ベネフィット・ワン（2412）
Contents
1.2. 250 000 7 03 177
3. SR Inc
4. 2013 3 2 2012 10 31 2013 3 2 2013 3 2 8 176 880 876
5. 1 800 18 1 600 1 535 16 647 1 400 13 4 4 0 12 0 12 50 A 10 40 40 3 Eta EL 8 30 26 8 6 1 200 1 000 800 600 400 337 4 14 9 209 200 2 10 21 5 2 88 3 100 53 65 96 i 3 14 2 0 mm m 0 5 6 79 1H 2H 1H 2H 1H 2H HH 2H FY03 11 FY03 12 FY03 13 FY03 14 FY03 15 FY03 12 FY03 13 FY03 14 FY03 15 Est Et HHH woooo HHHHHHHHnh HHH
6. DIC TOKA P
7. 2013 3 2012 3 7
8. 400 CRM 1 000
9. 20 2016 3 10 2013 3 7 79 2021 3 20 2021 3 2013 3 1 737 10 30 2013 3 134 20 50 SR 2012 3
10. 4 9 14 000 800 0 12 000 30 700 a 1 622 10 000 600 575 582 7 549 8 000 20 500 407 1 6 000 400 345 290 4 000 10 300 6 BE 3 220 2 000 200 335 347 352 326 100 24 9 259 8 262 270 279 285 284 289 0 0 Tag 168 1H 2H 1H 2H 1H 2H 1H 2H 0 FY03 12 FY03 13 FY03 14 FY03 15 Est 4H 4H 4H 4H 4H 4H 4H 4 H 4 4HHH HHHHHHHHH m 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015H HHHH HHHHHHHHH HHHH mCRM mhHHHH HH SR 2015 3 2014 11 esearch http
11. 1 2 347 4 600 2014 4 1 469 549 6 1 340 2013 3
12. 2015 3 2016 3 2016 3 2015 1 2
13. esearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 2412 SR Research Report 2015 1 28 BtoC VESPER 2014 11
14. 3 SR JASDAQ4755
15. BTM Business Travel Management 2014 3 71 10 2015 3 127 78 1 31 211 59
16. 2013 3 2 600 65 2013 9 1 34 2013 3 44 CRM Customer Relationship Management 2014 3 a sShared eSsearch http www sharedresearch jp Copyright C 2013 Shared Research Inc Al
17. Shared Gewearch http Www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved gt Shared1 2412 SR Research Report 201571 28 09 30 1 10 3 1 11 3 0 12 3 1 13 31 0 14 3 1 15 3 1 Oooh HHH 14 726 13 791 14 690 14 959 17 610 20 356 23 500 HHHH 14 726 13 791 14 690 14 959 17 610 20 356 23 230 HHHH 11 439 10 925 12 004 11 356 11 627 12 399 13 098 HHHHH 2 158 2 246 2 300 3 187 5 449 7 390 9 537 HIHHHH 533 212 565 993 1 512 1 796 3 002 HHHHH 252 577 892 1 158 1 633 CRM 1 086 1 234 906 902 844 631 785 HHHHH 540 800 571 682 1 737 3 336 3 421 HHhHH 345 369 519 BTM 6 19 52 71 127 HH 14 66 29 51 HHHH 9 6 270 HHHHHH 14 7 16 3 15 7 21 3 30 9 36 3 40 6 YoY 7 2 6 3 6 5 1 8 17 7 15 6 15 4 DOOD 6
18. 2 2 4 6 MOC 13 29 15 4
19. 2014 2 s Shared 6Qesearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved w Shared 2412 SR Research Report 2015 1 28 HH HH HH HH HHHHH HHHHHI_HHHH HHHH HHHH 9 436 10 920 20 356 9 932 12 747 22 679 10 500 13 000 23 500 15 4 15 8 15 6 5 3 16 7 11 4 11 3 19 0 15 4 3 294 4 244 7 538 3 755 34 9 38 9 37 0 37 8 2 268 2 100 4 368 2 517 12 9 7 9 10 4 11 0 1 025 2 144 3 169 1 237 2 414 3 651 1 120 2 500 3 620 16 5 15 8 16 0 20 7 12 6 15 2 9 3 16
20. 7 26 2014 3 2014 3 AR Augmented Reality
21. Shared esearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 2412 SR Research Report 2015 1 28 2008 9 315
22. 2 1 2013Towers Watson 6 9 8 2013
23. 2008 4 5 2014 3 2008 2012 2013 2 017 2017 70 459 2017 2008 25
24. 2014 3 A Shar ed esearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 2412 SR Research Report 201571 28 SR 20 2016 3 2013 3 25 2021 3 5 30
25. uU 6 126 6 6 1 4 794 18 4 30 0 2013 9 335 2013 4 9 Web 76 0 2013 3 69 2 39 3 44 2
26. s Shared GYesearch http Www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 2412 SR Research Report 2015 1 28 HHHHHHH HHHH HHHHHHLIH HHHHHHLHWeHI HHH HT HHH HHHH HHHHH HHHHHHHHH H H HH H H H H HH Ac HHHHHHHHHHHHHHHHHHHH amp amp O0A
27. Shared Giesearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved amp s Shared Research http Www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved w 2412 SR Research Report 201571 28 2012 7 1
28. oO HHHH 4 4 4 4 4 4 4 4 4 4 4HH HHHHHH 126 148 205 244 259 262 279 284 326 347 473 CRMHH 13 45 57 101 148 199 232 239 243 153 171 HHHHHHH 3 5 12 38 58 78 103 166 HH 139 193 263 345 407 473 549 582 647 603 810 CRM Customer Relationship Management BTM Business Travel Management 77 8 6 3 4
29. M amp A M amp A 2013 12 4 M amp A M amp A 2014 1
30. 3 1 2005 2006 2012 5 2
31. 2014 2 5 2018 80 2014 3 2014 3 1 2013 7 31 2014 3 1 4 552 17 19 549 17 2 530 12 69 302 7 6 2412 SR Research Report 201571 28
32. s Shared Research http Www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved w 2412 SR Research Report 201571 28 2013 11 2014 4
33. 10 47 6 5 0 31 49 9 2 BtoC BtoBtoC
34. 1 5 SR 1 5 38billion 3 8 1 100 September 2012 MATRIX USA Employee Incentive Outsourcing Services in the U S 1 4 400 2013 IMF 2 3 1 5 1 2 3 4 000 3 8
35. 1952 1992 1996 1 2168 1 2010 1967 1990 1995 1996 1 2168 1 2000 gt SadQeweami http www sharedresearch jp Copyright C 2013
36. 332 2013 4 326 81 2013 4 78 CRM
37. 70 2014 4 sShared 6Qesearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved w s Shared Research http Www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved w 2412 SR Research Report 201571 28 2013 12 6 000 MATRIX USA Employee Incentive Outsourcing Services in the U S 38billion 50
38. 1 2
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40. 103 100 2014 4 1 130 2013 3 MR 58 1 N hhnn HHhnnnn N NR Nw HHHHHh HH mm HHHHhHHHh ee CRM SR BB 1 9984 Yahoo BB BB 525
41. 1 2015 3 1 SR 2412 SR Research Report 2015 1 28 2012 3 6 3 1 2014 1 5
42. au 176 24 2012 3 30 2012 7 11 ASP Hi VOX qa s Shared Research http Www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved w 2412 SR Research Report 201571 28 u BTM 23 197 8 11 26 u 56 1 12
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44. 9 99 Qu 646 91 49 73 98 1 25 9 38 0 1 130 340 160 u 410 59 4 101 8 69 2012 3 14
45. JV 2002 PayEasy Fesco 3 Fesco Thanks com OC Tanner Workflow One 8 Abenity Next Jump Anyperk Club Benefit s Shared Research http Www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved w
46. 2013 6 26 24 4 3 1 26 86 8 000 20 000
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49. 1 8876 1 5261 JTB 5 1 4596 JTB 459 JTB 2 1 2014 4 48 79 2412 SR Research Report 201571 28
50. 6 9 8 2013 Chunghwa Benefit One Co Ltd 2014 2 50 30 359 90 809 1 000
51. 9 8 53 6 2 2016 3 1 633 41 09 469 19 5 28 7 33 9 166 2015 4 2014 4 103
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54. 2013 4 326 2012 4 42 56 20 4 8 2012 4 15 2 21 8 29 7 2 6 2012 4 27 1 u 1 512 52 3 0 2 173 38 8 12 096 4 000 1 350 300
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56. 2014 3 3 145 2014 3 499 82 2014 3 5 7 2014 3 436 290 81 241 M8 amp A 2014 3 715
57. 38billion MATRIX USA s Shared 6Qesearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved w 2412 SR Research Report 201571 28 1 2168 54 4396 2013 9 1 1996 3 CRM Customer Relationship Management
58. 2 3 3 429 22 99 2011 3 0 19 9 0 2 471 7 3 2 512 7 29 1 447 15 652 693 1 023 2013 3 2 657 2012 4 582 2011 4 33 284 5 CRM 239 7 58 20
59. 80 7 8 8 2014 3 40 50 2014 3 4
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62. 2014 10 29 3628
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64. 2015 3 sShared 6Qesearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved w 2412 SR Research Report 2015 1 28 2015 3 2012H 5 Benefit One Shanghai lnc 100 HHHHHHHHHH 10 HHH Benefit One USA Inc 100 HHHHHHHHHH 2013 10 HHHHHH Benefit One Asia Pte Ltd BOA 60 HHHHIHHH HHHHH 40 HHHHHHH 2014H 1 HHHHI Benefit One Thaland Co Ltd BOA 49 HHHHHHHHHH HHHHH 51 2 Chunghwa Benefit One Co Ltd BOA 50 HICRM HHHHHHHHHH 5 HHHHHH PT BENEFIT ONE INDONESIA 1 HHHHHHHHHH BOA 99 SR A Shar ed esear ch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 2412 SR Research Report 2015 1 28 HH 13 557 15 624 16 14
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72. SR 209 25 2013 3 q 1 http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 2412 SR Research Report 2015 1 28
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145. 2013 12 2013 10 5 s Shared 6Qesearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved w 2412 SR Research Report 2015 1 28 HHHHHH 10 3 11H3HH 12H3HH 13H3HH 14H3HH HH HHH 13 791 14 690 14 959 17 610 20 356 63 65 18 177 156 HHHH 7 890 9 069 9 058 10 922 12 818 HHHH 4715 6 037 6 034 6 963 7256 342 411 403 395 356 HHHHHH 4252 5 627 5 586 6 347 6 606 HHHHL 1 344 2 092 2 970 3 285 3498 HHHHHHLCSCH 905 813 672 624 530 HHHL 463 410 448 616 650 HHHH 3 175 3031 3 024 3 958 5 562 230 206 202 225 273 oo 1 693 1 648 1 580 2 157 2 447 HH 1 482 1 382 1 443 1 800 3115 HHHHH 5 901 5 620 5 900 6 688 7 538 33 48 5 0 134 127 42 8 383 394 380 370 HHHHH 3 555 3 353 3 429 3 956 4 368 258 28 229 225 215 oo 1 716 1 644 1 717 2 023 2 023 Oo
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148. mlnWmlml HHHHHHHHHHH HHH HHhHHHH HHhHHHHHH Em HAIhh HAI 4500H 1050 7 HH 4007 10 O00 HH sm UDHD 35902UUU emZDD 1001H 1000 000H 850H HHH 380 7 HH 830 71HHHH HHHHHHHHHSRH HH 2412 SR Research Report 201571 28 BE 10 000 HHHH eh a HHHHH HHHH HH SR 1 7 000 3 000 2012 4 1 1 5 000 2 140
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150. http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 2412 SR Research Report 2015 1 28 2015 1 28 2015 3 3 2015 3 3 2014 11 25 2015 3 2 3 amp lt Shared esearch la http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved c 2412 SR Research Report 2015 1 28 HHHHHHH FYO3 13 FY03 14 FY03 15 FY03 15 FY03 15 HHH HHHHH Q1 Q2 9Q3 Q4 Qt Q2 Q3 QA Q1 Q2 Q3 Q4 Q4 HHH HHHH HHH oo HHH 3 886 4290 4526 4908 4 552 4 884 5 283 5 637 4850 5 082 5 568 7 179 8 000 66 0 23 500 68 3 22 679 13 4 17 9 20 0 19 2 17 1 13 8 16 7 14 9 6 5 4 1 5 4 27 4 41 9 15 4 11 4 HHHHH 1 544 1 345 1 855 1 944 1 768 1 526 2 102 2 142 1 936 1 819 2 241 HHHHHH 39 7 31 4 41 0 39 6 38 8 31 2
151. 201571 28 3 10 12 CRM 2 3 3 4
152. 238 197 302 274 360 SR 7 90 44 32 2012 5 2014 2 2014 10 2014 5 MidPlaza Holdings PT Karang Mas Investama http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved s Shared Research http Www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved w
153. 39 8 38 0 39 9 35 8 40 2 HHH 1 075 934 953 994 1 218 1 050 1 005 1 095 1 340 1 177 1 163 YoY 112 12 3 17 8 211 13 3 12 4 5 5 10 2 10 0 12 1 15 7 HHHH 469 411 901 950 549 476 1 097 1 047 596 641 1 078 1 336 1 305 64 0 3 620 63 4 3 651 YoY 27 8 48 46 116 17 1 15 8 21 8 10 2 8 6 34 7 1 7 27 6 24 6 14 2 15 2 HHHHH 12 1 9 6 19 9 19 4 12 1 9 7 20 8 18 6 12 3 12 6 19 4 18 6 16 3 15 4 16 1 HHHH 470 406 888 950 530 456 1 102 1057 600 637 1085 1320 1278 64 5 3600 63 8 3 642 Yoy 26 7 5 2 2 9 6 5 12 8 12 3 24 1 11 3 13 2 39 7 1 5 24 9 20 9 14 5 15 8 HHHHH 12 1 9 5 19 6 19 4 11 6 9 3 20 9 18 8 12 4 12 5 19 5 18 4 16 0 15 3 16 1 HHHH 281 240 541 561 302 263 692 635 368 397 681 804 643 2250 Yoy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
154. 9 2 9 7 9 2 9 3 9 6 HHHHHHHH HHHH 224 225 225 225 225 45 144 EPS 5 973 6 6 791 4 6 132 8 6 569 8 7 611 5 46 2 54 9 EPSHHHHHHHHH 5 832 7 6 761 2 6 122 4 6562 8 7 602 2 46 2 DPS 2 000 0 2 500 0 2 500 0 3 000 0 3 500 0 21 0 21 0 BPS 31 207 3 35 940 8 39 546 1 43 664 4 45 103 7 255 5 HH H HHH 4 022 4 391 5 781 7 908 4 120 4 066 HHHHHH 6 992 7 536 8 971 11 792 11 675 12 369 HHHHHH 1 760 1 623 1 554 1 587 1 956 2 348 HHHHHHHHH 1 113 838 832 908 1 448 2 172 HHHHHH 1 546 1 304 1 051 993 1 236 1 589 HHHH 11 412 11 304 12 409 15 283 16 316 18 480 HHH 1 568 1 523 1 586 1 926 2 074 2 237 HHHHHHH 2 4 HHHHHH 4 506 3 305 3 541 5 427 6 757 7 349 HHHHHHH 4 HHHHHH 72 86 156 237 331 486 HHHH 4 578 3 392 3 698 5 664 7 088 7 836 HHHHH 6 834 7 912 8 711 9 618 9 227 10 366 HHHHHHHHHHHHH 6 HHHHHHHHHHH HHHHH HHHHHHHHHHHHHHH 2 355 777 2 192 2 533 2 631 2 211 HHHHHHHHHHHHHHH 1 815 22 43 167 1 821 1 717 HHHHHHHHHHHHHHH 491 431 558 574 2 095 555 HH HHHHHHHROAH 11 9 13 1 11 4 10 5 10 3 10 9 HHHHHHHHROE 20 3 20 2 16 2 15 8 17 2 19 3 HHHHHH 59 9 70 0 70 2 62 9 56 6 56 1 SR 2013 10 1 200 esearch
155. e 30
156. hn hn mHHHnHh mHHHHHH SR 2015 3 2014 11 1 082 11 4 15 9 16 190 0 182 8 1 290 15 9 250 esearch http Www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 2412 SR Research Report 2015 1 28
157. 100 2013 10 1 8001 Benefit One Asia Pte Ltd 2014 2 Benefit One Asia Pte Ltd Chunghwa Benefit One Co Ltd 1 Benefit One Thailand Co Ltd 5 PT BENEFIT ONE INDONESIA Shared Yesearch http Www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved e s Shared Research http Www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved w 2412 SR Research Report 2015 1 28 amp 2014 10 2014 10 29
158. 11 1 Benefit One Asia Pte Ltd ChungHwa Benefit One Co Ltd 2014 2 2013 10 50 2 1 2013Towers Watson 2013 10 2013 10 8
159. 230 22 557 2 201 10 8 673 2 9 3 181 3 704 3 729 548 17 2 25 0 7 HHHH 12 399 13 098 12 986 587 47 112 0 9 2 571 2 482 2 571 89 3 6 HHHHH 7 390 9 537 8 885 1 495 20 2 652 6 8 825 1310 1 285 460 55 8 25 1 9 HHHHHLH 1796 3 002 2 413 617 34 4 589 19 6 118 304 305 187 159 3 1 0 2 HHHHH 1158 1633 1847 689 59 4 214 13 1 392 469 591 199 50 7 122 26 1 CRM 631 785 604 27 4 2 181 23 1 57 94 27 30 52 7 67 71 4 HHHHH 3 336 3 421 3 442 106 3 2 21 0 6 179 250 250 71 39 7 0 0 2 HHHHHH 369 519 444 75 20 3 75 14 4 75 150 109 34 45 2 41 27 3 BTM 71 127 92 21 29 3 35 27 4 10 31 3 7 69 7 28 90 3 HH 29 51 42 13 45 3 9 17 4 6 11 0 6 100 0 11 100 0 HHHH 270 122 122 148 54 8 84 78 66 6 7 1 HHHHHH 36 3 40 6 39 29 2 9ppt 1 4ppt 26 0 36 2 35 29 9 2ppt 1 0ppt SR 2015 3 2014 11 1 2
160. 6 14 2 10 9 19 6 15 6 12 5 18 9 16 1 10 7 19 2 15 4 986 2 159 3 145 1 237 2 405 3 642 1 100 2 500 3 600 10 4 19 8 15 4 12 5 18 9 16 1 10 5 19 2 15 3 565 1 327 1 892 765 680 1 570 2 250 8 4 20 4 16 6 35 4 20 4 18 3 18 9 09 3 10H3HH 11H3HH 12H3HH 13H3HH 14H3HH 15H3HH 15H3HH HHHHH HHHHH ooh HHH 14 726 13 791 14 690 14 959 17 610 20 356 22 679 23 500 HHHH 14 726 13 791 14 690 14 959 17 610 20 356 22 557 23 230 HHHH 11 439 10 925 12 004 11 356 11 627 12 399 12 986 13 098 HHHHH 2 158 2 246 2 300 3 187 5 449 7 390 8 885 9 537 HIHHHHH 533 212 565 993 1 512 1 796 2 413 3 002 HHHHH 252 577 892 1 158 1 847 1 633 CRM 1 086 1 234 906 902 844 631 604 785 HHHHH 540 800 571 682 1 737 3 336 3 442 3 421 HHHH 345 369 444 519 BTM 6 19 52 71 92 127 HH 14 66 29 42 51 HHHH 122 270 HHHHHH 14 7 16 3 15 7 21 3 30 9 36 3 39 2 40 6 YoY 7 2 6 3 6 5 1 8 17 7 15 6 11 4 15 4 HHHH 6 3 6 5 1 8 17 7 15 6 10 8 14 1 HHHH 4 5 9 9 5 4 2 4 6 6 4 7 5 6 HHHHH 4 1 2 4 38 6 71 0 35 6 20 2 29 1 HHHHHH 60 3 166 6 75 8 52 3 18 8 34 4 67 2 IHHHH 129 1 54 6 29 9 59 4 41 0 CRM 13 7 26 6 0 4 6 4 25 3 4 2 24 5 HHHHH 48 3 28 6 19 4 154 5 92 1 3 2 2 5 HHHHH 6 8 20 3 40 5 BTM 218 9 170 4 35 7 29 3 78 1 HHHH 2 334 2 345 2 267 2 471 2 731 3 169 3 651 3 620 HHHIH 2 334 2 345 2 267 2 471 2 731 3 181 3 729 3 704 HHHH 2 149 2 2
161. Shared Gesearch SR Research Report 2015 1 28 2412 sr_inquiries sharedresearch jp 2412 SR Research Report 2015 1 28 i 3 883 4 2 4 5 5 18 25 27 5 2
162. 0853EP2mR 27 SW Strengths Weaknesses 43 45 47 1G 50 52 67 6 68 70 PF 71 EE 71 NO EE NKN K VWRNNMNUOOONNNNI 72 pv 76 Li 76 1 77 0 77 1 1 PP 78 w es a T sShared Wesearch http www sharedresearchjp Copyright C 2013 Shared Research Inc All Rights Reserved Shared 2412 SR Research Report 201571 28 09 3 100311 11 3 12 31 13 3 14 3 15 3 HHH 14 726 13 791 14 690 14 959 17 610 20 356 23 500 HHH 7 2 6 3 6 17 7 15 6 15 4 HHHHH 6 103 5 901 5 620 5 900 6 688 7 538 HHH 8 3 3 3 13 4 12 7 HHHHHH 41 4 42 8 38 3 39 4 38 0 37 0 HHHH 2 334 2 345 2 267 2 471 2 731 3 169 3 620 HH 19 8 0 5 3 6 10 5 16 0 14 2 HHHHH 15 8 17 0 15 4 16 5 15 5 15 6 15 4 HHHH 2 398 2 444 2 342 2 512 2 714 3 145 3 600 HHH 20 8 1 9 8 0 15 9 14 5 HHHHH 16 3 17 7 15 9 16 8 15 4 15 4 15 3 HHHHH 1 301 1 490 1 350 1 447 1 623 1 892 2 250 HHH 21 0 14 5 6 12 2 16 6 18 9 HHHH 8 8 10 8
163. 1 839 1 709 1 711 1 932 1 932 HHHH 2 345 2 267 2 471 2 731 3 169 05 33 90 105 160 170 154 165 155 156 MONONOOOOODOSRD OO http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 2412 SR Research Report 2015 1 28 IIIHHH ll II HHHH 1 102 1 185 1 091 1 131 1 220 536 522 419 402 442 HHHHH 174 183 210 HHHHH 171 115 144 17
164. 3 _ 6 5 _ 1 8 17 7 15 6 14 1 HHHH 4 5 9 9 5 4 2 4 6 6 5 6 HHHHH 4 1 2 4 38 6 71 0 35 6 29 1 HHHHHHI 60 3 166 6 75 8 52 3 18 8 67 2 HHHHH 129 1 54 6 29 9 41 0 CRM 13 7 26 6 0 4 6 4 25 3 24 5 HHHHH 48 3 28 6 19 4 154 5 92 1 2 5 HHHhHH 6 8 40 5 BTM 218 9 170 4 35 7 78 1 HHHH 2 334 2 345 2 267 2 471 2 731 3 169 3 620 DOOD 2 334 2 345 2 267 _ 2 471 2 731 HHHH 2 149 2 252 2 412 2 284 2 119 2 461 2 482 HHHHH 202 91 112 208 682 825 1 310 HHHHHHI 47 19 57 125 173 118 304 HHHHH 20 78 222 392 469 CRM 84 73 37 78 119 57 94 HHHHH 71 37 91 134 179 250 HHHHHH 68 75 150 BTM 82 50 15 10 31 HH 14 25 19 6 11 HHHH 4 84 HHHHH 8 6 3 9 4 9 8 4 25 0 26 0 36 2 HHHHH 15 8 17 0 15 4 16 5 15 5 15 6 15 4 HHHH _ 15 8 17 0 15 4 _ 16 5 _ 15 5 2 EE HHHH 18 8 20 6 20 1 20 1 18 2 19 8 19 0 HHHHH 9 3 4 0 4 9 6 5 12 5 11 2 13 7 HHHHHHI 8 7 8 8 10 1 12 5 11 4 6 6 10 1 HHHHH 7 8 13 6 24 9 33 9 28 7 CRM 7 7 5 9 4 1 8 7 14 1 9 1 12 0 HHHHH 13 2 4 6 15 8 0 2 7 7 5 4 7 3 HHHhHH 19 8 20 3 28 9 BTM 1346 0 256 1 29 2 13 9 24 4 HH 184 3 28 9 21 6 22 2 50 e Sales e OP 40 ee ee 30 a 20 10 2 _ e z ae 10 FY03709 FY03 10 FY03 11 FY03 12 FY03 13 FY03 14 F
165. 4 32 7 44 2 YoY 15 7 19 5 15 4 15 8 5 3 16 7 HHHH 1 6 3 1 6 6 6 7 4 8 4 7 HHHHH 77 4 66 8 39 3 33 1 4 9 31 2 HHHHHHH 91 7 32 1 21 1 17 1 12 3 51 4 HHHHH 59 5 50 7 33 2 27 2 43 6 73 6 CRM 2 11 9 23 9 26 7 20 4 12 3 HHHHH 110 8 176 8 150 7 69 3 11 4 11 6 HHHHH 5 5 20 5 13 5 26 2 HHHH 759 1 712 880 1 851 1 025 2 144 1 237 2 414 HHHH 756 1 528 670 1 449 794 1 667 916 1 655 HHHHH 16 192 244 438 284 541 409 876 HHHHHHH 37 88 73 100 53 65 96 209 HHHHH 8 70 101 121 154 238 277 314 CRM 28 50 54 65 27 30 20 7 HHHHH 17 18 3 131 18 161 16 266 HHH 36 32 31 44 33 76 BTM 26 24 11 4 3 7 5 8 HH 14 12 7 2 4 4 4 HHnh i 44 34 HHHHHHHHHHH 2 1 11 2 27 7 23 6 27 7 25 2 33 1 36 3 HHHHH 21 7 10 8 19 6 10 9 19 6 12 5 18 9 HHHH 26 8 11 7 24 7 13 0 26 6 14 3 25 2 HHHHH 9 9 11 0 13 6 9 2 12 6 12 6 15 5 HHHHHHH 13 4 11 3 11 5 6 8 6 4 10 9 13 6 HHHHH 22 0 24 6 25 2 28 2 38 9 35 3 29 5 CRM 10 4 12 9 15 2 8 5 9 6 7 9 2 0 HHHHH 4 1 0 6 10 5 1 5 7 6 1 5 11 3 HHHHHH 19 9 19 7 18 1 22 2 17 0 30 4 SR Q4 Q4 3 2015 3
166. 4 204 HHHHH 232 234 208 177 HHHHHHHH 7 i 6 13 HHHHHHHH s s 9 OO 1 960 1 501 1 291 1 325 1 681 3 769 3 555 3 353 3 429 3 956 HHHHHHHHSRHHH HHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH
167. 5 15 792 15 652 17 910 22 000 23 500 13 735 14 726 13 791 14 690 14 959 17 610 20 356 1 3 5 7 14 6 7 0 4 4 1 7 7 5 1 544 2 021 2 431 2 440 2 657 2 800 3 100 3 620 1 948 2 334 2 345 2 267 2 471 2 731 3 169 26 2 15 5 3 5 7 1 7 0 2 5 2 2 1 600 2 100 2 500 2 500 2 650 2 796 3 070 3 600 3 178 2 398 2 444 2 342 2 512 2 714 3 145 HHHHHH 98 6 14 2 2 2 6 3 5 2 2 9 2 4 930 1 209 1 471 1 475 1 564 1 702 1 820 2 250 1 471 1 301 1 490 1 350 1 447 1 623 1 892 HHHHHHH 58 2 7 6 1 3 8 5 7 5 4 6 4 0 08 31 0931 100 3 11 3 120 3 13 3 140 3 150 3 0 HH OO HHHHHHHHHH 270 315 352 326 316 382 402 473 HHHHHHHH 244 259 262 279 284 326 347 HHHHHHHHHH 9 6 17 89 6 25 696 14 49 6 10 19 6 14 796 13 796 CRMH HHHHHHHHHHH 125 196 213 278 370 366 323 337 CRMIH HHHIHHHHH 101 148 211 270 297 321 256 19 29 24 5 0 9 2 9 19 792 6 12 392 20 7 SR 4 2014 3 2014 4
168. 52 2 412 2 284 2 119 2 461 2 571 2 482 HHHHH 202 91 112 208 682 825 1 285 1 310 HHHHHH 47 19 57 125 173 118 305 304 HHHH 20 78 222 392 591 469 CRM 84 73 37 78 119 57 27 94 HHHHH 71 37 91 1 134 179 250 250 HHHHH 68 5 109 150 BTM 82 50 15 10 3 31 HH 14 25 19 6 0 11 HHHH 12 78 84 HHHHHH 8 6 3 9 4 9 8 4 25 0 26 0 35 2 36 2 HHHHH 15 8 17 0 15 4 16 5 15 5 15 6 16 1 15 4 HHHH 15 8 17 0 15 4 16 5 15 5 15 6 16 5 15 9 HHHH 18 8 20 6 20 1 20 1 18 2 19 8 19 8 19 0 HHHHH 9 3 4 0 4 9 6 5 12 5 11 2 14 5 13 7 HHHHHHH 8 7 8 8 10 1 12 5 11 4 6 6 12 6 10 1 HHHHH 7 8 13 6 24 9 33 9 32 0 28 7 CRM 7 7 5 9 4 1 8 7 14 1 9 1 4 5 12 0 HHHHH 13 2 4 6 15 8 0 2 7 7 5 4 7 3 7 3 HHHHH 19 8 20 3 24 5 28 9 BTM 1 346 0 256 1 29 2 13 9 3 3 24 4 HH 184 3 28 9 21 6 0 0 22 2 SR 2010 11 7 2015 3 2014 11 leS
169. 8 17 0 15 4 16 5 15 5 15 6 15 4 HHHHH 98 113 78 52 33 49 HHHHH 33 14 3 11 49 73 HH 2 398 2 444 2 342 2 512 2 714 3 145 3 600 OO 20 8 1 9 8 0 15 9 14 5 HHH 16 3 17 7 15 9 16 8 15 4 15 4 15 3 HHHH 25 i HHHH 186 4 31 8 HHHH 936 949 961 1 056 1 090 1 257 41 8 38 9 41 6 42 2 40 2 40 0 HHHH 1 301 1 490 1 350 1 447 1 623 1 892 2 250 HH 21 0 14 5 12 2 16 6 18 9 HHH 8 8 10 8 9 2 9 7 9 2 9 3 9 6 SR 2006 3 2014 3 3 3 CAGR16 2010 3 2014 3 159 179
170. 9 31 15 7 29 8 IT u BTM 34 51 6 15 6 3 11 42 19 7 u 21 63 1 46 29 2 12 10 2013 10 2013 11
171. Shared csearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 2412 SR Research Report 2015 1 28 1 1
172. Shared Research Inc All Rights Reserved lt Shared Wesearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved lt 2412 SR Research Report 2015 1 28 2014 3 613 342 531 257 2014 3 30 8 5 9 5 412 DOE 59 409 2014 3 100 2 000 A 1 2 000 B 1 2412 SR Research Report
173. Www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 2412 SR Research Report 2015 1 28 1 000 50 800 600 400 200 192 244 438 284 541 409 876 0 0 1H 2H 1H 2H 1H 2H 1H 2H FY03 12 FY03 13 FY03 14 FY03 15 Est HHHHHHHH wmHHHHHHHHHHHHHH mwHHHHHHHHHHHHHHH SR 2015 3 2014 11 6 418 4 8 1 0 916 15 4 13 2 1 0 4 8
174. Y03 15 Company Est SR 2010 11 2010 7 2014 3 61 789 jesearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 2412 SR Research Report 2015 1 28
175. earch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 2412 SR Research Report 2015 1 28 2015 3 23 500 15 4 3 620 14 2 3 600 14 4 2 250 18 9 EPS54 9 5 4 3 21 38 2 2015 3 nooo FY03 14 FY03 15 HHH HHH FY03 14 FY03 15 HHH HHH HHHIH DO HH HHHHH 2 HH DO OO HHHHH 3 HH 63 HH 20 356 23 500 22 679 2 323 11 4 821 3 5 3 169 3 620 3 651 482 15 2 31 0 9 HHHH 20 356 23
176. h Report 2015 1 28 1 200 60 250 250 1 063 216 7 1 000 50 200 200 800 150 150 600 100 400 50 200 32 a 277 314 10 0 2H HH 2H 1H 2H 9H 9H 4 9H 4 9 4HHH 1H 2H 1H FY03 12 FY03 13 FY03 14 FY03 15 Est 2011H 2012H 2013H 2014H 2015H HHH woooo HHHHHHHHh nnn HHHHHHHHTHHHI SR 2015 3 2014 11 878 12 2 21 9 96 80 7 8 8 12 2 21 9
177. l Rights Reserved 2412 SR Research Report 201571 28 396 2 CRM Customer Relationship Management CRM 153 170 2014 4 1 30 2013 3 239 CRM
178. rch http Www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved e 2412 SR Research Report 201571 28 2012 3 1 2011 7 29 2012 3 1 2012 3 2 0 7 3 428 19 0 367 19 8 371 27 5 213 Shared Wesearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved e gt 2412 SR Research Report 2015 1 28 HHHHHHHHHI 09H3HH 10H3HH 11H3HH 12H3HH 13H3HH 14H3HH 15H3hH HHHHh HH HH HH HH HH HH HHnh 14 726 13 791 14 690 14 959 17 610 20 356 23 500 HH 7 2 6 3 17 7 15 6 15 4 HHHH 8 622 7 890 9 069 9 058 10 922 12 818 IlHHHH 6 103 5 901 5 620 5 900 6 688 7 538 HHH 8 3 3 3 13 4 12 7 HHH 41 4 42 8 38 3 39 4 38 0 37 0 HHHHHHHHHH 3 769 3 555 3 353 3 429 3 956 4 368 HHHHHHHH 25 6 25 8 22 8 22 9 22 5 21 5 HH 2 334 2 345 2 267 2 471 2 731 3 169 3 620 HH 19 8 0 5 10 5 16 0 14 2 HH 15
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