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2. M amp A
3. 10
4. 5 a Sh aredd Mesearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 2593 SR Research Report 2015 7 29 2L 20
5. TITO EN North America INC Sh aredd Mesearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 2593 SR Research Report 2015 7 29
6. 75 1 76 3 64 0 72 7 66 5 72 9 64 2 71 9 3 502 870 3 http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 2593 SR
7. GDP Se GDP 2015 4 201 26 9 19 25 34 100 0 12 9 48 3 9 596 12 4 16 9 GDP 2012 100 0 11 1 40 6 15 5 15 7 17 2 SR 2015 4
8. 2015 8 TULLY S COFFEE 2015 5
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14. SR Inc SR Inc Shared Research SR Inc
15. TITO EN North America INC a Sh aredd Mesearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 2593 SR Research Report 2015 7 29 2015 2 3 Distant Lands Trading Company Inc DLTC
16. DLTC PET DLTC AC DLTC NA DLTC NA AC
17. 3 sSh ared lesearch lp http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 2593 SR Research Report 2015 7 29 2015 4 EPS 455 500 23 000 22 000 13 100 103 94 437 000 12 000 11 600 6 200 47 72
18. 2005 2011 2012 2014 2013 2 010 kl 1 10 2 5L 2013 159L
19. 500ml 1996 1992 2000
20. Shared esearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 2593 SR Research Report 2015 7 29 2015 4 201
21. 218 649 2 8 6 172 51 2 Sh ared Pb T ch http www sharedresearch jp Copyright C Shared Research Inc Al Rights Reserved 2593 SR Research Report 2015 7 29 TEASY TEA amp TULLY S COFFEE
22. NS 1 5901 NS NS 500ml 2010 6 2011 2 345ml 13
23. 2010 4 2010 4 2011 4 2014 4 2 2015 4
24. TITO EN North America INC 12 393 9 19 1 834 8 8 2014 10 568 555
25. 4 378 47 4 SR sSh ared Pb T ch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 2593 SR Research Report 2015 7 29 3 7 194 338 3 79 89 103 53 8 5 163 0 2 4 19 3 79
26. 1966 1968 TVCM CM 1969
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29. 1966 1979 1980 1985 1989 1990 2000 1964
30. SR MG VOYAGE GROUP SBS
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32. 2009 2010 201 1 2012 2013 20 7 21 2 21 3 21 5 22 0 51 4 49 5 I 38 6 40 1 35 7 35 7 SR vw a Sh ared GYcsea ch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 2593 SR Research Report 2015 7 29
33. 1 2 3 4 5 000 2015 4 4 2001 ITO EN North America INC 2006 ITO EN North America INC Mason Distributors Inc
34. Costco Wholesale Corporation PB http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 2593 SR Research Report 2015 7 29 4 000 90 10 2014 M amp A
35. DLTC ITO EN North America INC 215 80 41 1 1 36 j Shared 5 HLT ch lp http Www sharedresearch jp Copyright C Shared Research Inc Al Rights Reserved 2593 SR Research Report 2015 7 29 35 ITO EN North America INC 18 30 ITO EN North America
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45. M amp A Weaknesses 39 2015 4 2000 PET 759 2015 4
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48. 30 2014 980 1 000 2015 4 1 000 3 2015 4 3 2015 4 30 2015
49. http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 2593 SR Research Report 2015 7 29 2016 4 Ts ITO EN North America INC 9 1 12 4
50. 1989 TVCM 1990 1 5L
51. 409 696 8 0 17 935 1 2 2013 5 2013 6 1 2014 3 TULLY S COFFEE
52. GDP GDP SR sSh ared lesearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 2593 SR Research Report 2015 7 29 SW Strengths Weaknesses Strengths
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55. BOSS sSh afedt 1 ch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 2593 SR Research Report 2015 7 29 2000 1999 36 2000 31 2001 28 2003 32 9 2004 2004 29 29 2005 29 1 30
56. 2016 4 460 000 6 8 15 000 31 7 14 000 24 79 8 700 19 39 30 lt TEAS TEA TULLY S COFFEE 1
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58. 3 400 600 600 ITO EN North America INC 9 5 8 8 2015 4 2014 5 10 I I i TE 7 DT J 2 1 297 19 1 SR 2 2015 4
59. 1985 2 _ 1989 2 0 JD Sy ud Je 1990 3 y 1992 5 1992 9 Sh ared HLT ch lp http Www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 2593 SR Research Report 2015 7 29
60. 2015 1 Relax 1 TULLY S COFFEE
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63. 1987 ITOEN USA INC 2015 4 22 000 1994 ITO EN AUSTRALIA PTY LIMITED 2010 Veggie SHOT
64. 3 1 59 2 59 3 ROE 109 4 40 4 2017 4 5 000 ROE109 409 3 SR 3 SW Strengths Weaknesses S
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66. Sh aredd Mesearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 2593 SR Research Report 2015 7 29 2015 4 3 2015 3 2 2015 4 3 2015 4 3 328 296 1 7 7 685 49 9 7 711 48 4 3 980 54 3 2015 4 3 14 4 14 4 15 4 90 30 1 30Rit 1 300t 94 926 04 44 0 51 333 910 328 296 1 68 46 199 45267 2 02 160 143 156 481 2 29 45 329 45 770 0 97 144812 148 796 2 75 16 978 16 979 0 01 55 310 312 2 539 2 467 2 84 10 038 10 384 2 426 2 576 6 18 8 386 8 728 3 311 3 473 4 89 10 010 10 094 WW 3 1 wm SR
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68. 2000 2004 1 2007 TULLY S COFFEE BARISTA S SPECIAL TULLY S COFFEE 2008 2009 TEAS TEA NEW YORK TULLY S COFFEE BARISTA S CHOICE TULLY S COFFEE 2011 Yoo 2012 SR 2000 2006 2011 1966 8 _ 1969 5 _ 1977 6 1 1980 9
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71. 44 89 2010 4 5 0 3 820 4 TEAS TEA NEW YORK TULLY S COFFEE BARISTA S CHOICE 17 3 ES 2011 4 1 8 3 750 5 TEAS TEA NEW YORK ITULLY S COFFEE BARISTA S CHOICE 5 6 42 09 2012 4 5 0 369 284 6 9 18 907 8 8 17 985 20 5 9 249
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73. 2016 4 2011 6 3 3 2014 6 3 1 59 2 5 3 ROE10 4 40 4
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75. 1966 2012 4 46 3 3 2 TULLY S COFFEE
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151. h aredd Mesearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 2593 SR Research Report 2015 7 29 10 4 11 4 12 4 13 4 14 4 15 4 16 4 332 984 351 692 369 284 403 957 437 755 430 541 460 000 0 0 5 6 5 0 9 4 8 4 1 6 6 8 163 393 173 699 177 071 192 088 211 804 207 409 0 3 6 3 1 9 8 5 10 3 2 1 49 1 49 4 47 9 47 6 48 4 48 2 12 453 17 679 18 907 20 250 21 100 11 393 15 000 17 3 42 0 6 9 7 1 4 2 46 0 31 7 3 7 5 0 5 1 5 0 4 8 2 6 3 3 11 679 16 526 17 985 19 914 20 518 11 229 14 000 12 6 41 5 8 8 10 7 3 0 45 3 24 7 3 5 4 7 4 9 4 9 4 7 2 6 3 0 5 996 7 675 9 249 11 244 12 096 7 292 8 700 25 8 28 0 20 5 21 6 7 6 39 7 19 3 1 8 2 2 2 5 2 8 2 8 1 7 1 9 91 212 91 212 91 212 89 212 89 212 89 212 EPS 45 4 59 3 72 2 88 6 95 8 56 6 68 1 DPS 38 0 38 0 38 0 38 0 39 0 40 0 40 0 BPS 808 4 821 4 856 8 923 2 974 4 1 031 2
152. w sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 2593 SR Research Report 2015 7 29 8 000 3 19 16 131 2013 4 9 4 403 957 7 1 20 250 10 7 19 914 21 6 11 244 659 79 351 807
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