Home
マネースクウェア HD(8728)
Contents
1. 2 1 4 1 4 1 DD dealing desk
2. 2015 3 25 1 40 26 8 sSh ared 1 ch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved HD 8728 SR Research Report 201579 1 1987
3. 0 2 0 10 0 0020 lesearch http Www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved HD 8728 SR Research Report 201579 1 M2JFX M2JFX
4. Shared Cbs dr ch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved HD 8728 SR Research Report 201579 1 2015 6 6 6 12 6 1 e 17 2009 3
5. MG J
6. 5 6 sSh ared Pb T ch http Www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved HD 8728 SR Research Report 201579 1 SR
7. 2014 3 345 5 100 300 2014 3 1 000 700 300
8. Sh aredd Mesearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved sSh ared 1 ch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved HD 8728 SR Research Report 2015 9 1 100 04 100 02 100 00 1 100 00 100 04 100 04 100 04 1 100 02 0 02 1 200
9. 2015 6 17 M2JFX 8 2012 69 7 2013 49 09 2014 58 59 1
10. 2015 3 318 0 59 5 89 9
11. Shared esearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved HD 8728 SR Research Report 201579 1 2015 3 256 494 4 4 4 7961 3 69 93 958 2 7 5 10 nano FX 2 FX nano 100
12. 0 2596 30 000 _ 0 2096 25 000 0 1596 0 1096 0 0596 0 0096 1Q EE 4Q 20 K 3Q 4Q o 3Q 4Q 10 2Q OO rr re 7 Te kJ qq kJ qq NA 13 So EO ECO EO rr rr rr rr rr rt SR 1 100 Shared esearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved HD 8728 SR Research Report 2015 9 1 08 3 09 3 10 3 11 3 12 3 13 3 14 3
13. CFD Contract For Difference 2015 CFD 2015 1 M2 FX1 FX
14. 2000 41 2003 1 182 2005 7 2005 7 12 50 2006 2005 100 1998 2005 2015 6 10 1999 8 1999 12 FX 2000 2 FX 2002 4 2003 5
15. SR 2015 3 1 49
16. CN 20 2012 1
17. 1999 2002
18. a Mem 100 04 100 00 lt
19. 2010 1 2009 11 A A u e 2010 6 A Sh ared 1 ch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved HD 8728 SR Research Report 201579 1 A
20. 63 732 12 99 832 1 16 79 61 236 16 6 63 2 782
21. e 25 SR 2010 1
22. 1 SR 07 3 1 724 22 361 11 26 0 24 122 55 49 104 60 61 153 1 57 4 215 380 24 501 22 193 88 346 35 22 662 111 111 22 773 528 433 721 1 681 43 1 728 1 724 08 3 2 955 12 662 18 15 1 15 652 152 83 235 41 33 75 126 79 13 219 529 16 181 12 416 12 652 1 224 1 129 1 181 3 534 3 529 2 955 09 3 2 641 8 996 21 58 11 716 133 73 206 114 18 133 126 78 15 212 551 12 267 8 875 8 983 8 983 1 224 1 129 1 071 148 3 277
23. Sh aredd Mesearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved HD 8728 SR Research Report 201579 1 1998 2010 2015 3 SR 2015 3 18 7 5 8 3 1 2009 3 2015 3 1 5
24. 08 3 09 3 10 3 11 3 12 3 13 3 14 3 1 087 1 362 1 384 1 661 2 191 2 401 2 803 2 782 25 496 1 6 20 0 31 9 9 6 16 7 0 7 53 3 96 5 116 9 79 9 83 5 64 6 53 8 52 5 713 813 873 704 573 617 3 206 272 226 8 9 107 237 235 194 347 231 281 306 309 1 3 193 251 289 SR 08 3 09 3 10 3 11 3 12 3 13 3 14 3 15 3 EL 202 168 212 205 374 217 446 161 57 89 93 100 182 194 347 231 SR
25. 1 100 00 100 04 100 00 100 04 0 04 1 400 NII HD 8728 SR Research Report 201579 1
26. SR 2012 3 15 5 42 9 2013 3 12 7 43 0 2014 3 12 7 39 1 lt SR 1 1 20 70 80 SR 1 735 SR 10 2 3 25
27. 20 Weaknesses
28. NDD No Dealing Desk DD Dealing Desk NDD DD DD
29. 2015 6 1 DMM com 0 3 0 2015 6 4 0 1 300
30. 09 3 10 3 11 3 12 3 13 3 14 3 15 3 42 275 182 53 436 637 53 159 811 56 712 960 71 116 021 79 964 212 93 894 419 26 4 0 5 6 7 25 4 12 4 17 4 471 790 580 771 667 118 811 919 956 232 1 130 671 1 325 752 9 7 23 1 14 9 21 7 17 8 18 2 17 3 SR 6 000 000 5 000 000 4 788 978 4 000 000 3 000 000 2 000 000 0 T 4 157 144 3 723 531 3 072 242 2 750 405 1 921 829 1 237 319 1 000 000 Se 644 802 24 730 51 830 89 580 181 240 T T T T T T T 1 T T T T 02 3 03 3 04 3 05 3 06 3 07 3 08 3 09 3 10 3 11 3 12 3 13 3 14 3
31. Sh aredd Mesearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved HD 8728 SR Research Report 201579 1 07 3 08 3 09 3 10 3 11 3 12 3 13 3 14 3 1 766 2 039 1 411 1 184 2 078 2 623 3 718 5 210 5 300 15 5 30 8 16 196 75 59 26 3 41 7 40 1 1 7 816 1 087 1 362 1 384 1 661 2 191 2 401 2 803 2 782 46 29 53 39 96 5 116 9 79 9 83 5 64 6 53 8 52 596 950 953 49 200 417 432 1 316 2 407 2 518 0 3 94 9 3 6 204 7 82 9 4 696 53 8 46 7 3 5 20 1 16 5 35 4 46 2 47 5 2 12 16 10 5 3 5 4 3 6 33 3 55 59 12 9 7 8 947 932 61 245 363 423 1 312 2 405 2 512 1 6 93 4 16 5 210 3 83 3 4 5 53 69 45 7 4 3 17 5 16 1 35 3 46 2 47 4 a 11 6 105 17 7 5 6 10 399 379 29 3 89 180 506 916 902 42 29 41 2 52 4 25 7
32. Shared esearch lt http Wwww sharedresearch p Copyright C 2013 Shared Research Inc All Rights Reserved HD 8728 SR Research Report 201579 1 1 1 000
33. Shared esearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved HD 8728 SR Research Report 201579 1 2015 9 1 HD 2015 8 6 2016 3 1 2016 3 1 2015 8 5 Money Square Europe Limited M2E 2015 8 4 2015 9 USD 100 000 00 FX
34. Sh aredd Mesearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved HD 8728 SR Research Report 201579 1 SR FX 2014 6 1 5 FX 58 0 34 19 2009 GMO
35. 10 3 100 400 0 T T T T T 10 3 11 3 12 3 13 3 14 3 15 3 SR 10 3 100 500 400 ATIFP 300 200 cn om cm cp Gy ce oo mm 100 0 T T T T T 1 10 3 11 3 12 3 13 3 14 3 15 3 SR 10 3 100 0 T T T T T 1 10 3 11 3 12 3 13 3
36. sSh ared lesearch http Www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved HD 8728 SR Research Report 201579 1 121
37. 2015 6 4 0 1 300 8 2012 69 7 2013 49 0 2014 58 5 20 2010 3 2015 3 4 4 5 2010 3 200 2015 3 2 518
38. 1 1 15 493 78 6 1 030 15 7 63 540 19 3 66 706 12 4 10 29 M2
39. 2009 8 2010 8 2012 1 50 20 2010 8 2009 GMO DMM com GMO 2009 9 0 8 DMM com 2
40. 2014 3 5 2012 3 2014 3 200 2012 3 2012 3 M2JFX 2014 3 L G Letter of Guarantee L G
41. FX 10 000 1 100 2013 3 SR 300 000 250 000 150 000 t Lo 50 000 100 000 0 co 10 20 3Q 4Q 1Q 20 3Q 4Q fr ff ff fh
42. shared esearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved HD 8728 SR Research Report 201579 1 x1 1 2011 3 2015 3 5 1 7 0 8 5 08 3 09 3 10 3 11 3 12 3 13 3 14 3 2 039 1 411 1 184 2 078 2 623 3 718 5 210 5 300 15 5 30 8 16 1 75 5 26 3 41 7 40 1 1 7 7 026 13 392 20 638 33 331 42 328 55 754 67 718 83 351 46 1 90 6 54 1 61 5 27 0 31 7 21 5 23 1 1 0 34 0 14 0 07 0 08 0 07 0 08 0 08 0 07 59 99 6 49 79 10 7 9 996 9 3 11 3 16 9 SR
43. HD 100 M2 MONEY SQUARE INTERNATIONAL INC M2 100 M2GP 2015 3 3 2016 3
44. Ask Bid Ask 100 03 Bid 100 00 0 03
45. Shared esearch http Www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved HD 8728 SR Research Report 201579 1 2012 3 2015 3 3 80 300 3 5 20 1 SR 2008
46. 2011 7 3 2011 7 2015 5 262 7 644 2015 3 83 351 9 2012 2014 2013 2012 69 7 30 3 2013 49 0 51 0 2014 58 5 41 5 2014 2 2014 10 36 KU PA be 2014 10 2014 12 72 39 27 79 FX
47. Sh aredd Mesearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved HD 8728 SR Research Report 201579 1 1 000 30 x 1 000 30 1 1 000 000 1 000x30 30 000 2015 6 0
48. i 2015 2 2014 10 i 5525082 5650776 2015 1
49. 35 3 64 79 6 2015 3 4 42 5 30 0 3
50. Sh ared lesearch http Www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved HD 8728 SR Research Report 201579 1 M2 1 1 1 2 4
51. 15 10 509 1 USD JPY 0 01 1 000 USD 2 000 000 USD UR 6 0 01 1 000 EUR 2 000 000 EUR EUR USD 0 0001 1 000 EUR 2 000 000 EUR 1 AUD JPY 0 01 1 000 AUD 2 000 000 AUD AUD USD 0 0001 1 000 AUD 2 000 000 AUD CZAR P0 SR NZ NZD JPY 0 01 1 000 NZD 2 000 000 NZD NZ NZD USD 0 0001 1 000 NZD 2 000 000 NZD 1 1 000 30 0 3 1 1 000 50
52. 2 7 20 0 18 0 16 0 14 0 12 0 10 0 8 0 6 0 4 0 2 0 0 0 1 09 3 10 3 11 3 12 3 13 3 14 3 15 3 09 3 10 3 11 3 12 3 13 3 14 3 15 3 12 9 137 14 3 15 2 16 2 17 6 7 33 496 6 496 4 296 6 3 6 5 8 7 6 5 2 2 3 1 3 5 3 9 4 4 4 5 8
53. M2JFX 700 750 SR 1 1 14 3 15 3 16 3 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1 930 1 032 1 000 1 248 772 942 1 847 1 738 1 596 158 7 78 2 24 5 21 5 60 0 8 7 84 7 39 3 106 8 21 5 46 5 SR 24 89 38 196 22 0 96 1 5 9 8 2 58 821 61 332 63 728 67 718 71 196 74 670 79 303 83 351 86 746 14 075 13 873 12 828 11 964 12 375 13 338 15 5
54. Fa sSh afedt 1 ch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved HD 8728 SR Research Report 2015 9 1 1990 UFJ 1998
55. 17 29 6 79 GMO 2 596 6 896 DMM com 0 7 6 2009 3 20014 3 1 160 949 2009 3 2 0 4 788 978 2 5 Sh aredd KMesearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved HD 8728 SR Research Report 2015 9 1 2015 3 60 DMM com 1 7 696 GMO 6 89 GMO 1 9 2 2 9 29 2015 3 GMO 1 19 39 DMM com 2
56. TOKAI KLab SR Inc
57. 07 3 08 3 09 3 10 3 11 3 12 3 13 3 14 3 15 3 PlcD 1 766 2 039 1 411 1 184 2 078 2 623 3 718 5 210 5 300 15 5 30 8 16 1 75 596 26 3 41 7 40 1 1 7 950 953 49 200 417 432 1 316 2 407 2 518 0 3 94 9 3 6 204 7 82 9 4 6 53 8 46 7 3 5 20 1 16 5 35 4 46 2 47 5 947 932 61 245 363 423 1 312 2 405 2 512 a 1 6 93 496 16 5 210 3 83 3 4 5 53 6 45 7 4 3 17 5 16 1 35 3 46 2 47 4 547 541 26 347 261 236 801 1 483 1 600 6 1 196 95 296 9 6 239 7 85 1 7 9 31 0 26 5 1 9 12 6 9 0 21 596 28 596 30 2 7 334 10 918 10 918 10 918 10 918 10 918 10 918 10 918 10 918 EPS 78 6 58 4 2 5 34 4 26 1 24 1 84 2 141 6 149 2 EPS 50 3 24 0 81 6 134 0 144 4 DPS 11 0 12 5 2 5 2 5 9 0 9 0 22 5 38 5 40 0 BPS 229 8 323 2 322 4 288 7 313 8 332 5 406 1 511 7 621 0 1 724 2 955 2 641 2 190 2 119 2 223 2 420 2 298 3 324 24 122 15 652
58. SR Tnc SR tnc 3 31 12 03 5834 8787 http www sharedresearch jp Email info sharedresearch jp http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved
59. sh ared hesearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved a HD 8728 SR Research Report 201579 1 11 1 000 1 1 2 0 01 0 0001 4 25 15 x100 100
60. 1 400 000 1 200 000 1 160 949 1 000 000 800 000 696 424 613 363 600 000 _ 378 134 400 000 291 787 203 295 200 000 sy g7g 117 416 0 aa NE _ 1 032 181 911 637 750 993 683 604 595 145 02 3 03 3 04 3 05 3 06 3 07 3 08 3 09 3 10 3 11 3 12 3 13 3 14 3 1998 4 Sharedd esearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved HD 8728 SR Research Report 2015 9 1 2005 200
61. 24 2006 2007 2009 3 37 3596 31 95 2015 Sh aredd Mesearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved HD 8728 SR Research Report 201579 1 2008 6 M2
62. 09 3 10 3 11 3 12 3 13 3 14 3 10 772 9 738 8 981 7 671 5 885 5 257 5 324 9 6 7 8 14 696 23 3 10 7 1 3 6 396 7 947 7 914 6 963 5 458 4 090 4 055 59 4 81 6 88 1 90 8 92 7 77 8 76 2 4 332 1 749 1 015 549 323 1 098 1 192 59 69 42 096 45 996 41 296 239 99 8 6 40 2 18 0 11 3 7 2 5 5 20 9 22 4 2 801 1 147 515 337 95 663 780 59 196 55 196 34 696 71 896 597 996 17 6 26 0 11 8 5 7 4 496 1 6 12 6 14 7 SR 09 3 10 3 11 3 12 3 13 3 14 3 10 772 9 738 8 981 7 671 5 885 5 25 5 324 9 6 7 8 14 696 233 10 7 1 3 664 154 800 261 988 537 928 563 1 415 328 1 616 794 1 281 747 78 6 20 5 23 596 6 196 52 496 14 2 20 7
63. 2008 M2 M2 2009 M2 2010 JASDAQ 2011 IMONEY SQUARE INTERNATIONAL INC M2JFX IM2JFX 2013 M2 MIDSQUARE 2014 M2 HD I 2014 10 1 Sh aredd Mesearch
64. FX 2005 3 291 787 2014 3 1 160 949 181 240 4 788 978 2006 2008 2007 9 2008 189 1 59 2015 3 1 GMO 19 1 DMM com 2006 2 2007 2
65. 50 2009 2 2010 1 M2 2010 3 2015 3 4 4 5 200 2 518 2014 10 2002 2007
66. 2007 5 GMO 2006 10 2006 10 2008 10 2008 3 696 424 2005 3 2 4 1 237 319 6 8 Sh aredd Mesearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved HD 8728 SR Research Report 201579 1 2009 2009 3 595 145 14 5 1 921 829 55 3 FX
67. 2013 3 2015 3 3 2016 3 3 7 000 lt 10 000 2015 3 329 899 5 000 6 000 99 138 SR SW Strengths amp Weaknesses Sh ared Wesearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved HD 8728 SR Research Report 2015 9 1
68. 24 2008 6 50 M2 M2 2011 4 M2JFX 2015 3 1 4 2008 2011 8 08 3 09 3 10 3 11 3 12 3 13 3 14 3 15 3 7 026 13 392 20 638 33 331 42 328 55 754 67 718 83 351 46 1 90 69 54 19 61 59 27 0 31 7 21 5 23 1 6 635 12 943 20 131 32 703 41 604 54 922 66 791 82 316 391 449 507 628 724 832 927 1 035
69. 4 5 65 99 Shared esearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved HD 8728 SR Research Report 2015 9 1 10 3 15 3 10 3 15 3 9 738 5 324 45 396 1 184 5 300 347 6 1 749 1 192 31 8 200 2 518 133 213 256 494 20 638 83 351 303 9 26 375 47 961 14 595 61 236 319 6 800 261 1 281 747 14 498 63 732 339 69 1 7 1 5 2 0 9 0 8 11 1 1 122 42 817 832 1 8 0 003 0 040 0 300 SR
70. 80 99 sSh afedt 1 ch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved HD 8728 SR Research Report 201579 1 07 3 08 3 09 3 10 3 11 3 12 3 13 3 14 3 15 3 PlcD 1 780 402 48 74 568 516 1 374 2 121 1 590 2 1 076 724 108 126 186 585 529 681 454 FCF 1 2 296 322 156 201 382 69 845 1 441 1 136 0 1 146 285 39 161 74 337 677 765 SR
71. UFJ 1997 1999 1999 2002 2011 Asia s 200 Best Under A Billion 2014 Forbes 10 US 1 000 3 200 Asia s 200 Best Under A Billion 17 000 15 1 Sh aredd Mesearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved HD 8728 SR Research Report 201579 1 HD 107 6240 9 7 1 40F
72. SR 1 300 2015 6 Shared esearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved HD 8728 SR Research Report 2015 9 1 4 0 1 300 2015 6 1 20 1 2011 3 2015 3 5 1 700 900 11 3 12 3 13 3 14 3 10 3 08 3 09 3
73. 1 1 8732 2015 3 Sh aredd KMesearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved sSh ared 1 ch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved HD 8728 SR Research Report 201579 1 1 7 1 20 2010 3 2010 3 2015 3 4 2010 3 2010 3
74. 3 000 8 2 713 gt 396 wl oo OO eo QQ QQ QQ QQ QQ QQ QQ QQ QQ gt gt amp ww 7 lt 9 lt lt 7 KN 7 AN SR 1 1 11 35 12 19 4 1 1 12 0 91 1 4 0 3 0 2 0 1 0 0 0 lt lt MO 3 3 9 3 gt gt SR Shared esearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved HD 8728 SR Research Report 201579 1 2014 10
75. SR Inc Shared Research SR Inc SR Inc SR Inc SR Inc
76. 1 1 x 1 1 1 8 2011 3 2015 3 5 1 0 8 1 2 19 0 17 0 15 0 13 0 11 0 9 0 7 0 5 0 09 3 10 3 11 3 12 3 13 3 14 3 15 3 SR 09 3 10 3 11 3 12 3 13 3 14 3 15 3 16 8 11 9 10 0 8 9 9 3 11 5 8 2 1 3 0 9 1 0 0 8 1 0 1 2 0 8
77. 772 942 1 847 1 738 1 596 60 0 8 7 84 79 39 3 106 8 38 1 22 0 96 1 5 9 8 2 71 196 74 670 79 303 83 351 86 746 12 375 915353815575 156353 15550 21 0 21 7 24 49 23 196 21 8 3 478 3 474 4 633 4 048 3 395 5 1 4 9 6 2 5 1 4 1 1 11 1 12 9 24 0 21 4 18 8 67 0 24 8 50 0 12 59 68 9 41 5 16 2 85 7 10 99 12 29 2 4 2 8 5 8 4 496 3 4 SR SR 15 3 16 3 1Q 2Q 3Q 4Q 1Q 2Q 3Q 772 941 1 847 1 847 1 596 60 0 8 8 84 7 48 1 106 7 38 1 21 99 96 3 0 0 13 6 8 674 11 132 24 951 18 975 15 493 71 7 19 0 95 8 18 8 78 6 45 7 28 39 124 29 24 0 18 3 1
78. HD 8728 SR Research Report 201579 1 1998 2015 6 60 25
79. 08 3 09 3 10 3 11 3 12 3 13 3 14 3 12 416 8 875 11 113 18 716 27 043 37 281 46 571 49 568 20 930 13 236 14 592 22 681 31 279 41 401 52 525 61 136 26 26 25 59 32 14 79 18 8 488 4 386 3 505 4 024 4 269 4 134 6 032 11 585 SR 25 2013 3 ROE 20 2015 3 2012 3 2 2015 3 11 6
80. 890 845 740 973 1 030 41 5 12 596 5 7 24 79 15 7 14 0 5 0 12 49 31 5 5 8 SR 15 3 16 3 2Q cle 627 624 695 834 706 4 796 12 79 3 1 2 6 12 6 187 187 194 303 206 9 4 3 396 10 29 72 29 10 296 127 137 158 194 159 396 6 296 10 596 35 7 25 2 55 54 60 56 51 22 29 29 996 10 49 16 496 396 57 57 58 62 62 111 1 28 896 18 39 12 796 8 8 62 54 55 58 52 20 5 53 4 20 3 15 9 16 1 75 73 80 79 95 8 5 9 0 9 6 8 2 26 7 62 58 88 79 78 SR Shared esearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved HD 8728 SR Re
81. 25 2 L G Letter of Guarantee Sh aredd Mesearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved HD 8728 SR Research Report 201579 1 2016 3 2
82. SR Sh ared SEHT ch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved HD 8728 SR Research Report 201579 1 2009 3 2010 1 1 2009 3 2 M2 2010 3 700 900 2010 3 2015 3 1 49 4 69 70 000 5 096
83. 03 3470 5077 1 2002 10 10 2007 10 25 HP http www m2hd co jp 3 IR IR http www m2hd co jp ir IR IR ir m2hd co jp 81 0 3 3470 5077 Sh aredd KWeSGaT ch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved HD 8728 SR Research Report 201579 1 SR
84. 0 5 1 000 10 0 1 SR 0 esearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 4 HD 8728 SR Research Report 201579 1 20 20 20 1 1 5 5 1 1 4pips 0 4 0 8pips 2015 6 4 0 1 GMO 0 3
85. MONEY SQUARE INTERNATIONAL INC M amp A 2015 3 3 324 259 2011 3
86. GCA VOYAGE GROUP Aiming HD SBS DIC
87. DMM com
88. 100 Sh aredd Mesearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved HD 8728 SR Research Report 201579 1 15 3 16 3 0 Plgb 1 2Q 1 1 2Q 1 3Q 1 4Q 772 1 714 3 561 5 299 1 596 60 0 42 1 10 1 1 7 106 8 628 1 253 1 948 2 782 706 4 7 4 796 2 196 0 7 12 4 81 396 73 196 54 796 52 596 44 29 144 461 1 613 2 517 890 89 2 72 0 18 2 4 6 518 0 18 796 26 9 45 3 47 5 55 8 141 458 1 608 2 512 888 89 4 72 290 18 4 4 5 530 1 18 396 26 7 45 2 47 4 55 7 87 290 1 025 1 600 587 89 7 71 5 15 6 8 0 574 4 11 3 16 9 28 8 30 2 36 8 0 jcD 772 942 1 847 1 738 1 596 60 0 8 7 84 7 39 3 106 8 628 625 695 834 706 4 7 12 69 3 1 2 5 12 4 81 3 66 3 37 6 48 0 44 2 144 1 1 152 904 890 89 2 0 0 253 4 108 3 518 0 18 7 33 79 62 49 52 0 55 896 141 1 1 150 904 888
89. 17 496 GMO DMM com 2 14 496 36 7 2009 2009 2015 3 2015 3 1 SR Shared 6 12 3 13 3 14 3 DMM com 145 067 310 062 380 031 442 801 113 7 22 6 16 5 lt 3 796 7 0 7 3 7 6 GMO 224 164 282 424 333 944 394 072 39 1 26 0 18 2 18 0 a 5 8 6 4 6 4 6 8 343 2
90. 162 122 91 83 42 33 42 25 096 25 396 9 196 49 7 21 8 27 79 SR 1 2015 3 3 20 20 1 2015 6 0 3 0 4 0 300 2010 3 2015 3 45 3
91. AA 13 A NN NN 15 em 22 SW Strengths Weaknesses 32 NL A SA 33 2 42 43 44 45 5 47 48 48 3 cd 50 oo 50 51 Asia s 200 Best Under A Billion pp 51 52 Sh ared ch http Www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved HD 8728 SR Research Report 2015 9 1 1998
92. 20 428 13 311 14 498 25 890 31 243 50 840 73 147 63 732 39 8 34 8 8 9 78 6 20 7 62 7 43 9 12 9 SR shared esearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved HD 8728 SR Research Report 2015 9 1 SW Strengths Weaknesses Strengths 10
93. 2015 3 HD 120 000 1 060 1 200 100 000 817 803 848 832 1 000 731 712 80 000 800 83 351 60 000 _ 600 40 000 400 42 328 20 000 33 331 200 13 392 20 638 0 0 09 3 10 3 11 3 12 3 13 3 14 3 15 3 SR 2010 3 2015 3 4 5 2010 3 200 2015 3 2 518 HD 5 000 4 000 3 000 3 000 2 500 2 000 1 500 1 000 500 2 000 1 000 500 09 3 10 3 11 3 12 3 13 3 14 3 15 3 SR
94. 3 7 000 10 000 10 000 5 000 6 000 10 3 11 3 12 3 13 3 14 3 15 3 20 638 33 331 42 328 55 754 67 718 83 351 54 196 61 596 27 0 31 7 21 5 23 1 1 0 070 0 077 0 069 0 076 0 084 0 070 49 7 10 7 9 9 9 3 11 3 16 9 11 9 10 0 8 9 9 3 11 5 8 2 1 184 2 078 2 623 3 718 5 210 5 300 16 1 75 5 26 3 41 7 40 1 1 79 1 384 1 661 2 191 2 401 2 803 2 782 1 6 20 0 31 9 9 6 16 7 0 7 200 417 432 1 316 2 407 2 518 3 6 204 7 82 9 4 6 SR
95. SR Research Report 2015 9 1 HD 8728 sr_inquiriesQsharedresearch jp 0 HD 8728 SR Research Report 2015 9 1 0 3 4 oo 5 7 7 7 7 5 Em Pe 6 5 6 1 9 5 1 1
96. 2 039 1 411 1 184 2 078 2 623 3 718 5 210 5 300 15 5 30 8 16 1 75 5 26 3 41 7 40 1 1 7 20 428 13 311 14 498 25 890 31 243 50 840 73 147 63 732 39 8 34 8 8 9 78 6 20 7 62 7 43 996 12 996 1 998 1 060 817 803 840 731 712 832 17 496 6 2 23 0 1 7 4 6 12 9 2 6 16 7 SR 1 20
97. 62 496 40 396 13 696 11 6 14 096 17 296 11 996 SR 2015 3 93 8 1 3 70 1 sSh ared 1 ch http Www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved HD 8728 SR Research Report 2015 9 1 100 000 000 30 90 000 000 AAA x 25 80 000 000 4 20 3 70 000 000 7 15 60 000 000 10 50 000 000 NR a 5 40 000 000 7 30 000 000 Wag 20 000 000 3 10 000 000 10 0 T T T T T T 1 596 09 3 10 3 11 3 12 3 13 3 14 3 15 3 EEEE
98. 89 4 0 0 253 89 108 3 530 1 18 3 33 796 62 3 52 0 55 79 87 203 735 575 587 89 7 17 3 275 0 114 6 574 4 11 3 21 5 39 8 33 1 36 8 SR 15 3 16 3 1Q cle To 1Q 2Q cte 71 196 74 670 79 303 83 351 86 746 21 0 21 79 24 4 23 196 21 8 5 1 4 9 6 2 5 1 4 1 53 278 54 877 57 213 61 236 63 540 15 3 13 3 13 79 16 6 19 3 1 4 3 0 4 3 7 0 3 8 0 75 0 73 0 72 0 73 0 73 SR Shared esearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved HD 8728 SR Research Report 201579 1 1 15 3 16 3 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q
99. 2015 3 169 M amp A Sh aredd Mesearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved HD 8728 SR Research Report 2015 9 1
100. 43 3 38 7 38 2 36 1 547 541 26 347 261 236 801 1 483 1 600 1 1 95 296 9 6 239 7 85 1 7 9 31 0 26 5 1 9 12 6 9 0 21 5 28 5 30 2 SR 2015 3 0 2 shared esearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved HD 8728
101. 60 000 FE 4 596 4 0 50 000 1 3 5 40 000 Fr 3 096 2 596 30 000 0oe 20 000 1 596 1 096 LL fa 0 T T T T T T T 0 096 Cr EF Cr Cr Cr Cr Cr or Co or Cy Cr CN cn TT FN fm CN cn FN fm TT CN fm Tq mj CN fm IT FN cn TFT TC Cr CC CC CC TC TIC CCC CTC CC TIC CT TE TK nm mn mn mn mn mn mn mn mn mn mn mn mn mn mn mn mn mn mm mn mn mn mn mn mn mn oo oo oo SO SOS SOS NN NN mn mn Mm TT Ln Im Ln 1 co BO EO EO rr rr rr rr rt rr rr rr SR B
102. 9 3 284 2 641 10 3 2 190 11 447 30 13 3 13 683 102 65 167 159 159 125 68 62 134 460 14 143 11 113 86 4 21 7 11 230 11 230 1 224 1 129 698 161 2 891 22 2 913 2 190 11 3 2 119 19 678 12 26 43 21 878 134 70 203 174 95 270 121 68 121 77 551 22 428 18 716 40 167 97 33 6 19 058 160 61 230 19 289 1 224 1 129 934 175 3 112 28 3 140 200 1 919 12 3 2 223 28 040 72 38 23 3 30 399 118 109 228 350 121 81 740 31 138 27 043 300 40 173 142 33 12 27 743 120 62 187 27 929 1 224 1 129 1 081 272 3 162 47 3 209 460 1 763 13 3 2 420 39 103 38 49 8 41 618 111 77 187 406 79 486 121 100 773 42 391 37 281 140 20 40 255 452 31 14 38 235 80 67 150 38 385 1 224 1 165 1 796 225 3 960 47 4 006 140 2 280 SR Research Report 2015 9 1 14 3 15 3 2 298 3 324 49 809 52 370 692 787 66 71 68 61 6 253 52 939 56 866 206 188 197 130 403 318 394 350 28 72 423 422 0 21 234 239 4 6 259 244 1 085 985 54 024 57 851 46 571 49 568 475 250 140 140 312 320 705 698 49 25 13 29 48 265 51 031 190 50 68 69 259 121 48 524
103. 51 152 1 224 1 224 1 239 1 247 3 059 4 238 39 29 5 483 6 681 18 11 5 500 6 699 805 440 1 493 2 884 9 http Wwww sharedresearch p Copyright C 2013 Shared Research Inc All Rights Reserved HD 8728 SR Research Report 201579 1 SR
104. 7 17 8 18 2 17 3 SR 12 3 13 3 14 3 15 3 DMM com 2 427 695 3 622 637 698 523 8 301 057 5298590 49 2 112 5 7 8 2 14 1 16 1 18 3 17 4 GMO 2 457 331 4 565 023 8 797 102 9 212 526 0 4 85 896 92 796 4 7 Eo 14 3 20 3 20 9 19 3 2 744 629 ne 5 7 928 563 1 415 328 1 616 794 1 281 747 6 196 52 4 14 2 20 7 2 2 5 4 6 3 3 8 2 7 31 243 50 840 73 147 63 732 20 7 62 7 43 9 12 9 a 0 2 0 2 0 2 0 1 17 228 613 22 497 934 42 176 029 47 750 445 9 0 30 6 87 5 13 2 SR 1 8732 2005
105. EUR JPY 0 007 AUD JPY 0 009 USD JPY 0 04 EUR JPY 0 05 21 1 20 AUD JPY 0 06 50 70 20 SR 2015 6 1 1 Fxnano hia DMM FX USD JPY 0 003 lt 0 EUR JPY 0 006 4 0 AUD JPY 0 008 0 GMOFX USD JPY 0 003 4 EUR JPY 0 006 AUD JPY 0 007 50 3 YJFX USD JPY 0 003 5 6 1 0 EUR JPY 0 007 1 AUD JPY 0 008 1 USD JPY 0 003 Bl a ll 23
106. http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved HD 8728 SR Research Report 201579 1 10 19 1996 11 09 9 3890 3 9690 STATE STREET BANK AND TRUST COMPANY 505025 2 5296 2 10 SBI 1 91 1 83 BNYML NON TREATY ACCOUNT UFJ 1 5596 SR 2015 3 25
107. 009 7 2009 9 0 0 8 GMO 2012 1 0 8 0 5 2 0 5 0 4 8 0 4 0 3 DMM com 0 3 2011 CM 2009 GMO DMM com 2009 3 2015 3 18 5 8 19 GMO 2 6 9 29 DMM com 0 7 3
108. 11 716 13 683 21 878 30 399 41 618 52 939 56 866 104 235 206 167 203 228 187 403 318 215 219 212 134 77 81 100 259 244 61 75 133 159 270 431 486 423 422 24 501 16 181 12 267 14 143 22 428 31 138 42 391 54 024 57 851 22 193 12 416 8 875 11 113 18 716 27 043 37 281 46 571 49 568 g 300 20 475 250 22 662 12 652 8 983 11 230 19 058 27 743 38 235 48 265 51 031 160 120 80 190 50 111 230 187 150 259 121 22 773 12 652 8 983 11 230 19 289 27 929 38 385 48 524 51 152 1 728 3 529 3 284 2 913 3 140 3 209 4 006 5 500 6 699 200 460 140 805 440 780 402 48 74 568 516 1 374 2 121 1 590 1 076 724 108 126 186 585 529 681 454 0 1 146 285 39 161 74 337 677 765 RO A 2 2 2 7 0 2 2 6 1 4 0 9 2 2 3 1 2 9 ROE 63 39 20 6 0 8 11 2 8 6 7 4 22 2 31 2 26 2 7 1 21 8 26 8 20 6 14 0 10 3 9 5 10 2 11 6 SR
109. 14 3 15 3 SR 10 3 100 200 as ee 0 es wa 10 3 11 3 12 3 13 3 14 3 15 3 SR Shared esearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved HD 8728 SR Research Report 201579 1 i 2015 3 2015 3 5 300 2 518 2 512 1 600 1 83 351 23 1 M2JFX
110. 36 357 883 378 664 390 356 5 3 4 3 5 896 3 1 a 8 8 8 1 7 3 6 7 189 570 213 850 235 807 256 494 17 2 12 8 10 3 8 8 4 9 4 8 4 5 4 4 42 328 55 54 67 718 83 351 27 096 31 796 21 596 23 1 EP 1 1 1 3 1 3 1 4 3 898 189 4 442 501 5 207 735 5 825 821 11 6 14 0 17 2 11 9 SR esearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved HD 8728 SR Research Report 201579 1 12 3 13 3 14 3 15 3 DMM com 35 663 60 246 80 490 96 844 46 2 68 9 33 6 20 3 2 4 4 6 3 7 1 7 3 GMO 54 744 74 277 96 242 121 343 35 796 29 696 26 196 Sa 6 7 7 8 8 5 9 2 103 200 106 856 101 797 106 925 9 3 355 4 7 5 096 ED 12 7 11 2 9 0 8 1 39 034 39 325 44 348 47 961 21 4 0 7 12 8 8 1 4 8 4 1 3 9 3 6 31 279 41 401 52 524 61 236 37 996 32 496 26 996 16 6 ER 3 9 4 3 4 6 4 6 811 919 956 232 1 130 671 1 325 752 21
111. 75 15 633 15 550 31 5 29 296 25 296 21 596 21 0 21 7 24 4 23 1 21 8 3 067 2 511 2 396 3 990 3 478 3 474 4 633 4 048 3 395 5 5 4 3 3 9 6 3 5 1 4 9 6 2 5 1 4 1 1 33 7 17 2 16 0 19 0 11 1 12 9 24 0 21 4 18 8 96 69 36 896 2 19 36 3 67 0 24 8 50 0 12 5 68 9 13 1 49 0 6 9 18 7 41 5 16 2 85 7 10 9 12 2 8 2 5 9 3 596 4 0 2 4 2 8 5 8 4 4 3 4 SR SR 2013 3 2 2016 3 1 3 12 2 000 5 000 3 500 http www sharedresearch jpD Copyright C 2013 Shared Research Inc All Rights Reserved HD 8728 SR Research Report 201579 1 6 000 4 854 4 633 5 000 3 990 4 048 4 000 44 2 oo
112. fr fi fr ff fr fr f f fr fr f fr f ff fp ff fr fr fr ff fr f ff oOo Oo i rr rt rr rr rr rr rr rw ri i rt rt wr ri rr rr rr rr rr rr rr ri SR 2010 3 2014 3 SR 2009 3 2 0 2015 6 0 3 sSh ared lesearch http Www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved HD 8728 SR Research Report 201579 1 2010 3 2013 3 4 2014 3
113. search Report 201579 1 2016 3 1 2016 3 1 1 596 106 8 890 518 0 888 530 1 587 574 4 1 SE 86 746 21 8 M2JFX PROJECT M2 1 1 18 8 68 9
Download Pdf Manuals
Related Search
Related Contents
10-09 - Nebraska Optometric Association Salon Ecobat 2014 - BIPLAN®, une réponse constructive aux TQM8xxL Hardware Manual - TQ 2013年7月号(PDFファイル:9.5MB) Vivitar ViviCam 3915 Digital Camera 取扱説明書 - 日東工業株式会社 N-TEC Proximity Access Controller LIFESTYLE LIFESTYLE T20/ T10 HOME THEATER SYSTEMS - HiFi Swann SW-P-AV100 User's Manual Copyright © All rights reserved.
Failed to retrieve file