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Contents
1. SR2. SR Inc SR Inc Shared Researcn
3. Sh ared esearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 9904 SR Research Report 2014 3 7 HA Hf CREA pc Eo Ri pd i Pd Hik BS PEAD EM 5 LU 3804 H 504954 40 50 15
4. 2013 3 0 9 1 2 SR
5. 33 2012 4 2012 4 27 1 ll Sh ared Gear http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 9904 SR Research Report 2014 3 7 2
6. a MEN STOKYO 2011 10 201 1 420 5H 2012 2009 1 000 2010 6 2020 2 500 3 000 2010 7
7. SR CEO ll Sh ared Gear http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 9904 SR Research Report 2014 3 7
8. DIC TOKALT
9. 2012 9 12 1 1 Weaknesses SR
10. 2014 3 3 2014 2 13 2014 3 3 3 7 052 ADA 2 0 150 ADA 15 3 14 ADA E 60 0 5 ADA 102 1 BEAUTY FOR EVERYONE QIREINI CRM Customer Relationship Management 3 10 12
11. MEDIE ROHS 1969 DTC DTC DTC DTC
12. 1 8289 1 7532 2 2780 1 3048 1 8019 1 8025 2 8115 DM
13. 2010 3 a Shared esearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 9904 SR Research Report 2014 3 7 2009 3 FCF a Shared esearch la http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 9904 SR Research Report 2014 3 7 1936 1948 5
14. F 2009 4 a Shared search http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved a T 9904 SR Research Report 2014 3 7 2010 4 CEO 1984 2006 2007 GIA B B A 2008 2009 2007 9
15. 2 648 2 411 166 2011 3 2 20 2012 3 2 4 338 ADA 9 8 461 9 8 5 5 56 1 0 1 2 434
16. 2001 1 2009 3 2001 1 20 463 2013 3 11 960 2009 3 2013 3 2 600 2012 3 HE 3 091 esearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved T 9904 SR Research Report 2014 3 7 2007 1 2006 1 259 1 249 2006 12 3
17. 2013 5 4 As me 12 3 13 3 12 3 13 3 12 3 13 3 12 3 13 3 10 823 10 565 29 177 29 809 30 960 26 298 10 022 8 557 13 5 2 4 7 8 2 2 17 7 15 1 9 9 14 6 5 555 5 723 17 976 18 286 14 388 14 091 6 610 5 703 13 9 3 0 7 8 1 7 6 9 2 1 12 8 13 7 51 3 54 2 61 6 61 3 46 5 53 6 66 0 66 7 5 497 5 518 15 462 15 958 10 595 10 603 6 936 6 366 14 2 0 4 0 6 3 2 0 3 0 1 2 1 8 2 50 8 52 2 53 0 53 5 34 2 40 3 69 2 74 4 47 209 2 513 2 328 3 792 3 487 326 662
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19. 1 3 A sh ared esearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved a T 9904 SR Research Report 2014 3 7
20. GITANJALI 2010 6 2012 5 ASTON 400 1 DES ASTON ASTON 15 3 2 2012 8 96 a Sh ared esearch http www sharedresearch ip Copyright C 2013 Shared Research Inc All Rights Reserved 9904 SR Research Report 2014 3 7 4 166 FHR TSE 16 9 24 655 FR 2012 7 2012 7 30
21. Shared search http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved e T 9904 SR Research Report 2014 3 7 2008 2009 2010 2011 2012 13 708 11 989 10 538 9 283 9 104 8 945 9 110 2 230 2 060 1 868 1 558 1 466 1 430 1 475 16 3 17 2 17 7 16 8 16 1 16 0 16 2 8 087 6 843 5 988 5 302 5 293 5 287 5 419 59 0 57 1 56 8 57 1 58 1 59 1 59 5 4 201 4 573 4 051 3 562 3 558 3 595 3 713 30 6 38 1 38 4 38 4 39 1 40 2 40 8 4 386 2 270 1 937 1 740 1 735 1 692 1 707 32 0 18 9 18 4 18 7 19 1 18 9 18 7 642 701 654 566 518 510 515 4 7 5 8 6 2 6 1 5 7 5 7 5 7 2 749 2 385 2 028 1 856 1 827 1 719 1 700 20 1 19 9 19 2 20 0 20 1 19 2 18 7 1 237 807 635 537 516 472 446 9 0 6 7 6 0 5 8 5 7 5 3 4 9 532 498 408 366 341 310 302 3 9 4 2 3 9 3 9 3 7 3 5 3 3 359 479 476 498 528 547 592 2 6 4 0 4 5 5 4 5 8 6 1 6 5
22. 2013 3 9 721 246 254 112 4 54 10 000 200 70 100 4 05 2 9 18 6 72 4 10 7 10 091 5 90 212 0 9 SR Sh ared esearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved T 9904 SR Research Report 2014 3 7 2013 2 2013 2 26 PANDORA 2010 11 11 PANDORA Jewelry Asia Pacific Limited PAP PAP 20 PANDORA
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24. Sh ared r esearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 44 58 T 9904 SR Research Report 2014 3 7 1 09 3 10 3 11 3 12 3 24 655 24 655 24 655 24 655 27 231 EPS 84 7 33 3 7 4 9 2 4 4 EPS DPS 0 0 0 0 0 0 0 0 0 0 BPS 325 4 292 6 284 9 215 7 253 2 SR 2013 3 ASTON 2006 1 1 3
25. 24 20 79 190 2011 3 HAC 1 9 2011 9 10 3 2012 3 2 Lido 9 de s ala P 5h ared esearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 38 58 a 9904 SR Research Report 2014 3 7 2012 3 2 2 9
26. 1 2013 4 1 2 I 7 2013 3 18 1 169 14 7 51 9 61 8 42 ADA 209 2
27. 2 2008 5 1 2 3 4 5 2008 5 2010 3 1 2011 3 2 2 1
28. 2012 4 27 1 2012 3 2012 3 19 2012 3 19 2012 2 2012 3 19
29. 20 CRM D M 9 CRM DIGICO 7 0 DTC Diamond Trading Company DIGICO a Shared esearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved T 9904 SR Research Report 2014 3 7 4 000
30. 638 6 218 ADA 8 9 903 4 7 o 2013 3 2 9 6 79 4 0 622 96 4 163 338 2013 3 6 0 23 1 13 9 A sh ared esearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved a 9904 SR Research Report 2014 3 7 2012 12 AX 104 5 VERITE 78 1 MAHARAJA DIAMOND 4 PANDORA 20
31. 2012 3 19 1 2012 2 2012 2 13 2012 3 3 2012 3 9 750 2011 3 9 530 100 59 0 4 110 169 2011 11 2011 11 11 2012 3 2 2011 11 10 2012 3 2 m 2012 3 2 4 417 2011 3 2 4 809 ERA 166 20 230
32. 2 2 1 Shared search http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved e T 9904 SR Research Rep
33. 2008 E 5 TOB VERITE MAHARAJA DIAMOND MiMiKaZaRi 50 60 50 Lio 2010 3 DTC 1 2010 3
34. 2000 2006 12 SMBC 2008 4 15 TOB 2008 5 28 SMBC A sh ared Nesearch k http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved a T 9904 SR Research Report 2014 3 7
35. 2010 7 140 2010 40 2011 9 11 30 2012 2011 37 19 2010 1 2 2005 2006 2007 2008 2009 2010 2011 2012 1 747 171 2117 325 2 600 694 2 382 397 1 586 772 2 439 816 1 658 073 2 044 249 2 3 1 274 612 1 309 121 1 385 225 1 390 228 1 024 292 1 268 278 993974 1 466 688 2 0 652 820 811 675 942 439 1 000 416 1 006 085 1 412 875 1 043 246 1 429 855 11 9 298 810 352 265 432 042 550 192 449 568 508 691 364 865 481 704 7 1 120 238 125 704 89 532 82 177 177 541 214 881 144 969 260 859 11 7 94 161 115 870 167 481 191 881 145 224 180 960 111 354 142 255 6 1
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41. 2014 3 3 2014 3 3 2014 3 3 2014 2 13 2014 3 3 2014 2 6 1 2014 1 9 12 3 amp A sh ared esearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved a 9904 SR Research Report 2014 3 7 13 5 8 1 2 0 11 0 84 9 0 1 8 10 7 78 13 6 7 4 9 5 2 4 83 6 7 1 6 8 5 78 13 7 0 8 7 2 6 9 83 0 5 0 6 1 2 77 13 8 9 8 14 2 5 1 83 4 0 8 0 4 4 77 13 9 1 9 11 6 11 0 82 2 4 4 6 7 3 76 13 10 7 0 9 4 2 6 82 0 2 0 1 0 1 77 13 11 4 2 8 9 14 4 84 12 2 3
42. 1 2 20 30 50 IMiMiKaZaRi 1 2012 9 12 MiMiKaZaRi 2 2012 11 21 MiMiKaZaRi A sh ared esearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved a 9904 SR Research Report 2014 3 7 09 3 10 3 11 3 12 3 13 3 11 519 9 246 9530 10 823 10 565 109 8 19 7 3 1 13 6 2 4 11 505 9 241 9 528 9 62
43. PAP 2013 3 31 PAP 2013 3 2012 11 2012 11 12 2013 3 2 2013 3 2 a 4 830 10 15 45 1 95 4 372 304 343 456 7 76 9 4 4 417 166 230 267 1 0
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45. 2012 5 2012 5 B 17 1 240 ME MASIA 11 2 2 2012 4 27 ll Sh ared Gear http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 9904 SR Research Report 2014 3 7 2 1
46. 1962 1990 100 1991 2 1998 4 1991 30 150 1998 15 954 1998 1 25 571 1998 1
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50. ll 5h ared Gear http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 9904 SR Research Report 2014 3 7 SW Strengths Weaknesses Strengths SR 1 2
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54. PANDORA 1012 6 CRM OQIREINI Coronet 40 60 anadi 50 60 2 1 2013 3 18 PANDORA 2013 3 2 9 11
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63. 11 11 6 1 12 9 196 2014 1 4 2 SR 2014 4 Shared P esearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 58 9904 SR Research Report 2014 3 7 2014 3 1 2013 8 14 2014 3 1 2 251 ADA 1 5 42 209
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116. O EEE o o T E T 55 56 O E 56 e 57 Sh ared esearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 9904 SR Research Report 2014 3 7 14 3 8 600 18 6 390 86 6 4 5 240 224 3 2 8 130 15 0 1 5 4 8 09 3 10 3 11 3 12 3 13 3 11 519 9 246 9 530 10 823 10 565 109 8 19 7 3 1 13 6 2 4 5 56 7 4 552 4 878 5 555 5 723 95 1 18 2 7 2 13 9 3 0 48 3 49 2 51 2 51 3 54 2 548 660 59 47 209 _ A z y 339 5 0 6 2 0 694 611 4 90 74 0 0 0 7 1 935 768 169 212 113 1 1 24 655 24 655 24 655 24 655 27 231 EPS 84 7 33 3 7 4 9 2 4 4 EPS DPS 0 0 0 0 0 BPS 325 293 285 276 253 1 580 1 617 1 591 2 016 2 088 1 073 673 375 654 1 652 FIG EN FE 4 204 4 235 4 507 5 292 5 268 7 646 7 057 6 989 8 835 10 124 364 283 331 564 320
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