8 754 5 555 7 147 31 912 38 762 34 622 33 799 15 119 2 918 677 1 173 1 311 1 433 35 180 39 821 36 093 35 364 16 836 1 085 2 193 1 673 2 743 2 301 222 254 256 163 115 1 308 2 447 1 930 2 906 2 417 33 872 37 373 34 163 32 457 14 419 23 629 30 775 26 895 26 402 7 406 0 0 0 0 0 2 513 1 928 7 631 978 23 349 1 505 1 912 44 63 130 1 142 1 952 7 373 4 347 21 951 ROA 0 2 5 5 13 8 12 3 ROE 0 2 7 5 20 4 18 9 88 8 73 2 74 2 61 7
85. 53 168 412 753 23 629 30 775 26 895 26 402 7 406 33 871 37 373 34 163 32 458 14 419 35 180 39 821 36 093 35 364 16 836 96 3 93 9 94 7 91 8 85 6 29 1 16 6 18 8 15 5 38 0 11 541 9 013 9 141 8 886 9 349 10 242 6 598 7 213 5 991 6 946 10 243 6 598 6 779 5 486 6 405 88 7 73 2 78 9 67 4 74 3 88 8 73 2 74 2 61 7 68 5 SR 2008 12 2008 3 3 2008 12 31 10 1
86. 68 5 SR 2008 12 2008 3 3 2008 12 31 10 esearch lp http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved Shared GCA 2174 SR Research Report 2014 8 15 2014 8 15 GCA 2014 7 30 2014 12 2 2014 12 2 3 amp Ssh ared Gear http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved GCA 2174 SR Research Report 2014 8 15 13 12 14 12 6 PlcD PA E16 pe 10 719 4 739 3 091 3 832 2 190 1 737 346 4 118 5 5 2 28 5 79 6 63 396 g 3 026 820 1 336 1 056 639 541
87. ared esearch lp http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved GCA 2174 SR Research Report 2014 8 15 2012 12 43 9 2013 3 181 186 TICICI ICICI Securities Limited 2013 10 23 ICICI
88. eport 2014 8 15 1 2013 12 MCo1 MCo2 MCo3 2013 12 1 MCo1 MCo3
89. h http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved GCA 2174 SR Research Report 2014 8 15 2 1 M amp A 2 M amp A SR M amp A M amp A M amp A
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