ケネディクス（4321）
Contents
1.2. Shared esearch http Www sharedresearch jp we
3. 4
4. SR Weaknesses
5. 1 AUM 2014 12 AUM 1 4 2012 12 1 1 REIT KPI REIT sShared 6Qesearch http www sharedresearch jp Copyright C Shared Research Inc All Rights R
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7. 2013 7 4 022 183 241 12 943 5 540 2 335 sShared 6Qesearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved amp 4321 SR Research Report 2014 5 12 183 99 09 2013 10 16 2013 12 10
8. AUM
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10. SR 2006 12 AUM 29 1
11. 2011 4 Shar ed Gesearch http Wwww sharedresearch jp Copyright C Shared Research Inc All Rights Reserved Shared 4321 SR Research Report 2014 5 12 Hong Kong New York Boston Chicago msg Singapore Paris Loe An Pey Shanghai Beijing Chicago Toronto Hong Kong Sao Paulo Amsterdam Washington DC Toronto Boston Los Angeles Siockholm Washington DC Berlin Stockholm Berlin Sydney New York San Francisco ao Sao Paulo Houston Milan San Franci Capital value ne Capital value Capital values Moscow growth slowing Seoul growth slowing falling London London Capital value I Capital values Capital value Capital values Mexico City growth bottoming out growth bottoming out Sydney
12. 2013 10 09 12 10 12 11 12 12 12 13 12 jcD 375 070 426 620 495 943 553 820 606 666 39 9 38 9 44 6 49 5 50 3 180 767 225 021 205 691 161 038 144 185 19 2 20 5 18 5 14 4 12 0 182 728 199 604 185 605 185 851 174 189
13. 50 2013 12 3 008 09 12 10 12 11 12 12 12 13 12 PujcD 97 991 118 706 137 530 80 760 81 114 36 818 54 280 58 524 37 132 35 950 28 292 36 516 34 739 10 605 5 002 5 602 18 712 19 308 18 480 11 677 6 914 4 739 3 827 1 945 15 602 20 994 20 813 9 886 19 734 5 116 7 224
14. AUM 09 12 10 12 11 12 12 12 13 12 939 902 1 097 961 1 111 397 1 117 789 1 206 344 SR 2010 2011 AM AM 2012 12 1
15. 2009 2013 12 66 025 2008 12 4 47 0 93 2013 12
16. GCA DIC TOKA
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18. 409 s Shared esearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved w 4321 SR Research Report 2014 5712 REIT REIT
19. SR 2013 12 51 596 REIT 4 oO
20. SR Tnc SR Inc 3 31 12 03 5834 8787 http www sharedresearch jp Email infoQsharedresearch jp Copyright C Shared Research Inc All Rights Reserved 66 66
21. 2012 10 SPC
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23. REIT REIT SPC Special Purpose Company SPC GK TK FF sShared Wesearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved e
24. REIT s Shared esearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved w IRR NOI Net Operating Income NOI Net Operating Income NOI NO1
25. 10 100 3 5 10 20 IRR 50 70 J REIT
26. SPC SPC SPC Shared esearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 4321 SR Research Report 2014 5 12 09 12 10 12 11 12 12 12 Plg 66 370 43 006 15 306 9 953 14 950 15 887 7 126 5 095 11 181 19 256 18 621 26 133 17 257 15 306 9 953 3 769 18 911 13 279 1 447 783 SR
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28. 2 3 NO1 Ss_ 4321 SR Research Report 2014 5 12 NOI NOI 1995 4
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33. 36 192 339 2013 10 KDR 80 99 030 2013 8 KPI 2013 10 2014 3 gt Shared Research http Www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved amp 4321 SR Research Report 2014 5 12 2013 12 21 89
34. M amp A 7 9 10 200 24 8 5 200 15 99 4 100 250 2 800 3 000 51 19 3 000 2014 12
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36. 2013 2 3 5 J REIT BTS REIT M amp A REIT SR
37. SPC http Www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 4321 4096 lt lt SR Research Report 2014 5 12 gt gt SPC 40 SPC 40 SPC 40 3
38. 18 000 1 200 1 200 3 13 000 15 000 3 50 000 sShared 6Qesearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved amp s Shared esearch http www sharedresearch jp Copyright C Shared Researc
39. 8 209 95 8 225 12 827 1 456 17 046 18 438 10 850 2010 12 38 589 50 4 10 609 7 0 7 184 27 99 5 881 8 89 1 921 74 0 596 3 531 12 3 AUM
40. 3 3 2013 7 2013 10 1 sShared 6Qesearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 4321 SR Research Report 2014 5 12 gt KDX 100
41. 23 2012 3 2012 2013 2 3 09 2006 REIT 2013 2 2014 1 12 139 2014 1 2 79 Global Market Perspective2013 04
42. 1 Shared Wesearch la http Www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved w Shared jesearch 4321 SR Research Report 2014 5 12 1 2 3 09 12 10 12 11 12 12 12 13 12 SR
43. 2014 4 18 6 4 60 20 UFJ LTXIL 4 59 REIT 2014 REIT 1 000
44. 1 000 5 M amp A a T FF sShared esearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved Shared 6Qesearch http Www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved w 4321 SR Research Report 2014 5 12 2014 3 27 1 148 SPC KKF43 2014 3 27 KDO 1 107
45. Ja 2 gt KDX KDAM KRP KOP KDA js 2013 3 2013 3 21 2013 2 14 A 5 454 A Shar ed esear ch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved gt 4321 SR Research Report 2014 5
46. KFM KFM 4321 SR Research Report 2014 5 12 KDX KFM KRI KDR KPI KDO SR Shared esearch http Www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 4321 SR Research Report 2014 5 12 09
47. SR Research Report 2014 5 12 13 12 9 393 971 7 193 153 135 SPC Specific Purpose Company 40 SPC SPC 40 SPC SPC SPC SPC SPC SPC
48. 09 12 10 12 11 12 12 12 19 047 19 442 16 524 12 316 11 889 12 279 12 228 9 818 7 513 5 714 9 577 8 065 2 651 1 753 2 336 1 614 1 559 1 733 2 141 4 244 2 000 2 000 1 102 196 SR SPC Specific Purpose Company REIT 2014 12 20 000 22 000 1
49. 1 54 553 23 737 6 181 10 545 2 787 2 10 980 15 333 5 674 31 276 8 947 FCF 1 2 43 573 8 404 11 855 41 821 6 160 37 809 17 481 14 461 37 108 9 036 A 2 263 1 447 1 350 1 392 960 B 19 473 1 641 1 113 565 2 672 C 142 767 23 276 27 844 458 9 819 FCF NI A B C 107 119 20 540 29 394 8 843 10 092 SR 2009 12
50. 2013 5 2013 5 28 2013 6 30 1 100 7 3 1 2
51. 11 9 2 464 2 667 707 1 313 2 542 09 12 10 12 11 12 12 12 13 12 Pal gD 108 400 44 900 21 900 17 300 16 800 77 831 38 589 19 486 20 957 22 456 28 2 14 1 11 0 21 1 33 7 18 000 8 600 7 600 6 700 4 550 8 433 7 331 6 931 5 837 6 914 53 2 14 8 8 8 12 9 52 0 13 200 3 300 3 700 3 400 2 900 225 2 202 2 464 2 328 4 878 98 3 33 3 33 4 31 5 68 2 200 400 2 000 1 700 1 000 18 438 2 542 1 313 10 128 1 985 9319 0 735 596 34 4 695 89 98 5
52. 109 BTS REIT AUM 20 LTV70 20 000 330 000 Re Shar ed esearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 4321 SR Research Report 2014 5 12 2013 12 26 69
53. 2014 12 2 2014 12 Shared 6Qesearch http Wwww sharedresearch jp Copyright C Shared Research Inc All Rights Reserved w Shared1 4321 SR Research Report 2014 5 12 6 625 100 KDX 22 490 2014 3 1 2014 3 28 3 amp 13 12 14 12 14 12 Plc pe 46 16 Le pe 46 k1e 6 6 2 3 4 645 3 444 3 992 10 375 5 141 24 5 21 000 1 6 33 3 6 6 41 6 10 7 6 5 2 732 2 394 2 580 3 371 3 315 19 3 22 1 8 8 102 3 21 3 58 8 69 5 64 6 32 5 64 5 889 881 961 1 431
54. 2014 12 30 000 2013 12 2014 12 2 50 000 2013 12 17 800 30 000 20 000 22 000 AUM 209 LTV709 20 000 330 000 s Shared esearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved w 4321 SR Research Report 2014 5 12 AUM Assets Under Management
55. s Shared Qiesearch la http Www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 4321 SR Research Report 2014 5712 SW Strengths Weaknesses Strengths SR
56. SR Inc SR Tnc Shared Research SR Inc SR Inc SR Inc SR Inc
57. 2013 12 1 100 esearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved SR Research Report 2014 5 12 4321 SR Research Report 2014 5712 2014 5 12 2014 12 1 2014 12 1 2014 4 28 REIT REI UFJ LIXIL 6 REIT REIT REIT
58. 13 631 7 8 5 219 7 8 2 177 5 2 6 639 1 052 REIT AUM 2012 9 1 1 038 2011 12 75 0 7 3 826 2 003
59. 7 802 2012 12 80 760 354 81 114 2012 12 7 764 4 756 3 008 109 5 4 878 1 985 10 128 2013 12 66 024 2012 12 2 404 3 200 800
60. 513 57 19 4 645 1 6 1 843 30 6 1 398 137 3 1 148 607 48 29 114 89 CMBS 782 1 1 1 200 1 200 1
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62. 2013 9 5 A 2013 12 AUM 1 2 2012 12 1 1 4 963 463 REIT 6 130 1 306 969 43 22 456
63. KRF41 TKS 12 000 8 822 3 126 2014 3 20 4321 SR Research Report 2014 5 12 4 2014 12 27 2014 3 18
64. AUM 3 1 2 073 2012 12 895 AUM 1 084 2012 12 158 5 185 241 REIT 5 803 979 J RETIT AUM KDR 1 160 50 29 2013 9 73 195 2012 12 9 572 2012 12 15 862 37 502 6 290 35 692 2013 9 17 830 77 702 2012 12 s Sh
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68. 11 4 s Shared esearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved w 4321 SR Research Report 2014 5 12 ED 11 3 11 6 11 9 11 12 12 3 12 6 12 9 12 12 A 23 731 20 160 19 706 21 395 21 816 22 050 21 295 23 969 1 5 14 2 7 3 3 5 8 1 9 4 8 1 12 0 3 15 940 15 468 16 267 15 717 14 828 15 081 14 260 13 983 16 4 15 1 8 6 7 3 7 0 2 596 12 39 11 09 7 13 6 13 9 13 12 A 27 760 26 680 26 659 27 768 27 2 21 0 25 2 15 8 3 16 368 15 942 16 107 16 347 10 4 5 7 13 0 16 9 SR
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71. 2002 2 2002 8 2003 8 2003 12 2004 12 2005 5 2005 5 REIT 2005 7 2010 7 2012 4 2013 10
72. REIT 2011 2013 7 2013 6 REIT 27 1 2011 2012 2013
73. 2 http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 28 66 4321 SR Research Report 2014 5 12 2008 12 0 5 AUM 1 2007 12
74. 5 2012 12 9 953 22 139 32 092 2 4 2012 12 12 316 497 11 819 4 259 40 4 1 438 43 09 2012 12 2012 12 80 760 7 892 72 868 1 Shared esearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 40 66 we 4321 SR Research Report 2014 5 12
75. KPI 4 000 2 000 4 000 2013 12 250 300 200 220 REIT 50 70 30 50 109
76. 2 700 2 937 330 2014 3 28 2014 12 3 SPC 2014 12 4 2014 3 12 KRF50 KRF50 KDX 65 35
77. 10 850 14 662 2009 12 77 831 43 4 13 515 39 79 9 962 42 79 6 450 45 59 7 382 40 19 3 870 3 144 6 3 3 078 17 9 sShared 6Qesearch http Wwww sharedresearchjp Copyright C Shared Research Inc All Rights Reserved amp w 4321 SR Research Report 2014 5 12 48 29 8 433
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79. 1 AUM 2 3 3 REIT 2012 12 1 AUM AUM
80. 14 950 81 114 11 889 5 714 2013 10 4 999 5 810 4321 SR Research Report 2014 5 12 706 2013 12 NOI 4 19 3 008 2011 2 941 09 12 10 12 11 12 12 12 13 12
81. 2011 12 2012 12 38 870 31 276 SR 2013 12 2008 12 2009 12
82. 2012 12 2012 2 14 2012 12 20 957 7 5 5 837 15 8 2 328 5 5 10 128 2011 12 1 313 J REIT 4 1 3278 AUM 2012 12 1 1 177 2011 12 63 0 6
83. 2013 12 2013 7 2013 7 17 2013 12 2013 7 17 6 2 2 2013 12 50 60 18 200 16 800 5 800 4 550 3 700 2 900
84. 4321 SR Research Report 2014 5 12 09 12 10 12 11 12 12 12 13 12 Pulcb 595 763 755 343 760 226 814 904 912 305 63 4 68 8 68 4 72 9 75 6 153 427 156 151 149 478 129 034 122 649 16 3 14 2 13 4 11 5 10 2 49 108 48 351 62 326 58 523 54 384 5 2 4 4 5 6 5 2 4 5 34 729 28 413 24 289 19 745 20 656 3 7 2 6 2 2 1 8 1 7 106 876 109 703 115 078 95 580 96 348 11 4 10 0 10 4 8 6 8 0 SR AUM J REIT 2013 12 41 19 REIT 50 8 AUM 09 12 10 12 11 12 12 12 13 12 432 800 548 460 531 908 542 645 496 339 46 0 50 0 47 996 4
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90. 12 328 33 8 6 764 2 957 30 9 AUM 2 611 17 5 345 83 29 47 3 16 267 2 523 79 6 5 316 118
91. 509 Shared Research http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 4321 09 12 10 12 11 12 12 12 Palg 68 141 26 219 6 775 5 682 9 144 5 601 3 888 899 55 659 19 787 2 086 4 220 487 501 270 103 2 584 73 229 148 267 255 301 310 7 586 3 060 1 895 608 4 661 2 317 1 608 447 7 382 1 921 378 173 68 784 518 446 727 52 217 139 596 91 1 220 3 870 208 255 301 298 SR
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104. 12 10 12 11 12 12 12 13 12 P wD 77 831 38 589 19 486 20 957 22 456 13 514 11 411 10 609 9 401 11 077 8 433 7 331 6 931 5 837 6 914 225 2 202 2 464 2 328 4 878 18 438 2 542 1 313 10 128 1 985 9 568 9 319 8 912 8 144 6 283 3 118 3 438 3 130 3 146 2 952 4 661 2 317 1 608 447 490 1 789 3 564 4 174 4 551 2 841 3 946 2 092 1 697 1 257 4 794 7 382 1 921 378 173 946 10 780 9 323 7 931 7 156 6 286 5 080 4 080 3 678 3 563 4 162 4 233 4 543 3 929 2 782 1 561 163 0 0 0 0 1 304 700 324 811 563 0 89 1 00 1 12 1 14 1 00 0 61 0 84 0 85 0 88 0 71 SR 2008 12 2010 12 3
105. 4321 SR Research Report 2014 5 12 SPC GK TK TMK Tokutei Mokuteki Kaisya
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116. 12 B 3 820 C 2 800 D 500 E 2 015 2013 12 3 2013 12 10 13 99 7 40 3 94 2 61 2 06 2 03 CBNY DFA INTL SMALL CAP VALUE PORTFOLIO 1 94 1 71 BARCLAYS CAPITAL SECURITIES LIMITED A C CAYMAN CLIENTS 1 33 SBI 1 29 SR 2012 12
117. 2 06 6 06 12 07 6 07 12 08 6 Total 4 3 5 9 7 8 10 0 11 5 16 3 21 1 24 5 J REIT 2 1 2 6 3 4 4 5 5 4 6 1 6 8 7 4 10 2 14 3 17 1 2 2 3 3 4 4 5 5 6 1 6 7 10 0 13 7 3 5 4 3 3 4 08 12 09 6 09 12 10 6 10 12 11 6 11 12 12 6 Total 25 0 25 3 24 6 24 7 25 5 25 4 26 1 27 0 J REIT 7 4 7 5 7 6 7 8 7 8 8 0 8 3 8 7 17 6 17 8 17 0 16 9 17 7 17 4 17 8 18 3 13 6 14 0 13 8 14 9 14 7 14 8 14 9 15 9 4 0 3 8 3 2 2 0 3 0 2 6 2 9 2 4 Total 26 5 27 1 J REIT 9 0 10 4 17 5 16 7 15 3 15 0 2 2 1 7 SR 2007 2003 REIT CMBS 200
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