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日本駐車場開発（2353）

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3. M amp A M amp A Sh ared Mesearch http Www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 5 58 2353 SR Research Report 2015 4 16
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7. Sh ared Wesearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 2353 SR Research Report 2015 4 16 2014 10 2014 10 20
8. 3 20 114 45 2013 7 69 1 103 2 3
9. http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 2353 SR Research Report 2015 4 16
10. sSh ared Pb T ch lp http www sharedresearch jpD Copyright C 2013 Shared Research Inc All Rights Reserved 2353 SR Research Report 2015 4 16 SG 2006 6
11. 2000 7 2001 7 2 1 3
12. 2 4 SR Sh aredd Mesearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 2353 SR Research Report 2015 4 16
13. 78 88 2353 SR Research Report 2015 4716_ amp 2014 12 2014 12 22 2015 2 2010 10 2011 6 2014 7 4
14. 100 93 2 92 2 93 0 93 0 91 9 92 2 92 5 92 8 93 0 93 4 98 96 94 92 90 88 86 Ql Q2 3Q 4Q Q1 Q2 30 40 Q1 Q2 30 40 Q1 Q2 3Q 4Q Q1 FY07 11 FY07 12 FY07 13 FY07 14 FY07 15 6 SR sSh ared 1 ch lp http www sharedresearch jpD Copyright C 2013 Shared Research Inc All Rights Reserved 2353 SR Research Report 2015 4 16
15. FY07 11 FY07 12 FY07 14 CE Q2 3Q 4Q Qi Q2 3Q 4Q Qi Q2 3Q 4Q Qi Q2 3 8 26 53 60 61 75 81 104 70 80 79 153 57 58 1 1 2 13 16 21 20 20 20 23 24 23 0 0 0 0 2 1 1 1 71 11 3 8 26 53 60 60 66 68 85 53 62 59 128 57 89 3 8 26 52 57 28 93 64 83 49 59 58 58 57 77 1 1 1 3 2 3 3 2 0 0 0 0 1 1 1 1 1 70 11 0 1 9 13 18 17 18 20 24 29 29 5 6 0 1 9 13 18 2 18 20 23 24 23 0 1 0 1 1 2 4 6 6 9 10 12 12 11 13 13 16 18 1 1 2 3 4 4 5 6 8 9 9 11 11 14 16 1 2 2 4 4 4 3 2 2 2 2 1 1 2 4 5 5 7 8 10 10 9 11 11 13 15 1 1 2 3 4 4 5 6 8 9 9 11 11 13 15 1 1 1 2 2
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18. 1 SR 300m 1 1 1
19. 2014 1 465 280 61 12 373 40 0 379 2011 105 100 2 650 2012 12 1 39 3 1 2 3 SR Sh ared Wesearch http www sharedre
20. FY07 11 FY07 12 FY07 13 FY07 14 Pl Q2 3Q 40 Ke 2Q 3Q 4Q 1Q ple 3Q 4Q 1Q ple 3Q 4Q 1Q 3 8 26 53 60 61 75 81 104 70 80 79 153 86 118 133 52 57 58 63 64 83 49 59 58 58 62 83 102 1 1 2 13 16 21 20 20 20 23 24 23 26 0 0 0 0 2 2 1 1 1 1 71 11 3 3 8 26 53 60 60 66 68 85 53 62 59 128 57 89 98 3 8 26 52 57 28 93 64 83 49 59 58 58 57 77 95 1 1 1 3 2 3 3 2 0 0 0 0 1 1 1 1 1 70 11 3 0 1 9 13 18 17 18 20 24 29 29 34 5 6 7 0 1 9 13 18 17 18 20 23 24 23 26 0 1 0 1 1 2 4 6 6 9 10 12 12 11 13 13 16 18 19 1 1 2 3 4 4 5 6 8 9 9 11 11 14 16 17 1 2 2 4 4 4 3 2 2 2 2 2 2 1 1 2 4 5 5 7 8 10 10 9 11 11 13 15 16 1 1 2 3 4 4 5 6 8 9 9 11 11 13 15 16 1 1 1 2 2 2 1 1 1 2
21. NPD GLOBAL CO LTD NIPPON PARKING DEVELOPMENT THAILAND CO LTD 99 99 SIAM NIPPON PARKING SOLUTION CO LTD JASDAQ
22. 2014 7 2014 12 Sh ared lesearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 11 88 w 2353 SR Research Report 2015 4 16 1 2 3 50 2016
23. 2011 3 1 655 44 6 113 100 4 142 13 49 245 9 6 14 2011 7 517 435
24. 208 2010 7 123 270 2010 7 487 28 89 47 2010 7 212 28 2010 7 227 11 1 7 953 5 8 1 388 2 6
25. GE 7203 GAZOO 112 500 VA 77 88
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29. SR sSh ared La 71 88 Pb T ch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved sSh ared Pb T ch lp http www sharedresearch jpD Copyright C 2013 Shared Research Inc All Rights Reserved 2353 SR Research Report 2015 4 16 07 7 08 7 09 7 10 7 11 7 12 7 13 7 14 7 14 7 15 7 6 795 7 508 7 870 8 664 9 607 10 591 13 437 15 118 15 000 17 100 YoY 22 5 10 5 4 8 10 1 10 9 10 2 26 9 12 5 11 6 13 1 4 257 4 584 4 818 5 071 5 549 6 058 7 678 8 525 2 538 2 924 3 052 3 593 4 058 4 533 5 759 6 594 37 3 38 9 38 8 41 5 42 2 42 8 42 9 43 6 1 618 1 743 1 794 2 112 2 557 2 712 3 737 4 259
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35. ASEAN M amp A 1 36 94 M amp A http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 2353 SR Research Report 2015 4716_ 2014 10 20
36. 211 70 Sh ared Mesearch http Www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 66 58 2353 SR Research Report 2015 4 16 6 26 19 10 2012 5 1 2012 5 1 101
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42. JA 2 314 3 997 1 620 953 SR 2008 9 2011 12
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46. 800 758 700 69 ET so 400 2 204 300 234 183 154 200 100 72 0 59 68 86 68 67 1H 2H 1H 2H 1H 2H 1H 2H FY07 11 FY07 12 FY07 13 FY07 14 FY07 15 7 SR http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 2353 SR Research Report 2015 4 16 1 HAKUBA VALLEY HAKUBA VALLEY HAKUBA VALLEY HAKUBA VALLEY 1
47. PPS 2014 7 92 89 2015 7 93 8 1 SR 5 000 1 50 a Sh aredd 1 ch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 9 88 hared Coad ch lp http www sharedresearch jpD Copyright C 2013 Shared Research Inc All Rights Reserved 2353 SR Rese
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62. 200ha 1998 Sh ared KMesearch http Www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 39 58 a 2353 SR Research Report 2015 4 16 La 125ha 156ha FY07 13 FYO7 14 YoY 44 134 208 496 amp 10 23 127 4
63. JMA MA JMA FY12 12 FY12 13 FY12 14 281 L252 231 YoY 2 1 0 2 1 0 2 1 0 27 17 22 1 0 7 SR 2015 4 10
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74. ROA x ROE ROA x http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 2353 SR Research Report 2015 4 16 FYO6 09 FYO6 10 FYO6 11 FYO6 12 FYO6 13 FYO6 14 FYO6 15CE 4 466 5 288 7 222 8 589 10 326 12 370 14 000 YoY 8 5 18 4 36 6 18 9 20 2 19
75. FY07 13 FY07 14 FY07 15 Ql Ql 6 4 Q3 Q4 Ql Q2 34 111 35 161 38 027 38 627 41 210 41 496 42 385 43 305 44 879 28 418 29 315 33 243 34 351 36 698 36 635 36 952 37 207 38 692 11 423 11 760 12 000 12 529 12 725 13 071 13 247 13 499 13 703 5 817 6 027 8 203 8 018 7 868 7 961 8 043 8 326 8 917 11 178 11 528 13 040 13 804 16 105 15 603 15 662 15 382 16 072 10 643 10 838 11 155 11 650 11 697 12 057 12 253 12 527 12 749 93 2 92 2 93 0 93 0 91 9 92 2 92 5 92 8 93 0 YoY 5 5 5 3 17 1 19 3 29 1 25 0 11 2 8 3 5 4 13 4 11 4 9 2 10 0 11 4 11 1 10 4 7 7 7 7 13 1 9 8 43 8 38 8 35 3 32 1 2 0 3 8 13 3 4 6 2 3 11 4 18 6 44 1 35 3 20 1 11 4 0 2 5 693 5 846 4 784 4 276 4 512 4 861 5 433 6 098 6 187 3 764 3 917 3 136 3 136 3 372 3 372 3 944 4 609 4 698 1 929 1 929 1 648 1 140 1 140 1 489 1 489 1 489 1 489 YoY 106 5 86 1 52 3 11 1 20 7 16 8
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80. ROA 2007 7 2009 7 1 ROE 2012 7 ROA 1 2013 7 ROA ROE 18 29 51 99
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83. 318 1 571 8 724 9 7 1 621 16 8 2011 7 126 160 34 8 472 7 0 6 097 6 5 1 894 7 5 250 2011 7 36
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86. 379 1 117 4 496 145 227 765 24 7 4 28 3 4 4 2009 7 1 622 318 1 303 2009 7 1 035 353 683
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98. EXPO 2013 4 2014 10 Sh ared Mesearch http Www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 32 58 2353 SR Research Report 2015 4 16 2006 2 09 7 10 7 11 7 0 13 7 14 7 7 342 7 520 7 953 8 724 9 400 10 212 1 670 1 993 1 985 2 244 2 169 2 359 1 267 1 425 1 388 1 621 1 517 1 610 529 1 145 1 655 1 868 4 037 4 906 9 56 113 200 504 725 7 870 8 664 9 607 10 591 13 437 15 118 1 258 1 481 1 501 1 821 2 021 2 335 SR 2014 7
99. 2013 7 48 196 25 5 09 7 10 7 11 7 12 7 13 7 7 342 7 520 7 953 8 723 9 399 362 384 398 478 576 3 718 3 781 3 958 4 230 4 518 2 060 2 101 2 192 2 282 2 398 701 698 735 781 832 500 556 633 699 738 11 66 36 239 268 4 9 5 1 5 0 5 5 6 1 50 6 50 3 49 8 48 5 48 1 28 1 27 9 27 6 26 2 25 5 9 5 9 3 9 2 9 0 8 9 6 8 7 4 8 0 8 0 7 9 0 1 0 7 0 5 2 7 2 9 6 7 2 4 5 8 9 7 7 7 19 0 6 1 3 5 20 2 20 5 2 2 1 7 4 7 6 9 6 8 3 8 2 0 4 3 4 1 5 1 11 4 0 4 5 3 6 3 6 5 17 8 11 1 13 9 10 5 5 6 500 0 563 9 12 1 SR
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101. 3 437 3 3 438 8 3445 1 3445 1 3 445 1 3 445 1 3 445 1 345 274 4 EPS 187 8 144 1 181 2 226 2 251 6 155 5 413 4 4 7 EPS 186 DPS 200 0 200 0 200 0 100 0 150 0 200 0 250 0 2 7 BPS 568 6 530 1 490 1 504 5 634 6 675 3 916 9 12 0 SR em 07 7 08 7 09 7 10 7 11 7 12 7 13 7 1 314 898 868 1 529 1 289 1 473 1 460 2 014 2 744 728 322 203 73 800 1 048 424 FCF 1 2 2 057 1 626 1 190 1 326 1 216 2 273 412 1 590 1 208 1495 1 008 1 826 636 1228 612 39 A 83 103 104 191 228 266 316 333 B 869 179 157 171 219 472 278 D24 C 37 51 14 36 10 90 251 FCF NI A B C 181 362 547 787 822 323 1 326 1 641 SR
102. 2015 7 2 3 amp http www sharedresearch jpD Copyright C 2013 Shared Research Inc All Rights Reserved 2353 SR Research Report 2015 4 16 a EE FY07 13 FYO07 14 FY07 15 FY 07 15 FY 07 15 Ql Q2 Q3 Q4 Ql Q2 Q3 Q4 Oj Q2 2 296 3 929 4217 2 995 3 064 4 401 4 448 3 206 3 218 5 121 101 2 8 240 48 8 17 100 2 258 2 291 2 348 2 504 2 474 2 563 2 524 2 650 2 662 2 757 98 3 5 511 46 8 11 570 38 1 638 1 869 492 590 1 838 1 924 556 554 2 359 107 0 2 722 53 0 5 500 2 4 83 8 7 19 5 30 YoY 8 2 35 3 29 5 29 7 33 4 12 0 5 5 7 0 5 0 16 4 10 4 13 1 7 8 6 7 6 8 9 6 9 6 11 9 7 5 5 8 7 6 7 6 13 3 39 0 116 6 76 5 1 891 8 1 439 4 12 2 2 9 12 9 6 0 28 4 12 1 807 1 820 2 026 1 105 1 238 2 188 2 063 1 105 1 252 2 522 YoY 4 8 36 8 28 7 28 7 53 3 20 2 1 8 0 0 1 1 15 3 35 2 46 3 48 0 36 9 40 4 49 7 46 4 34 5 38 9 49 3 610 1 099 1 093 935 926 1 295 1 063 974 1 015 1 431 YoY 9 4 42
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105. 2 1 2014 7 1 700 70 600 500 400 300 200 100 0 FY07 11 FY07 12 FY07 13 FY07 14 Eee SR 2011 20 2012 67 2013 101 2014 2353 SR Research Rep
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110. 1 081 109 3 2 10 2015 7 1 6 1 600 900 4 560 1 100m Sh aredd Mesearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 2353 SR Research Report 2015 4 16 11 5 0
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113. 2015 7 1 2 3 11 HAKUBA VALLEY 2013 11 4 Sh aredd esearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 2353 SR Research Report 2015 4 16 1 2 ASEAN EXPO
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115. 3 320 000 84 3 560 000 93 300 62 000 66 679 3 330 183 9 6 2016 7 150 2017 7 1 864 8 Sh aredd Mesearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 2353 SR Research Report 2015 4 16 2015 2 9
116. M amp A 2006 7 2005 12 2008 7 2006 9 550 2010 7 2009 11 100 2011 7 2010 10 99 99 2013 7 2012 11 95 469 2013 4 10096 2015 7 2014 10 61 369 SR http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 2353 SR Research Report 2015 4 16 09 7 10 7 11 7 12 7 13 7 14 7 15 7 EL
117. 3 764 3 917 3136 3136 3372 BS 3 944 4 609 4 698 5 488 1 929 1 929 1 648 1 140 1 140 1 489 1 489 1 489 1 489 1 489 YoY 106 5 86 1 52 3 11 1 20 7 16 8 13 6 42 6 37 1 43 5 52 0 38 9 11 2 8 9 10 4 13 9 25 8 47 0 39 3 62 8 586 5 500 9 413 4 40 9 40 9 22 8 9 6 30 6 30 6 958 991 1 016 1 045 1 060 1 086 1119 1 138 1 149 1 155 948 979 1 004 1 034 1 047 1 073 1 103 1 120 1 130 1 135 745 769 786 809 623 647 8673 890 897 902 123 127 131 132 129 134 138 139 137 136 80 63 87 93 95 92 92 91 96 97 YoY 13 5 10 7 10 7 11 3 10 4 9 6 9 9 8 3 7 9 5 8 16 6 12 8 11 6 11 3 10 5 10 1 11 1 10 0 9 0 6 5 7 0 5 8 7 4 8 2 4 9 5 5 5 3 5 3 6 2 1 5 1 2 1 2 7 4 16 3 18 8 10 8 070 22 1 1 5 4 10 12 12 11 13 13 16 18 19 20 6 8 9 9 lil ll 14 16 17 18 4 4 3 2 2 2 2 2 2 2 YoY 150 0 100 0 100 0 22 2 30 0 8 3 33 3 63 6 46 2 53 8
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119. c a b 935 780 712 339 693 698 835 904 1 005 d 642 489 614 765 850 518 1 378 1 582 2 620 a d 106 1399 6 11196 4496 59 12996 6196 5796 38 C d 146 1599 6 1169 4496 81 1359 6196 5796 38 SR FYO7 15 2014 7 SR 11 570 13 3 1 980 23 0 1 2 3 1 2 sSh ared 5E
120. 2 5 9 16 4 2 2 1 30 1 33 4 34 0 35 9 35 8 37 0 38 1 30 1 33 4 34 0 33 0 31 0 33 2 33 2 16 2 16 7 16 4 15 9 15 7 5 WS 15 2 43 6 43 3 44 4 45 0 47 3 60 7 59 9 132 5 153 0 156 1 146 6 145 5 148 4 169 0 1 198 0 534 3 388 7 338 8 1 198 0 576 0 348 4 288 1 482 3 570 0 744 5 SR 2012 7 2012 2 1
121. 3 2014 2013 FY07 13 FY07 14 43 557 134 314 208 496 amp 10 281 23 380 127 4 36 717 107 792 193 6 4 094 4 858 18 796 7 781 9 815 26 1 774 1 117 44 396 103 204 281 276 172 596 SR 2014 7 3 2014 5 30 2014 7 3 11 912 14 1 2 204 19 0 2 401 19 19 1 526
122. 2011 7 2010 10 99 99 2013 7 2012 11 95 469 2013 4 1009 SR http Wwww sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 2353 SR Research Report 2015 4 16 1 396 3 2 6 HAKUBA VALLEY 2 2014 2 w 2
123. 2353 SR Research Report 2015 4 16 2014 5 90 eA 90 389 aesg 210 2 2014 7 2014 7
124. Q 47 8 P 20 38 2 39 39 43 400 35 30 YY A 26 29 27 10 200 0 0 v a 0 10 200 20 400 3Q 4Q Q1 Q2 3Q 4Q Q1 Q2 3Q 4Q Q1 Q2 3Q 4Q FY07 11 FY07 12 FY07 13 FY07 14 Eee SR 2353 SR Research Report 2015 4 16 NPD 4 3 2011 20
125. 2008 7 2012 7 2013 7 23 2006 7 2007 7 2009 7 2010 7 1 07 7 08 7 09 7 10 7 11 7 12 7 13 7 14 7
126. 2012 67 2013 101 2014 114 1 2 3 2013 7 2014 7 5 7 100 93 2 Fr92 2 93 0 93 0 91 9 92 2 Fr92 5 92 8 SS SS SL 02 30 40 01 02 30 40 Q1 02 30 40 Q1 Q2 3Q 40 FY07 12 FY07 13 FY07 14 SR
127. 2013 11 29 2014 7 1 3 064 33 4 312 58 1 354 65 2 199 73 5 13 17 2 474 9 6 392 0 6 1 823
128. 2353 2004 2004 2005 2005 2005 2005 2006 2006 2006 2006 2007 2008 2009 2010 2010 2010 2011 2011 2011 2011 2011 2012 2013 Sh ared esearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved SR Research Report 2015 4 16 550 000
129. 2 ESCO LED ESCO 160 151 1 150 1 30 100 20 146 1 50 101 102 10 0 0 30 34 46 40 68 1 55 50 10 100 20 FY07 09 FY07 10 FY07 11 FY07 12 FY07 13 FY07 14 FY07 15CE Eee Eee 60 1 073 1 103 1120 1200 948 979 1 004 1 034 1047 50 884 907 229 1 000 780 803 40 Fe 800 SA 30 gt 8 600
130. 413 265 IHI 2012 2 3 IHI 1 7013 TOB TOB IHI mi 1 204 2011 7 1 588 385 2011 7 2011 9 2 2011 7 Sh ared Wesearch http www sharedresearch jpD Copyright C 2013 Shared Research Inc All Rights Reserved 2353 SR Research Report 2015 4 16 2011 7 9 607 10 9 1 501 1 3 1 438 28 8 850 11 1 2011 7
131. KLab J GCA DIC TOKAIT
132. 147 2 6 32 22 2013 5 2013 5 31 2013 7 2013 7 13 510 13 750 2 100 2 320 2 275 Sh ared esearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 2353 SR Research Report 2015 4 16 1 400 1 3 1 2
133. 23 8 23 2 22 8 24 4 26 6 25 6 27 8 28 2 920 1 181 1 258 1 481 1 501 1 821 2 021 2 335 2 400 2 900 YoY 18 4 28 4 6 5 17 7 1 3 21 3 11 0 15 5 18 7 24 2 13 5 15 7 16 0 17 1 15 6 17 2 15 0 15 4 16 0 17 0 483 1 230 182 123 208 379 269 308 73 585 272 487 270 294 55 52 1 329 1 827 1 168 1 117 1 438 1 906 2 236 2 592 2 450 2 900 YoY 27 1 37 4 36 1 4 4 28 8 32 6 17 3 15 9 9 6 11 9 19 6 24 3 14 8 12 9 15 0 18 0 16 6 17 1 16 3 17 0 7 9 13 227 28 34 5 4 153 988 116 212 47 585 20 87 542 359 452 367 573 837 823 886 45 8 42 4 42 4 32 4 40 4 61 8 37 1 35 3 642 489 614 765 850 518 1 378 1 582 1 500 2 620 YoY 39 9 23 9 25 5 24 7 11 1 39 0 165 9 14 7 8 8 65 7 9 5 6 5 7 8 8 8 8 8 4 9 10 3 10 5 10 0 15 3 SR 2000 7 2001 7 2006 7
134. SR a Pb T ch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 36
135. 167 2012 7 143 2 046 1 516 4 174 3 375 2012 7 2013 7 344 13 93 150 45 40 37 23 12 4 037 116 2 504 152 0 Sh ared Mesearch http Www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserv
136. 255 16 13 3 12 10 2 5 433 3 734 1 699 4 784 3 644 1 140 2014 2 5 210 4 352 22 7 1 038 38 5 2012 11 4 1 581 17 0 3 733 14 Sh ared Wesearch http www sharedresearch jpD Copyright C 2013 Shared Research Inc All Rights Reserved 2353 SR Research Report 2015 4 16
137. Sh ared lesearch http www sharedresearch jpD Copyright C 2013 Shared Research Inc All Rights Reserved 2353 SR Research Report 2015 4 16 2014 8 13 2015 7 7 2014 9 5 2014 7 1 171 93 89 84 4 M amp A 2014 7 2014 6 2014 6 13 2010 10 2011 6
138. 23 2 31 33 5 43 SW Strengths Weaknesses pp 47 EE EE 48 51 1 iC 2 OO 52 72 74 75 77 79 84 84 BR 85 ooo 85 85 1 85 86 1 EE a 87 Sh aredd 5 HLT ch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 2353 SR Research Report 2015 4 16 07 7 08 7 09 7 10 7 11 7 12 7 13 7 14 7 14 7 15 7 6 795 7 508 7 870 8 664 9 607 10 591 13 437 15 118 15 000 17 100 YoY 22 5 10 5 4 8 10 1 10 9 10 2 26 9 12 5 11 6 13 1 2 538 2 924 3 052 3 593 4 058 4 533 5 759 6 594 YoY 8 4 15 2 4 4 17 7 12 9 11 7 27 0 14 5 37 3 38 9 38 8 41 5 42 2 42 8 42 9 43 6 920 1 181 1 258 1 481 1501 1 821 2 021 2 335 2 400 2 600 YoY 18 4 28 4 6 5 17 7 1 3 21 3 11 0 15 5 18 7 11 4 13 5 15 7 16 0 17 1 15 6 17 2 15 0
139. 5 2007 7 2006 6 2008
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142. 5 763 2 4 1 762 16 4 7 917 5 3 37 2011 7 116 3 113 146 131 15 30 80 100 120 20 40 2 2 396
143. 3 4 4 5 6 8 9 9 11 11 14 16 17 18 1 2 2 4 4 4 3 2 2 2 2 2 2 4 5 5 7 8 10 10 9 11 11 13 15 16 17 3 4 4 5 6 8 9 9 11 11 13 15 16 17 1 1 1 2 2 2 1 1 1 2 2 2 2 2 2 2 3 3 3 3 1 1 1 1 1 1 2 2 2 2 2 2 2 2 2 2 2 2 757 3 141 3 141 4 809 5 693 5 846 4 784 4 276 4 512 4 861 5 433 6 098 6 187 6 977 2 476 2 820 2 820 2 880 3 764 3 917 3 136 3 136 3 372 3 372 3 944 4 609 4 698 5 488 281 321 321 1 929 1 929 1 929 1 648 1 140 1 140 1 489 1 489 1 489 1 489 1 489 2 757 3 101 3 101 3 669 4 553 4 706 3 644 3 136 3 372 3 372 3 734 4399 4 488 5 278 2 476 2 820 2 820 2 880 3 764 3 917 3 136 3 136 3 372 3 372 3 734 4 399 4 488 5 278 281 281 281 789 789 789 508 40 40 1 140 1 140 1 140 1 140 1 140 1 140 1 489 1 699 1 699 1 699 1 699 210 210 210 210 40 40 1 140 1 140 1 140 1 140 1 140 1 140 1 489 1 489 1 489 1 489 1 489 SR http Www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 2353 SR Research Report 2015 4 16 2 914 20 0 472 12 8
144. 4 5 7 2 3 1 4 1 8 339 11 7 1 327 10 2 1 662 23 7 1 784 105 1 2
145. ROA 9 0 12 5 14 0 8 4 18 2 16 0 24 6 3 9 3 6 3 1 2 8 2 8 2 7 2 4 ROE 35 0 44 9 43 9 23 6 51 9 42 7 60 2 21 4 21 2 23 6 23 5 24 9 25 3 SR 2014 7 15 49 ROE42 7 SR 24 1 4666 4809 JASDAQ8997 Shared esearch ht
146. 2010 7 2009 11 1009 2011 7 2010 10 99 99 2013 7 2012 11 95 469 2013 4 1009 2015 7 2014 _ 10 61 369 SR http Wwww sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 2353 SR Research Report 2015 4 16 FY07 13 FY07 14 FY07 14 FYO07 15 Q1 Q1 Yoy 44 134 208 476 94 74 2 37 108 193 6 74 59 19 2 amp 10 23 127 4 15 15 2 4 8 10 26 1 5 4 La 98 275 180 096 190 154 18 696 FY07 14 FY07 14 FY07 15 el QL YoY
147. 492m 1 100 6 1 7 3 669 2 1 140 EN Ma 2012 7 2012 7 143 2011 7 77 1 516 583 3 375 1 364 1 868 12 9 200 76 9 585 2011 7 517 RPM 2012 7 1 805 2011 7 2 451 2 885 1 777 515 2011 7 1 304 789 148
148. http www sharedresearch jpD Copyright C 2013 Shared Research Inc All Rights Reserved 2353 SR Research Report 2015 4 16 2006 7 7 8 2013 7 22 8 15 9
149. 30 19 3 764 10 3 175 36 9 0 6 0 6 1 610 6 1 187 4 10 500 1 800 1 2014 2 4 35 2
150. 86 7 55 0 3 2006 78ha 2009 11 95ha 2010 10 60ha 2012 11 1 9005
151. 01 FY07 11 6 15 Sh ared lesearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved
152. 8 2014 7 1 13 2 3 2013 7 39 1 073 232 185 13 11 2 11 9 2 Sh ared Mesearch http Www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 61 58 2353 SR Research Report 2015 4 16 4 861 3 372 1 489 4 276 3 136 1 140 1 2 3
153. ROE 30 0 25 9 35 0 44 9 43 9 23 6 51 9 42 7 0 98 1 01 1 15 1 41 1 58 1 71 1 78 1 53 72 122 136 134 170 160 251 327 62 1 85 7 83 0 70 2 95 9 140 4 210 8 239 9 56 2 56 8 73 2 59 0 83 0 127 2 192 0 220 6 CF 10 9 25 3 30 6 60 3 52 7 59 6 61 6 86 3 171 5 137 2 117 7 77 5 30 8 47 3 23 0 37 4 CF 5 4 16 6 18 1 37 7 30 8 39 6 24 8 32 3 1 7 3 8 5 2 5 1 5 7 5 7 5 5 6 9 37 0 50 5 14 1 36 3 9 7 90 5 75 7 SR 2002 7 2006 7 46 5 18 39 2007 7 37 3 13 59 2013 7 42 9 15 09
154. 5 761 5 403 4 783 4 060 4 191 3 722 5 880 6 230 1 955 1 823 1 688 1738 2 186 2 281 3 241 4 413 4 739 4 020 3 689 2 547 2 451 1 805 3 154 3 115 314 898 868 1 529 1 289 1 473 1 460 2 014 1 744 728 322 203 73 800 1 048 424 1 208 1 495 1 008 1 826 636 1 228 612 739 ROA 19 1 24 5 17 1 16 2 23 6 30 8 29 6 26 2 ROE 30 0 25 9 35 0 44 9 43 9 23 6 51 9 42 7 25 3 25 1 26 1 29 7 33 8 37 5 33 6 40 9 SR La 3 88 shared esearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 2353 SR Research Report 2015 4 16 2015 4 16 JMA 100
155. 67 5 68 99 VA 09 7 10 7 11 7 12 7 13 7 14 7 7 342 7 520 7 953 8 724 9 400 10 212 5 599 5 631 5 763 6 328 6 732 7 131 76 3 74 9 72 5 72 5 71 6 69 8 1 350 1 514 1 762 1 911 2 141 2 446 18 4 20 1 22 2 21 9 22 8 24 0 393 376 428 485 527 633 5 4 5 0 5 4 5 6 5 6 6 2 SR 50 2013 7 72 2013 7
156. SR Research Report 2015 4 16 2353 sr_inquiriesG sharedresearch jDp 2353 SR Research Report 2015 4 16 3 4 4 7 7 7 2015 7 2014 9 5
157. 00 418 417 400 318 326 300 258 198 202 200 144 172 148158 168176 169 92 107 108 113 101 114 a 7 16 16 23 11 11 10 13 14 6 9 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 SR 2014 7 2014 7 2014 1 12 373 40 19 465 280 60 7 1 39 1 0 2015 7
158. 2015 7 6 1 600 900 4 560 1 100m 11 5 000m ITC 30km 1 40 3 LEI FY02 12 FY02 13 FY02 14 1 012 1 074 1 081 YoY 6 1 0 7 34 105 109 YoY 208 8 3 8 3 49 9 896 10 196 30 103 109 3 0 9 6 10 1 17 63 74 1 7 5 9 6 8 1 767 1 670 1 578 335 399 473 19 0 23 9 30 0 ROE 8 6 8 5 PSR 2014 8 2014 8 13
159. 5 24 67 67 72 77 97 107 117 143 190 213 221 167 161 161 152 176 187 213 0 le EE 0 Q1 0Q2 0Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 0Q3 Q4 Q1 Q2 0Q3 Q4 Q1 Q2 0Q3 Q4 Q1 02 FY07 10 FY07 11 FY07 12 FY07 13 FY07 14 FY07 15 SR 299 28 9 20 17 3 13 11 2 6 977 5 278 1 699 4 861 3 372 1 489 790 2014 7
160. 7 2012 7 5 2006 7 603 84 2008 7 1 093 402 419 565 2353 SR Research Report 2015 4 16 2012 7 3 18 242 Shared lesearch http www sharedresearch jp Copyright C 2013 Shared Re
161. YoY 127 0 115 0 FY07 15 e 5 419 YoY 7 6 1 277 YoY 11 3 23 6 YoY 2 914 YoY 20 0 472 YoY 12 8 SR 2015 4 10 2015 7 2015 7 17 100 13 19 2 900 24 2 2 900 11 9 2 620 65 7 750
162. 1 2013 7 2 2013 7 1 200 250 2013 5 24 5 23 5 23 1 Sh ared Mesearch http Www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 83 OO a 2353 SR Research Report 2015 4 16 23 10 5 23 13 20 7
163. 10 10 1 000 0 2 1 0 10 1 Q2 Q3 Q4 001 Q2 3Q 40 01 Q2 30 40 QL Q2 3Q 40 0Q1 Q2 30 40 Ql Q2 3Q 40 0Q1 Q2 FY07 09 FY07 10 FY07 11 FY07 12 FY07 13 FY07 14 FY07 15 Eee 1 400 140 1 200 120 1 000 100 800 80 600 mn 155 60 4 400 0 40 200 8 83 457 4 89 6 536 5 5 gs 564 604 NJ 2 EE 1 200 a 20 400 40 01 Q2 Q3 Q4 01 Q2 3Q 4Q Ql Q2 3Q 01 Q2 30 40 01 Q2 3Q 40 Ql Q2 3Q 4Q Ql Q2 FY07 09 FY07 10 FY07 11 FY07 12 FY07 13 FY07 14 FY07 15 e SR FYO7 15 Q2 1 http Www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 2353 SR Research Report 2015 4 16 2 11 1 3 2 4 1 8 10
164. 37 108 193 6 4 5 18 796 8 10 26 1 1 1 44 39 103 281 172 596 FY07 13 FYO7 14 YoY HAKUBA VALLEY 410 438 6 8 HAKUBA VALLEY 120 119 1 2 HAKUBA VALLEY 275 289 5 096 HAKUBA VALLEY 140 146 4 8 251 247 1 596 154 155 0 3 1 352 1 396 3 2 SR 1 2 se 1 2 3 IRR 309 SR
165. 544 393 1 517 254 245 1 955 72 4 739 3 351 4 626 7 225 29 2 022 982 3 033 1 998 373 2 370 5 403 549 397 1 S25 354 101 7 1 823 122 4 020 2 501 1 701 162 1 3 70 257 2 191 575 129 200 904 1 622 55 266 286 1 035 30 3 293 57 26 0 83 4 281 6 472 29 1 938 673 2 640 1 751 393 2 143 4 783 568 417 1 259 386 171 0 1 688 136 3 689 1 988 1 201 4 090 5 799 29 1 368 1 038 2 435 1 179 446 1 625 4 060 568 417 1 345 383 223 13 1 738 134 2 547 1 346 1 777 163 0 39 101 278 2 358 956 350 281 1 1 588 1 304 37 268 328 413 4 2 354 41 26 9 76 4 019 6 377 32 1 274 SS 2 459 1 176 556 1 732 4 191 568 417 1 856 573 115 27 6 2 186 170 2 451 673 2 885 165 25 109 302 3 486 513 337 346 7 1 204 515 61 145 332 148 15 1 216 70 26 1 97 2 517 6 003 30 1 156 1 297 2 483 650 589 1 239 3 722 568 417 1 872 602 6 31 1 2 281 160 1 805 1 080 SR Research Report 3 241 251 3 154 745 2015 4 16 07 7 08 7 09 7 10 7 11 7 12 7 13 7 14 7 61 160 2 696 58 26 102 186 4 875 10 643 88 209 2 107 2 404 2 906 920 3 826 6 230 591 443 3 328 526 189 62 325 4 413 327
166. Eee 3 000 30 22 9 o 2 500 217 ae 20 9 21 5 2 19 7 19 7 1g 9 2 000 17 0 16 9 20 1 500 15 1 000 1980 10 4 9 6 1517 1610 500 99 28 82 29 a 5 8 0 32 202 0 500 5 FY07 FY07 FY07 FY07 FY07 FY07 FY07 FY07 FYO7 FYO7 FY07 FY07 FY07 FY07 FY07 FYO7 FY07 FYO7 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15CE SR IPO IR IPO IR sSh ared 1 ch lp http www sharedresearch jpD Copyright C 2013 Shared Research Inc All Rights Reserved Sh ared lesearch http www sharedresearch jpD Copyright C 2013 Shared Research Inc All Rights Reserved 2353 SR Research Report 2015 4 16 10 212 8 6 288 9 775 7 8 436
167. 3 115 1 650 2012 7 Pb T ch lp http www sharedresearch jpD Copyright C 2013 Shared Research Inc All Rights Reserved 4 88 2353 SR Research Report 2015 4 16 2003 2005 7 10 2007 7 20
168. 1 1 1 2 2 2 2 2 2 2 3 3 1 1 1 1 2 2 2 2 2 2 2 2 2 479 479 2 396 2 757 3 141 3 141 4 809 5 693 5 846 4 784 4 276 4 512 4 861 5 433 6 098 479 479 2 396 2 476 2 820 2820 2 880 3 764 3 917 3 136 3 136 3 372 3 372 3 944 4 609 281 321 321 1929 1929 1929 1648 1 140 1 140 1 489 1 489 1 489 479 479 2 396 2 757 3 101 3 101 3669 4 553 4 706 3 644 3 136 3 372 3 372 3 734 4 399 479 479 2396 2 476 2 820 2820 2 880 3 764 3 917 3 136 3 136 3 372 3 372 3 734 4 399 281 281 281 789 789 789 508 40 40 1 140 1140 1 140 1 140 1 140 1 140 1 489 1 699 1 699 210 210 40 40 1 140 1140 1 140 1140 1 140 1 140 1 489 1 489 1 489 SR http www sharedresearch jpD Copyright C 2013 Shared Research Inc All Rights Reserved 2353 SR Research Report 2015 4 16 4 906 21 6 725 43 79 3
169. 1 46 5 47 3 51 8 17 9 2 8 4 2 9 7 10 5 197 722 932 170 312 892 999 131 236 1 091 104 5 1 270 51 1 2 600 390 339 373 415 393 394 380 444 413 446 99 9 860 43 4 1 980 193 383 559 245 81 499 619 313 175 646 110 5 427 49 7 950 3 15 330 YoY 1 1 29 4 12 6 24 0 58 1 23 6 7 2 22 8 24 3 22 3 5 5 11 4 1 4 15 9 6 0 2 4 0 6 16 2 1 8 7 1 5 3 13 2 23 0 147 3 29 9 30 1 10 8 29 6 31 1 8 6 18 4 22 1 5 7 10 2 20 3 22 5 4 1 7 3 21 3 15 4 15 2 17 3 14 8 15 9 16 6 15 9 15 4 15 1 16 8 15 5 16 2 17 1 503 8 23 4 29 9 49 7 13 6 27 1 32 2 56 3 31 5 27 4 17 3 214 819 982 220 354 989 1 058 190 414 1 248 130 9 1 270 57 3 2 900 YoY 6 0 44 1 7 7 1 6 65 2 20 8 7 7 13 6 16 8 26 2 5 4 11 9 9 3 20 8 23 3 7 4 11 6 22 5 23 8 5 9 12 9 24 4 15 4 17 0 115 539 646 79 199 670 656 56 972 812 115 9 1 540 52 5 3 400 YoY 21 6 69 1 32 6 73 5 24 5 1 6 29 5 387 2 21 2 77 0 115 0 5 0 13 7 15 3 2 6 6 5 15 2 14 8 1 7 30 2 15 9 18 7 19 9 5 121 0 5 000 359 TT 40 4 000 30 3 206 3 218 2 903 3 000 20 2 059 2 096 2 104 2 122 1 932 6 2 000 1 ago
170. 103 1 350 1 394 3 3 651 700 7 3 SR FY07 13 FY07 14 FY07 14 FY07 15 1H 14 88 http www sharedresearch jpD Copyright C 2013 Shared Research Inc All Rights Reserved 2353 SR Research Report 2015 4 16 2015 7 1 2014 11 27 3 218 5 0 236 24 3 413 16 8 971 387 2 760 1 2 M amp A
171. 15 4 16 0 15 2 1 329 1 827 1 168 1117 1 438 1 906 2 236 2 592 2 450 2 900 YoY 27 1 37 4 36 1 4 4 28 8 32 6 17 3 15 9 9 6 11 9 19 6 24 3 14 8 12 9 15 0 18 0 16 6 17 1 16 3 17 0 642 489 614 765 850 518 1378 1 582 1 500 3 400 YoY 39 9 23 9 25 5 24 7 11 1 39 0 165 9 14 7 8 8 115 0 9 5 6 5 7 8 8 8 8 8 4 9 10 3 10 5 10 0 19 9 1 3 437 3 439 3 445 3 445 3 445 3 445 3 445 345 274 EPS 187 8 144 1 181 2 226 2 251 6 155 5 413 4 4 7 4 49 10 15 DPS 200 0 200 0 200 0 100 0 150 0 200 0 250 0 2 7 2 70 3 00 BPS 569 530 490 505 635 675 917 12 CL EE EE EE EE 2 105 1 852 1 701 1 201 1 777 2 885 3 899 4 765 2 525 2 599 2 191 1708 2 358 3 486 4 766 5 768 805 847 904 1 261 1 588 1 204 1 703 1 993 4 319 3 685 3 293 2 766 2 354 1 216 2 431 2 696 67 94 83 64 76 97 220 186 7 716 7 225 6 472 5 799 6 377 6 003 9 121 10 643 33 29 29 29 32 30 81 88 3 391 2 022 1 938 1 368 1 274 1 156 624 209 4 069 3 033 2 640 2 435 2 459 2 483 2 261 2 404 1 348 1 998 751 1 179 1 176 650 2 530 2 906 1 692 2 370 2 143 1625 1732 1239 3 619 3 826
172. 176 187 0 i i a a rd 0 Q1 Q2 QQ3 Q4 Ql Q2 Q3 Q4 Ql Q2 Q3 Q4 Ql Q2 03 Q4 Ql Q2 Q3 Q4 Ql Q2 FY07 10 EYO 11 FY07 12 FY07 13 FY07 14 FY07 15 IE ji SR 133 66 5 19 16 3 13 11 2 6 187 4 488 1 699 4 512 3 372 1 140 2 http www sharedresearch jpD Copyright C 2013 Shared Research Inc All Rights Reserved 2353 SR Research Report 2015 4 16
173. 2 2 2 2 2 2 3 3 3 1 1 1 1 1 2 2 2 2 2 2 2 2 2 2 479 479 2 396 2 757 3 141 3 141 4 809 5 693 5 846 4 784 4 276 4 512 4 861 5 433 6 098 6 187 479 479 2 396 2476 2 820 2820 2880 3 764 3 917 3 136 3 136 3 372 3 372 3 944 4 609 4 488 281 321 321 1929 1929 1929 1 648 1 140 1 140 1 489 1489 1 489 1 699 479 479 2 396 2 757 3 101 3 101 3 669 4 553 4 706 3 644 3 136 3 372 3 372 3 734 4 399 4 488 479 479 2 396 2476 2 820 2820 2880 3 764 3 917 3 136 3 136 3 372 3 372 3 734 4 399 4 488 281 281 281 789 789 789 508 40 40 1 140 1 140 1140 1 140 1 140 1 140 1 489 1699 1 699 1 699 210 210 210 40 40 1 140 1 140 1 140 1 140 1 140 1 140 1 489 1 489 1 489 1 489 SR 554 6 0 174 80 1 149 18 8 10
174. 292 17 809 19 509 21 700 YoY 18 4 21 3 3 5 34 0 9 5 11 2 11 1 11 3 10 7 12 8 12 6 12 9 ROA 7 5 7 0 6 4 8 5 9 2 10 0 2 2 2 5 2 5 2 5 2 4 2 3 ROE 16 2 17 2 16 3 21 7 22 1 23 3 29 4 32 6 33 4 33 6 33 8 DIV 0 4809 FY09 09 FYO9 10 FYO9 11 FYO9 12 FYO9 13 FYO9 14CE 6 060 6 738 7 032 7 934 8 913 10 000 YoY 7 4 11 2 4 4 12 8 12 3 12 2 27 9 30 3 28 8 30 8 29 3 27 7 1 015 1 286 1 195 1 581 1 668 1 670 YoY 18 6 26 7 7 0 32 2 5 5 0 1 16 7 19 1 17 0 19 9 18 7 16 7 ROA 2 1 3 2 3 0 3 9 4 4 4 4 3 7 3 6 3 3 3 1 2 8 2 7 ROE 7 5 11 3 10 0 12 0 12 3 11 9 14 9 14 7 14 6 15 0 14 1 2353 FYO7 09 FYO7 10 FYO7 11 FYO7 12 FYO7 13 FYO7 14 FYO7 15CE 7 870 8 664 9 607 10 591 13 437 15 118 17 100 YoY 4 8 10 1 10 9 10 2 26 9 12 5 13 1 38 8 41 5 42 2 42 8 42 9 43 6 1 258 1 481 1 501 1 821 2 021 2 335 2 900 YoY 6 5 17 7 1 3 21 3 11 0 15 5 24 2 16 0 17 1 15 6 17 2 15 0 15 4 17 0
175. 33 34 15 15 15 15 15 15 15 15 15 47 47 63 61 61 59 58 60 65 140 139 150 148 170 170 170 169 167 569 487 399 389 347 374 340 339 326 627 490 348 348 307 307 282 288 276 482 482 549 570 570 745 745 745 745 SR 2 528 5 6 1 786 5 0 595 0 5 http www sharedresearch jpD Copyright C 2013 Shared Research Inc All Rights Reserved 2353 SR Research Report 2015 4 16 LED ARGS0 02 2014 7
176. 4 70 60 4 5 oR Fa 2014 7 2 2014 2 27 2014 7 2 7 464 19 9 1 204 31 0 1 343 30 0 869 33 1 2
177. 8 13 2 17 5 19 3 21 9 22 6 23 6 22 1 63 206 523 605 763 688 580 YoY 58 9 228 7 153 7 15 7 26 0 9 8 15 7 1 4 3 9 7 2 7 0 7 4 5 6 4 1 ROA 0 5 1 7 3 5 3 1 3 6 1 5 1 7 4 1 6 9 8 8 9 5 9 2 9 9 11 1 ROE 2 2 11 8 30 7 29 6 33 3 14 6 19 0 41 9 42 3 33 6 36 3 33 8 34 0 3251 FY03 09 FYO03 10 FYO3 11 FYO3 12 FYO3 13 FYO3 14 FY03 15CE 3 227 3 642 3 876 4 595 5 228 5 686 6 150 YoY 5 1 12 9 6 4 18 6 13 8 8 8 8 2 12 4 15 4 15 2 15 5 16 8 16 6 17 117 91 151 201 163 150 YoY 91 4 603 5 22 2 65 0 33 3 19 0 7 7 0 5 3 2 2 4 3 3 3 8 2 9 2 4 ROA 0 8 4 6 3 1 3 9 5 1 4 5 4 9 2 0 2 2 2 4 2 6 2 5 2 4 2 4 ROE 1 5 10 1 7 5 10 1 12 8 10 8 11 6 241 5 169 1 133 4 114 6 94 0 92 2 24 4666 FY10 09 FY10 11 FY10 12 FY10 13 FY10 14CE 95 320 113 248 124 080 139 547 155 428 168 000 YoY 17 9 18 8 9 6 12 5 11 4 8 1 25 3 27 7 26 8 28 2 28 1 10 584 12 839 13
178. 88 2353 SR Research Report 2015 4 16 0 2014 7 176 2 721 5 755 7 000 40 34 9 6 000 5 32 7 35 5 000 MT 3 25 0 0 4 000 i190 203 2 4 25 17 7 20 3 000 15 7 15 2 000 5 95 82 10 1 000 5 67 97 190 213 221 17 161 161 152 176 0 a am IE IE EE 0 QQ 0Q2 30 40 01 2 3 40 Q1 Q2 3Q 40 0Q1 Q2 3Q 40 0Q1 0Q2 30 40 FY07 10 FY07 11 FY07 12 FY07 13 FY07 14 ED ji DPDSR VA NPD http p king jp VA
179. 0 99 95 096 100 NPD GLOBAL CO LTD 2010 9 499 NIPPON PARKING DEVELOPMENT THAILAND CO LTD NPD GLOBAL 1009 SIAM NIPPON PARKING SOLUTIONS NPD GLOBAL 50 19 2011 7 100 2011 12 100 2014 7
180. 00m IC 30km 1 40 3 LEI FY02 1L2 FY02 13 FY02 14 1 012 1 074 1 081 YoY 6 19 0 7 34 105 109 YoY 208 8 3 8 3 4 9 8 10 1 30 103 109 3 0 9 6 10 1 17 63 74 1 7 5 9 6 8 1 767 1 670 1 578 335 399 473 19 0 23 9 30 0 ROE 8 6 8 596 SR 2 500 50 2 000 40 1 500 Zi 30 1 000 20 Pub 195 559 499 318 383 10 150 155 17 40 52 4 4 i mm m m 0O 45 21 41 114 81 149 40 184 201 193 245 175 500 313 10 01 03 Ql 3Q 01 3Q 01 30 Ql 3Q 01 30 01 FY07 09 FY07 10 FY07 11 FY07 12 FY07 13 FY07 14 FY07 15 SR 2006 7 2005 12 2008 7 2006 9 550
181. 13 6 42 6 37 1 52 0 38 9 11 2 8 9 10 4 13 9 25 8 47 0 39 3 586 5 500 9 413 4 40 9 40 9 22 8 9 6 30 6 30 6 958 991 1 016 1 045 1 060 1 086 1119 1 138 1 149 948 979 1 004 1 034 1 047 1 073 1 103 1 120 1 130 745 769 786 809 623 847 873 890 897 123 127 131 132 129 134 138 139 137 80 83 87 93 95 92 92 91 96 YoY 13 5 10 7 10 7 11 3 10 4 9 6 9 9 8 3 7 9 16 6 12 8 11 6 11 3 10 5 10 1 11 1 10 0 9 0 7 0 5 8 7 4 8 2 4 9 5 5 5 3 5 3 6 2 a 1 2 7 4 16 3 18 8 10 8 5 7 2 2 1 1 10 12 12 11 13 13 16 18 19 6 8 9 9 11 14 16 17 4 4 3 2 2 2 2 2 2 YoY 150 0 100 0 100 0 22 2 30 0 8 3 33 3 63 6 46 2 100 0 100 0 125 0 80 0 83 3 37 5 55 6 77 8 54 5 300 0 100 0 50 0 50 0 50 0 50 0 33 3 1 36 35 37 37 39 38 38 38 39 30 30 33 33 35 34 34
182. 15 118 12 5 2 335 15 5 2 592 15 9 1 582 14 7 2014 7 12 59 15 118 2 335 15 5 2 592 15 9 1 582 14 7 99 7 18 000 83 1 90 16 000 73 7 80 14 000 70 12 000 60 10 000 50 8 000 40 moum EYLE 5 6 000 5 30 ebp 4 000 0 5 a 133 20 2 000 3 583 4512 0 10 sm NOON 0 FY07 FY07 FY07 FY07 FY07 FY07 FY07 FY07 FY07 FYO7 FY07 FY07 FY07 FY07 FY07 FY07 FY07 FY07 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15CE
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187. 7 24 2 200 180 166 160 153 140 mw a 120 70 100 80 79 104 81 60 61 60 53 49 3 ze Q1 8 24 Q1 Q3 Q1 Q3 Q3 Q1 Q3 Q1 Q3 FY07 11 FY07 12 FY07 13 FY07 14 FY07 15 SR FY07 12 FY07 13 FY07 14 FY07 15 a gD 53 60 61 75 81 104 70 80 79 153 86 118 52 57 58 63 64 83 49 59 58 58 62 83 102 130 1 1 2 13 16 21 20 20 20 23 24 23 26 2 0 1 1 1 71 11 3 9 53 60 60 66 68 85 53 62 59 128 57 89 98 129 52 57 28 93 64 83 49 59 58 58 57 77 95 120 1 1 1 3 2 3 3 2 0 1 1 1 1 1 70 11 3 9 0 1 9 13 18 17 18 20 24 29 29 34 37 5 6 7 10 0 1 9 13 18 17 18 20 23 24 23 26 2 0 1 0 4 6 6 9 10 12 12 11 13 13 16 18 19 20
188. GdT ch lp http www sharedresearch jpD Copyright C 2013 Shared Research Inc All Rights Reserved 2353 SR Research Report 2015 4 16 FY07 14 FY07 15 P YoY 10 212 11 570 1 358 13 3 3 764 4 418 654 17 4 36 9 38 2 1 3ppt 2 150 2 438 288 13 4 1 610 1 980 370 23 0 15 8 17 1 1 3ppt 141 160 19 13 59 5 396 2 700 2 696 50 0 4 443 6 300 1 857 41 8 92 8 93 8 1 0ppt SR 160 141 2 700 50 0 50 26
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190. dresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 2353 SR Research Report 2015 4716_ SW Strengths Weaknesses Strengths 3 SR
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196. tp www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 2353 SR Research Report 2015 4 16 SR 1 SR ROA ROE sSh ared Pb T ch http www share
197. tp www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 2353 SR Research Report 2015 4 16 FY07 13 FY07 14 FY07 15 oj Q2 Q3 Q4 Ql Q2 Q3 Q4 Ql 6 34 111 35 161 38 027 38 627 41 210 41 496 42 385 43 305 44 879 45 880 28 418 29 315 33 243 34 351 36 698 36 635 36 952 37 207 38 692 38 903 11 423 11 760 12 000 12 529 12 725 13 071 13 247 13 499 13 703 13 795 5 817 6 027 8 203 8 018 7 868 7 961 8 043 8 326 8 917 8 808 11 178 11 528 13 040 13 804 16 105 15 603 15 662 15 382 16 072 16 300 10 643 10 838 11 155 11 650 11 697 12 057 12 253 12 527 12 749 12 884 93 2 92 2 93 0 93 0 91 9 92 2 92 5 92 8 93 0 93 4 YoY 5 5 5 3 17 1 19 3 29 1 25 0 11 2 8 3 5 4 6 2 13 4 11 4 9 2 10 0 11 4 11 1 10 4 7 7 7 7 5 5 13 1 9 8 43 8 38 8 35 3 32 1 2 0 3 8 13 3 10 6 4 6 2 3 11 4 18 6 44 1 35 3 20 1 11 4 0 2 4 5 5 693 5 846 4 784 4 276 4 512 4 861 5 433 6 098 6 187 6 977

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